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Brand Communications Monthly Highlights Newsletter June 2025
Brand Communications Monthly Highlights Newsletter June 2025:
✅ Key announcements from #BRES #URU #MDH #HREE #FCM #GRX #EGT #SVML #VVV #KDNC #ECR
✅ StockBox Media Research Talks June 1st | June 8th | June 15th | June 22nd & June 29th covering #REE #ZOO #BTC #TRU #GROC #TRI #GCAT #TIME #SBAR #BGD #RFX #PMI #PALM #MANO #BTC #HREE #ELEG #BUCE #KDNC #GSCU #MOS
Read: https://mailchi.mp/branduk/brand-communications-monthly-highlights-newsletter-june-2025?e=036f7976ba
Quoted Micro 7 April 2025
AQUIS STOCK EXCHANGE
Automotive electrification technology developer Equipmake (EQIP) has secured a £5m cash injection from Caterpillar Inc via convertible loan. This has an annual interest charge of 10% and lasts until the end of March 2029. The conversion price is the lower of 3.125p and 80% of the average trailing 30-day share price. There is also a development agreement for electric drivetrain products. This concludes the strategic review. An agreement with wave energy technology company CorPower Ocean will generate £650,000 for the first phase of the development of a generator and SiC (silicon carbide) inverter system to accelerate the commercialisation of the wave energy equipment.
Invinity Energy Systems (IES) has reached agreement to proceed with the LODES project, which is a 21MWh VS3 system co-located with a solar array. The total cost of the project is £20m. Planning permission has to be adjusted before the project can commence construction and the project could be completed and operating in the second half of 2026. There should be some revenues recognised in 2025. A loss is still forecast for this year despite a jump in forecast revenues to £35.5m.
Samarkand (SMK) is asking for shareholder approval to leave Aquis. The ecommerce technology provider has adapted its strategy to focus on its own brands and is less dependent on the Chinese market for growth. The costs of being quoted will be saved. The plan is to leave on 7 May and move to a JP Jenkins matched bargains facility. Even before the announcement, the lack of liquidity meant that the board does not believe the share price reflects the value of the business.
AIM-quoted drug discovery company ImmuPharma (IMM) has agreed to extend the period of warrants in Aquis-quoted skincare technology developer Incanthera (INC). The 7.27 million warrants are exercisable at 9.5p each – the current share price is 9p – and they will be extended until the end of September. ImmuPharma will pay Incanthera a profit share of 30% of the difference between exercise and market prices. Incanthera has agreed to pay creditors £380,000 in shares at 8.5p each.
KR1 (KR1) had net assets of 58.2p/share at the end of February 2025. During February there was £462,000 of income generated from digital assets.
Consumer and beauty products supplier Silverwood Brands (SLWD) reported revenues of £9.28m in the six months to December 2024, compared with £6.88m in the previous six months. Excluding acquisitions the performance was flat compared to the second half of 2023. There was a £359,000 loss compared with a £263,000 pre-tax profit. There was cash of £3.08m at the end of 2024. The new financial year end is June 2025. The Balmonds Skin Salvation product is available in Boots.
Investment Evolution Credit (IEC) is not going ahead with the UK FCA lending application process and is no longer focusing on US loan book acquisitions or adding to licences. The existing US lending operations will be the focus, helped by AI. A confidential introducer agreement has been secured with a large UK consumer finance group for introducing its products around the world.
Vulcan Industries (VULC) has sold sheet metal fabrication company Aftech for £1. This will stop the cash outflow. There will be a £718,000 goodwill write down. Vulcan Industries is in discussions with secured creditors concerning obligations that are due in the second quarter of 2025. The remaining asset is the Lincoln battery energy storage project.
Ride video capture technology provider Visum Technologies (VIS) has extended its contract with the Children’s Day Foundation Linnanmaki in Finland for a further three years. This should generate a total of £100,000 in revenues. In the six months to December 2024, revenues fell from £130,000 to £71,000. The loss was $325,000.
Oscillate (MUSH) has entered into non-binding heads of terms for a joint venture with Evolution Energy Minerals to develop the Chikundo copper, lead and zinc prospect, which is within the Chilalo graphite project.
Tectonic Gold (TTAU) says farm-in partner White Energy has completed stage 1 of its spending commitment and earned a 51% interest in Specimen Hill. A further $1m of spending will earn a further 25%. White Energy can then pay $2m to buy the minority shareholding, although Tectonic Gold will retain a 3% perpetual net smelter royalty.
Ananda Pharma (ANA) has received approval from the Alfed Hospital Human Research Ethics Committee in Australia for its phase 1 pharmacokinetic study of the lead cannabinoid drug candidate MRX1. The first patient should be dosed in the third quarter of 2025. The data can support regulatory filings in other countries.
BWA Group (BWAP) says preliminary kyanite product specification test work at the Dehane heavy mineral sands project in Cameroon has proved highly satisfactory. Kyanite is used in refractory and ceramic products.
Marula Mining (MARU) has received the first revenues from sales of copper concentrate from the Kinusi copper mine in Tanzania.
Mendell Helium (MDH) says the option to acquire Kansas-based M3 Helium has been extended to the end of June 2025.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp is going to drill test a pipeline of exploration targets at the Golden Rose project that has been optioned by Eldorado Gold Corporation.
Jonathan Neame bought 4,000 shares in Shepherd Neame (SHEP) at 490p each. Richard Oldfield acquired 20,800 shares at 485p each and 5,000 shares at 484p each. Newbury Racecourse (NYR) chairman Dominic Burke bought 7,500 shares at 503.36p each.
EPE Special Opportunities (EO.P) has launched a share buyback programme of up to 2% of the shares in issue.
ChallengerX has changed its name to Nyce International (NYCE).
ASSET MATCH
Asset Match has secured a strategic partnership with financial services provider Monex Europe, which will help companies with their foreign exchange requirements.
Engineering and technology firm Marshall of Cambridge (MCH) has sold its business distributing Thermo King transport temperature control systems to Trane Technologies, the owner of Thermo King. Trading was tough last year, and Marshall of Cambridge lost money. This loss was made worse by write-offs on legacy contracts and delays to the sale of ex-RAF C-130s. The total order book had improved to £663m by the end of 2024. Disposals enabled a return to a net cash position. There are plans to sell the composites business by the summer. The company also has a 900-acre property at Cambridge airport and it is assessing options. A catch-up dividend payment is possible this year.
Brewer Wadworth and Company (WAD) says it should report a 15% increase in EBITDA for 2024. January and February have been tough. Planning permission has been granted by Wiltshire council for the scheme on the old brewery site.
Football club Tottenham Hotspur (TTNM) reported a rise in revenues from £549.6m to £528.2m in the year to June 2024 and it reduced its loss to £26m, helped by a £82.3m gain on player trading.
Shares in RA International (RAI) moved from AIM to Asset Match on 2 April.
AIM
Online gaming company Gaming Realms (GMR) improved underlying pre-tax from £6.4m to £9.6m on revenues 22% ahead at £28.5m, and the momentum continues. Net cash increased to £13.5m. A £6m share buyback programme has been announced. The expansion into new countries and launching new games has helped Gaming Realms to grow. North America is doing particularly well and generates more than 50% of licensing revenues.
Automotive and battery connectors supplier Strip Tinning (STG) is expecting a lower than forecast loss in 2025 because of strong trading in the battery division. This is a higher margin part of the business, and it will help to reduce the EBITDA loss from £1.6m to £900,000. The anticipated lifetime value of an existing US battery connectors client has been raised from £43m to at least £56.8m. The overall market remains difficult, though. A £520,000 R&D tax credit should be received in April and another payment of £250,000 should be received in the second half of 2025. Strip Tinning is on course to make a pre-tax profit in 2027. A grant is being applied for from the Automotive Transformation Fund. Strip Tinning will require more cash to fund growth.
Plant-based polymers developer Itaconix (ITX) reported a dip in 2024 revenues from $7.9m to $6.5m because of the loss of a low margin contract, but underlying revenues are higher. The pre-tax loss increased from $1.2m to $1.8m. Cash was $6.7m at the end of 2024 and this is enough for the current requirements. Cleaning, hygiene and beauty ingredients are all growing revenues with a good start to 2025.
Cyber security hardware and software provider Corero Network Security (CNS) increased annualised recurring revenues by 15% to $19.5m. This is a good indication of the progress being made. Recognised revenues were 10% ahead at $24.6m in 2024 and that enabled a move from loss to a pre-tax profit of $600,000. Net cash is $5.3m. The position in Latin America has been enhanced by an expansion of the partnership with TechEnabler in Brazil. This year has started well.
Automotive brake discs developer Surface Transforms (SCE) has received total cash advances of £8m and help from its customers and it has also increased the price of discs. Long-term supply agreements are being discussed. Gross cash is currently £1.2m. Manufacturing yield remains inconsistent.
Currency services provider Argentex (AGFX) reported full year figures showing positive momentum in the second half and into the new financial year. The outcome for 2024 was better than expected. Cash generated from operating activities improved from £13.6m to £16.7m. However, Argentex still fell into loss for 2024 and may not return to pre-tax profit this year. The new digital infrastructure should be launched in the second half. This should help to grow long-term profit.
Executive search firm Norman Broadbent (NBB) is performing well in the tough recruitment market. The additional fee earners are beginning to boost the figures, although income has declined in the past year. Full year net fee income fell by 11% to £9.3m with international business holding up with the decline happening in the UK. The company slipped into a loss of £158,000. The figures were still better than for 2022 and 2023 was a strong year.
Ceramic and fragrance products supplier Portmeirion (PMP) still finds trading difficult. In 2024, revenues fell from £102.7m to £91.2m, while pre-tax profit slumped from £3m to £1.1m. Net debt is £12.1m, while the dividend has been slashed from 5.5p/share to 1.5p/share.
K3 Business Technology (KBT) intends to return £29m – equivalent to 64.8p/share – to shareholders via tender following a recent disposal and it is consulting with shareholders about whether to remain on AIM. The software company will still have £6m in cash and remaining software businesses that are a Microsoft Dynamics fashion industry partner and a supplier of software to IKEA.
Zinnwald Lithium (ZNWD) says the Saxony state government has recognised the company’s eponymous lithium project as a project of outstanding importance. The company recently published a pre-feasibility study showing a pre-tax NPV of €3.3bn with a mine life of 40 years.
Minoan Group (MIN) says trading in the shares is likely to be suspended because it does not have enough cash to complete the audit of its accounts to October 2024. The suspension is expected on 1 May, but it may come earlier because of the lack of cash. Minoan has not been able to extend the secured loan, totalling £1.19m, provided by DAGG. A proposal from DAG includes the conversion of the loan into shares and an additional £4.44m cash injection in return for shares. Some members of DAGG would also write off £1.1m they are owed. DAGG wants to nominate management to take the company forward.
Electric Guitar (ELEG) returned from suspension during the week after creditors agreed to the company voluntary arrangement and a £300,000 subscription at 0.034p/share. The company liquidated its operating subsidiary and is seeking a new business to acquire.
MAIN MARKET
New Frontier Minerals (NFM) reported results from the geophysical survey for the Harts Range heavy rare earths, uranium and niobium project in Australia and drilling should commence in April. New Frontier Minerals owns 85% of the project, where 46 priority targets have been identified, of which 18 are priority one targets. The results exceeded expectations.
Cybersecurity company Narf Industries (NARF) revealed the progress it is making towards commercialising its expertise. The plan is to integrate AI and the Social Cyber product, and the enhanced product will be launched in the summer. This will be the platform to develop a SaaS-based Software Supply Chain Security offer. Narf is seeking partners with direct customer bases.
Andrew Hore
Quoted Micro 17 March 2025
AQUIS STOCK EXCHANGE
All Things Considered (ATC) has raised its stake in Brighton venture Concorde 2 to 80% and acquired the remaining shares in bar services provider JTR Productions for £2.49m and 60% of Brighton venue Volks, which is close to Concorde 2, for £400,000. This broadens the range of music-related services that can be provided by All Things Considered. In 2024, Concorde 2 generated pre-tax profit of £240,000, while JTR Productions made pre-tax profit of £150,000. The initial interest was acquired through Joy Entertainment, previously McKeown Asset, last year.
Marula Mining (MARU) has made the first copper concentrate sales from the Kinusi copper mine in Tanzania. The payment of 90% of the initial estimated value will be made in the coming week. The rest will be paid when specifications for the concentrate have been met.
Invinity Energy Systems (IES) will supply a 10.8MWh of its ENDRIUM flow batteries in Hungary and a 0.9MWh VS3 battery to a US customer. Progress is being made with the LODES project in the UK and grant funding may be recognised this year. OFGEM has published a technical decision document on the long electricity duration storage cap and floor. This will be designed to attract investment, which should be good for Invinity Energy Systems.
Richmond Hill Resources (SHNJ) has signed a letter of intent with Three Mile Beach to acquire mineral exploration licences in Quebec. There is a 60-day exclusivity agreement. The Saint Sophie copper project is located in the Beauce. There have been historic mines and there are also high-grade discoveries.
Gledhow Investments (GDH) reported a reduction in NAV from £1.41m to £989,000 in the year to September 2024. That includes £150,000 in cash and subsequent disposals have increased cash to £220,000.
Oscillate (MUSH) became a hydrogen explorer during the year to November 2024. Net assets were £1.75m, including £1.59m in cash and £158,000 in short term investments.
Peel Hunt has a 13% stake in WeCap (WCAP). Virya Solutions Group has taken a 7.37% stake in ChallengerX (CXS), while Hub Affiliations owns 10%.
There was a 62.2% take up of the One Health Group (OHGR) open offer and it raised £300,000, taking the total fundraising to £7.8m. Trading on AIM will start on 20 March.
ASSET MATCH
Remote Services provider RA International Group (RAI) has joined Asset Match on 11 March. The facility is expected to operate for a minimum of 12 months.
JP JENKINS
Eresos Holdings (ERS) joined JP Jenkins on 11 March. Eresos, which is a village in Lesbos, makes CBD-based cosmetics and nutraceutical products using Greek botanical science. Chief executive Carl Jat was previously part of the management team of Claire’s Accessories and is founder of Wellverse. The accounts of Eresos Holdings, which was formed in March 2023, for the year to May 2024 have not been published on the Companies House website yet.
Gosport-based brewer Powder Monkey Group Ltd (PMGL) joined JP Jenkins on 13 March. The company has acquired a range of brewing brands and hospitality sites in the UK and Australia. Further international acquisitions are planned. NAV was £4.33m at the end of 2023, including £342,000 in cash. Former England rugby union player Steve Thompson is a director of subsidiary Power Monkey Brewing. The company also owns Australia-based Southern Highlands Brewing.
Edison has published research on Studio Stays Hotel Group (SSHG). The recent start-up plans to buy underperforming hotels and encourage a combination of short and long stays. In 2025-26, management believes revenues could be £4.3m, which is enough to be profitable.
AIM
Shares in cash shell Rosebank Industries (ROSE) returned from suspension after it ended discussions with Cerberus Capital about the potential acquisition of critical electrical distribution systems supplier Electrical Components International Inc (ECI). Rosebank Industries says that there was support for the deal from existing and potential new shareholders it has decided not to go ahead with the deal because of stockmarket volatility.
Cakes retailer Cake Box (CBOX) is buying Indian sweets maker Ambala Foods from the executors of the founder for £22m. This includes the freehold of the Ambala facility. Ambala is a profitable business and Cake Box has identified £1m of annual cost savings. This includes head office and distribution efficiencies. Ambala has its own outlets, and the sweets could be sold via Cake Box stores. There is also scope for increasing online sales. Cake Box raised £7m through a placing at 180p/share and a retail offer could raise up to £200,000 more. The rest of the purchase price will come from debt. Panmure Liberum believes the acquisition could add £1.1m to pre-tax profit in 2025-26. This will enhance earnings by 5%.
US-based government relations and public affairs services provider Public Policy Holding Company Inc (PPHC) continues to grow via a combination of organic and acquisitive growth. In 2024, revenues rose 11% to $149.6m with organic growth of 3%. Underlying pre-tax profit edged up to $34.3m. Net debt was $17.5m, but this will rise when the acquisition of TrailRunner is completed at the beginning of April. The dividend was cut from 14.3 cents/share to 9.4 cents/share to preserve cash. Last year, the company made its first UK acquisition and TrailRunner further increases exposure outside of the US. The latest deal is earnings enhancing and 2025 pre-tax profit is forecast to be $41.8m.
Hornby (HRN) is the latest company to want to leave AIM. Phoenix Asset Management investment company Castelnau owns 54.9% of the hobby products supplier and other shareholders take the total in favour to more than 70%, so the departure is almost certain to be approved at a general meeting. Liquidity is limited and annual costs of £400,000 will be saved. JP Jenkins will provide a matched bargain facility. There is also an exchange facility where Hornby shares can be swapped for shares in fully listed investment company Castelnau at the equivalent of 19.3p/share to retain an indirect interest in Hornby.
Respiratory treatments developer Synairgen (SNG) is asking for shareholder approval to leave AIM less than two months after TFG Asset Management subscribed £18m at 2p/share. A related fundraising did not reach the minimum to scale back the investment by TFG. The general meeting is on 28 March and the cancellation is expected on 9 April.
Concrete levelling equipment supplier Somero Enterprises (SOM) reported a decline in revenues and profit in 2024, but that masks an improved second half. In 2024, revenues fell from £120.7m to £109.2m, which is well below the 2022 figure of $133.6m. Pre-tax profit dipped from $34.5m to $25.4m and that led to a decline in the dividend to 16.9 cents/share, which is twice covered by earnings as is normal. The excess cash enabled an additional special dividend of 4.1 cents/share. Net cash was $29.5m at the end of 2024. There remains uncertainty in the core US market because of labour shortages and concerns about the economy and the possible effect of tariffs. A flat pre-tax profit is forecast for 2025.
Ground engineering contractor Van Elle (LON: VANL) says the Building Safety Act id delaying approvals of residential projects and there are also delays in the Canadian subsidiary’s rail work. The future of the Canadian business is being considered. The construction market remains difficult with residential particularly weak. Zeus has reduced its 2024-25 pre-tax profit forecast by one-third to £4m, while next year’s forecast has been reduced from £7.6m to £7m.
Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.
Distil (DIS) shares have recovered some of the loss sustained following yesterday’s trading statement. The drinks brands owner expects to improve fourth quarter revenues by one-third, but full year revenue is expected to fall to 31% to £1.1m. Trading remains difficult. Management believes that the switch of UK distributor to Global Brands will help to return the business to growth. Costs are being reduced and strategic options assessed – but not including an offer for the company. There will be a need for more cash by September.
Developer of kinase inhibitors for autoimmune disease and cancer treatments Sareum (SAR) raised £1.07m at 1.25p/share. This follows the acquisition of the licence for SRA737, which targets cancer cell replication and DNA damage repair mechanisms, following its return to the CRT Pioneer Fund by a US biopharma company. The deal includes an increase in Sareum’s share of future revenues to a net 63.5%, from 27.5%. In the short-term, the ongoing costs will be limited to data storage and IP management.
SIMEC Atlantis Energy (SAE) has been awarded a capacity contract for the AW1 120MW BESS project at Uskmouth in Wales. It will receive £60/KWh for 15 years in return for a reliable source of electricity supply. This will help to secure funding for the project.
Kingswood Holdings (KWG) has received a bid offer of 7p/share from HSQ Investments, which already owns 68.4% of the wealth management firm and it is in talks to buy the 21% stake of KPI (Nominees). There is a lack of liquidity in the shares. Kingswood’s growth HSQ has also provided additional loans to Kingswood in the past year, taking gross debt to £90.7m. The Kingswood independent directors “would be minded to recommend” the potential offer.
Dekel Agri-Vision (DKL) says February crude palm oil production was 6% lower at 3,527 tonnes as better extraction rates only partially offset the reduced crop. Year-on-year sales volumes rose 28.5% because of the timing of sales. The average sales price was €950/tonne, which is well above the average price assumption of €775/tonne for 2025. Palm kernel oil production rose, and the average price jumped 54.4% compared with one year ago. Raw cashew nut purchasing has started, and production rates are increasing. Quarterly data will be published next month.
Savannah Energy (SAVE) has completed the acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria, which gives it 100% of the Stubb Creek oil and gas field. This produces 2,700 barrels of oil equivalent/day and there are plans to increase production. The Stubb Creek field petroleum mining lease lasts until 2043.
Empire Metals (EEE) has reported positive test results and delivered a product which assayed at 91.6% TiO2. Purification and product finishing steps have been optimised. There are limited levels of deleterious elements. Larger scale test work will be undertaken.
NWF (NWF) has acquired Northern Energy Oil, which distributes 42 million litres of oil annually from five sites in north east England. This will cost a total of £8.3m and increase NWF’s volumes by 6%. Last year’s revenues were £35.1m and underlying pre-tax profit was £700,000.
In the six months to December 2024, Optimer binders developer Aptamer (APTA) increased revenues from £298,000 to £653,000, while the loss was reduced from £1.9m to £1.2m. The cash outflow was £1.3m. Net cash is £1.95m. Fee for service revenues have risen and progress has also been made with programmes that could lead to licencing deals. Unilever is starting human skin trials for deodorant using Aptamer’s ingredient.
Electric Guitar (ELEG) proposes a company voluntary arrangement and a subscription to raise £300,000 at 0.24p/share, plus £55,000 from heavily discounted convertible loan notes. The nominal value of the shares will be reduced to 0.01p so that new shares can be issued. The business has been sold. Debts are currently nearly total £1.4m. The debts would be converted into 236.8 million shares. The CVA requires £115,000 of cash to be contributed from the subscription. The CVA has to be approved by creditors.
MAIN MARKET
Thalassa (THAL) has taken a 21.3% stake in AIM-quoted Newmark Security (NWT). It also has a 5.21% shareholding in US-based Encision Inc.
LMS Capital (LMS) plans a managed realisation of its assets because of the discount to NAV and lack of liquidity. An initial capital distribution is promised, but the realisation could take years.
First Tin (1SN) has been awarded two new exploration licences near its Taronga tin project in Australia.
BSF Enterprise (BSFA) is progressing the commercialisation of its lab-grown leather. Collaborations will help to assess potential opportunities. There is a separate subsidiary called Lab-grown Leather Ltd, which could attract outside investment.
Bitcoin miner Vinanz (BTC) is considering a dual listing on Nasdaq. The company is relatively small for a Nasdaq listing.
Pyx Resources (PYX) reported more than halved revenues of $11m in 2024. The loss was reduced from $10.5m to $4.1m. Net cash was $5m.
Georgina Exploration (GEX) says staff has returned to the EP513 Hussar helium and hydrogen prospect in Australia to complete the environmental study and heritage reports. The reports should be completed in May. This will enhance the future field development.
Andrew Hore
Quoted Micro 16 December 2024
AQUIS STOCK EXCHANGE
Manchester-based Zentra (ZNT) switched from the Main Market to the Access Segment of Aquis on Wednesday. The former One Heritage Group has discontinued its co-living and in-house construction services. The focus is high quality apartments and housing, as well as work for local authorities and housing associations. A portfolio of properties was sold for £7m after the end of June 2024. There is a conditional contract to sell land for £400,000. So far, £3m has been reinvested in a 30% stake in One Victoria, a residential and commercial development, in Manchester. It is scheduled for completion in the summer. Prior to the move Zentra director Jason Upton bought 141,806 shares at 3.5p each.
AI software developer IntelliAM (INT) has signed a letter of intent with SKF Lubrication System so the two companies can sell each other’s products. IntelliAM’s machine learning platform will be included in the latter’s products. If the acquisition of 53 Degrees North Engineering had been made at the beginning of the six months to September 2024, revenues would have been £1.61m and EBITDA £140,000. Annualised recurring revenues are £149,000. Chairman David Richards bought 7,142 shares at 70p each.
Vinanz Ltd (BTC) has received commitments totalling £1.5m at 14.5p/share conditional on a move to the London Stock Exchange. This will fund the purchase of more Bitcoin mining machines. The share price edged up 0.82% to 15.375p.
Time to ACT (TTA) subsidiary GreenSpur has developed a preliminary 15MW generator design that outperforms power density and space benchmarks. It is 30% lighter and 70%-80% smaller. Further improvements are possible.
Intelliqo (IQO), which provides marketing services to technology businesses, lost £145,000 in the six months to September 2024. Revenues declined from $558,000 to $224,000. The focus is the Langaroo App. Building up sales will stop the cash outflow. Cash has fallen to less than £12,000.
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire, has increased production to 100Mcf/day and is rising by 2Mcf each day. This enhances the potential value of the farm-in to Scout Energy’s acreage in the Hugoton field. The option has been extended to the end of March 2025.
In the year to April 2024, Helium Ventures (HEV) had net assets of £24,000, including £56,000 in cash plus £250,000 long-term investment and £30,000 in short-term investments. Since then, the company has been issued a 19.4% stake in Trackimo following the £250,000 subscription. Creditors include deferred payments to directors of £130,000.
Capital for Colleagues (CFCP) has received the third tranche of consideration for the sale of shares in investee company The Homebuilding Centre to the company so that it can expand employee ownership. There was £114,000 received, which was above the minimum of £50,000, due to strong trading.
Igraine (KING) has formalised its investment rights with GEM and its battery storage project development subsidiary BES3. The first site has been chosen.
Marula Mining (MARU) is withdrawing from planned projects in Zimbabwe. It is also relinquishing its interest in the Nkombwa Hill project in Zambia. This enables focus to be placed on the Blesberg lithium and tantalum project and other core interests.
Ananda Developments (ANA) has raised £150,000 at 0.35p/share following positive results for cannabis-based treatment MRX1. There was a significant reduction in blood plasma levels of NT-proBNP (N-terminal pro-B-type natriuretic peptide) levels. This biomarker is used in diagnosis and management of heart failure.
SulNOx Group (SNOX) has raised a further £300,000 at 52.5p/share with a warrant attached. Unicorn AIM VCT has taken its stake to 5.39%. Wishbone Gold (WSBN) has raised £250,000 at 0.2p/share. Meme Vault (MEME) raised £271,000 at 0.02p/share. The shares come with two warrants each and the exercise price is 0.02p/share.
Inqo Investments (INQO) has declared a dividend of R0.07/share.
OTAQ has left Aquis.
AIM
Sports consultancy and data analysis business 4GLOBAL (4GBL) is refocusing its strategy. The new focus is North America. In the six months to September 2024, revenues fell 3% to £1.7m. The loss increased from £1m to £1.08m after a much higher foreign exchange loss. Annualised recurring revenues are steady at £1m. North American revenues rose by 161% in the period. There was cash of £287,000 at the end of September 2024, but also borrowings of £583,000 following the securing of an additional borrowing facility of £500,000 during the period. Management believes it has enough cash for its requirements, including continuing to spend on developing the data analysis technology.
Equals Group (EQLS) is recommending a bid from a bid vehicle owned a consortium comprising TowerBrook Funds, JC Flowers Funds and Railsr shareholders. The 140p/share cash offer values the multi-currency payments company at £283m. The bid is 135p/share in cash with a special dividend payment of 5p/share.
NWF (NWF) offset the decline in the food distribution by stronger trading in fuels and feed. Fuels margins improved despite flat volumes. Overall operating profit improved, but higher interest costs mean that pre-tax profit will be lower. Feeds volumes improved due to a higher milk price. Lower throughput and costs of relocating stock to the Lymedale site mean that its profit contribution fell. The winter is important to the full year outcome.
Automotive connection systems supplier Strip Tinning (STG) says that the lifetime value of nominations has risen 12% to £107m. That is mainly due to the major battery technology contract for cell contact systems from £43m to £56.8m. Higher National Insurance costs will be offset by cost savings. Capex spending will be lower than expected over the next two years, so net debt will not rise as rapidly, although it could be £9.3m by the end of 2026. A £3.7m loss is forecast for 2024. Although the 2026 forecast has been lowered, Strip Tinning is set to move into profit in 2027. There is 80% visibility of forecast 2027 revenues of £27m.
Ceramic and fragrance products supplier Portmeirion (PMP) trading has been weaker than expected and the 2024 pre-tax profit forecast has been cut from £4.5m to £1m. South Korea and the US have been weak markets. Christmas stock was delivered late to the US and there were order withdrawals. Net debt is expected to be £7.4m. An unchanged dividend of 5.5p/share is anticipated. The fragrance business is the bright spot.
Electric Guitar (ELEG) subsidiary 3radical is being liquidated and Electric Guitar has become a shell. The uncertain financial position means that trading in the shares remains suspended.
Roebuck Food Group (RFG) intends to raise up to £8.5m via a bookbuild to finance the purchase between 35% and 38.7% in GlasPort Bio, which is developing technology to reduce greenhouse gas emissions, with an option to raise this stake to 94.5%. The company is also buying a 13% to 16.7% stake in GlaspOrt Rumen Tech, which has developed ruminate feed additive RumenGlas, that reduces carbon dioxide emissions.
Autonomous vehicles developer Aurrigo International (AURR) raised £5.25m at 44p/share. The retail offer raised an additional £68,000. The cash will fund an increase in production capacity, as well as engineering.
Helix Exploration (HEX) has made a commercial helium discovery at the Darwin#1 well at the Rudyard field. It is 1.1% helium with the rest primarily nitrogen and the flow is sustainable. The Rudyard field could support multiple production wells, and each could generate $4m in cash/year. The company could begin to be cash generative in 2025.
Trading in Aura Energy (AURA) shares has been halted pending a capital raising. An assessment of future capacity expansion at the Tiris uranium project in Mauritania. The production target update in September increased the mine life from 17 to 25 years. Options to expand production capacity in the third year of operations from the initial plan to produce to produce 2MIbspa U3O8 to produce up to 4MIbspa U3O8. At 3MIbspa U3O8 NPV8 would be $544m, while at 4MIbspa U3O8 it is $521m. Tamesis has been AIM appointed broker.
Orosur Mining Inc (OMI) has received assays from the second and third holes of the current drill programme at the Anza project in Colombia. There was a composite intersection of 77.3 metres @ 7.68g/t gold from surface at the second hole and 75 metres at 5.6g/t from surface at the third hole. This shows a continuing trend to the North West. The fourth hole is completed.
Orcadian Energy (ORCA) has revealed heads of agreement for a farm out deal for the 145bcf Earlham/Orwell project in the North Sea. A joint venture led by Independent Power Corporation is earning a 50% stake and Orcadian Energy is fully carried to first gas. The joint venture, which has also acquired the $1.5m Shell loan, will be repaid this free carry spending through an additional 30% share of project revenues until the cost is covered. Orcadian Energy is also selling 50% of HALO Offshore UK to Independent Power Corporation, which is securing £5m of acquisition finance for gas field buy outs. Orcadian Energy has a 50% interest in the P2634 licence in the North Sea that has been acquired by Serica Energy (SQZ) from Parkmead (PMG).
Kazera Global (KZG) 70%-owned subsidiary Whale Head Minerals has secured an offtake agreement with Fujax South Africa for an initial 100,000 dry tonnes of heavy mineral sands from the Walviskop project in return for 80% of the anticipated final sales price less certain costs. Production recently started. Fujax will make a prepayment of $600,000 in two tranches in December and January.
Industrial monitoring and maintenance systems supplier Tan Delta Systems (TAND) says delays in orders mean that 2024 revenues will be lower than expected at £1.2m, down from £1.5m last year. The loss will be £1.2m. Net cash will be £3m.
Business recovery services provider Begbies Traynor (BEG) is benefiting from relatively high levels of insolvencies. In the six months to October 2024, revenues were 16% ahead at £76.3m, including organic growth of 11%. Underlying pre-tax profit was 16% higher at £11.5m, while earnings were 12% ahead at 5.1p/share. The interim dividend is raised 8% to £1.4m.
Seed Innovations (SEED) investee company Inveniam Capital has secured a strategic partnership with UAE-based AI company G42 to develop a platform for the financial markets. Seed Innovations owns less than 0.2% of Inveniam Capital.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) reports an increased underlying interim loss of £2.8m after a small dip in gross margins. Like-for-like revenues were 4% ahead with ecommerce growth faster than that of high street stores. There were 315,000 new customers buying in the period. Net debt is £4.2m due to deliberately increased stock levels. Management admits pre-Budget spending was subdued, but he business is second half weighted and there should be an improved full year outcome.
Investment company Thalassa Holdings (THAL) intends to raise cash to finance acquisitions. It believes this is an ideal time to pick up businesses at attractive valuations. The final price is being decided via a Dutch auction.
Alteration Earth (ALTE) has gained shareholder approval for the acquisition of Pri0r1ty AI. The company has developed a platform called Priority Adviser, which collects customer data for use in PR/investor relations. The enlarged company will move to AIM late in December.
Aura Renewable Acquisitions (ARA) is proposing the all-share acquisition of Zero Carbon Technologies, which plans to develop lead-acid and lithium-ion battery recycling operations in Europe. It is acquiring land in Spain. The target is raising at least £10m ahead of the acquisition, while Aura Renewable Acquisitions intends to raise up to £2m.
Nanoco (NANO) shareholders overwhelmingly voted against the appointment of two additional directors.
Andrew Hore
Quoted Micro 2 December 2024
AQUIS STOCK EXCHANGE
Incanthera (INC) has been accused of potential patent infringement in the formulation of its Skin + Cell skincare range. Even though Incanthera believes that there is no merit to the accusation, but the launch of the Skin + Cell range of products has been delayed. There is cash in the bank following a £2.6m subscription at 15p/share.
WeCap (WCAP) has converted £7.75m of loan notes in WeShop Holdings in return for 3.21 million shares, which is 1.33 million shares at 300p each and 1.875 million shares at 200p each. This increases the shareholding to 16.2%, including shares owned by 235%-owned Community Social Investments. WeCap says that the value of the shareholding is £24.6m, based on the last fundraising share price of 476p. WeCao has extended the discounted capital bond issued to Hawk Holdings for 18 months. The total owed is £6.18m.
Electric vehicle technology developer Equipmake (EQIP) increased full year revenues by three-fifths to £8.1m. Bus repowering revenues grew fastest, but this is labour intensive at low volumes. The loss increased from £5m to £9.1m. The cash outflow from operations declined from £9m to £6.29m. Costs are being reduced. There was £2.5m in the bank at the end of May 2024. A potential licensing agreement could provide cash flow over the next two years.
Water sector installation works provider Field Systems Design Holdings (FSD) improved annual revenues from £13.8m to £17.8m, with a small contribution from power generation. This enabled pre-tax profit to increase from £287,000 to £490,000. There was £2.59m in the bank at the end of May 2024.
KR1 (KR1) had net assets of 57.79p/share at the end of October 2024, down from 62.15p/share at the end of the previous month. There was nearly £600,000 of income generated from digital assets during the month.
Tectonic Gold (TTAU) reported a fall in the full year cash outflow from operating activities from £171,000 to £55,000. Net debt is £86,000 at the end of June 2024. The sae of assets has raised $150,000, as well as a R and D tax inflow of A$173,000.
Inqo Investments (INQO) reported full year revenues improving from R7.37m to R8.2m. There was a movement from loss to profit.
Essentially Group (ESSN) has terminated its retainer with broker Clear Capital Markets.
In the year to June 2024, there was a cash outflow from operating activities of £375,000 at BWA (BWAP). Further exploration drilling is underway at Dehane and sample analysis results should be available in the near future. Chairman Jonathan Wearing has subscribed for 40 million shares at 0.5p each.
SulNOx Group (SNOX) has appointed Fuelonomics Hydrocarbons Innovations as distributor of SulNOxEco fuel conditioners in Nigeria.
Vinanz Ltd (BTC) has received the initial order of Bitcoin miners and they are up and running in Nebraska.
Arbuthnot Banking Group (ARBB) chairman and chief executive Sir Henry Angest has bought 116,000 shares at 900p each. He owns 58% of the voting shares. Barry Hersh has reduced his stake in Global Connectivity (GCON) from 6.97% to 5.96%. Newbury Racecourse (NYR) chairman Dominic Burke has bought 7,500 shares at 540p each.
Wishbone Gold (WSBN) has appointed Tony Moore as chairman and Jack Sun as finance director. Invinity Energy Systems (IES) has hired Adam Howard as finance director. He was previously at the National Walth Fund.
AIM
Frasers Group has taken a 6.4% stake in electricals retailer Marks Electrical (MRK). Frasers has a record of taking stakes in other retailers and it also has shareholdings in AO World and Currys. Canaccord Genuity has reduced its stake from 5.24% to 2.4%. Founder Mark Smithson still owns 73.8%. Rockwood Strategic (RKW) has built up a 4.54% stake in Kooth (KOO). This follows Canaccrd Genuity cutting its stake from 8.97% to 3.38%. River Global Investors recently nearly doubled its stake to 10.1%.
Bars operator Loungers (LGRS) has agreed a 310p/share cash bid from Fortress Investment, which values it at £338.3m. Irrevocable acceptances are 40.2%. Singer does not believe that this fully values the business and thinks 375p/share is a fairer value. Interim pre-tax profit grew 51% to £5.95m, while net debt was £12.2m. Like-for-like growth in revenues has been 3.9% so far in the third quarter.
Rare books dealer Scholium (SCHO) intends to leave AIM and believes this will save at least £75,000/year. In the six months to September 2024, underlying pre-tax profit improved from £43,000 to £221,000 on revenues that improved 30% to £4.97m. A matched bargain facility will be provided by JP Jenkins. The AIM cancellation is likely to be on 6 January. NAV is 74.6p/share.
In the six months to September 2024, TPXimpact (TPX) revenues fell from £41.6m to £37.8m, but underlying pre-tax profit improved from £600,000 to £1.1m. Most of the benefits from £3m of annualised cost savings will come through in the second half and next year. Net debt is £7.9m. The forecast 2024-25 revenues are already more than 90% underpinned by the current order book. Pre-tax profit should improve from £1.8m to £5.5m.
Trading at sustainable wood materials supplier Accsys Technologies (AXS) improved in the first half and full year figures will be better than expected. Interim revenues were 1% higher at €72.2m and there is also an initial contribution from the US joint venture of €1.9m. Arnhem plant volumes grew 5%. Underlying EBITDA rose from €1.6m to €4m. There was an exceptional charge of €20.8m due to the winding up of the Hull plant and the share of the joint venture loss jumped from €1.2m to €6.1m. Net debt was €40.2m at the end of September 2024. Full year EBITDA of €10m is forecast.
Gift wrap supplier IG Design (IGR) reported an 11% decline in interim revenues to $393.1m with North America still a problem area. Elsewhere, revenues fell at a slower rate. Stationery and party-related sales both fell by more than one-fifth. Higher sourcing and freight costs hit gross margins and there was a knock-on effect on operating margins. Pre-tax profit was 62% lower at $13.3m. The second half is the most important part of the year and even though full year revenues are set to fall, pre-tax profit is still forecast to improve from $25.9m to $32.7m.
Helix Exploration (HEX) reports that the Amsden formation at the Clink#1 well in the Ingomar Dome in Montana has sub-economic grades of helium. Amsden was always thought to be a small proportion of the potential resource. The more important Flathead formation at the same well had 2.5% helium. The company believes that there could be helium below the Amsden formation and there will be appraisal testing of the Charles formation.
Strix (KETL) says that the kettle controls market has weakened, particularly in higher margin markets in the UK and Germany. The positive signs in the first half did not continue. This is due to poor consumer confidence, while there are also cost pressures. Zeus has reduced its 2024 pre-tax profit forecast from £23.6m to £17.5m.
Nativo Resources (NTVO) owns 50% of Boku Resources, which owns the Tesoro gold mine. Boku has entered an agreement to sell vein material from the Bonanza mine to a local processing plant. It will receive the spot price minus 20-30%. Production is about to be built up and the cash from the deal will help to finance this.
Electric Guitar (ELEG) is placing its main subsidiary 3radical into administration after it failed to raise additional cash. The fall in the share price and apparent lack of liquidity before trading was suspended meant that the digital media business could not gain funding.
i-nexus Global (INX) intends to leave AIM. The cloud-based software provider says poor share price performance and liquidity has led to the proposal. There should be direct cost savings of £250,000. The business has been consistently loss making. There is a three-year growth plan. i-nexus Global raised £10m at 79p/share when it joined AIM in June 2018. The cancellation will happen on 27 December if shareholders agree.
Firering Strategic Minerals (FRG) announced a maiden JORC compliant mineral resource estimate for the quicklime project in Zambia. This shows a near-doubling of the resource tonnes compared with the 2017 estimate. There is 145.2Mt at 95.7% CaCO3, including 11.8Mt in the measured category. This could provide more than 50 years of production. There is growing demand from copper and industrial clients.
Ultrasound simulators developer Intelligent Ultrasound (IUG) has court approval for the capital reorganisation that will allow distribution of cash generated by the AI technology sale. There is £39.6m in the bank. Ultrasound revenues have fallen from £8.4m to £7.4m in the period to 22 November. The rate of decline has slowed in the second half.
Mercia Asset Management (MERC) has unchanged NAV of 43.4p/share at the end of September 2024. Income more than covered costs before any investment valuation movements. The interim dividend is 0.37p/share, up 6%, and there is £46m in cash on the balance sheet. The strategy is to grow assets under management to £3bn, from the current level of £1.8bn.
In the six months to September 2024, Cloud-based services provider Iomart (LSE: IOM) reported flat revenues of £62m, with a like-for-like decline when acquisitions are excluded, and a slump in pre-tax profit from £7.6m to £4.3m. The dividend has been reduced from 1.94p/share to 1.3p/share due to the lower earnings. The £57m purchase of Atech broadens the range of services provided and deepens the relationship with Microsoft. Atech provides fully managed and security services for mid-market business and enterprise customers. Net debt was £29.8m, but it is expected to rise to £79m in March 2025 following the payment for Atech.
In the six months to September 2024, thermal insulation and acoustic material manufacturer Autins Group (AUTG) was hit by a 17% drop in revenues, but gross margins improved. Underlying EBITDA fell 46% to £400,000. Net debt is £1.18m but there are more than £3m of available borrowing facilities.
Building services provider Northern Bear (NTBR) interims show a small improvement in revenues from £36.9m to £37.6m, but higher overheads meant that pre-tax profit dipped from £1.68m to £1.54m, although this was slightly better than expected. There was an operational cash inflow of £2.2m. Net debt is £1.4m. Hybridan forecasts a dip in full year pre-tax profit from £2.14m to £1.84m, although there is potential for an upgrade.
Cyber security services provider Shearwater (SWG) improved interim revenues by 8% to £11.3m and it is on course to be profitable for the full year. There has been an increase in demand for on-premises cyber security, which Shearwater can provide. Net cash should be £6.8m at the end of March 2025.
Quadrise (QED) has signed two long-awaited agreements. The deal with shipping company MSC and Cargill involves production of bioMSAR and MSAR fuels in Antwerp and will enable vessel trials on board the MSC Leandra. Cargill will supply feedstocks and sell the fuels to MSC. The trial should start in the first quarter of 2025. There is also an agreement with fuel supplier Auramarine to develop decarbonisation products in the marine sector. They will enable companies to comply with new environmental regulations.
Oracle Power (ORCP) has received the final batch of assay results for the drilling at the Northern Zone intrusive hosted gold project. These show high grades over an expanded area. A mineralisation report is expected by the end of November and then a mining lease application will be submitted. Cantor Fitzgerald has reduced its stake, and Mahfuz Chowdhury has taken a 3.72% shareholding.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) says revenues in the 10 months to October 2024 are 4% lower. This represents a steady performance in current markets with new business being won. Net dent is £4.7m. National Insurance and other budget measures will cost £1.5m/year.
Seraphim Space Investment Trust (SSIT) reported a decline in NAV from 96.2p/share to 93.96p/share over the first quarter to September 2024. A foreign exchange loss offset gains. The S/£ exchange rate has strengthened, and the value of the portfolio has increased by more than the first quarter loss. Shares in NASDAQ-listed AST SpaceMobile more than doubled in value during the period. There was £24.9m in the bank.
Cardiff Property (CDFF) grew NAV from 2844p/share to 2931p/share. The dividend was raised from 22p/share to 23.5p/share. Net cash was £2m at the end of September 2024.
Motor dealer Caffyns (CFYN) improved interim underlying pre-tax profit from £259,000 to £452,000. The interim dividend is maintained at 5p/share. Net debt is £11.5m. There is £38.4m of property in the balance sheet at book value and there is unrecognised surplus of more than £10m on top of that. Caffyns is selling a property in Lewes for an amount that exceeds one-quarter of the company’s market capitalisation of £12.3m.
Andrew Hore
Electric Guitar Plc #ELEG COO Richard Horwood discusses the MyMyne acquisition with Alan Green
Related party transaction that enhances the opportunity for Electric Guitar Significant synergies and good cost savings with a net cash benefit to the Company Cash position: Annual results out in September. Upcoming next steps, deal pipeline, value inflection pointsAlan Green covers Electric Guitar #ELEG, Rome Resources #RMR & UK Oil & Gas #UKOG on this week’s Stockbox Research Talks
Alan Green covers Electric Guitar #ELEG, Rome Resources #RMR & UK Oil & Gas #UKOG on this week’s Stockbox Research Talks