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Brand Communications Monthly Highlights Newsletter October 2025
Brand Communications Monthly Highlights #Newsletter October 2025:
✅ Key announcements from #BRES #FDR #HREE #ECR #URU #KDNC #MSMN #MDH #SVML #GRX #FCM #AYM #SCSP
✅ CEO interviews with Richard Montjoie URU Metals #URU and Ivan Murphy Harena Rare Earths #HREE
✅ StockBox Media Research Talks October 5th | October 12th | October 19th & October 26th covering #HREE #HAMA #BUX #ARK #CMR #LEX #VLTA #BKS #FDR #BRES #COIN #SVML #WMG #MSMN #MDH #MPAL
✅ Breakout Capital Ventures #podcast October 4th | October 16th covering #IMM #MSMN #HREE #URU #SVML #BKS
Ultimate Breakout – Alan Green talks #IMM, #MSMN and #HREE with Justin at Breakout Capital Ventures
Alan Green discusses:
- ImmuPharma #IMM
- Mosman Oil & Gas #MSMN
- Harena Resources #HREE
with Justin at Breakout Capital Ventures
Quoted Micro 8 September 2025
AQUIS STOCK EXCHANGE
AI technology developer Astrid Intelligence (ASTR) moved from the Main Market to the Access segment of Aquis on 3 September. The company was previously a CBD and health products retailer known as Cellular Goods and most recently it was called Cel AI. It is developing autonomous AI agents that provide personalised wellness recommendations and holds digital assets.
Brewer Adnams (ADB) reported a dip in revenues from £31.9m to £30.1m, but the loss was reduced from £2.55m to £1.47m, even though exceptional costs were higher. There was an operating profit before exceptional charges relating to packaging recycling requirements. Debt has been cut to £11.7m and could be down to £8m by the end of September due to disposals. There are nine managed and 19 tenanted pubs left. Gains on disposals enabled the first half profit. The distribution business had mixed fortunes in the first half
The Smarter Web Company (SWC) has appointed Strand Hanson to replace Peterhouse as corporate adviser. Albert Soleiman has joined the board as finance director. The company has signed a subscription agreement with Shard Merchant Capital, which will be issued 21 million shares at par value, and the company will receive 97% of net proceeds when they are sold.
Oberon Investments (OBE) is raising £1.85m at 4p/share and two institutional investors have agreed, subject to documentation, to subscribe for £3m of convertible loan notes. The cash will be used to finance further hires for the investment management division and acquisitions. There are discussions concerning the acquisition of the wealth management division of another Uk firm. That would add £850m to assets under administration.
VSA Capital (VSA) chairman Mark Steeves will stand down after the AGM on 30 September. Mark Thompson will take over the role at the broker. VSA has entered into a five-year lease for new office premises in London and has been loaned £95,715 by 19.9% shareholder Drakewood Capital Management, which is represented on the board by Mark Thompson.
In the year to March 2025, SulNOx Group (SNOX) increased revenues from £54,000 to £1.21m, although the loss rose from £1.86m to £4.21m. Sales growth is accelerating and £564,000 has been generated in the two months to August 2025, taking the five month total to £1.09m.
Oscillate (MUSH) has conditionally agreed to sell its hydrogen assets to AIM-quoted Pulsar Helium (PLSR) for $800,000 in shares. The focus switches to base metals. Oscillate has entered a joint venture to develop the Duekoue copper gold molybdenum prospect in Côte d’Ivoire. Geochemical results and magnetic data has identified the historical anomalies.
All Things Considered (ATC) has merged its ATC Live and Arrival Artists businesses to form ROAM. The two parts of the business will still maintain financial independence.
Capital for Colleagues (CFCP) has received the fourth tranche of the disposal proceeds of its A shares in investee company The Homebuilding Centre. This was £75,259, which was well above the minimum payment of £50,000, and a fifth tranche is outstanding. Capital for Colleague still owns 13% of the homebuilding advice business.
Kasei Digital Assets (KASH) has completed the sale of liquid assets as part of a voluntary winding up and has £3.5m in cash. A return of capital to shareholders is prioritised although there has been interest in the company from other parties.
Marula Mining (MARU) still has not completed the 2024 accounts. Trading in the shares remains suspended. Marula Mining has completed due diligence on the proposed purchase of a 60% stake in the Bamba Manganese mining project in Kenya. Manganese ore exports from Kilifi have been delayed as result of the Bamba deal and the fact that delivery arrangements are yet to be agreed. Further work on the Blesberg lithium and tantalum mine in South Africa continues and a sample is being prepared for test work. Due diligence has been completed on the Boteti lithium brines project in Botswana and the first payment advanced.
Mollyroe (MOY) is investing £150,000 in Cascade Studio via a convertible loan note with a conversion price at a 20% discount to the next funding round. Cascade Studio is developing a SaaS platform for AI filmmaking and storytelling.
Vautz Capital (V3TC) reported a loss of £361,000 in the year to April 2025, which was prior to the change in focus to crypto currency.
NYCE International (NYCE) has raised £150,000 at 0.2p/share. And the cash will fund the expansion in the crypto casinos channel. That includes gaining certifications for the company’s games platform and developing games and services.
Valereum (VLRM) has adopted the crypto and multi-currency payroll solution developed by investee company Fideum. There is potential for this as a white label service.
Directors continue to buy shares in EDX Medical (EDX). Sir Christopher Evans bought 51,225 shares at 10.88p each and Martin Walton acquired 20,000 shares at 10.8p each. Stephen Hill has taken a 6.48% in Ingraine (KING). Ventura Finance has increased its stake in Evrima (EVA) from 5.14% to 6.15%.
IntelliAM AI (INT) has appointed Victoria Brown as a non-executive director.
ASSET MATCH
Synairgen (SNG) says full year accounts will be published by the end of September. The drug developer is assessing its financial requirements. The company intends to change its articles of association to remove first right of refusal rights for shareholders. The company is preparing a phase 2 INVENT clinical study for SNG001 in mechanically ventilated patients infected with a range of respiratory viruses. Interim analysis should be available by mid-2026 and final analysis in mid-2027. A network of 60 clinical study sites has been established and progress made towards regulatory approvals.
Zytronic (ZYT) is advising shareholders to vote against resolutions at the requisitioned general meeting. Henry Spain Investment Services wants Tom Spain and former director Glen Arnold to gain appointment as directors of Zytronic and remove two current non-executives. The strategy is not to return cash directly to shareholders, but they would be offered the chance to sell shares via a tender offer at NAV. The plan is to invest in cash generative businesses with good management. They would have a niche market and competitive advantages. The meeting will be on 1 October.
JP JENKINS
The JP Jenkins-15 index rose 0.8% to 1095.2 in the four weeks to 29 August.
AIM
Cash shell Vulcan Two Group (VUL) raised £12m at 200p/share when it joined AIM at the beginning of September. The strategy is to acquire ePharmacy businesses and consolidate a fragmented market. A suitable target would have annual revenues of between £8m and £22m and be growing rapidly at an EBITDA margin of between 10% and 20%. Independent, owner managed businesses are preferred.
Fiinu (BANK) is taking advantage of the share price rise since readmission last week to raise £1.41m at 15p/share. The initial payment of £8m for Poland-based foreign exchange brokerage Everfex was satisfied by the issue of 80 million shares at 10p each. A previous subscription generated £801,000 at 10p/share. Luxembourg fund QVP is the main investor in the placing.
Bricks manufacturer Michelmersh Brick (MBH) has been held back by weak demand in the UK and Belgium, as well as an extended stoppage at one of its plants. Interim revenues were 1% ahead at £35.8m, but the pre-tax profit fell from £4.1m to £2.9m. Capital investment cut net cash to £1.5m. The interim dividend is maintained at 1.6p/share. Canaccord Genuity has cut its 2025 pre-tax profit expectations from £13.5m to £9.7m and made further cuts to forecasts for the next two years.
Churchill China (CHH) had already flagged the interim figures in its recent trading statement. UK and US trading held up, but Europe and the rest of the world were weaker. Interim revenues fell from £40.6m to £38.5m, while pre-tax profit was harder hit falling more than one-third to £3.1m. Efficiency is being improved and there are signs of recovery in Germany. Churchill China is reducing its interim dividend by 39% to 7p/share.
Building components manufacturer Alumasc (ALU) continues to outperform the UK construction market, as well as growing water management equipment exports. In the year to June 2025, revenues were 13% ahead at £113.4m, while underlying pre-tax profit was 9% higher at £14.2m. Net debt is £5.8m. All three divisions improved underlying operating profit. New products helped the housebuilding division to grow, despite a low level of housing starts. The roofing business has grown its share of the roof vents sector. The full year dividend is 11.1p/share
Flexible workplace software provider Essensys (ESYS) says it returned to positive EBITDA in the year to July 2025 even though revenues fell from £24.1m to £19.2m. Closing datacentres has helped to reduce costs. Net cash was £1.8m at the end of July. The new elumo meeting rooms bookings software has gained its first customers since the year end.
Bars and escape rooms operator XP Factory (XPF) reported figures for the year to March 2025. They may not look good compared to the comparatives but that is because they are for 15 months. There was a 19% increase in revenues to £57.8m over the previous 12 month period. Both Escape Hunt and Boom Battle Bars improved revenues with the latter buying out more franchisees. There was an underlying pre-tax profit of £800,000. There appears to be an improving trend for revenues, after a poor first quarter.
ImmuPharma (IMM) has filed a new patent application for P140, which can help to identify and treat a subpopulation of patients with Type M immune disorder that are P140 super-responders. This can be used to sped up diagnosis and treat up to 50 autoimmune diseases. The global market is worth more than $100bn.
Team Internet Group (TIG) was always expected to report a downturn in interim revenues following changes to Google search policy and they slipped from $409.7m to $263.9m. A loss was reported, but there was a profit before amortisation and impairment. The internet domains business continues to grow with new contract wins set to contribute to the second half. The comparison business had a weaker first half, but it has started to grow as revenues build up in newer countries. There are also signs of improvement in search, but they are relatively modest, with higher gross margin achieved on newer search services. Zeus forecasts a 2025 underlying pre-tax profit of $49.4m, recovering to $62m next year.
Supreme (SUP) is acquiring carpet care products brand 1001 for £1.65m, plus £1m for inventory, from WD-40. The business generated revenues of £4.5m in the year to August 2025. which is well below the peak of £8m in 2022-23. This purchase follows the recent acquisition of Typhoo Tea.
Gear4Music (G4M) forecasts have been upgraded on the back of its trading statement. The musical instruments retailer is continuing its recovery, and first quarter sales are 27% higher and the growth is continuing into the second quarter. UK and international sales are growing. The 2025-26 pre-tax profit forecast has been raised from £2.7m to £3.6m.
Newmark Security (NWT) had a much stronger second half and this is carrying on into the new year. In the year to April 2025, revenues rose 3% to £23m, while pre-tax profit improved from £388,000 to £643,000. The growth came in the Grosvenor Technology business, which provides software and hardware for access control and managing people, with recurring revenues growing faster than hardware sales. The launch of GT Tablet, a pure software product, will help to broaden the potential market. The Safetell security products revenues declined, but the services contribution increased. Increasing recurring services revenues is a core part of the company’s strategy.
Legal services provider Gateley (GTLY) is acquiring Groom Wilkes & Wright for up to £9m, which is a trademark and design law consultancy. The payment is three-quarters cash and one-quarter shares. The business generated revenues of £4.7m and pre-tax profit of £1.4m in 2024-25.
Iodine supplier Iofina (IOF) produced 74.3 MT of crystalline iodine during August, which was the record for a month. The IO#11 plant has started production and takes the number of plants to eight. Cash has reached $1.8m after a tax credit.
Atlantic Lithium (ALL) has secured up to £28m in funding though a deal with Long State Investments, who will receive 5% commission plus shares and warrants, and this will enable the Ewoyaa lithium project in Ghana to progress. A mining lease still has to be ratified by the authorities and cash outflows have been reduced until it is received. There is an initial placing to raise £2m at 8.07p/share with potential for three more placings of £2m each. A committed equity facility could raise up to £20m over 24 months. This is subject to shareholder approval.
Student accommodation and private rental housing develop Watkin Jones (WJG) has appointed Singer as joint broker alongside Peel Hunt, which is also nominated adviser.
MAIN MARKET
Cash shell Aura Renewable Acquisitions (ARA) still had £397,000 in cash at the end of June 2025. It has broadened the range of potential acquisitions by looking at healthcare and life sciences companies. Renewable energy acquisitions are still being considered, and the range of sectors could be broadened again.
Trading in Pineapple Power Corporation (PNPL) shares after the termination of the proposed acquisition of Buffalo Battery Metals.
US cybersecurity company Narf Industries (NARF) reported that the Ranger.ai threat and mediation platform has achieved “Awardable” status through the US Department of Defense’s Platform One (P1) Solutions Marketplace.
Structural steel supplier Severfield (SFR) reassured investors with its AGM statement. Bridge remedial works are in progress and the £20m insurance payment has been received. Expectations for 2025-26 are unchanged.
Andrew Hore
Quoted Micro 11 August 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) raised £8.1m from a placing and subscription at 205p/share early in the week. It subsequently launched Smarter Convert, a capital raising structured as a convertible bond denominated in Bitcoin. Asset management firm TOBAM has subscribed $21m through three of its funds. The reference share price is 195p and the conversion price is a 5% premium to that price. After an initial six months, the company can force the conversion if the share price is 50% higher than the conversion price for ten trading days. If the bonds are not converted within 12 months, then the holders will receive 98% of the bond value, although that figure depends on the movement in Bitcoin.
EDX Medical (EDX) is developing a pneumonia test for critically ill NHS patients. It is partnering with the Intensive Care Unit at Cambridge University Hospitals NHS Foundation Trust to develop a test that identifies the DNA or RNA of microbes that cause lung infection. Results should be available in 60 seconds. EDX Medical has licenced the IP for the test from the trust. A kit version will be developed to sell to other hospitals.
Macaulay Capital (MCAP) has an investment portfolio of seven companies, and they are valued at £1.03m. Macaulay Capital made a loss of £226,000 on interim revenues of £157,000. There was £779,000 in cash in the balance sheet at the end of June 2025. Management believes that there are plenty of opportunities.
Incanthera (INC) says the Skin + CELL skincare range launches on 11 August. It will be available through www.skinandcell.com.
Igraine (KING) has entered into a collaboration with Homerun Energy, the European subsidiary of Canada-based renewable energy and critical metals projects developer Homerun Resources Inc. The two companies will work together on UK alternative energy projects focused on electric vehicle charging and integrated battery storage. There is an initial pilot for a UK automotive manufacturer.
Asia Wealth (AWLP) generated revenues of $962,000 in the year to February 2025 and a foreign exchange gain enabled it to move back into profit.
Valereum (VLRM) has raised £400,000 from subscriptions from its chairman and chief executive at 3.1p/share. A retail offer to raise £100,000 at 3.1p/share will launch in the coming week.
TruSpine Technologies (TSP) has published a document to gain shareholder approval for a Bitcoin treasury policy and the new strategy to acquire intellectual property assets. The company also plans to change its name to TSP Advanced Technologies.
Vault Ventures (VULT) holds 771.37 ETH, 2,200.32 SOL and four Bitcoin.
Coinsilium (COIN) has invested a further £5m and owns 181.9596 Bitcoin and the total value is £15.7m.
Vaultz Capital (V3TC) has taken its Bitcoin holding to 117.853279 and the total cost is £10m.
Yorkshire AI Labs has reduced its stake in IntellAM AI (INT) from 18% to 15.4%.
WeCap (WCAP) chairman Tom Richardson has been issued 5.11 million shares, via his company TDR Enterprises, for consultancy between December 2024 and June 2025. They are worth £50,000.
Daniel Thwaites (THW) director Ann Yerburgh has sold her entire holding of 3.67 million shares. Amazing AI (AAI) chief executive Paul Mathieson bought 1.32 million shares at 0.75p each. NYCE International (NYCE) director Farzad Payman bought a further 25.83 million shares. Directors of Capital for Colleagues (CFCP) have bought a total of 147,550 shares at 56.5p each.
EPE Special Opportunities (EO.P) is no longer going to buy back shares, having acquired 1.38 million shares since the beginning of April.
Hot Rocks Investments (HRIP) has bought an additional 3.125 million warrants in fully listed Hamak Gold (HAMA) taking its holding to 15.625 million warrants exercisable at 0.8p each.
JP JENKINS
The JP Jenkins-15 index of the fifteenth largest companies rose 3% to 1094.4 in the four weeks to 1 August. Brewer and bars operator Powder Monkey was a strong performer. The index will next be calculated using closing prices from 29 August.
Celadon Pharmaceuticals (CEL) chairman Alexander Anton has stepped down after the cannabis medicines developer moved from AIM to JP Jenkins on 8 August.
AIM
Restaurants operator Tasty (TAST) raised £9.25m from a placing at 0.5p/share and a retail offer generated a further £870,00o. The Kaye family invested £500,000 in the retail offer. There will be £3m invested in the existing restaurants and a further £1m on operational efficiency. There will be £3.6m set aside to acquire restaurant brands.
Laumann Group is making a recommended bid for uPVC windows supplier Epwin (EPWN). The 120p/share cash offer values Epwin at £167.3m. Laumann wants to expand the range of building products it offers in the UK, and it already has relationships in the construction sector. There is minimal overlap between the companies.
Fiinu (BANK) has published the document for the reverse takeover of Poland-based foreign exchange brokerage Everfex. The initial payment of £8m will be satisfied by the issue of 80 million shares at 10p each and the rest will depend on performance and be payable via up to 20 million shares at 20p each. Everfex made a pre-tax profit of more than £600,000 for the four months to April 2025. The acquisition will broaden the range of activities of the company and provide opportunities for the Plugin Overdraft product. A subscription has generated £801,000 at 10p/share.
Interior furnishings brands owner Sanderson Design Group (SDG) has reassured the market that it is on course to achieve 2025-26 forecast pre-tax profit of £5m, up from £4.4m. In the first half there was growth from licensing and in North America, but overall brand revenues fell 7% although the performance was better at the end of the period. Overall revenues were 4% lower at £48.3m. Cost savings have reduced annualised costs by £1m.
Automotive interior components manufacturer CT Automotive (CTA) is on track to meet full year expectations. Interim revenues fell from $60.5m to $54.2m, but the second half should be stronger. New contracts worth a total of $37m annually have been won in the first half. This provides a strong base for growth over the next three years.
SIMEC Atlantis Energy (SAE) has reached financial close on the AW1 BESS project in South Wales. This is a 120MW generation project and construction has begun at Uskmouth. A global renewable energy partner is taking a 24.7% stake in the project. Zeus has increased the 2025 revenues forecast from £7.4m to £11.4m and the 2026 estimate from £7.5m to £12.5m. In each year the expected loss has been more than halved to around £3m. Net debt is expected to be £65.1m at the end of 2025 and rise to £99.9m one year later.
Energy storage technology developer Gelion (GELN) has made a breakthrough in Lithium-Sulfur (Li-S) performance. The cells retain 90% of theoretical capacity at a 10-hour charge and 10-hour discharge. The cells have 75% of theoretical capacity after a six-minute discharge. This means that they could be used in drones and electric vehicles.
Media analysis business Ebiquity (EBQ) says 2025 interim revenues were flat at £37.9m. North American, where economic uncertainty has hit client spending, revenues fell and that was offset by growth in the rest of the world. Operating profit is expected to improve from £2.3m to £2.6m. Net debt is slightly lower at £15m. North America remains a focus for the company despite the short-term problems. Trading is in line with expectations.
Specialist staffing company Gattaca (GATC) says that full year figures are ahead of expectations. Net fee income was 3% lower at £38.8m. Permanent recruitment income has steadied, and second half income was much better than a weak comparative. Pre-tax profit guidance has been raised from £3.1m to £3.3m, which is higher than the £2.9m reported for the previous year because of cost reductions. Cyber security recruiter Infosec has been bought for an initial £1.5m, which is equal to net fee income in the year to March 2025. Operating profit was £400,000.
Automotive connection systems supplier Strip Tinning (STG) reported interim revenues dipping from £4.8m to £4.5m, but the loss was reduced from £2.73m to £1.56m. There was cash generated from operations. Battery technology sales quadrupled to £1.2m. The automotive market is tough, but management is confident about long-term prospects.
Drug developer ImmuPharma (IMM) reported a reduction in loss from £2.78m to £1.95m in the six months to June 2025. The underlying improvement is masked by a loss on a derivative asset. Studies have helped to strengthen the commercial viability of the P140 technology platform and discussions continue with potential partners.
Floorcoverings distributor Likewise (LIKE) has raised £1.4m at 25p/share through a share issue to AIM-quoted investment company Onward Opportunities (ONWD) because it wanted more shares and could not buy them in the market.
Premier African Minerals (PREM) is implementing the changes identified for the plant test at the Zulu lithium and tantalum project. In the next week a decision will be made on whether to purchase the secondary spodumene float section. The original sorters still have to be replaced, and the tantalum recovery circuit needs to be completed.
The IFX Payments bid for Argentex (AGFX) has lapsed after it went into administration.
Goldplat (GDP) is reinstating its dividend for the first time since 2013. This is despite a decline in pre-tax profit from £6m to £2.6m. That was partly down to a foreign exchange loss. Zeus forecasts a 0.1p/share dividend. Net cash is estimated at £5.5m.
MAIN MARKET
Financial software provider Aptitude Software (APTD) reported a dip in interim revenues from £35.3m to £32.8m, due to lower non-recurring income and currency movements. Annualised recurring revenues reached £49.8m. Fynapse is an increasingly important contributor, which offsets the decline in legacy revenues and helps to improve operating margins. Cash was £23.7m at the end of June 2025. The dividend is maintained at 1.8p/share.
Foam manufacturer Zotefoams (ZTF) increased interim revenues by 9% to £77.4m with a strong performance around the world. Pre-tax profit was 37% ahead at £11.4m, helped by the exit from the loss-making business and higher margins. The interim dividend is 5% ahead at 2.5p/share. Net debt was £21.1m at the end of June 2025. The Asian business is small, but that will change when the Vietnam factory, part of a joint venture with footwear manufacturing specialist Seoheung, opens.
Andrew Hore
Quoted Micro 7 April 2025
AQUIS STOCK EXCHANGE
Automotive electrification technology developer Equipmake (EQIP) has secured a £5m cash injection from Caterpillar Inc via convertible loan. This has an annual interest charge of 10% and lasts until the end of March 2029. The conversion price is the lower of 3.125p and 80% of the average trailing 30-day share price. There is also a development agreement for electric drivetrain products. This concludes the strategic review. An agreement with wave energy technology company CorPower Ocean will generate £650,000 for the first phase of the development of a generator and SiC (silicon carbide) inverter system to accelerate the commercialisation of the wave energy equipment.
Invinity Energy Systems (IES) has reached agreement to proceed with the LODES project, which is a 21MWh VS3 system co-located with a solar array. The total cost of the project is £20m. Planning permission has to be adjusted before the project can commence construction and the project could be completed and operating in the second half of 2026. There should be some revenues recognised in 2025. A loss is still forecast for this year despite a jump in forecast revenues to £35.5m.
Samarkand (SMK) is asking for shareholder approval to leave Aquis. The ecommerce technology provider has adapted its strategy to focus on its own brands and is less dependent on the Chinese market for growth. The costs of being quoted will be saved. The plan is to leave on 7 May and move to a JP Jenkins matched bargains facility. Even before the announcement, the lack of liquidity meant that the board does not believe the share price reflects the value of the business.
AIM-quoted drug discovery company ImmuPharma (IMM) has agreed to extend the period of warrants in Aquis-quoted skincare technology developer Incanthera (INC). The 7.27 million warrants are exercisable at 9.5p each – the current share price is 9p – and they will be extended until the end of September. ImmuPharma will pay Incanthera a profit share of 30% of the difference between exercise and market prices. Incanthera has agreed to pay creditors £380,000 in shares at 8.5p each.
KR1 (KR1) had net assets of 58.2p/share at the end of February 2025. During February there was £462,000 of income generated from digital assets.
Consumer and beauty products supplier Silverwood Brands (SLWD) reported revenues of £9.28m in the six months to December 2024, compared with £6.88m in the previous six months. Excluding acquisitions the performance was flat compared to the second half of 2023. There was a £359,000 loss compared with a £263,000 pre-tax profit. There was cash of £3.08m at the end of 2024. The new financial year end is June 2025. The Balmonds Skin Salvation product is available in Boots.
Investment Evolution Credit (IEC) is not going ahead with the UK FCA lending application process and is no longer focusing on US loan book acquisitions or adding to licences. The existing US lending operations will be the focus, helped by AI. A confidential introducer agreement has been secured with a large UK consumer finance group for introducing its products around the world.
Vulcan Industries (VULC) has sold sheet metal fabrication company Aftech for £1. This will stop the cash outflow. There will be a £718,000 goodwill write down. Vulcan Industries is in discussions with secured creditors concerning obligations that are due in the second quarter of 2025. The remaining asset is the Lincoln battery energy storage project.
Ride video capture technology provider Visum Technologies (VIS) has extended its contract with the Children’s Day Foundation Linnanmaki in Finland for a further three years. This should generate a total of £100,000 in revenues. In the six months to December 2024, revenues fell from £130,000 to £71,000. The loss was $325,000.
Oscillate (MUSH) has entered into non-binding heads of terms for a joint venture with Evolution Energy Minerals to develop the Chikundo copper, lead and zinc prospect, which is within the Chilalo graphite project.
Tectonic Gold (TTAU) says farm-in partner White Energy has completed stage 1 of its spending commitment and earned a 51% interest in Specimen Hill. A further $1m of spending will earn a further 25%. White Energy can then pay $2m to buy the minority shareholding, although Tectonic Gold will retain a 3% perpetual net smelter royalty.
Ananda Pharma (ANA) has received approval from the Alfed Hospital Human Research Ethics Committee in Australia for its phase 1 pharmacokinetic study of the lead cannabinoid drug candidate MRX1. The first patient should be dosed in the third quarter of 2025. The data can support regulatory filings in other countries.
BWA Group (BWAP) says preliminary kyanite product specification test work at the Dehane heavy mineral sands project in Cameroon has proved highly satisfactory. Kyanite is used in refractory and ceramic products.
Marula Mining (MARU) has received the first revenues from sales of copper concentrate from the Kinusi copper mine in Tanzania.
Mendell Helium (MDH) says the option to acquire Kansas-based M3 Helium has been extended to the end of June 2025.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp is going to drill test a pipeline of exploration targets at the Golden Rose project that has been optioned by Eldorado Gold Corporation.
Jonathan Neame bought 4,000 shares in Shepherd Neame (SHEP) at 490p each. Richard Oldfield acquired 20,800 shares at 485p each and 5,000 shares at 484p each. Newbury Racecourse (NYR) chairman Dominic Burke bought 7,500 shares at 503.36p each.
EPE Special Opportunities (EO.P) has launched a share buyback programme of up to 2% of the shares in issue.
ChallengerX has changed its name to Nyce International (NYCE).
ASSET MATCH
Asset Match has secured a strategic partnership with financial services provider Monex Europe, which will help companies with their foreign exchange requirements.
Engineering and technology firm Marshall of Cambridge (MCH) has sold its business distributing Thermo King transport temperature control systems to Trane Technologies, the owner of Thermo King. Trading was tough last year, and Marshall of Cambridge lost money. This loss was made worse by write-offs on legacy contracts and delays to the sale of ex-RAF C-130s. The total order book had improved to £663m by the end of 2024. Disposals enabled a return to a net cash position. There are plans to sell the composites business by the summer. The company also has a 900-acre property at Cambridge airport and it is assessing options. A catch-up dividend payment is possible this year.
Brewer Wadworth and Company (WAD) says it should report a 15% increase in EBITDA for 2024. January and February have been tough. Planning permission has been granted by Wiltshire council for the scheme on the old brewery site.
Football club Tottenham Hotspur (TTNM) reported a rise in revenues from £549.6m to £528.2m in the year to June 2024 and it reduced its loss to £26m, helped by a £82.3m gain on player trading.
Shares in RA International (RAI) moved from AIM to Asset Match on 2 April.
AIM
Online gaming company Gaming Realms (GMR) improved underlying pre-tax from £6.4m to £9.6m on revenues 22% ahead at £28.5m, and the momentum continues. Net cash increased to £13.5m. A £6m share buyback programme has been announced. The expansion into new countries and launching new games has helped Gaming Realms to grow. North America is doing particularly well and generates more than 50% of licensing revenues.
Automotive and battery connectors supplier Strip Tinning (STG) is expecting a lower than forecast loss in 2025 because of strong trading in the battery division. This is a higher margin part of the business, and it will help to reduce the EBITDA loss from £1.6m to £900,000. The anticipated lifetime value of an existing US battery connectors client has been raised from £43m to at least £56.8m. The overall market remains difficult, though. A £520,000 R&D tax credit should be received in April and another payment of £250,000 should be received in the second half of 2025. Strip Tinning is on course to make a pre-tax profit in 2027. A grant is being applied for from the Automotive Transformation Fund. Strip Tinning will require more cash to fund growth.
Plant-based polymers developer Itaconix (ITX) reported a dip in 2024 revenues from $7.9m to $6.5m because of the loss of a low margin contract, but underlying revenues are higher. The pre-tax loss increased from $1.2m to $1.8m. Cash was $6.7m at the end of 2024 and this is enough for the current requirements. Cleaning, hygiene and beauty ingredients are all growing revenues with a good start to 2025.
Cyber security hardware and software provider Corero Network Security (CNS) increased annualised recurring revenues by 15% to $19.5m. This is a good indication of the progress being made. Recognised revenues were 10% ahead at $24.6m in 2024 and that enabled a move from loss to a pre-tax profit of $600,000. Net cash is $5.3m. The position in Latin America has been enhanced by an expansion of the partnership with TechEnabler in Brazil. This year has started well.
Automotive brake discs developer Surface Transforms (SCE) has received total cash advances of £8m and help from its customers and it has also increased the price of discs. Long-term supply agreements are being discussed. Gross cash is currently £1.2m. Manufacturing yield remains inconsistent.
Currency services provider Argentex (AGFX) reported full year figures showing positive momentum in the second half and into the new financial year. The outcome for 2024 was better than expected. Cash generated from operating activities improved from £13.6m to £16.7m. However, Argentex still fell into loss for 2024 and may not return to pre-tax profit this year. The new digital infrastructure should be launched in the second half. This should help to grow long-term profit.
Executive search firm Norman Broadbent (NBB) is performing well in the tough recruitment market. The additional fee earners are beginning to boost the figures, although income has declined in the past year. Full year net fee income fell by 11% to £9.3m with international business holding up with the decline happening in the UK. The company slipped into a loss of £158,000. The figures were still better than for 2022 and 2023 was a strong year.
Ceramic and fragrance products supplier Portmeirion (PMP) still finds trading difficult. In 2024, revenues fell from £102.7m to £91.2m, while pre-tax profit slumped from £3m to £1.1m. Net debt is £12.1m, while the dividend has been slashed from 5.5p/share to 1.5p/share.
K3 Business Technology (KBT) intends to return £29m – equivalent to 64.8p/share – to shareholders via tender following a recent disposal and it is consulting with shareholders about whether to remain on AIM. The software company will still have £6m in cash and remaining software businesses that are a Microsoft Dynamics fashion industry partner and a supplier of software to IKEA.
Zinnwald Lithium (ZNWD) says the Saxony state government has recognised the company’s eponymous lithium project as a project of outstanding importance. The company recently published a pre-feasibility study showing a pre-tax NPV of €3.3bn with a mine life of 40 years.
Minoan Group (MIN) says trading in the shares is likely to be suspended because it does not have enough cash to complete the audit of its accounts to October 2024. The suspension is expected on 1 May, but it may come earlier because of the lack of cash. Minoan has not been able to extend the secured loan, totalling £1.19m, provided by DAGG. A proposal from DAG includes the conversion of the loan into shares and an additional £4.44m cash injection in return for shares. Some members of DAGG would also write off £1.1m they are owed. DAGG wants to nominate management to take the company forward.
Electric Guitar (ELEG) returned from suspension during the week after creditors agreed to the company voluntary arrangement and a £300,000 subscription at 0.034p/share. The company liquidated its operating subsidiary and is seeking a new business to acquire.
MAIN MARKET
New Frontier Minerals (NFM) reported results from the geophysical survey for the Harts Range heavy rare earths, uranium and niobium project in Australia and drilling should commence in April. New Frontier Minerals owns 85% of the project, where 46 priority targets have been identified, of which 18 are priority one targets. The results exceeded expectations.
Cybersecurity company Narf Industries (NARF) revealed the progress it is making towards commercialising its expertise. The plan is to integrate AI and the Social Cyber product, and the enhanced product will be launched in the summer. This will be the platform to develop a SaaS-based Software Supply Chain Security offer. Narf is seeking partners with direct customer bases.
Andrew Hore
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covers #ONDO, #GFIN, #OTB, #OMI, #IMM & #EGT
On this week’s Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn, we discuss:
Ondo Insurtech #ONDO
Gfinity #GFIN
On The Beach #OTB
Orosur Mining #OMI
Immupharma #IMM
European Green Transition #EGT
Quoted Micro 13 January 2025
AQUIS STOCK EXCHANGE
Good Life Plus (GDLF) has launched more partnerships in the past three months, including with Reach and News UK. The family interests of Mark Blandford are subscribing £1m for an issue of convertible loan notes with up to £1m more on offer to other investors until the end of January. The cash will be invested in expanding customer acquisition and partnership, plus to enhance the premium prize draw operations. There are also plans for international expansion.
Healthy snacks supplier S-Ventures (SVEN) has published its results for the 15 months to December 2023. This is part of the work that is required to be in a position to reverse the operating subsidiaries into AIM shell Riverfort Global Opportunities (RGO). Annualised revenues grew 170% to £20m. The cash outflow from operating activities was £1.4m in the 15 month period.
Oscillate (MUSH) has appointed Robin Birchall, a former director of Helium One Global, as chief executive and Steve Xerri becomes an executive director. Robin Birchall will receive options over 2% of the current issued share capital at a price equivalent to the share price at the time of a move to AIM or other Recognised Investment Exchange, plus he will receive a payment to buy 4.25 million shares. Igraine (KING) has reduced its shareholding in Oscillate from 5.05% to 3.64%.
Automotive electrification technology developer Equipmake (EQIP) has received approaches from strategic investors and potential acquirers. Discussions continue. In the six months to November 2024, revenues improved 19% to £2.47m with EV components revenues increasing 80% to £254,000. There was a cash outflow from operating activities of £2.37m and capital spending of £686,000. Bus repowering services are being scaled down because of low volumes and this will save £2m/year. There was £2m in the bank at the end of November 2024. The contracted order book is worth £11m.
Zentra Group (ZNT), which was previously One Heritage, has signed a new relationship agreement with 65.2% shareholder One Heritage Property Development. This ensures at least two independent directors and the majority shareholder’s nominated director will not vote on outlined matters.
RentGuarantor (RGG) has raised £455,000 from a convertible loan notes issue to RentGuarantor chief executive Paul Foy. They are redeemable on 18 November 2026.
Chris Akers has a 5.1% stake in Global Connectivity (GCON), while Chris New increased his shareholding from 8.88% to 9.75%. Keith Harris raised his stake from 9.98% to nearly 11%. Premier Miton has increased its shareholding from 4.74% to 5.21%, while Placifor Investments raised its stake from 9.76% to 10.7%. Livia Meyer’s stake has reduced from 16.97% to 8.78%. Barry Hersh has still not paid the £375,000 subscription amount for 37.5 million shares.
ChallengerX (CXS) has raised £120,000 via a convertible loan note, which is convertible into 120 million shares when the company is readmitted to Aquis. The cash will fund due diligence on potential acquisitions.
Ace Liberty and Stone (ALSP) chairman Dr Antonios Ghorayeb bought 23,940 shares for a total of £11,475 in September and October. The announcement is late.
AIM
Data and marketing services provider Jaywing (JWNG) has sent out the circular to gain shareholder approval for the cancellation of the AIM admission. This follows a requisition notice by 29.5% shareholder Michael Ashcroft and the company has decided that the departure from AIM is in the best interests of the shareholders. The general meeting is on the 5 February.
It has been a topsy turvy week for legal services provider RBG Holdings (RBGP). It initially terminated the consultancy agreement of Ian Rosenblatt due to breaches of contract and offensive behaviour. He has restrictive covenants lasting until July 2028, but was identified as owner of AWH Acquisition Corp, which is regulated as a firm of solicitors that changed its name to Rosenblatt Law. He is a director of this company along with former RBG Holdings director Tania MacLeod. Ian Rosenblatt had requisitioned a general meeting to remove Jon Divers as chief executive of RBG Holdings. At the end of the week after the market closed, RBG Holdings said it had entered into an exclusivity period with Ian Rosenblatt for the sale of the Rosenblatt brand business to Rosenblatt Law. Ian Rosenblatt will withdraw his winding up petition and the general meeting notice. This exclusivity lasts until 24 January.
Downhole oil and gas technology developer Enteq Technologies (NTQ) says testing of the SABER rotary tool results in the requirement for further engineering modifications. Delays to the start of active test drilling with an Australian customer mean that the timing of revenues is uncertain. The drilling could begin in April. There are also additional costs. This means that cash will not last as long as previously expected and Cavendish has pulled its forecasts. Enteq was expected to move into profit in 2026-27.
There was a strong end to the year for floorcoverings distributor Likewise (LIKE). The market fell but Likewise continues to grow. Fourth quarter revenues were 10% higher than the corresponding period. Full year revenues of £150.8m was 3% ahead of forecast. A new logistics centre has been acquired in Plymouth.
Team Internet Group (TIG) announced that it had received two bid approaches from TowerBook Capital Partners and Verdane Fund Manager AB. Each of the potential bidders was proposing an offer of 125p/share. Previous approaches were rejected for being too low. Both approaches are being considered. TowerBook Capital Partners has since decided not to bid.
Pawnbroker H and T (HAT) says 2024 trading was in line with expectations. The pledge book increased 26% to £127m, with more loans of over £5,000. There was strong demand for lower price jewellery, which boosted retail sales. National Insurance changes will increase costs by £2m/year. Octopus Investments has cut its stake from 10.9% to 9.98%. The 2024 results will be published on 18 March.
ImmuPharma (IMM) says the preclinical research programme for autoimmune therapy P140 should pave the way for earlier, more accurate diagnostics, as well as better identification and improved monitoring of patients. Detailed data is not being published.
Plastic products supplier Coral Products (CRU) has sold and leased back two freehold properties for £1.7m. The initial annual payment of the 15-year lease is £155,000. The £1.1m of related mortgages will be repaid. A final agreement for the insurance claim for the May 2020 fire at one of the company’s premises has resulted in a payment of £900,000.
Arecor Therapeutics (AREC) is ceasing the operations of Tetris Pharma and it is returning the rights to Ogluo, a glucagon auto-injector pen for severe hypoglycaemia, to Xeris BioPhaarma. A partner of Tetris Pharma lost a key NHS Tender, which means revenues will be lower than expected in 2025. There will be a £3m write down. This enables Arecor Therapeutics to concentrate on core products, including ultra-rapid acting insulin candidate AT278, where partner discussions continue.
Automated transport analytics provider Cordel (CRDL) has won a new contract with Angel Trains. It will pinpoint track geometry data from high-speed passenger trains, rather than dedicated monitoring trains. This should help to reduce costs. The technology is Network Rail certified.
A trading statement from animal feed additives supplier Anpario (ANP) has sparked the fifth upgrade to 2024 forecasts. There was strong growth in Middle East and Africa. Shore has raised its pre-tax profit forecast to £5.5m, compared with £3.5m in 2023. Net cash is estimated to be £10.5m.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) had a strong third quarter, which is the third quarter in a row where the growth rate has accelerated. Third quarter revenues were 11% higher at £25.6m, which means that the year-to-date figure is 9.2% ahead at £54m. Third quarter growth in retail was 12.4%, helped by store openings. Three more stores will be opened in the fourth quarter. Ecommerce growth was 9.2%. Like-for-like growth to December 2024 was 3.8% with ecommerce growing fastest. Net cash was £1m at the end of 2024.
Andrew Hore
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
Quoted Micro 10 June 2024
AQUIS STOCK EXCHANGE
Skincare treatments developer Incanthera (INC) says the first production order for its Skin + CELL products from Marionnaud has been doubled to 100,000 units. The launch will be in September. The previous figure was already higher than the initial order and the revenues from the order will be £4m. Future production orders could be even larger. This will help group revenues for the year to March 2025 to be more than £10m. This has enabled Incanthera to raise £4.1m from a share issue at 15p/share to cover additional working capital. Lupus treatment developer ImmuPharma (IMM) raised £1.5m from the sale of its 9.98% stake in Incanthera, which was valued at £600,000 at the end of 2023, although it retains warrants.
TruSpine Technologies (TSP) is talking to several potential commercial partners for its medical device technology, where the regulatory process is ongoing. The new board has improved relations with the inventor of the spinal stabilisation device IP. The investor relations website has been relaunched and a new medical advisory board will be put in place.
CBD products supplier Voyager Life (VOY) says another potential merger has fallen through. This follows the ending of the Northern Leaf deal. This has left Voyager Life short of cash. The business operations are being reviewed and there are talks about funding. The company has been winning new business and there are signs of an improvement in the retail stores.
RentGuarantor (RGG) increased full year revenues by 79% to £741,000. The rent guarantee services provider says arrears were 2.32% in 2023. The loss increased from £911,000 to £1.23m, after a £358,000 charge for the revaluation of the convertible loan note.
First Sentinel has resigned as corporate adviser of ChallengerX (CXS) and the shares have been suspended. ChallengerX is progressing with a potential acquisition, and it is required to appoint a new corporate adviser.
Helium Ventures (HEV) says that a shareholder in Trackimo is challenging the issue of a 19.4% stake to the Aquis company.
Invinity Energy Systems (IES) has leased an additional manufacturing facility in Motherwell. This should become operational in the third quarter and capacity should be more than 500MWh of energy storage per year. The Bathgate facility will also be upgraded.
KR1 (KR1) has invested $1m into the Avail Web3 infrastructure project in return for 12.5 million AVAIL tokens.
Video capture technology company Visum Technologies (VIS) has entered exclusive non-binding heads of terms for a licence agreement with Makeabl, which has developed cloud/app technology. This would be licensed in North American and European markets and help Visum Technologies to access new markets.
BWA Group (BWAP) has completed reconnaissance drilling at the Dehane 2 rutile sands project in Cameroon. The results were encouraging. Oberon Capital has been appointed as broker.
Arbuthnot Banking Group (ARBB) has completed the renewal of its subordinated loan, which is classified as Tier 2 capital. The loan was increased by £1m to £26m and lasts until June 2034.
Psych Capital has changed its name to Shortwave Life Sciences (PSY).
AIM
Destocking hit the interim figures of Gooch & Housego (GHH) and pre-tax profit slipped from £4.7m to £2.6m on a 1% decline in revenues to £63.6m. This excludes the loss making EM4 defence business sold earlier this year. The dividend was edged up by 0.1p/share to 4.9p/share. Net debt increased to £22.2m. The destocking was primarily in industrial and medical sectors. Industrial remains the largest generator of revenues despite a 13% decline. There was not a recovery in the semiconductor sector as expected. The subsea cable market was strong. There was a reduction in the aerospace and defence division loss on higher revenues, but it still needs to improve manufacturing efficiency.
GRC International (GRC) is recommending an 8p/share cash bid from Bloom Seed Bidco, which values the cybersecurity company at £8.6m. The bidder is a vehicle for technology investor Bloom, which can provide increased financial backing for the business. GRC joined AIM in 2018 at a time when there was investor interest in the cybersecurity sector. The flotation valuation was £40.2m at 70p/share. GRC has been loss making and never moved into profit.
Pawnbroker Ramsdens (RFX) reported interims showing the expected progress. Precious metals revenues were strong, although margins dipped. Pre-owned jewellery sales offset weaker watch sales. The contribution from each main division was higher. Interim revenues were 12% ahead at £43.8m, while pre-tax profit improved from £3.68m to £3.99m. The dividend was raised by 9% to 3.6p/share.
Strip Tinning (STG) has won a battery technologies contract from a German automotive motion technology manufacturer, that could have a lifetime value of £43m. This is for a cell contact system for battery pack modules for a US customer. This has already generated £1.7m in pre-production work. Production supply will start in the fourth quarter of 2025 with further pre-production revenues of £1m ahead of that time. There will be additional investment in engineering resources. Demand for glazing products has weakened and copper prices are rising. There will be a trading statement on 16 July.
Power Metal Resources (POW) has secured a £2m loan note investment from ACAM, which is also negotiating a uranium-focused joint venture, which would include all of Power Metal’s uranium licences. This would mean that the flotation of Uranium Energy Exploration will not happen – that has already cost £500,000 – and neither will previously proposed disposals. There would be a £10m investment in Power Metal Resources Canada so that ACAM would have a 70% stake. The loan notes bear interest of 10%/year and there will be 13.3 million warrants issued that are exercisable at 15p each.
Empire Metals (EEE) considers further positive exploration results as a major development for the Pitfield prospect. There is rutile at surface, and it should be easy to mine. Titanium dioxide mineralisation gets more prevalent at lower depths. This should improve project economics.
Pantheon Resources (PANR) has entered a gas sales precedent agreement with the state-owned Alaska Gasline Development Corporation, which is developing the Alaska LNG project. This is designed to supply Alaska and export up to 20 million tonnes of LNG each year. Pantheon Resources would supply up to 500 mmcf/day of gas at a maximum base price of $1/mmbtu. There are plans to increase the scale of the Ahpun development.
Jadestone Energy (JSE) says the Akatara gas processing facility, onshore Indonesia, is approaching final commissioning. The first gas should be processed in around a fortnight. Gas and LPG sales will start soon after that. The workover campaign on five Akatara wells has completed, and they will provide gas for the facility.
Seed Innovations (SEED) has completed its share buyback programme. This used up £510,000 on top of the £2m dividend. That followed the disposal of its Leaf Gaming stake for £2.4m. There has been a 11.6% share price decline so far this year, but that is not adjusted for the 1p/share special dividend.
Maritime systems developer SRT Marine Systems (SRT) admits that two coastguard contracts are unlikely to reach their project revenue milestones in the 15 months to June 2024. The largest contract is dependent on the completion of an inter-government loan. There should £45m of income recognised when this is finalised. Once the other contract is verified it should enable £9m to be recognised. Transceivers revenues have grown, and total revenues are expected to be £14m in the 15-month period. The six-month figure was £5.5m with no contribution from systems.
Hercules Site Services (HERC) reported a one-third increase in interim revenues to £48.8m as it continues to win additional contracts to supply construction staff. It moved back into profit in the period. The new training academy is up and running.
The Mission Group (TMG) has responded to the revised bid proposal of 13.9 Brave Bison (BBSN) shares for each share in the advertising and marketing services company. The board still believes that the bid does not reflect the underlying value of the business, but it is evaluating the bid.
Hostels operator Safestay (SSTY) has acquired a property in Brighton from the University of East Sussex for £2.275m. This will be converted into a 220 bed premium hostel. It is 600 metres from the sea front and will cost £1m to convert. Shore Capital has been appointed nominated adviser and broker. Safestay reported full year revenues 18% higher at £22.5m. EBITDA rose 15% to £6.8m. NAV was 50p/share.
Restaurants operator Tasty (TAST) gained court approval of its restructuring plan on Tuesday afternoon. Tasty has got out of the leases of 23 sites. This leaves 38 restaurants, which are predominantly the Wildwood brand. This should improve EBITDA by up to £2.1m between 2023 and 2025.
Clontarf Energy (CLON) has failed to move through to the next stage of the bids for the seven priority salt pans in southern Bolivia because of its offtake partner’s poor credit rating. Management hopes that it can argue the case that the credit rating is not relevant.
Mosman Oil & Gas (MSMN) is paying $500,000 for a 10% interest in a US helium project in Las Animas County, Colorado. This is an area with known helium deposits. There are five helium prospects and a well will be drilled for each of them. The sale of oil and gas asset will help finance the move into helium.
WIIT has decided not to make an offer for Redcentric (RCN).
MAIN MARKET
Credit provider S and U (SUS) says that its first quarter profit has fallen by one-third because of higher provisions due to lack of regulatory clarity.
Like-for-like sales at Hostmore (MORE) have fallen by 10%, but profitability has improved. Net debt is set to peak in the third quarter. The acquisition of TFI Fridays is progressing and the formal agreement should be signed shortly.
Motor dealer Caffyns (CFYN) has cut its dividend by one-third to 5p/share because it slumped into loss last year. There were property value write-downs.
Chill Brands (CHLL) shares have been suspended because of allegations relating to the use of insider information and concerns about commercial arrangements. This means that the board cannot provide accurate information about its financial position.
Oxford Cannabinoid Technologies (OCTP) has left the standard list.
Andrew Hore
Andrew Hore – Quoted Micro 24 February 2020
NEX EXCHANGE
The costs of a cyber-attack meant that National Milk Records (NMRP) interim pre-tax profit fell by two-thirds to £375,000. Revenues also declined from £11.7m to £10.7m, although that was mainly due to one-off revenues in the corresponding period. Disease testing services was the only part of the group where revenues improved. Underlying trading is within expectations. Net debt increased from £2.1m to £2.4m. Lower milk prices may reduce milk volumes from their high levels last year.
GP software supplier DXS International (DXSP) has raised just over £1m at 8p a share. The shares equate to more than one-quarter of the enlarged share capital. The cash will provide working capital required to market the company’s new products. The latest framework agreement has included a modest price rise. NHS accreditation of the company’s new software should be complete in April.
Cancer treatments developer Incanthera is planning to join NEX this week. Manchester-based Incanthera is developing Sol, a topical product for the treatment of solar keratosis and prevention of skin cancer, which could be licenced to a partner within 18 months. There is a pipeline of cancer therapeutics which have come through the Institute of Cancer Therapeutics at Bradford University, which owns 12.3% of the company. AIM-quoted Immupharma (IMM) will hold a 11.9% stake and has 7.27 million warrants, where the exercise price is being rebased to the issue price. Cairn is the corporate adviser and Stanford Capital Partners is the broker. The expected admission date is 28 February.
NQ Minerals (NQMI) is paying A$2m for 100% of the Beaconsfield gold mine and processing plant in Tasmania. This was a major gold mine up until 2012 and it could go back into production. The gold price has risen by 50% since production stopped. The initial payment is A$100,000.
NAV fell from 64p a share to 59p a share at Western Selection (WESP) in the six months to December 2019. The lack of a dividend from AIM-quoted Bilby (BILB) meant that dividend income nearly halved, although it was the one core investment that increased in value. There will be no interim dividend. Share disposals mean that net cash was £2.45m at the end of 2019.
Gunsynd (GUN) has decided not to take up its option to acquire a further 22.33% stake in the Kolosori nickel prospect in the Solomon Islands. Previously £45,000 was paid for a 7.76% stake. Gunsynd has received £20,000 of the £260,000 it is due to be paid for its stake in Oyster Oil and Gas.
Primorus Investments (PRIM) says that investee company SOA Energy UK hopes to join AIM by the fourth quarter of 2020. Drilling is due to commence at the Ofek well in Israel during May and it could last 40 days with a further 40 days of testing. The results will be known before the flotation. Primorus owns 14,977 SOA shares.
Belvedere Leisure Resorts (BELV) is still waiting for cash to cover the full subscription promised just after flotation and it does not appear likely that the investor can come up with the cash. Other investors may come up with the funds in the next six weeks.
Investment company First Sentinel (FSEN) has raised £196,000 from an issue of Green Finance preference shares at 100p each. There is a fixed interest rate of 5.05% a year and then a variable rate of up to 10.15% depending on whether certain conditions are met. The preference are convertible into ordinary shares. The focus is investments in the ethical, sustainable and renewable energy sectors.
Sativa Group (SATI) says subsidiary Goodbody Botanicals will have its products stocked in 100 of WH Smith Travel’s UK stores.
Angelfish Investments (ANGP) has appointed Novum Securities as its corporate adviser.
AIM
Rail optimisation software and equipment supplier Tracsis (TRCS) had a strong first half. Interim revenues increased from £18.8m to £26m. There were two acquisitions in January 2019, so they contributed for a full period this time. There is cash of £26m and it should reach £31.6m by the end of July.
Medical technology supplier Inspiration Healthcare (IHC) says it did better than expected in the year to January 2020. Revenues should be 15% ahead at £17.8m, which is equivalent to like-for-like growth of 12%. EBITDA should be one-fifth higher at above £2m.
4D Pharma (DDDD) is raising £22m at 50p a share, which is half the level that 4D floated at in June 2014. This cash will provide the additional funds required to support ongoing studies for IBS and oncology. The clinical study data is important when it comes the next step for the group.
Urban Logistics REIT (SHED) plans to raise up to £106.7m at 137.5p a share and this will be used to acquire logistics properties. The cash will be raised via a placing, offer for subscription and open offer. The share price equates to adjusted NAV and is a discount to the market price. A special dividend of 3.85p a share will be paid.
Stanley Gibbons (SGI) is acquiring trading inventory from 58.1% shareholder Phoenix SG Ltd for £1.07m. This will be paid as the inventory is sold, net of sales commission.
AdEPT Technology (ADT) raised £4.25m at 320p a share, which was more than it was initially seeking. This will reduce debt and provide funding for acquisitions.
Chris Pullen has resigned as chief executive of Staffware (STAF) and a search for a replacement is about to commence. The recruitment and training company continues to talk with its lenders. Net debt is estimated at £60m at the end of 2019.
Toys supplier Hornby (HRN) is raising up to £15m via a placing and one-for-3.006268641288 open offer at 36p a share. The cash will be invested in the company’s brands, digital marketing and corporate systems.
MAIN MARKET
Nanoco (NANO) has filed a patent infringement lawsuit against Samsung relating to Nanoco’s synthesis and resin technology for quantum dots. There was a collaboration with Samsung, but it ended without a licence agreement.
Stevia supplier PureCircle (PURE) has secured a waiver and amendment to its bank facility. This covers all previous defaults and provides an additional $8.6m of funds.
Career development platforms developer Dev Clever (DEV) has delayed the roll-out of its platform and that hit interim revenues. Management hopes to secure a partnership with a worldwide technology manufacturer that will enable an international roll-out. Chris Akers has increased his stake from 6% to 7.15%.
World Trade Systems (WTS) intends to cancel its listing on 27 March in order to save costs.
Andrew Hore