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Quoted Micro 6 April 2026
AQUIS STOCK EXCHANGE
In 2025, heart health products developer ProBiotix Health (PBX) increased revenues by 45% to £2.73m. The loss was reduced from £852,000 to £1.24m. Revenues continue to grow in the first quarter of the new financial year, and it has achieved profitability. Cash was £1.27m at the end of 2025. The order book has more than doubled to £1.3m. The company is diversifying into new medical areas.
Dermatology products developer Incanthera (INC) says direct to consumer sales of Skin + CELL products have been disappointing, generating £12,400. Discussions continue relating to retail distribution. No bulk sale will be achieved before the end of the March 2026 financial year, so stocks will be higher than anticipated. There are also technology licensing talks. The company has to be careful with working capital, but it believes it has enough cash for immediate requirements.
Oscillate (SRVL), which is changing its name to Serval Resources, is acquiring Kalahari Copper and moving to AIM on 27 April. The strategy is to build a business with a range of copper exploration and development assets. There will be a 50-for-one share consolidation. There will be a share issue to raise £2.9m at 22.5p/share. A WRAP retail offer could raise up to $300,000.
Mendell Helium (MDH) expects to publish the document for the move to AIM during April. That will spark the exercise of the option to acquire M3 Helium. The Rost 2-26 well has reached 4,540 feet. This will test helium prospects. There are preparations for the re-completion of Schneweis Ventures 13A well.
Valereum (VLRM) confirms the exclusivity agreement with Quantum Global Photonics and the definitive agreement is expected by the end of April. As part of the agreement, the first coupon payment for medium term notes of $3.9m will be a combination of cash and VGOLD-CORE (independently valued and verified) gold-backed tokens, where the launch is subject to regulatory approval. The deal involves technology integration, tokenisation and profit sharing. So far, $900,000 has been drawn down from the $2.5m investment from Blubird Global Inc. There are currently talks with Blubird Global about revising the terms of the funding, which could mean that funding could end.
Zak Mir is no longer chief executive of Lift Global Ventures (LFT) and he is not running the investor relations business Miriad any longer. The investment strategy has changed to an AI focus. Cash was £199,000 at the end of 2025 and subsequently a £40,000 settlement was agreed with a former consultant.
Heart medicines developer Cardiogeni (CGNI) says that the share swap deal with Kira Health Invest AG is progressing and could complete by 10 April. Kira Health Invest AG will acquire 67.5% of subsidiary Cell Therapy in return for a 32.5% shareholding in Kira’s hotels and wellness clinics subsidiary Lumen Clinics, which has assets of more than €100m.
Time to ACT (TTA) has appointed VSA Capital as corporate adviser and has raised £415,000 at 6p/share. The company is in talks to acquire the assets of heat treatment business MTE Heat Treatment, which is in administration. This will fit with Diffusion Alloys. It is not buying any asset from Versarien. There are other potential acquisitions.
Investment company Gledhow Investments (GDH) had NAV of £1.2m at the end of September 2025. Net cash is currently £762,000 following recent disposals. This provides the opportunity to take advantage of market volatility.
IntelliAM AI (INT) has bought the business and assets of RBM Lubrications for £25,000 payable in cash at the end of 2029. This expands the business in Scotland.
Oberon Investments (OBE) has launched a global thematic equity fund called TM Oberon Theseus Fund. It will be structured around five to eight core themes and have up to 75 investments.
B HODL (HODL) has completed the initial At-The-Market equity offer and raised £42,300 at 7.05p/share. Another Bitcoin has been acquired for £51,234. The total holding is 165.487 Bitcoin which cost an average of £81,962 each.
Digital asset miner Sterling Digital (ASIC) did not have any revenues in the period to December 2025. There was £3.67m in the bank after the Aquis flotation. Data mining equipment has been acquired, and Bitcoin should be being produced by the end of the second quarter of 2026.
South west England focused minerals explorer Tamar Minerals (TMR) had £171,000 in cash at the end of 2025 following a £256,000 cash outflow from operations in the previous six months. Since, then £2.04m has been raised.
Fund of funds investment company SuperSeed Capital (WWW) made realised and unrealised gains of more than £452,000 in 2025. This increased NAV from 1.2544p/share to 1.3668p/share.
Mollyroe (MOY) has raised £470,000 through a convertible loan note issue and £155,000 at 0.25p/share, which is also the conversion price for the loan notes. The loan facility to AI film maker Cascade has been increased from £300,000 to £500,000. Mollyroe will receive and arrangement fee of £40,000.
Macaulay Capital (MCAP) has raised £225,000 from the exercise of warrants at 25p each.
BWA Group (BWAP) managing director James Butterfield bought 1.4 million shares at 0.29p each and owns 8.02% of the company.
JP JENKINS
Surrey-based Oomisoft (OOMI) joined JP Jenkins on 1 April. The company provides membership management software, CRM and digital services. The customer is not for profit and professional organisations.
ASSET MATCH
Anti-microbial technology developer Byotrol (BYOT) has raised £250,000 at 016p/share. The cash will help to fund growth opportunities.
Recruitment services provider Macdonald and Company (MAC1) is asking for shareholder approval for a share buyback from William Buck and Robin Glover. This relates to a restructuring of interests in Asia. The general meeting is 16 April.
AIM
Building products supplier BRCK (BRCK) has received an unsolicited bid approach from Atlas Holdings LLC and after initial contact and exchange of information a 65p/share indicative offer was made. The share price has not been that level since June 2025. That offer was rejected by the board on 23 March. Atlas will be provided with additional information to see whether it can come up with a better offer, but it says this would not be enough for a firm bid.
CleanTech Lithium (CTL) has published the pre-feasibility study for the Laguna Verde lithium brine project in Chile. This shows a NPV10 of $699m over a 25-year period. This assumes extracting 15,000t per year of battery-grade lithium carbonate. The operating cost is assumed to be $5,768/t and a sale price of $22,500/t. Upfront capex is $748m. First production would be 2031.
Steel structures supplier Billington (BILN) has gained new contracts worth £50m even though the market is still relatively weak. This helps to underpin expectations for 2026, although some of the work will be done in 2027. The 2025 results are due to be published later this month. A pre-tax profit of £3.5m is forecast before a recovery to £8.3m. Manufacturing has been streamlined and Cavendish may reassess forecasts when the results are published.
Whisky supplier Artisanal Spirits Company (ART) was hit by tariffs and the US government shutdown. Elsewhere, there was an improvement in revenues last year. However, overall revenues dipped from £23.6m to £19.9m and that meant that the loss was raised from £3.1m to £7m. Net debt was £31.5m and this should start to reduce this year. The company has changed its way of trading with the US and taken on the distribution in the country.
There was a return to growth at CML Microsystems (CML) in the second half. However, the company will still make a full year loss, rather than the small profit previously expected, because the growth was in lower margin revenues. Supply chain problems have eased. Shore says it will publish 2026-27 forecasts after the latest results are published on 16 June.
Mobile games developer Gaming Realms (GMR) has been hit by changes to stake limits in the UK and there will be another setback when the tax rate increases this year. Revenues improved from £28.5m to £31.4m, while pre-tax profit rose from £8.3m to £9m as management adapted to the stake changes and kept control of costs. More games and adding licence partners have helped revenues continue to rise. North American revenues continue to grow.
Wound healing technology developer AOTI Inc (AOTI) says 2025 revenues were $66.5m, up 15% on 2024. Underlying pre-tax profit was $3.1m, compared with a loss last year. Net debt reached $6.5m. There is a $1.7m provision on money owed by Arizona. Revenues could still rise this year even though AOTI is pulling out of Arizona due to difficulty in getting paid, but profit could decline to $1.2m before starting to grow again. Outstanding debt from Arizona may eventually be reclaimed. A CMS local coverage determination is still expected in the near-term and that will provide some positivity.
Greatland Resources (GGP) benefited from a recovery in the gold price to $4,677.28/ounce. Earlier in the week, it revealed a mineral resource estimate for the O’Callaghans tungsten copper zinc lead deposit. There is 70Mt @ 0.35% of tungsten trioxide. The Telfer mineral resource estimate has been raised by 150% to 8 million ounces. Together with Havieron, the resources could be mined for many decades.
Abingdon Health (ABDX) has won a series of contracts worth £4.8m with a US client. This covers the development of multiplex quantitative lateral flow assay systems for human testing which will be delivered over 27 months. This supports the decision to expand capacity in the US. There could be a subsequent manufacturing contract. The company is set to move to around breakeven in 2026-27. The share price gained 10.3% to 8p.
Ariana Resources (AAU) reported a £12.4m loss for 2025, but this is almost all down to the change in valuation of the Turkey joint venture. That is a non-cash adjustment. The cash outflow from operating activities was £2.6m. Progress is being made with the Dokwe project in Zimbabwe and there is £5.4m in the bank to fund its development.
Monoclonal antibodies developer Bioventix (BVXP) reported interim revenues 9% lower at £6.2m. China was a tough market and some products are maturing. Pre-tax profit was slightly lower at £4.9m. Cash was £5.1m at the end of 2025. The customer base is being broadened and there is longer-term potential for royalties from the company’s antibodies that are included in products. Full year pre-tax profit is set to fall from £10.2m to £9.6m. The full year dividend is set to be unchanged at 150p/share even though it is not going to be covered by earnings.
Digital finance hub Tap Global Group (TAP) interim revenues fell from £1.8m to £1.7m. There was also £210,000 of income from settlement with crypto currency exchange Bitfinex. Cash was £433,000 at the end of 2025.
In-game advertising technology developer Mirriad Advertising (MIRI) says that the expected upturn in February and March did not happen because of the Middle East conflict. It did sign a services agreement with a UK media conglomerate. There is £675,000 in the bank, but more cash will be required before the 2025 accounts are published.
Wellheads and connectors Plexus Holdings (POS) reported a reduction in interim revenues from £2.9m to £1.2m because of delays in projects, particularly in the North Sea due to tax uncertainty and inability to offset decommissioning costs. Activity is likely to remain subdued in the second half with the assumption that work will recover in 2026-27. A full year loss is forecast before a return to profit in 2026-27. The estate of William Black has built up a stake of 5%.
MAIN MARKET
Construction equipment hire company Speedy Hire (SDY) has not made the expected progress in the second half. Contract delays hampered revenues. The latest trading statement has led to a reduction in forecast earnings for 2025-26 and 2026-27. A loss of £1.5m is estimated for the year to March 2026. Net debt is expected to be £159m. The dividend is set to be slashed to 1p/share.
Solvonis Therapeutics (SVNS) has been granted a US patent for a “monoamine modulator compound series from its post-traumatic stress disorder (PTSD)” programme. This market covers more than 20 million people in the US and major European markets. This programme is part of a broader platform. SVN-114 is the lead candidate.
Digital assets investor KR1 (KR1) generated technology infrastructure income of £106,000 from staking activities and that takes the total for 2026 so far to £283,000. Financial income of £2,350 during February. NAV is 21.3p/share, down from 23.8p/share at the end of January 2026.
Andrew Hore
Quoted Micro 14 July 2025
AQUIS STOCK EXCHANGE
TechFinancials (TECH) has entered into an agreement to potentially acquire a 60% stake in the Dilotiko high-grade iron ore project in Kenya. The mining permit application is going through final evaluation. There has been historical exploration. This could be an open pit mine with a 20 year life. TechFinancials is issuing 20 million shares at a deemed share price of 0.25p for an option to acquire 60% of Dikotiko. Then, within 60 days 80 million shares, depending on the price will be issued to acquire 25% of project owner Dilotiko Ltd. Further shares will be issued to take the stake in the project to 60%. The deal was introduced by Gathoni Muchai Investment Company, which can appoint two directors to the TechFinancials board following the formal acquisition. The firm will also underwrite a placing to raise £250,000 at 0.25p/share.
Zentra (ZNT) intends to transfer to the newly launched Aquis Real Asset Market. Zentra has completed the acquisition of a site on Old Mill Street in Manchester for £1.425m. The former car park is near a tram stop.
Broker VSA Capital (VSA) returned to profit in the year to March 2025 as revenues rose from £1.89m to £2.78m. A small loss was reported, but that was due to the amortisation charge of £330,000. Underlying pre-tax profit was £323,000. There was £537,000 in the bank at the end of March 2025. The number of retained clients increased from 27 to 30.
AI technology developer IntelliAM AI (INT) generated pro forma revenue of £3.92m in the year to March 2025. Annual recurring revenues are £810,000 and it is expected to grow to £2m by next March. There is cash of £2m.
Hot Rocks Investments (HRIP) increased the size of its fundraising from £375,000 to £450,000, still at 1.125p/share.
The Smarter Web Company (SWC) raised a further £10.3m at 325p/share, which follows the previous placing raising £22.9m at 327p/share earlier in the week. The company currently owns 1,275 Bitcoin at a total cost of £100.1m. There is £31m left to be invested. In the past 30 days there has been a Bitcoin yield of 497% on its treasury holding.
Vaultz Capital (V3TC) director Neil Ritson has left the board. The company has submitted an application to commence share trading on the OTCQB Venture Market in the US. Bryan Reid has built up a near-11% stake.
Coinsilium (COIN) ay that its Forza! subsidiary holds 86.67 Bitcoin. Shareholder agreement to the issue of new shares will enable further investment. Trading activity in the shares has increased.
Ajax Resources (AJAX), which moved from the Main Market, plans to list on Euronext Growth Oslo. The second closing of the company’s subscription by 25 July. An Environmental Impact Study has been submitted for the Eureka copper and gold project in Argentina.
Oscillate (MUSH) has made a non-refundable payment of £500,000 to Kalahari Copper for the acquisition of a subsidiary holding the rights to the Daisu copper and silver prospects in Botswana.
Richmond Hill Resources (SHNJ) has modified terms for the purchase of Three Mile Beach with the long stop date extended until 15 October.
Wishbone Gold (WSBN) has applied for 12 exploration tenements near to the Red Setter gold dome project. They are also close to the Telfer gold mine operated by Greatland Resources (GGP).
Inqo Investments (INQO) has appointed Bowsprit Partners as corporate adviser.
Newbury Racecourse (NYR) director James Richardson has acquired 10,350 shares at 600p each.
JP JENKINS
Computational biological data analysis business e-therapeutics (ETX) has made progress with lead candidate, ETX-312, a GalOmic siRNA therapy for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). The doses administered in a trial were not toxic.
Sports consultancy and data analysis company 4GLOBAL (4GBL) started trading on JP Jenkins on 8 July.
The JP Jenkins index of the 15 largest companies on the platform rose 0.96% to 1063.19 in the month to 7 July.
AIM
Water and energy efficiency technology services provide Eneraqua Technologies (ETP) says revenues will be lower than expected for the year to January 2025, but pre-tax profit will be in line with forecasts. Revenues of £81m were forecast but the outcome is going to be £63m. A £7m project substantially completed last year is recognised as accrued revenues. There have been delays in the receipt of payments and further deferral of projects in the current year. This has led to the requirement for additional funding. The disposal of a non-core business should raise £1m. Subsidiary Cenergist has been placed in administration due to an adverse adjudication. Trading in the shares has been suspended because of the financial uncertainty.
Executive search firm Norman Broadbent (NBB) reports interim net fee income up by one-third to £6m. This is helped by the rise in the average fee per mandate. Underlying EBITDA is more than £750,000. The company has moved into a net cash position of £200,000. Third quarter contracted revenues have increased.
Begbies Traynor (BEG) has launched a buyback of up to one million shares on the back of its full year results announcement. This shows the confidence in cash generation. Pre-tax profit was 7% ahead at £23.5m. Net cash was £900,000 at the end of April 2025. Total future earn out payments are £12.2m. Insolvencies remain relatively high compared with recent years. Growth is offsetting the increases in costs. There are headwinds for property advisory. Pre-tax profit could rise to £24.2m this year without further acquisitions.
IT training company Northcoders (CODE) warns that there is limited visibility on government funding of regional training. Some regions have not even launched tenders for the training. Northcoders has a good reputation but cannot guarantee how much business it will win. This makes revenues unpredictable for the full year and Zeus has withdrawn its forecasts. Fixed costs are being reduced.
Plastic products supplier Coral Products (CRU) says full year sales will be slightly lower at £30.5m, but profit will be much better than expected. Cash was £750,000 at the end of April 2025. This year profitability is significantly better than anticipated and there will be an initial contribution from Arrow Film Converters.
Premier Miton (PMI) reported a small decline in assets under management to £10.5bn at the end of June 2025. There was a positive performance over the latest quarter and outflows were lower. After the period end a new $50m mandate was gained.
Jarvis Securities (JIM) has confirmed the sale of its execution-only broker business to Interactive Investor. The initial £9m will be paid shortly and the other £2m deferred for up to 18 months. The settlement business is being wound down and the company will become a shell.
CML Microsystems (CML) has secured a 12-year design and supply agreement with a leading manufacturer of industrial Global Navigation Satellite System equipment. This deal will be worth more than $30m. Shore Capital is still not providing forecasts for this year because of the underlying uncertainty.
Data analysis software provider Celebrus Technologies (CLBS) reported a rise in full year pre-tax profit from $7.4m to $8.4m, although it is likely to be loss making this year. That is du to the switch to a subscription model.
Cybersecurity services provider Shearwater (SWG) issued a positive trading statement. The pre-tax profit forecast was raised from £400,000 to £600,000 and the 2025-26 figure is maintained at £1.1m.
Foreign exchange services provider Finseta (FIN) says interim revenues rose 16% to £5.9m and the number of customers has risen to 1,101. Corporate client generated the majority of revenues. Finseta had already warned that profit would be lower this year due to investment in expansion and there was a slump in the first half. Net cash was £400,000 at the end of June 2025. A stronger second half is expected.
Professional services firm DSW Capital (DSW) had a strong end to the financial year and expects M&A business to be much less important this year. Pre-tax profit was flat at £1.4m. Revenues were higher, partly due to direct solicitors rather than franchise business. Two-thirds of revenues came from M&A, and this will fall to one-third this year.
Futura Medical (FUM) is replacing James Bader as chief executive after disappointing sales o of its main erectile dysfunction product Eroxon. Jeff Needham is also leaving the board. Alex Duggan will become interim chief executive.
Security services provider Westminster Group (WSG) has secured a £500,000 credit facility from Pantheon A Family Office Ltd, which is already a shareholder. There is no interest charge on draw downs and an existing convertible, but the conversion price has been cut from 3p to 2p.
Petro Matad (MATD) has raised £2.84m at 0.8p/share – more than expected – and could raise a further £500,000 from a retail offer. The cash will be invested in lower cost power generation.
Active Energy Group (AEG) has closed a substantially oversubscribed placing raising £346,180. The biomass-based renewable energy technology developer will use the cash for working capital. The company is evaluating a digital assets strategy for its treasury management. A proportion of the fundraising is likely to be invested in Bitcoin and other digital assets.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has bought contracts from its South African reseller. The purchase price is £2.5m and this deal includes taking on employees. BSFA
Online travel hostel agency Hostelworld (HSW) says interim revenues were flat at €46.1m and profit will be lower. Reduced bed prices have led to improved demand. Direct marketing costs have risen, holding back profit. Net cash is €6.1m.
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 26 May 2025
AQUIS STOCK EXCHANGE
Arbuthnot Banking Group (ARBB) stated at the AGM that trading was in line with expectations in the first four months of the year. Activity is showing signs of picking up. There were loan and lease assts of £2.36bn at the end of April 2025. Deposits rose 3% to £4.26bn. There was an annualised 17% increase in assets under management in the wealth management division. Shore Capital forecasts a dip in full year pre-tax profit from £35.1m to £28.5m. That assumes a further 0.25 of a percentage point cut in interest rates.
Dermatology treatments developer Incanthera (INC) is finalising an agreement with a global direct to consumer and it will launch the Skin + CELL product range in return for royalties on sales. There are 100,000 units in stock ready for sale, and they should be sold by March 2026. This will improve gross margins and provide positive cash flow.
Valereum (VLRM) is investing $1.35m in DigiShares in four tranches up until July. DigiShares owns a real estate tokenisation platform called RealEstate Exchange.
Smarter Web Company (SWC) has raised a further £6.83m at 49p/share. It has purchased a further 39.51 Bitcoin for £3.13m. The total holding is 58.71 Bitcoin at a total cost of £4.54m. The additional funds will be used to buy more Bitcoin.
Coinsilium Group Ltd (COIN) subsidiary Forza! will be transferred an initial 15 Bitcoin. Coinsilium will announce purchase of Bitcoin by Forza! Institutional investors are interested in investing in Forza! There was £250,000 raised in a retail offer by Coinsilium at 3p/share.
Aquis Stock Exchange has enforced £15,000 of the suspended fine of £165,000 because of the delay by TruSpine Technologies (TSP) in announcing the issue of new shares in March. Axis MedTech has subscribed £49,500 for shares at 1.5p each, as well as acquiring £136,573 of convertible loan notes from Geoff Miller
Global Connectivity (GCON) says that the value of its 2.8% stake in Rural Broadband Services has fallen to £3.9m, which is equivalent to 1.3p/share.
Mendell Heloum (MDH) has an option to acquire M3 Helium, which is continuing work on the Rost 1-26 well recompletion project.
Gledhow Investments (GDH) has acquired a portfolio of quoted and unquoted shares for 9.95 million shares and £398,900 in 5% convertible loan notes, which are convertible at 0.425p/share. If they are convertible P3 Capital would own 45.3% of Gledhow Investments, while P4 Capital would own 15.3%. The £441,000 investment will increase the scale of the total portfolio.
Watchstone Group (WTG) has decided to end all legal proceedings and return any remaining cash to shareholders following a departure from Aquis. Net assets were £1.25m at the end of 2024.
Res Privata NV has raised its stake in WeCap (WCAP) from 11.3% to 13.6%, while Peel Hunt has a higher shareholding of 19%.
Newbury Racecourse (NYR) director James Richardson bought 2,878 shares a 625p each and his total shareholding is 5,515 shares.
Time to Act (TTA) raised £274,000 at 40p/share and converted £61,000 of loans into shares. Puma AIM VCT has a 3.38% stake.
Walls and Futures RIT (WAFR) is holding a general meeting on 19 June. The resolutions include the company’s proposal to leave the Aquis Stock Exchange and the requisitioners proposals to remove two directors and appoint a new one.
Tin and copper explorer Tamar Minerals (TMR) has agreed a £150,000 loan from Godolphin Minerals, which is owned by the Tamar Minerals chief executive and two of its major shareholders. The loan is repayable on 21 May 2026 and the interest charge is 12%.
Heart failure medicines developer Cardiogeni (CGNI) raised £650,000 at 17.3p/share. Amazing AI (AAI) has raised £37,775aat 0.5p/share from existing shareholders
Kasei Digital Assets (KASH) directors Jai Patel and Brian Coyne each bought 83,333 shares at 6.75p each.
SulNOx Group (SNOX) has issued 935,362 shares to EPS Ventures, which relates to the amount of Sulnox Evo purchased.
Supersearch Plus (SSP) is changing its year end from June to December.
JP JENKINS
Powder Monkey (PMGL) has acquired Durham-based Castle Eden Brewery, which has focused on contract brewing. There are plans to brew Powder Monkey brands and to resurrect the Castle Eden brand.
Renewable energy investment company Thrive Renewables (THRV) reported a decline in 2024 revenues from £29m to £25.9m and operating profit fell from £13.6m to £11.3m. A final dividend of 12p/share has been declared. There are plans to buy back 161,628 shares. Thrive operates 24 wind, solar and hydro projects and is crowdfunding for other projects.
AIM
Xeros Technology (XSG) offset a decline in 2025 revenues with cost savings, so the loss was reduced from £4.8m to £4.5m. Revenues have been modest, but that could change this year with £2.5m forecast. Existing contacts should start to generate income later in the year. Russel Hobbs will launch the XF3 filter than can be attached to existing washing machines. A strategic partnership has been secured with Donlim, which will supply the filter to Russell Hobbs. Management is hopeful of gaining at least one major manufacturer for its integrated filter this year that could lead to commercialisation in 2026. Net cash of £2.8m should be enough for this year.
A prospectus has been lodged by Greatland Gold (GGP) for the flotation of its new holding company Greatland Resources on ASX. There are plans to raise £24.2m, while Newmont Corporation is selling 50% of its shareholding. The new company will also be admitted to AIM, and there will be a UK retail offer to raise up to £6.7m. This will close on 17 June.
Telecoms testing equipment supplier Calnex Solutions (CLX) returned to profit in the year to March 2025 as revenues recovered from £16.3m to £18.4m. New product launches helped, as did greater focus on newer markets such as defence and cloud computing. There was a strong fourth quarter and net cash improved from £10.9m at the end of March 2025 to £12.7m at the end of April 2025. The order book has increased, and Cavendish forecasts an improvement in pre-tax profit from £700,000 to £800,000 this year. That is still well below peak profitability.
Artisinal Spirits Company (ART) says revenues grew in double digits in the first four months of 2025 even though the US and China markets remain tough. The growth is coming from bottled whisky sales in Europe and cask sales. The US importing model is being changed. Full year revenues are forecast to grow by 10% to £26m.
Revolution Beauty Group (REVB) has received a preliminary bid approach, and a formal sale process has begun. The cosmetics supplier requires more funding, and it is still talking to key shareholders.
telecoms enterprise software provider Cerillion (CER) had flagged a weaker first half and management remains positive about growth in full year revenues with a new contract helping to meet the target. In the six months to March 2025, revenues dipped from £22.5m to £20.9m. The mix of revenues was different with lower software income due to fewer renewals and higher services revenues. Pre-tax profit fell from £10.5m to £9.3m. R&D spending was increased. Net cash still improved from £26.6m to £31.2m over the 12-month period. The dividend has been raised by one-fifth to 4.8p/share.
Chain manufacturer Renold (RNO) has received two bid offers one is 77p/share in cash from Webster Industries and the other is 81p/share in cash from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P.
Executive search firm Norman Broadbent (LON: NBB) revealed at its AGM that second quarter trading is materially ahead of the same period last year. Recent appointments are helping to enhance growth, and the company is moving into the Middle East market. This should ensure a return to profit this year. The £96,000 CBILs loan has been repaid. Shareholders approved the 35-for-one share consolidation.
Aquaculture company Benchmark (BMK) is asking for shareholder approval to leave AIM and Euronext Growth Oslo. There should be annual savings of £2.4m and there should also be overhead savings of £5.6m following the sale of the genetics business. Benchmark is launching a tender offer at 25p/share. The total amount of cash available through the tender is £56.7m out of the current net cash of £117m.
Composite kits supplier Velocity Composites (VEL) has been hit by delays to projects and Canaccord Genuity has reduced 2024-25 revenues by 15% to £23m and then means a loss instead of breakeven. This is despite the fact that margins are better than expected. Net cash will fall to £700,000 on that basis. Next year’s pre-tax profit forecast has been cut from £500,000 to £300,000. There have been problems with the ramp up of A350 production and final qualification sign-off of kits in the US has been delayed. The US base will offset any problems with tariffs.
Ascent Resources (AST) is acquiring a 49% interest in oil and gas leases in Colorado operated by Locin Oil Corporation and a 10% in oil and gas leases in Utah operated by ARB Energy. US-based geologist David Patterson will take over as chief executive and there will be cost savings. The first purchase costs $2.5m, including shares at 0.5p each and a $1.9m convertible loan note. The second purchase costs $750,000 in shares. The deal includes rights to earn a 50% economic interest in incremental production from these leases. There is an option to acquire a further 23% interest in the leases. A fundraising will generate £1.35m at 0.5p/share with £224,000 used to pay back part of the RiverFort secured loan with $100,000 converted into shares at 0.7245p/share.
Drug developer Poolbeg Pharma (POLB) is raising £4m at 2.5p/share and could raise up to £100,000 from a retail offer. The cash will last into 2027. It will be spent on th POLB 001 phase 2a trial to “prevent cancer immunotherapy-induced Cytokine Release Syndrome, a severe, potentially life-threatening side effect of cancer immunotherapies”. Topline data is expected by the end of 2026. An Oral GLP-1 proof of concept trial for an obesity treatment.
Healthcare services provider Totally (TLY) is considering offers for subsidiaries. This is the only practical way to pay off liabilities. However, the proceeds may not be enough to meet all liabilities.
Energy assurance and optimisation services provider Inspired (INSE) has published a document rejecting the 68.5p/share offer by Regent Gas. The argument is that the offer undervalues the business, and it is not in the best interests of shareholders to take control of Inspired.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) grew first quarter revenues by 19% to £61m. Acquisitions and the electric vehicle charging operations are driving the improvement. US tariffs are likely to impact on £4m of last year’s revenues.
Foam manufacturer Zotefoams (ZTF) says revenues are 8% ahead so far this year. They reached £50.7m at the end of April 2025. Footwear remains a strong market and there was 24% growth in transport and smart technologies sales. Construction is a weaker market.
Fully listed natural resources company Ajax Resources (AJAX) is applying to join the Aquis Stock Exchange Growth Access market. This follows a planned acquisition of Minas La Escondida, which has two copper and gold licences near to the company’s Eureka mine in Argentina, which has previously been in production. There are plans to raise £1.5m at 4p/share. There is currently £650,000 in the bank.
Andrew Hore
Quoted Micro 14 April 2025
AQUIS STOCK EXCHANGE
BWA Group (BWAP) published an updated inferred mineral resource for the Dehane heavy mineral sands project in Cameroon of 4.2 million tonnes at 3.5% THM cut-off, comprising grades of ilmenite at 0.99%, kyanite at 1.54%, rutile at 0.13% and zircon at 0.11%. There are plans for a fundraising during this year to finance the development of the project. Chairman Jonathan Wearing bought 500,000 shares at 0.2p each and Tricastle Investments, a company he controls, purchased 1.33 million shares at 0.15p each, taking his total stake to 25.85%.
Tectonic Gold (TTAU) is acquiring Godolphin Exploration, which is exploring for tin and copper in Devon and Cornwall, for £3.66m. The two assets are Devon Great Consols and Great Wheal Vor and there are option agreements for each of them. The company intends to consolidate every 20 shares into one new share and change its name to Tamar Minerals. Mark Thompson will join the board.
All Things Considered (ATC) is acquiring 75% of Easy Life Entertainment, which is an artist management, PR and record label owner. The consideration is £750,000. Annual revenues are £510,000. There will be cross-selling opportunities.
Richmond Hill Resources (SHNJ) has signed a term sheet to potentially acquire mineral exploration licences in Quebec. The consideration is £3.3m in shares. A condition of the deal is a move to AIM. Trading in the shares has been suspended.
Cooks Coffee Company (COOK) says full year group store sales were 26% higher at £35.1m. Operating cash flow is growing.
EDX Medical Group (EDX) is launching TC100, a highly accurate early detection test for testicular cancer. A blood sample is assessed. There have been more than 30 study reports on the test.
Automotive electrification technology developer Equipmake (EQIP) has received a £368,000 order from Gilmour Space Technologies, which about to launch an Australian orbital rocket later in the year. Equipmake will supply electric motors and inverters.
RentGuarantor Holdings (RGG) increased quarterly revenues by 92% and average revenues per contract were 2.5% ahead in the three months to March 2025.
Mendell Helium (MDH) has raised £796,000 through a placing and subscription at 2p/share. Once the option to acquire M3 Helium Corporation is taken up a move to another UK stockmarket will be considered.
Valereum (VLRM) says the £19m strategic deal with DMC is nearing completion but the additional £1m subscription by a UK institution will not happen.
Clean fuel additives SulNOx Group (SNOX) says Colas Rail UK is adopting SulNOx Eco following an evaluation. There were sharp falls in emissions and a 4.5% improvement in fuel efficiency. This is the first major contract in the rail sector.
Chief executive Paul Mathieson’s stake in Investment Evolution Credit (IEC) has reduced from 35.4% to 29.9%. Michael Rogers has a 4.88% shareholding.
Unicorn Asset Management’s stake in skincare technology developer Incanthera (INC) from 11.4% to 10.8%.
Ananda Pharma (ANA) has appointed former GW Pharma executive director Chris Tovey as an adviser.
ASSET MATCH
Political information provider Merit Group (MRT) has joined the Asset Match trading platform following its exit from AIM. Lord Ashcroft owns 42%.
JP JENKINS
Models and collectibles company Hornby (HRN) has left AIM and joined JP Jenkins.
AIM
Thor Explorations (THX) has announced a maiden dividend alongside its 2024 results. Higher gold production and lower production costs at the Segilola gold mine in Nigeria enabled net profit to jump from $10.8m to $91.1m on revenues up from $141.2m to $193.1m. There is no debt and net cash of $11.2m. Costs are expected to rise this year and production should be at least maintained. Dividends will be paid quarterly, and the first dividend is C$0.0125p/share – this will be the minimum quarterly level. The shares go ex-dividend on 1 May. The dividend policy will be reviewed in two years.
Ceramic hospitality products manufacturer Churchill China (CHH) is indicating its confidence for the medium-term by increasing the final dividend by 6% to 26.5p/share, which takes the total for the year to 38p/share. This was despite the dip in pre-tax profit from £10.8m to £8.5m as revenues fell from £82.3m to £78.3m. In the UK the sales to national pub and restaurant chains rose, but independents spent less. There was a decline in international revenues, although £1.1m of hotel projects were won. Additional retail business was taken on to help keep the manufacturing facilities running at an efficient level even though it is lower margin. The US was 9% of revenues and tariffs create uncertainty, but there may also be opportunities to gain from manufacturers in countries where the additional tariffs are higher. There is a new manufacturing facility in Romania. A flat profit is expected this year.
Franchised lettings and property sales business The Property Franchise Group (TPFG) has made good progress integrating Belvoir. In 2024, the acquisitions meant that revenues jumped from £27.3m to £67.3m, while underlying pre-tax profit doubled to £22.3m. Even earnings improved from 28.4p/share to 31.4p/share. The dividend was raised from 14p/share to 18p/share. Net debt was £9.1m at the end of 2024.
Greatland Gold (GGP) is changing the domicile of the holding company to Australia. This will be called Greatland Resources Ltd and is part of the process of gaining a listing on ASX. The AIM quotation will be retained.
Organ transplant diagnostics developer Verici Dx (VRCI) has received the local coverage determination for Tutivia reimbursement, so revenues on the tests can start to be recognised. There were 292 tests ordered in the first quarter of 2025 and price has been set at $2,650 each. The annual global market is 100,000 patients. Singer previously cut 2025 estimated revenues from $11.6m to $4.4m. A fundraising is expected by June.
Induction Healthcare (INHC) is recommending a 10p/share cash bid from VitalHub Corp. That values the digital healthcare technology company at £9.7m. The flotation in 2019 raised £14.6m at 115p/share.
A strong gold price has benefited pawnbroker Ramsdens Holdings (RFX) in the first half and led to an upgrade in forecasts. Retail jewellery sales were also strong and the outlook for pawnbroking is positive. Panmure Liberum has raised its 2024-25 pre-tax profit forecast from £12m to £13.1m. There was a small downgrade for the foreign exchange division, and this is not expected to show growth next year.
Character Group (CCT) says that tariffs could hamper US sales this year and market guidance is being withdrawn. They were one-fifth of sales last year and it is difficult to assess the impact of the tariffs. Character still expects to be profitable in the year to August 2025. Interim figures should be in line with expectations.
Peru-focused gold explorer Nativo Resources (NTVO) is undertaking a feasibility study at the Toma La Mano tailings dump and there are other tailings dumps that are being considered. This will require additional funding. Peterhouse is subscribing for 12 million shares at 0.15p each, which gives the broker a 19.4% stake. That will be used to offset fees and Peterhouse will try to place the shares and provide Nativo Resources with 95% of the proceeds. Cash is being carefully managed, and some directors will receive their salary in shares. Further funds will be required by May and there are discussions with finance providers. Debt is being restructured. Nativo Resources is issuing 15.4 million shares at 0.7475p each to acquire Morrocota gold mine, which is near the 50%-owned Bonanza gold mine. The vendors are also subscribing for £10,000 of new shares. There are plans to start contract mining at Morrocota.
Clinical trials manager hVIVO (HVO) reported 2024 figures in line with its previous trading statement. Revenues improved from £56m to £62.7m and pre-tax profit rose from £11.9m to £14.1m. There was net cash of £44.2m before recent acquisitions and it is still expected to be £38m at the end of 2025, leaving room for more acquisitions. The 2025 revenues guidance for hVIVO is £73m.
Audioboom (BOOM) says the latest quarterly figures show record revenues per thousand downloads. The podcast platform operator increased 2024 revenues by 13% to $73.4m. The first quarter performance and advertising bookings were 15% ahead of the first quarter of 2024. Revenues are currently forecast to grow by 9% in 2025.
Belluscura (BELL) has withdrawn guidance for 2025 because of the uncertainty due to increased tariffs on imports to the US. The company’s portable oxygen concentrators are predominantly made in China, and the tariff will increase from 20% to 54%. Belluscura had been moving towards profitability. That is less likely to happen and could put pressure on the cash position. Earlier in the year, £4.7m was raised at 2p/share. John Gunn has increased his stake from 7.83% to 8.14%.
Consumer appliances retailer Marks Electrical (MRK) is showing signs of improvement. The full year trading statement shows revenues growing by nearly 3% to £117.2m, which was slightly lower than forecast. Pre-tax profit is set to fall from £3.3m to around £2.1m. Net cash was £8.8m at the end of March 2025.
Liquidators have been appointed to Bushveld Minerals (BMN). SP Angel has resigned as nominated adviser and broker.
MAIN MARKET
New Frontier Minerals Ltd (NFM) says the initial findings of rock chip samples from the Harts Range project in Northern Territory, Australia show heavy rare earths. There is Dysprosium Oxide (11.75%) and Terbium Oxide (1.87%). This is particularly attractive because of China restricting exports of rare earths.
Tirupati Graphite (TGR) has raised more than £2.5m from a zero-coupon convertible loan note issue. The conversion price has been lowered to 3.75p. In March, the Vatomina project has produced 388MTs of flake graphite concentrate. Lower ore grades and shutdowns meant that production was lower than expected. The audit of the annual results to March 2024 has resumed.
Andrew Hore
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covers #GSCU, #GGP, #CYK & #OHGR
On this week’s Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn, we discuss:
Great Southern Copper #GSCU
Greatland Gold #GGP
Cykel AI #CYK
One Health Group #OHGR
Quoted Micro 24 February 2025
AQUIS STOCK EXCHANGE
Aquis-quoted healthcare procedures supplier One Health Group (OHGR) plans to move to AIM. As part of the process, it raised £5.2m from a placing at 180p/share and existing shareholders have the chance to take up shares in an open offer of up to £500,000. A WRAP retail offer could raise up to £500,000 more. The cash will be invested in the first owned surgical hub. This will cost up to £9m and it could generate £9m of income each year. It should be earnings enhancing in the first full year of operation. The employee benefit trust (EBT), the chairman and chief medical officer are selling £2.2m worth of shares. The EBT will repay a £750,000 loan to the company. The retail offer closes on 24 February. The minimum subscription is £100.
Invinity Energy Systems (IES) has signed a partnership with Frontier Power, and it will provide the partner with flow batteries for potential projects supported by the UK’s long duration cap and floor mechanism, where applications should commence in the summer. Frontier Power has reserved up to 2GWh of manufacturing capacity to underpin its bids. There will be an upfront fee when projects have been won. There could also be international opportunities.
EDX Medical Group (EDX) has developed a new test for prostate cancer. The test can identify cancerous cells, whether the cancer is early stage or late stage and how aggressive the cancer is. More than 100 biomarkers are measured by the test, which is more than rival tests. Accuracy should be better than 96%. There are 55,000 cases of prostate cancer in the UK each year. Founder Professor Sir Chris Evans acquired a total of 320,000 shares at an average share price of 13.68p each, plus 20,000 shares at 13.5p each, taking his stake to 37.3%. Chief executive Dr Michael Hudson bought 45,888 shares at 10.87p each, taking his stake to 5.84%, and deputy chair Martin Walton purchased an initial 85,000 shares at 10.717p each.
Valereum (VLRM) has entered into an agreement with DMC Markets Inc for a cash raise of £19m. Previously it was expected to be £13m. There will be 130 million shares issue at 10p ach and 20 million shares issued at 20p each, plus a further 20 million shares at 10p each that were previously under option to Blue Sky Vision. This will be done via a new company called Valereum Inc, which will hold 48.9% of Valereum. A UK investor will invest an additional £1m at 20p/share. The cash will be invested in minority stakes in four strategic assets sourced by DMC.
ProBiotix Health (PBX) has an agreement with Kemin China Technology, which will sell LP LDL as a cardiometabolic health ingredient in China, Hong Kong and Macau. The sales will be co-branded. Chief executive Steen Andersen has been granted 9.05 million options with an exercise price of 9.5p. They last ten years and performance criteria have to be met for them to be exercised.
Vehicle electrification technology developer Equipmake (EQIP) has signed a development agreement with JC Bamford. It will develop specific power electronics for JCB. This is an initial six-month development agreement.
Coinsilium Group Ltd (COIN) says portfolio company Otomato Web3 Agent Protocol, which has commenced the launch of the Otomato.xyz platform. The public launch is scheduled for the second quarter of 2025. The platform streamlines Web3 interactions. As well as its stake, Coinsilium has the rights to 7.5% of revenues generated by the platform up to the Token Listing Event.
Ananda Pharma (ANA) has completed the manufacture of a final technical batch of MRX1 CBD drug candidate. This enables the next step of the process to achieve MHRA clinical trial approval.
Arbuthnot Banking Group (ARBB) is trading in line with expectations and is set to achieve a 2024 pre-tax profit of £34.5m.
Tap Global Group (TAP) has raised £1m at 2p/share and this will be invested in the fintech app platform and growing its database of registered users.
SulNOx Group (SNOX) non-exec Nicholas Fairfax has bought 91,350 shares at 87p each. SulNOx has secured a patent in Malaysia covering a range of formulations for emulsifiers and fuel conditioners.
Mark Lyttleton has a 3.11% stake in WeCap (WCAP). Stephen Hill has 3.7% of Igraine (KING). Kasei Digital Assets (KASH) director Bryan Coyne bought 1.06 million shares at 11.22p each, taking his stake to 18.9%.
ASSET MATCH
Marshall of Cambridge (MCH) says the MoD has sold 12 ex-RAF C-130 aircraft to the Turkey government. Marshall has undertaken life extension work on seven of the aircraft and it will do the same work on the other five aircraft for the Turkey government. The value of this contract is £200m and it includes ongoing maintenance. This work will last until 2028. The US authorities are required to approve the deal.
JP JENKINS
Hotel chain operator Studio Stays Hotel Group (SSHG) has joined JP Jenkins. This is a company that was formed by chief executive Grant Bovey on 7 February 2025. It has raised £50,000 at 0.5p/share. The plan is to develop a business that generates income from hotels and AIRBNB.
Deltex Medical Group (DEMG) has departed AIM and moved to the JP Jenkins matched bargains platform. The share price ended on AIM at 0.024p. Deltex Medical has developed ultrasound-based oesophageal doppler monitoring equipment for surgery and intensive care use.
Tribe Technology (TRYB) has also left AIM. The last share price on AIM was 0.075p. Northern Ireland-based Tribe Technology is a developer of autonomous mining equipment.
AIM
Cash shell Rosebank Industries (ROSE) is in discussions with Cerberus Capital about the acquisition of Electrical Components International Inc (ECI). US-based ECI is a supplier of critical electrical distribution systems to a range of industries. No price has been put on the acquisition, but it will require a significant share issue and a new debt facility. The deal is subject to due diligence and will require a document for readmission to AIM. Trading in Rosebank Industries shares has been suspended until there is a document. Rosebank Industries joined AIM on 11 July 2024 after raising £50m at 250p/share. There was cash of £48.1m at the end of 2024.
Greatland Gold (GGP) released maiden drilling results for the West Dome Underground target at the Telfer prospect. This deposit is 800 metres below the West Dome open pit. There were 16 out of 19 holes that intercepted significant mineralisation. The weighted average intercept is calculated as 23 metres at 2.95g/t gold and 1.07% copper. This could extend the mine life. There will be a second phase of drilling.
Rail software and technology company Tracsis (TRCS) has won the contract to provide the ‘tap converter’ ticketing technology that will enable pay-as-you-go travel across the UK rail network. Tracsis previously supplied a similar service to some train operators. This will generate a small, fixed payment to Tracsis with every journey and could generate highly significant revenues. If 10% of journeys are via PAYG then this could generate £3m of annual revenues. The technology will not be deployed until 2026 and will take time to roll out, so it does not affect the 2024-25 forecasts and is not included in the 2025-26 pre-tax profit forecast of £15.3m. The Department of Transport has published a document outlining plans for Great British Rail and this should lead to the ending of uncertainty of the future of rail.
Medical and radiation technology developer Kromek (KMK) has received the initial payment of $25m from its deal with Siemens. This will enable Kromek to be profitable this year. The total agreement is worth $37.5m. The rest is payable over four years. The deal was announced at the end of January and is for producing cadmium zinc telluride (CZT) detectors for single photon emission computed tomography (SPECT) applications. This is a non-exclusive agreement and could lead to deals with other companies. Cavendish forecasts a 2024-25 pre-tax profit of £4.9m after a recovery in revenues in the second half. This could fall to £2.1m next year. Net cash is expected to be £1.8m at the end of April 2025 and Kromek is likely to stay in a net cash position for the next two years.
TheraCryf (TCF) is raising £4.25m at 0.25p/share. The previous closing share price was 1p. The cash will finance the pre-clinical development of Orexin-1, which came with the acquisition of Chronos Therapeutics. Orexin-1 is a potential drug for a range of neuropsychiatric disorders, including addiction and anxiety. This market could be worth $67.6bn by 2034. The preclinical data generated will help to attract potential partners. TheraCryf was previously expected to have net cash of £900,000 by the end of March 2025. Former Avacta boss Dr Alastair Smith has been appointed as TheraCryf chair. He will take his fee for at least 12 months in the form of shares.
Film and media localisation services provider Zoo Digital (ZOO) expects full year revenues to be at least $50.5m and a return to positive EBITDA of at least $1m. These are below expectations, though. Trading recovered following the writers’ strike in Hollywood, but there have been delays and cancellations. Zoo Digital is a preferred fulfilment vendor for Amazon Prime Video and there is an increase in potential work, predominantly for existing content. Original content production remains subdued and may not recover until nearer the end of the year. This year dubbing revenues will be lower than last year. Fixed costs have been cut by one-fifth over the past year and margins are improving.
Scotland-based housebuilder Springfield Properties (SPR) is selling land holdings in central Scotland to Barratt for £64.2m and could sell further sites. This will contribute a significant profit in the year to May 2025. Springfield Properties will refocus on the north of Scotland. Trading has been weak so far in this financial year. Interim revenues declined 13%, but better margins meant that pre-tax profit recovered from £2m to £3.8m. Singer has downgraded its 2025-26 pre-tax profit forecast by 14% to £14.2m, but the dividend is expected to continue to recover. A net cash position is expected by 2027.
Transense Technologies (TRT) reported interim figures showing revenues 36% ahead at £2.46m, although pre-tax profit was 13% lower at £550,000. Hiring is going on to build up the business to cope with further growth and this is holding back short-term profit. Full year pre-tax profit is expected to edge up to £1.6m this year, before slipping back to £1.3m in the year to June 2026. It should then return to growth. The company recently secured a new distribution agreement with Haltec Corporation, a US tyre valve company focused on mining, truck and aviation sectors. Cash was £1.19m at the end of 2024, but it rose to £1.87m at the end of January 2025.
Cambridge Cognition (COG) has submitted a letter of intent to the FDA under the Drug Development Tool pathway. This relates to the development of digital cognitive assessments reliable measurement of Cognitive Impairment Associated with Schizophrenia (CIAS). Cambridge Cognition does not require regulatory approval for its assessments, but the FDA qualification would help to broaden the adoption. The FDA has a backlog, and it could take more than two months to get a response. The next step would be to submit a detailed plan. Cambridge Cognition’s CANTAB platform has been used in the analysis of two phase 3 rials that were used in the FDA approval of Cobenfy from Bristol Myers Squibb. Cobenfy is the first antipsychotic drug to be approved with a new mechanism of action was approved in September 2024.
Compliance and resource management software provider AdvancedAdvT Ltd (ADVT) is winning new business and generating renewals on improved terms. Demand for cloud and digital services is growing. Singer expects EBITDA of £9.6m, having previously forecast £8.4m. The 2026 EBITDA forecast has been raised from £8.8m to £10.1m. AdvancedAdvT is still at an early stage of its buy and build strategy. Net cash is estimated to be £88m.
Media marketing platform developer SEEEN (SEEN) says 2024 revenues grew from $2.1m to $3.2m following a strong second half. This suggests that the business is gaining momentum and the current annual run-rate for revenues is $5m, which is in line with forecasts. A large publisher has contracted SEEEN to manage its video library on YouTube. SEEN has IP that can maximise the income from these videos. Revenues were below forecast but the outlook is positive.
Biome Technologies (BIOM) is planning to leave AIM and is holding a general meeting on 13 March to gain shareholder agreement. Access to additional funding is difficult with a depressed share price due to trading disappointments. Management believes it will be easier to raise cash as a private company without a public share price. It will also be easier to enter into transactions without having to make announcements. There will also be cost savings. JP Jenkins will provide a matched bargains facility.
Allergy Therapeutics (AGY) says published data from its phase III G306 study for its grass allergen immunotherapy Grass MATA MPL shows a 20.3% improvement, which is much higher than for trials of other treatments. The treatment requires six injections rather than up to 100 injections and tablets of other treatments. The quality of life improves by 27.7%. A marketing authorisation application has been filed in Germany.
Totally (TLY) chief executive Wendy Lawrence has stepped down and the board is seeking a replacement for the healthcare services provider. This follows the trading statement at the end of the previous week when the company lost a contract. Totally is still expected to make a pre-tax profit of £700,000 for the year to March 2025, but Canaccord Genuity has cut its 2025-26 forecast from £1.6m to £700,000. Professor Prasad Godbole is interim chief executive, although he is not on the board.
MAIN MARKET
Helium and hydrogen explorer Georgina Energy (GEX) has paid the A$50,000 deposit to AIM-quoted Mosman Oil and Gas (MSMN) as part of the acquisition of the company that owns the EPA155 permit. This covers Mt Winter, where previous drilling has identified helium and hydrogen, along with natural gas. The final acquisition is dependent on government authorisation of the exploration permit. This will trigger the second payment of A$300,000. Seismic data is being reprocessed. At the Hussar project, the Environmental Impact Survey is being completed.
First Tin (1SN) says crushing test work at the Taronga tin project in Australia shows it is possible to obtain up to 89.5% up to 89.5% of the contained tin. The average is 87.1% across seven samples. Testing is ongoing.
Andrew Hore
Alan Green covers ONDO Insurtech #ONDO, Greatland Gold #GGP & Coinsilium #COIN on this week’s Stockbox Research Talks
Alan Green covers ONDO Insurtech #ONDO, Greatland Gold #GGP & Coinsilium #COIN on this week’s Stockbox Research Talks
Quoted Micro 16 September 2024
AQUIS STOCK EXCHANGE
Exchange services provider Aquis Exchange (AQX), which is also quoted on the Aquis Stock Exchange, has already warned that the loss of a software contract will hit revenues this year. Net interim revenues were still 4% ahead at £10m. Pre-tax profit was 8% lower at £1.1m. There was a small dip in revenues of the core exchange division. Net cash was £14.5m at the end of June 2024. There are plans to increase investment in technology to increase the addressable market, so year-end cash will be slightly lower than expected at £15.1m.
SulNOx Group (SNOX) increased revenues from £203,000 to £544,000, but the loss was still around £1.9m. Cash was £2.15m at the end of June 2024. A generator-based study for the SulNOxEco fuel additive shows fuel savings of 15%.
Ananda Developments (ANA) has raised up to £2.1m via a placing and offer at 0.3p/share and more than £2m has come from Charles Morgan, the company chairman. Charles Morgan and Melissa Sturgess have agreed to capitalised debt owed to them. The cash will fund the manufacture of MRX1 for CIPN and Endometriosis phase II studies, as well as a pharmacokinetic study for MRX1 in Australia.
Newbury Racecourse (NYR) improved interim revenues 16% to £9.28m, while the cost base rose 11%. The loss was reduced from £649,000 to £352,000. The remainder of the year is expected to be difficult.
The increase in the value of the 15% stake held by Global Connectivity (GCON) lead to the July 2024 rising from £7.8m to £17.2m in a six-month period. That is 4.25p/share.
Walls and Futures REIT (WAFR) reported a 4.5% decrease in NAV to 85p/share, although investment property value rose 2.4%. The was reduced to £44,000. The company is finding it difficult to raise additional funds.
Ace Liberty and Stone (ALSP) maintained revenues at £5.6m. There is 96% occupancy of the group properties. NAV fell from £34.4m to £31.7m at the end of April 2024.
Voyager Life (VOY) says that M3 Helium’s preparations for bringing the Rost1-26 well into production are advanced. Voyager Life has an option to acquire M3 Helium.
Cooks Coffee Company (COOK) increased sales by 23% to £13.8m in the 22 weeks to 1 September. The main growth was in the UK stores. Ten further outlets ae expected to open by the end of the financial year.
Investment company EPE Special Opportunities Ltd (EO.P) reported a reduced loss because there was a gain on fair value movements on investments compared with a loss last time. There was cash of £18.4m at the end of July 2024. NAV was 319p/share at the end of July, and it fell back to 314p/share by the end of August.
Warrants held by lupus treatment developer ImmuPharma (IMM) to subscribe for shares in Incanthera (INC) at 9.5p each have been extended to the end of March 2025 in return for a £75,0000 payment by ImmuPharma.
BWA Group (BWAP) chairman Jonathan Wearing has subscribed for 50 million shares at 0.5p each.
Jonathan Adnams has stepped down as chairman of Adnams (ADB) because of ill health. Simon Townsend will be interim chairman.
AIM
Greatland Gold (GGP) shares returned from suspension after announcing the purchase of Newmont Corporation’s 70% stake in the Havieron gold-copper project, as well as 100% ownership of the Telfer gold-copper mine and other assets in the Paterson region. The total cost is $475m in cash and shares. A placing raised £248.6m ($325m) at 4.8p each, which is a 30% discount to the market price. Wyloo is subscribing up to $100m and Newmont Corporation will own more than 20% of the gold explorer. A retail offer raised £6.7m.
Marlowe (MRL) is demerging the occupational health division as an independent AIM company called Optima Health by the end of September. Shareholders will receive one share for each Marlowe share held. Marlowe will focus on testing, inspection and certification operations. So far, £41m of the £75m share buy back has been spent. Marlowe continuing revenues are forecast to be £306m and pre-tax profit £13m.
Energy optimisation services provider Inspired (INSE) interim revenues edged up from £44.6m to £45m and pre-tax profit dipped from £6.2m to £5.7m. That was lower than forecast. Optimisation revenues declined, but product mix meant that margins were better. Cross-selling is helping to grow the ESG division and other parts of the business. Net debt is £57.6m. There is only £2.2m of contingent consideration due to be paid. Debt should start to decline over the next few years.
Chain and transmission equipment Renold (RNO) has made another earnings enhancing acquisition. Canada-based MAC Chain Company is being bought for $31.4m. This fits well with the CVC business and enables expansion into the forestry market. Last year’s pre-tax profit was $3.5m.
Optimisation software provider Checkit (CKT) reported a flat loss of £2.3m on the back of a 16% increase in interim revenues to £6.7m. However, the full year figure is set to fall from £4.2m to £3.9m. Annualised recurring revenues are £13.8m and that underpins the full year revenues forecast of £14.2m. Net cash was £7m at the end of July 2024 and higher R&D spending means that year-end cash is likely to be slightly lower than previously expected at around £5m. Chairman Keith Daley bought 135,000 shares at 21p each.
Cross-border currency payments services provider Finseta (FIN) reported a sharp increase in first half profit, although investment in growing the business will hold back profit in the short-term. There was a £100,000 contribution from the final payment relating to the licencing agreement with Avila House. The loss of that income, a higher depreciation charge and additional overheads for new operations such as a corporate Mastercard and a Canadian office means that full year pre-tax profit could dip from £1.4m to £1.3m. The benefits of the investment will be seen next year with an expected jump in pre-tax profit to £2.5m.
Contract research and infectious disease study services provider hVIVO (HVO) reported 2024 revenues 31% ahead at £35.6m, while pre-tax profit improved from £4.18m to £7.15m. The new Canary Wharf site has opened and provides additional capacity. Cash was slightly lower than anticipated at £37.1m.
Gaming machines hardware and displays supplier Nexteq (NXQ) was hit by destocking in both of its divisions. Interim revenues and profit were expected to fall. Interim revenues were 14% lower at $48.2m. Net cash reached $36.9m. The full year revenues forecast is being maintained at $93.9m to £114.3m.
Packaging equipment and automation provider Mpac Group (MPAC) reports a strong improvement in first half figures, although the comparatives were weak. Revenues improved from £52.8m to £60m, while pre-tax profit rebounded from £1.9m to £4m. The closing order book is £71.4m. Net debt is £4.9m and should be lower at the year end.
Trading in Eurasia Mining (EUA) shares has resumed following the publication of 2023 accounts late on Friday. Net cash was £1.1m at the end of 2023. The company has also agreed a one year working capital facility for up to £2.5m. The loan lasts until next August and is convertible at 2.7p/share. There are five tranches with around £1m of the loan dependent on a term sheet to sell the Russian asset. The lender will receive a payment of 12.5% of the facility, plus 5% of any draw downs, in shares at 2.3p each.
Shore Capital upgraded animal feed additives supplier Anpario (ANP) after it reported an 11% increase in interim revenues of £17m on the back of a much greater rise in volumes and slightly lower pricing. Raw material costs have stabilised. Full year revenues expectations have been raised from £33m to £34m, while the pre-tax profit estimate is increased from £3.9m to £4.4m, up from £3.5m in 2023.
Fulcrum Metals (FMET) is raising £643,500 at 8p/share and directors will subscribe for an additional £114,500 once the interims are published. The cash will be invested in the Teck-Hughes and Sylvanite gold tailings projects in Canada. This should enable nearer-term revenues Management will also review opportunities for exploration drilling on the Tully and Big Bear prospects and a potential technology testing facility in Ontario.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) interim revenues improved 8% to £109.6m and underlying pre-tax profit rebounded from £9.4m to £11.2m. Like-for-like growth was 3.6%. The interim dividend was improved from 1.6p/share to 1.7p/share. LED lighting revenues declined, while portable power and wiring accessories revenues improved. Panmure Liberum forecasts a full year pre-tax profit improvement from £21.2m to £23m.
Hostmore (MORE) has terminated the proposed acquisition of the TGI Friday’s master franchise owner. The sale of corporate stores has reached an advanced stage. However, the proceeds may be lower than the value of related borrowings so there will be no return for the company. Once the sale is complete the holding company will be wound up.
Critical Metals (CRTM) has raised £50,000 from NIU Invest and has entered into a term sheet for a cash injection of up to £2.5m. NIU has already invested £1.1m in convertible loan notes as is the latest investment. The conversion price is 2p/share. NIU is also receiving warrants exercisable at 0.5p/share.
Shell company Ikigai Ventures (IKIV) has been moved to the new, temporary shell category. This provides one year to comply with additional requirements and a further two years to make an acquisition.
Andrew Hore