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Andrew Hore – Quoted Micro 13 July 2020

AQUIS STOCK EXCHANGE

Capital for Colleagues (CFCP) has sold its investment in builder’s merchant Merkko Group for double the original investment. The cash consideration for the redemption of the non-voting stake is £400,000. Capital for Colleagues has reinvested £150,000 for a 10% stake in Merkko. The rest of the cash can be reinvested in other companies.

Coinsilium Group Ltd (COIN) is forming a 50/50 Singapore joint venture with blockchain protocol company IOV Labs, which will finance the venture with a loan. IOV owns 6.94% of Coinsilium. A strategic review is commencing a strategic review because there will be a focus on the new joint venture.

In the second quarter, the Hellyer gold mine owned by NQ Minerals (NQMI) produced 1,223 ounces of gold, 229,947 ounces of silver, 8,762 tonnes of lead concentrate and 4,241 tonnes of zinc concentrate. More gold and lead were produced than in the previous quarter, but less silver and zinc. Investment in plant means production should increase in the third quarter. NQ has raised £917,000 at 6.5p a share and this will help to finance the reopening of the Beaconsfield gold mine in Tasmania.

Cannabis-based products supplier Sativa Group (SATI) achieved record trading in June. This includes sales of the company’s hand sanitiser.

Fellow cannabis-focused company Freyherr International Group (FRYR) is changing its year end to 30 June. The next results will be for 18 months to June 2020. Luka Freyer and Tomaz Frelih have stepped down from the board and Ervin Kovac has joined the board and becomes general manager of the Slovenian operations. The Ljubljana office has been closed as part of overhead reductions. The mortgage on the Koper facility has been extended and the interest rate reduced to 5% a year.

World High Life (LIFE) has issued 12.7 million shares at 9p each to pay director and adviser fees and 3.45 million shares at the same price in lieu of debt repayments. A further 7.18 million shares will be issued on conversion of £666,666 of debentures, plus interest of £46,393. CBD-brand Love Hemp has been awarded ISO certification.

Gunsynd (GUN) has raised £469,000 at 0.65p a share. Every three new shares come with a warrant exercisable at 1.3p a share. MiLOC Group (ML.P) is raising £1.1m at 28.5p a share through a placing with BWB International. Recently floated engineering consolidator Vulcan Industries (VULC) has raised an additional £71,000 at 4.5p a share. The original placing was at 3p a share.

At the end of June 2020, EPE Special Opportunities Ltd (ESO) had a NAV of 265.3p a share.

AIM

Management consultancy Elixirr International (ELIX) joined AIM last week. The share price has fallen from the placing level of 217p to 204.5p. The shares are trading on just over 13 times prospective 2020 earnings. The forecast dividend is 2.2p a share.

Seeing Machines (SEE) is set to be a beneficiary of legislation that will go to the Senate in the US that will make driver monitoring systems (DMS) compulsory in cars and trucks sold in the US from 2024. This is part of a more wide-ranging act relating to vehicle safety. There is similar legislation in Europe, although there will be delays in it coming into force due to COVID-19. That should not have too much of a negative effect on Seeing Machines.

Trading at Tracsis (TRCS) was not as badly affected by COVID-19 as it feared. There will be a £10m reduction in full year revenues to around £46m. The traffic and data services business has been hit by the lack of summer events. The rail software business has traded well and there is a pipeline of potential new contracts. There is still £16m in the bank even after paying an initial £12.5m for smart ticketing firm iBlocks.

DBAY Advisors has bought more shares in in Wynnstay Group (WYN) and the stake is 6.12%.

Energy procurement consultancy Inspired Energy (INSE) is raising up to £35m through a placing and two-for-43 open offer at 15p a share. The purchase of the 60% of Ignite Energy that Inspired does not won will cost £11m with contingent consideration of £19m payable in cash and shares. There are plans for further acquisitions.

e-therapeutics (ETX) has raised just over £11m from a share issue at 12p a share, including £750,000 raised via PrimaryBid. This was a 31% discount to the market price. The cash will be used to develop the company’s informatics platform and RNAi technology. Additional staff will be taken on.

Burford Capital (BUR) has filed a registration statement with the SEC ahead of a US listing. There are no plans for a share issue.

Genedrive (GDR) says that full year revenues were 31m and it had cash of £8.2m at the end of June 2020. The molecular diagnostics company says there are 31m in indicative orders for its COVID-19 test.

MAIN MARKET

Viaro Energy has bid 1850p a share for RockRose Energy (RRE) and acceptances have already reached 36.8%. The bid values RockRose at £247.6m. At the beginning of 2016, RockRose floated at 50p a share intending to acquire oil and gas assets.

Telecoms services provider Toople (TOOP) increased full year revenues by 39% to £1.5m and gross margins improved. The cash outflow from operations was £924,000 and there was £1m in cash at the end of March 2020. This year is important because there will be a full contribution from DMSL plus cost savings that could be more than £1m. Chief executive Andy Hollingworth bought 10.6 million shares at 0.0944p each. He owns 38.8 million shares.

Baskerville Capital (BASK) has increased its stake in Oberon Investments, the owner of fund manager MD Barnard, to 10.13% and expects to buy the company by the end of the third quarter. Oberon has acquired Hanson Asset Management, and this takes assets under management to more than £300m. Baskerville may move to the Aquis Stock Exchange after the deal is completed.

Packaging supplier Macfarlane (MACF) says interim revenues were 3% lower following a tough second quarter when revenues fell 7%. Macfarlane is confident that it will be profitable and cash generative this year. The board hopes to restart dividend payments when the outlook is more certain.

InnovaDerma (IDP) says online sales have replaced lost high street sales. Full year revenues were 2% higher at £13.2m, but profit will be lower due to higher online advertising costs and lower margin sales. Margins could recover this year.

Tex Holdings (TXH) says that the FCA has asked questions about its 2019 audited financial statements. Christian Ross has been appointed as finance director.

Andrew Hore

Ian Pollard – Winter Of Discontent Impacts Begbies’ Business.

Begbies Traynor BEG claims that a winter of discontent has impacted business with 481,000 now in significant financial distress.  Those  in ‘critical’ financial distress increased by 25% year on year as the year came to a slow end and stand at  2,183. Real estate was the hardest hit sector in quarter 4 with a 9% increase. The retail industry should, it forecasts, be braced for a tough start to 2019 after poor Christmas trading from M&S and Debenhams. Link here to a detailed article by Begbies Traynor Regional Partner Julie Palmer 

Wizz Air Holdings WIZZ describes its third quarter performance to the 31st December as solid, with profits for the quarter collapsing by 87.6%. Fear not however as full year profit guidance is maintained. Passenger growth during the quarter was 15% and revenue 21%. A new carry on bag policy saw revenue per passenger rise by 7% and means that passengers now get the injured backs instead of the baggage handlers. Like all low cost airlines it is having to face the challenging industry-wide operating environment

Solid State plc SOLI updates that trading results for the year ending 31 March 2019 will now comfortably exceed current market consensus guidance. Revenues are expected to be above current guidance and adjusted profits significantly ahead. The strong demand seen in the first half has continued into the second half and the Value Added Distribution division has is now expected to deliver results well ahead of management’s previous expectations.

Ingenta ING  is now leaner and focussed on delivering first class services to all its customers claims the CEO, meaning it is significantly better placed to propel the business through the next stage of its growth. The Board confirms its intention to pay a dividend of 1.5 pence per ordinary share for the 2018 financial year.

Staffline Group STAF announces that publication of the results for the year ended 31 December 2018 has been delayed and a further update will be provided as soon as possible.

Rhythm One plc RTHM confirms that it is in advanced discussions with Taptica International Limited (“Taptica”) regarding a potential all-share offer for RhythmOne by Taptica.

Inspired Energy INSE expects to announce another strong set of results, delivering good growth in revenue, profits and cash for the year to the end of December. Group revenues are expected to be approximately 21 per cent ahead of 2017 with revenue growth expected to be approximately 29% ahead

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Ian Pollard: Winnstay Benefits From Agriculture Recovery

Wynnstay Group WYN the first half year to the 30th April was seen as  encouraging as the long awaited upturn in the agricultural sector kicked in and farm gate prices continued to recover, Growth was seen in both divisions and revenue from continuing operations rose by 10.3%, profit before tax  by 15.7% and earnings per share by 13.3%. The interim dividend is to be increased by 5%.

Immunodiagnostic Sys Group IDH  Revenue for the year to 31st March declined by 8% on a like to like basis. Adjusted earnings per share fell by 61% and EBITDA by 28%. Profit from operations was down by 43%. According to the new CEO appointed last November  one good sign for the future is that good progress has been made in restructuring the company

Elektron Technology plc EKT updates that Bulgins order book is significantly stronger with year to date orders at record levels. Half year sales are expected to show a rise of some 8% on last year.

Best of the Best plc BOTB Preliminary results for the year to the 30th April were ahead of management expectations and are described by the company as being solid. Like for like revenue rose by 13.3% and profit before tax by by 5.8%. Online like for like revenue increased by 23% and a special dividend of 4.5p per share is to be paid on the 20th July in addition to the proposed ordinary dividend of 1.5p per share due on the 21st Setpember.

Inspired Energy INSE has continued to build on a strong 2017 and is trading in line with market expectations

 

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Andrew Hore – Quoted Micro 26 March 2018

NEX EXCHANGE   

Continuing revenues from renewable energy supplier Good Energy (GOOD) increased from £89.7m to £104.5m but underlying pre-tax profit was nearly two-thirds lower at £734,000 due to higher admin and interest costs. There was also a decline in gross margin. An increase in working capital meant that there was a £4.92m cash outflow from operating activities. There was a decline in NAV due to the loss on discontinued generation development activities. Net debt was £53.1m at the end of 2017.

Brewer Adnams (ADB) reported a 9% increase in beer volumes in 2017, even though cash sales fell by 5%. Overall sales were 6% ahead at £74.8m despite losing £1m in revenues from the closure of the Swan Hotel for refurbishment. Even if the exceptional expenses of £721,000 for removing asbestos from the Swan Hotel, are added back, the pre-tax profit, excluding disposal gains, fell from £3.59m to £1.6m. Capital investment continues with the IT system being upgraded. The full year dividend was edged up from 226p a share to 228p a share. There plans to produce an alcohol-free version of Ghost Ship.

MetalNRG (MNRG) is selling its 15.4% stake in US Cobalt to ASX-listed Tyranna Resources, which is acquiring the whole of the company. MetalNRG will receive 21.7 million shares in Tyranna at a valuation of A$0.017 a share. The shares are trading at A$0.025, which would value the deal at £300,000. First Sentinel has raised £45,000 at 13p a share and issued a further £25,000 worth of shares at the same price to market maker Winterflood.

Coinsilium Group Ltd (COIN) has exercised its option to take its stake in Indorse to 10%. The additional 3.5% of the company is being bought for £97,000, taking the total investment to £246,000. Singapore-based Indorse has tested its blockchain-based social network for professionals and moved to the Mainnet. A new feature will enable token issuers to verify their advisory board. Coinsilium is advising Bundle Network on its token generating event. Bundle enables people to trade across unconnected cryptocurrency without needing to open individual accounts.

Imperial Minerals (IMPP) has raised £20,000 at 2p a share. There was just over £37,000 in the bank at the end of 2017, following a £35,000 cash outflow in the previous six months. Imperial is still seeking an opportunity in metals, such as gold, lithium, cobalt and zinc.

First Sentinel (FSBN) has appointed Colin Maltby to the board and invested £43,500 in the Union Jack Oil (UJO) placing raising £1.25m at 0.085p a share.

Baron Bloom has stepped down from the board of Etaireia Investments (ETIP) after the publishing of criticism by a judge, who said that he had been dishonest during divorce proceedings with his ex-wife.

Block Commodities (BLOC) has entered into a strategic partnership with blockchain-based financial services platform Wala and token issuer Dala. The businesses will be working together to establish the blockchain-based agricultural commodity trading initiative that Block has been developing. Dala would be used as the token for the food commodities trading ecosystem. Block’s existing joint venture will supply $10m of Dala token loans to 50,000 small farmers in sub-Saharan Africa.

Dana Group International Investments Ltd (DANA) increased its net assets from $0.31 a share to $0.36 a share in 2017. There was a $4.15m increase in the valuation of the investment in Bonyan International Investment.

AIM   

New management at social video content developer and owner Brave Bison (BBSN) will be judged on this year’s figures rather than the 2017 results. In 2017, revenues fell 48% to £9.1m and cost cutting helped to reduce the underlying operating loss before the restructuring costs and write-offs of acquired intangibles. The cash outflow from operations fell by two-thirds to £1.53m. There is £4.82m in the bank so that provides time for further improvement in performance. Collecting ad revenues for third party content on social platforms remains a significant revenue generator but commissioned sponsored content is becoming an increasingly important fee earner.

Cambridge Cognition (COG) reported a small decline in revenues because of lumpy contract wins in the previous year and the delays to two clinical trials. A small loss was reported but the neuroscience health company is expected to bounce back this year to a profit of £500,000.

Utilitywise (UTW) has finally published its figures for the year to July 2017. More conservative accounting policies mean that an under consumption of energy increased the loss to £8.5m. The utility cost management adviser had a £6.18m cash outflow from operating activities. Net debt rose from £5.5m to £19m and banking covenant breaches have been waived by the bank. The debt increase was partly down to dividend payments but there is no final dividend. The interim results will be published on 23 April.

Energy procurement business Inspired Energy (INSE) increased its underlying pre-tax profit from £7m to £9.7m, while earnings per share were one-quarter higher at 1.57p. Inspired has bought SystemsLink 2000, whose software Inspired uses, for £3.875m and Energy Cost Management, which specialises in water management services, for up to £2m.

Rose Petroleum (ROSE) is confident that the 3D seismic data that has been acquired over the Gunnison Valley Unit on the Paradox oil and gas acreage in Utah provides the information required to decide a drill site for the fourth quarter and attract a farm-in partner to help finance the drilling. There are ongoing discussions with prospective partners and this should ensure that the current cash in the bank will last longer. Last September, £3m was raised at 4p a share.

Immupharma (IMM) says that it expects results from its phase III trial for Lupuzor by mid-April. The Lupus treatment has generated the required data and this will be analysed.

Wynnstay Group (WYN) continues to benefit from improved sentiment in the farming sector. Feed demand is above last year’s levels and grain volumes are improving, although margins are squeezed. Like-for-like retail sales are higher and an outlet has been acquired in mid-Wales.

Trading in Green and Smart Holdings (GSH) shares has been suspended because it will not publish its 2016-17 accounts by the end of March. The audit should be completed by the end of April.

CloudCall Group (CALL) grew revenues by two-fifths last year. The underlying loss was £2.6m and further investment in sales and marketing means that even though revenue growth could be near to last year’s level the loss will be similar. The recurring cloud-based software and telecoms services revenues that will be generated from the investment will reduce the loss and move the business into profit in the following two or three years.

James Latham (LTHM) says that its figures for the year to March 2018 will be in line with expectations. This reflects an improvement in the second half. The Wigston timber depot has been moved to a new site.

Parity Group (PTY) has signed a managed services deal with Primark Stores and, along with other extensions, this takes annual revenues from this area to £5m plus. Primark is important because most of the clients on this side of the business are in the public sector. Parity can generate £2m of cash a year.

Gama Aviation (GMAA) reported a 28% rise in underlying operating profit to $18.7m. The main growth has come from the aircraft management business, which was boosted by acquisition in the US. There were also improvements in Europe and Middle East. Gama is investing in two new ground maintenance sites in the US and this continued investment is holding back short-term profit for this division.

KCR Residential REIT (KCR) has raised £1.56m at 70p a share and capitalised loans of £1.59m. The cash will be invested in the private rental portfolio. Debt has been reduced to 45% of investment property value. Energiser Investments (ENGI) has taken a 24.7% in KCR by subscribing for shares and capitalising its £494,000 loan.

There was a cash outflow of £738,000 at Botswana Diamonds (BOD) in the six months to December 2017. That was before the £865,000 raised in a share issue. There is £230,000 left in the bank. A scoping study is being undertaken at the Thorny River project in South Africa. Drilling continues at the Ontevreden project.

Golden Saint Resources (GSR) is asking for shareholder backing for leaving AIM on 24 April. It still plans to acquire EMS Wiring Systems but it wants to join the standard list after the deal goes through.

OKYO Pharma Corporation left AIM on 23 March and the company has migrated to Guernsey. A special dividend payment is planned.

NWF has received bid acceptances for the equivalent of 42.6% of the share capital of Stellar Diamonds (STEL).

Directa Plus (DCTA) has entered into an agreement with Sartec to develop a system to treat contaminated water in the oil and gas sector by using the Grafysorber technology. Directa Plus provides the technology and support while the partner will finance the development of the first plant, starting in the second quarter of 2018.

Noel Collett is stepping down as chief executive of retail butcher Crawshaw Group (CRAW) but he will remain while a replacement is found. Finance director Alan Richardson plans to move to a new job in May. Crawshaw is estimated to have lost £2m in the year to January 2018, Trading has been poor in the first six weeks of the new financial year. There was £5m in the bank at the end of January 2018, which is similar to the company’s market capitalisation.

Grafenia (GRA) says trading has been mixed. Volumes and margins in the printing business have been below budget in recent months. Grafenia is trying to replace these revenues with licence fees, signage and website sales. Full year revenues will be two-fifths higher at nearly £15m and the loss will be similar. Net debt will be around £2.85m.

Gaming Realms (GMR) has sold two affiliate businesses for up to £2.4m. Their revenues have been declining. In 2017, group revenues were flat at £31.6m but continuing operations made a positive underlying EBITDA. Real money gaming revenues were 5% higher but social revenues were lower. New licensing deals have been signed with the likes of 888 and Golden Nugget Casino this year.

Vipera (VIP) says that 12.5% shareholder Sella Open Fintech Platform is contemplating making a bid for the mobile financial software developer.

Gatemore has taken its stake in TLA Worldwide (TLA) to 7%. Gatemore took its initial stake just after trading in TLA, which is most famous for publishing a profit warning after trading had finished prior to Christmas 2016, recommenced after it published its 2016 figures last November.

Harwood Wealth Management (HW.) is paying £4.6m, plus £1.54m for cash balances, for Southampton-based AE Financial Services. The business generated a profit of £500,000 last year.

Altona Energy (ANR) has reviewed the data for the Westfield tenement and put together a three phase drilling programme. This will cost A$1.5m in total, with the first phase costing A$230,000. The second phase will help to define a JORC resource. The final phase will be part of the preparation of a bankable feasibility study. The drilling is targeting shallow coal seams.

More bad news from toilet tissue manufacturer Accrol Group Holdings (ACRL) and the share price has fallen by three-quarters. The loss is going to be higher than expected. Net debt will be £34m by the end of April.

MAIN MARKET    

London and Associated Properties (LAS) says that the tenant of Brixton Markets has exercised its pre-emption rights to acquire the markets. Market Village will pay £37.25m for assets that have a book value of £24.5m.

Bluebird Merchant Ventures Ltd (BMV) says it has made swift progress at the Kochang mine and sampling of the underground workings is ongoing. This has cost $65,000 so far. Feasibility studies at Kochang and Gubong should be completed in the third quarter of 2018. Bluebird has to spend $500,000 on each project to earn 50% in a joint venture for each project with Southern Gold.

Andrew Hore

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