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Quoted Micro 6 April 2026
AQUIS STOCK EXCHANGE
In 2025, heart health products developer ProBiotix Health (PBX) increased revenues by 45% to £2.73m. The loss was reduced from £852,000 to £1.24m. Revenues continue to grow in the first quarter of the new financial year, and it has achieved profitability. Cash was £1.27m at the end of 2025. The order book has more than doubled to £1.3m. The company is diversifying into new medical areas.
Dermatology products developer Incanthera (INC) says direct to consumer sales of Skin + CELL products have been disappointing, generating £12,400. Discussions continue relating to retail distribution. No bulk sale will be achieved before the end of the March 2026 financial year, so stocks will be higher than anticipated. There are also technology licensing talks. The company has to be careful with working capital, but it believes it has enough cash for immediate requirements.
Oscillate (SRVL), which is changing its name to Serval Resources, is acquiring Kalahari Copper and moving to AIM on 27 April. The strategy is to build a business with a range of copper exploration and development assets. There will be a 50-for-one share consolidation. There will be a share issue to raise £2.9m at 22.5p/share. A WRAP retail offer could raise up to $300,000.
Mendell Helium (MDH) expects to publish the document for the move to AIM during April. That will spark the exercise of the option to acquire M3 Helium. The Rost 2-26 well has reached 4,540 feet. This will test helium prospects. There are preparations for the re-completion of Schneweis Ventures 13A well.
Valereum (VLRM) confirms the exclusivity agreement with Quantum Global Photonics and the definitive agreement is expected by the end of April. As part of the agreement, the first coupon payment for medium term notes of $3.9m will be a combination of cash and VGOLD-CORE (independently valued and verified) gold-backed tokens, where the launch is subject to regulatory approval. The deal involves technology integration, tokenisation and profit sharing. So far, $900,000 has been drawn down from the $2.5m investment from Blubird Global Inc. There are currently talks with Blubird Global about revising the terms of the funding, which could mean that funding could end.
Zak Mir is no longer chief executive of Lift Global Ventures (LFT) and he is not running the investor relations business Miriad any longer. The investment strategy has changed to an AI focus. Cash was £199,000 at the end of 2025 and subsequently a £40,000 settlement was agreed with a former consultant.
Heart medicines developer Cardiogeni (CGNI) says that the share swap deal with Kira Health Invest AG is progressing and could complete by 10 April. Kira Health Invest AG will acquire 67.5% of subsidiary Cell Therapy in return for a 32.5% shareholding in Kira’s hotels and wellness clinics subsidiary Lumen Clinics, which has assets of more than €100m.
Time to ACT (TTA) has appointed VSA Capital as corporate adviser and has raised £415,000 at 6p/share. The company is in talks to acquire the assets of heat treatment business MTE Heat Treatment, which is in administration. This will fit with Diffusion Alloys. It is not buying any asset from Versarien. There are other potential acquisitions.
Investment company Gledhow Investments (GDH) had NAV of £1.2m at the end of September 2025. Net cash is currently £762,000 following recent disposals. This provides the opportunity to take advantage of market volatility.
IntelliAM AI (INT) has bought the business and assets of RBM Lubrications for £25,000 payable in cash at the end of 2029. This expands the business in Scotland.
Oberon Investments (OBE) has launched a global thematic equity fund called TM Oberon Theseus Fund. It will be structured around five to eight core themes and have up to 75 investments.
B HODL (HODL) has completed the initial At-The-Market equity offer and raised £42,300 at 7.05p/share. Another Bitcoin has been acquired for £51,234. The total holding is 165.487 Bitcoin which cost an average of £81,962 each.
Digital asset miner Sterling Digital (ASIC) did not have any revenues in the period to December 2025. There was £3.67m in the bank after the Aquis flotation. Data mining equipment has been acquired, and Bitcoin should be being produced by the end of the second quarter of 2026.
South west England focused minerals explorer Tamar Minerals (TMR) had £171,000 in cash at the end of 2025 following a £256,000 cash outflow from operations in the previous six months. Since, then £2.04m has been raised.
Fund of funds investment company SuperSeed Capital (WWW) made realised and unrealised gains of more than £452,000 in 2025. This increased NAV from 1.2544p/share to 1.3668p/share.
Mollyroe (MOY) has raised £470,000 through a convertible loan note issue and £155,000 at 0.25p/share, which is also the conversion price for the loan notes. The loan facility to AI film maker Cascade has been increased from £300,000 to £500,000. Mollyroe will receive and arrangement fee of £40,000.
Macaulay Capital (MCAP) has raised £225,000 from the exercise of warrants at 25p each.
BWA Group (BWAP) managing director James Butterfield bought 1.4 million shares at 0.29p each and owns 8.02% of the company.
JP JENKINS
Surrey-based Oomisoft (OOMI) joined JP Jenkins on 1 April. The company provides membership management software, CRM and digital services. The customer is not for profit and professional organisations.
ASSET MATCH
Anti-microbial technology developer Byotrol (BYOT) has raised £250,000 at 016p/share. The cash will help to fund growth opportunities.
Recruitment services provider Macdonald and Company (MAC1) is asking for shareholder approval for a share buyback from William Buck and Robin Glover. This relates to a restructuring of interests in Asia. The general meeting is 16 April.
AIM
Building products supplier BRCK (BRCK) has received an unsolicited bid approach from Atlas Holdings LLC and after initial contact and exchange of information a 65p/share indicative offer was made. The share price has not been that level since June 2025. That offer was rejected by the board on 23 March. Atlas will be provided with additional information to see whether it can come up with a better offer, but it says this would not be enough for a firm bid.
CleanTech Lithium (CTL) has published the pre-feasibility study for the Laguna Verde lithium brine project in Chile. This shows a NPV10 of $699m over a 25-year period. This assumes extracting 15,000t per year of battery-grade lithium carbonate. The operating cost is assumed to be $5,768/t and a sale price of $22,500/t. Upfront capex is $748m. First production would be 2031.
Steel structures supplier Billington (BILN) has gained new contracts worth £50m even though the market is still relatively weak. This helps to underpin expectations for 2026, although some of the work will be done in 2027. The 2025 results are due to be published later this month. A pre-tax profit of £3.5m is forecast before a recovery to £8.3m. Manufacturing has been streamlined and Cavendish may reassess forecasts when the results are published.
Whisky supplier Artisanal Spirits Company (ART) was hit by tariffs and the US government shutdown. Elsewhere, there was an improvement in revenues last year. However, overall revenues dipped from £23.6m to £19.9m and that meant that the loss was raised from £3.1m to £7m. Net debt was £31.5m and this should start to reduce this year. The company has changed its way of trading with the US and taken on the distribution in the country.
There was a return to growth at CML Microsystems (CML) in the second half. However, the company will still make a full year loss, rather than the small profit previously expected, because the growth was in lower margin revenues. Supply chain problems have eased. Shore says it will publish 2026-27 forecasts after the latest results are published on 16 June.
Mobile games developer Gaming Realms (GMR) has been hit by changes to stake limits in the UK and there will be another setback when the tax rate increases this year. Revenues improved from £28.5m to £31.4m, while pre-tax profit rose from £8.3m to £9m as management adapted to the stake changes and kept control of costs. More games and adding licence partners have helped revenues continue to rise. North American revenues continue to grow.
Wound healing technology developer AOTI Inc (AOTI) says 2025 revenues were $66.5m, up 15% on 2024. Underlying pre-tax profit was $3.1m, compared with a loss last year. Net debt reached $6.5m. There is a $1.7m provision on money owed by Arizona. Revenues could still rise this year even though AOTI is pulling out of Arizona due to difficulty in getting paid, but profit could decline to $1.2m before starting to grow again. Outstanding debt from Arizona may eventually be reclaimed. A CMS local coverage determination is still expected in the near-term and that will provide some positivity.
Greatland Resources (GGP) benefited from a recovery in the gold price to $4,677.28/ounce. Earlier in the week, it revealed a mineral resource estimate for the O’Callaghans tungsten copper zinc lead deposit. There is 70Mt @ 0.35% of tungsten trioxide. The Telfer mineral resource estimate has been raised by 150% to 8 million ounces. Together with Havieron, the resources could be mined for many decades.
Abingdon Health (ABDX) has won a series of contracts worth £4.8m with a US client. This covers the development of multiplex quantitative lateral flow assay systems for human testing which will be delivered over 27 months. This supports the decision to expand capacity in the US. There could be a subsequent manufacturing contract. The company is set to move to around breakeven in 2026-27. The share price gained 10.3% to 8p.
Ariana Resources (AAU) reported a £12.4m loss for 2025, but this is almost all down to the change in valuation of the Turkey joint venture. That is a non-cash adjustment. The cash outflow from operating activities was £2.6m. Progress is being made with the Dokwe project in Zimbabwe and there is £5.4m in the bank to fund its development.
Monoclonal antibodies developer Bioventix (BVXP) reported interim revenues 9% lower at £6.2m. China was a tough market and some products are maturing. Pre-tax profit was slightly lower at £4.9m. Cash was £5.1m at the end of 2025. The customer base is being broadened and there is longer-term potential for royalties from the company’s antibodies that are included in products. Full year pre-tax profit is set to fall from £10.2m to £9.6m. The full year dividend is set to be unchanged at 150p/share even though it is not going to be covered by earnings.
Digital finance hub Tap Global Group (TAP) interim revenues fell from £1.8m to £1.7m. There was also £210,000 of income from settlement with crypto currency exchange Bitfinex. Cash was £433,000 at the end of 2025.
In-game advertising technology developer Mirriad Advertising (MIRI) says that the expected upturn in February and March did not happen because of the Middle East conflict. It did sign a services agreement with a UK media conglomerate. There is £675,000 in the bank, but more cash will be required before the 2025 accounts are published.
Wellheads and connectors Plexus Holdings (POS) reported a reduction in interim revenues from £2.9m to £1.2m because of delays in projects, particularly in the North Sea due to tax uncertainty and inability to offset decommissioning costs. Activity is likely to remain subdued in the second half with the assumption that work will recover in 2026-27. A full year loss is forecast before a return to profit in 2026-27. The estate of William Black has built up a stake of 5%.
MAIN MARKET
Construction equipment hire company Speedy Hire (SDY) has not made the expected progress in the second half. Contract delays hampered revenues. The latest trading statement has led to a reduction in forecast earnings for 2025-26 and 2026-27. A loss of £1.5m is estimated for the year to March 2026. Net debt is expected to be £159m. The dividend is set to be slashed to 1p/share.
Solvonis Therapeutics (SVNS) has been granted a US patent for a “monoamine modulator compound series from its post-traumatic stress disorder (PTSD)” programme. This market covers more than 20 million people in the US and major European markets. This programme is part of a broader platform. SVN-114 is the lead candidate.
Digital assets investor KR1 (KR1) generated technology infrastructure income of £106,000 from staking activities and that takes the total for 2026 so far to £283,000. Financial income of £2,350 during February. NAV is 21.3p/share, down from 23.8p/share at the end of January 2026.
Andrew Hore
Quoted Micro 8 January 2024
AQUIS STOCK EXCHANGE
Coinsilium (COIN) was the biggest riser on the week with a 55.3% improvement to 2.95p. This is the highest the share price has been since August 2022. The increased trading levels at the end of December continued into early January. The vast majority of the trades were buys with limited selling.
Professor Trevor Jones bought 150,000 shares in EDX Medical Group (EDX) at 6.25p each and 139,074 shares at 7.35p each. These are his first share purchases, and he owns 0.096% of EDX Medical. The share price is at the highest level since just after the flotation in June 2021
NFT Investments (NFT) reported a 54% increase in NAV to £43.8m at the end of September. Crypto assets rose by 67% and there are plans to liquidate these holdings after April. There will then be a tender offer to shareholders. NAV is 4.67p/share. The share price edged is 2.7p.
All Things Considered (ATC) has opened a new office in Los Angeles, which increases capacity by 30%. There is a ten-year lease.
Founder Paul Ryan reduced his stake in Pharma C Investments (PCIL) from 8.52% to 3.9%, while James Formolli took a 8.05% shareholding.
Ventura Finance has increased its stake in Secured Property Developments (SPD) from 3.66% to 4.28%.
AIM
Cancer diagnostics firm Angle (AGL) reported breakthrough results from DNA molecular analysis of cancer patient blood samples, and this covers many types of cancer. This proves the effectiveness of the Parsortix system combined with DNA analysis. Angle believes that using CTC-DNA testing of living cancer cells alongside ctDNA (DNA fragments released from dead cancer cells into the blood) will improve the way cancer is treated. It may enable doctors to track the clonal evolution of a patient’s cancer. Earlier in the week, a $250,000 pilot study to assess breast cancer patients was secured.
An $11m preclinical milestone payment to C4X Discovery (C4XD) has been triggered by the preclinical progress of C4XD’s NRF2 Activator programme. AstraZeneca is using the programme to develop an oral therapy for treating inflammatory and respiratory diseases. At the end of July 2023, C4XD had £4.22m in the bank after a £6m cash outflow from operating activities.
Plexus Holdings (POS) agreed an IP licence agreement with SLB, which replaces a previous surface production wellhead licence agreement with a subsidiary of SLB. For $5.2m in cash, SLB gets a licence in perpetuity to use POS-GRIP technology in specific markets. The 2023-24 revenues forecast has been upgraded to £14m and pre-tax profit raised by 467% to £1.7m. However, this is a one-off, so Plexus could fall back into loss next year. Plexus was the best AIM performer in 2023.
Real-time oil condition analysis company Tan Delta Systems (TAND) says that progress has been slower than hoped since floating in August. Full year revenues will decline from £1.6m to £1.44m, which is lower than expected. Customer trials have been delayed, but there has been greater interest in the technology. The loss will be in line with expectations at £400,000. Cash was £4.5m at the end of the year.
LungLife AI Inc (LLAI) has successfully validated its LungLB early lung cancer detection test. The positive predictive value was 81% in distinguishing cancer nodules smaller than 15mm. The current standard is 60%. There will be an early access programme offered in the first quarter of 2024. The test will be optimised for additional uses.
Floorcoverings distributor Likewise (LIKE) grew 2023 revenues by 13% to £139.5m, which is better than expected. The overall market declined. Pre-tax profit is forecast to slip from £2.6m to £2.5m. The profit is expected to rise to £3.4m in 2024 because of the operational gearing of the business.
Revolution Bars (RBG) like-for-like sales were 9% ahead in December. However, most of that growth came from Revolucion de Cuba and Peach Pubs with Revolution barely growing even though the previous December’s train strikes meant that comparatives were weak. Eight bars have been closed. That leaves 58 bars and 22 pubs. Net debt is £18.3m. There will be another trading update on 24 January.
Oriole Resources (ORR) has signed a definitive earn-in agreement with BCM International for the Bibemi gold exploration project in Cameroon. That triggers a payment of $450,000. BCM will then spend $4m on exploration to earn 50% of the project. Drilling should start in the first quarter. The Mbe project agreement should be agreed by the end of the month.
LPA Group (LPA) is acquiring Red Box, which enhances the position in ground power products for the aviation sector and reduces dependence on the rail sector. The total cost will be £1.1m. In 2022, Red Box made an operating profit of £81,000 and the deal should be earnings enhancing in 2025.
MAIN MARKET
Hydrogen Utopia International (HUI) is acquiring 49% of medicinal cannabis grower Ohrid Organics and this will generate cash for the group this year. This will help to finance the core waste plastic to hydrogen projects, including a proposed plant in County Longford, Ireland.
Andrew Hore
Quoted Micro 28 August 2023
AQUIS STOCK EXCHANGE
Pharma C Investments (PCIL) has received a general meeting requisition from one of its shareholders. The directors are reviewing the request.
Technology marketing start-up Inteliqo (IQO) generated income of more than $400,000 and pre-tax profit of $250,000 from the distribution rights of the Langaroo app, which has still to be launched on Google Play and the Apple app store.
Macaulay Capital (MCAP) has realised one of the five investments it took on from Chelverton Asset Management. Qualification Check B shares were bought by a trade buyer, and this will generate fees that will be shared by Macaulay Capital and Chelverton Asset Management. The net amount receivable by Macaulay Capital is £212,000.
Guanajuato Silver Company (GSVR) generated record production of 941,338 silver equivalent ounces in the second quarter and all-in sustaining cost was $22.47/ounce. Realised prices improved on the previous quarter. There was a small dip in net loss of $8.5m. Drill results from the Topia mine in Durango, Mexico have been promising.
Capital for Colleagues (LON: CFCP) investee company Bright Ascension provides software for the space sector, and it has been selected to lead onboard and ground software development for the three-year OS2-VOLT mission. This OS2-VOLT mission is being led by another investee company, Craft Prospect.
Marula Mining (MARU) has moved to the Apex section of the market. The construction of the initial modular processing plant for the Kinusi copper mine has been completed and is ready for transportation and commissioning.
Rogue Baron (SHNJ) raised £50,000 at 0.75p/share.
Coinsilium Group Ltd (COIN) chief executive Eddy Travia bought 1.5 million shares at 1.25p each.
Andrew Offit has taken a 4.77% stake in AQRU (AQRU).
AIM
Education software and services provider Tribal (TRB) reported a 2% increase in interim revenues even though the NTU project has been cancelled. Annualised recurring revenues are 3% ahead at £51.9m. The NTU project is still the subject of dispute, but there will be no more non-legal costs. The second half is expected to be better and pre-tax profit is forecast to recover from £3.7m to £9.1m.
Loyalty technology provider Eagle Eye (EYE) has revealed that a previously announced three-year contract is with department stores operator Hudson Bay Company, which was formed in the seventeenth century and who’s backers included Prince Rupert. Hudson Bay Company will relaunch its digital loyalty programme using Eagle Eye technology.
Fulcrum Utility Services (FCRM) intends to seek shareholder approval to leave AIM. This announcement followed the release of full year figures showing an increased loss. The utility infrastructure business reported a £25.7m loss on a 18% decrease in revenues to £50.6m. Even excluding write-downs and restructuring charges there was a loss.
Compliance and maintenance services provider Kinovo (KINO) revealed a non-binding bid approach from Rx3 Holdings, which the bid target said was at 56p/share. Management says that the offer is at the lower end of board expectations. Rx3 has confirmed that the offer price will be at least 40p/share, because 29.9% shareholder Tipacs2 Ltd recently bought shares at that price from Western Selection (WESP).
Wellhead equipment supplier Plexus Holdings (POS) says a £5m rental contract for POS-GROP HG wellhead equipment and sealing technology announced in March has been increased in value to £8m. These revenues will be recognised in the year to June 2024, which should enable Plexus to move into profit. The 2021-22 revenues were £2.31m and they are expected to decline in 2022-23.
Bivictrix Therapeutics (BVX) has been granted a US patent for lead asset BVX001 and it expects to gain a Japanese patent in a few weeks. BVX001 is an antibody drug conjugate than targets leukaemia.
Cake Box (CBOX) reported like-for-like sales growth of 6.8% in the first 17 weeks of the financial year. That represents an acceleration of growth in recent weeks as marketing is stepped up. There are 212 outlets with scope for more. After paying the final dividend there is £6m in the bank.
Redx Pharma (REDX) says zelasudil (RXC007), an oral, selective Rho Associated Coiled-Coil Containing Protein Kinase 2 (ROCK2) inhibitor, has received Orphan Drug Designation from the FDA for the potential treatment of Idiopathic Pulmonary Fibrosis (IPF). The treatment is being used in a phase 2a clinical study for IPF and data is expected in the first quarter of next year. IPF is a disease of the lungs which progressively causes scarring and a reduction in lung function.
Neometals (NMT) says battery recycling joint venture Primobius has received an order for 10 tonne/day of lithium-ion battery recycling spoke with Mercedes. The facility will recover lithium, cobalt, nickel, manganese and other materials and feed them back into production of 50,000 batteries for new Mercedes vehicles. This is important because it will help the joint venture to gain credibility and win more business.
Cybersecurity firm Shearwater Group (SWG) has delayed publication of its full year results due to audit delays. They are set to be published on 5 September. On a brighter note, delayed contracts have been received in the first quarter of the new financial year. Market conditions are becoming more favourable.
Coro Energy (CORO) has sold its 18.76% stake in ion Ventures for £1.25m in cash, of which £250,000 is deferred until March 2024. The book value was $259,000.
MAIN MARKET
Graft Polymer (UK) (GPL) signed a manufacturing services agreement for production of haemostatic wound care products. The partner is in the Israel pharma market and the Graft Bio facility will provide manufacturing services for the partner’s patented haemostatic powder. This changes from a self-emulsifying powder to a gel when coming into contact with blood, thereby helping to clot the blood effectively.
Ferro-Alloy Resources (FAR) warns that problems with the delivery of concentrate material to its secondary processing facility will hit third quarter results. This follows record second quarter vanadium, molybdenum and nickel production.
Zamaz (ZAMZ) is changing its name to Dispensa, although the strategy remains the same. It will acquire growing, speciality food brands.
Ashington Innovation (ASHI) has signed heads of terms for the acquisition of Calon Cardio-Technology. Calon is developing a left ventricular asset device, an implantable heart pump for patients with severe heart failure.
Mode Group Holdings (MODE) is changing its name to R8 Capital.
Andrew Hore
Andrew Hore – Quoted Micro 21 January 2019
NEX EXCHANGE
Sport Capital Group (SCG) is acquiring Italian football club Palermo for a nominal sum. The deal also includes the project for a new stadium for the Serie B team, which is currently five points clear at the top of the table. Promotion back to Serie A would boost revenue generation and it would also trigger an earn-out payment. There is also potential for more sponsorship and match revenues. There is a plan to raise up to £10m from a bond issue that would be traded on NEX.
Clinical decision support technology provider DXS International (DXSP) reported a lower interim loss in the six months to October 2018. Revenues edged up from £1.61m to £1.69m and the loss declined from £92,000 to £35,000. Tax credits meant that there was a post-tax profit of £70,000, up from £28,000. The GPSoC tender has been delayed but it is expected to be completed this year.
Coinsilium Group Ltd (COIN) says that its priorities for 2019 are to demonstrate the potential of the blockchain investments that it has and to take advantage of the growing sector. There were record levels of investment in the blockchain sector last year. Management wants movements in the share price to reflect progress rather than the movement of the price of bitcoin, as has been the case in the past year.
KR1 (KR1) has set up a subsidiary in Gibraltar. KRX Ltd will sponsor token-based projects that will list on the Gibraltar Stock Exchange, which operates the first regulated blockchain exchange. The subsidiary will generate fees from clients and there are a limited number of sponsors.
AFH Financial Group (AFHP) has acquired fellow wealth management firm Hayburn Rock for up to £3.5m. The initial payment is £900,000. In 2017, the firm made a profit of £400,000.
TechFinancials (TECH) is selling its stake in MarketFinancials, which no longer trades, for €100,000. The investment had no value on the balance sheet.
Smaller company investor Gledhow Investments (GDH) had £167,000 in the bank at the end of September 2018, having made a small profit in the period. The NAV is £793,000.
Ashley House (ASH) is changing its year from April to June. This is the end of the first six months period for joint venture Morgan Ashley Care Developments LLP. There will be interim results for the six months to October 2018 reported at the end of January.
NQ Minerals (NQMI) has commissioned the Hellyer processing plant and in the fourth quarter generated £3.2m of revenues from lead, zinc and pyrite.
Ascent Resources (AST) is attempting to raise cash at 0.3p a share, which is a 20% discount to the market price, via PrimaryBid.com. Ascent has successfully raised cash via the platform in the past. The broker handling the deal is Stanford Capital Partners. Ascent, which has €400,000 in the bank plus a deposit for a bank guarantee of €200,000, is refocusing its expansion outside of Slovenia because of regulatory hold ups in the country. Revenues from the export of gas from Slovenia totalled €2.1m in 2018 but gaining permission to process the gas and sell it to the national grid has proved difficult.
Knights Group Holdings (KGH) has acquired Leicester-based legal services business Cummins for £1.57m in cash and shares. This fits well with the existing east Midlands operations. In the six months to October 2018, group revenues were 37% ahead at £23.9m and organic growth was 10%. Underlying pre-tax profit doubled to £4.4m. The maiden interim dividend is 0.6p a share. Net debt was £9.5m at the end of October 2018. Average fees per fee earner was one-quarter higher at £66,000.
Concrete levelling equipment supplier Somero Enterprises Inc (SOM) did better than expected last year. The 2018 pre-tax profit forecast has been raised by 5% to $29m. Net cash is $25m and 50% of the excess over $15m will be paid in a special dividend on top of the ordinary dividend. Somero has also paid $2m for concrete pouring and line dragging company Line Dragon and this broadens the product range.
Student accommodation activities fuelled the growth of Watkin Jones (WJG) last year but private rental will become increasingly important from this year onwards. Richard Simpson has taken over as chief executive.
Kromek (KMK) is making progress towards breakeven and it has plenty of cash in the bank to take it there. The imaging and radiation detection technology developer has a strong order book. There was a dip in first half revenues because of the transfer of production to a new site in Pittsburgh. Even so, full year revenues are forecast to increase from £11.8m to £15m and the loss should reduce from £2.5m to £1.9m.
Tri-Star Resources (TSTR) is selling its antinomy exploration interests in Turkey. The company’s main asset is the 40% shareholding in the Sohar antinomy and gold production facility in northern Oman. Some engineering problems have to be sorted out before the plant is fully up and running. More cash will be required. The venture has requested $10.5m from its shareholders.
The market was disappointed by news from Verona Pharma (VRP) about the clinical trial results for COPD treatment Ensifentrine (RPL554). Two different does were used in combination with Stiolto Respimat. The treatment did work better than the placebo, but the improvement in breathing was not statistically significant. The share price slumped by more than one-third, although there was a small subsequent recovery.
CH Bailey (BLEY) has decided to cancel its AIM quotation and it is asking for shareholder approval. The company is offering to buy back shares at 100p each via a tender offer.
Ariana Resources (AAU) says that its 50%-owned Kiziltepe mine produced 27,110ounces of gold in 2018. Ariana expects its $33m development loan to be fully repaid during 2019.
Tax Systems (TAX) had reduced net debt from £20.5m to £13.9m by the end of 2018. Pre-tax profit of £5.8m is forecast for 2018.
Ideagen (IDEA) is acquiring Cork-based Scannell Solutions, which provides environmental health and safety software, for £3.5m. Annualised revenues are around €1m, of which, two-thirds is recurring.
Consumer engagement technology provider Pelatro (PTRO) has confirmed that 2018 figures are in line with expectations and there was improved cash generation in the second half. Net cash was $1.8m at the end of 2018. finnCap expects 2019 pre-tax profit to double from $2.9m to $6m.
Plexus Holdings (POS) plans to buy back 4.95 million shares owned by LLC Gusar. The price will be 50.5p a share. Gusar will use the cash to buy two POS-GRIP wellhead systems, which it announced it was going to buy one year ago.
Midwich Group (MIDW) has acquired MobilePro AG, which expands the audio visual products distributor into Switzerland. The business has annual revenues of CHF25m.
Pharmaxis has completed a toxicity study for two LOXL2 inhibitors in which Synairgen (SNG) has a 17%carried financial interest. Pharmaxis can brief potential licensing partners with the information gained.
Tracsis (TRCS) is acquiring Compass Informatics, which is a data analytics and systems development business. Tracsis is paying up to €5.15m for the Dublin-based company, which made a pre-tax profit of £600,000 last year.
Portmeirion Group (PMP) has achieved record sales in 2018 and beat the profit forecast of £9.5m. The fastest growth came in the home fragrance division.
Iofina (IOF) achieved record iodine production levels in the second half of 2018. Full year production was 17% higher at 588.8 million tonnes. There should be a further rise in production this year and that could move Iofina into profit.
Brandon Hill has initiated coverage of Karelian Diamond Resources (KDR) and it has valued the company’s Lahtojoki diamond project in Finland at $32.9m, based on an average diamond price of $100/carat.
The People’s Operator (TPOP) has postponed the appointment of an administrator as negotiations with interested parties continue.
Kestrel Opportunities has increased its stake in Pebble Beach Systems (PEB) from 22.2% to 23.1%. Little more than one year ago the stake was below 15%.
Caledonia Mining Corporation (CMCL) has cut 2019 gold production guidance for its Blanket Mine and WH Ireland has downgraded its forecast from 61,200 ounces to 55,500 ounces, which is at the higher end of the guidance. There was 54,5000 ounces of gold produced in 2018.
MAIN MARKET
Athelney Trust (ATY) is holding the requisitioned general meeting on Tuesday 22 January. Robin Boyle has requisitioned a general meeting in order to get himself reappointed. He left the board last year after a disagreement over the future of the investment company. He wanted to stay on as a non-executive director to shepherd the change in investment management for the trust. The plan is to get Gresham House involved in the investment management. Boyle also wants David Lawman and Paul Coffin to be appointed and the three existing directors, Dr Emmanuel Pohl, Simon Moore and Jemma Jackson, to be removed.
Path Investments (PATH) has signed heads of agreement with ARC Marlborough. The plan is to acquire ARC, which has a nickel and cobalt project in Queensland, via a share issue. Path had £31,000 in the bank at the end of June 2018.
Challenger Acquisitions Ltd (CHAL) has agreed to sell its $300,000 investment in the Dallas Wheel project back to the developers. Challenger has received $27,000 in interest and will receive $50,000 a month, plus interest, for six months.
Gresham Technologies (GHT) has sold its VME mainframe software business for £2m.
Shefa Yamim (SEFA) has sufficient cash to finance continued exploration in the first quarter of 2019. By the middle of the year the gems explorer will be able to estimate how much cash it requires to start trial mining.
Andrew Hore