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Wine and beer maker Chapel Down Group (CDGP) has raised £18.53m at 50p a share and could raise up to £1.47m more via a one-for-35 open offer at the same share price. The latest acceptance date is 5 January. Chapel Down will invest in an additional 500 acres of vineyard land and more money will be put into marketing. The family interests of Michael Spencer have invested in the fundraising. Nigel Wray has invested a further £500,000 but his stake has fallen to 16.5%, prior to the open offer. This year’s turnover is expected to be at least £11.6m and management expects growth to accelerate after the additional investment. New gin and vodka brands have been launched and the Ashford brewery should be up and running by the end of 2018.
Ashley House (ASH) has signed a joint venture with Morgan Sindall to develop extra care and supported living housing. This deal sparked a 55% increase in the share price to 14.75p. Morgan Sindall is paying £4m in total for the 50% stake in the joint venture, with £1.5m of this dependent on certain completion factors. It should all be paid by the end of 2018. The Ashley House housing division will complete two existing schemes and then own 50% of the joint venture, which will develop any further schemes. This additional cash will help to accelerate the growth of this part of the business. There is already a pipeline of potential developments. Ashley House will make an interim loss but expects to profitable for the full year.
e-commerce technology provider Netalogue Technologies (NTLP) reduced its interim loss as revenues grew from £317,000 to £479,000. There has been a lower number of larger projects, particularly in the food and drink sector, and Netalogue would have been profitable without the investment in the company’s technical team. A move towards a SaaS-based model could hold back short-term revenues.
AIM-quoted, spread betting business London Capital Group (LCG) has joined the NEX Exchange Growth Market on 15 December. Glio Holdings Ltd owns 78.1% of London Capital.
Early Equity (EEQP) has made two more investments. It has invested £60,000 in TruSpine Technologies Ltd, which plans to join AIM next year. TruSpine has developed the Faci-LOK and Cervi-FAS minimally invasive spine stabilisation devices and the VOSC catheter atherosclerosis treatment product. The plan is to gain FDA authorisation for Faci-LOK next year and then float. TruSpine is valued at £15m. A £35,000 investment in the profitable corporate finance and asset management business Farina Investments (UK) Ltd has been made ahead of a flotation. Early Equity raised £115,000 at 0.6p a share.
Hydro Hotel, Eastbourne (HYDP) has declared an unchanged total dividend of 21p a share for the year to October 2017.
Lombard Capital (LCAP) says that it is progressing towards the issue of an investment bond that will be quoted on a recognised bond market. There was nearly £60,000 in the bank at the end of September 2017.
Coinsilium Group Ltd (COIN) raised £720,000 at 9p a share and this will be used to invest in blockchain companies and expand the company’s own advisory business. Last June, £250,000 was raised at 2.2p a share. Coinsilium has been appointed as an adviser to token generation event of Hdac Technology AG, which is developing payment platforms for connected devices.
Equatorial Mining and Exploration (EM.P) has raised £5,000 at 0.01p a share and issued further shares for convertible loan notes and warrants at the same price. Valiant Investments (VALP) has raised £34,000 at 0.1p a share. Via Developments (VIA1) has issued a further £50,000 of debenture stock.
Satellites owner Avanti Communications Group (AVN) has revealed a financial restructuring that could put it on a firm footing. Certainly, without this restructuring the outlook would be bleak. The $557m of 2023 loan notes will be converted into two billion shares, while investors in the 2021 loan notes are being asked to accept and extension of the term and lower income. Annual interest charges would still be $36.6m
Best of the Best (BOTB) says that it expects to pay remote gaming duty and this will knock £300,000 from profit this year and £600,000 next year. This year’s pre-tax profit is forecast to decline from £1.5m to £1.4m, with a further fall to £1.2m in 2018-19. Net cash is expected to be £2.6m at the end of April 2018. The company is still claiming £4.5m of VAT so this could provide a cash boost in the future.
Plant Impact (PIM) is suffering continued delays in demand for its Veritas product in Brazil. A new partnership with Albaugh Brazil will commercialise other Plant Impact products in Brazil. This has sparked the decision to consider putting the company up for sale. Cash is running out and a further £7m would need to be raised to keep the company going well into 2019.
Van Elle Holdings (VANL) has defeated the five resolutions proposed by former chairman Michael Ellis at last week’s general meeting.
Recruitment and outsourcing services provider Servoca (SVCA) reported better than expected full year figures. Pre-tax profit improved from £3.5m to £3.9m. Education and healthcare will be the main growth areas.
Evgen Pharma (EVG) is collaborating with King’s College London to examine the use of SFX-01 as a therapy against ischaemic stroke. Multiple doses will be assessed and this will take nine months. This could lead to a clinical trial that might be funded by a charity organisation associated with King’s College.
Range Resources Ltd (RRL) returned to AIM following the reverse takeover of producing oil and gas assets in Trinidad from Trinity Exploration and Production (TRIN).
Defence equipment and services supplier Cohort (CHRT) had a weak first half but it expects to more than make up for that in the second half. There was a mixed performance with some parts of the business finding trading conditions difficult. The order book is worth £132m. Full year pre-tax profit is forecast to improve from £14.5m to £15.4m.
Savannah Resources (SAV) says that it has discovered high-grades and large intercepts in the latest drilling at the Mina do Barroso lithium project. A maiden mineral resource estimated could be announced before the year end with potential for upgrades from further drilling.
Daniel Stewart expects China New Energy (CNEL) to report a jump in pre-tax profit from £400,000 to £2.6m in 2017. The shares are trading on less than four times fully-taxed 2017 prospective earnings. The company constructs bioenergy plants that convert feedstock into ethanol. The most recently reported order book was worth £28.7m with the orders due to be fulfilled in 2017 and 2018. Demand from China is strong and there is also international business.
Coal bed methane projects developer Tlou Energy Ltd (TLOU) has secured a listing on the Botswana Stock Exchange and trading commenced on 13 December. Tlou raised £2.4m at 11p a share.
Synairgen (SNG) has secured a £5m cash injection from a deal with Pharmaxis, which will take over the development of LOXL2 in fibrotic diseases. Synairgen will also receive 17% of any partnering revenues. This compares with £3m invested by Synairgen in LOXL2. The cash will enable Synairgen to fund the phase IIa study for SNG001 for COPD. The trial should be complete by the end of 2018.
New management has turned around the performance of contract disputes and expert witness services provider Driver (DRV) and it moved back into profit last year. Cost savings have been made and the focus is on profitable business rather than just growing revenues. Cash collection is improving with net debt down to £200,000 and there is likely to be net cash of £2m in one year’s time. This year’s revenues are likely to be flat at around £60m but pre-tax profit should improve from £2.5m to £2.7m.
One month after its previous trading statement IDOX (IDOX) says that an internal audit has found that it should not recognise all the revenues that it originally intended to. This will knock £3m off profit for 2016-17. The software company reported its full year figures in December but the attest full year figures have been delayed until February. Chief executive Andrew Riley is away ill and former boss Richard Kellett-Clarke has taken over on a temporary basis.
Abzena (ABZ) reported interims in line with expectations. Growth came from the chemistry and manufacturing businesses. This is a period of capital investment as various parts of the company move to new facilities. The ADC master services agreement with a US biotech will yield at least $5m in services revenues over the next 12 months. This deal is shared between chemistry and manufacturing divisions.
Surface coatings provider Hardide (HDD) is starting to improve its gross margin as demand improves. There is even some signs of improved demand from the oil and gas sector. Even so, Hardide remains loss-making but it still has not gained any orders from Airbus. It raised £2.5m for capital investment earlier this year. A new reactor will be installed in the US in this financial year and another next year.
Titon Holdings (TON) continues to benefit from strong demand for its window ventilation components in South Korea. The majority of profit comes from South Korea and that is where all the growth came from last year as the contributions from the UK and North America fell. In the year to September 2017, revenues were one-fifth ahead at £28m, while pre-tax profit improved from £2.14m to £2.49m. The dividend growth of 20% to 4.2p a share is ahead of earnings per share growth. A pre-tax profit of £2.81m is forecast for this year.
Avation (AVAP) has secured an initial $100m revolving facility to finance the acquisition of aircraft.
Sealand Capital Galaxy Ltd (SCGL) has secured an agreement with AIM-quoted MySQUAR (MYSQ) for the distribution of its games on MySQUAR’s platform and MySQUAR’s games on the Huawei InTouch platform. This is initially a two year deal.
Standard list shell Stranger Holdings (STHP) says that it expects to complete the acquisition of biogas and renewable energy business Alchemy Utilities. A five-year £20m bond is being raised.
Hydro Hotel, Eastbourne (HYDP) has indicated an improvement in pre-tax profit for the year to October 2016 by raising its dividend payments. The first payment in January will be 7p a share and the second in May will be 14p a share. The total dividend has been increased from 18p a share to 21p a share. Hydro Hotel still has a significant cash pile. Company secretary Sally Gausden has been appointed as a non-executive director.
Netalogue Technologies (NTLP) has replaced its managing director. Richard Condon will become a non-executive director and he will be replaced in the role by development director Andrew Robathan. This follows a review of the company’s strategy and Netalogue will further develop its B2B functionality, which will help it compete against rivals and gain global strategic partners.
Trading commenced in property developer Formation Group (FRM) shares on ISDX on 15 December, although the AIM quotation will continue for the time being.
Gledhow Investments (GDH) made a number of new investments last year but disposals meant that there was still cash of £258,000 at the end of September 2016. The existing investments include a €40,000 convertible loan to Netherlands-based electric scooter developer AppScooter and investments in placings in virtual reality content developer EVR Holdings and Management Resource Solutions, which has run into financial difficulties. The NAV is £452,000, which is slightly higher than the market capitalisation based on the mid price of 0.75p (0.5p/1p) a share.
Black Sea Property (BSP) has signed a non-binding letter of interest to acquire Varna Project Investment, which owns six, almost complete, apartments and development land on the Black Sea coast. The acquisition will cost €130,000 and the assumption of debt of €1.02m – at an interest charge of 5% a year. The apartments will be marketed next May and the land should be sold within 18 months. The loan is repayable on 1 July 2020. The deal could be completed by the end of March.
Karoo Energy (KEP) has generated positive results from exploration on its production licences in the Gemsbok Basin in Botswana. Further exploration, including additional wells and extending the gravity survey data, will be undertaken in 2017.
It was a mixed first half for defence equipment and services supplier Cohort (CHRT) but the second half is expected to be better. Cohort reported a loss but there was a small improvement in underlying pre-tax profit from £3.51m to £3.86m on flat revenues. The mix of revenues has changed with acquisition contributions offset by lower contributions from SCS, which is being absorbed into two other divisions. The order book is worth £129.6m. Full year profit is expected to improve from £12m to £14.3m but this is down to acquisitions and earnings per share will dip slightly. Dividends should still be increased with a total of 7p a share forecast.
Shell company SigmaRoc (SRC) has secured the acquisition of Ronez Ltd from LafargeHolcim Group for £45m. SigmaRoc chief executive Max Vermorken should know the business because he was a consultant to LafargeHolcim until recently. Ronez owns two quarries and other construction materials operations in Jersey and Guernsey. In 2015, these operations made an operating profit of £4.32m on revenues of £26.3m. Ronez was acquired, as part of Aggregate Industries, by Holcim back in 2005. The markets are limited and market share is already high. Further acquisitions are planned as part of the buy and build strategy. There will be a 104-for-one share consolidation and £40m will be raised at 40p a share, while a further £10m will come from a convertible loan. When the company’s original assets were sold SigmaRoc raised £500,000 at the equivalent of 25p (0.24p pre-consolidation) a share. A listing on the Channel Islands Stock Exchange is planned following the reverse takeover.
Property management services provider HML Holdings (HMLH) is raising £2m at 37p a share and this will help to finance three potential acquisitions. These acquisitions could cost a total of £4.4m but there will be some deferred consideration. Four acquisitions have already been made this year and there are 62,000 homes under management. Interim pre-tax profit improved from £810,00 to £920,000. Net debt was £1.4m at the end of September 2016. The shares ae being issued at ten times prospective earnings.
Ultrasound training equipment developer Medaphor (MED) appears to have settled its patent dispute in the US. The agreement has yet to be put in writing but after this happens the lawsuit will be dismissed. Medaphor says that it will pay cash in settlement but it has enough in the bank to cover this. There was £3.5m in the ban at the end of June 2016 but this is likely to be less than £3m now.
A lack of insolvencies continues to hamper the profitability of Begbies Traynor (BEG). Interim revenues dipped from £25.5m to £24.5m but underlying pre-tax profit was flat at £2.5m because of a higher contribution from the property services side of the business – partly due to additional contributions from acquisitions. The interim dividend is unchanged at 0.6p a share. Bank facilities have been extended until 2021 and this will reduce the interest charge. Further add-on acquisitions are planned.
The news does not get any better at Redcentric (RCN). There has been an overstatement of net assets of £20.8m, which relates to overstated profit. Net debt was £34.4m at the end of September 2016, although that is lower than average monthly levels. Banking covenants are being waived but, unsurprisingly, there will be no dividend. Redcentric is attempting to improve the running of its finances and interim results are promised before the end of the year slimming tablets.
Veltyco (VLTY) says that it will beat the profit expectation of €1.38m for 2016. This helps to make the 2017 profit forecast of €3.17m appear to be more attainable. Veltyco’s business is generating players for online gaming and option trading websites.
First half trading has been tough for property adviser Fletcher King (FLK) but it is maintaining its interim dividend at 1p a share. Property prices have fallen by 5%-10% and transaction volumes are lower. There was some turmoil in the property market after the EU referendum, with some transactions falling through, but demand recovered after a few weeks. In the six months to October 2016, revenues fell from £2.96m to £1.68m, while pre-tax profit, excluding investment gains, fell from £597,000 to £163,000. There will be no one-off gains this year but there could be next year. Net cash was £2.64m. The decline in the pound has attracted foreign buyers, although uncertainty remains.
Hair care and tanning products supplier InnovaDerma (IDP) has raised £800,000 at 110p a share to help fund higher stock levels. This follows a placing earlier in the month which raised £540,000 at 70p a share. Andrew Hore