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Andrew Hore – Quoted Micro 28 December 2020

AQUIS STOCK EXCHANGE

TruSpine Technologies (TSP) has delayed the application for FDA approval of its Cervi-LOK spinal device for up to three months. This is due to a lack of testing time because of Covid-19. Computer modelling has enabled the company to make minor modifications, which widens the market for the device. A £250,000 cash injection is expected by 5 January.

Daniel Thwaites (THW) reopened its pubs in early July and up until the end of September sales were running at three-quarters of the previous year. Due to the lockdown in the first three months of the period, the interim revenues were 59% lower at £21.8m and the business moved into loss. Net debt was £66.6m at the end of September 2020. There are total borrowing facilities of £90m.

KR1 (KR1) has made two more investments. There is a $200,000 investment in Tidal Finance in return for 222,222,222.22 Tidal tokens. A further $200,000 is invested in HydraDX and the number of tokens has not been determined as yet.

Coinsilium Group Ltd (COIN) has more than £1m of cryptocurrency and tokens with a further $127,000 of RIF tokens due to vest over 23 months.

Tectonic Gold (TTAU) has drilled 11 holes at the Specimen Hill prospect in Queensland. Gold/ copper/silver mineralisation was intersected in the first three holes. The other eight holes have similar characteristics.

Belvedere Leisure (BELV) has entered into an exclusivity agreement to purchase the 160 acre site known as Barnsoul Park in Dumfries and Galloway for £1.4m. The deal is subject to due diligence and 12 weeks after completion there are plans to install at least 28 lodges as part of an upgrade of the park. Bookings will be taken for June 2021 onwards if the deal goes ahead. In two years, there should be more than 150 lodges.

Upper Thames Holdings (UPPT) has non-binding heads of agreement for the purchase of a 10% stake in Sweden-based Ridercam, which supplies mobile camera systems for theme park rides.

Gunsynd (GUN) says that Angold Resources has completed the acquisition of Federal Gold Corp and trading in Angold shares will begin on the TSX Venture Exchange on 31 December. Gunsynd owns 712,500 shares.

Newbury Racecourse (NYR) has appointed Allenby Capital as its corporate adviser.

AIM

Applegreen (APGN) is recommending a €5.75 a share bid from the company’s founders, which values the company at €718.1m. The roadside convenience retailer floated on AIM in 2015 at 277p a share. Applegreen has 559 sites.

Coral Products (CRU) its core mouldings business at Haydock and Interpack to One51 ES Plastics for £7.9m. That is nearly as much as the current market capitalisation, while pro forma net cash is expected to be £6.6m. One51 acquired Straight in 2014. Coral will still own the Haydock freehold and the annual rent will be £300,000. The deal required shareholder approval because it is deemed to constitute a change of business. The remaining subsidiaries are Tatra Rotalac, which produces plastic extrusions and mouldings, and Global One Pak, which supplies lotion pumps and trigger sprays. They generated full year revenues of £5.4m and are profitable prior to central costs. Pro forma NAV is £13.6m.

Equatorial Palm Oil (PAL) has agreed to acquire Capital Metals for £15.8m. The company is raising £2.09m at 12p a share (following a 20-for-one consolidation). Capital has an interest in the Eastern Minerals project in Sri Lanka. There is a JORC resource of 17.2Mt with an average grade of 17.6% total heavy minerals. The Environmental Impact Assessment should be published soon. First production could be in 2022.

Hargreaves Services (HSP) has sold its remaining speciality coal stocks to its German joint venture company for £24m. Hargreaves will market the coal on the joint venture’s behalf for commission. There will be a £3m goodwill write-off, but the profit impact should be neutral.

Duke Royalty Ltd (DUKE) has exited its investment in IT firm Welltel (Ireland) for £15.4m. This represents an IRR of 27%. There have been follow-on investments in two other royalty companies. Duke has invested £3.1m in recreational vehicle parts wholesaler MRDB, which will use the cash to help buy vendor loan notes for £4.9m. Duke will own 30% of MRDB. Monthly payments will be £147,000. A further £1m has been invested in Irish insurance brokerage company BHPC.

IXICO (IXI) has secured a £3.4m contract to provide data analytics services for rare neurodegenerative condition, SCA3 (Machado-Joseph disease). This will last more than four years.

Driver Group (DRV) chairman Steven Norris has bought 46,000 shares at 53.5p each. He owns 293,062 shares.

Sutton Harbour (SUH) has purchased a 1.5 acre site to the east of Sutton Harbour. Two residential developments totalling 200 units are planned for the site. A planning application has been submitted for another residential and commercial development at Sugar Quay. The company has also gained permission for event pontoons in the harbour.

Microsaic Systems (MSYS) has not received a definitive offer and the board has decided to end bid talks. It has also failed to secure the cash it requires and KRE Corporate Recovery has been appointed to advise on alternatives, such as selling assets. There is a possibility that an administrator may be appointed.

TMT Investments (TMT) received $40.9m for its stake in CRM company Pipedrive Inc and this increases its cash to $42m. It will repay the shareholder loan of $3m.

MAIN MARKET

Residential developer One Heritage Group (OHG) has raised £930,000 at 10p a share when it joined the standard list. This valued the company at £3m. The shares ended the week at 11p. The initial focus is north west England and One Heritage redevelops and refurbishes buildings and has a lettings operation. The company has a marketing network in Hong Kong and also sells developments to institutional investors.

Standard list shell Pineapple Power Corporation (PNPL) raised £1.3m at 3p a share. The focus is renewable and clean energy. The share price increased to 3.25p.

Construction and water infrastructure company nmcn (NMCN) says that its full year loss will be £16.5m. That includes £5.3m of prior year adjustments. There should be a small cash outflow. The one bright area is telecoms, where capital investment by clients increased. The order book is valued at £200m. Shore Capital has been appointed broker.

Andrew Hore

Alan Green talks Mirriad #MIRI, Ixico #IXI, Conroy Gold #CGNR & Keras Resources #KRS on Vox Markets podcast

Alan Green discusses Mirriad #MIRI, Ixico #IXI, Conroy Gold #CGNR & Keras Resources #KRS on Vox Markets podcast. Interview is 9 minutes in.

UK Investor Magazine Webinar – Zak Mir and Alan Green present a number of stock selections

Zak Mir and Alan Green join the UK Investor Magazine Virtual Conference to present a number of their stock selections. Stocks include #ECR, #IXI, #OTMP, #AMC, #KIBO, #ORCP, #SLE, #TERN & #XTR

Alan Green talks Ixico #IXI, AB Dynamics #ABDP & San Leon Energy #SLE on the Vox Markets Podcast

Alan Green discusses Ixico #IXI, AB Dynamics #ABDP & San Leon Energy #SLE with Justin Waite on the Vox Markets podcast. Interview is 15 minutes 41 seconds in.

Andrew Hore – Quoted Micro 25 May 2020

AQUIS STOCK EXCHANGE

Daniel Thwaites (THW) closed its pubs and hotels on 20 May and it will not pay a final dividend for 2019-20. Net debt was £65.4m at the end of March 2020 and there are £16.6m of spare bank facilities. Trading had been strong, and the predominance of freehold properties means that rent payments is not as big a concern as it is for some pub operators.

Housebuilder St Mark Homes (SMAP) had a NAV of 127p a share at the end of 2019. The share price is 87.5p. There is cash of £4.8m and the company intends to pay off its bond, which has a 6% coupon. In 2019, pre-tax profit dipped from £117,000 to £114,000.

KR1 (KR1) has raised $353,000 from the sale of RPL tokens, relating to the Rocket Pool, which is developing a proof-of-stake infrastructure service using Ethereum 2.0. The tokens were acquired for $0.21 each and sold at $1.67 each. The majority of the RPL tokens acquired are still held by KR1 even though there was a buyer for all of them. The takeover of digital asset custodian Volt Ltd has generated a further $244,000.

Rutherford Health (RUTH) has signed a framework agreement that will enable it to provide cancer treatment services to NHS trusts. The deal lasts an initial period of two years.

Altona Energy (ANR) has cancelled its open offer because the minimum amount was not raised. Instead, management is in discussions with three companies that could reverse into Altona. Cash will be required to cover the costs of a reverse takeover.

Trading has resumed in Lombard Capital (LCAP) shares. Lombard’s waste and recycling subsidiary is acquiring land in Preston for £1.08m. Lombard needs to issue more bonds in order to fully fund the purchase. Existing bond holders are swapping £507,000 worth into shares at 25p each and £320,000 has been raised from the exercise of warrants at 10p each. The current share price is 27.5p and it is more than five times the level it was two months ago. The site was previously used for recycling and Lombard will reapply for an environmental licence. It will be used for a waste to energy project and a plastic recovering plant.

Coinsilium Group Ltd (COIN) has been appointed as adviser to Kesholabs, a Kenya-based blockchain technology developer. Kesholabs is developing three applications that could be launched within 12 months.

Clean Invest Africa (CIA) says that CASA is set to resume limited operations after the lockdown in South Africa. CASA will produce test work and production of anthracite samples.

Ananda Developments (ANA) subsidiary DJT plants has met with the MHRA to discuss its plans to grow strains of cannabis. This is part of the licence application to grow medicinal cannabis. There will be further consultation with the UK authorities.

World High Life (LIFE) says that subsidiary Love Hemp has increased capacity for its LH Botanicals business.

IWEP is swapping part of its loan to Eight Capital Partners (ECP) into a 29.8% stake at 0.025p a share. Shares have also been issued to creditors to satisfy money owed.

First Sentinel (FSEN) has invested £270,000 in Stabiltech Biopharma as part of a £6m fundraising. The corporate finance subsidiary is advising the investee company on further fundraisings. The vaccine developer is developing a potential vaccine for COVID-19. Clinical trials should start in June.

Secured Property Developments (SPD) is still seeking property investments. There is £514,000 in the bank and net assets of £470,000.

All Star Minerals (ASMO0 has raised £80,000 at 0.02p a share and a further £170,000 is being sought. Ian Harebottle and Richard Lloyd, who both have mining experience, are joining the board.

NQ Minerals (NQMI) has raised £189,500 in placings at 7p a share and 7.5p a share. NQ has raised £340,000 in the past fortnight.

Shareholders have passed the resolution to consolidate 100 existing Wheelsure Holdings (WHLP) shares into one new share.

Sport Capital Group (SCG) has appointed Peterhouse as joint broker.

Engineering businesses consolidator Vulcan Industries is seeking admittance to the Aquis Stock Exchange. The focus is profitable metal fabrication and precision engineering businesses. First Sentinel is corporate adviser. The expected admission date is 1 June.

AIM

Renalytix AI (RENX) plans to gain a Nasdaq listing. The renal diagnostics company has not decided how much money it wants to raise. Renalytix AI has launched a joint venture to develop and produce COVID-19 antibody test kits.

STM (STM) subsidiary Carey has won a court case brought by a client. Adams v Carey related to a non-advisory SIPP taken out by Adams and an investment that he asked to be put in the SIPP. The investment performed poorly, and Adams claimed for loss of value. This case has been going on for more than two years.

Employee background checks provider ClearStar (CLSU) has launched a COVID-19 testing service that will help employers with back to work planning. That could attract additional clients for ClearStar’s services.

Imaging services provider IXICO (IXI) increased interim revenues from £3.43m to £4.56m and that helped to more than double profit from £215,000 to £475,000. There was cash of £6.66m at the end of March 2020. The order book is strong. It was £15.3m at the end of the interim period and more has been added since then. Data analysis from existing trials is continuing during the lockdown.

Tiziana Life Science (TILS) intends to demerge its genomics-based personalised medicine businesses into a separate quoted vehicle. This will enable the business to raise cash to develop the StemPrintER technology for the prediction of disease recurrence in breast cancer patients.

Tissue products developer Tissue Regenix (TRX) raised £14.6m at a share price of 0.25p. This was much-needed cash because existing funds were about to run out.

A share placing by Open Orphan (ORPH) at 11p a share raised £12m after expenses. This will help to finance services for COVID-19 vaccines and tests, as well as more laboratory facilities.

Digital TV technology provider Mirada (MIRA) has extended the term for its revolving credit facility by 12 months to the end of November 2021. Earlier this month, Mirada launched a lower cost version of its technology. Iris in Swift Mode is a pre-packaged platform.

Eddie Stobart Logistics (ESL) has acquired the Eddie Stobart brand from Stobart Group (STOB), which will have to change its name, for £10m. An annual fee of £3m was payable for the brand. This will be saved from now on. There have been some reductions in activity due to COVID-19, but grocery and e-commerce demand remain strong.

Cash shell Summerway Capital (SWC) has £5.55m in the bank as it continues to seek an acquisition.

MAIN MARKET

Contango Holdings (CGO) has published a prospectus relating to the acquisition of the Lubu coal project. The potential deal was announced more than one year ago. A £1.4m placing at 5p a share in January will finance costs and initial investment in the Lubu project. Readmission is expected on 18 June.

The Takeover Panel Executive has denied Moss Bros (MOSB) bidder Brigadier’s attempt to lapse its offer. Brigadier has asked for the ruling to be reviewed.

Pure Gold Mining Inc (PUR) has secured a $15m investment at $1.52 a share. This will be invested in the Red Lake Mine.

Loans to Shefa Gems (SEFA) totalling £1.25m have been converted at a premium to the market price. The shares issued account for 14.5% of the enlarged share capital.

Andrew Hore

Alan Green discusses Open Orphan #ORPH, Mirriad Advertising #MIRI and IXICO #IXI on Vox Markets podcast

Alan Green discusses Open Orphan #ORPH, Mirriad Advertising #MIRI and IXICO #IXI with Justin Waite on the Vox Markets podcast.

Nanoco Goes For Technology Breakthrough

Nanoco NANO has entered into a collaboration and joint development agreement with Massachusets based Kyulux. Both companies are global leaders in their respective fields and the agreement will enable the technologies of the two companies to be combined, allowing the creation of superior products in the display market which will be both cost effective for manufacturers and highly energy efficient for consumers. Kyulux claims that the co-operation will create a technological breakthrough which will produce a vast improvement in display technology.

Cerillion plc CER is increasing its interim dividend by 8% for the half year to 31st March, after a 31% rise in adjusted profit before tax and a 25% rise in adjusted earnings per share. Revenue was up by 10% and recurring revenue now accounts for 29% of the total. New orders rose by 37% and further progress is expected in the second half.

IXICO IXI produced a strong increase in revenue, leading to reduced losses for the half year to the end of March. Revenue rose by 31% and operating losses fell from £1.1m to £0.8m whilst the loss per share fell from 4.6p to 2.6p. Growth is expected to accelerate in the second half.

 Luxury Villas & Houses For Sale In Greece; http://www.hiddengreece.net

Quoted Micro 11 April 2016

ISDX

DagangHalal (DGHL), which operates DagangHalal.com, a global e-commerce platform that provides Halal verification, joined the ISDX Growth Market on 7 April. Prior to the flotation Malaysian investors subscribed £3.9m and a placing with UK investors raised £300,000. The original website was launched in 2008 and the company also has an online database of Halal certificates. The flotation should raise the profile of the business. There are plans for geographical expansion in Japan, Thailand, Indonesia and China and to develop a mobile platform. The share price ended the week at 24.5p (22p/27p).

English wine producer Chapel Down Group (CDGP) says that its Kent-based subsidiary Curious Drinks has raised more than £1.7m from crowdfunding and a share placing – £1.15m via crowdfunding and £500,000 through a placing. The placing remains open until 29 April but the minimum investment is £25,000. There are 895 new shareholders, one-third of them from Kent. The maximum target for the fundraising, which was eligible for EIS relief, was £3.65m. Curious Drinks produces Curious Brew lager, Curious IPA, Curious Porter and Curious Apple cider. The cash will finance a new brewery at Ashford, Kent, which should be open in 2017. Curious Drinks was valued at £16m prior to any new shares being issued. Chapel Down raised £3.95m in 2014 through a crowdfunding offer via Seedrs, the same crowdfunding platform.

Prospex Oil & Gas (PXOG), which was previously known as Premier Gold Resources before becoming an investment company, plans to join ISDX on 13 April and maintain its AIM quotation. The focus of the company is natural resources investments and projects, predominantly in Europe. The main investment is 49% of Hutton Poland, which has been offered the Kolo licence area in the Polish central lowlands, west of Warsaw. This is an area where there are indications of gas and oil in shallow water wells. A number of conventional oil and gas targets have been identified.

Crossword Cybersecurity (CCS) and Coventry University have set up a subsidiary called CyberOwl Ltd, which will commercialise cyber security research into target centric network monitoring for smart cities. The Crossword share price fell 15p to 175p (150p/200p).

Angelfish Investments (ANGP) has loaned £77,500 to 4Navitas (Green Energy Solutions) for a maximum period of three months. 4Navitas has developed a vertical axis wind turbine in partnership with Siemens. It is smaller, easier to install and cheaper than conventional turbines. The cash will be used to upgrade a 55kwh turbine to 75kwh. Angelfish has an option to acquire this turbine and could end up in partnership with 4Navitas to help roll out other turbine projects. Angelfish has raised £875,000 from a preference share issue, yielding 7.1%, and the subscribers get warrants to subscribe for new ordinary shares at 0.25p each.  The bid/offer spread for the share price is 0.1p/0.25p.

Diversified Oil & Gas (DOIL) has issued a further £1.56m of 8.5% unsecured bonds 2020 in the past month, taking the total raised to £6.7m. Diversified recently agreed to acquire 1,000 oil and gas wells in the US for $4.8m, which is a 70% discount to estimated future cash flows. At current oil and gas prices, these wells should generate annual revenues of $6.5m and EBITDA of $1.5m.

AIM

Instem (INS), which provides IT systems and software for pharma development businesses, increased its revenues by 22% to £16.3m in 2015. In the past, it has been particularly difficult to forecasts revenues for Instem because a lot of business was won late in the year but recurring revenues were £10m last year and that means that revenues are more predictable. Underlying pre-tax profit jumped from £1.1m to £1.7m. Net cash was £1.35m at the end of 2015 and £5m has been raised since then. Instem is winning more orders relating to the FDA’s SEND initiative for reporting, which is being rolled out for all sizes of pharma companies, and this is underpinning expectations for 2016. N+1 Singer forecasts a 2016 profit of £2.1m, rising to £2.5m in 2017. Instem  is seeking further add-on acquisitions.

Medical technology developer IXICO (IXI) has won a five year contract with Oxford BioMedica, where it will support the use of brain scanning in a clinical trial of an experimental drug for Parkinson’s disease called OXB-102. The phase I/II study should start in the summer and will evaluate safety and assess the optimal dosage. IXICO has also joined the Critical Path for Parkinson’s Consortium (CPP), which includes seven global pharma companies. Data from past trials will be collected, integrated and assessed in order to provide ideas for designing clinical trials focused on early-stage Parkinson’s disease.

MAIN MARKET

Macfarlane Group (MACF) is expanding its packaging distribution division through the acquisition of Middlesbrough-based protective packaging supplier Colton Packaging Teesside. The business generated sales of £3m last year and fits well with Macfarlane’s existing business in Newcastle. Macfarlane is paying up to £1.25m depending on the achievement of financial objectives over the next 12 months.

BATM Advanced Technologies (BVC) has won a contract to supply cyber security systems to a national defence agency. The contract will be worth around $4m over three years. The equipment will begin to be shipped in the third quarter of this year and there is scope for the customer to increase the size of the order. Other governments are interested in acquiring similar networking and cyber security systems.

ANDREW HORE

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