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Andrew Hore – Quoted Micro 12 November 2018
NEX EXCHANGE
Crossword Cybersecurity (CCS) plans to raise up to £2.25m prior to a move to AIM at the end of this year. The cash will be invested in sales and marketing, product development and working capital.
Primorus Investments (PRIM) says that investee company Stream TV Networks has secured a deal with Beijing Optical and Electrical, which will use Stream’s 3D display technology in large flat TV and monitor screens. Primorus has invested £1.4m in Engage Technology, which has 75 corporate clients for its construction software and a further 17 that are contracted but not yet live. Revenues are growing more slowly than hoped. Engage is talking with partners and potential corporate investors.
Angelfish Investments (ANGP) is increasing its shareholding in YBOO from 20% to 35% for an investment of £400,000. A working capital loan of up to £1.5m with an annual interest charge of 10%.
Inqo Investments Ltd (INQO) reported an increase in interim revenues from R7.65m to R8.37m and the loss declined from R4.52m and R4.12m. At the end of August 2018, net cash was around R11.5m. The South Africa-based social impact investor generated the majority of its revenues from Kuzuko Lodge with a contribution from Bee Sweet Honey.
KR1 (KR1) says that its investee company Volt Ltd has raised $2m. KR1 has converted loan notes and has a 7.94% in institutional digital asset custodian Volt valued at $1.4m. The initial investment of £200,000 acquired a 5% stake in September 2017.
MetalNRG (MNRG) has completed the acquisition of the Gold Ridge project in Arizona from Winston Gold for £530,000. The final payment is funded by shares at 1.75p each. The project area includes three former producing mines. There is potential for the discovery of further gold mineralisation.
Auxico Resources Canada Inc (AUAG) has raised $315,000 at 20 cents a share. This cash will fund geological work and the evaluation of opportunities in Colombia.
Healthperm Resourcing Ltd (HPR) is changing its name to SG Recruitment Ltd.
AIM
Gresham House (GHE) is acquiring investment manager Livingbridge for an initial £30m. Up to £10m more could be payable depending on performance. This deal will help to widen the customer base and provide product development opportunities. The combined group will have assets under management of more than £2bn. A placing raised £11.7m at 448p a share. The deal is immediately earnings enhancing even before cost savings. Gresham House Energy Storage Fund has raised £100m and will invest £57.2m in a portfolio of energy storage assets in development.
Castleton Technology (CTP) increased interim revenues by one-fifth to £12.9m and there was a 5% improvement in earnings per share. finnCap forecasts an improvement in full year earnings per share from 5.2p to 5.9p. The provider of software and managed services plans to pay a maiden dividend for this financial year.
Transportation software and services provider Tracsis (TRCS) has reported figures in line with recently upgraded forecasts. In the year to July 2018, revenues improved from £34.5m to £39.8m, mainly organic growth, while pre-tax profit rose from £7.6m to £8.5m, helped by a one-fifth increase in software sales. There is £22m in the bank to finance further acquisitions.
AdEPT Technology (ADT) has acquired unified communication services provider ETS Communications for £2.5m less net debt at the end of October 2018. This deal will be immediately earnings enhancing. Thebank facility has been increased to £35m in order to fund further acquisitions.
International benefits insurance provider GBGI Ltd (GBGI) is recommending a $1.515 a share cash offer from Elm Bidco. This values GBGI at $131.8m (£101.6m). There has been modest growth in earnings per share since GBGI floated at 150p a share in February 2018. Adividend of 1.4 cents a share was paid in June.
Myanmar-focused social media platform operator MySQUAR Ltd (MYSQ) is investigating into the use of proceeds of two recent fundraisings. Approximately £900,000 was paid out of company funds to former directors and third parties. Staff are being made redundant and additional cash is required. Trading in the shares is suspended. The nominated adviser SP Angel and joint broker Daniel Stewart have resigned. Piers Pottinger has stepped down as a director.
Floorcoverings manufacturer Victoria (VCP) has reassured investors about trading and the share price has started to recover. Victoria is not issuing a bond to refinance its debt because the potential pricing was unfavourable. Invesco has increased its stake to 22.1% and The Spruce House Partnership has built up a 13.6% stake.
Estate agency Purplebricks (PURP) has grown interim revenues in the UK by one-fifth. Trading in Australia is tough, and it is still early days in the US. Net cash was more than £100m at the end of October 2018.
First Derivatives (FDP) increased its underlying interim pre-tax profit by 15% to £10.6m. The interim dividend was 10% higher at 7.7p a share. The software and consultancy company with the fastest growth coming from licences for Kx software.
URA Holdings (URA) has gained EIS approval for the funding for its proposed reverse takeover of personalised digital entertainment content provider Entertainment AI. Complexities of the deal have been solved and documentation is progressing. URA has until 20 December to complete a reverse takeover.
Interim revenues and pre-tax profit at Best of the Best (BOTB) will be better than expected and this has led to a full year pre-tax profit upgrade from £1.4m to £1.6m, which is the same as the year before. The online competitions operator will be hit by the increase in remote gaming duty from 15% to 21% from October 2019. This will mean that 2019-20 forecasts will have to be reassessed.
Polarean Imaging (POLX) says that its phase III non-inferiority clinical trial of its Xenon polariser is up and running. Enrolment should be completed in the second quarter of 2019. A new order has been received to upgrade the polariser at SickKids Hospital in Toronto.
Remote tracking technology developer Starcom (STAR) has signed a deal with a distributor in North Africa covering Helios Advanced and BIO CAN fuel sensors. This year’s group revenues are expected to improve from $5.4m to $5.9m. Starcom has raised £400,000 at 2p a share.
Broadcast software provider Pebble Beach Systems (PEB) has won two new contracts that will underpin forecasts for 2018 and 2019. The two orders have a total value of £2m.
Zoo Digital (ZOO) reported interims in line with expectations. Revenues were 17% ahead at $14.9m and the main growth has come from dubbing services. The loss was slightly higher at $159,000. A major subtitling customer will increase its demand in the second half. The full year, underlying pre-tax profit is forecast to improve from $500,000 to $1.8m.
Recruitment company Kellan Group (KLN) plans to cancel its AIM quotation and the general meeting vote already has backing from the owners of 70% of the shares. The shares are tightly held and liquidity is limited.
Fastjet (FJET) says that it can continue operating in November, but it will require more cash.
Crawshaw (CRAW) has called in administrators to itself and four subsidiaries. Thirty five stores have closed and 19 are still trading. Administrators have also been appointed to Flowgroup (FLOW) because it could not find a suitable acquisition.
MAIN MARKET
Path Investments (PATH) says it is not proceeding with the farm-in for the Alfeld-Elze II licence having failed to raise the cash it required and reach agreement on the transaction structure. The deal would have led to a move to AIM. Trading in the shares remains suspended.
Beauty and personal care products supplier InnovaDerma (IDP) expects interim revenues to be similar to last year, while full year revenues are expected to increase from £10.7m to £14.4m. finnCap forecasts a rise in pre-tax profit from £700,000 to £1.7m.
Consumer goods supplier UP Global Sourcing (UPGS) reported revenues for the year to July 2018 fell by one-fifth to £87.6m and underlying pre-tax profit decreased from £10.7m to £5.6m. The main decline was due to discount retailers seeking tougher terms and delayed sales to a European retailer. Online sales increased and this helped to maintain margins. Brands include Salter kitchenware and Constellation luggage. The Kleeneze brand is being relaunched. Non-executive chairman Jim McCarthy has acquired 135,000 shares at 39.3p each. Equity Development forecasts a rise in earnings per share from 5.4p to 5.6p, while dividend per share should rise from 2.7p to 2.8p.
Trading in Blockchain Worldwide (BLOC) shares has been suspended ahead of a proposed acquisition of Chorum Group.
Shareholders have agreed to Titon Holdings (TON) moving to AIM on 10 December.
Andrew Hore
Ryanair Flying High
Ryanair RYA produced a huge rise in March traffic, with a leap of 28.5% to 8.5m customers. Even more important was the 4% point surge in load factor to 94% which should add substantially to the profit figures for the month. Rolling annual traffic showed a heady rise of 18% over 12 months.
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ITE Group ITE has performed in line with management expectations in its first half to the end of March, which is not necessarily a good thing. Like for like trading volume and revenues were both down by 9% on the previous year.
First Derivatives FDP expects its full year performance to be comfortably ahead of current forecasts as strong trading continued during the second half to 29th February. The company saw important new customer wins which will add to revenue in future years and also benefited from strong growth in consulting revenue.
Everyman Media Group EMAN saw revenue rise by 44% in the year to 31st December after admission rose by 50% and spend per head by 3%. EBITDA was up by 25% Six new cinemas were opened during the year and a further six will be opened over the next two years.
Villas & houses for sale in Greece; http://www.hiddengreece.net
Quoted Micro 18 January 2016
ISDX
Blockchain technology companies investor Coinsilium Group Ltd (COIN) has made two investments since it joined ISDX. Coinsilium has invested $50,000 (paid in Bitcoin) for the equivalent of a 1% stake in RSK Labs Ltd, and co-investment partners have invested the same amount. RKS developed Rootstock, a platform that is a sidechain of the Bitcoin blockchain. This technology enables transactions that can be set up to complete autonomously when pre-set conditions are met. Rootstock should be launched in the middle of 2016. RSK raised a total of $350,000 and the company’s valuation is $5m. Coinsilium has also increased its stake in Fuzo Ltd, which has developed a SIM card technology focused on adults that do not have a bank account. A $29,000 investment has taken Coinsilium’s stake in Fuzo to 13.6% – the total investment is $300,000. The valuation after the latest investment is $3m, which values the stake at $408,000. The Coinsilium share price has fallen back from the 10p flotation price. At 8p (6.5p/9.5p) a share, Coinsilium is valued at £5.7m. There were 15 trades during last week, which makes Coinsilium one of the more regularly traded ISDX companies.
Cyber security products developer Crossword Cybersecurity (CCS) has joined up with MHA MacIntyre Hudson to co-market Crossword’s Rizikon cyber risk analysis tool to the accountant’s small and medium-sized clients. Rizikon was developed at City University and it is Crossword’s first product. At 175p (150p/200p) a share, Crossword is valued at £4.2m.
Business incubator Milamber Ventures (MLVP) has acquired a 10% stake in White Cobalt, which develops technology platforms to help businesses to be more efficient and cope with growth. Milamber issued 166,667 of its own shares at 18p each in payment for the stake. This makes Steve Stovold, who founded White Cobalt in 2011, the fifth largest shareholder in Milamber with 4.7%. Powwownow founders Paul Lees and Andrew Pearce have each bought 50,000 shares in Milamber at 18p each. This cash will be used in a joint venture between their new business Thortful and Milamber. At 13p (12p/14p) a share, Milamber is valued at £455,000.
David Grierson has joined the board of investment company Lombard Capital (LCAP). He has been working in the timber and contracting sectors for four decades. Mark Jackson and Graham Jones have both left the board. At 6p (5p/7p) a share, Lombard is valued at £136,000.
AIM
Human microbiome-based products developer OptiBiotix Health (OPTI) has signed an agreement with KSF Acquisition UK, which will finance the assessment of the benefits of OptiBiotix’s SlimBiome weight management products when it used alongside SlimFast products. SlimBiome affects appetite, metabolism and energy harvest which fits with the SlimFast meal replacement products. Kainos Capital acquired SlimFast from Unilever in July 2014 and KSF is its UK offshoot with rights to the SlimFast brand in UK, Ireland and Germany.
Curtis Banks (CBP) will become the second largest SIPP provider following the acquisition of Suffolk Life from Legal & General for £45m. The enlarged group will have 65,000 SIPPs with assets of £18bn under administration. Suffolk Life made a profit of £1.3m in 2014 and there should be synergy benefits from the combination. A placing at 320p a share has raised £27m. The deal enhances 2016 earnings from 14.9p to 15.8p.
Management Resources Solutions (MRS) plans to acquire civil construction equipment and services provider Bachmann Plant Hire Pty for up to A$13.4m and the acquisition will more than double group revenues. There is an initial payment of A$8.2m in cash and the taking on of finance debt, while the rest is dependent on performance in 2016, 2017 and 2018. Bachmann provides earthworks equipment and operators in Queensland, Australia. There is a fleet of more than 200 vehicles and revenues were A$21.7m and pre-tax profit A$2m in the year to June 2015. MRS already supplies technical and strategic services to the oil and gas, construction and resources sectors. Project management activity has offset a decline in consulting work. This deal is a reverse takeover and the shareholder meeting is on 28 January.
Financial software and consulting services provider First Derivatives (FDP) has acquired Kx consultancy QuntumKDB for up to £2.2m, with £500,000 of this depending on the achievement of targets in the first 12 months. This deal will be earnings enhancing in the first full year. Quantum made a profit of £300,000 in the year to September 2015. First Derivatives has also signed a memorandum of understanding with Utilismart, which is expected to use Kx software for smart grid applications.
Interactive gaming operator Netplay TV (NPT) has extended its agreement with ITV for three years until 2019. Jackpot 247 has been on ITV since 2010 and Netplay will combine this TV exposure with its developing mobile platforms. Talks about the purchase of Sportech’s pools business have ended and NetPlay is not involved in the bidding process.
The UK National Screening Committee (NSC) is recommending that the IONA non-invasive test developed by Premaitha Health (NIPT) should be offered by the NHS to high risk pregnant women as part of the foetal anomaly screening programme. This will reduce the need for invasive testing.
Cambria Automobiles (CAMB) is paying £10.8m for a Land Rover franchise in Welwyn Garden City – Cambria has Jaguar and Aston Martin franchises nearby. In 2015, the franchise generated a pre-tax profit of £2.5m on revenues of £54m and it will be immediately earnings enhancing. A Jaguar franchise in Exeter is being sold for £1.3m and the Aston Martin franchise on the site will be closed. These businesses generated £500,000 profit in 2015. This leaves Cambria with 44 franchises and 17 brands. Cambria says that its first half trading is well ahead of the same period last year.
Ramblers Metals & Minerals (RMM) has completed the all share acquisition of Thundermin Resources. This means that Rambler owns 100% of the Little Deer and Whales Back copper projects. These have previously been mined and still include copper mineralisation. The infrastructure at the Ming mine could be used if the mines are brought back into production.
MAIN MARKET
Standard list shell RockRose Energy (RRE), which is headed by former Igas boss Andrew Austin, floated on 13 January and the shares ended the first week at 51.5p. RockRose raised £4.4m at 50p a share, having previously raised £600,000, but the costs of the flotation were £833,000. The company is capitalised at £5m at the placing price – so the net cash covers 83% of the valuation. The focus is UK onshore and offshore oil and gas assets which are in production and have significant reserves. The cash will help to finance the costs of due diligence and acquiring suitable assets.
Cash shell Falcon Acquisitions Ltd (FAL) will join the standard list on 18 January. A placing raised £1.6m at 10p, which capitalises the company at £2.04m, and there is a secondary fundraising may raise up to £2m at a share price to be set between 10p and 30p. There was already £265,000 in the bank before the flotation so there is cash of £1.65m after costs of £220,000. The focus is acquiring businesses involved in online, mobile and video broadcasting. Any target is likely to be worth up to £30m. The board includes directors from previous standard list shell Challenger Acquisitions.
Africa-focused oil and gas company Aminex (AEX) has secured a gas sales agreement with Tanzania Petroleum Development Corporation for the Kilwani North gas field, where Aminex has a 55.575% interest. Solo Oil has until the end of January to take up an option to buy an additional 6.5% stake in the field from Aminex, which would take its stake to 12.675%. A pre-determined level of production will be purchased each year and an invoice will be issued each month. The initial gas price is $3.07/mcf and there will be an annual indexation of the gas price.
Andrew Hore
