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Decentralised finance (DeFi) focused investment company Dispersion Holdings (DEFI) raised £9m at 3p a share. The share price closed at 4.15p (3.8p/4.5p) and there were just over one million shares traded on the first day. The market capitalisation is £25.4m. Shares were originally issued at below the placing price and the underlying NAV is 1.8p a share. Dispersion has already made two investments, although one of those is a £210,000 investment in NFT Investments, which has management in common, at the equivalent of 7p a share. NFT’s placing was at 5p a share and the investment was made after the shares commenced trading. Since then, the share price has fallen to 3.85p (3.7p/4p).
Semper Fortis Esports (SEMP) has the management experience to exploit the fast-growing esports sector. The board includes football adviser Keith Harris. Chief executive Kevin Soltani was a co-owner of an esports franchise in MENA and co-founded the GIMA Esports Agency with chief operating officer Jassem Osseiran. The Semper Fortis Esports shareholder register includes the likes of Chris Akers. Semper Fortis Esports raised £2.5m, after expenses, at 1p a share. Pro forma net assets are £2.13m, with £2.15m cash in the bank. The pro forma NAV is just over 0.5p a share. The share price ended the week at 3.95p (3.8p/4.1p).
Greencare Capital (GRE) has invested £100,000 in Voyager Life, as part of a £671,000 before an Aquis flotation. Voyager Life supplies CBD and hemp seed oil products. This follows the £100,000 investment in CBD products supplier Clearly Supplements in the form of a 5% convertible loan. The Covid-19 pandemic and legislation changes hampered the planned reverse takeover, and it did not go ahead. There should still be more than £1m in cash in the balance sheet after the investments.
Revenues fell 59% to £8.49m at Newbury Racecourse (NYR) and there was a loss of £2.27m. Only four race meetings had people attending last year. There were 20 race days last year and there will be ten by 17 May this year. There was £1.5m raised from the sale of surplus land. There was £5.53m in the bank at the end of 2020. Net assets were £48.9m, down from £51.4m.
Spirits maker British Honey (BHC) says that first quarter revenues, excluding hand sanitisers, increased by one-quarter to £1.33m. The integration of Union Distillers is nearly complete. A new bottling line will increase capacity to four million bottles a year by the end of 2021. A new bottling line for miniatures is also being installed.
Gunsynd (GUN) has made a £200,000 in DiscovOre (ORE) at 2p a share. DiscovOre is changing its investing strategy to focus on the medical psychedelic sector.
Supported housing provider Walls and Futures REIT (WAFR) says that NAV has fallen by 5% to 102p a share. John D Wood values the company’s properties at £3.2m. The company collected 100% of rents last year. Virgata Services has to publish an offer document by 6 May.
Primorus Investments (PRIM) has invested $2.5m in convertible loan notes in standard listed Mustang Energy (MUST) as part of a fundraising to pay for a 22.1% stake in VFFB-H, which owns 50% of Enerox, an Austria-based vanadium redox flow battery manufacturer. AIM-quoted Bushveld Minerals (BMN) is the majority shareholder in VFFB-H. Enerox plans to raise £30m. Trading has been suspended in Mustang Energy shares.
Altona Rare Earths (ANR) is proceeding with the acquisition of the Monte Muambe rare earths project. The contract is being finalised and then Altona will start the earn-in to progress towards a 70% stake in the project. Altona is still assessing other projects. An application has been filed for a standard listing.
Angelfish Investments (ANGP) has raised £42,000 at 0.00258065 a share, plus £90,000 via a convertible loan facility at the same conversion price as the placing. Simon Grant-Rennick has been appointed executive chairman and Burns Singh Tennent Bhohi, who has taken a 14.8% stake, as an executive director.
Two locations have shown strong gold intersection at surfaces at NQ Minerals (NQMI) 100%-owned Beaconsfield gold mine in Tasmania. The surface potential could add significant resources to Beaconsfield.
Positive results have been reported by BWA Group (BWAP) from the sampling at the Nkoteng rutile sands project in Cameroon. There are elevated intervals of rutile-ilmenite, zircon and kyanite over continuous zones.
SulNOx Group (SNOX) has signed an Africa-focused distribution agreement with Rigworld Solutions. This formalises and earlier agreement.
Watchstone Group (WTG) has made the switch from AIM to Aquis.
Coinsilium (COIN) has raised £18,500 from the sale of treasury shares at 18.5p each.
Hurricane Energy (HUR), which at one time was a constituent of the AIM 50, is restructuring its balance sheet. This would involve swapping $50m of the principal of the company’s convertible bonds into 95% of the enlarged share capital. The terms of the remaining $180m of bonds will be amended. The business will focus on extending the oil production case for the Lancaster 205/21a-6 well.
Construction services consultancy Driver (DRV) says that its latest underlying interim profit will be slightly lower than for the same period last year, which was £1.25m. That is a strong comparative period. Lockdowns have varied in the different operational countries. Driver also lost a team in Asia Pacific to a rival. The focus is higher margin work and activity levels are improving. Net cash was £7.2m at the end of March 2021. The interims will be published on 8 June.
Pennant International (PEN) fell into loss in 2020 and it should manage to return to profit this year. Forecast revenues of £16m are 90% covered by the order book. Pennant wants to win more business in the rail sector.
Pollen Street Capital is bidding 75p a share for spend control software supplier Proactis (PHD) and the board is recommending the offer, which values the company at £71.6m. Pollen Street has the finance to accelerate growth. The bid is at 24 times prospective 2020-21 earnings, falling to 19 next year.
Building software supplier Eleco (ELCO) says that first quarter revenues were 9% ahead at £7m, while year-on-year pre-tax profit was one-fifth higher. Net cash was £7.9m at the end of March 2021. A general meeting has been requisitioned so that shareholders can vote on the re-election of executive chairman Serena Lang and non-executive director Kevin Craig, a resolution to make it compulsory for all directors to come up for re-election at every AGM and a vote on the remuneration report in the 2020 accounts.
Cosmetics supplier Warpaint London (W7L) had an improved second half and momentum is continuing into next year. In 2020, revenues fell from £49.3m to £40.3m, but earnings halved from 6.3p a share to 3.1p a share.
President Energy (PPC) expects to bring the EV-1001 well on the Estancia Vieja gas field into production during May. The drill rig will be moved to the next location. President is expected to return to profit in 2020.
Amiad Water Systems (AFS) plans to transfer its quotation to the Tel Aviv Stock Exchange.
In 2020, Argo Blockchain (ARB) increased revenues from £8.6m to £19m, but it made a small loss. Cash inflow from operating activities was £12.3m, according to finnCap. This year a pre-tax profit of £30m is forecast, although working capital will consume most of the cash generated even before significant capital expenditure.
Moulded plastic parts manufacturer Carclo (CAR) says that it has maintained its full year revenues for plastics, but there was a decline in aerospace revenues, and made a profit. Net debt has been reduced from £22.1m to £20m.
InnovaDerma (IDP) raised an additional £500,000 in an open offer and that took the total raised to £4.5m. This will fund ecommerce investment.
AQUIS STOCK EXCHANGE
Medical device developer TruSpine Technologies (TSP) ended the week at 34.5p (32p/37p). TruSpine has raised £1.4m at 36p a share with a commitment for a further £250,000. This should provide enough cash until Cervi-Lok, which is one of the three spinal stabilisation devices being developed, starts to generate sales.
Coinsilium Group Ltd (COIN) says that its joint venture with IOV Labs has signed a deal with RedFOX Labs to build fast scaling internet business on the RSK blockchain. Coinsilium has also secured an adviser role to Indorse for a forthcoming initiative to revive the token economics of its IND token through a decentralised finance model. The value of Coinsilium’s cryptocurrency holdings is $575,000, with further tokens worth $105,000 set to vest over the next 12 months.
KR1 (KR1) has started to generate revenues from staking activities on the Polkadot network, which is KR1’s largest investment. So far, 530.67 DOT have been generated and this has raised $194,802.
Cadence Minerals (KDNC) is raising £1.25m at 12p a share. This will provide working capital and help to pay back loan notes, which are currently valued at £1.7m.
Wishbone Gold (WSBN) is raising £400,000 at 2p a share. Gold exploration is commencing at the Wishbone II project in Queensland. Exploration will also restart at the White Mountains project.
Gunsynd (GUN) owns 4.97 million shares in nickel project developer Sunshine Minerals, which is being acquired by Malachite Resources. Gunsynd will receive 1.26 million shares in Malachite with further deferred consideration of 1.64 million shares.
NQ Minerals (NQMI) has released positive news from surface stockpiles at the Beaconsfield gold mine. The average grade is 3.2g/tonne in 80,000 tonnes of surveyed stockpiles.
World High Life (LIFE) is increasing production capacity by 400%. The new Love Hemp facility will produce 43,000 units of CBD oils, capsules and cosmetics each day. July sales were 57% higher than in June with much higher online sales.
Belvedere Leisure (BELV) has agreed a new strategy with Landal GreenParks UK, which involves delivering lodges for domestic tourism and staycations. The company is in negotiations to acquire the Barncrosh site in Scotland and the company is seeking other sites. Belvedere Leisure Park has been placed in administration and will no longer guarantee the company bonds.
Ian Harebottle and Richard Lloyd have been appointed as directors of All Star Minerals (ASMO).
Capital for Colleagues (CFCP) chief executive Alistair Currie bought 86,419 shares at 25p each and 13,581 at 29.5p each. He has a 3.28% stake.
Online fashion retailer Sosandar (SOS) doubled its revenues last year. In the year to March 2020, revenues jumped from £4.44m to £9.03m, while the loss more than doubled from £3.55m to £7.81m. First quarter revenues were 54% higher and the lower marketing costs helped to reduce operating costs by 71%. July revenues were 57% higher than the same time last year. Gross margins have improved. There was still £4.4m in cash at the end of June 2020.
Marshall Motor Holdings (MMH) lost £8.9m in the first half of 2020. That is not surprising given that the car showrooms were shut for ten weeks. A small loss is expected for the full year, although this will depend on September demand. Vertu Motors (VTU) says that it lost £5.2m in the March to June period, but made a pre-tax profit of £7.4m in July. Used vehicle sales made a record gross profit last month with volume growth of 13.7%.
Ceramic products manufacturer Churchill China (CHH) managed to make a small profit before exceptional items. Revenues slumped from £31.9m to £18.9m with a strong start to the year offset by COVID-19 in the second quarter. The majority of sales were of hospitality products. Cash improved to £16.3m thanks to the fact that there was no final dividend last year. A potential interim dividend will be reviewed in December when the fourth quarter trading is clearer.
Elypsis Solutions has sold a 3.4% stake in Adamas Finance Asia (ADAM) to Heirloom Investment Management, leaving it with 53.6%. The Adamas share buyback programme is still active. NAV was 75p a share at the end of June 2020, compared to a share price of 26.5p.
Oil and gas producer Hurricane Energy (HUR) admits that it is likely to materially downgrade the resource estimate for the Lancaster early production system and the West of Shetland portfolio of assets. Production is expected to decline from the current 17,000 barrels of oil per day.
Synthetic heavy fuel developer Quadrise Fuels International (QFI) will receive $150,000 for equipment and support supplied to Greenfield Energy for a commercial trial, which will be completed by the end of the year.
Renalytix AI (RENX) has announced a collaboration with AstraZeneca for the use of the KidneyIntelX technology in other chronic diseases.
EKF Diagnostics (EKF) has made a $5m investment in Trellus Health in return for a 31% stake. Trellus has licenced a platform for the management of inflammatory bowel disease.
Cyber security services provider Shearwater Group (SWG) says positive momentum is continuing. An underlying EBITDA is being made due to higher margin products and efficiencies. There is £4.1m in the bank.
Motor dealer Lookers (LOOK) still has not published its 2019 accounts. Further work is required on the corporate leasing division and vehicle financing arrangements. Net debt was £13.5m at the end of June 2020, helped by delayed government payments. There was a significant first half loss in 2020.
OKYO Pharma (OKYO) is seeking a Nasdaq listing. It has raised £1.44m through additional convertible loan notes to finance clinical development.
BATM (BVC) is on course to increase full year underlying pre-tax profit from $5.2m to $8.8m on a revenues one-third higher. There was cash of $44.3m at the end of June 2020. A resumption of dividend payments is promised at the end of the year. The bio-medical division increased interim revenues by two-thirds to $50m and improved its gross margin. Demand for COVID-19 diagnostic kits remains strong. The networking division improved interim revenues by 3% to $27.4m.
LED lighting and wiring accessories supplier Luceco (LUCE) has upgraded its 2020 underlying operating profit guidance from £18m to at least £23m, helped by improved gross margins. Adjusted earnings per share are expected to be at least 11p a share. The interims will be published on 8 September.
Challenger Acquisitions (CHAL) has entered into a letter of intent to acquire Cindrigo and Cindrigo Energy, which are involved in waste-to-energy and biomass energy projects.
Metal Tiger (MTR) wants to obtain an Australian Stock Exchange listing before the end of the year.