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Quoted Micro 27 April 2026
AQUIS STOCK EXCHANGE
Silverwood Brands (SLWD) has published delayed results for the 18 months to June 2025. There were delays in consolidating the Japanese subsidiary accounts and the company intends to improve its financial reporting capability. Full year revenues were £23.9m and the reported loss was £18.3m. That was predominantly down to impairment charges. Cash was £3.07m at the end of June 2025, but net debt was just over £11m. The latest interims show a small dip in revenues to £9.2m, which was held back by movements in the Yen.
Purebond has increased its stake in Delta Gold Technologies (DGQ) from 3.1% to 3.7%. An issue of shares after the exercise of warrants at 30p each raised £71,000.
Valereum (VLRM) has agreed terms of a definitive exclusivity agreement with Quorium Global Photonics SPC. The existing $200m medium term loan notes with VGOLD-CORE tokens valued at $279.5m. These will be released at $13.975m each quarter over five years. Valereum has settled its dispute with Blubird and will receive 504,524 shares in Blubird (5.66%), plus two BLU tokens over two years.
Oscillate (SRVL) shareholders approved the move to AIM.
Ajax Resources (AJAX) has had the exclusivity agreement for the purchase of the Paguanta project in Chile extended to 15 May.
Shortwave Life Sciences (PSY) has raised £215.000 at 1.5p/share and is planning to move to AIM. Ut has options over antimony gold and polymetallic licences in Slovakia and the Saturn gold project in Western Australia. Keith Coughlan, a director of European Metals Holdings, has replaced Ron Lipsky on the board. Steve Xerri owns 6.4%.
Adam Back is investing £585,500 in Connecting Excellence Group (XCE) at 1.75p/share. He will own around 8%. The company has bought ten Bitcoin for £585,000.
M3 Helium, which Mendell Helium (MDH) has an option to buy, has secured a trailer to deliver helium from the Rost 1-26 well.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Astrid Intelligence (ASTR) says that earlier in April, a subnet operator withdrew from the Bittensor network and liquidated a substantial part of their holdings, leading to volatility. This led to a decline in value of some subnet tokens. Astrid was not materially impacted at an operational level.
Sulnox Group (SNOX) has been granted a patent in Hong Kong for an improved demulsification methodology.
Wishbone Gold (WSBN) raised £1.1m via a placing arranged by Marex Financial at 26.35p/share. Every two shares come with a warrant exercisable at 40p each. A rig has been mobilised for the Red Setter project.
Falconedge (EDGE) shares have started trading on Frankfurt Stock Exchange.
Roundhouse Digital (ETHL) has entered into a loan agreement with Payward Oceanic for $350,000 at an interest rate of 9%. This is secured against Ethereum holdings.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Capital for Colleagues (CFCP) has appointed AlbR Capital as corporate adviser. Ut had a NAV of 85.5p/share at the end of February 2026.
ASSET MATCH
Asset Match has been approved by the FCA to operate a trading venue in the PISCES framework.
Harrogate Group (HGTE) has agreed to acquire Iceland-based Myntfund ehf, which “owns a blockchain based exchange and ecosystem which offers an opportunity for companies to access capital through tokenised shares”. The payment will be £9.3m in shares at 0.5p/share. That would be 92% of the enlarged share capital.
Brewer Wadworth and Co (WAD) increased its full year pre-tax profit from £923,000 to £1.25m. There has been a solid first quarter performance.
AIM
Helium projects developer Rift Helium (RIFT) joined AIM on Wednesday having raised £8.09m at 10p/share. The shares initially went to a premium but ended the first day at 9.75p but was back at 10p by the end of the week.
Concierge services technology platform provider Ten Lifestyle (TENG) reported interim figures in line with the recent trading statement and said that digital contracts won in recent months mean that profit will be better than expected next year leading to forecast upgrades. Interim revenues were 6% ahead at £33.7m, or 9% in constant currency. Underlying pre-tax profit improved from £1m to £1.6m, although that is before an £800,000 loss on foreign exchange, mainly from Latin American currencies, compared with a £100,000 gain in the corresponding period. Cash was generated after capitalised spending on technology. Net cash was £9.3m at the end of February 2026. Active members that use the service at least once in the year are 23% higher at 436,000. The focus has previously been on high net worth individuals. Investment in digital services will broaden the potential market.
Surgical instruments supplier Surgical Innovations (SUN) reported a slightly higher loss in 2025, but it expects a much lower loss this year. There has been a good start to the new financial year. New product launches and increased sales from distribution of third party products provide potential for the future. Manufacturing efficiency is improving.
Atome (ATOM) has raised £6.59m via a placing at 60p/share in addition to an £18m subscription by Casale, the EPC contractor for the planned Villeta green fertiliser facility, directors and existing shareholders. A retail offer raised £1m, which was double the original intention. Once shareholders approve of the share issues the final investment decision will be declared. Atome will have enough cash to take a 29.8% in the Villeta project. Atome will receive 100% of revenues until it has a 15% IRR on its $60m carried value in the project and after that 29.8% of revenues.
Oil and gas company Kistos (KIST) says pro forma production for the first quarter was 21,800boe/day, while full year guidance is 19-21,000boe/day. Net debt was $78m. There are plans to issue a $300m four-year senior secured bond to refinance the existing $282m. The acquisition of producing assets in Oman is near completion and this oil and gas is exported via the Arabian Sea and not through the Strait of Hormuz.
In content advertising technology developer Mirriad Advertising (MIRI) says trading conditions are difficult, and the US joint venture partner has performed below expectations. Costs have been reduced, but cash is running out. The board believes it may have to place operating subsidiaries in administration or liquidation if no new capital is raised. That would lead to a suspension in trading of the shares. Omar Ahmad has a 6.18% stake.
Microchip designer and supplier EnSilica (ENSI) has won two new space contracts and one could be worth more than $50m over its life. There should initially be $6,8m of non-recurring engineering revenues in the next three years and potential UK Space Agency funding of up to $3m on top.
Retailer Shoe Zone (SHOE) says trading conditions continue to be difficult because of the weak consumer market that has been made worse by concerns relating to the Middle East conflict. Guidance has been downgraded to a loss of between £1m and £2m for this year with another loss expected next year. Net cash should be £7m at the year end.
Health and beauty brands owner Creightons (CRL) is changing its name to Potter & Moore, which has always been the main trading name, as part of a corporate rebrand. Full year revenues were flat at £53.8m with problems at customers and reduced contract manufacturing business hampering the progress of the business. Gross margin was maintained as NI and other cost increases were offset by improved efficiency. Even so, pre-tax profit is expected to decline from £3.5m to £2.7m. Cash was £3.6m at the end of March 2026.
Billing and CRM software provider Cerillion (CER) reported an 14% dip in first half revenues to £18m, but new order intake doubled to £39.6m. This means that there will be an even greater second half weighting this year. Management believes it can still achieve the forecast full year pre-tax profit improvement from £21.8m to £23.2m. The interims will be published on 1 June.
Quicklime producer Firering Strategic Minerals (FRG) is raising £2.5m at 1p/share. The cash will fund an increase in ownership of main subsidiary Limeco and help progress to exercising the final tranche of the Limeco option. Two more kilns could be brought online in the future.
Alien Metals (UFO) joint venture partner West Coast Silver announced a JORC compliant 2.79 million ounces mineral resource estimate for the Elizabeth Hill silver project. The cut off was 20g/t.
Professional services provider Diales (DIAL) says interim operating profit will be 43% higher at £1m on revenues up 10% at £23.7m. Cash was £3.9m at the end of March 2026. The interims will be published on 1 June.
Caledonian Holdings (CHP) is changing its investing policy and plans to consolidate 1,000 shares into one new share on 12 May. Caledonian Holdings intends to acquire financial services and payments company, and this requires the change in investing policy. Aspire will provide an operating and technology platform, which can be used to deploy products of investee companies.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) reported 2025 revenues of £40.5m, up 30% year-on-year, while underlying pre-tax profit was £8.8m. Total contracted value is £64.5m. Implementations are taking longer than expected because of delays by customers. Zeus has trimmed its 2026 pre-tax profit forecast from £18m to £12m.
Hydrogen Utopia International (HUI) has signed an agreement with Saudi Arabia waste management company RECYCLEE for the supply of waste feedstock in that country. The feedstock will be unrecyclable plastics and old tyres, and this will be used to generate energy in a planned facility.
Nanoco (NANO) increased interim revenues from £3.4m to £7.7m. There was an operating profit of £4.1m. This reflects recognition of part of the Samsung settlement. Net cash is expected to be £8.8m at the year end.
S and U (SUS) increased full year pre-tax profit from £24m to £31.8m even though revenues declined. The impairment charge fell from £35.6m to £13m. The dividend was raised by 12.5% to 45p/share. The main improvement was in the motor finance business, but Aspen Bridging also raised its profit after a lower impairment charge. Peel Hunt has a target price of 95p.
Andrew Hore
Quoted Micro 26 January 2026
AQUIS STOCK EXCHANGE
Cardiometabolic health products developer ProBiotix Health (PBX) increased sales by 45% to £2.72m in 2025 and reduced the loss. During the year, ProBiotix entered the Korean market and submitted applications for two new clinical trials. There was £1.27m in the bank at the end of £1.27m. The order book is worth £1.3m. The business has been structured to cope with further growth. There will be a focus on growth in Asia Pacific. In Europe, the company is seeking to substitute its LP LDL product for Monacolin K as a cholesterol lowering ingredient in supplements. There are opportunities in the US, but they could be delayed by the trade background.
AIM-quoted Pulsar Helium (PLSR) has issued a further 145,434 consideration shares to Aquis-quoted Oscillate (SRVL) as part of the deal to acquire Quantum Hydrogen. This takes the stake to 80% with an option to acquire the rest for $400,000 in shares issued in five equal instalments.
Astrid Intelligence (ASTR) has acquired TaoFi, which provides transactional and liquidity services that are essential to the operation of the Bittensor ecosystem. This strengthens the company’s position in protocol-level services. The consideration was paid in TAO tokens.
Connecting Excellence (XCE) has received settlement of 10 Bitcoin for the first XCE BTC Bond, issued on 31 December 2025 with a BTC price of £65,104.26. the company has 51.35988275 Bitcoin.
Bitcoin investor Stack BTC (STAK), formerly Kasei Digital Assets, returned £3.5m to shareholders and that was the major reason behind the 84.6% decline in the share price to 2p.
Ethereum and technology investment company Ethtry (ETHY) is seeking to develop activities in quantum technology, AI and energy transition services. It has bought 500 Ethereum at £2,412 each. A partnership has been secured with AMINA Bank, which will provide access to regulated banking infrastructure and digital asset services.
Ajax Resources (AJAX) has entered newly negotiated terms for the purchase of the Paguanta project in Chile. The initial payment is $50,000 in cash $350,000 of shares at 25p each. Deferred consideration is $500,000 on proved reserve exceeding 25 million tonnes at more than 5% zinc equivalent and/or $500,000 on proved reserve exceeding five million tonnes of copper.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought ten Bitcoin at £67,210 each, taking its holding to 2,674 Bitcoin at an average price of £82,800 each. The total value is £221.4m. The company is moving to the Main Market on 3 February.
Shares in Valereum (VLRM) returned from suspension 10% lower at 11.25p. A share subscription agreement has been signed with Quorium Global Photonics (QGP), which will subscribe for 243.5 million shares. There is a lock-in agreement until the shares are listed on Nasdaq or New York Stock Exchange, except for 1.44% of the shares each month. In return Valereum will receive $200,000 of medium term notes with an annual coupon of 7.95%. That will generate $15.9m/year for five years. A $1bn bank facility is provided for. There will be $200,000 in fees paid to QGP, which will also receive warrants. Guild Financial Advisory has been appointed corporate adviser
Sulnox Group (SNOX) has obtained another patent in South Africa. This is for an improved oil/water separation methodology for its emulsification products. Sulnox Group has issued 1.4 million shares to Eastern Pacific Shipping Pte Ltd based on the volume of Sulnox Eco it bought.
Brewer Shepherd Neame (SHEP) says beer volumes fell 6.6% in the first half, while own beer volumes slipped 11.6%. like-for-like pub sales were 4.5% ahead following a strong Christmas period. Tenanted pubs income was 3.1% higher. The interim results will be announced on 18 March.
Maiden figures from Delta Gold Technologies (DGQ) show an interim loss of £126,000 with no revenues. This is to October 2025, so it is before the quantum computing company joined Aquis, raising £2.5m at 10p/share. There is a sponsored research agreement with the University of Toronto.
In the year to August 2025, Capital for Colleagues (CFCP) generated revenues of £1.04m and there was a loss of £1.31m due to reductions in the value of investments. Excluding that, there would have been a profit. NAV was 72.86p/share. There is no dividend.
TechFinancials (TECH) has signed an agreement to acquire up to 60% of the Dilotiko iron ore project in Kenya. The issue of 57.1 million shares has led to the acquisition of 25%. A mining permit is going through an evaluation process. A further 50 million shares would be issued to take the stake to 60%. Gathoni Muchai Investments introduced the deal in return for 20 million shares. Hyde Park Holdings has disposed of its 5.78% stake.
Dr KS Tan bought 16,005 shares in Inqo Investments (INQO) at 47.8p each. He owns 35.6%.
BWA Holdings (BWAP) has generated significant sample results at the Aracan gold project in Cameroon. There were 50 samples that reported gold values greater than 15ppb.
JP JENKINS
Bigblu Broadband (BBB) has not come to an agreement over deferred consideration for the disposal of Skymesh. The buyer was due to pay up to $6.9m before Christmas. Shareholders have provided funds to support the company in its attempts to resolve the dispute.
AIM
Kitwave Group (KITW) is recommending a 295p/share cash bid from OEP Partners, but it is not supported by all analysts. The bid values the grocery distributor at £251m. The acquirer will support further growth through acquisitions. Interim figures show a 21% increase in revenues to £802.7m, but there was a like-for-like decline of 1%. Underlying operating profit rose 12% to £38m despite the increasing overheads due to higher staff costs. Net debt is £57.3m, down from £63.7m one year earlier. The May 2021 placing price was 150p.
TruFin (TRU) subsidiary Playstack has signed a contract with a global technology platform for a new video game to be released in the second half of 2026. The game will be developed and owned by Playstack. There will be a series of contractual payments and performance-based fees. The board of Playstack is establishing a new management incentive scheme, which could issue up to 15% of the fully diluted share capital in B and C shares. The B shares only vest if a minimum value of £19.6m is achieved on an exit, while the C shares only participate if the value is £45.9m, which increases by an annual interest rate of 12%. TruFin has launched a £6m share buyback.
Goldstone Resources (GRL) is raising £2m at 1p/share, which was more than double the share price ahead of the announcement. The cash will fund exploration at the Homase mine in Ghana to expand the JORC resource and to evaluate other gold projects, including one in Sierra Leone. Asian Investment Management is converting £1.45m of interest on its gold loan to shares at a conversion price base on a gold price of $4,250/ounce, taking its shareholding to 29.9%. This leaves 250 ounces of interest and the principal gold loan of 1,871.31 ounces. Directors are also taking 50% of fees owed in shares at 1p/share.
Phoenix Copper (PXC) says that the increased copper price means that the post tax NPV10 trebles to $185.2m. This is based on the copper price changing from $4.45/lb in the original estimate to $5.58/lb. Indigo Capital has converted $2.1m of loan notes into 26.98 million shares at 1.483p each and is selling 24.2 million shares to European investors.
Water mediation services provider MYCELX Technologies (MYX) grew 2025 revenues by 1405 to $11.7m and this, along with cost controls, has enabled the company to achieve an expected profit of around $360,000. A loss was previously forecast.
Oil and gas company Block Energy (BLOE) has completed the farm-out of licence XIQ (Project IV) following approval from the government of Georgia. Block Energy is fully carried through the staged work programme which could cost $95m. Aspect Georgia will earn up to 75% with an option to increase this to 92.5%.
Genetics based testing company GENinCode (GENI) has raised £3.9m via a placing and subscription at 1p/share – that is more than the £3.5m minimum sought. Up to £500,000 more could be raised by a retail offer, which closes on 26 January. The company has been working with the FDA to gain 510k approval for the CARDIO inCode-Score test. Highlighted deficiencies are being attended to, including a greater emphasis on African American community data and further clinical validation. The cash will fund this and expansion in the UK and EU.
Kromek (KMK) moved from loss to profit in the first half. In the six months to October 2025, revenues jumped from £3.7m to £15m due to a large payment from Siemens Healthineers for imaging technology expertise. Advanced imaging revenues were higher even if that payment is excluded. The CBRN detection division more than doubled revenues. Cavendish is maintaining its full year forecasts with more modest full year growth of revenues from £26.5m to £27.1m, which reflects the second half payment from Siemens last year. The underlying growth of the rest of the business continues. Forecast pre-tax profit is £2.3m. The share price has soared in the past six months.
Airea (AIEA) says demand for its floor tiles was softer in the second half, although full year sales were still 1% ahead at £21.4m. Uncertainty ahead of the Budget hit sales. International sales were 4% down. Operating profit should be better than that reported for 2024. The new manufacturing facility is in the final stages of commissioning.
Loyalty platform provider Eagle Eye (EYE) did better than expected in the first half with underlying growth in revenues of 16% to £22.4m, although the previously announced lost contract meant that the reported figure is 5% lower. Annualised recurring revenues were higher at £42.2m due to contract wins. EBITDA fell from £5.9m to £4.3m. A small full year pre-tax profit is now forecast.
Oil condition monitoring equipment supplier Tan Delta Systems (TAND) generated revenues of £1.2m in 2025, which is one-fifth higher than anticipated. There are customers undertaking trials of equipment that should be near to making purchasing decisions. Net cash was £1.4m at the end of 2025, but a fundraising may be required depending on the rate of new orders.
Iron deficiency treatment developer Shield Therapeutics (STX) expects to achieve an operating profit in 2026, having generated $1m in cash from operations in the fourth quarter of 2025. In 2025, revenues rose from $32m to $50m with $46m coming from iron deficiency treatment ACCRUFeR through a combination of higher prices and more prescriptions. There were 61,000 prescriptions in the fourth quarter, up from 41,000 one year earlier. Cash was $11.6m at the end of 2025, although there is still net debt.
Firering Strategic Minerals (FRG) intends to exercise the next tranche of the Limeco Resources option, which will take its shareholding to 36.2%. Firering Strategic Minerals boss Yuval Cohen will step down and concentrate on his role as chief executive of lime producer Limeco Resources in Zambia. A new kiln will increase production capacity. Youval Rasin will be interim chief executive of Firering Strategic Minerals.
MobilityOne (MBO) has formed a mobile money transfer collaboration in Bangladesh with bKash. It will share fees on remittance transactions by bKash account holders. There will be a modest contribution this year.
More good news for Oracle Power (ORCP) from drilling at the Kalgoorlie gold project in Australia. It has intersected shallow gold mineralisation at the Northern Zone Intrusive Hosted gold project. The best result is 8 metres at 5.81g/t gold. There are a further 16 drillholes due to report results in two batches. It is possible that there is a 600 metre wide zone of shallow oxide mineralisation overlapping the Northern Zone porphyry system.
Trading in Landore Resources (LND) shares recommenced after it published an updated mineral resource estimate for the BAM gold project in Ontario. It includes estimates for the B-47 nickel copper cobalt PGE deposit and VW nickel copper cobalt deposit at the Junior Lake nickel deposit. BAM has indicated gold of 622,300 ounces with 33,700 ounces inferred. B47 has indicated resources of 3,428 tonnes at 0.6% nickel, 0.41% copper, 0.05% cobalt, 0.13g/t platinum, 0.48g/t Pg and 0.03%g/t gold. VW has indicated resources of 3,428 tonnes at 0.4% nickel, 0.05% copper, 0.02% cobalt, 0.03g/t platinum, 0.04g/t Pg and 0.01%g/t gold. Strategic options are being considered for Junior Lake. There are potential changes at subsidiary Landore Resources Canada Inc.
Online retailer Huddled Group (HUD) generated revenues of £19m and an EBITDA loss of £2.5n in 2025. There is a new agreement with Temu and an expansion of product range on Amazon and OnBuy. This provides a showcase for the company’s own websites.
MAIN MARKET
Foam manufacturer Zotefoams (ZTF) had a strong fourth quarter with an improvement in the construction market and continued growth elsewhere. Full year revenues were £158.5m and pre-tax profit 38% ahead at £21.1m. The one weak region was Asia, but the new Vietnam factory should change that.
London BTC (BTC) has appointed Marex, which recently bought Winterflood, as joint corporate adviser as part of its plans to float on Nasdaq.
Golden Rock Global (GCG) is planning to acquire SSS Matrix Corp, which is described as “operating at the intersection of applied AI, commodity market and supply chain management, blockchain-based digital finance and payment systems”. There will be a share issue to pay for the acquisition. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 29 December 2025
AQUIS STOCK EXCHANGE
Technology developer Vault Ventures (VULT) is finalising a strategic partnership with an organisation involved in quantum, post-quantum and security-critical software systems. This will support development of revenue generating quantum products for regulated organisations. Priority areas have been identified, and the partnership should accelerate development. There should be no requirement for a share issue to fund the partnership.
The WeShop share price fell back to $111.85, although volumes remain low. Even so, shares in both Aquis-quoted investors gained during the week. WeCap (WCAP) shares rose 8.11% to 2p and Hot Rocks Investments (HRIP) shares increased 3.08% to 1.675p.
Ajax Resources (AJAX) has signed a conditional option to acquire the Rachaite silver, lead, zinc and copper/gold prospect in Argentina. The prospect was previously owned by former AIM company Alexander Mining and its drilling confirmed mineralisation. The potential purchase price is $20,000 in shares or the option and $380,000 in cash when exercised. Ajax Resources also has to invest $200,000 in exploration over three years. A 1% net smelter royalty will be retained by the seller, and this can be purchased for $250,000 minus royalty payments made.
Mendell Helium (MDH) says costs were swelled by preparations for a move to AIM when the option to acquire M3 Helium is exercised. There was a cash outflow from operations of £1.1m in the six months to September 2025.
EDX Medical (EDX) chief executive Dr Michael Hudson bought 28,526 shares at 10.57p each.
SulNOx Group (SNOX) says 1.45 million warrants were exercised by existing shareholders at 29p each, raising £420,000. Constantine Logothetis now holds 27.75% and Nistadgruppen AS has 13.85%.
The Smarter Web Company (SWC) has agreed a new subscription agreement for a further 50 million shares and the existing 13.24 million shares not subscribed for from the previous agreement. Up to 25% of the trading volume in one week can be issued.
Valereium (VLRM) is talking to a potential new corporate adviser. It will soon be listing the WAGEEN Token (WAG1) on licenced tokenisation venue for real-world assets VLRM Markets. The token will be issued by Wageen Corp, which is building an integrated ecosystem combining terrestrial, air, and maritime transport services into one platform. This could generate revenues of $600,000 for Valereum.
Coinsilium Group (COIN) plans a comprehensive update on strategy in the New Year. Portfolio company Otomato Web3 Agent Protocol has secured a $2m investment from a UK technology company.
Oscillate (SRVL) has completed the first exploration programme on its licence in the Kalahari copper belt. The results will be available in the first quarter of 2026.
TechFinancials (TCH) has received the £250,000 raised in September at 0.25p/share. This will help fund the development of the 25%-owned Dilotiko iron ore operations in Kenya. There is an option to acquire up to 60% of Dilotiko. The company’s name will be changed to Ubunto Mining and Metals Inc.
B HODL (HODL) has approved a Strategic Bitcoin-Backed Loan Framework using CoinCorner’s product as part of its treasury management activities. CoinCorner is a shareholder in B HODL. The cash will finance Bitcoin purchases.
Oberon Investments (OBE) raised £625,000 at 3.7p/share.
Property investor Ace Liberty and Stone (ALSP) chairman Dr. Antonios Ghorayeb bought 36,000 shares at 25p each, taking his stake to 0.94%.
Amazing AI (AAI) is changing its year end from June to December. The next accounts will be for 18 months to December 2025.
JP JENKINS
Energy generator OPG Ventures (OPG) left AIM and joined JP Jenkins on 23 December. The India-focused company operates coal-fired power plants.
Medical imaging technology developer Polarean Imaging (POLX) left AIM and joined JP Jenkins on 23 December.
Gosport-based brewer and bars operator Powder Monkey (PMGL) has bought County Durham-based Maxim Brewery, which was formed after the closure of Vaux Breweries in 1999. A share subscription is planned.
AIM
Oil and gas company Sintana Energy Inc (SEI) completed the acquisition of Challenger Energy in early December and joined AIM on 23 December.
Indus Gas (INDI) is proposing to shareholders that it should leave AIM. A general meeting will be held on 8 January. There is a limited free float, and it has been difficult to raise funds or use shares for acquisitions. Gynia Holdings owns 82.7%. Interim figures show an improved pre-tax profit of $1.93m, up from $1.24m. Indus Gas is awaiting a production sharing contract extension so a new gas sale and purchase agreement can be signed.
Pipehawk (PIP) is selling Utsi Electronics to Hong Kong company Leidi Global Supply for £1m. A £25,000 deposit has been paid. This subsidiary lost £464,000 last year. Stripping that out, Pipehawk would have made a pre-tax profit of £154,000. This leaves utility infrastructure detection company Adien and rail-focused Thomson Engineering Design.
Professional services provider Christie Group (CTG) is selling visitor attraction software business Vennersys for an initial £500,000 in cash. There is also up to £900,000 of retained consideration subject to performance conditions. The sale should be completed by the end of January. Vennersys is loss making and the disposal could add around £500,000 to 2026 pre-tax profit – £2.8m is the current forecast.
Mobile Streams (MOS) shares returned from suspension down 62.6% to 0.23p following publication of an admission document and results for the year to June 2025. June 2025. The company, which is changing its name to Gana Media Group, is acquiring the shares it does not own in two Mexican sports betting and media companies. It already owns 28.7% to Estadio Gana, plus convertible loan stock, and 22.5% of Capital Media Sports. Buying the rest of Estadio Gana will cost £31.9m in shares at 0.625p each, while 584.2 million shares a 0.495p each will be issued for Capital Media Sports. Investment in existing Mexican operations enabled full year revenues to rise from £436,000 to £1.41m. Net cash was £1.52m at the end of June 2025 and by the end of September available cash was £991,000.
Store closures and exiting Boots meant that Mothercare (MTC) interim revenues fell by one-quarter to £90.7m. Like-for-like revenues were 6% lower. The pre-tax loss declined from £1.4m to £1.1m due to lower interest charges. The new South Asia joint venture made a positive contribution. Net debt was reduced from £17.1m to £5.8m. Chairman Clive Whiley has bought 42 million shares in Mothercare at 1p each taking his stake to 8.87%, while finance director Andy Cook bought 5 million shares at 1p each. Robert Quested reduced his stake from 9.39% to 1.05%.
Vast Resources (VAST) has announced the proposed acquisition of Gulf International Minerals in an all share deal and trading in the shares has been suspended. Gulf International Minerals is an explorer focused on Tajikistan. It has a joint venture with the Ministry of Industry and New Technologies in Tajikistan covering four gold mining operations and a central processing plant. Of these, Aprelevka produces 10,4000 ounces of gold and 80,000 ounces of silver each year and Vast has been managing the operation in return for 10% of earnings after tax. A placing will raise £7.5m and this will help to fund a JORC compliant resource estimate.
Quicklime producer and critical metals explorer Firering Strategic Minerals (FRG) has raised £860,000 at 1.25p/share. The $1m Ricca debt has also been settled. The cash will fund further development of the Limeco project in Zambia. This investment will help to increase revenues.
Synthetic binders developer Aptamer (APTA) has signed a licensing agreement with Alphazyme, a Maravai LifeSciences company that supplies speciality enzymes to the life sciences sector. The non-exclusive deal is for a developed Optimer® for use in hot-start PCR applications – when the enzyme switches on when heated. The original development deal was signed in June 2024, and another development project has recently completed.
Pantheon Resources (PANR) is suspending flow testing at the Duhle-1 well in order to save costs of around $150,000/day in the winter period. Costs will be lower in the spring. Results have been disappointing so far. The company will analyse data and assess opportunities in other parts of its oil and gas portfolio in Alaska. There is $27.2m in the bank. Zeus has cut its total risked NAV from 73p/share to 53p/share. Michael Spencer’s stake reduced from 8.19% to 7.59%.
Premier African Minerals (PREM) says it has been issued with a writ of execution of movable property at the Zulu project by a creditor seeking $2.2m. Discussions continue with the creditor, which is JR Goddard Contracting.
Alliance Lithium (ALL) has revised and resubmitted its mining licence application for the Ewoyaa lithium project in Ghana. The royalty rate will be between 5% and 12% depending on the spodumene price. Canaccord Genuity assumes 10% in its forecasts suggesting a price between $2,501/tonne and $3,000/tonne, but the price is currently lower. The new lease requires government ratification.
Litigation Capital Management (LIT) has to meet the costs of a failed claim in Queensland against Stanwell Corporation and CS Energy. Each company will receive A$16.2m. This partly covered by insurance, but the company still has to pay A$12.9m. An appeal has been filed and should be heard in March and there may also be an appeal against the costs award. The strategic review of operations is ongoing.
MAIN MARKET
Cash shell daVictus (DVT) had cash of £112.000 at the end of 2024. These annual figures were released just before the end of 2025.
Andrew Hore
Quoted Micro 25 August 2025
AQUIS STOCK EXCHANGE
Wishbone Gold (WSBN) is the best performer on Aquis and AIM this week. The gold explorer says drilling at the Red Setter gold dome project in Western Australia has reached the top of a significant breccia pipe. Drilling has reached 777 metres, and the breccia pipe is 152 metres long. Drill core is being transported to be assayed.
Fibre optic cables materials manufacturer Unigel Group (UNX) increased interim revenues from £14.8m to £18.9m, while pre-tax profit improved from £1.28m to £2.03m. Cash was £2.41m at the end of June 2025. Tariff uncertainties mean that the outlook remains cautious.
Digital asset company Vaultz Capital (V3TC) has appointed James Bowater as global head of partnerships. He founded crypto publications Crypto AM.
Valereum (VLRM) has entered a memorandum of understanding with ZIGChain and DigiShares for a strategic collaboration to explore development of a scalable platform for real world asset tokenisation. Indirect investee company Nexstox Inc has been granted a Labuan Exchange licence, which is the fifth to be granted.
The Smarter Web Company (SWC) has appointed Jesse Myers as head of Bitcoin strategy.
NYCE International (NYCE) is planning to raise up to £150,000 at 0.2p/share. Chief executive Farzad Peyman-Fard plans to subscribe for at least two-thirds of these shares. The cash will be invested in games aggregation platform Nirmata Play and to develop games for crypto casinos. Also, money will be spent on performance marketing and advisory services. The subscription should close on 28 August.
Emissions reduction fuel additives developer SulNOx Group (SNOX) has secured a patent in Jordan, which has the second largest container port in the Red Sea. The patent covers a range of formulations.
BWA Group (BWAP) says that the initial sampling programme has been completed and there is evidence of heavy mineral sands mineralisation beyond holes analysed at the Dehane project in Cameroon. There is mineralisation from surface.
Oscillate (MUSH) had cash and short-term investments of £2.29m at the end of May 2025. This will be invested in mining projects.
Mendell Helium (MDH) says that M3 Helium has secured a land lease in Nebraska and drilling should start shortly. There are talks with potential partners to develop a plan for Bitcoin mining. There are preparations for dewatering at the Rost well at Fort Dodge, Kansas. The work has been under budget.
Non-board chief engineer Noah Deledda has pledged 21 million of his 69.7 million shares in CRUSHMETRIC Group Ltd (CUSH) as security for a loan.
Time to Act (TTA) executive chairman Chris Heminway bought 33,300 shares at 15p each. Vault Ventures (VULT) has completed a one-for-100 share consolidation. Prior to this Concreatd Ltd acquired a 3.98% shareholding. Mark Jackson has increased his shareholding in Evrima (EVA) from 4.13% to 5.14%.
ASSET MATCH
Greenshields Agri (GAH) says it expects to make a strong profit in the year to June 2025, helped by land sales. Estimated NAV is 160p/share after a marginal uplift in farmland value. Early grain yields appear promising. There are plans to approach companies about a quarry project that could transform earnings.
Brewer Wadworth and Company (WAD) says interim sales were 4% higher with own beer sales 9% ahead. EBITDA improved by 7%, although one-off costs will hit profit. Banking facilities will be refinanced in September and that should reduce interest charges.
AIM
MicroSalt (SALT) is gearing up to supply its third major customer. This will generate revenues in the second half and could generate $5m next year. There have been some delays in revenues because of changes in US regulations on food additives and the interim revenues figure is $900,000. Full year sales expectations have been reduced from $2.5m to $2m, rising to $6.7m in 2026. There was $900,000 in the bank at the end of June 2025.
Singer upgraded its forecast for Tribal Group (TRB) following the interim figures. In the six months to June 2025, revenues were 2% higher at £45.3m and pre-tax profit jumped from £600,000 to £5.6m. The core education software business is building up its cloud revenues and selling more subscription-based packages of products. Growth has been in the UK. Trading conditions are still tough for the Education services business Etio with a shortage of cash available for spending by universities and colleges in the US as well as the UK. Revenues declined but profit improved thanks to cost savings. Since June, more contacts have been won and annualised recurring revenues have reached £64m, although that includes £2.2m of revenues from older software where income is declining. Singer raised its 2025 pre-tax profit forecast to £10.8m.
Revolution Beauty (REVB) has ended its formal sales process and raised £15m at 3p/share. A retail offer could raise up to £1.5m. Co-founder Tom Allsworth is returning as chief executive, and the other co-founder Adam Minto, who still owns 15.8%, is returning as a consultant. The cash will be used to reduce debt, fund capital investment and pay for restructuring costs. There will be a focus on pricing policy, marketing and efficiency. Tom Allsworth, Adam Minto and largest shareholder Debenhams are acquiring a total of 298.8 million shares in the fundraising. Net debt was £29.7m at the end of July 2025. The credit facility will be reduced from £32m to £28m.
Fishing tackle retailer Angling Direct (ANG) increased interim UK revenues by 18% to £51.1m, with online revenues 21% ahead. Like-for-like sales were 14% higher. European sales edged up from £2.4m to £2.5m. The store in Utrecht was opened in May 2024. After investment and share buy backs net cash reduced to £12.5m. Trading is comfortably in line with consensus market expectations. The interim results to July 2025 will be published on 7 October.
Explorer and project incubator Power Metal Resources (POW) has sold its remaining 14.75% stake in tungsten project developer Guardian Metal Resources (GMET) to Duquesne Family Office for £13.6m at 55p/share. There was a £6.6m gain on book value. Power Metal Resources says it invested £1.9m in Guardian Metal Resources and it has generated £22.8m from selling shares.
Firering Strategic Minerals (FRG) has received notice that Ricca Resources is withdrawing from the earn-in for the Atex and Alliance lithium tantalum projects. These are on care and maintenance. Firering Strategic Minerals will not have to pay any money back to Ricca, but it expects Ricca to repay funds it advanced for the projects. Firering Strategic Minerals received a 10.6% stake in Ricca as part of the original deal.
Neo-natal medical devices developer Inspiration Healthcare (IHC) increased interim revenues by 41% to £24m and gross margins improved. During the period a $6m humanitarian aid contract was delivered. The sales momentum is continuing in the second half. Deliveries for the Middle East contract have started and should be completed in the second half. Net debt has been reduced by £1.6m to £6.7m.
Packaging manufacturer Robinson (RBN) increased interim operating profit by one-quarter to £2.04m on a 2% increase in revenues to £27.6m. Additional working capital increased net debt to £8.5m, but the second half should be a strong cash generator. The share price has been on an upward trend because of property disposals and profit upgrade.
Iron deficiency treatment developer Shield Therapeutics (STX) announced interim revenues were 177% higher at $21.4m. Total US prescriptions were 29% ahead at 84,000 in the first half. There was cash of $10.8m at the end of June 2025, but there is net debt. A full year loss of $18.9m is forecast for 2025. Cash flow could be positive by the end of 2025. Net debt could reach $36.3m at the end of 2025.
Empire Metals (EEE) has reported further assay results from the Pitfield project in Western Australia. This was focused on the weathered cap at the Thomas prospect. There are some of the highest titanium dioxide grades recorded at the project and many of them are more than 7% titanium dioxide. Nearly two-thirds of the drill holes had an average grade of more than 4%.
Pulsar Helium Inc (PLSR) has raised £3.72m at 23p/share and Universal Bancorp has raised its stake to 4.99%. The cash will be invested in developing the Topaz helium project in Minnesota. There are plans for ten appraisal wells. There will also be a preliminary economic assessment and resource update.
Aptamer Group (APTA) has released an update on licencing. There are multiple non-exclusive licence opportunities for the first enzyme-modulating Optimer. Initial sales forecasts have been provided by one potential licensee, and this could cover 15% of Aptamer’s overheads. A second enzyme-modulating Optimer is at a final development stage. There has been positive feedback concerning Optimer evaluation from a top five pharma company.
Animal treatments developer Animalcare (ANCR) has acquired the VHH NGF programme and related assets that were under a licence agreement with Orthros Medical for €700,000. The programme is assessing the effectiveness of antibodies in the treatment of pain caused by osteoarthritis in horses and dogs.
MAIN MARKET
BATM Advanced Communications (BVC) has sold non-core operations so that it can focus on core networks and cyber technology. Interim revenues improved 3% to $60.4m, while underlying pre-tax profit fell from $3m to $1.6m. That excludes the $4.3m loss on discontinued activities. There was a strong performance from the remaining diagnostics businesses and networks revenues are growing. A new product launch will help cyber. There was $27m of cash in the balance sheet.
Ikigai Ventures (IKIV) plans to acquire Dotlines Global and Audra Solutions for a total of £67m in shares and move to AIM. The businesses are based in Singapore and Malaysia and are involved in cyber security, AI and fintech. Pro forma revenues are £22m and EBITDA is £1.7m. Trading in the shares has been suspended.
Andrew Hore
Quoted Micro 16 June 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) shares continue to reach new highs and trading has begun on the US OTCQB trading platform. The Bitcoin holding has increased to 242.34 and the average purchase price is $107,002 each. That is an investment of $19.1m and a bookbuild is underway to raise at least £15m at 180p/share to buy more Bitcoin.
Coinsilium (COIN) subsidiary Forza Gibraltar has bought a further 5.o416 Bitcoin at an average price of £81,323.39 each. This takes the Bitcoin holding to 18.6815 Bitcoin. The share price soared 74.5% to 11.95p.
Shares in S-Ventures (SVEN) recovered 51.1% to 0.34p following the return from suspension the previous Friday following the sale of the trading businesses to AIM-quoted Tooru (TOO) in return for 466.7 million shares, which are currently trading at 0.26p each. The stake is worth more than double the current market capitalisation of S-Ventures.
Hot Rocks Investments (HRIP) has bought 60,000 warrants in The Smarter Web Company that are exercisable at 2.5p each. It also acquired a stake in Namibia-focused Supernova Metals, which is an oil explorer that is changing its name to Oregen Energy. The investment company also invested in the Wishbone Gold (WSBN) £1.75m fundraising at 0.13p/share, including £300,000 invested by directors.
Healthcare IT developer DXS International (DXSP) says its digital medicine technology ExpertCare has been selected for the Grow Digital Health Midlands programme. This provides access to experts to aid development and the opportunity to present to decision makers.
Digital finance platform operator Tap Global Group (TAP) has announced plans to move to AIM on 27 June and no new money will be raised. Spark will be the nominated adviser and Tennyson Securities the broker. The company expects to report a positive EBITDA this year.
Nick Cowan is stepping down as chief executive of Valereum (VLRM). This follows the falling through of the £19m investment by DMC Markets. His 10 million warrants have been cancelled. Gary Cottle will become an executive director. Matthew Ripperger and Grant Gischen are joining the board as non-executives.
Newbury Racecourse (NYR) says attendances are 21% higher so far this year. Overall trading is in line with expectations.
Mollyroe (MOY) is still seeking a suitable acquisition. There was £299,000 in the bank at the end of 2024. There was a £47,585 cash outflow during the year.
Shortwave Life Sciences (PSY) raised £40,000 at 0.125p/share. Each new share comes with a warrant exercisable at 0.15p each. Amirose London Holdings (ALH) raised £100,000 at 0.5p/share and issued a further 288,000 shares to pay the bill from Novum Securities. The cash will help to accelerate growth. RentGuarantor Holdings (RGG) raised £1.02m via a subscription at 25p/share. The cash will finance growth and fund costs of moving to AIM.
Watchstone Group (WTG) plans to distribute £1m to shareholders once the share premium account has been reduced.
EPE Special Opportunities (EO.P) is extending its loan note instrument from 23 July 2025 to 23 July 2026. The annual interest charge rises to 8.5%.
Steve Xerri has increased his stake in Oscillate (MUSH) from 5.58% to 6.4%. ProBiotix Health (PBX) vice president of sales Michael Litichevski has bought 67,500 shares at 7.7p each.
JP JENKINS
The JP Jenkins proprietary index, which includes the 15 largest companies trading on the facility, fell 0.7% to 1053.11 between 2 May and 6 June.
AIM
Chain and transmission equipment manufacturer Renold (RNO) is recommending a bid of 82p/share in cash by MPE Mgt Co LLC, which owns Webster Industries. Renold is valued at £186.7m. The original indicated bid was 77p/share, although there was also an offer of 81p/share from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P. The deal will help Webster Industries to expand globally and broaden the product range.
Bain Capital is no longer considering a bid for Craneware (CRW), after its indicative proposal of 2650p/share was rejected.
Construction dispute and other professional services provider Diales (DIAL) reported flat interim revenues of £21.6m. There was an improved performance in the Middle East, but Asia Pacific was weaker. Utilisation levels were lower, but they should recover for the full year. Net cash was £2.4m after dividends and share buybacks, plus the timing of receipts. The interim was maintained at 0.7p/share. There is a second half weighting. The full year pre-tax profit is expected to be £1.3m. Tariffs could provide additional opportunities for Diales.
Science Group (SAG) is making a large gain on its stake in environmental and engineering consultancy Ricardo (RCDO) following a 430p/share cash bid from WSP Group. Since February, Science Group has built up a 21.8% stake in Ricardo. It has immediately sold 19.9% of Ricardo to WSP and will receive £53.5m in cash before the end of June. The rest of the cash for the remaining stake of around 1.9% will be received when the bid goes through. That should bring in £4.7m. Canaccord Genuity estimates that Science Group will make a 70% return in four months.
Newmont Mining intends to sell up to 50% of its stake in Greatland Resources in conjunction with a placing raising up to A$50m when the new holding company for Greatland Gold (GGP) joins ASX.
Cosmetics supplier Revolution Beauty (REVB) has confirmed that there are a number of parties interested in making an offer for the company and they include fully listed Frasers Group (FRG).
A secondary placing of 3.04 million Cerillion (CER) shares by chief executive Louis Hall was larger than the original intention of 1.33 million shares. The sale was at 1500p each and raised £45.6m. He retains 20.1%.
Management training services provider Mind Gym (MIND) is in the process of transformation. Last year, revenues fell but cost savings meant that the loss was reduced from £3.3m to £800,000. Revenues are expected to start to recover in the second half of the year to March 2026. A slightly lower loss is forecast before a move into profit in 2026-27.
NWF (NWF) has bought a fuels distributor in Berkshire. It has annual volumes of 13 litres. The fuels division reported maintained volumes with improved margins in the year to May 2025. Feed volumes recovered, but the food distribution business generated a lower profit. Net cash was £6 at the end of May 2025. Underlying full year operating profit will be slightly higher than the forecast of £16m. There will be exceptional acquisition and restructuring costs of between £2.5m and £3m.
Musical instruments retailer Gear4Music (G4M) is acquiring assets of a retail rival. The business traded as PMT Play Music Today and stock, plus website IP was acquired. The consideration is £1.2m, which is around 50% of the asset value. The business was in administration and its demise will benefit the remaining market players.
Caledonian Holdings (CHP) is investing £1m in AlbaCo, of which £750,000 is in cash for new shares and £250,000 in Caledonian Holdings shares for shares owned by AlbaCo founder and Caledonian Holdings director Jim McColl. AlbaCo (www.albacoltd.co.uk) is being set up to provide bank services to small and medium sized businesses in Scotland and other parts of the UK. It is expected to be issued a banking licence in the near future and will raise more cash then.
Energy efficiency services provider Earnz (EARN) raised £1.02m at 7.2p/share, which was more than double the previous day’s closing price, to fund the acquisition of A&D Carbon Solutions, which is being acquired for an initial £1.3m in cash and shares. The directors and related parties subscribed £268,000 for shares in the placing. Wales-based A&D Carbon Solutions installs wall insulation, heat pumps and solar panels. It has a customer base that manages large scale retrofit projects. There could be up to £1.5m of deferred consideration payable for the acquisition if it achieves performance targets.
Phoenix Copper (PXC) has signed a letter of intent for a US based investor to subscribe for $75m of the company’s 8.5% corporate copper bonds due 2029-2033. This will be drawn in three tranches with the first tranche of $30m. There will be a preference share issued to the lender, and this is convertible into 25 million shares at 5p each. The investor will have one board seat. This is all subject to due diligence and documentation. The short-term lender has converted $176,585 of the outstanding principal into 4.85 million shares at 2.82p each. A placing raised £500,000 at 4p/share,
Premier African Minerals (PREM) raised £1.575m at 0.012p/share and has also settled $1.1m of creditor invoices through the issue of 6.17 billion shares at the same price. The cash will be invested in processing equipment at the Zulu lithium and tantalum project. Talks with Glencore International for the purchase of spodumene concentrate will continue when grade and recovery are satisfactory.
Mixed signal Application Specific Integrated Circuits designer EnSilica (ENSI) says first royalty payments have been triggered and the agreement extended with a satellite service provider. Work with this customer commenced in 2021 and there will be additional monthly royalty payments for each satellite in operation. The total value of the agreement has increased from $15m to $28m.
Graphene technology developer Haydale Graphene (HAYD) published a trading statement indicating the progress of graphene heater mats heating system JustHeat, which is generating revenues and distribution agreements are being secured with companies that will install the technology. An agreement with Jersey Energy Technologies, which could generate sales of £6m over five years. There are plans for an insurance backed warranty. There are other agreements in the UK and Europe, while UL certification has been received in the US. Costs are being further reduced from £275,000/month to £200,000/month.
Online marketing and domain name services provider Team Internet (TIG) has been awarded a 10-year contract to run the .co top level domain, which is country code for Colombia, in partnership with Colombian registrar CCI REG. This will further enhance the core domains business, although it will not offset the declines in search. The initial revenues should start at the end of 2025.
Great Western Mining Corporation (GWMO) has raised £1.25m at 1p/share. Each two shares come with a warrant exercisable at 1.3p each. The cash will fund drilling at the West Huntoon copper prospect, plus a geophysical survey and first drilling at the Rhyolite Dome gold prospect. There is also ongoing work at tungsten prospects. Expertise is being added to the team. Management is talking to larger companies to find an industry partner for West Huntoon.
Empire Metals (EEE) says the latest results from the product development test programme at the Pitfield project in Western Australia. The TiO2 is high purity and assays at 99.25%. This is suitable for titanium sponge or pigment production. The bulk sampling programme continues.
Cannabis medicines developer Celadon Pharmaceuticals (CEL) has secured a £500,000 one-year unsecured credit facility with a Europe-based high net worth individual. The annual interest charge is 10%. This cash will last until July, and another finance provider is near to agreeing to lend money. Celadon still plans to leave AIM.
Pri0r1ty Intelligence (PR1) plans to acquire Halfspace, which is a sports data and marketing company, for 30.8 million shares at 2.5p each. It has revenues of £925,0000. This will help the company to sell its AI product in the sports sector.
MAIN MARKET
Iron casting and machining company Castings (CGS) reported a full year pre-tax profit of £5.6m, down from £21.3m, which was slightly better than the previously downgraded estimate. Net cash is much better than expected at £15.6m at the end of March 2025, although that is mainly due to the timing of capital investment. Heavy truck demand fell, and like-for-like volumes were one-fifth lower. There are signs of improving volumes. The new foundry line will contribute in the second half.
EDF has launched its 6.5p/share recommended cash bid for Pod Point (POD), which values the EV charging points operator at £10.6m.
Dundee Precious Metals has launched a recommended bid of 0.159 of one of its own shares and 93p in cash for each share in Adriatic Metals (DTI).
Vinanz (BTC) has launched a WRAP retail offer of up to £1mat 13.75p. The offer closes at 4.30pm on 16 June.
Bluebird Mining Ventures (BMV) has signed non-binding heads of agreement to acquire 756 ASIC units for Bitcoin mining. The payment would be £200,000 in shares.
Andrew Hore
Quoted Micro 2 December 2024
AQUIS STOCK EXCHANGE
Incanthera (INC) has been accused of potential patent infringement in the formulation of its Skin + Cell skincare range. Even though Incanthera believes that there is no merit to the accusation, but the launch of the Skin + Cell range of products has been delayed. There is cash in the bank following a £2.6m subscription at 15p/share.
WeCap (WCAP) has converted £7.75m of loan notes in WeShop Holdings in return for 3.21 million shares, which is 1.33 million shares at 300p each and 1.875 million shares at 200p each. This increases the shareholding to 16.2%, including shares owned by 235%-owned Community Social Investments. WeCap says that the value of the shareholding is £24.6m, based on the last fundraising share price of 476p. WeCao has extended the discounted capital bond issued to Hawk Holdings for 18 months. The total owed is £6.18m.
Electric vehicle technology developer Equipmake (EQIP) increased full year revenues by three-fifths to £8.1m. Bus repowering revenues grew fastest, but this is labour intensive at low volumes. The loss increased from £5m to £9.1m. The cash outflow from operations declined from £9m to £6.29m. Costs are being reduced. There was £2.5m in the bank at the end of May 2024. A potential licensing agreement could provide cash flow over the next two years.
Water sector installation works provider Field Systems Design Holdings (FSD) improved annual revenues from £13.8m to £17.8m, with a small contribution from power generation. This enabled pre-tax profit to increase from £287,000 to £490,000. There was £2.59m in the bank at the end of May 2024.
KR1 (KR1) had net assets of 57.79p/share at the end of October 2024, down from 62.15p/share at the end of the previous month. There was nearly £600,000 of income generated from digital assets during the month.
Tectonic Gold (TTAU) reported a fall in the full year cash outflow from operating activities from £171,000 to £55,000. Net debt is £86,000 at the end of June 2024. The sae of assets has raised $150,000, as well as a R and D tax inflow of A$173,000.
Inqo Investments (INQO) reported full year revenues improving from R7.37m to R8.2m. There was a movement from loss to profit.
Essentially Group (ESSN) has terminated its retainer with broker Clear Capital Markets.
In the year to June 2024, there was a cash outflow from operating activities of £375,000 at BWA (BWAP). Further exploration drilling is underway at Dehane and sample analysis results should be available in the near future. Chairman Jonathan Wearing has subscribed for 40 million shares at 0.5p each.
SulNOx Group (SNOX) has appointed Fuelonomics Hydrocarbons Innovations as distributor of SulNOxEco fuel conditioners in Nigeria.
Vinanz Ltd (BTC) has received the initial order of Bitcoin miners and they are up and running in Nebraska.
Arbuthnot Banking Group (ARBB) chairman and chief executive Sir Henry Angest has bought 116,000 shares at 900p each. He owns 58% of the voting shares. Barry Hersh has reduced his stake in Global Connectivity (GCON) from 6.97% to 5.96%. Newbury Racecourse (NYR) chairman Dominic Burke has bought 7,500 shares at 540p each.
Wishbone Gold (WSBN) has appointed Tony Moore as chairman and Jack Sun as finance director. Invinity Energy Systems (IES) has hired Adam Howard as finance director. He was previously at the National Walth Fund.
AIM
Frasers Group has taken a 6.4% stake in electricals retailer Marks Electrical (MRK). Frasers has a record of taking stakes in other retailers and it also has shareholdings in AO World and Currys. Canaccord Genuity has reduced its stake from 5.24% to 2.4%. Founder Mark Smithson still owns 73.8%. Rockwood Strategic (RKW) has built up a 4.54% stake in Kooth (KOO). This follows Canaccrd Genuity cutting its stake from 8.97% to 3.38%. River Global Investors recently nearly doubled its stake to 10.1%.
Bars operator Loungers (LGRS) has agreed a 310p/share cash bid from Fortress Investment, which values it at £338.3m. Irrevocable acceptances are 40.2%. Singer does not believe that this fully values the business and thinks 375p/share is a fairer value. Interim pre-tax profit grew 51% to £5.95m, while net debt was £12.2m. Like-for-like growth in revenues has been 3.9% so far in the third quarter.
Rare books dealer Scholium (SCHO) intends to leave AIM and believes this will save at least £75,000/year. In the six months to September 2024, underlying pre-tax profit improved from £43,000 to £221,000 on revenues that improved 30% to £4.97m. A matched bargain facility will be provided by JP Jenkins. The AIM cancellation is likely to be on 6 January. NAV is 74.6p/share.
In the six months to September 2024, TPXimpact (TPX) revenues fell from £41.6m to £37.8m, but underlying pre-tax profit improved from £600,000 to £1.1m. Most of the benefits from £3m of annualised cost savings will come through in the second half and next year. Net debt is £7.9m. The forecast 2024-25 revenues are already more than 90% underpinned by the current order book. Pre-tax profit should improve from £1.8m to £5.5m.
Trading at sustainable wood materials supplier Accsys Technologies (AXS) improved in the first half and full year figures will be better than expected. Interim revenues were 1% higher at €72.2m and there is also an initial contribution from the US joint venture of €1.9m. Arnhem plant volumes grew 5%. Underlying EBITDA rose from €1.6m to €4m. There was an exceptional charge of €20.8m due to the winding up of the Hull plant and the share of the joint venture loss jumped from €1.2m to €6.1m. Net debt was €40.2m at the end of September 2024. Full year EBITDA of €10m is forecast.
Gift wrap supplier IG Design (IGR) reported an 11% decline in interim revenues to $393.1m with North America still a problem area. Elsewhere, revenues fell at a slower rate. Stationery and party-related sales both fell by more than one-fifth. Higher sourcing and freight costs hit gross margins and there was a knock-on effect on operating margins. Pre-tax profit was 62% lower at $13.3m. The second half is the most important part of the year and even though full year revenues are set to fall, pre-tax profit is still forecast to improve from $25.9m to $32.7m.
Helix Exploration (HEX) reports that the Amsden formation at the Clink#1 well in the Ingomar Dome in Montana has sub-economic grades of helium. Amsden was always thought to be a small proportion of the potential resource. The more important Flathead formation at the same well had 2.5% helium. The company believes that there could be helium below the Amsden formation and there will be appraisal testing of the Charles formation.
Strix (KETL) says that the kettle controls market has weakened, particularly in higher margin markets in the UK and Germany. The positive signs in the first half did not continue. This is due to poor consumer confidence, while there are also cost pressures. Zeus has reduced its 2024 pre-tax profit forecast from £23.6m to £17.5m.
Nativo Resources (NTVO) owns 50% of Boku Resources, which owns the Tesoro gold mine. Boku has entered an agreement to sell vein material from the Bonanza mine to a local processing plant. It will receive the spot price minus 20-30%. Production is about to be built up and the cash from the deal will help to finance this.
Electric Guitar (ELEG) is placing its main subsidiary 3radical into administration after it failed to raise additional cash. The fall in the share price and apparent lack of liquidity before trading was suspended meant that the digital media business could not gain funding.
i-nexus Global (INX) intends to leave AIM. The cloud-based software provider says poor share price performance and liquidity has led to the proposal. There should be direct cost savings of £250,000. The business has been consistently loss making. There is a three-year growth plan. i-nexus Global raised £10m at 79p/share when it joined AIM in June 2018. The cancellation will happen on 27 December if shareholders agree.
Firering Strategic Minerals (FRG) announced a maiden JORC compliant mineral resource estimate for the quicklime project in Zambia. This shows a near-doubling of the resource tonnes compared with the 2017 estimate. There is 145.2Mt at 95.7% CaCO3, including 11.8Mt in the measured category. This could provide more than 50 years of production. There is growing demand from copper and industrial clients.
Ultrasound simulators developer Intelligent Ultrasound (IUG) has court approval for the capital reorganisation that will allow distribution of cash generated by the AI technology sale. There is £39.6m in the bank. Ultrasound revenues have fallen from £8.4m to £7.4m in the period to 22 November. The rate of decline has slowed in the second half.
Mercia Asset Management (MERC) has unchanged NAV of 43.4p/share at the end of September 2024. Income more than covered costs before any investment valuation movements. The interim dividend is 0.37p/share, up 6%, and there is £46m in cash on the balance sheet. The strategy is to grow assets under management to £3bn, from the current level of £1.8bn.
In the six months to September 2024, Cloud-based services provider Iomart (LSE: IOM) reported flat revenues of £62m, with a like-for-like decline when acquisitions are excluded, and a slump in pre-tax profit from £7.6m to £4.3m. The dividend has been reduced from 1.94p/share to 1.3p/share due to the lower earnings. The £57m purchase of Atech broadens the range of services provided and deepens the relationship with Microsoft. Atech provides fully managed and security services for mid-market business and enterprise customers. Net debt was £29.8m, but it is expected to rise to £79m in March 2025 following the payment for Atech.
In the six months to September 2024, thermal insulation and acoustic material manufacturer Autins Group (AUTG) was hit by a 17% drop in revenues, but gross margins improved. Underlying EBITDA fell 46% to £400,000. Net debt is £1.18m but there are more than £3m of available borrowing facilities.
Building services provider Northern Bear (NTBR) interims show a small improvement in revenues from £36.9m to £37.6m, but higher overheads meant that pre-tax profit dipped from £1.68m to £1.54m, although this was slightly better than expected. There was an operational cash inflow of £2.2m. Net debt is £1.4m. Hybridan forecasts a dip in full year pre-tax profit from £2.14m to £1.84m, although there is potential for an upgrade.
Cyber security services provider Shearwater (SWG) improved interim revenues by 8% to £11.3m and it is on course to be profitable for the full year. There has been an increase in demand for on-premises cyber security, which Shearwater can provide. Net cash should be £6.8m at the end of March 2025.
Quadrise (QED) has signed two long-awaited agreements. The deal with shipping company MSC and Cargill involves production of bioMSAR and MSAR fuels in Antwerp and will enable vessel trials on board the MSC Leandra. Cargill will supply feedstocks and sell the fuels to MSC. The trial should start in the first quarter of 2025. There is also an agreement with fuel supplier Auramarine to develop decarbonisation products in the marine sector. They will enable companies to comply with new environmental regulations.
Oracle Power (ORCP) has received the final batch of assay results for the drilling at the Northern Zone intrusive hosted gold project. These show high grades over an expanded area. A mineralisation report is expected by the end of November and then a mining lease application will be submitted. Cantor Fitzgerald has reduced its stake, and Mahfuz Chowdhury has taken a 3.72% shareholding.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) says revenues in the 10 months to October 2024 are 4% lower. This represents a steady performance in current markets with new business being won. Net dent is £4.7m. National Insurance and other budget measures will cost £1.5m/year.
Seraphim Space Investment Trust (SSIT) reported a decline in NAV from 96.2p/share to 93.96p/share over the first quarter to September 2024. A foreign exchange loss offset gains. The S/£ exchange rate has strengthened, and the value of the portfolio has increased by more than the first quarter loss. Shares in NASDAQ-listed AST SpaceMobile more than doubled in value during the period. There was £24.9m in the bank.
Cardiff Property (CDFF) grew NAV from 2844p/share to 2931p/share. The dividend was raised from 22p/share to 23.5p/share. Net cash was £2m at the end of September 2024.
Motor dealer Caffyns (CFYN) improved interim underlying pre-tax profit from £259,000 to £452,000. The interim dividend is maintained at 5p/share. Net debt is £11.5m. There is £38.4m of property in the balance sheet at book value and there is unrecognised surplus of more than £10m on top of that. Caffyns is selling a property in Lewes for an amount that exceeds one-quarter of the company’s market capitalisation of £12.3m.
Andrew Hore
Quoted Micro 25 September 2023
AQUIS STOCK EXCHANGE
Aquis Stock Exchange owner Aquis Exchange (AQX) reported interims showing growth in all four divisions of the group and the Aquis Stock Exchange remains profitable. Group revenues improved from £7.85m to £9.34m, while pre-tax profit rose from £699,000 to £1.15m. Net cash is £13.9m.
Brewer Adnams (ADB) says trading improved in the second quarter and cost savings started to kick in. This partly offset the decline in revenues in the first quarter, but the interim revenues were still slightly lower at £30m. Operating costs and interest charges increased, and the loss trebled to £3.13m. Adnams is taking on new customers, but the average order size has reduced. Trading conditions are uncertain, but the new customer sand listings will help to boost the second half.
Africa-focused battery metals company Marula Mining (MARU) is considering moving to the standard list as an alternative to AIM. Management believes that this would not add any additional time to the process, and it believes that the proposed investment by Q Global Commodities will make Marula Mining large enough to be eligible for the standard list. It is also planning listings on the Nairobi Securities Exchange and the Johannesburg Stock Exchange. Warrants exercised at 4p/share raised £50,000. A shipment of 27.5 tonne high-grade material processed from stockpiles at the Blesberg lithium and tantalum mine in South Africa has been delayed. The offtake agreement with Southern Jade Resources has been terminated and an alternative agreement is being finalised. Additional drilling at Blesberg is progressing and initial assay results should be published in late October.
Apollon Formularies (APOL) has executed a binding letter of intent with Sproutly Canada Inc, who will acquire the assets of the cannabis-based drug discovery company. After completion of due diligence, the assets will be acquired in return for shares equivalent to 49% of Sproutly. The effective valuation is C$7m (£4.2m). Sproutly has to go through audits and other regulatory requirements to become active and trading on the Canadian Stock Exchange.
Fuel additives SulNOx Group (SNOX) says it requires new equity investment from existing and new investors in order to achieve faster and sustainable revenue growth. There would additional industry hires for the board and sales personnel. There will also be increases in stock levels and new products will be developed. The board is seeking shareholder authority to issue new shares. Mohanned Nawaz Haq does not agree with the new strategy and the board recommends voting against his appointment at the AGM on 26 September.
Newbury Racecourse (NYR) improved interim turnover by 3% to £8.03m, but the company fell into loss because gross margins slumped. The nursery increased its contribution, but there were lower attendances at races. An event in July had the highest attendance for four years. Next year will get the full benefits of the media rights deal.
Broker and wealth management company Oberon Investments (OBE) has raised £2.5m via a placing at 3.6p/share and a retail offer could raise a further £500,000. The share price dipped 2.78% to 3.5p. The cash will fund expansion, including the recruitment of revenue generating teams. The Winterflood Retail Access Platform offer has a minimum subscription of £50. Investors can apply for shares via their broker or intermediary and the closing date is 4.30pm on 25 September.
Silverwood Brands (SLWD) has been given an extension of the time to deliver its defence to the legal action by Lush and VSA resigning as corporate adviser and being replaced by Peterhouse. Lush is refusing to recognise the transfer of a 20% stake to Silverwood Brands. VSA Capital (VSA) owns 0.88% of Silverwood Brands and says that the share price slump will hit its interim results to September 2023. It will make the loss larger than expected.
Property investor Ace Liberty and Stone (ALSP) increased net assets by 1% to £34.4m at the end of April 2023. Disposals meant that full year revenues fell 2.5% to £5.56m. There is £6.23m in cash available for investment. No final dividend is declared, partly due to the lack of distributable reserves.
Cadence Minerals (KDNC) investee company Evergreen Lithium has completed the final analysis of its EXOSPHERE BY FLEET Ambient Noise Tomography geophysics survey at Bynoe. Nine pegmatite targets have been identified. Approvals are required for drilling.
Watchstone Group (WTG) had net assets of £7.6m at the end of June 2023, including cash of £8.3m. By 19 September, cash had fallen to £7.6m. The claim against PwC was dismissed by the High Court and Watchstone had to settle legal costs. Canadian legal action continues.
Helium Ventures (HEV) has raised £250,000 at 4p/share. There are plans to move to AIM rather than the standard list, while maintaining the Aquis quotation. It hopes to do this by the end of this year. The potential acquisition of tracking technology company Trackimo is progressing, and Mark Notton has been appointed as its chief executive.
MBH Corporation (M8H) has acquired caravan and motorhome retailers Lincoln Leisure Vehicles and Golden Castle Caravans for an initial £400,000 in cash and £2.58m in loan notes. There will also be share issues totalling £2.24m over the next two years. The companies made an operating profit of £660,000 last year. These businesses will be integrated with the existing caravan and motorhomes operations.
Pharma C investments (PCIL) says that the general meeting scheduled for 27 September will not go ahead because the requisition has been withdrawn. The proposals were to remove Gavin Hilary Sathianathan and appoint Paul Ryan and Noel Lyons to the board.
Medical device developer TruSpine Technologies (TSP) has appointed Victoria Sena and Samuel Ogunsalu to the board. The company is not appealing the disciplinary notice from the Aquis Stock Exchange and the new appointments will improve corporate governance.
SuperSeed Capital (WWW) says that the SuperSeed II LP has sold Garvis, a SaaS company offering language model technology and AI-native demand forecasting. The original investment was in September last year. There was a triple digit IRR on the investment.
Lift Global Ventures (LFT) subsidiary Miriad has been appointed as corporate communications agency to Imperial Diagnostix Laboratories, which plans to float next year. Imperial Diagnostix Laboratories provides point of care testing products and has been granted access to the NHS supply chain.
Wishbone Gold (WSBN) says drilling has started at the Red Setter project in Western Australia. Initial targets are at a shallow depth and the company is seeking broad spreads of mineralisation. Drilling at the Cottesloe prospect reinforces previous findings. Additional drilling will be 50% funded by the Western Australian government’s EIS scheme up to a total of A$220,000.
Invinity Energy Systems (IES) says that Canadian company Elemental Energy has commenced operation of the company’s 8.4MWh Invinity VS3 vanadium flow battery. This is the largest operation so far.
Majestic Corporation (MCJ) reported flat revenues of $13m, while pre-tax profit dipped from $980,000 to $862,000. There was $680,000 generated from operating activities. The metals recycler has $1m in the bank. Rising interest rates have had a negative impact on commodity prices.
EPE Special Opportunities (EO.P) directors and the managing partner of EPIC Investment Partners bought a total of 16,837 shares at 160p each.
Kasei Holdings (KASH) has switched its corporate adviser to VSA.
AIM
International retailer Mothercare (LON: MTC) reported a decline in full year revenues from £82.5m to £73.1m. A fall in admin expenses and interest costs, partly offset this decline, but underlying pre-tax profit still slumped from £8m to £3.4m before restructuring costs. The lack of contribution from Russia was a factor in the lower revenues – this is part of the Alshaya franchise area. Middle East demand remains subdued since Covid. Net debt rose from £9.9m to £12.4m. The loan facility is being renegotiated. The current interest rate is 19.2%. Since the year end, a reduction in pension contributions has been agreed. In the ten years to March 2033 the total contributions will be £34.9m, down from £73.7m in the previous ten years. The revaluation of the pension fund shows a deficit of £35m.
Finsbury Food (FIF) is recommending a 110p/share bid by a company backed by DBAY Advisors valuing the cake maker at £143.4m. There is a non-voting share alternative to the cash bid for eligible investors. The bid is less than ten times prospective earnings. The share price has not been at this level since early 2019.
Renewable electricity supplier Good Energy (GOOD) had a strong first half due to higher tariffs and lower supply costs, but the second half will be tougher. Interim revenues were 46% ahead at £156.1m and the company swung from a loss to a pre-tax profit of £13.1m. The energy services business is losing money as it is being built up. The interim dividend has been raised by one-third to 1p/share. Tariff reductions are happening ahead of falls in supply costs for the company and that will lead to a second half loss, but Good Energy will still be profitable for the full year.
Orcadian Energy (ORCA) announced that it has entered non-binding heads of agreement with a North Sea operator to farm out the Pilot project for a full carry until first oil. Orcadian Energy would retain a 18.75% working interest. The agreement includes the drilling of five subsea wells. Orcadian Energy will receive $100,000 when the agreement is completed, plus $100,000 if it is awarded an additional licence. Field development plan approval would trigger a payment of $3m.
Trading has deteriorated since August at replacement windows supplier Safestyle (SFE) and it is expected to lose £10m in 2023. Order levels are falling short of budget. Net debt could reach £6m at the end of 2023 – the credit facility is £7.5m. Management wants to strengthen the balance sheet.
Harvest Minerals (HMI) reported interims showing a near-doubled loss as demand for fertiliser fell and pricing was lower in the period. The second half sales are normally much greater than in the first half, but they continue to be disappointing. Low crop prices mean that farmers are not investing to boost production. Cash has declined and the company has moved into net debt of £1.4m, partly due to a jump in inventories.
Eqtec (EQT) announced that the Billingham waste-to-energy project is not going ahead. Potential customers have closed facilities and the project is behind schedule. So far, £4m has been invested. There is a possibility of getting some of this cash back. Eqtec is also taking legal action against its partner in the Deeside project, seeking repayment of £4m of loans. The focus is other European markets. Forecast 2023 revenues have been slashed by more than three-quarters.
Scancell (SCLP) reports that early data from the phase II SCOPE study of SCIB1 in combination with checkpoint inhibitors as a treatment for advanced melanoma are positive. Tumour reduction at 13 weeks is 31-94%. This is for a relatively small number of patients, but it does indicate that there is strong potential for the treatment. The second stage of the study has a strong probability of success. This data will be available in the first half of 2024. Potential partners are likely to be interested.
Firering Strategic Minerals (FRG) raised £756,000 at 6.5p/share. This cash will be used to define identified pegmatite targets through a drilling campaign at the Atex lithium-tantalum project in Cote d’Ivoire. Firering Strategic Minerals holds 90% of the company that owns the Atex project. Firering Strategic Minerals also owns 75% of Bri Coltan, which owns the coltan rights for the Atex area. Coltan is composed of tantalum, niobium, iron and manganese. Nine target areas have been identified, including the six newer ones. The latest drilling is planned for the fourth quarter of 2023.
Alien Metals (UFO) says the latest drilling results from the 90% owned Hancock Iron Ore project in Western Australia indicate the potential for the project. There is high-grade mineralisation. The resource estimate will be upgraded.
Digital coupons and loyalty technology provider Eagle Eye (EYE) reported organic growth of 29% last year. International revenues grew strongly as new retailers were added to the service and when they sign up retailers tend to stay with the company. This year, pre-tax profit could improve from £4.3m to £6.2m. The cash pile reached £9.3m at the end of June 2023.
Cosmetics supplier Warpaint London (W7L) is bucking the trend of the consumer sector, where many other companies selling to the public are performing poorly. That is down to the fact that Warpaint London is in the value end of the cosmetics market. It is also adding retailers and benefiting from the international spread of the business. UK interim revenues were 28% ahead, while group revenues were 46% higher.
Structural steel supplier Billington (BILN) significantly improved margins in the first half and it still has a strong order book despite the contraction of the construction sector. This reflects the broad spread of projects being supplied. Revenues were 30% higher at £60.1m and pre-tax profit jumped from £1.3m to £4.59m.
There is not going to be a bid for Kinovo (KINO), which was not going to recommend the 56p/share offer and there was no increase tabled.
MAIN MARKET
Motor dealer Pendragon (PDG) plans to sell its entire core business to North American automotive retailer Lithia Motors for £250m. This would turn Pendragon into a software business and there could be a £240m payout to shareholders, equivalent to 16.5p/share. Lithia Motors would also subscribe £30m for 279.4 million shares and will roll out Pendragon’s Pinewood dealer management software to its existing 50 UK sites. However, there has been a bid approach for the whole company from Sweden-based Hedin Mobile and US transportation company PAG International. The initial 28p/share offer was turned down, but a higher bid of 32p/share is being considered.
First Tin (1SN) still has cash of £7.9m and that is enough to fund the DFS for the Taronga tin project in Australia. The cost of the project could be reduced by using solar power and more efficient processing. The mineral resource estimate has been increased by more than 240% to 133 million tonnes. The Tellerhauser project in Germany hopes to gain a mine permit in the third quarter of 2024.
Shipbroker Braemar (BMS) has reaffirmed that it will make an underlying pre-tax profit of at least £20m for the delayed results for the year to February 2023. The investigation into transactions between 2006 and 2013 is nearing completion. There may be adjustments to previous accounts.
Andrew Hore
Quoted Micro 15 November 2021
AQUIS STOCK EXCHANGE
Brewer and pubs operator Shepherd Neame (SHEP) is starting to recover from lockdowns. Pubs started to reopen outdoors on 12 April, while indoor trading recommenced on 17 May. From that point pubs achieved 97% of 2019 trading levels. Since June, drinks sales have been down on the 2019 level, but food and room revenues were higher. In the year to 26 June 2021, revenues fell from £118.2m to £86.9m with both periods hampered by Covid-19 lockdowns. There was a swing from a pre-tax profit of £1.5m to a loss of £4.2m. A revaluation of licenced pubs shows a surplus over book value of £35.9m, which is a 13% uplift not reflected in the NAV of 1140p a share.
Silverwood Brands (SLWD) is a shell focused on food and lifestyle acquisitions. It raised £1.03m at 40p a share. The share price ended the week at 43.75p. NAV is 35p a share. The strategy is to build up a portfolio of consumer brands. The cash raised in the flotation and prior to the admission will help to identify targets and carry out due diligence. Directors Andrew Gerrie and Andrew Tone were both involved in building up the Lush handmade cosmetics business.
In the first quarter National Milk Records (NMRP) revenues increased by 8% to £5.72m. There was a small decline in revenues for testing for Johne’s disease, while the core milk testing business increased revenues, although the comparatives were for a weak period when lockdown was ending. The launch of genomic services under the GeneEze brand is planned for this winter. UK milk prices are exceeding 40p a litre, although the costs for farmers are increasing.
SulNOx Group (SNOX) has 600 potential customers and 130 trials proposed or underway. This includes vehicle and marine clients for the fuel emulsification additive.
Pharma C Investments (PCIL) has made its first cannabis-related investment in Product Earth Expo UK, which runs an annual CBD trade show in Coventry. A £275,000 investment gives Pharma C a 7.5% stake. Product Earth also offers a digital marketing service. Tom Toumazis, the former boss of European newspapers publisher Mecom, is chairman of Product Earth and Pharma C investment strategy director Gavin Sathianathan is also a director. At the end of October, Pharma C had cash of £608,000.
Sativa Wellness Inc (SWEL) increased revenues in the nine months to September 2021 by 724% to £9.88m. This enabled Sativa to move into profit, although it is a modest one. Trading has been boosted by demand for Covid tests and the range of tests is being broadened.
Rutherford Health (RUTH) is partnering with BUPA, which will open clinics within the company’s sites and refer patients if they have symptoms of cancer. The first clinic will be opened at Rutherford’s Liverpool cancer centre and the second in Northumberland.
Spirits company Rogue Baron (SHNJ) has raised £200,000 at 7p a share, which is just above the market price. Each of the placing shares comes with a warrant exercisable at 7p. The cash will be used to acquire additional stocks of Shinju whisky.
Valereum Blockchain (VLRM) has raised £197,500 from the exercise of warrants.
David Evans has increased its stake in Oberon Investments Group (OBE) from 7.61% to 8.15% and Rodger Sargent has a 3.14% shareholding.
EPE Special Opportunities Ltd (ESO) had net assets of 536.19p a share at the end of October 2021.
AIM
Firering Strategic Minerals (FRG) has a 51% stake in the Atex lithium and coltan project and has the option to increase it. Firering raised £4m at 13p a share and expenses were £516,000. The money raised will finance the £1.55m cost of the exploration spending for Atex for the next two years. There is also potential to generate revenues from tantalum production within 18 months, which will help to finance further development.
The Life Science REIT PrimaryBid offer closes on 15 November, and investors can apply for shares in the intermediaries offer via Interactive Investor and other firms by 16 November. A 4% yield is being targeted, based on the issue price of 100p a share, with annual growth of 5%. Life Science REIT will be the first London-quoted REIT focusing on life science properties. The types of properties will include laboratories, offices and manufacturing facilities and they will be situated in Oxford, Cambridge and London. There is strong demand for these properties from companies and organisations and a lack of supply. It is estimated that up to 20 million square feet of additional office and laboratory space will be required over the next two decades. The target for the offer and placing is up to £300 million.
Parcel and freight delivery company DX (DX.) continues to make a rapid recovery despite the uncertainties of the past year. Group pre-tax profit improved from £200,000 to £12m with freight’s improvement offsetting the decline in profit in the rest of the group. Net cash was £16.8m at the end of June 2021 and there could be a dividend this year. finnCap maintained its 2021-22 pre-tax profit forecast at £16.5m.
Tracsis (TRCS) has shown the solidity of its rail technology and services revenues and the more volatile data and events business has started to recover. Revenues edged up from £48m to £50.2m, with most of the growth coming from acquisitions. Rail technology revenues grew, but the data and events division reported a small decline. According to finnCap, adjusted pre-tax profit improved from £8.3m to £10.9m. Since the end of July, Tracsis has acquired Dublin-based Icon Group, which made a pre-tax profit of £800,000 in 2020, and this will be integrated with the similar UK data analysis operations.
Chain and transmission equipment manufacturer Renold (RNO) is managing to pass on higher materials prices and the chain division revenues have recovered. Group interim revenues were 17% ahead at £95.3m, while pre-tax profit was 52% higher at £5m. Order intake was 55% higher at £113m. Net debt is £13.9m. Forecast full year earnings are 3.2p a share.
Media localisation and post-production services provider Zoo Digital (ZOO) is growing revenues on the back of the international expansion of streaming platforms and broadening the range of services that it offers. New production projects are starting to ramp up and that provides further growth opportunities. Interim revenues jumped from $16.4m to $26.9m and there was a small operating profit.
Insolvency litigation financer Manolete Partners (MANO) continued to generate cash before investment in new cases during the six months to September 2021. Revenues were lower than the first half of 2019-20 when there was a large case settlement, but they were higher than the second half. Interim profit fell and that is why the interim dividend has been reduced from 1.17p a share to 0.39p a share. New case enquiries are rising.
Maestrano (MNO) has won a new contract for surveying an electricity transmission line in Australia. The 700km line goes from Wagga Wagga to the South Australian and the contract runs between 2022 and 2025. This shows there is demand for the surveying technology outside of the rail sector.
MAIN MARKET
Property investor Town Centre Securities (TOWN) says that the latest valuation shows a 0.3% increase over the June 2020 valuation. Since then, a London property has been sold for £3.85m, which is 6% above the 2020 valuation. Rent collections are back to pre-pandemic levels. The full year results will be published on 24 November.
Cookware supplier Procook (PROC) joined the premium list at a valuation of £158m at the placing price of 145p a share. Procook ended the week at 159.75p.
Andrew Hore