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Quoted Micro 18 May 2026
AQUIS STOCK EXCHANGE
Valereum (VLRM) is raising £1.05m at 2p/share. This cash will fund the scaling up of VLRM Markets.
Hong Kong-based seafood wholesaler Supersearch Plus (SSP) has launched a drone delivery service for freeze-dried seafood.
Mendell Helium (MDH) says M3 Helium has secured two further leases for land in Fort Lodge, Kansas. They are near to the existing Bleumer and Enlow leases. Each of the new leases could have two production wells.
Sulnox Group (SNOX) has announced a fuel additives distribution agreement with Performance Products and Services, which is focused on southern India and Sri Lanka. It has industrial and commercial clients.
Falconedge (EDGE) says incremental Bitcoin growth was 0.2187 Bitcoin, taking the holding to 20.497 Bitcoin.
Delta Gold Technologies (DGQ) was included in the launch episode of The Innovation Report, which is a documentary series focused on breakthroughs shaping emerging industries. It will be released on ADVFN platforms.
Fenikso Ltd (FNK) has received a $799,000 payment reducing the loan to $32.4m.
Edison Investment Research has published a report on Ajax Resources (AJAX).
B HODL (HODL) chief executive Freddie New bought 56,100 shares at 7.13p/share. BWA Group (BWAP) managing director James Butterfield bought 54,500 shares at 0.495p each.
JP JENKINS
Engineer Industrial Technical Holdings (ITHL) improved 2025 revenues from $7.01m to $7.41m. There was a small loss after impairment charges. Cash was $867,000 at the end of 2025. Earlier this year the order book was worth $5.6m.
AIM
Dotlines Global (DOTL) joined AIM last Tuesday after completing the reverse takeover of Main Market company Ikigai Ventures. Dotlines and Audra Solutions were acquired for £55.7m in shares and the enlarged share capital was valued at £57.9m at the issue price of 9.5p/share. Dotline;s Sohoj platform is a digital lifestyle offering for B2C and B2B2C customers with a focus on migrant populations in Malaysia. There are plans to expand the platform into the UK and Saudi Arabia. This generated 2024 revenues of £20.5m and pre-tax profit of £998,000. The latest interim revenues are £10.3m, while pre-tax profit was £713,000. The share price was suspended at 42p and started trading on AIM at 10p. The share price improved to 13.5p, but that was still 67.9% lower than the last Main Market price.
Recruitment firm Gattaca (GATC) has sparked an upgrade with its latest trading statement, which suggests that it is outperforming its rivals. Contract recruitment is doing better than expected and cost have been kept under control. Defence, energy and infrastructure sectors have been strong. Panmure Liberum has raised its 2025-26 pre-tax profit forecast by one-third to £6m.
Telematics company Microlise (SAAS) is focusing on direct business as renewals from OEMs are suffering pressure on pricing and the loss of contracts. Direct annualised recurring revenues were 16% higher, despite delays to some contracts, but this was partly offset by a 13% reduction in the OEM figure. Pre-tax profit slumped from £6.5m to £2.6m. Net cash increased to £16.7m. Capital investment will be sharply higher in 2026 and 2027 and that will use up some of the cash. The final dividend was raised from 1.24p/share to 1.3p/share. Pre-tax profit could recover to £3.3m this year.
Vossloh has launched a recommended bid for Cordel (CRDL). The 12.4p/share cash offer values the transport infrastructure analytics technology provider at £29m. The share price has not been that high since the beginning of 2022. Vossloh is involved in the rail sector and wants to provide digital services as well as move into the US market. Cordel and Vossloh are working together in Europe.
Zinnwald Lithium (ZNWD) is recommending a bid by AMG Critical Materials, which already owns 29.3%. The offer is 5p in cash and 0.001577 of an AMG share for each Zinnwald Lithium share. This is estimated to be worth 10p/share and values the lithium project developer at £57.2m.
Metals One (MET1) has expanded the agreement to treat uranium waste dumps with DISA Technologies. This covers the Uravan Belt uranium vanadium project in Colorado that is 100%-owned by Metals One. There are eight uranium mine waste dumps. DISA will start exploration work and seek permits. One will be paid a gross revenue share of saleable uranium and other minerals.
Fishing tackle and equipment retailer Angling Direct (ANG) reported 2025-26 figures broadly in line with expectations. Revenues were 14% ahead at £103.9m, while pre-tax profit improved from £2.1m to £3.2m. Net cash was £10.9m at the end of January 2026.
Mercantile Ports and Logistics (MPL) has appointed former US government and CIA administrator Marty Martin to the board and Karanpal Singh has stepped down. The company believes that Marty Martin will help with the ongoing legal process in relation to try to regain control of the Karanja Terminal & Logistics subsidiary. Mercantile says it can repay the related debt, but the proposal was rejected by the consortium of banks. They prefer an alternative plan from Adani Ports and Special Economic Zone Limited and that has been approved by the courts. The company has appealed and a further hearing is due on 8 June.
Galileo Resources (GLR) has entered into an unsecured convertible loan funding facility of £600,000 with Sanderson Capital Partners. This has a conversion price of 1p/share. The initial arrangement fee of 7% is payable in 5.42 million shares.
Zanaga Iron Ore (ZIOC) has raised £5.7m at 4p/share, which is more than originally sought. This will finance the development of the Zanaga project, including earthworks and sampling.
TheraCryf (TCF) says clinical trial enabling work for the Ox-1 blocker for treating substance use disorders is ahead of plan. Manufacturing has been scaled up, and dosing is complete in the rodent toxicology study. The remaining activities should be completed in the third quarter enabling the move to a phase 1 study in human volunteers. An application for a phase 1 clinical trial is expected to be submitted this year.
Toys and hobbies supplier Character Group (CCT) improved interim pre-tax profit by 15% to £2.4m on 9% lower revenues of £48.3m. Net cash was £13.7m at the end of February 2026 and there is a potential warehouse sale could raise £9.8m. Panmure Liberum raised its full year pre-tax profit forecast to £5m.
Retailer Shoe Zone (SHOE) reports interim revenues 12% lower at £62.9m. Although gross product margin improved due to currency movements and lower container costs, overall gross margin was hit by high fixed store costs. The interim loss doubled to £5.3m. The size of the distribution centre is being reduced following store closures. A full year loss of up to £2m is still expected.
Hospitality group Coppa Collective (COPC) interim revenues edged up 1% to £25m. Coppa Club like-for-like sales were 3.2% ahead. Gross cash is £2.6m following the acquisition of Linwood pubs. A full year loss of £2m is forecast.
MAIN MARKET
Cindrigo Holdings (CINH) says government funding eligibility has been extended for the Eich and Worms geothermal licence areas and the Weinheim licence has gained eligibility. The current government funding model provides 50% of pre-development costs up to a maximum of €2m. A second module can provide grants of up to 40% of eligible project costs up to €100m. Eich is progressing a study that could make it eligible for the second module. Exploration work continues.
Digital asset investor KR1 (KR1) has launched new activities in the convergence of AI and decentralised technologies. It has made an investment in Venice, which is a privacy-centric AI inference platform. This provides exposure to the user and agent-facing layer of AI. KR1 has acquired 60,000 Venice tokens and has commenced staking activities. KR1 also has an interest in Gensyn and it is building up a strategic holding plus evaluating potential partnerships.
Kelso Group (KLSO) has raised £650,000 at 3p/share. This is the same price as the previous two fundraisings.
Andrew Hore
Quoted Micro 9 February 2026
AQUIS STOCK EXCHANGE
Sulnox Group (SNOX) has generated £1.69m in the nine months to December 2025, compared with £650,000 in the comparative period. A further £335,000 of sales have been generated since then. So far this year, emissions reduction additive volumes grew 265%. Cash was £1.12m at the end of 2025.
Delta Gold Technologies (DQG) shares have started trading on the OTCQB Venture Market in the US. This will help the quantum computing IP company to access US investors. Jonathan Mark Swain has increased his stake from 21.3% to 22.6%.
Connecting Excellence Group (XCE) purchased 1.065 Bitcoin for £64,000 using cash generated by the executive search business, which had revenues of £253,000 in January. The total holding is 52.425 Bitcoin at a total cost of £3.15m. The share price declined 35.9% to 1.25p. The original placing and offer price was 2.1p/share.
Ethry (ETHY) has bought 250 Ethereum at an average price of £1,997 each. It owns 750 Ethereum at an average price of £2,272.33 each.
B HODL (HODL) owns 160.388 Bitcoin after earning 0.093 Bitcoin during January. The company has shareholder permission to buy back shares, as well as entering an At-The Market equity offering via Canaccord Genuity. Share issues have to be at a share price that is a premium to the market value of the company’s Bitcoin holdings.
Pieter Scholtz and Gerhardus “Gerhard” Kotzee of Quorium Global Photonics SPC have been appointed as executive directors of Valereum (VLRM). Grant Gischen has also been appointed as an executive director.
Seneca Partners has reduced its stake in Probiotix Health (PBX) from 6.6% to just under 5%.
Stack BTC (STAK) has raised £6,000 at 1p/share. This will provide working capital.
Fenikso Ltd (FNK) has received a further $437,000 from Lekoil Oil and Gas Investments out of crude oil sales, leaving $33.7m owed.
Tamar Minerals (TMR) sats White Energy Company says that four holes of the Specimen Hill project drilling have been completed with up to nine more planned. Tamar Minerals has a 3% Net Smelter Royalty (NSR) on all future mineral sales.
James and Alexandra Peace have a 6.58% stake in brewer Shepherd Neame (SHEP).
Falconedge (EDGE) shares have started trading on the OTCQB Venture Market in the US.
Marula Mining (MARU) has appointed Alpheus Nethononda, Martin Westerman and Boniface Mbithi as directors.
VVV Sports (VVV) has repaid a £250,000 loan from Campana Investments, which is controlled by VVV Sports chairman Jonathan Rowland.
ASSET MATCH
C4X Discovery (C4XD) will leave Asset Match after the final auction on 12 February. Further progress is required to secure partners for existing programmes. Operating costs have been reduced.
Gulfsands Petroleum (GPX) has closed the fractional share auction, and all the fractional entitlement shares have been placed.
AIM
Antennas components and systems supplier Filtronic (FTC) did well to report barely changed interim revenues of £25.3m given the exceptionally strong first half the year before. Investment in the business has increased costs, so pre-tax profit declined. There is a record order book. Full year revenues are set to be 4% lower at £54m and pre-tax profit could slip from £15.1m to £8.3m.
Chip designer and supplier EnSilica (ENSI) reported interims that were flagged in the recent trading statement. Revenues were 37% ahead at £12.7m with strong growth in chip supply revenues and design income for future supply. There is already 95% coverage of forecast full year revenues of £28m, which would lead to a return to profit. There are design deals that will become supply deals over the next couple of years, so future growth is already in the pipeline.
Online gaming marketing business B90 Holdings (B90) generated higher revenues than expected in 2025. Zeus has upgraded its revenues forecast by 11% to €7.1m. The pre-tax profit forecast is maintained at €1.1m because marketing costs have been increased to cover higher costs and continue the growth in revenues. Net cash is €900,000.
Specialist cleaning services provider React Group (REAT) increased full year revenues from £20.7m to £24.9m, helped by an acquisition, but pre-tax profit dropped from £2.1m to £2m and earnings fell further because of shares issued to fund the 24hr Aquaflow acquisition. There was an organic decline of 10% due to lower cleaning frequencies, but there was a stronger second half. Net debt is £2.2m, excluding leases. Investment in digital admin will help the LaddersFree business to grow.
Building products manufacturer Alumasc (ALU) has reported interim revenues that dipped from £57.4m to £50.4m, partly down to a £5.5m contribution from Chek Lap Kok airport in the previous period that was not repeated in the recent six months. Underlying pre-tax profit dropped from £7.5m to £4m. A further £1.1m of annualised cost savings have been achieved. The interim dividend was maintained at 3.5p/share.
Tungsten West (TUN), which owns the Devon-based Hemerdon tungsten and tin mine, published an updated project value on the back of strong metals prices. The NPV7.5% has increased from $190m to $1.7bn. Management followed this up with a fundraising of £44.4m at 18p/share, including a fully subscribed retail offer of £3m. The cash will finance the feasibility study and pay back the bridge facility. It will help to accelerate the move towards production in the third quarter. Debt financing discussions are continuing with multiple lenders.
Localisation and digital media services provider Zoo Digital (ZOO) is seeing signs of recovery in activity and has received initial orders from two major US studios. Gillian Wilmot and Mickey Kalifa are stepping down from the board after many years, and Nathalie Schwarz will replace Gillian Wilmot as chair. Two new non-executive directors will be appointed.
Image Scan (IGE) says a major defence contract that was going to use the company’s ThreatScan® portable X‑ray systems has been terminated. The was a 36-month programme that would have been a major contributor to 2026-27 and 2027-28 revenues. The termination reduces the order book from £4.67m to over £1m.
Advanced coating provider Hardide (HDD) continues to win new business and this has sparked an upgrade in the forecast for 2025-26. The latest order is from a North American energy company, and it is worth $1m. This should be delivered in the second half. Cavendish has upgraded its earnings forecast by one-quarter to 1.9p/share on a £1m increase in forecast revenues to £9m. That shows the operational gearing of the business.
Recruitment software provider Dillistone Group (DSG) announced a £1.5m fundraising at 10p/share. Management believes that the company has to become larger to take advantage of the AIM quotation. P&R Investment Management has taken a strategic stake of 26.8% via its fund. They are appointing Matthias Riechert and Aakash Vanchi Nath to represent them on the board.
Inspecs (SPEC) says that the votes received for the scheme of arrangement for the 84p/share offer by a bid vehicle established by Luke Johnson and Ian Livingsgtone would not be enough for it to go through. The general meeting has been delayed from 9 February to 23 February.
Trellus Health (TRLS), which has developed a digital platform to manage chronic health conditions, says it has enough funding for most of the first quarter of 2026, having reduced cash burn to $400,000/month, and it is in talks for additional funding. Revenues were $545,000 in 2025. Last year, the agreement with Pfizer to license patient support educational content for inclusion in Pfizer’s IBD digital application was renewed and it could be expanded this year. Trellus Health has begun launching the programme to support recruitment and enrolment optimisation for an ongoing mid-stage immunology and inflammation clinical trial sponsored by Takeda. There has been trimming of some major shareholdings in the company, including by Icahn School of Medicine, which has reduced the stake from 25% to 22.3%.
Sports and leisure products supplier Tandem (TND) improved revenues by 6% to £26.2m in 2025 despite weak consumer confidence. Bicycles and home and garden sectors grew fastest, offsetting the drop in toys, sports and leisure. Efficiency improvements mean that pre-tax profit should be slightly ahead of expectations of £500,000 – Cavendish forecasts £600,00. Management hopes to maintain the rate of growth in revenues this year. The results will be published on 23 March.
Huddled Group (HUD) has raised up to £730,000 from a share subscription at 1.75p/share and secured a debt facility of up to £600,000. There is also a retail offer of up to £100,000. The cash will fund additional stock for the retailer. New marketing initiatives are proving successful.
Financial market data software provider Arcontech (ARC) reported a 5% dip in revenues to £1.4m because of a loss of a contract and a decline in operating profit from £400,000 to £300,000. Reduced working capital helped net cash increase to £7.8m. Cavendish expects revenues to fall 13% and pre-tax profit to decline 30% to £700,000.
Automotive interior components supplier CT Automotive (CTA) expects to report adjusted pre-tax profit of at least $10m for 2025. This was after product launch-related costs of $400,000. Net debt was $7.7m at the end of 2025. Contracts have been won that will build revenues over the next few years. This year’s revenues will not get much of that benefit until later in the year and modest growth is expected.
Gold producer and explorer Ariana Resources (AAU) has settled outstanding loan balances due under the facility agreement with RiverFort Global Opportunities PCC, which issued a conversion notice. The outstanding balance of $782,575 was converted into 40.4 million shares and these are likely to be admitted to trading on 5 February. RiverFort is not likely to be a long-term shareholder so these shares could be sold in the near-term.
Chesterfield Special Cylinders (CSC) says the defence order book continues to strengthen following a new contract for specialised pressure vessels for French navy submarine. Management believes it could gain a major contract for hydrogen storage systems during this year. This year will be second half weighted and full year revenues are expected to be significantly higher. Revenues are forecast to be 18% ahead at £19.5m and the company should move close to breakeven.
Full year revenues at restaurants operator Various Eateries (VARE) were in line with expectations at £52.4m, but margins were better that expected and the loss was lower than expected at £2.4m. There was 2% like-for-like growth in revenues and there was a strong performance over the Christmas period. Zeus has reduced its 2025-26 loss estimate to £1m with forecast net cash of £1.9m.
MAIN MARKET
Bitcoin investor and wed development company The Smarter Web Company (SWC) moved to the Main Market on 3 February. The share price opened at 43p and ended the week at 36.75p.
Satsuma Technology (SATS) says that it has accepted the requisition of a general meeting by shareholders. The four resolutions proposed are for the removal of Henry Elder and Andrew Smith from the board and their replacement by Nicholas Lee and Paddy Dean. The board is aware that apparently the majority is supportive of these resolutions. It will make a further announcement.
Alkemy Capital Investments (ALK) says projections for the Front-End Engineering Design programme for its proposed lithium hydroxide refinery in Teesside are at the lower end of the global cost curve. Capex is US$243.6m and there should be an EBITDA of US$65.9m each year. The facility could produce 25,000 tpa of battery-grade lithium hydroxide monohydrate for batteries.
Andrew Hore
Quoted Micro 1 December 2025
AQUIS STOCK EXCHANGE
Valereum (VLRM) has entered into an agreement to raise $200m of royalty and streaming capital from new special purpose segregated portfolio company, Valereum QGP-SP, which is being formed to list on a US National Exchange. There will be a one year option over a stake of 49.9% in Valereum in return for the royalty and streaming income. This will help to accelerate development of the crypto and blockchain platforms and finance acquisitions.
Digital asset company Vaultz Capital (V3TC) holds 135 Bitcoin. Two resolutions related to a share capital reorganisation and a reduction in nominal value were withdrawn from the AGM following shareholder feedback.
Ajax Resources (AJAX) had cash of £1.37m at the end of August 2025. It is in the process of acquiring the Paguanta silver lead zinc project in Chile. Drilling should commence soon at the Eureka project. The cash will finance this and a JORC compliant mineral resource estimate.
AI software company IntelliAM AI (INT) has won contracts in the building products sector. They cover 15 sites and should generate £250,000 in this financial year. Annual recurring revenues were £1.18m at the end of September 2025, Cash was £786,000 and a further £250,000 has subsequently been raised at110p/share. A WRAP retail offer could raise up to £150,000 more. This will fund the delivery of the co-development partnership with a global engineering manufacturer.
WeShop (NASDAQ: WSHP) shares ended the week at $145.21. WeCap (WCAP) has an interest valued at around 28p/share. The share price increased 8.33% to 2.6p. Res Privata NV has cut its WeCap stake from 13.6% to less than 3%. Hot Rocks Investments (HRIP) owns a stake worth $21.8m and the share price rose 3.7% to 1.4p, which values the investment company at £3.4m.
Mendell Helium (MDH) has extended the broker option of up to 10 million shares until 3 December. A further £12,000 has been raised via subscription at 3p/share.
Cannabis medicines developer Ananda Developments (ANA) is calling a general meeting on 12 December to gain shareholder approval to leave Aquis. This will save money and may make it easier to raise cash. Initial data from a phase 1 human study for MRX1 has shown a positive safety profile. The final study should be complete in the second quarter of 2026.
Trading in Amazing AI (AAI) shares was suspended following the resignation of Guild Financial Advisory as corporate adviser. The company has hired Rosenblatt Law to pursue a legal action against Tom Winnifrith and Share Prophets Ltd. Chief executive Paul Mathieson is also pursuing legal action, although his social media comments will not help him.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price was 19.4% lower at 0.725p.
Café chain Cooks Coffee Company (COOK) increased interim revenues by 111% to NZ$5.77m, helped by managed stores in Ireland via the partnership with Dairygold. Pre-tax profit fell from NZ$530,000 to NZ$68,000. Overall store sales were 26.9% ahead at NZ$45.5m. There are currently 100 stores, most of which are franchised, with a target of 300 by 2034. Net debt is NZ$1.73m.
Sulnox Group (SNOX) has secured a major distribution agreement for its reduced emissions additives in the marine sector through Drew Marine USA, which operates in 1,200 ports around the world.
Marula Mining (MARU) is acquiring an initial 50% stake in the Tonto Tshipi manganese mine in South Africa for five million shares. It can increase its interest to up to 70%. Open pit mining should start in mid-December. On completion of due diligence, a further payment of £250,000 and Marula Mining will fund 100% of exploration with a minimum spend of £1m over 12 months. Once a bankable feasibility study is completed there will be a further payment of £5m and an option fee of £100,000 would take the interest to 70%.
In the year to May 2025, Equipmake (EQIP) revenues fell from £7.3m to £3.5m, while the loss increased from £9.1m to £10.9m. The company has been restructured and there is a focus on better margin business. Costs are much lower. There was cash of £3.9m at the end of May 2025. In recent months there have been significant contract wins.
Oscillate (SRVL) says drilling results confirm copper mineralisation for the Koko Basin project in Namibia. It is also targeting sites that are highly prospective. Multiple soil samples at the Duekoue molybdenum copper project in Cote d’Ivoire show moderately anomalous concentrations of gold. Richard and Charlotte Edwards have reduced their shareholding from 5.21% to 4.03%.
Africa-focused social impact investment company Inqo Investments (INQO) had net assets of R211.5m, including cash of R33.4m, at the end of August 2025.
NYCE International (NYCE) has appointed Oberon Capital as corporate adviser and broker. Game aggregator and content innovation arm Nirmata Play was launched in October, while online gaming media agency ClickSpin Media was launched in June. They are generating revenues.
SuperSeed Capital (WWW) had an unchanged NAV of 121p/share at the end of September 2025. The managed fund SuperSeed II is expected to make two more investments by the end of 2025.
BWA Group (BWAP) is starting due diligence ground truthing at the Aracari gold project in Cameroon.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price is 0.725p.
Fenikso (FNK) has received $535,650 as partial repayment of a loan and there is still $34.6m outstanding.
Chairman Richard Oldfield bought 25,000 Shepherd Neame (SHEP) shares at 467.6p each.
JP JENKINS
Rocksteady Coffee Company (ROCK) joined JP Jenkins on 18 November. It was founded in 2012 and produces organic Jamaica Blue Mountain coffee.
ASSET MATCH
Isle of Scilly Steamship (IOS) interim revenues improved from £16.8m to £18.1m, while pre-tax profit rose from £6.72m to £7.44m. There was cash of £8.01m at the end of September 2025. Passenger bookings are 0.7% ahead of the same time last year. The Skybus airline has been awarded the Newquay to London route. New passenger and freight vessels will be delivered next year. Management targets EBITDA of £8m by 2030.
Marshall of Cambridge (MCH) has completed the sale of Marshall Land Systems.
AIM
essensys (ESYS) founder and non-executive director Mark Furness, who stepped down as chief executive in May, has submitted an indicative offer of 20p/share for the developer of Software-as-a-Service and cloud services for the flexible workspace sector. Mark Furness owns 30.4% and this offer would value essensys at £13m. A trading statement revealed revenues of £4.1m in the quarter to October 2025, but a contract worth £900,000 each year is set to end in December. There will be cost savings, but 2025-26 results will be lower than expected. A debt facility is being negotiated. The figures for the year to July 2025 have not been published, but a previous trading statement indicated a fall in revenues from £24.1m to £19.2m with cash of £1.8m. essensys joined AIM on 29 May 2019 when it raised £14m at 151p/share.
Online retailer Boohoo (DEBS) is starting to improve its performance, but there is a long way to go. In the six months to August 2025, revenues fell from £385.4m to £296.9m, but there was a swing from an adjusted loss of £9.2m to an operating profit of £1.8m. There was still a pre-tax loss. Cost savings have been made and a full year pre-tax loss of £11.5m is forecast. Net debt should start to decline. There is a new incentive scheme for executives. Chief executive Dan Finley could be paid £148.1m if the share price reaches 300p within five years. Goldman Sachs has raised its share price target for the online retailer from 16p to 17p, but still says sell, while Barclays has cut its target from 13p to 11p and remains underweight.
European Metals Holdings (EMH) joint venture Geomet has secured a €360m grant for the Cinovec lithium and tin project in the Czech Republic. This is Europe’s most advanced lithium project. EMH owns 49% of Geomet, which is expected to publish a definitive feasibility study soon. Zeus has modelled a 25-year mine life and an NPV10 of $1.04bn. Zeus has a fair value share price of 75p.
Savannah Resources (SAV) is progressing towards a final investment decision on the Barroso lithium project in Portugal. Lithium demand is increasing and the spodumene price has risen 80% since the end of June and is currently around $1,100/t. Discussions continue with potential customers. Savannah Resources is also acquiring a nearby mining lease. There is potential for a German government guarantee on a project finance loan of up to $270m. After the recent fundraising at 3.7p/share the company has £21m in cash.
Battery technology developer Gelion (GELN) has made strong progress over the past year and recently strengthened its balance sheet through a £10.5m fundraising that should give it enough cash for two years. In the year to June 2025, revenues increased 36% to £2.7m, with one-third coming from the first commercial sales. That helped the operating loss fall by one-quarter to £6m. Gelion is making strong progress with partners, including TDK Corporation, with whom it expects to produce a commercial pouch cells prototype within the next 12 months. The Li-S technology is achieving strong results in relation to battery life and power performance.
Egg-free celebration cakes supplier Cake Box (CBOX) reported a dip in profit in the first half, but this should be more than made up for by a much stronger second half. Like-for-like sales have grown strongly despite the tough consumer environment and group sales were £28.8m with the Cake Box contribution 19% ahead including new store openings. Pre-tax profit fell 4% to £2.6m.
Professional services firm DSW Capital (DSW) has decided to raise the interim dividend by one-fifth to 1.2p/share. Interim network revenues were 32% higher to £10.3m. Company revenues increased from £1.09m to £2.79m, which includes more recent acquisitions. Pre-tax profit grew from £101,000 to £237,000. Less than one-third of revenues are from the volatile M&A sector, which used to dominate the business.
Lung imaging technology developer Polarean Imaging (POLX) has signed a distributor agreement with DK Healthcare in South Korea. It has also won an order from the National Taiwan University Hospital for a Xenon MRI research system through its partner Philips. Polarean Imaging is asking for shareholder approval to leave AIM at a general meeting on 15 December. It plans to join matched bargain market JP Jenkins.
Team (TEAM) has launched a recommended bid for WH Ireland (WHI). It is offering 0.195 of a share for each WH Ireland share and the WH Ireland shareholders will own 43.5% of the enlarged group, which will be valued at around £30m.
ACG Metals is considering making an offer for gold and copper producer Anglo Asian Mining (AAZ), which has a resource base of more than 400,000 ounces of gold and one million tonnes of copper. The Xarxar and Garadag projects are still to be brought into production.
Tanfield Group (TAN) says the US courts have granted a motion for partial summary judgement in the dispute over Snorkel International, where Tanfield has a 49% stake that is the subject of a call option by the other shareholder. This summary judgement says that the 49% stake cannot be acquired for nil as the partner wanted to. A valuation plus interest will be calculated. The trial will begin in October.
Security technology supplier Thruvision (THRU) grew interim revenues 36% to £2.6m, even though retail revenues were lower. Cash was £2.1m at the end of September 2025. The second half will be tougher than expected and Allenby has reduced its full year revenues forecast from £8m to £5m, while the loss is raised from £2.21m to £3.55m. There will still be cash by the end of March 2026. Herald has sold its 8.89% stake and Dr Graham Cooley has raised his shareholding from 6.8% to 7.02
Premier African Minerals (PREM) has raised £500,000 at 0.0575p/share. This will be invested in the processing plant for the Zulu lithium and tantalum project.
CelLBxHealth (CLBX) raised £6.8m at 1p/share and could raise up to £1m more from a retail offer closing on 1 December. A capital reorganisation will reduce the nominal value of the shares so that they can be issued at this price. There will be £1.9m spent on R&D, £1m for sales and market and £1.2m for reorganisation and IT systems. The cancer diagnostics company will progress partnerships and reduce annual operating costs by more than £5.9m. Ther will also be development of additional assays for the Parsortix platform.
Telematics supplier Microlise Group (SAAS) says lower OEM volumes due to tariffs and the weak economy. There have also been delays in projects. There are plans to cut annualised costs by £4m. That is too late for 2025 when forecast revenues have been cut from £91.3m to £84m, while earnings have been slashed from 5.5p/share to 3.1p/share. The 2026 earnings forecast has been cut to 4.9p/share. Customer churn remains low.
Womenswear retailer Sosandar (SOS) is gaining momentum this year. Interim revenues were 15% higher at £18.7m, while sales were 28% ahead on the company’s website. Sales to Marks & Spencer were hit by that retailer’s cyber incident, but they have started again. The six stores are loss-making, but the first two are moving towards breakeven. The interim loss increased from £700,000 to £1.1m, but a full year pre-tax profit is anticipated. Net cash was £7.7m at the end of September.
Trellus Health (TRLS), which has developed digital technology to manage chronic conditions, has secured a $600,000 loan from 25% shareholder Icahn School of Medicine at Mount Sinai. There is no interest charge for nine months and then the annual rate is 8%. The loan is convertible into shares, but the stake cannot go above 29.9%. This will provide enough cash until late January when more cash will be required.
Kropz (KRPZ) produced 87,496 tonnes of phosphate concentrate n the third quarter and sales were 28% higher at 72,408 tonnes. September was a record production month, and the mine is still in its trial production phase.
Oil and gas producer Prospex Energy (PXEN) has generated revenues of £4.2m so far this year, despite the downtime at Viura and El Romeral and lower gas prices. Viura is back in production in the fourth quarter. This will enable much larger revenues in the period and generate cash for investment.
MAIN MARKET
Digital assets investor KR1 (KR1) has moved from Aquis to the Main Market on 25 November. Trading ended on Aquis at 25.5p and the share price rose to 27p at the end of the week. KR1 has a portfolio of digital assets. The update for the end of October 2025 showed net assets of 41.5p/share. Income of £305,543 was generated during the month.
New Frontier Minerals (NFM) is raising $2.25m via a placing at $0.021/share. Every two shares come with an option exercisable at $0.04 each. The cash will be used to advance the Harts Range project. The focus is to target heavy rare earth elements for US magnet and defence clients. Using Metallium’s Flash Joule Heating (FJH) technology on Harts Range raw ore delivered exceptional beneficiation results. There will be further drilling results released over the next few weeks. There will also be some cash used for the mining lease application at the NW Queensland copper project.
Cardiff Property (CDFF) increased NAV from £29.31/share to £30.53/share in the year to September 2025. The dividend was raised from 25.5p/share to 27.5p/share.
First Tin (1SN) is raising £6.3m at 7p/share. This will finance the completion of the updated DFS for the Taronga tin project in Australia. There will also be cash for preparatory work on the project site. There will be some cash for the Tellerhauser project in Germany.
Walker Crips (WCW) has agreed a 14p/share bid from PhillipCapital, valuing the company at £6m.
IT services provider Triad (TRD) reported a rise in interim revenues from £10.2m to £12m, while pre-tax profit was 10% higher at £820,000. The interim dividend was raised by 50% to 3p/share.
Motor dealer Caffyns (CFYN) slipped into loss in the six months to September 2025. It is still paying a 5p/share interim dividend. Net debt is £9.6m.
Andrew Hore
Quoted Micro 28 April 2025
AQUIS STOCK EXCHANGE
Smarter Web Company (SWC), which was formerly Uranium Energy Exploration, joined Aquis on Thursday and it raised £1m at 2.5p/share. Smarter Web Company provides web design, development and marketing services. It generates income from an initial fee, annual hosting and optional marketing charge. Bitcoin payments are accepted. There are plans to grow through acquisition.
Marula Mining (MARU) is acquiring up to 70% of the Boteti lithium brines project in Botswana. There are three licences within the Makgadikgadi Desert Salt Pan. Marula Mining will issue 250,000 shares at 4p each to acquire the initial 50% interest, plus £10,000 worth of shares once due diligence is completed. Marula Mining will finance 100% of spending up until production. Once a feasibility study is successfully completed a further £250,000 of shares will be issue and e is the option to increase the interest to 70% through a further issue of £100,000 worth of shares.
Fenikso (FNK) has renegotiated the $11.5m loan from Savannah Investments. It will be settled for $5.76m and $2.5m will be made when the deal is signed. The other $3.26m will be paid by the end of the year. There should still be cash left on the balance sheet after the payments.
Valereum (VLRM) is not going to receive the £19m investment by DMC Markets. VLRM Markets will commence operations, open its Real-World Asset (RWA) Platform and launch its V-Wallet. This operation has a licence in El Salvador. Management has been involved in a delegation to the SEC concerning proposals to regulate digital assets.
Wishbone Gold (WSBN) is preparing to drill the main undrilled gold target at Red Setter Dome, near the Telfer gold miner. A major dome-like structure is similar to Telfer.
Adsure Services (ADS) says there is strong demand for its audit and assurance services.
Mendell Helium (MDH) has increased the subscription from £796,000 to £834,000. The subscription price is 2p/share.
TruSpine Technologies (TRU) has issued shares at 1.5p each to pay creditors totalling £107,000.
Nicholas Fairfax sold 27,900 shares in SulNOx Group (SNOX) at 80p each.
ASSET MATCH
Greenshields Agri (GAH) says UK farmland values are holding steady. Current net asset value is 162p/share.
AIM
Major shareholder Regent Gas Holdings has set up a company to make an offer of 68.5p/share in cash for energy assurance and optimisation services provider Inspired (INSE). Gas supplier Regent is the second largest shareholder with 29.4% and it owns convertible loan notes and warrants. Regent would prefer the focus to be reducing debt, which has already been cut following the December fundraising. This includes ending dividend payments. A strategic review will be started, so that debt can be eliminated by the end of 2026. Gresham House owns 29.7% of Inspired plus convertibles and warrants. It says that it will not accept the offer.
Selkirk Group (SELK) has made an approach to THG to acquire its MyProtein business for £400m-£600m, subject to due diligence, payable in cash and shares. THG has rejected the offer because of the valuation and the structure of the offer. Talks are not ongoing, but Selkirk could return to the potential deal if circumstances change. Management is assessing other reverse takeovers.
Foreign exchange services provider Argentex (AGFX) ran into financial problems because of currency volatility. IFX Payments is offering 2.49p/share in cash and the board is recommending the bid. It is also providing a £6.5m bridging loan. IFX Payments is interested in the technology that Argentex has developed.
Payment services provider Finseta (FIN) performed as anticipated in 2024, but higher costs for start-ups have hit the share price in recent weeks. In 2024, revenues were18% higher at £11.4m and pre-tax profit improved from £1.4m to £1.5m. There was no contribution from Canada or UAE, which start trading this year. There have been concerns about the problems at Argentex, but Finseta is a different business and is not allowed to take the type of risks taken by Argentex.
Rail software and services provider Tracsis (TRCS) had already warned of tough trading conditions prior to the interim results. Pre-exceptional and share-based payments profit fell from £1.8m to £235,000. The data, analytics and events division fell into loss because costs were higher than anticipated when work was won. This will hamper the full year contribution, although the second half is always stronger. Action will be taken to improve margins. The main concern is the continued uncertainty surrounding GB Railways. This could hold up spending in software and there was a reduction in investment in remote condition monitoring equipment due to delays in the CP7 spending period.
Software company Celebrus Technologies (CLBS) says 2024-25 revenues will be lower than expected at $38.6m, down from $40.9m last year, but pre-tax profit was in line with expectations at $8.7m, up from $7.6m. Net cash was $31m at the end of March 2025, following a property sale generating $3.9m. Celebrus Technologies is changing its revenue recognition policies to a monthly basis, rather than annually in the month of signing the contract. Annual recurring revenues will rise by 14% to $18.8m this year.
Productivity efficiency software provider ActiveOps (AOM) generated higher than expected revenues for the year to March 2025. The estimate has been raised 4% to £30.4m. Net recurring revenues were 108%. Annualised recurring revenues were 15% ahead despite the loss of a major customer. Net cash was £20.6m at the end of March 2025, which is nearly one-third of the market capitalisation. Pre-tax profit will be flat at £2.1m, with £2.3m forecast for this year.
Concrete levelling equipment supplier Somero Enterprises (SOM) is cautious about this year because of global uncertainties affecting buying decisions and the starts of projects. It is cutting 15% of its workforce. Cavendish has cut its 2025 pre-tax profit estimate by 18% to $21.3m, down from $25.4m in 2024.
Marketing data analysis company Ebiquity (EBQ) did better than expected in the second half, but pre-tax profit still fell from £9.7m to £6.5m. The first quarter of 2025 was ahead of management expectations. A modest recovery in pre-tax profit to £7.1m is forecast for this year and there is potential for further outperformance.
Enteq Technologies (NTQ) says that there is no likelihood of a bid for the company, and it has ended its formal sales process. Management will still talk to potential buyers for parts of the business. Spending is being reduced, and the energy services equipment supplier is seeking additional finance. There is $602,000 in the bank and that will last until mid-May. SABER equipment has been prepared for further testing.
Software training services provider Northcoders (CODE) returned to profit in 2024, but it has revealed that the 18-month Department for Education contract, worth £10m, will not be renewed. There will be a move to a regional model. Management is ready for this and believes it will win business.
The board of credit hire company Anexo (ANX) advises no action should be taken by shareholders following the announcement of a potential bid by DBAY Advisers, Alan Sellers and Samantha Moss. These shareholders already own 63%. The offer could be in loan notes or shares in a new holding company.
Great Western Mining Corporation (GWMO) says the mill construction is substantially complete at the 50%-owned Western Milling joint venture in Nevada. Initial trial production should start soon. There are already plans to expand capacity. This will require some third-party finance, and a specialised mine engineering company will be brought in.
Vast Resources (VAST) says the historical diamond parcel has been released by the Reserve Bank of Zimbabwe, which held it for 15 years. The contents of the parcel exceeded expectations, and the sales process should start in one month. Vast Resources is in talks with third parties about an investment in the Baita Plai polymetallic mine. The diamond sale proceeds will help to pay off debt.
Premier African Minerals (LON: PREM) has raised £1.575m at 0.035p/share. This will be invested in plant at the Zulu lithium and tantalum project so that grades and tonnage can be improved. That will help in the attempt to reach a binding agreement for future development.
MAIN MARKET
Structural steel supplier Severfield (SFR) reassured investors that trading is in line with expectations, although trading conditions is likely to remain tough and margins are under pressure. The UK and Europe order book has risen to £440m, but that includes work at Fenchurch Street that will not contribute until 2026-27. Generally, decisions are slow. Management believes that there could be annual cost savings of up to £4m. Insurance will cover some of the costs for the bridge remediation. Chair Charlie Cornish bought 103,125 shares at 24p each.
Investors have reacted positively to the appointment of David Brown to the newly formed Investment Advisory Board of Fragrant Prosperity Holdings (FPP). He has experience in fintech and AI and could help to secure an acquisition for the shell. David Brown will work with directors Simon Retter and Richard Samuel to identify acquisition targets. He was a founder of AI-based supplier payments company Previse and payment platform Oxygen Finance.
Andrew Hore
Quoted Micro 11 November 2024
AQUIS STOCK EXCHANGE
Cross border e-commerce technology company Samarkand Group (SMK) reported a dip in revenues of 22% to £6.3m, with owned brands increasing their contribution by 14% to £4.1m. The loss has been reduced even before the £1.08m gain on the disposal of a brand. Net debt is £2m. The switch to focusing on owned brands will continue.
Wind-based hydrogen production technology developer Hydrogen Future Industries (HFI) says turbine testing has been delayed because of a fault in the control unit. Replacement parts should arrive by the end of the month. Schneider Electric is providing software to help analyse data for the feasibility study at Whitehall in Montana. Concept testing of the electrolyser continues, and efficiency is more than 97%. Neil Ritson has become executive chairman.
Unicorn Asset Management has taken a 5.42% stake in Equipmake (EQIP).
Pitch Pit has changed its name to Meme Vault (MEME) and will become an investment company focused on cryptocurrency and Web3 technologies. A new subsidiary will be set up in UAE. Chandila Fernando and Judith Hough will no longer be joining the board. The planned £500,000 placing is not taking place, but there will be an alternative fundraising.
DXS International (DXSP) chairman Bob Sutcliffe bought 35,000 shares at 1.3p each and he owns 1.8% of the healthcare IT developer. Earlier in the week, Hybridan published updated research and said that “management is focused on cashflow control until new NHS sales resume, when there could be significant revenue growth”. It argues that this is not reflected in the current share price.
Mendell Helium (MDH) has an option to acquire M3 Helium, which has acquired 85% interests in three further wells on the western side of the Hugoton gas field in Kansas. Two of the wells are in production and the third could be used as a water disposal well, which will reduce costs. No consideration is payable. The wells are breaking even.
Fenikso (FNK) has doubled its convertible loan to AIM-quoted Coro Energy (CORO) to £500,000. Tom Richardson, chairman of Fenikso is also a director of Coro Energy.
Ormonde Mining (ORM) investee company TRU Precious Metals, where it owns 36.3%, has announced results of copper exploration at the Golden Rose project in Newfoundland. Copper grades were up to 3.7% and some samples included zinc.
Jack Keyes has decided not to join the board of Oscillate (MUSH) as technical director. He is still undertaking hydrogen exploration work for the company.
ProBiotix Health (PBX) company secretary Mark Collingbourne has acquired 80,000 shares at 5.5p each.
AIM
Fabless silicon chip designer and manufacturer EnSilica (ENSI) slipped into loss in the year to May 2024, but there are already contracts in place for a bounce back to profit this year. EnSilica generates cash from operations, but it spent £6.1m on capitalised development. Chip supply generated flat revenues of £2.9m out of group revenues of £25.3m, up from £20.5m in the previous year. Chip supply revenues should start to build up from this year and that will sharply boost profitability. It can take two years or more for chip supply to begin and then production is built up to its peak, so there is built in growth for many years. Singer forecasts a 2024-25 pre-tax profit of £2.7m, doubling to £5.5m next year.
Membrane free electrolyser developer Clean Power Hydrogen (CPH2) has entered into a licence agreement with Lisheen H2 Energy Park, trading as Hidrigin, for the rights to manufacture MFE220 electrolyser units for its own use up to 2GW. This could be worth multi-million Euros. Hidrigin owns the 122MW Lisheen solar park and has funding for other developments. The licence fee will be payable in stages. Separately, there is a sale of a 1MW MFE220 electrolyser unit.
This week there was good news from professional services firm DSW Capital (DSW) with its trading statement following the acquisition earlier this week of DR Solicitors for £6.1m in cash and shares, which will reduce dependence on M&A. DR Solicitors has a client base of doctors, consultants and primary care providers. The latest annual pre-tax profit was £1.2m. The deal should be hugely earnings enhancing. Trading has been gradually improving in the first half. First half profit will be slightly lower at £100,000, but the full year pre-tax profit is expected to recover from £500,000 to £1.4m. A further jump to £2.5m is forecast for 2025-26. The interims will be published on 27 November.
Shell company Selkirk Group (SELK) raised £7.5m at 2.4p/share ahead of joining AIM this morning. The focus is undervalued consumer, technology and digital media businesses. Executive chair Iain McDonald says: “We have chosen to IPO on AIM because, despite the prevailing negative narrative, AIM is still a very attractive market for small, fast-growing companies”.
Electronics and battery products supplier Solid State (SOLI) had a tough first half but it says trading is in line with expectations in the first half and the second half should be better. Interim pre-tax profit has slumped from £7.3m to £2.5m. The components market has returned to normal, and first half revenues declined. Political uncertainty has hampered defence system orders. Last year’s defence revenues were exceptionally strong due to early deliveries, and a decline was expected. That is why full year underlying pre-tax profit is set to fall from £15.6m to £10.1m.
Hummingbird Resources (HUM) has announced a debt restructuring and possible bid. Delays in ramping up production at Kouroussa have strained the balance sheet and $30m of debt repayments have been deferred. Net debt was $155m at the end of September 2024, while trade and other payables were $152m. Nioko Resources, which owns 41% of the gold miner, is proposing a partial debt-to-equity conversion at 2.6777p/share, which would take its stake to 71.8%, and potential bid and cancelation of the AIM quotation. Geoff Eyre has been appointed interim chief executive.
Feedback (FDBK) raised £6.1m at 20p/share, which was a massive discount to the previous market price, which fell to 19.5p. This includes £530,000 raised via a WRAP retail offer of up to £1m. The cash will finance the rolling out of the Bleepa medical imaging communications product and take advantage of a collaboration with a provider of primary care IT services that will use Bleepa to streamline referrals between primary care, Community Diagnostic Centres and community care. The nominal value of shares will be reduced to 1p.
Futura Medical (FUM) has completed two proof of concept studies on new products for the treatment of sexual dysfunction in men and women. Eroxon Intense is a range extension for the existing Eroxon topical product for erectile dysfunction. This provides a stronger sensation. A preferred formulation will be tested next year and regulatory approval is expected by the end of 2025. WSD4000 is a topical treatment for women that treats symptoms such as lack of desire and lubrication. The next stage is a home user study, and results are expected in the first quarter of 2025. A pre-submission meeting with the FDA has happened and there will be another to help design a clinical study. There are discussions with potential partners.
Broadband services provider Bigblu Broadband (BBB) admits that it is in discussions with alternative investment manager Salter Brothers on a possible sale of the SkyMesh subsidiary. The transaction is subject to final terms and financing. This would be the latest asset disposal for Bigblu Broadband.
CleanTech Lithium (CTL) says that the pre-feasibility study for the Laguna Verde project has been delayed until the first quarter of 2025. Additional engineering work is required due to the location of the carbonation plant in Copiapo. An option for onsite renewable power will also be included. Lithium carbonate should be produced from the pilot plant in November.
Digital media publisher Digitalbox (DBOX) has added to its portfolio of digital media brands by acquiring the entertainment business of GRV Media. The assets are CelebrityTidbit.com, RealityTidbit.com and TheFocus.news. They generated revenues of less than £800,000 and they fit with Entertainment Daily and The Tab.
Synergia Energy (SYN) has raised £632,500 at 0.05p/share. There has also been the conversion of £296,000 of loans and £83,000 of fees into shares. The shares come with a warrant exercisable at 0.1p each. This provides funding for the Medway Hub Camelot carbon capture and storage joint venture with Harbour Energy. Synergia Energy wants to farm out up to 25% of the project. There should be a significant increase in production at the Cambay PSC, where a farm out of a 50% interest to Selan Exploration has been completed, from the second quarter of next year.
Kodal Minerals (KOD) joint venture partner Hainan Mining says that the $15m owed to the Mali government should be paid by Kodal Minerals and not the joint venture that owns the Bougouni lithium project. Kodal Minerals disagrees.
Optimer binders developer Aptamer Group (APTA) continues to win new contracts and it has added contracts worth up to £471,000 in the third quarter. This is work from a number of clients and many are repeat customers. Some of the existing customers are reaching a point where they are considering long-term licences. Booked revenues have reached £1.2m for 2024-25. The potential pipeline has increased to £4m.
MAIN MARKET
Cybersecurity company Narf Industries (NARF) says 2024-25 revenues should be at least $5m and they could rise to $8m in the following year. In the 15 months to March 2024, revenues were $7.6m. The dip in revenues is due to a switch in focus to commercial sales rather than the dependence on government funded development, as well as delays in US funding. Thereby building recurring revenues.
Foams manufacturer Zotefoams (ZTF) revenues are accelerating with third quarter growth of 54% and year to date improvement of 23%. Footwear sales are fuelling this growth, helped by the Olympics boosting Nike demand, but other parts of the business are also growing. Operational efficiency is increasing margins.
Andrew Hore
Quoted Micro 4 November 2024
AQUIS STOCK EXCHANGE
Rebel shareholders failed to win any of their three resolutions, including the removal of the chief executive, at the requisitioned general meeting of ProBiotix Health (PBX). Broker Peterhouse said that major shareholder OptiBiotix Health (OPTI) was not allowed to vote its shares at the meeting because of the relationship agreement from the flotation of the probiotics developer. OptiBiotix Health owns 53.5 million shares, and the votes were lost by less than 36 million shares.
Surgical treatments provider One Health Group (OHGR) interim revenues were more than one-fifth higher at £13.4m. New patients increased by 29%. The second half is likely to better than expected. That means that full year EBITDA should be higher than £1.9bn. There was cash of £4.9m at the end of September 2024. A move to AIM is being considered.
Aquis Exchange (AQX) and Cboe Europe are assessing a joint bid to provide an EU consolidated tape of stock trades. The European Commission has decided to create a single entity to operate a real-time, trade consolidated tape. The European Securities and Market Authority will select the business to take on the role. The plan is for the two companies to set up a joint venture called SimpliCT, which will be based in the Netherlands, to bid for the role of equity consolidated tape provider.
Luxury prize draw organiser Good Life Plus (GDLF) has achieved £330,000 in monthly recurring revenues. There are more than 40,000 subscribers and churn has been reduced. In the six months to July 2024, revenues were £1.69m. There was a £2.21m cash outflow from operating activities. There was a fundraising after the balance sheet date. Richard Johnston has been appointed as finance director.
Macaulay Capital (MCAP) investee company Vale Foods has repaid a £125,000 loan and this has been reinvested in shares in the latest fundraising of £430,000. A £100,000 loan has been made to another investee company.
Health IT provider DXS International (DXSP) has won its first NHS commercial contract for its AI ExpertCare Clinical Decision Support product. In the year to April 2024, revenues were 2% ahead at £3.31m, There was an impairment charge of £4.38m. Even without that write-down the company fell into loss. Chairman Bob Sutcliffe bought 50,000 shares at 1p each and 133,333 shares at 1.5p each. He owns 1.74% of the company.
KR1 (KR1) had net assets of 62.15p/share at the end of September 2024. The income from digital assets was £592,000 during September.
Social commerce platform investor WeCap (WCAP) says WeShop is considering a listing. If its convertible loans are converted into shares WeCap would own 16% of WeShop. The investment in Bio2pure of £100,000 has been written down to nil. At the end of April cash was £49,000 and net assets were £7.39m.
Rogue Baron (SHNJ) says Sinju Japanese Whisky will be available in the US in the third week of November. The latest shipment of 800 cases has been presold.
Marula Mining (MARU) is stockpiling ore at the Kinusi copper mine. Samples have been sent to South Africa for test work and the results will help to design the first phase of the processing facilities. Three trial shipments are about to be sold.
Fenikso (FNK) is launching a share buyback of up to 49.3 million shares. A further $404,000 has been received in loan repayments. The remaining loan is worth nearly $39m.
Chris Akers’ stake in Oscillate (MUSH) has been reduced from 5.94% to less than 3%. Peterhouse Capital has also reduced its stake below 3%. Jonathan Neame has bought 7,000 Shepherd Neame (SHEP) shares at 569.5p each.
Investment Evolution Credit (IEC) raised £475,000 at 1p each and there is a broker option to issue up to three million more shares.
Unigel Group (UNX) is paying an interim dividend of 1.5p/share on 22 November.
First Sentinel has resigned as corporate adviser of Vulcan Industries (VULC).
AIM
Energy supplier and energy efficiency services provider Good Energy (GOOD) received an unsolicited bid from Dubai-based Esyasoft Holding Ltd. Esyasoft offers a range of products. They include the Smart Grid Suite, which is a cloud-based integration platform that manages workflow and communications between utilities and meters and an energy mobility business.
Payments technology developer Eckoh (ECK) is recommending a 54p/share bid from funds managed by Bridgepoint Advisers II. The bid values Eckoh at £169.3m. The share price has not been at that level since the end of 2022, but it is the price indicated back in August. The bid values Eckoh at 20 times prospective 2025-26 earnings.
Nexus Infrastructure (NEXS) is spending some of its cash pile on Coleman Construction & Utilities, which is involved in civil engineering for water and marine sectors. This diversifies the business away from housebuilding infrastructure. The purchase will cost up to £4.4m and be immediately earnings enhancing – EBITDA was £700,000 last year. Trading is in line with expectations and the loss should be halved to £2.4m in the year to September 2024. A small loss is still expected this year.
Emmerson (LON: EML) says it filed an appeal against the unfavourable recommendation for its ESIA application for the Moroccan potash project, but the regional authorities say that they cannot examine the ESIA submission again. Emmerson subsequently notified the Moroccan government of an investment dispute and argues that the government is violating an agreement between the UK and Morocco. The dispute can be submitted to the International Centre for the Settlement of Investment Disputes. Prior to this, the company is seeking cash compensation from the government. Emmerson is trying to reduce its cash burn, but that will mean that there will be no progress with the development of the project. Two non-executive directors are stepping down and the two remaining non-executives will take fees in shares, while the chief executives pay will be reduced by two-fifths.
Construction dispute and expert witness services provider Diales (DIAL) says that there will be a small improvement in revenues and profit in the year to September 2024. Pre-tax profit will be at least £1.1m, up from £1m. The cost base has been reduced. Net cash is £4.3m. Diales is pulling out of the US. It will still have a Canadian operation, and South America is handled from Spain.
MicroSalt (SALT) has received an initial purchase order for 50,000lbs of low-sodium salt from a major food and drink manufacturer for one of its product lines. Annualised volumes should be 200,000lbs and there could be orders for two other products. There is also a follow-on order from a B2B customer and the 63,860lbs will be delivered in January. Two other B2B orders have been won.
Tlou Energy (TLOU) is seeking shareholder approval at its AGM to leave AIM. The shares will still be traded on the ASX and the Botswana Stock Exchange. Interest in the company has dwindled and the departure will save money. UK shareholders are offered the chance to transfer their holding to the ASX depositary in exchange for ASX-listed shares at no cost. Tlou Energy released a first quarter update indicating progress with the Lesedi CBM gas-to-power project in Botswana. First electricity sales are expected in the middle of next year. There was an operating cash outflow of A$800,000, plus A$1.7m of capital investment in the period.
Cleaning services provider React (REAT) has made the earnings enhancing acquisition of 24hr Aquaflow Services for £5m plus contingent payments of up to £2.4m. It will still be enhancing after a £1.1m placing at 81p/share. 24hr Aquaflow Services is a drainage and plumbing services provider. This adds to group services.
Shield Therapeutics (STX) generated $7.2m from 43,500 ACCRUFeR prescriptions in the third quarter, which was slightly lower than forecast. The average net selling price is $167, and this could rise to $192 in the fourth quarter. Total nine-month revenues are $20m and the 2024 figure should hit $31.5m. Management admits that more cash will be required, and costs are being reduced. Sallyport is providing a $15m facility, up from $10m previously, and AOP Health has agreed to subscribe $10m for shares at 4p each.
Prospex Energy (PXEN) says third quarter gas production of its Italian interests, where it has a 37% stake, was 76,910scm/day. Prospex Energy’s net revenues for the quarter were €1m, which is a record. There should be a further increase in gas production in the fourth quarter.
Deltic Energy (DELT) says wireline logging and fluid sampling confirm the gas discovery at Selene in the North Sea, where it has a 25% working interest. The reservoir quality is better than expected, but it is deeper than anticipated which means that recoverable gas volumes of 131bcf are lower than previous estimates of 320bcf. This should still be economically viable. Further work is required, though.
Transport technology services provider Microlise Group (SAAS) has been hit by a cyber security incident. This has disrupted services, and they are currently inactive. Cyber security specialists have been appointed.
MAIN MARKET
Tin projects developer First Tin (1SN) has raised £8m at 6p/share. The cash will go towards the Taronga project in Australia and funding the enhancements highlighted in the definitive feasibility study. This could increase the project NPV to A$400m. The environmental impact statement will be completed so that initial project work can commence. There will also be cash to progress permitting at the Tellerhauser project in Germany.
Mears (MER) says trading is strong and margins are improving. The 2024 figures will be better than expected with revenues of £1.13bn and pre-tax profit of at least £60m.
A general meeting has been requisitioned at nanomaterials developer Nanoco (NANO) by Milwood Fund, which wants two of its employees to be given board seats. It appears Milkwood may want to sell assets and turn Nanoco into a shell.
Motor dealer Caffyns (CFYN) is selling its freehold premises in Lewis to Lidl for £4.65m, which is equal to book value. The pension fund will receive £2.4m and the rest will reduce debt. The Lotus dealership will be relocated.
Critical Minerals (CRTM) is making progress with the Molulu copper cobalt project in the DRC and is on course to start delivering ore. Two additional mineralised zones have been identified. Terms of a new offtake agreement have been secured with OM Metals following good copper grades from ore testing. Since the balance sheet there has been a £455,000 investment by NIU Invest.
Andrew Hore
Quoted Micro 19 August 2024
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) has secured a commercial agreement for InstaMelt with DanCare Health. InstaMelt is a food supplement dosage format that offers innovative features for health brands. DanCare will launch the supplement in China in the fourth quarter under its own brand.
Samarkand (SMK) reported a dip in full year revenues from £17.5m to £16.9m and the loss was slightly higher at £4.88m, but that was after a £2.1m impairment charge after the ending of development of Nomad Checkout technology. Net debt was £600,000 at the end of March 2024. The weak Chinese ecommerce market hampered progress. Revenues from own-brands grew, while sales of third-party brands declined. The audit report in the accounts includes a material uncertainty in respect of going concern. Costs are being reduced and the focus is on core activities. Guild Financial Advisory has been appointed as corporate adviser.
Fenikso (FNK) has invested up to $250,000 in a six-month secured convertible loan note issued by AIM-quoted Coro Energy (CORO). This loan provides an annualised coupon of 40%. The loan is secured on the shares of Coro Asia Renewables, which owns renewable assets in the Philippines. Fenikso has more than $5m in cash left in the bank.
Capital for Colleagues (CFCP) had net assets of 87.87p/share at the end of May 2024, which is a small increase over the previous quarter. This was after paying a 2p/share dividend during the period.
Phoenix Digital Assets (PNIX) is buying back up to 140 million shares and it can spend up to £7.5m. The programme lasts until 23 July. So far, nearly £10,000 has been spent on 500,000 shares.
Valereum (VLRM) is using Fireblocks’ technology as part of its infrastructure. It will enable secure sending and storing of digital assets. The Fireblocks advanced wallet security technology will be integrated in the platform. A subsidiary has been set up in El Salvador.
Coinsilium Group (COIN) chief executive Eddy Travia bought 300,000 shares at 1.6p each and executive chairman Malcolm Palle has acquired 300,000 shares at 1.62p each.
Mark Horrocks has increased his stake in Lift Global Ventures (LFT) from 17.6% to 19.96%.
Mortgage Chat (MCAI) has changed corporate adviser to Alfred Henry Corporate Finance. JEAMP Hold Co has sold its 18.1% stake.
AIM
Global Petroleum (GBP) is setting up a joint venture with Callum Baxter, former chief technical officer of Greatland Gold (GGP), to diversify into mineral exploration in Western Australia. Global Petroleum will pay £200,000 for 70% of the joint venture and Callum Baxter will retain the other 30%, although this can be increased to 80% for an additional £50,000. Global Petroleum will spend a minimum of £750,000 over 12 months and fund 100% of spending until a decision to mine. Global Petroleum is raising £600,000 at 0.065p/share and existing shareholders can participate in a retail offer. This cash will finance the purchase of 80% of the exploration licence. Under a consultancy agreement Callum Baxter will receive 200 million Global Petroleum shares and 10% of the total number of new shares issued in the fundraising. The retail offer to existing shareholders via CMC closes on 16 August.
Artemis Resources (ARV) reports high grade gold in veins at the Titan prospect. As well as significant grades of copper. A 10.4 ounce gold bar has been produced from metal extracted from the Titan prospect. A tenement review of the Carlow project area has led to mapping of further gold veins. These are parts of the Karratha gold project in the Pilbara region of Western Australia. This could be a large scale regional discovery.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) continues to make progress, but it has not received all the cash from the fundraising earlier this year. An investor that was going to subscribe £1m in four tranches and it has only paid £600,000 so far. This leaves the company short of funds. The expiry date of the £7m committed credit facility provided by a high net worth investor has been extended to 30 November 2025, but an initial attempt to drawdown £1m has led to £100,000 being received and £900,000 being delayed until a property has been sold. Celadon Pharmaceuticals is in talks with other potential lenders. The company has £49,000 in cash.
Bluejay Mining (JAY) is the latest minerals explorer to evaluate possible deposits of hydrogen and helium. Historical drilling within the Outokumpu belt revealed substantial concentrations of hydrogen and helium. There are also signs of lithium. There will be sampling and testing.
Biome Technologies (BIOM) is raising £950,000 at 5p/share and offering retail shareholders the opportunity to invest up to £80,000 more. The same share price will be used for the conversion of £1.28m of convertible loan notes. The cash is required for short-term working capital for the RF division, plus the financing of additional stock for Bioplastics. Allenby expects revenues to improve from £6.98m to £7.82m in 2024, mainly due to Bioplastics, and a reduced loss of £862,000, from £1.2m.
Drug discovery company BiVictriX Therapeutics (BVX) believes leaving AIM is the best way of progressing the business. Management believes that the current valuation undervalues the company due to lack of liquidity and becoming a private company will help access to further funding. The share price is hampering partnership discussions. There are plans to appoint JP Jenkins to provide a matched bargains facility. This comes almost exactly three years since the company joined AIM and raised £7.5m at 20p/share. There were 2.72 million options granted to management at 13p each.
Energy services provider Inspired (INSE) is on course to meet full year forecasts, but it will need to win significant optimisation contracts. The timing of the contracts is uncertain and there should be more information about the progress when the interims are published. There will be no more deferred consideration payable by the end of the year. The ESG and software businesses continue to grow.
Jag Grewal has resigned as chief executive of Cambridge Nutritional Sciences (CNSL), which makes diagnostic tests for food sensitivity and other personalised health requirements, and James Cooper becomes interim chief executive. This follows the recent full year figures showing a reduced loss. In the year to March 2024, continuing operations generated revenues of £9.8m, up from £7.5m. However, this was affected by the timing of orders and this year’s revenues could be lower.
Lung cancer diagnostics developer LungLife AI (LLAI) says that the finalised Local Coverage Determination issued by the Medicare Administrative Contractor Noridian Healthcare Solutions, which has jurisdiction over the company’s California laboratory, enables it to apply for coverage to receive payment. A price of $2,030 has been fixed for each LungLB test. The next step is obtaining coverage from public and private payers.
Commercial property services provider Fletcher King (FLK) increased full year revenues from £3.08m to £3.83m, while pre-tax profit more than trebled to £504,000. The final dividend is trebled to 2.25p/share. There was £3.8m in cash at the end of April 2024. Working on rating appeals helped income to improve. Management says that there are signs of recovery in the commercial property market, particularly at the higher quality end.
Medical imaging technology developer IXICO (IXI) says figures for the year to September 2024 will be ahead of expectations. Revenues will be between £5.5m to £5.9m, compared with expectations of £5.2m. Cash levels will improve. A new contract has been won to provide imaging biomarker services for phase 1 / 2 clinical trial for patients with Huntington’s Disease.
Zephyr Energy (ZPHR) says production from the Williston Basin assets increased by around 10% to 1,226 barrels of oil equivalent/day in the second quarter. First half production was 1,189boepd. Last year’s average was 1,040boepd and it should average between 1,100boepd and 1,300boepd in 2024.
Recently floated medical technology company AOTI Inc (AOTI) says second quarter trading was strong. Interim revenues should grow by more than one-quarter to $26.3m. Full year revenues are expected to rise by at least 30%.
MAIN MARKET
S and U (SUS) says the trends of the first quarter continued in the second quarter. The motor finance provider is suffering from lower collection rates due to uncertainties around the FCA review outcome. The Aspen property finance business is doing well, and receivables grew by 13%. Edison is maintaining its 2024-25 pre-tax profit forecast at £29m, down from £33.6m. The total dividend should be unchanged at 120p/share. Berenberg cut its share price target from 2180p to 2100p.
Renewables-focused investment company JLEN Environmental Assets Group Ltd (JLEN) has launched a share buyback of up to £20m following the sale of assets. There is already authority to buy back up to 15% of the share capital. JLEN is selling a 51% interest in a portfolio of six gas-to-grid anaerobic digestion facilities for £68.1m, which is the June 2024 valuation. JLEN retains the other 49%. The buyer is Future Biogas, which has been the operator of the assets. The rest of the cash will reduce debt.
Andrew Hore
Quoted Micro 8 May 2023
AQUIS STOCK EXCHANGE
Four shareholders owning a 19.4% stake have requisitioned a general meeting at TruSpine Technologies (TSP) on 31 May. They want four directors to be removed: Norman Lott, Nikunj Patel, Annabel Schild and Laurence Strauss. The only director they are not seeking to remove is Timothy Evans. They also want three nominees to be voted onto the board, which includes two of the requisitioners Peter Houghton and Todd Michael Cramer, as well as Anthony Swoboda. The board recommends voting against the resolutions. There are also disputes with the inventor of the company’s main technologies and the requisitioners talk about negotiating a new licence.
Music artist management and services provider All Things Considered Group (ATC) reported better than expected 2022 figures and managed to make a £10,000 pre-tax profit. A £300,000 loss had been expected. Stripping the deconsolidated Driift out of the figures, continuing revenues more than doubled from £4.5m to £9.45m. The share of the Driift loss will continue to hold back profit, but Canaccord Genuity forecasts a 2023 pre-tax profit of £200,00. That is on reduced revenues of £7.7m because of the deconsolidation of Driift and the one-off commission for facilitating the Napster reversal deal in 2022.
One Health Group (OHGR), which provides funded medical procedures, says results will be ahead of expectations. There was a 16% increase in patient referrals from the NHS and additional capacity is being brought on stream for weekend operations. New surgical hubs are being planned. Net cash was £3.3m at the end of March 2023.
SulNOx Group (SNOX) has diversified into the demulsification market through developing a product with Cleaner Fuel Solutions in South Africa. The new product reduces the time taken to separate water and oil from toxic waste oil.
Ananda Developments (ANA) says that the highlight of last month was the quality of the cannabis plants grown from second-generation seed genetics. They are better than the plants developed from clones. MRX1 unlicensed medicinal cannabis oil is set to be listed in three medicinal cannabis clinics.
Cadence Minerals (KDNC) says investee company Hastings Technology Metals has hired GR Engineering Services as engineering, procurement and construction contractor for the Yangibana rare earth project. The overall cost is $210m, which is lower than previously estimated. First concentrate delivery should be in the first quarter of 2025.
KR1 (KR1) had net assets of 61.29p a share at the end of March 2023. The income from digital assets was £583,000 during March.
Vulcan Industries (VULC) generated first quarter revenues of £197,000 and the loss was £383,000. The original businesses have been sold and a battery project acquired during March.
Fenikso Ltd (FNK) has received the latest payment of $614,000, which leaves the remaining loan at $49.9m. The next payment is at the beginning of June.
Semper Fortis Esports (SEMP) has changed its corporate adviser and broker to Novum Securities.
AIM
Japan Petroleum Exploration is acquiring a 49.9% stake in the Norway-based subsidiary of Longboat Energy (LBE) in return for a cash injection of $16m, plus a finance facility of $100m. There is a further contingent cash payment of $4m linked to an acquisition. If there is a discovery at Velocette then up to $30m more cash could be injected by the new partner.
Retailer Mothercare (MTC) beat the finnCap EBITDA forecast with an outcome of £6.5m-£7m in the year to March 2023. Excluding Russia, sales improved during the year. There is still destocking going on. The pension deficit has fallen to £39m and there is a full review in the autumn.
Cambridge Cognition (COG) made a small loss in 2022, but the recently acquired Winterlight Labs, which develops machine-learning based voice assessment using free-speech inputs, will significantly increase the loss this year. However, the deal enhances the company’s voice-based technology and provides cross-selling opportunities. Organic revenues are expected to grow by 10% in 2023.
Building and plumbing products distributor Lords Group Trading (LORD) reported better than forecast figures even though they were upgraded in January. The merchanting division grew like-for-like sales by 17%, more than offsetting a like-for-like dip in plumbing and heating revenues due to boiler component shortages. On top of this acquisitions helped revenues grow by 24% to £450m, while pre-tax profit improved from £12.3m to £17.4m. Profit growth is likely to be more modest this year.
Life sciences company Aptamer Group (APTA) says that potential deals are slow in converting into commercial projects and it will require more cash. In the ten months to April 2023, revenues were £1.4m and Liberum has slashed its full year forecast from £5m to £1.8m, down from £4m last year. The monthly cash outflow is £500,000 and costs are being cut. That could cut the cost base to £4.5m. Net debt is expected to be £1m at the end of June 2023 and £2.5m is estimated to be required to be raised to get the company to June 2024.
Supercapacitors designer CAP-XX (CPX) has raised £2.5m at 1.3p a share. Anthony Kongats is stepping down as chief executive, although he has subscribed for new shares. A retail offer that could have raised up to £500,000 generated £180,000. The cash will fund product development and marketing.
Graphite technology developer Versarien (VRS) is raising £532,000 at 1.25p. The cash will pay for commercialisation of products and fund working capital. More cash will be required and the fall in the share price will not help. A new strategic plan will be published in a few weeks and the mature cutting tools business may be sold.
Solgenics (SGN), formerly known as Ncondezi Energy, intends to leave AIM. Management does not feel that the quotation is effective for such a small company with a lack of liquidity, and it wants to focus on the Tete solar project. A working capital loan has been agreed in principle with directors. This represents a recovery on the initial share price decline after non-exec director Scott Fletcher acquired 31.4 million shares, taking his stake to 27.3%.
Argos Resources (ARG) also plans to leave AIM. JHI Associates will acquire the PL001 production licences in the North Falkland Basin in return for 8.47 million shares and £303,500 in cash. This would turn Argos Resources into a cash shell and requires shareholder approval. After settling with creditors, there should be eight million JHI shares to distribute to Argos Resources shareholders. Westmount Energy (WTE) owns 7.2% of JHI and it also owns one million shares in Argos Resources.
The NHS is funding the accelerated implementation of Lipid inCode, which has been developed by GENinCode (GENI). This follows a pilot programme. The funding is part of a strategy to identify one-quarter of patients with familial hypercholesterolaemia. Lipid in Code is faster than existing tests and provides additional data.
MAIN MARKET
Engineer Goodwin (GWIN) is making a tender offer for up to 180,000 shares at £48 each, which is a 25% premium to the previous market price. Qualified shareholders have a guaranteed entitlement to tender 2.34% of their shareholding if they wish to accept the tender.
Lookers (LOOK) is acquiring Chelmsford-based motor dealer Waterhouse Cars. This adds a Volvo dealership in Chelmsford and £2m will be invested in this site. Lookers also plans to invest £2.3m in its existing Colchester Volvo dealership.
National World (NWOR) has bought business information provider Insider Media. It has also acquired the Rotherham Advertiser.
Andrew Hore
Quoted Micro 24 April 2023
AQUIS STOCK EXCHANGE
Valereum (VLRM) has sold Bitcoin mining assets to Aquis new entrant Vinanz (BTC) in return for 27.3 million shares at 3p each. This gives Valereum a 23.5% stake in Vinanz, which plans to become a Bitcoin mining company with facilities operated by third parties in the US and Canada. The company will also consider mining other cryptocurrencies. The Vinanz share price ended the week at 3.5p. There was one trade of 30,000 shares at 3.26p a share.
E-commerce technology provider Samarkand (SMK) says 2022-23 revenues will be around £17m and the loss has been reduced. VSA forecasts a small positive EBITDA in 2023-24.
SulNOx Group (SNOX) says 2022-23 revenues more than quintupled to £203,000. There was £525,000 in cash at the end of March 2023.
Equipmake Holdings (EQIP) has agreed a partnership with H55 to develop electric aircraft technology. Switzerland-based H55 will use the company’s electric motors in its two-seater electric trainer for pilot training.
In the first three months of 2023, Guanajuato Silver (GSVR) reported record quarterly silver production of 938,000 ounces equivalent. VSA forecasts full year production of 4.7 million ounces of silver equivalent.
Goodbody Health Inc (GDBY) has decided to leave Aquis and the share price slumped 44.6% to 0.9p. It also reported a fall in full year revenues from £17.1m to £10m and an increased loss of £4.9m.
Tap Global Group (TAP) has increased revenues and users since reversing into an Aquis shell earlier this year. First quarter revenues were £1.2m, compared with £250,000 in the corresponding period last year. The regulated cryptocurrency app company increased users by 30% to 144,305.
Coinsilium Group (COIN) has raised £258,000 at 1.5p a share, with warrants attached that have an exercise price of 3p.
Chris Akers has raised his stake in Semper Fortis Esports (SEMP) from 4.57% to 19.5%. The share price jumped by one-fifth to 0.15p. The April 2021 floatation price was 1p. Chapel Down Group (CDGP) finance director Rob Smith bought 407,462 shares at an average price of 34.7p, taking his stake to two million shares. Hadron Capital, which was founded by Fenikso (FNK) non-exec director Marco D’Attanasio, has acquired 1.2 million shares at 0.6p each in Fenikso.
AIM
Sureserve (SUR) is recommending a bid from Cap10 4NetZero Bidco, which is a vehicle for private equity company Cap10 Partners. The 125p a share bid values Sureserve at £214m and that is the highest share price since the company floated as Lakehouse in 2015. Cap10 believes that taking the compliance and energy services provider company private will make it easier to focus on long-term goals.
Proton therapy cancer treatment developer Advanced Oncotherapy (AVO) announced a strategic review. A Nasdaq listing is being considered, which could involve selling the business to an existing Nasdaq company. There are no current discussions and cash is running out. Management hopes to obtain additional working capital by issuing more loan notes. That could extend the company’s cash until the end of May.
Pizza restaurants franchiser DP Poland (DPP) increased first quarter like-for-like sales in Poland by 19% and in Croatia by 16%. There are signs that food inflation is easing. However, additional investment in TV marketing will mean that the company will continue to lose money in 2023.
Business process outsourcing firm iEnergizer (IBPO) plans to cancel is AIM quotation and a general meeting will be held on 16 May to gain shareholder approval. As EICR (Cyprus) owns 82.7% that is a formality. The lack of free float has hampered liquidity and the costs of the quotation outweigh any benefits. Management expects to leave AIM on 26 May. There are plans for a matched bargain facility.
Unikmind has increased its bid for cyber security software provider Kape Technologies (KAPE) from 285p to 290p ($3.60) a share and some of the vendors of past acquisitions have agreed to accept.
Property bridging loans provider Vector Capital (VCAP) reported a slightly better than expected pre-tax profit for 2022. Management, though, is being cautious about lending this year. There was a £200,000 provision for doubtful debts, but the pre-tax profit was still £100,000 better than forecast at £2.8m. The total dividend is 2.53p a share. The average loan book was 27% higher than the previous year. This year the loan book could fall because of higher standards for new lending.
Woodbois (WBI) says that the lender to its Denmark-based Woodgroup timber trading subsidiary has given notice on a $6m lending facility. The facility provided by Sydbank is fully drawn, but there is also $3.1m in cash deposits with Sydbank, which wants a refinance plan by the end of May. Premier Miton subsequently sold its 9.96% stake.
Environmental and life sciences technology company DeepVerge (DVRG) says that revenues have been incorrectly recognised. That means that the 2022 figure will be 45%-50% lower than the £17.2m previously flagged. Some of the expected revenues have been delayed while others will not be recognised. The order book is more than £10m and this will be recognised in 2023 and 2024. There is £1m in the bank and more funding will be required.
Xeros Technology (XSG) is winning new business, but cash is declining. The 2022 figures were in line with expectations and cash was £6.5m. finnCap believes that the cash should last until the second quarter of 2024. That is despite the 2023 loss forecast being increased to £4.8m. The progress of the launch of a domestic washing machine using Xeros filtration technology by a partner has been slower than hoped. Breakeven could still be achieved late in 2024.
Dekel Agri-Vision (DKL) says that the quantity and quality of raw cashew nuts acquired for its new facility are in line with expectations and the pricing is better than anticipated. Average production rates have increased to 10 tonnes/day.
Tertiary Minerals (TYM) has commenced its latest exploration programme for the Lubuila copper project in Zambia following the ending of seasonal rains.
MAIN MARKET
Interim revenues at J Smart (Contractors) (SMJ) slumped from £5.16m to £2.12m, while pre-tax profit dived from £6.33m to £260,000, although the corresponding period included a £6.06m disposal gain. The interim dividend is 0.96p. Net assets are £123.7m, but this would have been lower if there had been a property revaluation at the end of the period.
Fourth quarter revenues for kitchenware retailer ProCook Group (PROC) were 10% lower than the same time last year, with high street sales flat – a new store was opened in Kingston-upon-Thames. There was a 65% increase on the previous quarter. Full year revenues were 10% lower at £62.3m and ProCook will breakeven.
Andrew Hore
Quoted Micro 6 March 2023
AQUIS STOCK EXCHANGE
Invinity Energy Systems (IES) is repaying the remaining $2.1m of its $2.5m convertible loan facility provided by RiverFort Global Opportunities out of the proceeds of the recent placing. There is a 10% redemption premium, making the total cost £1.92m. That stops dilution by the issue of six million shares. Related warrants can be exercised at 32p a share. There are 1.35 million warrants in issue with a further 499,980 warrants to be issued.
Cadence Minerals (KDNC) says the Hastings Technology Metals share price has fallen thereby reducing the value of the stake received when Cadence Minerals swapped its 30% stake in mineral concessions in the Yangibana rare earths project. Even so, Hastings is making progress in developing the mine and ore reserves increased by one-quarter to 20.93Mt at 0.9% total rare earth oxide grade. That increases the mine life to 17 years and production could start in 2024. Shipping of iron ore concentrate from the Amapa iron ore project should recommence in the next six months.
KR1 (KR1) had a net asset value of 60.6p a share at the end of January 2023.
SuperSeed Capital Ltd (WWW) had earnings of 6p a share for the fourth quarter and NAV was 102p a share at the end of 2022.
BWA Group (BWAP) is still seeking a cash injection. Some mineral licences may become the subject of joint ventures or be sold. An issue of 5.76 million shares at 0.5p a share to directors partly settles their fees.
Good Energy (GOOD) has started a rooftop solar installation operation.
Fuel additives supplier SulNOx Group (SNOX) says RemNOx Ltd has not taken up the option to acquire a total of 24.08 million shares at 30p each from directors between 6 February and 28 February.
Quantum technology investment company Quantum Exponential Group (QBIT) appointed Stuart Woods as chief operating and strategy officer.
Fenikso Ltd (FNK), formerly Lekoil, received $665,000 as partial repayment of the loan of $51.9m. Creditors are currently more than $2m. The next payment will be out of the February oil production proceeds.
TruSpine Technologies (TSP) has still not received the promised bridge loan facility or a share subscription. A £200,000 loan has been received from a third party. This will provide working capital.
Trading in Wheelsure Holdings (WHLP) shares is suspended because the accounts for the year to August 2022 have not been issued. Talks continue concerning a cash injection.
RentGuarantor Holdings (RGG) has moved to the Apex segment of the Aquis Stock Exchange.
Phoenix Asset Management has slashed its stake in Silverwood Brands (SLWD) from 16.5% to 1%. Miton UK MicroCap Trust increased its stake in IamFire (FIRE) from 8.69% to 9.27%. William Black has taken a 6.11% stake in Western Selection (WESP).
AIM
Accrol (ACRL) has signed a licensing agreement with Unilever, which will enable the tissue products manufacturer to sell a kitchen towel product under the Lifebuoy brand. This is a brand with strong recognition among consumers. This will be a higher priced product than the products currently produced by Accrol. A new paper mill is being built.
AB Traction increased its stake in construction dispute services provider Driver (DRV) from 20.6% to 27.5%. Ruffer has sold its stake.
WH Ireland has upgraded its 2023 forecasts for LifeSafe Holdings (LIFS) after the fire safety products supplier published a full year trading statement. The 2022 revenues were £3.9m, having been £1.3m at the interim stage. US sales are accelerating. The 2023 forecast revenues have been raised from £5.5m to £6.5m with a slight reduction in the loss to £400,000.
Non-executive directors of Inland Homes (INL) have all resigned because of related party issues that they were not informed about at the relevant times. That would leave the residential property developer with one director, so Simon Bennet is staying on for a fortnight so another director can be appointed – if not the shares will be suspended. Founder Stephen Wicks is likely to return to the board. There will be further announcements about the related party issues.
Gold explorer Panthera Resources (PAT) has entered into a conditional arbitration funding agreement with a subsidiary of Litigation Capital Management (LIT) for the damages claim against the Republic of India for breaches of its obligations under the Australia-India bilateral investment treaty. Up to $10.5m will be provided to cover the costs of the claim.
Purplebricks (PURP) has received approaches for the acquisition of the company, or its businesses and the ongoing strategic review has been widened to include a formal sale process.
Hostels operator Safestay (SSTY) generated higher than expected revenues in 2022 as occupancy levels continue to rebuild and reaching 63%. Revenues were £19m, compared with a forecast of £17.9m. A small pre-tax loss is forecast with a move back to profit expected this year.
Proton therapy technology developer Advanced Oncotherapy (AVO) has secured a convertible loan note facility of £4.95m. In return, the lenders will receive a portion of the revenues generated by the proton therapy machine installed in the Harley Street Centre, capped at £2.5m each year over a ten-year period.
Healthcare services provider Totally (TLY) warns that although full year revenues will be in line with expectations increasing costs means that profit will be below forecasts. Canaccord Genuity has cut its 2022-23 pre-tax profit forecast from £5.8m to £3.8m, down from £4m the previous year. Net cash is expected to be £5.5m at the end of March 2023.
Metal Tiger (MTR) is proposing the cancellation of its AIM quotation so that it has more flexibility with its new investment strategy. A general meeting will be held on 20 March for shareholders to vote on the cancellation and the new investing policy. The company will remain listed on ASX.
MAIN MARKET
URA Holdings (URAH) has completed the acquisition of the Gravelotte emerald mine in South Africa. This used to be the largest emerald mine in the world. The mineral resource estimate is 29 million carats and there are 12 other potential targets. The consideration was £100,000 in shares at 2.5p each.
Mass Energy Developments (MED) announced successful capacity market bids from the 9MW Pyebridge synchronous gas-powered flexible generation facility of £60/Kw and £64/Kw per annum.
IQ-AI Ltd (IQAI) says that the FDA has granted orphan drug designation status for gallium maltolate for the treatment of glioblastoma multiforme brain cancer. Enrolment has started on a phase I clinical trail to evaluate safety and dosage.
Andrew Hore