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Quoted Micro 25 May 2026
AQUIS STOCK EXCHANGE
Time to ACT (TTA) says that Ruth Herbert has been appointed chief executive of EET Hydrogen and power, which is a potential client, and final investment decision for the HPP1 blue hydrogen project is due in the second half of 2026. Time to ACT has completed the acquisition of MTE Heat Treatment for £500,000.
Unigel Group (UNX) has decided it is best to leave Aquis and is asking for shareholder agreement. A general meeting is planned on 5 June.
Ian Bagnall has taken a 5.78% stake in Tomahawk Minerals (TMHK), formerly Shortwave Life Sciences. The company is concentrating on its gold and antimony, and it is planning a move to AIM.
In the first quarter of 2026, SuperSeed Capital (WWW) improved to 141p/share or 136.4p/share after notional management fee.
B HODL (HODL) has launched the Lightning Service Provider platform, which provides programmable liquidity for Bitcoin.
Quantum computing technology developer Delta Gold Technologies (LON: DGQ) pointed out a Wall Street Journal article concerning the award of up to $2bn in grants to the quantum computing sector. The company issued 28,571 shares at a warrant price of 50p each.
In the six months to February 2026, Astrid Intelligence (ASTR) had a cash outflow from operations was £612,000. There was £338,000 left in cash. Income from digital assets was £516,000, up from £20,000 in the first half of the previous year, but there was a sharp increase in operating costs. There was a £3.76m drop in the valuation of the digital assets.
Mendell Helium (MDH) has completed the acquisition of M3 Helium and Paul Mendell, who has a 9.37% stake, has been appointed technical director.
Arbuthnot Banking (ARBB) made a strong start to the year and loan balances edged up to £2.32bn by the end of April 2026. Deposits were 1% ahead to £4.26bn over the same period. Funds under management and administration were 5% higher at £2.8bn. No reductions in interest rates so far this year has been good for Arbuthnot Banking, and the income on its surplus funds.
Nomad Compute (NMD) has raised £3.124m at 0.125p/share. A capital reorganisation is required to reduce the apar value to enable the shares to be issued. The cash is for “developing and operating modular, containerised edge AI compute infrastructure for global enterprise and sovereign markets”.
IntelliAM AI (INT) has appointed Joel Crawfod as chief revenue officer. He will be based in Texas.
Energy B (NRGB) has appointed First Sentinel as corporate adviser.
Oliver O’Donnell, head of equities for VSA Capital (VSA), has been appointed to the group board.
Roundhouse Digital has changed its name to Roundhouse AI (ETHL).
AIM
Asia-focused oil and gas producer Jadestone Energy (JSE) reported a loss of $133.7m on revenues of $408m for 2025, but that figure is complicated by $126m impairment charge and the $18.5m write off for the abandonment of the SKUA-11 well. That masks the strong cash generation of the business last year. Cash generated from operating activities was $91.4m, helped by lower operating costs, and along with the $39.4m proceeds from a disposal this was more than enough to fund capital expenditure and interest charges. Net debt reduced to $89.1m. Jadestone Energy has refinanced debt through a $200m bond issue, which increases the cash available. Production in 2026 could be at the lower end of the 18,000-21,000 boe/day guidance range – last year it was 19,829 boe/day – because of a storm stopping production at the Stag field. That should generate enough cash to cover investment this year. The farm-out process for the Vietnam asset has commenced.
Medical devices developer Creo Medical (CREO) has raised £5.5m at 15p/share and the Bank of Wales is subscribing for £2m of convertible loan notes. Creo Medical plans to sell the remaining 49% interest in Creo Medical SL to 51% shareholder CME at book value. The sale of the 51% stake raised £24.7m after costs CME will continue to distribute Creo Medical products in Europe. Cash was £12.4m at the end of 2025 and there was a subsequent dividend of £1.6m from CME. Creo medical made an underlying operating loss of £13.7m on revenues of £6m in 2025 and the additional cash will help to accelerate growth in sales. First quarter revenues were 60% ahead and full year revenues could grow at a similar rate. Operating costs should be reduced by 15%.
Energy efficiency technology developer Sabien Technology (SNT) is entering into an agreement for a proposed strategic commercial partnership and financing that will help to accelerate commercial deployment of the M2G technology. The partnership with Haydale (HAYD) and SaveMoneyCutCarbon (SMCC) means that SMCC will be the M2G distributor in agreed commercial, industrial and public sector markets. Haydale would also help with improving manufacturing efficiency. Non-core investments are being reviewed, and additional opportunities will be assessed. A strategic investor group could acquire the 26.7% stake held by executive chairman Richard Parris and restructure the debt owed to Parris Group. A convertible loan note could raise up to £2m. Final terms have to be agreed. This announcement follows the settlement of a historical contract for £40,000 in cash and £50,000 in shares at 5.71p each.
Building and plumbing products distributor Lords Group Trading (LORD) has reported better than expected results. Pre-tax profit still fell from £3.8m to £2.8m. There has been a rationalisation of plumbing and heating distribution sites and there was a small dip in sales. Online builders merchant CMO made an initial contribution. Market share is improving. There could be a further fall in profit this year.
FIH Group (FIH) will pay a 40p/share special dividend from the funds from the £11.6m sale of the Portsmouth Harbour Ferry Company. The shares go ex-dividend on 5 June. Chief executive Stuart Munro gets a £478,000 bonus and finance director Reuben Shamu £293,000 for the successful disposal.
Gold producer Metals Exploration (MTL) produced 65,287 ounces of gold in 2025, but the higher gold price meant that revenues rose by 9% to $208.4m. Free cash generated from operations was 19% higher at $115.3m. Construction of the La India project in Nicaragua is one-third complete. The first gold pour could be in December. Gold production guidance for Runruno has been revised downwards to 40,000-48,000 ounces.
Invinity Energy Systems (IES) has won a project through FlexBase to design a GWh-scale vanadium flow battery to be deployed at the Technology Centre Laufenburg, Switzerland. This datacentre and technology campus required up to 1.5GWh and it could be expanded to 2.1 GWh. There should be phased manufacturing of the batteries.
Automotive interior components manufacturer CT Automotive (CTA) reported a 4% dip in revenues to $114.8m, while pre-tax profit improved by one-fifth to £9.5m. Earnings were 11.4 cents/share. A further improvement is expected this year.
TV programmes producer Zinc Media (ZIN) has won a $6m contract to produce an entertainment series in the Middle East. The international distribution rights should add extra income. The series has already been broadcast for 17 seasons, and it follows inventors developing ideas. Zinc Media has been brought in to refresh the format, and the programme will be shot in Arabic and English. Zinc Media is acquiring William Martin Qatar for an initial £400,000. The final purchase price will be up to £1.12m. This is an agency specialising in events and film in the Middle East and it fits well with the existing business in the region. Full year revenues of £3.4m and pre-tax profit of £300,000 are forecast.
Tap Global Group (TAP) recently launched the Tap Earn app and it has reached $3.5m of assets under management. The app offers a yield of up to 7% on supported stablecoin holdings, up to 3.5% on Ethereum and up to 2.5% on Bitcoin. Tap Earn is available across all the company’s markets and will generate revenues for the company by converting passive customer balances into generating income.
Fulcrum Metals (FMET) has secured surface rights to 270 acres of the Teck Hughes tailings project. This provides access and operational flexibility. The price is C$220,000 in cash and a 1.5% net smelter royalty. The net smelter royalty can be reduced to 0.75% for C$750,000 in cash and to 0.5% with a further C$500,000 payment.
Mkango Resources (MKA) subsidiary Mkango Rare Earths has filed a registration statement in the US concerning its merger with Crown PropTech Acquisitions. This helps to progress the proposed Nasdaq listing for Mkango Rare Earths.
Ariana Resources (AAU) is selling a 13.6% stake in the Zenit gold mining joint venture in Turkey to the majority shareholding for $19.5m – $17.2m after tax. Ariana Resources retains a 9.9% stake in Zenit, which could generate dividends, and has $29m in cash. The cash will be invested in the Dokwe project in Zimbabwe and the cash will fund the project up to the definitive feasibility study.
First quarter results from gold miner Thor Explorations (THX) show year-on-year revenues increasing from $64m to $74.3m and lower operating costs per ounce of gold. Net income rose from $34.4m to $46.7m. Net cash was $177.9m at the end of March 2026. A dividend of C$0.0275/share was announced. Full year production guidance is 75,000-85,000 ounces of gold with average costs likely to edge up.
Gene therapy technology developer 4basebio (4BB) increased 2025 revenues from £900,000 to £1.7m and it is forecast to rise to £2.5m. The loss was £17.9m. There should still be £8.5m in the bank at the end of 2025. The company has secured a clinical supply deal with a biotech company for supply of synthetic DNA to a phase II immunotherapy programme.
MAIN MARKET
Vehicle rental and claims management company Zigup (ZIG) traded strongly in the second half with profit at the upper end of expectations. Full year pre-tax profit is set to be around £160m. Cash generation has improved. The results will be released on 8 July.
Ground engineering and piling business Keller (KLR) reported stronger trading in the first four months of the year despite the global background. North America has done well. Higher costs are being passed on in new contracts. The order book is worth £1.7bn. The interim results will be published on 4 August.
New Frontier Minerals (NFM) has visited the NWQ Copper project with partner Austral Resources to inspect the Big One Deposit and Big One North prospect. The historical copper stockpile was assessed. Mt Storm was identified as an under explored near surface target.
Andrew Hore
Quoted Micro 3 March 2025
AQUIS STOCK EXCHANGE
In the six months to November 2024, Field Systems Designs (FSD) improved revenues from £8.8m to £13.1m and pre-tax profit recovered from £84,000 to £853,000. There is cash of £4.4m. The mechanical and electrical engineering services company has benefit from increasing activity under the AMP7 programme for the water sector. The AMP8 programme will begin in April 2025. There are secured orders worth more than £22m, but the start of AMP8 is likely to see a slowdown in spending before it ramps up again.
Hydrogen Hotel, Eastbourne (HYDP) improved full year pre-tax profit from £236,000 to £350,000. There was £610,000 of cash generated from operations. Cash was £2.46m at the end of October 2024. A second interim dividend of 13p/share has been declared, taking the total to 26p/share.
Zentra Group (ZNT) has completed the sale of 19 out of 24 units at the One Meadow development in West Yorkshire to a registered housing provider for £3.96m. This will pay off the development finance facility. There are five units to sell privately.
Hot Rocks Investments (HRIP) has invested £75,000 in cross border payments company Endor Group, which trades as Universe Payments. Endor chief executive Tony Quirke was finance director at Equals.
Investment Evolution Credit (IEC) is acquiring Credit Canary, which specialises in AI and software developer and provider of credit services, for £4m in shares at 12.5p each. The brand will be retained.
KR1 (KR1) reported an end-January 2025 NAV of 77.5p/share, down from 77.8p/share the previous month, and has generated income of £721,233 during the months.
Having raised £7.4m from a placing at 180p/share healthcare procedures provider One Health Group (OHGR) has raised a further £200,000 through a retail offer, where shares worth up to £500,000 were on offer. Existing shareholders have the chance to take up shares in a one-for-38 open offer of up to £500,000 ahead of the move to AIM. which is expected to happen on 20 March.
Audit and assurance services provider Adsure Services (ADS) has signed a contract with K10 Vision to implement its audit working paper software. This will enhance the efficiency of subsidiary TIAA and integration is already underway.
Rogue Baron has changed its name to Richmond Hill Resources (SHNJ) and adopted an investment strategy in the natural resources. Trading in the shares recommenced on Wednesday 26 February.
Former Daniel Stewart boss Peter Shea has been appointed as a director of Good Life Plus (GDLF) and John Taylor has stepped down from the board.
SulNOx Group (SNOX) has signed an exclusive agency agreement for Greece and Cyprus with Technava SA. The focus will be the maritime market for the company’s fuel additives.
EDX Medical Group (EDX) founder and executive director Professor Sir Chris Evans acquired 60,000 shares at 12.97p each and 30,000 shares at an average share price of 13.49p each.
Kasei Digital Assets (KASH) director Bryan Coyne bought 1.06 million shares at 11.22p each. Cardiogeni (CGNI) executive chairman Darrin Disley has bought 152,205 shares, mainly at 22p/share, although 50,000 of these shares were acquired at 15p each.
RentGuarantor Holdings (RGG) has appointed Allenby as corporate adviser.
Inteliqo Ltd (IQO) will leave Aquis on 14 March.
ASSET MATCH
Chaarat Gold Holdings (CGH) decided to withdraw from Asset Match and the final auction was on 28 February. The last auction share price was 0.14p. The mining company left AIM on 16 August 2024.
Agricultural land and farming activities company Greenshields Agri Holdings (GAH) reported a decline in revenues from £6.18m to £3.95m. Crop sales and other farming income declined. There was also a fall in contract income. There was a reduction in cost of sales, and that helped the loss reduce from £728,000 to £436,000. NAV was £22.7m at the end of June 2024, which is equivalent to 145p/share.
AIM
Online building materials retailer CMO Group (CMO) has reviewed its strategic options and decided that it should leave AIM because it cannot source the finance it requires. This should save £700,000/year. JP Jenkins will provide a matched bargains market. CMO joined AIM at the height of the Covid-related boom in DIY and its results have declined since then. The market is currently declining, although there are signs of improvement in February. CMO raised £45m at 132p/share when it joined AIM in July 2021.
Staffing firm Staffline (STAF) is selling its workplace training business PeoplePlus for up to £6.9m – £12m minus £5.1m deduction for advanced payments. The change in government has led to uncertainty concerning training and delays in client decisions. PeoplePlus was expected to make a 2025 pre-tax profit of £300,000, down from £1.3m in 2024. Panmure Liberum expects an £11.1m non-cash write down on the business. A share buyback has been launched. This could acquire up to £7.5m worth of shares.
Bezant Resources (BZT) is planning to sell Puna Metals, which owns the Eureka gold and copper mine in Argentina, to Main Market shell Ajax Resources (AJAX). It will pay $120,000 in cash and $100,000 in shares – which will be based on the price of a fundraising.
Sovereign Metals Ltd (SVML) says graphite concentrate produced at the Kasiya rutile-graphite project has met or exceeded specifications for use in flame retardants, gaskets, seals and brake linings. Demand for graphite is growing at 6%-8%/year. Sovereign Metals believe it can produce the graphite at an incremental cost of $241/t, while the recent price was $1,140/t. The information will be used for talks with potential offtake partners. Rutile continues to be the primary potential product of the project.
Photonics and optical equipment supplier Gooch & Housego (GHH) is improving efficiency and margins and is set to meet full year expectations. At the AGM, it was revealed that the order book has grown to £126.4m. Defence optics, medical diagnostics and subsea data networks demand is strong. Semiconductors and industrial lasers markets remain weak. Net debt was £19.2m, following the acquisition of Wales-based Phoenix Optical for £6.75m. This business is being integrated. Net debt could fall to £15m by the end of September 2025. Further bolt-on acquisitions are being sought. Trading is likely to be second half weighted. Cavendish forecasts a recovery in pre-tax profit from £8.1m to £13.3m.
EnergyPathways (EPP) has signed a non-binding memorandum of understanding with a clean energy fund, which would be a cornerstone investor in an equity funding at higher than the current share price. This will provide cash for the development of the MESH energy storage project. A FTSE 100 constituent is interested in long-term storage capacity. The final concept engineering report has been submitted and a decision on the application for a gas storage licence is expected soon. The MESH project could be operational by the end of 2027.
Growth in the revenues of diagnostics developer Oxford BioDynamics (OBD) remains modest and the loss increased. Revenues moved up from £510,000 to £636,000, while the loss was nearly £12m. Since the balance sheet date £7.35m has been raised at 0.5p/share and Ian Ross appointed executive chairman. The company is seeking partners and collaborators to accelerate the take up of its EpiSwitch products.
Following the departure of its chief executive Wendy Lawrence and the loss of a NHS 111 contract healthcare services provider Totally (TLY) has renewed two multi-year contracts worth a total of £30m, including option extension periods. The original contracts had a similar annual value. David and Monique Newlands have been adding to their stake, and it has risen from 5.39% to 6.67%, while Trafalgar Capital increased its shareholding from 6.04% to 8.16%. Earlier in the week, Liontrust sold its 525% shareholding.
Retail software provider itim Group (ITIM) says that 2024 revenues were 5% better than expected at £17.9m thanks to contract wins in the second half. This enabled itim to move back into profit. Zeus forecasts a 2024 pre-tax profit of £200,000 and upgraded its 2025 figure to £500,000.
A June 2024 revaluation of the Mpac (MPAC) pension scheme shows an actuarial surplus of £21.1m. Back in June 2021the pension deficit was £28.4m. This should make it easier to transfer the scheme to a third party.
Asia-focused oil and gas producer Jadestone Energy (JSE) increased average production in 2024 by 35% to 18,696 barrels of oil equivalent/day. Revenues improved from $309.2m to $395m. The Akatara gas processing facility is up and running. Net debt was $104.8m at the end of 2024. This year production is expected to average 19,000-22,500 barrels of oil equivalent/day. Based on a Brent oil price of $70-$80/barrel Jadestone Energy believes it can generate $270m-$360m of free cash flow between 2025 and 2027.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has reported 2024 revenues 4% lower and an organic decline of 8% due to lower volumes and prices. Pe-tax profit was 3% lower at £25m. The manufacturing operations increased revenues, although like-for-like sales were flat, and its profit contribution rose by 10%.
Cybersecurity company Narf Industries (NARF) has reportedly been awarded a $6.8m contract by DARPA in the US. This is for the Intelligent Generation of Tools for Security programme. This is designed to assess vulnerabilities in systems and lasts 36 months.
Georgina Energy (GEX) says a scoping study has confirmed the viability of commercial gas production at Hussar. The NPV10 is estimated to be $1.64bn. Management is in discussions with potential offtake partners. There is a non-exclusive agreement with potential offtake partner Harlequin Energy covering helium, hydrogen and natural gas.
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
Quoted Micro 6 May 2024
AQUIS STOCK EXCHANGE
Good Life Plus (GDLF) has traded strongly since joining Aquis and raising cash for marketing. The luxury prize draw company increased the number of subscribers from 21,000 at the end of 2023 to 30,000. Churn has been reduced.
Invinity Energy Systems (IES) raised £56m at 23p/share with £25m committed by the UK Infrastructure Bank and £3m from Korean Investment Partners. There is also an open offer to raise up to £6.6m. The share price slipped 6.12% to 23p. IES will use £30m to increase capacity ahead of the launch of the latest version of the Mistral flow battery.
KR1 (KR1) gained shareholder approval for the market acquisition of up to 14.99% of its shares. NAV was 132.05p/share at the end of March 2024, down from 134.6p/share one month earlier. There was £1.96m in income from digital assets during the month.
Apollon Formularies (APOL) has sent a general meeting notice for 28 May to gain approval of the cancelation of the Aquis quotation. The company is selling its IP to a Canadian company.
Rogue Baron (SHNJ) has acquired Eight Vodka for £70,000 in shares at 0.5p each. Eight Vodka is distilled eight times in Ecuador.
Trading in Silverwood Brands (SLWD) was restored following the completion of a capital reduction. Phoenix Asset Management increased its stake from 0.94% to 29.9%. In the first quarter a rebranding of Balmonds has disrupted sales. The costs of acquiring Cosme Science hit profitability of Sonotas.
One Health Group (OHGR) says it did better than expected last year with annual revenues improving from £20.5m to £23m. Net cash was £4.7m at the end of March 2024. There was a 13% increase in NHS patient referrals for treatments. New five-year contracts have been secured with the two largest customers.
RentGuarantor Holdings (RGG) says first quarter revenues were 62% ahead and the number of tenant contracts was 38% higher.
Investment company MaxRets Ventures (MAX) reported net assets of £19,000 at the end of October 2023, down from £497,000. There was no new investment during the year. A transformative acquisition is being sought.
Hydrogen Future Industries (HFI) more than halved the interim cash outflow from operating activities to £234,000. Ther was £263,000 in the bank at the end of January 2024, but £612,000 has been raised since then. Testing of the prototype wind turbine and the electrolyser has gone well.
Substrate AI (SAI) generated revenues of $8.6m in 2023. There was $4.42m in the bank.
Hacienda Management has taken a 7.48% stake in Supernova Digital Assets (SOL). Pete Mills increased his stake in Oscillate (MUSH) from 3.02% to 4.03%. DXS International (DXSP) chairman Robert Sutcliffe bought 100,000 shares at 1.46p/share.
AIM
Trinity Exploration & Production (TRIN) has agreed a bid from fellow AIM-quoted Trinidad oil and gas company Touchstone Exploration (TXP), which is offering 1.5 shares for every Trinity share. The Trinity shareholders will own one-fifth of the enlarged company. The combined group will be in a stronger position to make investments in new production. The Touchstone Exploration share price is 4.85% lower at 39.25p, valuing each Trinity share at 58.875p – the share price is 50% higher at 54p.
Alpha Financial Markets Consulting (AFM) has confirmed that BridgePoint Advisers has made a bid approach and Cinven is considering making a bid. Revolution Bars Group (RBG) has received interest from Nightcap (NGHT), which is assessing the situation and options include a bid or acquisition of some sites or subsidiaries.
Electric Guitar (ELEG) moved from the standard list to AIM following the reverse takeover of 3radical on 3 May. It is the first in a planned series of acquisitions in the digital marketing sector, where regulatory and market changes, such as the blocking of third-party cookies, provide significant growth opportunities. 3radical was acquired for 61.2 million shares valued at £1.28m. A fundraising generated £1.32m at 2.1p/share and that valued the company at £4.7m. 3radical was set up by the founders of campaign management software provider Alterian at the end of 2011 The shares had been suspended at 2.1p and they fell to 1.8p when trading recommenced on AIM.
Multi-channel retailer TheWorks.co.uk (WRKS) moved from a premium listing to AIM. The board felt the company was too small for the cost and regulatory burden of the Main Market. One of the attractions of AIM is that the company will no longer be classified as a Public Interest Entity and it will be able to choose an auditor from a wider range of firms. Singer forecasts a slump in pre-tax profit from £10.1m to £1m in the year to April 2024.
Cornish Metals (CUSN) has published a preliminary economic assessment of the South Crofty tin project in Cornwall. There is an after-tax NPV8 of $201m at a tin price of $31,000 /tonne. Pre-production capital requirement is $177m, which is higher than previous estimates, and there should be 14-year mine life. Life of mine all in sustaining cost is estimated at $13,661/tonne. Planned first production is in 2027.
Horizonte Minerals (HZM) has enough cash until 17 May and senior lenders have agreed to extend waivers on loans, including deferring interest payments, until 15 May. These lenders have security over the company’s assets. Horizonte Minerals has guaranteed the debt of the subsidiary that owns the Araguaia project. Discussions with creditors and investors continue in an attempt to achieve some recovery value for creditors. That may include the disposal of the Araguaia project. None of the proposals are likely to recover value for shareholders.
Arrow Exploration (AXL) grew average production from 1.3mboe/day in 2022 to 2.2mboe/day in 2023 and revenues increased from $28.1m to $50.6m, which was slightly lower than forecast. There was cash of $13m at the end of 2023 and this fell to $12m at the end of March 2024. Production has reached 2.9mboe/day in March, while drilling activity will lead to further increases in the medium-term. Canaccord Genuity has cut its 2024 revenues forecast from $103.9m to $98.6m and net cash is expected to be $17m at the end of 2024.
Trading at property services provider Kinovo (KINO) is ahead of expectations with organic growth of 23% in the year to March 2024. Underlying pre-tax profit should be more than £6m, excluding costs related to the DCB contracts, which were guaranteed by Kinovo when it was sold, still to be completed.
Mark Halpin has stepped down as chief executive of managed IT services provider CloudCoCo (CLCO) and MXC Guernsey, which holds a 10.6% stake, has extended its loan notes to 31 August 2026 in return for a £550,000 fee. The amount outstanding on the loan notes is £5.85m. MXC can also appoint an executive director and Ian Smith becomes interim chief executive. The shares returned from suspension following the release of figures for the year to September 2023 showing revenues 7% ahead at £26m. The loss was flat at £2.6m. There was a cash inflow from operating activities. Net debt was £6.3m at the end of September 2023.
Brake discs developer Surface Transforms (SCE) raised £6.5m fundraising at 1p/share. There will be a one-for 1.76036319 open offer at the same price. That could raise £2m. The cash will finance the scale up of manufacturing. Factory capacity will be increased to £75m. This year’s revenues are forecast to be £17.5m.
Gift wrap and stationery supplier IG Design (IGR) did better than expected in the year to March 2024 with margins recovering and pre-tax profit improving from $9.2m to $25.9m, compared with a forecast of $20.5m, even though revenues fell. Net cash nearly doubled to $95m. It appears the recovery is gathering pace. Management believes that margins could return to previous levels this year and an operating margin of more than 6% in 2026-27, suggesting a pre-tax profit of around $50m.
IT distributor Northamber (NAR) is acquiring Tempura Technology and Tempura Communications, which distribute unified communications products, for £6.02m in cash and 181,818 shares. There is £2.64m of the cash consideration contingent on EBITDA in the years ending June 2025, 2026 and 2027. This is a profitable business that has been growing organically.
Heavy mineral sands project developer Kazera Global (KZG) says recent changes at the National Nuclear Regulator in South Africa mean that it will have to provide additional information on how it will meet financial obligations. This should be funded by cash flow. A response is expected shortly and that will allow heavy mineral sands production to start in Alexander Bay, South Africa.
Oil and gas producer Jadestone Energy (JSE) reported a $91.3m loss for 2023 due to asset impairments, lower oil prices and higher interest costs. Capital investment has increased net debt to $110.5m by the end of March 2024. Average production in the first quarter of 2024 was 17,200 boe/day, which was hit by the Australian cyclone season. Production guidance for 2024 is 20,000-22,000 boe/day.
MAIN MARKET
Castings (CGS) did better than expected in the year to March 2024 and Canaccord Genuity upgraded its pre-tax profit forecast from £27.1m to £28.2m. Margins improved in the second half. Net cash is £32m.
Cybersecurity firm Narf Industries (NARF) is accelerating work on capabilities uniquely effective in battling a new generation threat. Developed was funded through a $2.3m contract from DARPA.
Andrew Hore