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Valereum (VLRM) shares resumed trading on 27 November. The Gibraltar Stock Exchange acquisition is not going ahead. The convertible loan note funding facility has been terminated. Warrants will be cancelled, and the company will seek to ensure that the shareholder register is accurate. Accounting records will be audited. Karl Moss has been appointed finance director.
Guanajuato Silver (GSVR) is withdrawing from the Aquis Stock Exchange at the end of 2023. It does not believe it can justify the cost of this quotation, which was gained on 25 October 2022, and the TSX Venture Exchange listing. The share price fell 13.5% to 16p. A deal has been signed to terminate the obligation to make contingency payments of $2m to Great Panther in return for offsetting a working capital adjustment owed to the company.
MBH Corporation (M8H) has decided to drop its Aquis quotation on 4 January when it will have been on the market for less than 10 months and concentrate on its Frankfurt quotation. The majority of days there has been no trading on Aquis.
Semper Fortis Esports (SEMP) plans to acquire GL Membership, which trades as Good Life+ and offers prize draws. There are more than 21,000 subscribing members, plus 500,000 email subscribers. A ten-for-one share consolidation will be undertaken and then 500 million shares issued for the acquisition at a price of 2p each. Additional assets are being bought from Chadd Media. A subscription will raise £1.4m at 2p/share. Investors include the family office of Sportingbet founder Mark Blandford.
Marula Mining (MARU) has commenced phase one exploration at the Nyorinyori and NyoriGreen graphite projects in Tanzania. The focus is the high-grade and jumbo flake graphite mineralisation, which is thought into extend in the NyoriGreen licence. The initial findings should be reported in January. Ore commissioning at the new ore sorter at the Blesberg lithium and tantalum project in South Africa should be completed at the end of January. The expanded processing plant should be commissioned in the first quarter of 2024.
Coffee shop owner Cooks Coffee Company (COOK) reported flat continuing revenues of NZ$2.04m and it has gone from a pre-tax profit of NZ$125,000 to NZ$319,000. There was a NZ$5.27m loss on discontinued operations. In October, there were record sales per store. A regional developer has been appointed to increase the number of stores in southwest England. By March, Cooks Coffee expects to have up to 80 Esquires outlets in the UK and Ireland by March. Oberon Capital has been appointed corporate adviser.
Helium Ventures (HEV) plans to change its investment strategy to focus on technology businesses. The name will be changed to Eastwood Capital.
VSA Capital (VSA) says that the owners of a 19.8% stake in Lush Cosmetics and Lush Cosmetic Warriors who agreed to sell the stake to Aquis-quoted Silverwood Brands are asking the broker to help unwind the transaction. Lush blocked the transfer of the shares. The original owners of the stake are threatening legal action if VSA Capital does not comply with the request and return the commission it earned on the transaction. VSA Capital says the claim has no merit.
Quantum Exponential Group (QBIT) investee company Oxford Quantum Circuits is raising $100m and launching OQC Toshiko, the first enterprise ready quantum computing platform. A Japanese venture capital fund. Quantum Exponential currently holds a 0.34% stake, and it will not participate in the fundraising.
Coinsilium Group Ltd (COIN) has signed heads of agreement with Indorse for a strategic share acquisition transaction for an additional 14.76% stake, taking the total stake in Indorse to 24.9%. Coinsilium will issue 65 million new shares for the additional stake.
Vulcan Industries (VULC) has finally published its accounts for the year to March 2023. The loss was £1.02m, although there was also an extraordinary profit of £1.59m on discontinued activities. The loss-making businesses have been sold. The company is moving into renewables.
Pharma C Investments (PCIL) is asking shareholders to agree to a new investing policy covering technology, fintech and AI.
IamFire (FIRE) is changing its name to WeCap and the discounted capital bonds held by Hawk Investment are being extended to 24 November 2024.
Voyager Life (VOY) says some of its CBD-based pet care products are being stocked by Pets at Home.
Aquis Exchange (AQX) says that the Aquis Stock Exchange has become the first recognised investment exchange to run on a cloud-based engine, which determines trades.
DXS International (DXSP) has secured grant funding of £409,000 jointly with Health Innovation East for research and development for AI prescribing system ExpertCare.
KR1 (KR1) had an NAV of 56.14p/share at the end of the November 2023. The digital assets generated income of £395,437.
TruSpine Technologies (TSP) says its working capital position remains weak.
Clean Invest Africa (CIA) has raised £210,000 from a placing at 0.35p/share.
Oscillate (MUSH) says all directors will receive their salaries in shares from the beginning of 2024. They will be issued at the mid-price on the day before the payment. Executive director Steven Xerri bought 6.29 million shares at 0.42p each, taking his stake to 7.8%.
Safety and regulatory compliance services provider Marlowe (MRL) achieved organic growth of 6% in the first half, but this did not show through in underlying earnings, which fell 15% to 18.9p/share. A strategic review is underway and non-core businesses could be sold. Full year earnings have been downgraded by 7% to 44.3p/share.
Wynnstay Group (WYN) says second half trading conditions are tough. Farm gate prices are weaker and wet weather has also hampered progress. That hit arable and feed business, while the merchanting division also suffered lower volumes. Shore has reduced its full year pre-tax profit forecast from £10.7m to £9.4m.
Siemens has sold its entire 11.2% stake in Sondrel (SND) for £589,000. The placing price was 6p. The semiconductors designer raised £17.5m at 55p/share when it joined AIM in October 2022. Project delays have hit revenues and knocked the share price. Siemens has been a long-term partner and was granted the status of preferred supplier of electronic design automation software for a 36-month period at the time of the flotation.
Film and video services provider Zoo Digital (ZOO) had already warned that interims would be poor with the EBITDA loss of $7.1m, but the ending of the actors’ strike in the US means that the outlook is more positive. Film and TV programme production can get going again providing a flow of work. EBITDA breakeven should be achieved in the fourth quarter and new clients have been won. A pre-tax profit of $1.4m is forecast for 2024-25 as work returns to normal levels and new business comes on stream.
Forward Partners (FWD) has agreed an all-share bid from fellow technology investment company Molten Ventures (GROW), valuing it at £42.1m. Molten Ventures is offering one share for every nine Forward Partners shares, which is equivalent to 31p/share when the bid was announced. At the end of September 2023, Molten Ventures had a NAV of 735p/share, while at the end of June 2023 Forward Partners had a NAV of 67p/share.
Mind Gym (MIND) says clients are delaying hires and related spending. The interim revenues fell from £26.8m to £20.9m and the human resources training and education company fell into loss. Annualised costs have been cut by £8m, with £3m showing through in the second half. A full year pre-tax loss of £2.5m is forecast and Mind Gym may have a small net debt position at the year end in March 2024. The company should return to profit next year as revenues recover and the cost savings kick-in.
Interims from Supreme (SUP) reported record interim revenues of £105.1m and the growth came from all divisions. Branded distribution and vaping were the strongest divisions. Interim underlying pre-tax profit doubled to £12.6m. Investment in stocks meant that net cash became net debt of £4.8m. Full year pre-tax profit of £28.4m is forecast by Zeus.
The second and third diamond drill holes at the Pitfield project owned by Empire Metals (EEE) provided more positive news with the highest grades of titanium so far. The results suggest that the resource is much greater than previously thought. The focus becomes identifying high grades at shallower depth. The additional drilling will lead to mineral resource studies.
Healthcare services provider Totally (TLY) is restructuring its business after a tough first half. Revenues were one-fifth lower at £55.8m due to lower urgent care business levels. Annualised cost savings of £3m have been made and there could be more to come. Share buying by directors has not stopped the share price decline. New chair Simon Stilwell bought one million shares at 6.1p each, while non-exec Michael Rogers acquired 40,000 shares at 5.333p each.
Tintra (TNT) intends to cancel its AIM quotation. A general meeting will be held on 4 January to gain shareholder approval. Management bemoans that the share price is too low and believes that direct costs can be reduced by £505,000 – which is ridiculously high for a company of this size – by leaving AIM. It is strange that the management has let them get out of control. That is before any indirect costs. A Middle East investor may become a partner and one of the conditions of the deal is the AIM cancellation. There is talk of a potential Middle East listing. JP Jenkins will provide a matched bargain facility, although the minimum bid price is apparently going to be set at 150p/share for the first nine months.
Antibody discovery and supply company Fusion Antibodies (FAB) is collaborating with the US-based National Cancer Institute in the use of its OptiMAL technology for the discovery of antibodies for specific cancer targets. Fusion Antibodies will not have to commit significant resources to the collaboration.
RUA Life Sciences (RUA) took advantage of last week’s share price surge to raise £4m at 11p/share. There is also a retail offer that closes on 7 December. That could raise up to £750,000.
Vela Technologies (VELA) has exercised the put option to sell the interest in AZD1656, which relates to a Covid application, to Conduit Pharmaceuticals for £3.75m in shares. In September, Conduit Pharmaceuticals completed its IPO on Nasdaq.
Ondo InsureTech (ONDO) has raised £1.08m at 20.5p/share. This will finance working capital for recent contract wins by the claims prevention technology company.
Kelso Group Holdings (KLSO) has taken a 3% stake in AIM-quoted Angling Direct (ANG) at an average price of 35.1p/share. THG (THG) boss Matthew Moulding has bought a 3.2% stake in Kelso, which owns 0.6% of THG.
Cardiff Property (CDFF) improved its net assets to £28.44/share. That includes cash and deposits of £10.8m, which is more than one-third of the total.
Creightons (CRL) says that managing director Bernard Johnson’s employment has been terminated and he has left the board.
AQUIS STOCK EXCHANGE
Arbuthnot Banking (ARBB) returned to profit in 2021 and it is paying a final dividend of 22p a share, having already paid 37p a share for the financial year. Net assets are 1315p a share. Slater Investments has a 7.05% stake.
S-Ventures (SVEN) is acquiring Market Rocket Ltd, which is a digital agency that helps brand owners to sell their products, for an initial £2.25m. There could be further shares issued if performance targets are met. In the year to March 2021, revenues were £500,000 and this year they will be much higher. This is a profitable business.
British Honey Company (BHC) has raised £540,000 after expenses at 80p each. This cash will finance product development, costs related to reducing expenses and fund growth. Mark Jones has been permanently appointed as chief executive. The company is changing its name to Union Distillers.
Vulcan Industries (VULC) is acquiring Aftech, a sheet metal fabrication company, for £1.55m in shares issued at 1.257p a share, plus 24.7 million warrants exercisable at 3p a share. Services provided include laser cutting, bending and forming and the acquired business fits well with existing subsidiaries. In the year to November 2021, Aftech generated revenues of £1.18m and EBITDA of £266,000 and it has debt of £155,000.
AIM-quoted Asimilar (ASLR) plans to join the access segment of Aquis on 4 April. The technology investment company focuses on areas including big data, machine learning and Internet of Things. The corporate adviser is Oberon Capital. Chris Akers has a 6.88% stake and Nigel Wray a 9.43% shareholding. Net assets were £41.5m at the end of September 2021.
VVV Resources (VVV) has signed a conditional agreement to acquire a company that owns the Mitterberg copper project in Austria and a 49% stake in the Shangri La polymetallic project in Western Australia, which takes VVV’s share to 100%.
EPE Special Opportunities (ESO) increased its NAV from 437.6p a share to 455.7p a share in the 12 months to January 2022. However, the Luceco share price has fallen back since then. The Luceco stake was reduced to 22.1% last year. Cash was £27.6m at the end of January.
Capital for Companies (CFCP) had cash balances of £4.19m at the end of February 2022. Net assets were 68.4p a share, following the payment of 1.5p a share dividend on 3 March.
Jason Brewer has joined the board of All Star Minerals (ASMO) and been appointed as chief executive. The acquisition focus has switched to near-term production and revenue generating mining assets.
AQRU (AQRU) has entered a partnership with institutional lending platform owner Maple Finance, which will offer AQRU customers enhanced yields in decentralised finance. Yields could be up to 15%. The offering will be integrated into the AQRU mobile and web-based platform.
Clean Invest Africa (CIA) has obtained a new strategic investor and there could be more to come. Ramin Salsali has invested £302,276 at 0.5p a share to take a 4.67% stake. He believes that the CoalTech technology can help to solve the problem of 33 billion tonnes of toxic coal fines. The technology can also pelletise other materials. Several testing phase projects are at an advanced stage.
Cyber security software supplier Kape Technologies (KAPE) reported 2021 figures in line with its trading statement with pre-tax profit of $75.2m. This was without any significant contribution from the ExpressVPN acquisition, which was made at the end of the year. Pre-tax profit could more than double to in excess of $150m this year.
Geospatial software provider IQGeo (IQG) beat expectations for 2021 with a much lower loss of £2.7m. Annualised recurring revenues were £8.2m. This year the company should move towards breakeven.
Restaurant operator Tasty (TAST) bounced back into profit last year. In the 52 weeks to 26 December 2021, revenues improved from £24.2m to £34.9m. There was £11m in the bank at the end of 2021 and there are £1.25m of borrowings to offset against this. Even if deferred payments are taken into account, then underlying net cash is still £6.8m. Net assets are £1.9m.
Peel Hunt has upgraded its 2022 forecast for promotional goods platform operator The Pebble Group (PEBB) following the recent 2021 figures. Even so, pre-tax profit is forecast to dip from £10.2m to £9.9m.
Leather processor Pittards (PTD) returned to profit in 2021, but cost increases mean that WH Ireland has reduced its 2022 pre-tax profit forecast. Pre-tax profit is expected to be flat at £500,000. Net assets are 101.9p a share.
AI-enabled wound imaging technology developer Spectral MD (SMD) has made excellent progress since floating last year. Studies of the DeepView system have been positive. The technology enables earlier intervention to help wounds heal quicker than they would have done. A validation study for patients with diabetic foot ulcers is planned and could lead to an application for FDA clearance by the end of the year.
Judges Scientific (JDG) increased pre-tax profit from £13.7m to £18.1m in 2021. Revenues recovered in all geographical regions. The order intake in the first eleven weeks of this year is slightly ahead of the 2021 figure. Net cash is £1.4m and cash generated from operations will mean that the cash pile will build up ahead of any acquisitions.
LED lighting and wiring accessories supplier Luceco (LSE: LUCE) reported an increase in 2021 underlying pre-tax profit from £28.7m to £37.4m on revenues increasing from £176.2m to £228.2m. The total dividend was raised from 6.2p a share to 8.1p a share and it is more than twice covered by earnings. Luceco has moved into the electric vehicle charging market with the purchase of residential EV charge point supplier Sync EV for £10m – it already had a 20% stake, so the latest outflow is £8m. Annual revenues are £4m.
LeakBot reversed into Spinnaker Acquisitions to form Ondo Insurtech (ONDO). The total cost is £9.8m made up of cash of £1.6m, loan notes of £6.4m and 15 million shares issued at 12p each, including 1.36 million shares issued to Ondo Insurtech chief executive Craig Foster. The LeakBot device uses internet of things technology to identify leaks and stop them before they become more substantial. The core client base is home insurers, which can save money on claims. The share price started at 10.5p and fell to 9p by the end of the week.
RC365 Holding (RCGH) was set up to acquire Hong Kong-focused Regal Crown UK, which has developed payment gateway technology and provides other IT services. The holding company raised £2.02m at 6.2p a share, although £800,000 went on float expenses. The shares ended the week at 7p.
Beacon Rise Holdings (BRS) is the latest standard list shell, and it is highly illiquid with most of the shares owned by nine shareholders. On Sharepad.co.uk there are no trades reported, and the bid/offer spread is 100p/400p. That suggest a mid-price of 250p or a notional 150% gain – although the bid price is equal to the subscription price. Pro forma net assets equal the cash of £744,000.