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Quoted Micro 24 August 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) has agreed to acquire a 74.79% stake in the Paguanta project in Chile. The initial consideration is $50,000 in cash and $350,000 in shares at 25p each. Deferred consideration is $500,000 in cash when there is a JORC proven and probal ore reserve of more than 25 million metric tonnes at a grade of 5% or greater zinc and $500,000 in cash when there are least five million tonnes of contained metric tonnes of copper as part of proven and probable reserves. The option to buy Minerva Metals has been terminated. Chief executive Ippolito Catteneo bought 473,983 shares at 6p each and director Richard Heywood acquired 163,639 shares at 6.111p each. Edison has published research.
Oberon Investments (OBE) has raised £1.4m at 2.1p/share, which was the then market price, and this will provide working capital. At the end of March 2026, there was £1.95m in the bank. Last year, revenues increased from £9.36m to £11.7m. Investment management income rose from £5.77m to £7.64m and the contributions from corporate finance and financial planning also increased. Funds under management and administration were £1.4bn. The underlying operating loss increased from £3.87m to £4.74m. New teams appointed last year will contribute in the current financial year.
Cooks Coffee Company (COOK) systemwide store sales in the UK and Ireland grew 14% in the first quarter to June 2026, compared with the first quarter of last year. UK growth was slightly faster than that figure, although like-for-like sales growth was 1.4% compared with 2.7% in Ireland. There are 84 stores in the UK and 26 in Ireland.
VSA Capital (VSA) is asking shareholders to agree to a 10,000-for-one share consolidation at the AGM on 10 September.
Bitcoin investor B HODL (HODL) has started a new tranche of share buybacks because the share price is a discount to NAV.
Asia Wealth Group (AWLP) increased full year pre-tax profit from $2,000 to $31,000. The company is seeking acquisitions. There is cash in the bank of $842,000.
Coinsilium Group (COIN) says joint broker Oak Securities has initiated research.
Castlefield Investment Partners decreased its stake in Capital for Colleagues (CFCP) from 37.4% to 34.2%. Livia Hannah Meyer’s stake in Global Connectivity (GCON) is down from 10.2% to 9.49%, and Chris Akers shareholding was reduced from 6.5% to 3.04%, while Keith Harris raised his stake from 12.4% to 22.7% and Chris New increased his stake from 9.91% to 14.9%
Lift Global Ventures (LFT) director Mark Horrocks bought 4.175 million shares at 0.45p each, taking his holding to 19.96%, and fellow director Sandy Barblett bought the same number at the same price, taking his stake to 4.37%.
JP JENKINS
H and H Group (HHG), which is a livestock auctioneer, land agency and property services provider, joined JP Jenkins private trading platform on 17 August.
AIM
Vast Resources (VAST) shares returned from suspension following the completion of the reverse takeover of Gulf International Minerals. The sellers own 80.2% of the enlarged company. This brings a 49% interest in the Aprelevka joint venture, which has four mining licences in the Tien Shan gold belt. These produce 11,000 ounces of gold and 130,000 ounces of silver each year from mining and tailings. There was £7.8m raised at 6.25p/share following a 25-for-one share consolidation.
Small business finance provider Time Finance (TIME) is recommending a bid from Ultimate Finance, which itself was taken private when it was an AIM-quoted company. The offer is 59.1p/share, which values Time Finance at £55.1m. Both companies are focused on smaller businesses, while Ultimate Finance also provides property bridging loans. The three largest Time Finance shareholders back the bid.
Biotech company TheraCryf (TCF) is raising £1.05m at 0.18p/share. This will help to finance the clinical programme for the Orexin-1 antagonist addiction asset. There are plans to seek partnerships for the company’s neuropsychiatry assets. TheraCryf wants to complete the Orexin-1 programme and then secure a partner or out-licence deal. This would provide funds for further financial trials. There is already interest from potential partners. There is an accelerated pathway to gain approvals for phase 1 clinical trials. Cash should last until the first quarter of 2027.
Recruitment firm Gattaca (GATC) reported a strong trading update with net fee income 11% ahead at £43.2m. It is on course to increase pre-tax profit from £3.3m to £6.1m.
M2G boiler optimisation technology provider Sabien Technology (SNT) says discussions continue with Haydale (HAYD) and Intelligent Resource Management about a UK distribution agreement. The previously announced investment and financing framework will not go ahead. This means that the strategic investor group will not buy the Richard Parris shareholding. His group will continue to provide financial support to the company. Non-core activities are being reviewed.
Midlands-based property investor Real Estate Investors (RLE) continues to reduce debt. There are £15.7m of assets under offer with £10.7m exchanged or completed at 92% of 2025 book value. The existing pipeline of sale should repay debt. Timing of sales is uncertain and Panmure Liberum has halved its 2026 disposal expectations to £20m. There have been new lettings generating £400,000 of additional annual rents.
Surveillance systems supplier Synectics (SNX) reported a decline in interim revenues from £35.5m to £22.2m. This was partly due to a one-off contract in the previous period and meant that a pre-tax profit of £3m was turned into a loss of £443,000. The order book is worth £26.4m. There will be a more normal second half weighting this year, although the Middle East conflict creates uncertainty. EBITDA is expected to be between £3.7m to £4.1m.
Digital transformation services provider Made Tech Group (MTEC) has won a £40m contract with an unnamed UK government department. This contract lasts four years. The pre-tax profit forecast for the year to May 2026 has been raised from £4.6m to £4.9m following a previous trading statement and the 2026-27 figure has been increased from £5.6m to £6m due to the initial income from the new contract. Net cash is expected to be £14.5m at the end of May 2026.
Empire Metals (EEE) says the updated mineral resource estimate for the 70%-owned Pitfield titanium project shows it is the largest titanium resource in the world. The figure has increased to 8.16Bt at 4.3% TiO2 for 349 million tonnes of contained TiO2. The initial measured resource is 21.6 million tonnes of contained titanium. This is enough to move to the mine planning stage. Zeus has increased its fair value share price estimate from 84p to 144p, just based on the near-surface zone which has 194.5 million tonnes of TiO2.
Pageant Investments has taken a 7.24% stake in Everyman Media (EMAN), which is expected to make an announcement about its proposal to leave AIM following talks with shareholders.
Energy as a service provider eEnergy (EAAS) has been hit by delays to payments of £3.2m relating to completed work on the Mace project. Paperwork is still being completed. The company has agreed to an extension to the repayment of the £500,000 owed to Harwood Holdco to February 2027. An additional £500,000 loan is being provided by former director Nigel Burton.
Great Western Mining Corporation (GWMO) has commenced drilling at the Defender tungsten project in Nevada. This should deliver a maiden mineral resource estimate by the end of 2026. The initial results will be available in September and October.
Talisman Metals (TLM) has raised £501,800 at 7p/share. the cash will finance exploration at the Tirzzit copper project and the Fougnar copper project in Morocco.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has recommended a 448p/share cash offer from Ridgeview Partners. This values the company at £545m. An alternative is an unlisted limited liability company in interest in Rollover Holdco for each share.
Mila Resources (MILA) says geophysical results from the Monal copper gold project in Queensland were highly positive. A clear target has been identified at the Basilica prospect. There are veins at surface that could reflect a deeper anomaly. Drilling is underway at the Yarrol gold project.
First Tin (1SN) has updated its definitive feasibility study for the Taronga tin project in Australia. This has increased the project value. Using $40,000/t for the tin price, which is well below the current price, and including the phase 2 extension the post-tax NPV8 is A$246m, up from A$98m.
Cadmium-free quantum dots developer Nanoco (NANO) is on track to complete the joint development agreement with its first Asian chemical customer. The second Asian customer is in talks concerning the next step to the existing programme. The shareholder consultation is continuing.
Rockpool Acquisitions (ROC) says the potential reverse takeover of European Lingerie has been delayed as the target seeks to refinance its debt. There is uncertainty whether Rockpool Acquisitions will be able to recover money owed by European Lingerie.
Andrew Hore
Quoted Micro 27 July 2026
AQUIS STOCK EXCHANGE
Arbuthnot Banking (ARBB) had a good first half performance and expectations have been upgraded. Interim pre-tax profit was flat and financial headroom remains comfortable. Improved efficiency helped to maintain profit when interest rates were lower. Specialist lending grew 18%. There is growth in the core businesses, but higher technology costs offset this growth. So, although the operating income forecast has been raised 3% to £180.4m, while pre-tax profit is barely changed at £20.7m. Forecast tangible NAV is 1522p/share.
Electric drivetrain developer Equipmake (EQIP) confirms that second half trading improved, and full year revenues rose from £3.5m to £8.2m and on top of this grant income increased from £900,000 to £1.6m. There was a positive EBITDA in the second half. Cash was £2m at the end of May 2026. Momentum has continued in the new financial year. The order book for delivery this year is more than £8m.
Brewer Shepherd Neame (SHEP) grew like-for-like pub sales by 3.4% in the past financial year and that increased to 4.3% in the first three weeks of the new financial year. Beer volumes fell 5.4%, although own beer sales grew in the company’s own pubs. Jonathan Neame will take over as chairman from Richard Oldfield and he remains an executive. Mark Rider will become managing director, and Graham Turner becomes a non-executive director.
AI software provider to industrial businesses IntelliAM AI (INT) doubled annualised recurring revenues to £1.65m. in the year to March 2026, revenues were 64% to £5.26m, while the loss more than doubled to £1.95m. Cash was £100,000 at the end of March 2026 and since then £500,000 has been raised. There are plans to move to AIM before the end of the year.
ProBiotix Health (PBX) has signed a partnership agreement with Belgium-based Nutrisan, which is launching a new cholesterol reducing product including the probiotic strain LP LDL developed by ProBiotix Health.
Residential property developer Zentra Group (ZNT) says that Torsion Construction, the principal contractor of the One Victoria development in Manchester, is appointing an administrator. There is about eight weeks of additional work required. Completion should still be before the end of the year. Zentra has loaned £4.1m to the development.
Tamar Minerals (TMR) says drilling is about to start at the Great Wheal Vor tin and copper project in Cornwall.
Valereum (VLRM) has entered an agreement with Blockchain Digital Assets, which has advisory interests in Africa and the Indian Ocean. These commercial relationships will help to develop real world asset tokenisation, digital payments and digital banking infrastructure. Quorium Global Photonics SPC has issued $VXRUP, a stable coin on the Ripple XRP Ledger.
Ethry (ETHY) has committed £1m to the senior second notes facility issued by York-based Apatura, a UK developer of large-scale battery storage and grid-secured data centre sites. There are quarterly interest payments.
Lift Global Ventures (LFT) is making a strategic investment of £30,000 in LEXcelerate, which is developing an AI conveyancing and remortgage platform, at a £3m pre-money valuation. This will acquire a 0.8% stake in LEXcelerate. Yorkshire AI Labs, where Lift Global Ventures executive chairman David Richards is managing partner, has a 35% stake in LEXcelerate.
Marula Mining (MARU) will not publish its accounts by the end of July.
JP JENKINS
CPP Group (CPP) has left AIM and moved to the JP Jenkins matched bargain facility, and it has promised to keep it for at least 12 months.
ASSET MATCH
Marshall of Cambridge (MCH) is recommending a final dividend of 4p/share. The AGM will be on 22 September.
AIM
Pehlwan Malik Holdings has taken a 3% stake in automotive interior components supplier CT Automotive (CTA). Pehlwan Malik Holdings’ main subsidiary is Green Destinations, which provides passenger transport services. In the year to July 2025, the group’s revenues were £18.1m and pre-tax profit £3.79m. Cash was £7.85m plus investments of £5.49m at the end of July 2025.
Scancell (SCLP) is merging with Nasdaq listed Neuphoria Therapeutics in an all-share deal and the combined entity will be quoted on AIM and Nasdaq. Scancell shareholders will own 85.5% of the company. Neuphoria has £7.5m in cash and a private placement will raise a further £29.2m. A UK placing will raise £9m at 9p/share, which is not dependent on the merger going ahead, and a retail offer could raise up to £2.3m. The pro forma cash balance after the merger would be £59.2m. The cash will last into 2028 and finance the global phase 3 trial for iSCIB1+ active immunotherapy in advanced melanoma. The phase 2 SCOPE study should be published within one year.
Wound healing technology developer AOTI Inc (AOTI) says the Centers for Medicare & Medicaid Services (CMS) has issued a proposed Local Coverage Determination (LCD). This covers the whole of the US and indicates that the AOTI topical oxygen therapy can be used to treat diabetic foot ulcers that have failed to heal with four consecutive weeks of optimized diabetic foot ulcer care. This decision has a 45-day public comment period, but it would significantly increase the addressable market, which in the medium term could be around $400m annually. Broader coverage would further increase the market. A trading statement will be published on 27 July.
Advanced coatings supplier Hardide (HDD) has sparked another forecast upgrade with its latest trading statement. Third quarter trading was strong, and it has grown revenues ahead of plan. Third quarter revenues were £4.1m, taking the total for the year so far to £8.9m. The full year pre-tax profit forecast has been raised from £3.4m to £4.6m. Year-end cash is expected to be £2.3m.
Floorcoverings manufacturer Victoria (VCP) reported a 6% dip in underlying revenues to £1.05bn. Margins declined and the underlying loss increased from £11.5m to £62m. That excludes one-off costs of restructuring and refinancing. Net debt, including leases, was £1.06bn at the end of March 2026. Market conditions were weaker than expected in the second half. First quarter revenues are 7% ahead and profitability is improving. EBITDA is expected to be at least £115m this year, up from £92.3m.
Fertiliser producer Harvest Minerals (HMI) is acquiring a portfolio of eight rare earth projects in Brazil for A$200,000 and 40 million shares, plus a further A$300,000 on achievement of milestones. Harvest Minerals also takes on A$1.5m of previously agreed deferred payments and a 1.5% royalty obligation. Two projects are highly prospective for ionic clay-hosted rare earths mineralisation. The company already has a rare earths prospect at its Arapua project.
Ariana Resources (AAU) says that the Tavsan Mine, where it has a 9.9% interest, has completed its ramp up and ore is being loaded onto heap leach pads at 4,000 tonnes per day. Enhancements are being made to the processing. Kiziltepe interests have been transferred into a separate entity to enable the sale of this stake.
Rent guarantee services provider Rentguarantor (RGG) continues to achieve positive momentum. The trading statement confirms that the business is growing faster than expected. Interim revenues are 250% ahead at £3.39m and the company has moved into profit. Applications more than doubled. The exercise of warrants at 17.5p each has raised a further £189,000. Cavendish has upgraded its full year pre-tax profit from £200,000 to £1.6m and doubled next year’s figure to £4.6m.
Truetide (TRUE) is changing its investing policy to focus on AI. This would proceed in phases, presumably so existing investments can be sold.
Healthy food and snacks supplier Tooru (TOO) says that the OAF range is increasing sales each week, while significant growth is expected from Pulsin thanks to launches in additional retailers.
Construction staff provider Hercules (HERC) non-executive director Martin Tedham bought 110,000 shares at 31p each, 50,000 shares at 32p each and 285,160 shares at 34.75p each. Chief executive Brusk Korkmaz acquired 100,000 shares at 39.75p each.
PACSCo Ltd (PACS) is awaiting one further approval of the sale of its businesses in Mozambique. Management is seeking reverse takeover candidates in any sector. They have to have positive cash generation and growth potential that would be attractive to institutional investors. A strong management team is also required.
Digital health and pharmacy company MedPal AI (MPAL) is acquiring eMARx, a provider of electronic medication administration software for care homes and pharmacies. The initial consideration is £380,000 in cash and shares. Revenues were £740,000 and they have trebled over three years. Pre-tax profit was £110,000.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has received a 448p/share cash possible offer from Ridgeview Partners. Management is likely to recommend this if a firm offer is made. There will be a share alternative. Lithia UK owns 31.95% and is supportive, as are other shareholders owning 16.8%. This indicative bid is lower than the Apax Partners offer of 500p/share, which did not go ahead.
Hydrogen Utopia International (HUI) has raised £850,000 at 2p/share and appointed Clear Capital as broker. The cash will fund expansion in Saudi Arabia and extend licence agreements.
Andrew Hore
Quoted Micro 27 April 2026
AQUIS STOCK EXCHANGE
Silverwood Brands (SLWD) has published delayed results for the 18 months to June 2025. There were delays in consolidating the Japanese subsidiary accounts and the company intends to improve its financial reporting capability. Full year revenues were £23.9m and the reported loss was £18.3m. That was predominantly down to impairment charges. Cash was £3.07m at the end of June 2025, but net debt was just over £11m. The latest interims show a small dip in revenues to £9.2m, which was held back by movements in the Yen.
Purebond has increased its stake in Delta Gold Technologies (DGQ) from 3.1% to 3.7%. An issue of shares after the exercise of warrants at 30p each raised £71,000.
Valereum (VLRM) has agreed terms of a definitive exclusivity agreement with Quorium Global Photonics SPC. The existing $200m medium term loan notes with VGOLD-CORE tokens valued at $279.5m. These will be released at $13.975m each quarter over five years. Valereum has settled its dispute with Blubird and will receive 504,524 shares in Blubird (5.66%), plus two BLU tokens over two years.
Oscillate (SRVL) shareholders approved the move to AIM.
Ajax Resources (AJAX) has had the exclusivity agreement for the purchase of the Paguanta project in Chile extended to 15 May.
Shortwave Life Sciences (PSY) has raised £215.000 at 1.5p/share and is planning to move to AIM. Ut has options over antimony gold and polymetallic licences in Slovakia and the Saturn gold project in Western Australia. Keith Coughlan, a director of European Metals Holdings, has replaced Ron Lipsky on the board. Steve Xerri owns 6.4%.
Adam Back is investing £585,500 in Connecting Excellence Group (XCE) at 1.75p/share. He will own around 8%. The company has bought ten Bitcoin for £585,000.
M3 Helium, which Mendell Helium (MDH) has an option to buy, has secured a trailer to deliver helium from the Rost 1-26 well.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Astrid Intelligence (ASTR) says that earlier in April, a subnet operator withdrew from the Bittensor network and liquidated a substantial part of their holdings, leading to volatility. This led to a decline in value of some subnet tokens. Astrid was not materially impacted at an operational level.
Sulnox Group (SNOX) has been granted a patent in Hong Kong for an improved demulsification methodology.
Wishbone Gold (WSBN) raised £1.1m via a placing arranged by Marex Financial at 26.35p/share. Every two shares come with a warrant exercisable at 40p each. A rig has been mobilised for the Red Setter project.
Falconedge (EDGE) shares have started trading on Frankfurt Stock Exchange.
Roundhouse Digital (ETHL) has entered into a loan agreement with Payward Oceanic for $350,000 at an interest rate of 9%. This is secured against Ethereum holdings.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Capital for Colleagues (CFCP) has appointed AlbR Capital as corporate adviser. Ut had a NAV of 85.5p/share at the end of February 2026.
ASSET MATCH
Asset Match has been approved by the FCA to operate a trading venue in the PISCES framework.
Harrogate Group (HGTE) has agreed to acquire Iceland-based Myntfund ehf, which “owns a blockchain based exchange and ecosystem which offers an opportunity for companies to access capital through tokenised shares”. The payment will be £9.3m in shares at 0.5p/share. That would be 92% of the enlarged share capital.
Brewer Wadworth and Co (WAD) increased its full year pre-tax profit from £923,000 to £1.25m. There has been a solid first quarter performance.
AIM
Helium projects developer Rift Helium (RIFT) joined AIM on Wednesday having raised £8.09m at 10p/share. The shares initially went to a premium but ended the first day at 9.75p but was back at 10p by the end of the week.
Concierge services technology platform provider Ten Lifestyle (TENG) reported interim figures in line with the recent trading statement and said that digital contracts won in recent months mean that profit will be better than expected next year leading to forecast upgrades. Interim revenues were 6% ahead at £33.7m, or 9% in constant currency. Underlying pre-tax profit improved from £1m to £1.6m, although that is before an £800,000 loss on foreign exchange, mainly from Latin American currencies, compared with a £100,000 gain in the corresponding period. Cash was generated after capitalised spending on technology. Net cash was £9.3m at the end of February 2026. Active members that use the service at least once in the year are 23% higher at 436,000. The focus has previously been on high net worth individuals. Investment in digital services will broaden the potential market.
Surgical instruments supplier Surgical Innovations (SUN) reported a slightly higher loss in 2025, but it expects a much lower loss this year. There has been a good start to the new financial year. New product launches and increased sales from distribution of third party products provide potential for the future. Manufacturing efficiency is improving.
Atome (ATOM) has raised £6.59m via a placing at 60p/share in addition to an £18m subscription by Casale, the EPC contractor for the planned Villeta green fertiliser facility, directors and existing shareholders. A retail offer raised £1m, which was double the original intention. Once shareholders approve of the share issues the final investment decision will be declared. Atome will have enough cash to take a 29.8% in the Villeta project. Atome will receive 100% of revenues until it has a 15% IRR on its $60m carried value in the project and after that 29.8% of revenues.
Oil and gas company Kistos (KIST) says pro forma production for the first quarter was 21,800boe/day, while full year guidance is 19-21,000boe/day. Net debt was $78m. There are plans to issue a $300m four-year senior secured bond to refinance the existing $282m. The acquisition of producing assets in Oman is near completion and this oil and gas is exported via the Arabian Sea and not through the Strait of Hormuz.
In content advertising technology developer Mirriad Advertising (MIRI) says trading conditions are difficult, and the US joint venture partner has performed below expectations. Costs have been reduced, but cash is running out. The board believes it may have to place operating subsidiaries in administration or liquidation if no new capital is raised. That would lead to a suspension in trading of the shares. Omar Ahmad has a 6.18% stake.
Microchip designer and supplier EnSilica (ENSI) has won two new space contracts and one could be worth more than $50m over its life. There should initially be $6,8m of non-recurring engineering revenues in the next three years and potential UK Space Agency funding of up to $3m on top.
Retailer Shoe Zone (SHOE) says trading conditions continue to be difficult because of the weak consumer market that has been made worse by concerns relating to the Middle East conflict. Guidance has been downgraded to a loss of between £1m and £2m for this year with another loss expected next year. Net cash should be £7m at the year end.
Health and beauty brands owner Creightons (CRL) is changing its name to Potter & Moore, which has always been the main trading name, as part of a corporate rebrand. Full year revenues were flat at £53.8m with problems at customers and reduced contract manufacturing business hampering the progress of the business. Gross margin was maintained as NI and other cost increases were offset by improved efficiency. Even so, pre-tax profit is expected to decline from £3.5m to £2.7m. Cash was £3.6m at the end of March 2026.
Billing and CRM software provider Cerillion (CER) reported an 14% dip in first half revenues to £18m, but new order intake doubled to £39.6m. This means that there will be an even greater second half weighting this year. Management believes it can still achieve the forecast full year pre-tax profit improvement from £21.8m to £23.2m. The interims will be published on 1 June.
Quicklime producer Firering Strategic Minerals (FRG) is raising £2.5m at 1p/share. The cash will fund an increase in ownership of main subsidiary Limeco and help progress to exercising the final tranche of the Limeco option. Two more kilns could be brought online in the future.
Alien Metals (UFO) joint venture partner West Coast Silver announced a JORC compliant 2.79 million ounces mineral resource estimate for the Elizabeth Hill silver project. The cut off was 20g/t.
Professional services provider Diales (DIAL) says interim operating profit will be 43% higher at £1m on revenues up 10% at £23.7m. Cash was £3.9m at the end of March 2026. The interims will be published on 1 June.
Caledonian Holdings (CHP) is changing its investing policy and plans to consolidate 1,000 shares into one new share on 12 May. Caledonian Holdings intends to acquire financial services and payments company, and this requires the change in investing policy. Aspire will provide an operating and technology platform, which can be used to deploy products of investee companies.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) reported 2025 revenues of £40.5m, up 30% year-on-year, while underlying pre-tax profit was £8.8m. Total contracted value is £64.5m. Implementations are taking longer than expected because of delays by customers. Zeus has trimmed its 2026 pre-tax profit forecast from £18m to £12m.
Hydrogen Utopia International (HUI) has signed an agreement with Saudi Arabia waste management company RECYCLEE for the supply of waste feedstock in that country. The feedstock will be unrecyclable plastics and old tyres, and this will be used to generate energy in a planned facility.
Nanoco (NANO) increased interim revenues from £3.4m to £7.7m. There was an operating profit of £4.1m. This reflects recognition of part of the Samsung settlement. Net cash is expected to be £8.8m at the year end.
S and U (SUS) increased full year pre-tax profit from £24m to £31.8m even though revenues declined. The impairment charge fell from £35.6m to £13m. The dividend was raised by 12.5% to 45p/share. The main improvement was in the motor finance business, but Aspen Bridging also raised its profit after a lower impairment charge. Peel Hunt has a target price of 95p.
Andrew Hore
Quoted Micro 16 February 2026
AQUIS STOCK EXCHANGE
Quantum computing IP developer Delta Gold Technologies (DGT) has secured a research sponsorship and technology licensing agreement with Penn State University. The sponsorship could cost $2.99m over three years. This will provide exclusive access to IP developed. Penn State will receive a running royalty of 1% of net sales of licensed products once net sales exceed $20m.
Macaulay Capital (MCAP) will earn £330,000 in fees from clients that invested in inspection business ICA, which is being acquired by Germany-based Certania for an enterprise value of £30.45m. AIM-quoted CEPS (CEPS) is selling its stake in for an upfront payment of £14m, which includes the repayment of loan notes. The disposal requires CEPS shareholder approval.
All five requisition resolutions were defeated at the Lift Global Ventures (LFT) general meeting. There were 60.5% of the votes against each resolution. A vote on the waiver of pre-emption rights did not receive the 75% of votes required.
Marula Mining (MARU) has agreed terms for the acquisition of 50% in a special purpose vehicle that holds mining rights in South Africa that include the operation ready Derdepoort manganese mine, which has a processing plant. Proven ore reserves of approximately 4.38 million tonnes of manganese ore at an average grade of 34.78% Manganese Oxide. Marula Mining will pay £1m in shares at 5p each and provide £1m of initial funding. A further £1m will be paid after due diligence. A bankable feasibility study targeting one million tonnes of manganese each year, or when the project is thought to be viable, will trigger a £9m cash payment. A further 20% stake can be acquired for £100,000. Marula Mining has already acquired the nearby Tonto Tshipi manganese mine.
EPE Special Opportunities (EO.P) had was cash of £14.1m at the end of January 2026. The NAV was 360p/share. The Luceco (LUCE) share price recovered, and Whittard of Chelsea was refinanced. Recent acquisition LSA has been integrated into Rayware. A £3m share buyback has been launched.
Valereum (VLRM) has signed a Memorandum of Understanding with RWO.io, which will integrate VLRM markets into its infrastructure. Longer-term, there are plans to develop a decentralised exchange and enable token assets to be used to secure loans.
Oscillate (SRVL) has agreed to acquire Kalahari Copper, which has interests in the Kaoko Basin in Namibia and the Kalahari copper belt in Botswana. The acquisition will be combined with a move to AIM. A further $80,000 has been received from Pulsar Helium Inc for the sale of hydrogen assets. One more payment of $80,000 is due.
Fibre optic cable materials supplier Unigel Group (UNX) increased full year turnover from £29.2m to £38.2m, enabling a jump in pre-tax profit from £2.13m to £3.75m. There was a recovery in international demand. This is set to continue due to investment in AI and 5G. Production capacity has been increased in the US because of tariff uncertainties. Net cash was £2.3m at the end of 2025.
SuperSeed Capital (WWW) increased NAV to 133p/share at the end of 2025. Portfolio revenues nearly doubled.
Sulnox Group (SNOX) has secured a distribution agreement with Motor Plus Panama, which will stock Sulnox emission reduction products for maritime, industrial and transport clients.
Wishbone Gold (WSBN) has expanded its interests in the area of Greatland Gold (GGP) owned Telfer gold mine in Western Australia. The company won a tender for 67km2 of mineral title on crown land, 25km north-west of Telfer.
Ajax Resources (AJAX) has agreed to an extension to the period of exclusivity for the purchase of Pereira Velho Exploração S.A., which owns the Pereira Velho gold project in Brazil.
AI business investor Mollyroe (MOY) raised £350,000 at 0.25p/share. A convertible loan note issue is planned.
Roundhouse Digital (ETHL) has purchased 346.6 Ethereum at an average cost of $2,020 each. The total holding is 468.8 Ethereum. The financial year end date is being changed to March.
Falconedge (EDGE) generated income of 0.368524 Bitcoin, taking the total Bitcoin holding to 19.878377 Bitcoin.
BWA Holdings (BWAP) managing director James Butterfield bought one million shares at 0.25p each, taking his stake to 8.88%. NYCE International (NYCE) has corrected director shareholdings. Farzad Peyman owns 12.2%, Stelios Michaelides 3.86% and Harmen Breninkmeijer 21.3%.
JP JENKINS
Thrive Renewables (THRV) has launched a £10m bond offer, including a retail offer of £5m via the Triodos Bank Crowdfunding platform. The bond lasts for 5 years and offers an annual interest rate of 5.5%. This will finance two onshore wind farms in Wales and Scotland. The offer closes on 16 April.
AIM
Scientific instruments supplier SDI Group (SDI) has secured the earnings enhancing acquisition of PRP Optoelectronics. The manufacturer of ruggedised LEDs for the aerospace, medical and industrial printing markets cost £9.3m, net of cash acquired of £2.8m, and could enhance 2026-27 earnings by nearly 8%. Forecast net debt will increase to £23.1m. This takes SDI into new markets, and the product range fits with some existing products.
Digitisation services provider TPXimpact (TPX) has won two major contracts this week. The latest is a four-year contract with DEFRA worth £39m. That is the second largest contract TPXimpact has ever won. The contract covers digitisation of programmes across agricultural, environmental and sustainability areas. TPXimpact already has contracts with DEFRA. The company also won a £22m contract with NHS England.
Cosmetics supplier Warpaint London (W7L) has acquired the Barry M brand from the administrator for £1.4m, but 2025 figures will be just below expectations. Cavendish has cut its 2025 pre-tax profit forecast from £20.7m to £19.2m, although the 2026 figure is maintained at £26m. Net cash was better than expected at £16m. Barry M is a value cosmetics brand and had revenues of £15m. It is likely to be loss making.
Zanaga Iron Ore Company (ZIOC) has secured funding for its Jumelles subsidiary, which owns the Zanaga iron ore project in Congo. Red Arc Minerals is investing $25m for a 20% stake in Jumelles. This will fund the project up to final investment decision. There is then a $125m option for Red Arc Minerals to take its stake to 87.5%. Zanaga Iron Ore Company will retain a 1% net smelter royalty, and Red Arc Minerals can acquire a 0.5% net smelter royalty from the company for $50m. Zanaga Iron Ore Company has enough cash to get to final investment decision when it can decide whether to continue to invest in the project as it moves to production. Red Arc Minerals can be required to swap Jumelles shares for Zanaga Iron Ore Company shares at 15p each if it does not complete each part of the deal in a defined period. Shareholder approval is required.
Video streaming technology developer Aferian (AFRN) has extended its $16.5m banking facilities to 20 March 2026. It could be further extended at a later date. The loan from major shareholder kestrel Partners is £1.59m and is repayable on 15 April 2026. The formal sale process continues, and this is leading to significant adviser costs. Some potential options for the trading businesses would not raise as much as the bank facility.
Interior furnishings brands owner Sanderson Design Group (SDG) says trading continued to improve in the second half, particularly in the US. Sales in the UK were lower last year. There has also been an improvement in manufacturing business, which should make a profit in the year to January 2026. Full year pre-tax profit is expected to improve from £4.4m to at least £5m. Cash is estimated to be £9.8m, which is more than one-quarter of market capitalisation.
Cora Gold (CORA) is raising £12.9m-£13.7m through a subscription by Singapore-based Eagle Eye Asset Holdings at 6p/share. There will be a retail offer to raise up to £2m. Eagle Eye’s investment will depend on the take up of the retail offer, so that it does not go above 29.9%. The definitive feasibility study for the company’s Sanankoro project in south Mali indicated a NPV8% of $221m, but that was at a gold price of $2,750/ounce. The money raised covers nearly 50% of the cash required to construct the mine.
Faron Pharmaceuticals (FARN) is planning to raise €40m to enable acceleration of development of its lead asset bexmarilimab and to run the Phase II portion of the FDA agreed Phase II/III trial in frontline high risk myelodysplastic syndrome. Lead asset bexmarilimab is an investigational immunotherapy designed to overcome resistance to existing cancer treatments by harnessing the power of immune cells and igniting the immune system. Management expects value inflection points in 2026 and 2027.
Phoenix Copper (PXC) has suspended chief executive Marcus Edwards-Jones and finance director Richard Wilkins due to their recent conduct and past payments. An investigation is underway. The company has limited cash available, and it will last until the second quarter of 2026.
Gift packaging and stationery supplier IG Design (IGR) is trading ahead of expectations. In the nine months to December 2025, margins of 4% are at the higher end of guidance. Full year pre-tax profit estimate has been raised from $7.1m to $9.9m. Cash could be more than $55m at the end of March 2026. A new chief executive is being recruited. The full year results will be published in June and there will be a return to reporting in pounds.
More positive new for Fulcrum Metals (FMET) concerning gold and other product recoveries at the Teck Hughes tailings project. Gold recovery has been increased to 78% with up to 95% silver recoveries. There are also high recovery rates for tellurium and copper and 20% recoveries of gallium – that could be improved. There is a potential recoverable value of more than $550m of all these metals. Further testing will be undertaken.
Wynnstay Group (WYN) is starting to see the benefits of its project genesis strategy. In the year to October 2025, revenues fell from £613.1m to £583.4m due to lower commodity prices, and pre-tax profit recovered from £7.6m to £9.2m. Efficiencies offset higher wage costs. The growth in profit was predominantly in feed and grain and arable divisions.
MAIN MARKET
Apax Partners has decided not to make an offer of 500p/share for motor dealer software provider Pinewood Technologies (PINE). It blames current market conditions.
Digital assets investor KR1 (KR1) has launched its financial infrastructure strategy. This includes starting to buy Bitcoin as well as Ethereum. Existing holdings will be actively managed.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 15 Bitcoin at a total cost of £785,773 and it owns 2,689 Bitcoin in total, which is an investment of £222.2m.
Panther Metals (PALM) has filed a prospectus for a proposed secondary listing on the Canadian Securities Exchange. PKF Littlejohn has been appointed as auditor. A placing raised £1.19m at 70p/share. This will be spent on a drilling programme for the Wishbone prospect at the Obonga project in Canada. The Winston mine tailings project is moving towards a mineral resource estimate.
Andrew Hore
Quoted Micro 14 July 2025
AQUIS STOCK EXCHANGE
TechFinancials (TECH) has entered into an agreement to potentially acquire a 60% stake in the Dilotiko high-grade iron ore project in Kenya. The mining permit application is going through final evaluation. There has been historical exploration. This could be an open pit mine with a 20 year life. TechFinancials is issuing 20 million shares at a deemed share price of 0.25p for an option to acquire 60% of Dikotiko. Then, within 60 days 80 million shares, depending on the price will be issued to acquire 25% of project owner Dilotiko Ltd. Further shares will be issued to take the stake in the project to 60%. The deal was introduced by Gathoni Muchai Investment Company, which can appoint two directors to the TechFinancials board following the formal acquisition. The firm will also underwrite a placing to raise £250,000 at 0.25p/share.
Zentra (ZNT) intends to transfer to the newly launched Aquis Real Asset Market. Zentra has completed the acquisition of a site on Old Mill Street in Manchester for £1.425m. The former car park is near a tram stop.
Broker VSA Capital (VSA) returned to profit in the year to March 2025 as revenues rose from £1.89m to £2.78m. A small loss was reported, but that was due to the amortisation charge of £330,000. Underlying pre-tax profit was £323,000. There was £537,000 in the bank at the end of March 2025. The number of retained clients increased from 27 to 30.
AI technology developer IntelliAM AI (INT) generated pro forma revenue of £3.92m in the year to March 2025. Annual recurring revenues are £810,000 and it is expected to grow to £2m by next March. There is cash of £2m.
Hot Rocks Investments (HRIP) increased the size of its fundraising from £375,000 to £450,000, still at 1.125p/share.
The Smarter Web Company (SWC) raised a further £10.3m at 325p/share, which follows the previous placing raising £22.9m at 327p/share earlier in the week. The company currently owns 1,275 Bitcoin at a total cost of £100.1m. There is £31m left to be invested. In the past 30 days there has been a Bitcoin yield of 497% on its treasury holding.
Vaultz Capital (V3TC) director Neil Ritson has left the board. The company has submitted an application to commence share trading on the OTCQB Venture Market in the US. Bryan Reid has built up a near-11% stake.
Coinsilium (COIN) ay that its Forza! subsidiary holds 86.67 Bitcoin. Shareholder agreement to the issue of new shares will enable further investment. Trading activity in the shares has increased.
Ajax Resources (AJAX), which moved from the Main Market, plans to list on Euronext Growth Oslo. The second closing of the company’s subscription by 25 July. An Environmental Impact Study has been submitted for the Eureka copper and gold project in Argentina.
Oscillate (MUSH) has made a non-refundable payment of £500,000 to Kalahari Copper for the acquisition of a subsidiary holding the rights to the Daisu copper and silver prospects in Botswana.
Richmond Hill Resources (SHNJ) has modified terms for the purchase of Three Mile Beach with the long stop date extended until 15 October.
Wishbone Gold (WSBN) has applied for 12 exploration tenements near to the Red Setter gold dome project. They are also close to the Telfer gold mine operated by Greatland Resources (GGP).
Inqo Investments (INQO) has appointed Bowsprit Partners as corporate adviser.
Newbury Racecourse (NYR) director James Richardson has acquired 10,350 shares at 600p each.
JP JENKINS
Computational biological data analysis business e-therapeutics (ETX) has made progress with lead candidate, ETX-312, a GalOmic siRNA therapy for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). The doses administered in a trial were not toxic.
Sports consultancy and data analysis company 4GLOBAL (4GBL) started trading on JP Jenkins on 8 July.
The JP Jenkins index of the 15 largest companies on the platform rose 0.96% to 1063.19 in the month to 7 July.
AIM
Water and energy efficiency technology services provide Eneraqua Technologies (ETP) says revenues will be lower than expected for the year to January 2025, but pre-tax profit will be in line with forecasts. Revenues of £81m were forecast but the outcome is going to be £63m. A £7m project substantially completed last year is recognised as accrued revenues. There have been delays in the receipt of payments and further deferral of projects in the current year. This has led to the requirement for additional funding. The disposal of a non-core business should raise £1m. Subsidiary Cenergist has been placed in administration due to an adverse adjudication. Trading in the shares has been suspended because of the financial uncertainty.
Executive search firm Norman Broadbent (NBB) reports interim net fee income up by one-third to £6m. This is helped by the rise in the average fee per mandate. Underlying EBITDA is more than £750,000. The company has moved into a net cash position of £200,000. Third quarter contracted revenues have increased.
Begbies Traynor (BEG) has launched a buyback of up to one million shares on the back of its full year results announcement. This shows the confidence in cash generation. Pre-tax profit was 7% ahead at £23.5m. Net cash was £900,000 at the end of April 2025. Total future earn out payments are £12.2m. Insolvencies remain relatively high compared with recent years. Growth is offsetting the increases in costs. There are headwinds for property advisory. Pre-tax profit could rise to £24.2m this year without further acquisitions.
IT training company Northcoders (CODE) warns that there is limited visibility on government funding of regional training. Some regions have not even launched tenders for the training. Northcoders has a good reputation but cannot guarantee how much business it will win. This makes revenues unpredictable for the full year and Zeus has withdrawn its forecasts. Fixed costs are being reduced.
Plastic products supplier Coral Products (CRU) says full year sales will be slightly lower at £30.5m, but profit will be much better than expected. Cash was £750,000 at the end of April 2025. This year profitability is significantly better than anticipated and there will be an initial contribution from Arrow Film Converters.
Premier Miton (PMI) reported a small decline in assets under management to £10.5bn at the end of June 2025. There was a positive performance over the latest quarter and outflows were lower. After the period end a new $50m mandate was gained.
Jarvis Securities (JIM) has confirmed the sale of its execution-only broker business to Interactive Investor. The initial £9m will be paid shortly and the other £2m deferred for up to 18 months. The settlement business is being wound down and the company will become a shell.
CML Microsystems (CML) has secured a 12-year design and supply agreement with a leading manufacturer of industrial Global Navigation Satellite System equipment. This deal will be worth more than $30m. Shore Capital is still not providing forecasts for this year because of the underlying uncertainty.
Data analysis software provider Celebrus Technologies (CLBS) reported a rise in full year pre-tax profit from $7.4m to $8.4m, although it is likely to be loss making this year. That is du to the switch to a subscription model.
Cybersecurity services provider Shearwater (SWG) issued a positive trading statement. The pre-tax profit forecast was raised from £400,000 to £600,000 and the 2025-26 figure is maintained at £1.1m.
Foreign exchange services provider Finseta (FIN) says interim revenues rose 16% to £5.9m and the number of customers has risen to 1,101. Corporate client generated the majority of revenues. Finseta had already warned that profit would be lower this year due to investment in expansion and there was a slump in the first half. Net cash was £400,000 at the end of June 2025. A stronger second half is expected.
Professional services firm DSW Capital (DSW) had a strong end to the financial year and expects M&A business to be much less important this year. Pre-tax profit was flat at £1.4m. Revenues were higher, partly due to direct solicitors rather than franchise business. Two-thirds of revenues came from M&A, and this will fall to one-third this year.
Futura Medical (FUM) is replacing James Bader as chief executive after disappointing sales o of its main erectile dysfunction product Eroxon. Jeff Needham is also leaving the board. Alex Duggan will become interim chief executive.
Security services provider Westminster Group (WSG) has secured a £500,000 credit facility from Pantheon A Family Office Ltd, which is already a shareholder. There is no interest charge on draw downs and an existing convertible, but the conversion price has been cut from 3p to 2p.
Petro Matad (MATD) has raised £2.84m at 0.8p/share – more than expected – and could raise a further £500,000 from a retail offer. The cash will be invested in lower cost power generation.
Active Energy Group (AEG) has closed a substantially oversubscribed placing raising £346,180. The biomass-based renewable energy technology developer will use the cash for working capital. The company is evaluating a digital assets strategy for its treasury management. A proportion of the fundraising is likely to be invested in Bitcoin and other digital assets.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has bought contracts from its South African reseller. The purchase price is £2.5m and this deal includes taking on employees. BSFA
Online travel hostel agency Hostelworld (HSW) says interim revenues were flat at €46.1m and profit will be lower. Reduced bed prices have led to improved demand. Direct marketing costs have risen, holding back profit. Net cash is €6.1m.
Andrew Hore
Quoted Micro 7 October 2024
AQUIS STOCK EXCHANGE
Prize draw operator Good Life Plus (GDLF) has increased the number of paying subscribers by 90% to more than 40,000 in less than a year. Management says that it might exceed expectations for the current financial year. Good Life Plus is raising £2m at 2.5p/share. Earlier this year, £2m was raised at 2.25p/share. The cash will finance customer acquisition and signing up new partners.
Brewer Shepherd Neame (SHEP) grew full year revenues by 4% to £172.3m and underlying pre-tax profit improved from £7.6m to £7.9m. NAV is 1217p/share, while net debt is £80m. Like-for-like retail sales were 4.9% ahead with the growth dominated by drinks offsetting a fall in accommodation income. Beer volumes declined 12% with own-brewed volume 17% lower. Brand refreshes are planned. Beer volumes continue to decline, while like-for-like retail sales for the initial 13 weeks of the new year are 3.8% higher.
Consumer brands company Silverwood Brands (SLWD) increased interim revenues from £5.85m to £7.08m and it moved into profit, but that was mainly due to exceptional gains.
CRUSHMETRIC Group (CUSH) increased interim revenues from HK$1.04m to HK$2.94m, although the loss was similar at HK$3.7m.
Talks with potential investors in Quantum Exponential Group (QBIT) have been terminated. The documentation has not been signed and the potential investor did not pay the £200,000 towards costs that it promised. Trading in the shares will end on 30 October.
Voyager Life (VOY), which has an option to acquire M3 Helium, has changed its name to Mendell Helium. The admission document is being prepared and the option should be exercised by the end of January. The company had £163,000 in the bank at the end of March.
Aquaculture technology developer OTAQ (OTAQ) reported a 16% decline in interim revenues to £1.5m because of a delay to a £350,000 order. The company continues to lose money. A forecast full year loss of £1.3m is similar to 2023, including a £150,000 benefit from cost reductions, and it could be halved in 2025 as the full benefit of cost savings show through.
KR1 (KR1) had net assets of 57.27p/share at the end of August 2024. The income in the month was £590,000.
Investment Evolution Credit (IEC), which provides loans under the Mr Amazing Loans brand, is holding a general meeting to gain approval to raise up to £2.5m from share issues. Paul Mathieson is being replaced as chief executive by Marc Howells. Former director Sam Prasad is loaning £200,000 to the company, which replaces a previous £100,000 loan.
Recycling services provider Majestic Corporation (MCJ) narly doubled interim revenues from $13m to $25m and pre-tax profit was one-third higher at $900,000. The company has received Enterprise Investment Scheme status.
RentGuarantor (RGG) has increased third quarter revenues by 62% and average revenues per tenant by 8% to £606.
Gains on investments enabled Hot Rock Investments (HRIP) to move into profit in the year to March 2024. Net assets increased to £512,000.
An undertaking of EPE Special Opportunities (EO.P) has provided additional funding of £2m to the Rayware Group. There is also a £1m contingent guarantee provided to third party lenders. EPE Special Opportunities still has £16m in cash.
ProBiotix Health (PBX) has a commercial partnership with Deutsch-Pharm. It will use two of the company’s products (for cholesterol lowering and vascular health) under its own brand in the Ukraine. Commercialisation is anticipated in the first quarter of 2025.
One Health Group (OHGR) has appointed Panmure Liberum as corporate adviser and broker.
Hydro Hotel Eastbourne (HYDP) has declared an interim dividend of 13p/share.
AIM
AO World (AO.) is acquiring musicMagpie (MMAG) for 9.07p/share, which values the pre-owned products supplier at just under £10m. There are irrevocable undertakings and letters of intent totalling 54% to accept the offer. AO World believes that the two companies have complementary online models, and a technology trade-in service will enhance its product offering. AO World says that the musicMagpie disc media and books business should not require significant investment.
EMV Capital (EMVC) director Jonathan Robinson bought 25,000 shares at 52p each following the interim results announcement of the company that was previously known as NetScientific. Total assets under management reached £106.7m following the addition of the Martlet Capital portfolio. Net assets edged up from £17.1m to £18.5m. Nasdaq-listed investee company PDS Biotech announced a 36-month survival rate of 84.4% in locally advanced cervical cancer patients treated with the company’s lead target drug Versamune HPV and Chemoradiation.
Tavistock Investments (TAVI) is raising up to £37.75m from disposals, which is more than treble the market capitalisation before the sale, with nearly £11m payable on completion and a further £11m from discharge of intragroup debt. The rest is payable based on performance. The two businesses made a pre-tax profit of £1.5m in the year to March 2023. The cash will be used for working capital and acquisitions. There could also be share buy backs. Chief executive Brian Raven bought 830,000 shares at 3.55p each.
Good Energy (GOOD) has acquired Lincolnshire-based solar installer Amelio Solar for an initial £5.5m. The focus of the business is the education and public sector. In 2023, revenues were £7m and pre-tax profit is £1.4m. However, there have been lower levels of activity in Good Energy’s existing installation business.
Packaging equipment and automation provider Mpac Group (MPAC) is making its second acquisition in recent weeks and this is by far the larger. Mpac is acquiring CSi Palletising for £47m, including £4.16m in shares, and the deal should be completed by the end of the year. CSi Palletising designs, manufactures and installs end-of-line packaging automation and robotics equipment and will enhance the geographic coverage. In 2023, CSi Palletising generated revenues of €71.5m and EBITDA of €7.3m. The latest interims show revenues of €44.4m and EBITDA of €6.8m. There is an order book worth €64.3m. A placing raised £29m at 400p/share and a retail offer to existing shareholders could add up to £1m to the figure.
Digital media publisher Digitalbox (DBOX) has commenced a strategic review, which could involve a sale of the company. This follows representations from a major shareholder disappointed about the level of the share price. Progress should be reported in November. Interim revenues were better than expected, but July and August were weak. Net cash is £2.2m, which is more than 50% of market capitalisation. A capital restructuring is underway to create positive distributable reserves.
Agricultural products supplier Wynnstay Group (WYN) says the second half has been hit by wet weather and weaker farmgate prices in part due to government policy uncertainty. Shore has reduced its 2023-24 pre-tax profit forecast by 35% to £7.5m and this will have a knock-on effect in the year to October 2025 where the profit forecast has been cut by 29% to £8.5m. Wynnstay should still have net cash, and the NAV is estimated at around 600p/share.
Payments technology company Bango (BGO) is making some progress towards regaining investor confidence and it is on course to make a full year profit. Interim revenues grew 19% to $24.1m. Annualised recurring revenues are 130% ahead at $12.9m. Net revenue retention is 159%.
Ceramic disc brake technology developer Surface Transforms (SCE) increased interim revenues by 58%, but growth is still not meeting expectations even though there is further growth in third quarter revenues. There are delays to installing additional capacity. Full year revenues are expected to be £11m, compared with previous expectations of £17.5m. There was £5m in cash at the end of June 2024. Odd Asset Management reduced its stake from 5.13% to 2.58%.
Graphene technology developer Versarien (VRS) has signed an agreement with Balfour Beatty to develop 3D-printable mortars for civil construction. It will formulate three types of mortar. This follows the disposal of AAC Cryoma for £550,000 payable in 15 instalments.
Oil and gas company Prospex Energy (PXEN) is applying for exploration licences in Poland. The licence awards should happen in the first quarter of 2025. Initial results from the Vlura-1B development well in Northern Spain are positive. Drilling intercepted significant gas shows and that confirmed the high quality reservoir. This well will be connected up and first production should be by November.
Battery and electronic components supplier Solid State (SOLI) is acquiring Gateway Electronic Components, which manufactures ferrite and magnetic components for £1.4m. These are used by electromechanical and Industrial Internet of Things businesses. The run rate pre-tax profit is £200,000, so the multiple is less than ten.
Surplus consumer products retailer Huddled (HUD) generated interim revenues of £5.3m and they continue to grow organically and via acquisition. Third quarter revenues will be around £3.5m. Management is investing in inventory and marketing. Warehouse functions are being centralised.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) published its first results following the sale of the motor dealer business. In the six months to July 2024, revenues were 11% ahead at £16.1m. Major shareholder Lithia is taking up new licences in the UK. The US roll out is being planned.
The two board representatives of Kelso Group (KLSO) on AIM-quoted The Works.co.uk (WRKS) have stepped down. This will make it easier to sell its 6.3% stake if it wishes to. The average cost was 32p/share and the current price is 25.2p.
Andrew Hore
Quoted Micro 26 February 2024
AQUIS STOCK EXCHANGE
Music manager and promoter All Things Considered (ATC) has raised £2.3m at 105p/share. The company raised £4.15m at 153p/share when it joined Aquis in December 2021. The latest proceeds will be used to develop the artist representation and direct to consumer divisions, plus fund acquisitions. A potential artist management company acquisition has been identified. A new festival is being developed.
Trading was in line with expectations at Arbuthnot Banking Group (ARBB). Shore Capital believes the recovery in profitability due to higher interest charges has broadly already happened. Even so, the broker believes that the current valuation is undemanding.
Visum Technologies (VIS) is planning to acquire Socrates Imaging for Euro2m in cash and shares. Visum has exclusivity until the end of March 2024. Socrates Imaging has developed photo and video capture souvenirs. A final agreement needs to be made and shareholders have to agree to the purchase.
US focused lender Investment Evolution Credit (IEC) generated revenues of £441,000 and pre-tax profit of £268,000 in the six months to November 2023. Cash was £659,000. Consumer lending operations could start in the UK in 2025.
Hydro Hotel Eastbourne (HYDP) reported flat annual revenues of £4.4m, while pre-tax profit fell from £445,000 to £310,000 due to higher cost of sales. Cash is £1.63m. a lower dividend of 12p/share has been announced. Management is trying to secure more direct bookings.
Inteliqo (IQO) has launched the full Langaroo app on Google Play and the App store. Langaroo enables users to understand, speak, message and share information in 130 languages.
Coinsilium (COIN) will be providing global trade exchange platform LC Lite, which has been acquired by Incomlend. Coinsilium will advise on project token economics ahead of a launch later this year. Fees are paid in cryptocurrencies.
Valereum (VLRM) is getting near to completing a blockchain-based digital financial markets infrastructure and this should happen this year. After phase 1 is launched there will be further phases developing on-chain Centralised Securities Depositary. Investment company VLRM Capital will invest in principal trading of equities and cryptocurrencies, as well as staking digital assets. The first fund should be launched by the summer. Valereum chairman James Formoli will provide seed capital of £500,000 to the investment vehicle. Valereum itself wants to raise up to £4m and firm commitments have been received for £2.5m at 6p/share.
Phoenix Digital (PNIX) director Nicholas Lyth bought 1.26 million shares at 3.1p each.
TruSpine Technologies (TSP) has submitted additional documentation to the FDA for the 510(k) application for its Cervi-LOK medical device product. A shareholder requisition notice has been deemed to be invalid.
Hydrogen Future Industries (HFI) has raised £552,000 at 5p/share. The cash will further develop technology and fund a feasibility study for use in the mining sector. Rogue Baron (SHNJ) has issued 7.2 million shares to a service provider for services over a 12-month period.
PanGenomic Health (NARA) intends to withdraw from the Aquis Stock Exchange.
AIM
Safety and compliance services provider Marlowe (MRL) is selling part of its governance, risk and compliance software and service business to Inflexion for an enterprise value of £430m. That will pay off debt and enable £150m plus to be paid to shareholders. That could leave £60m of cash in the business. This could fund acquisitions in the remaining business areas of testing, inspection and certification, and occupational health. Marlowe chief executive Alex Dacre is leaving with the disposal.
Horizonte Minerals (HZM) estimates that it will cost $454m to complete construction and deliver first metal at the Araguaia nickel project. This means that the estimate of overall cost is currently 87% higher than before at $1bn. The company is in talks with shareholders and lenders to secure full funding in the second quarter of 2024. The increased investment requirement means that existing debt facilities will have to be restructured. Short-term funding will be required will the discussions continue. Heikon Investments slashed its shareholding from 7.99% to 0.33%.
Shield Therapeutics (STX) is making progress with Accrufer iron deficiency treatment sales, but a third party overstated the number of prescriptions in 2023. There would have been 90,500 on the previous methodology, which was lower than expected, but the revised figure is 77,000. Year-end cash was $13.9m. Costs are being controlled, but there is no guarantee that there is enough cash to reach breakeven. Shield Therapeutics expects to be cash flow positive in the second half of 2025 instead of later this year.
Electric drivetrain developer Saietta Group (SED) it needs more cash by the end of March, or it will have to find a bidder and that made it the top faller on AIM for the second week in a row. Cash payments have been delayed.
Retail and promotional business Spaceandpeople (SAL) did slightly better than expected in 2023 with revenue of £5.8m, up from £4.7m. The company has changed its revenue recognition policy in the UK and revenues will be recognised on a net rather than gross basis. Without the change the 2023 revenues would have been more than £6.5m. The German business is recovering, and its revenues will still be recognised on a gross basis. There is no change to pre-tax profit – £90,000 is forecast.
Fertiliser producer Harvest Minerals (LON: HMI) says 2023 orders totalled 34,880 tonnes and 28,707 tonnes were invoiced and cash received for 27,024 tonnes. The 2024 orders have reached 7,067 tonnes. Management believe that orders could reach 70,000 tonnes this year, even though the market remains difficult. There was $630,000 in the bank at the end of 2023.
Frasers Group has acquired a 8.9% stake in models and collectibles supplier Hornby (HRN).
Empire Metals (EEE) is focusing on the Pitfield titanium project and is not extending the Gindalbie tribute agreement.
Chamberlin (CMH) has sold its profitable Petrel business for £3m and an exceptional gain of £2m. The cash will be invested in its foundry and machining business. There is £250,00 deferred until repairs are undertaken for the facility that is being sub-let to the purchaser by Chamberlin.
RBG Holdings (RBGP) has raised £2.8m at 9p/share, compared with a market price of 9.25p. This will provide a more solid base from which to grow the remaining legal services and M&A business. New legal partners have been recruited to grow the core operations. There is a £24m HSBC facility, but there will be increased headroom after the cash call. There is enough cash for at least 12 months. It is possible that M&A adviser Convex Capital will be sold to its management.
MAIN MARKET
Aquila Services Group (AQSG) intends to leave the standard list. The housing consultancy business reversed into shell company General Industries in August 2015. The share price is well below the level it was at the time of that deal. Management says that it has missed out on chances to acquire businesses because of a lack of liquidity in the shares. Leaving will save £100,000/year.
Newtyn Management has reduced its stake in Pinewood Technologies (PINE) from 10% to 8.56%. Chief executive William Berman sold 1.46 million shares at 34.85p each.
Andrew Hore
Quoted Micro 19 February 2024
AQUIS STOCK EXCHANGE
Vehicle electrification technology developer Equipmake (EQIP) has raised £4m at 6p/share and a further £110,000 from a retail offer. This will fund research and development for the international market and finding opportunities in the US. There is also grant funding of up to £4.57m. The order book is valued at £13.1m and mainly relates to the bus market. The cash will last at least 12 months.
Coinsilium (COIN) says that the SalitaFinance AI-driven platform, where it has a 6.7% stake, has received investment from a top ten global infrastructure bank. Another investee company, crypto friendly payments company Greengage Global has secured an agreement with a new regulated partner and this will enable the earlier launch of Greengage’s US dollar currency accounts along with forex and SWIFT payments services for clients.
Investment Evolution Credit (IEC) has appointed Axis Capital Markets as corporate broker to help to raise up to £100m via the previously announced bond offering. The share price rose by 50% on the week to 60p. The December 2023 admission price was 4.5p.
RentGuarantor (RGG) has entered a three-year marketing deal with student letting company University Living. The rent guarantee service will be promoted to residential tenants. This will broaden access to the market.
Mortgage Chat (MCAI) has raised £105,000 at 0.05p each. The strategy is moving towards the development of an artificial intelligence platform called Mortgage Chat connecting borrowers and lenders.
Brewer Adnams (ADB) has asked advisers to explore options for funding growth plans.
Marula Mining (MARU) has published a shareholder circular to gain approval for a subscription by AUO Commercial Brokerage. The first subscription will raise £3.75m at 3.75p/share with further subscriptions potentially raising £4.78m at 10p/share. The general meeting is on 8 March.
BWA Group (BWAP) has come to a settlement with St-Georges Eco-Mining Corp, which will convert some loan notes into 146.2 million shares and cancel £1.42m of convertible notes. Connected parties will also be encouraged to rerun up to £1.8m of convertible notes.
TruSpine Technologies (TSP) has entered into a £50,000 loan note agreement with Martin Armstrong, a former chairman. This can be converted into shares at 2.5p each.
Lord Nicholas Monson has increased his stake in Lift Global Ventures (LFT) from 4.96% to 5.33%.
AIM
Katoro Gold (KAT) has raised £750,000 at 0.1p/share, along with warrants exercisable at 0.2p/share that could raise up to £1.5m, and it is planning board changes. Executive chairman Louis Coetzee is stepping down. Outstanding board fees of £91,000 have been reduced to £63,600. A new strategy will involve maximising value from existing interests and seeking new opportunities in critical metals, including uranium. Paul Johnson, who has previously run Power Metal Resources and Metal Tiger has been appointed strategic consultant. The company plans to change its name to Katoro Global Resources.
Good Energy (GOOD) is building on its energy efficiency services business through the acquisition of Maidstone-based JPS Renewable Energy, which is a solar and storage installation business. The initial consideration is £7m in cash and shares with deferred consideration of up to £6.75m over two years. The vendors placed 842,000 of the 1.32 million shares issued at 250p each. JPS generated revenues of £12.4m and pre-tax profit of £600,000 in the year to April 2023 and pre-tax profit could increase to £1.3m this year.
Neometals (NMT) says a review of the Spargos project in Western Australia indicates low potential for lithium-bearing pegmatites. Sampling did not produce any significant results. There will be field mapping to investigate two potassium anomalies and a strategic review of the project.
Gattaca (GATC) is still finding the permanent staffing market difficult, and first half net fee income is expected to decline 16% to £18.9m. This has led to downgrades for full year net fee income, but cost cutting has meant that the full year pre-tax profit forecast is maintained at £3m. The figures will be second half weighted.
Harvest Minerals (HMI) received fertiliser orders for 34,880 tonnes, of which 28,707 tonnes were invoiced in 2023. There have been 1,250 tonnes invoiced so far in 2024. Sales guidance is 70,000 tonnes for 2024. Cash was $630,000 at the end of 2023. Cost are being reduced.
Trading in Artemis Resources (ARV) shares has resumed on ASX. Trading was halted on 8 February although it continued on AIM. Artemis Resources published an update on the West Pilbara project exploration. This shows potential sub vertical orientation of pegmatites at Kobe and Osborne. The first drill hole potentially stopped short of the Osborne target. A drilling programme to test Osborne is planned for March to test near surface lithium rich zones.
M&A activity remains weak at professional services network operator DSW Capital (DSW) and that will hit this year’s profit. There appeared to be an improving trend, but January was poor and that hit network revenues. February is also set to be disappointing. The other activities are trading well. The 2023-24 pre-tax profit will be between £600,000 and £700,000. There was cash of £2.7m at the end of January 2024.
Baron Oil (BOIL) has raised £3m at 0.05p/share, while the retail offer generated £260,000. This will fund drilling preparations for the Chuditch-2 appraisal well south of Timor-Leste, which is planned for the fourth quarter. Shell discovered the Chuditch-1 gas field in the Chuditch production sharing contract in 1998. Timor-Leste authorities recently approved the farm-up agreement with TIMOR GAP Chuditch Unipessoal relating to the production sharing contract. Baron Oil’s subsidiary will retain 60% of the production sharing contract and the partner, which has increased its interest from 25% to 40%, will be responsible for 20% of all costs, including the Chuditch-2 appraisal well.
Beowulf Mining (BEM) is raising cash to invest in Kallak iron ore project in northern Sweden and the graphite anode materials plant in Finland. There will be a rights issue and a PrimaryBid retail offer in the UK raising up to £7.5m in total. A formal decision on the fundraising and pricing will be made on 7 March. A capital reorganisation will reduce the par value of the shares from 1p to 0.1p. The cash will be spent on the Kallak pre-feasibility study and environmental studies, which will enable the application for an environmental permit.
Bushveld Minerals (BMN) has received a $4m payment from Southern Point Resources, which will be repaid when the $12.5m subscription is finally received. This takes the interest free loans to $6m, which have been paid to a South African subsidiary. Southern Point Resources says that the subscription will be paid by 28 February. The financial position of the company is being managed so that vanadium production, which has restarted, can continue until the rest of the cash is received.
Coal miner MC Mining (MCM) advises shareholders not to accept the A$0.16/ share bid from a company controlled by the majority shareholders. One condition is the acceptance by 50.1% of the shares not owned by the bidder.
Crossword Cybersecurity (CCS) has entered a partnership agreement with IT distributor TD SYNNEX, which will sell Crossword’s Trillion threat intelligence platform.
MAIN MARKET
Pendragon has completed the sale of its motor distributor business and will focus on its motor dealer software. The name has changed to Pinewood Technologies (PINE).
Better contract news from data integrity and banking integration software provider Gresham Technologies (GHT), which has secured a $1.5m contract for its Claretti software. The customer is described as a cash management and retail digital services provider. The deal covers the US and is for five years.
HeiQ (HEIQ) is acquiring a manufacturing facility in Portugal to commercialise the AeoniQ synthetic filament yarns technology. Commercial production could start by 2026. Capacity will be 3,000 tons.
HeiQ wants to raise £2.44m. A placing raised £685,000 at 8.7p/share and there is a retail offer of up to £75,000 closing on 22 February. The rest of the cash will come from an issue of non-interest bearing convertible loan notes with a conversion price of 8.7p/share. Revenues were $41m in 2023, but EBITDA will be lower than expected. Net debt is $2m. The year end is being changed from December to June 2024.
XP Power (XPP) says that weak demand meant that 2023 figures will be well below expectations. The 2024 results will be second half weighted. Net debt was £112.7m at the end of 2023.
Carclo (CAR) is closing its Tucson facility and manufacturing will be moved to Pennsylvania.
BSF Enterprise (BSFA) is setting up a separate subsidiary to develop a cultivated leather business.
Dispensa (DISP), originally known as Zamaz, is calling a general meeting on 14 March to gain shareholder approval for the delisting from the standard list.
Andrew Hore