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Fitbug Still Weak
Fitbug Holdings FITB Despite a disastrous 2015 Fitbug is still surviving with the aid of small loans for working capital and the energetic activities of its new CEO who recognises that the company had failed to deliver. Revenue in 2015 almost halved and losses soared from £3,761,000 to £6,303,000. First quarter sales in 2016 have shown a significant like for like increase, after robust remedial action by the CEO who believes that the company has a healthy future, with a defined growth strategy now in place. A potential equity fund raising is being considered
Triad Group TRD delivered further growth in revenue and profit in the year to 31st March with revenue up by 20% and profit before tax by 145% The company which provides consultancy services to central government and the private sector, has a strong order book and intends to maintain its expnasion and the quality of its services by increasing the number of permanent employees and strengthening top management.
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LED lighting supplier Gowin New Energy Group (GWIN) says that its former manufacturing partner Yichia Optoelectronics has ceased trading. Yichia has had financial difficulties for more than one year and Gowin has been outsourcing production to other companies in China. The agreement has been terminated. Because of the connection of the two companies via a variable interest entity structure Gowin was required to consolidate the results of Yichia. Gowin will write off the RMB10m of loans it made to Yichia. Two directors connected to Yichia have resigned from the Gowin board. Gowin says that its sales will decline in 2015 but the loss should be lower. Gowin believes it has enough working capital for 12 months. Trading in the shares was suspended on 27 November at 0.45p each because of the uncertainty about the business. Trading recommences on 4 January.
In May 2015, Angelfish Investments (ANGP) lent Andes Financial Services £250,000. This was originally repayable at the end of 2015 but it is now repayable in three tranches: £75,000 by the end of 2015 (already received), £75,000 by the end of January and £100,000 by the end of March. The annual interest rate on the outstanding balance continues to be 12%. If the loan is not paid it could be converted into shares in Andes, which is an FCA authorised investment business specialising in Latin America. Andes was formerly known as Latam Financial Services and Angelfish has a charge over its assets as security for the loan. Andes did not have any revenues in 2013 and 2014 and had potential tax losses of £93,000 at the end of 2014. Last September, nearly £10,000 was raised by Andes at 100p a share. The ultimate parent company of Andes is Apex Leader Investment Ltd. At 0.175p a share, Angelfish is valued at £1.2m.
Australia-based exploration company NQ Minerals (NQMI) has pegged drill holes ready for commencing drilling at Ukalunda in January. Metallurgy tests on samples from Ukalunda stockpiles have produced positive results. NQ has raised £100,000 from a placing at 8p a share. That was the original placing price but the share price has risen to 12.75p – the share price at which the most recent share deal was done. NQ is valued at £18.3m.
Employee-owned business-focused investment company Capital for Colleagues (CFCP) invested and lent an additional £685,000 in the three months to November 2015. The total invested and lent is £4.05m. At the end of November 2015, the NAV was 53.43p a share. The current share price is 60.5p.
Diversified Gas & Oil (DOIL) has raised an additional £960,000 from a further issue of 8.5% unsecured bonds 2020. This means that there are £4.17m of unsecured bonds in issue. The net proceeds are £912,000.
Video security systems supplier IndigoVision (IND) returned to profit in the second half of 2015, thanks to cost reductions, but it still made a full year loss. A Middle East contract was delayed. Revenues continue to decline but the rate of decline reduced from 29% in the first half to 18% in the second half. Net cash was more than $2m at the end of 2015, down from $2.56m one year earlier. The results will be announced on 3 March.
Online personal health company Fitbug Holding (FITB) admits that its loss increased in the second half because of changes in the US retail market. A new version of the Kiqplan health and fitness platform has been launched but the focus will be moved from retail to business to business customers, such as insurers. New chief executive Anna Gudmundson has appointed new management. Just before the end of the year £650,000 was raised via a loan from NW1 Investments. The loan lasts until July 2017. Discussions are ongoing with Fitbit Inc regarding litigation.
Standard list cash shell Silver Falcon (SILF) has entered into a non-binding agreement that could lead to the acquisition of Lime Holdings Ltd, which has developed a platform for the automated delivery of insurance to customers. The deal will be a share for share exchange. Lime has been based in Australia but it recently moved its headquarters to the UK. Trading in the shares was suspended before Christmas at 3.75p each. Silver Falcon has limited cash balances so it may need to raise additional working capital if the acquisition goes through.
China-focused healthcare investor Cathay International Holdings (CTI) expects expenses to be much higher than anticipated due to higher marketing costs. There will be a significant loss before tax in 2015, although revenues have been in line with expectations despite tough markets in China. There have also been problems at 50.6% owned Lansen Pharmaceutical. Batches of Gingko did not meet regulatory standards and a penalty of $2.74m has been levied by the authorities.
Passenger aircraft lessor Avation (AVAP) has acquired and delivered a third ATR 72-600 aircraft to Flybe, which is using the aeroplane for an operational contract with Scandinavian Airlines and will fly in the latter’s livery. Avation expects to deliver a further four ATR 72-600 aircraft, which have a relatively low fuel consumption, in 2016. The standard list company has options over ATR 72 aircraft stretching out to 2023.