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Guanajuato Silver (GSVR) produced 787,086 ounces of silver equivalent and the loss fell by one-fifth to $7m when compared with the second quarter. The all-in sustaining cost increased to $26.22/ounce due to changes in mining and temporary closures.
SuperSeed Capital (WWW) generated 78% IRR combined from two exits. There were £220,000 of realised gains in the nine months to September 2023. There is £430,000 of cash on the balance sheet. NAV is 112p/share.
Vinanz Ltd (BTC) has teamed up with Luxor Technology Corp to improve its bitcoin mining operating efficiency. Luxor’s firmware improves mining margins when profitability is low and can increase a machine’s hashrate when profitability is higher.
Wishbone Gold (WSBN) has secured an option to acquire 100% of the Crescent East lithium and gold project in the Mosquito Creek area of Western Australia. Shares were issued at 1.25p each to pay the £25,000 option fee.
Fuel additives developer SulNOx Group (SNOX) has successfully demonstrated the effectiveness of drop-in fuel conditioner SulNOxEco in the shipping sector. Monaco-based dry-bulk ship management company Marfin Management trialled the additive onboard a 60,000 MT DWT bulk carrier over a three-month period. This showed improvements in fuel consumption.
Cadence Minerals (KDNC) says investee company Hastings Technology Metals has agreed a $50m equity funding facility for the Yangibana rare earths project. Hastings Technology Metals can draw down up to $50m from Alpha Investment Partners to provide working capital for the development of the mine. Project financing talks are progressing and there have been offers from potential partners and debt providers. Cadence Minerals has a 1.4% stake in the investee company.
Steve Xerri, who owns 4.81%, has been appointed as an executive director of Oscillate (MUSH) and he intends to focus on special situations either through individual investments or via a reverse takeover.
One Health Group (OHG) has gained two new contracts with NHS Trusts. One is to supply orthopaedic services and the other is for orthopaedic and gynaecology services. They will help to reduce waiting lists.
Apollon Formularies (APOL) says Sproutly Canada has completed due diligence on the acquisition of the company’s global cannabis-related assets in return for 49% of the enlarged share capital of Sproutly Canada. The effective valuation is likely to be around £4.2m. Regulatory approvals are required.
Kasei Holdings (KASH) has a digital asset portfolio worth $2.07m at the end of October 2023.
EDX Medical (EDX) has entered into a collaboration with Thermo Fisher Scientific. They will jointly develop and commercialise cancer diagnostics.
Looking Glass Labs (NFTX) has raised $1m at $0.10/unit – one share and one warrant exercisable at $0.10/share. A further ten million units have been swapped for $1m of debt. Further sources of finance are being sought.
Quantum Exponential Group (QBIT) has appointed VSA Capital as corporate adviser, while Pharma C (PCIL) has appointed First Sentinel as its corporate adviser.
Res Privata NV has increased its stake in NFT Investments (NFT) from 3.33% to 4.09%.
Telecoms enterprise software provider Cerillion (LON:CER) grew strongly last year, while the rate of growth might slow this year it is still likely to make good progress given the recent €12.4m contract win. In the year to September 2023, revenues were one-fifth higher at £39.2m, while underlying pre-tax profit was two-fifths ahead at £16.8m, helped by a reduction in impairment charges from £1.77m to £256,000. The growth has come from software with a dip in services revenues. Net cash reached £24.7m at the end of September 2023. The dividend has been raised from 9.1p/share to 11.3p/share.
Light Science Technologies (LST) is acquiring the Injecta Fire Barrier trade and assets from Fire Barrier International. The Injectaclad product expands when heated and prevents the spread of fire and smoke. There is no initial payment with consideration in the form of a deferred profit share agreement. The deal should be earnings enhancing and generate cash. There are maintenance and installation synergies with the contract electronics subsidiary. The cash generated will help to finance the growth of the group.
Video games developer Team17 Group (TM17) says 2023 trading is slightly better than expected, although some titles are not performing as well as anticipated and that has hit margins. There has also been overspending and delays on some development projects. That means that underlying EBITDA will be around one-sixth lower than forecast at around £40m. Some titles are being reassessed and that is likely to lead to impairment charges of up to £11.5m.
Parity (PTY) announced the sale of its remaining business yesterday afternoon. It will become a cash shell. Parity will receive up to £3m depending on working capital adjustments for recruitment business Parity Professionals. The deal costs will be £240,000. There will be £639,000 including costs spent to settle the pension liability and finance the search for an alternative business. The company will change its name to Partway.
Velocys (VLS) is the worst performer on the day after the sustainable fuels company said that there is a potential bid at 0.25p/share from a consortium including Lightrock and Carbon Direct Capital Management. This would ensure long-term funding of the business. The low share price makes it difficult to finance the sustainable fuels operations. The share price dived 63.7% to 0.25p, which values Velocys at £4.5m. A large multiple of that value needs to be raised to fund development and production. Interim funding will be required.
musicMagpie (MMAG) is in bid talks with BT Group (BT.A) and asset manager Aurelius. The talks are at an early stage.
Cyber software and services provider Shearwater Group (SWG) appears set to return to profit this year. The core software businesses have been integrated, as have two of the three consultancy businesses. In the six months to September 2023, revenues dipped from £10.8m to £10.5m. That was due to much lower software revenues. Even so, gross profit improved and, stripping out amortisation and exceptionals, the underlying loss reduced £493,000 to £93,000. That is before restructuring costs. The cost savings will show through in the second half.
Telecoms testing instrumentation supplier Calnex Solutions (CLX) has been hit by a reduction in spending by telecoms companies. In the six months to September 2023, revenues slumped from £12.7m to £7.8m and the company moved from a pre-tax profit of £3.1m to a loss of £600,000. Trading did not pick up in September as is normally the case. Non-telecoms revenues make up one-quarter of total revenues. The cost base is being kept steady in expectation of a recovery, even though that may not be until the next financial year. There is £13.5m in the bank.
There were no revenues from systems in the first half at SRT Marine Systems (SRT), but that will change in the second half when transceivers revenues will be well below the systems contribution as work on contracts reaches points where revenues can be invoiced and recognised. Interim revenues fell from £18.8m to £5.5m, although transceivers revenues were higher. Last year’s loss could be turned into a £7.2m profit this year.
Battery technology developer Ilika (IKA) has achieved its D4 development point for the Goliath battery. This is the start of turning the development into a battery product. Ilika will be able to create P1 samples for testing by customers. At the end of the week, Ilika confirmed that its interims will be in line with expectations with revenues of £1.3m and there is £13.2m in cash left.
Neometals (NMT) has completed the A$9m from a placing at 10p/share and wants to raise a further £6.8m from a one-for-eight entitlement offer. The cash will fund the development of the nickel, cobalt, lithium recycling business Primobius, including the delivery of a facility to Mercedes Benz, and potentially to purchase a stake in Canadian licensee Stelco.
Empire Metals (EEE) has released initial results for the first diamond drillhole at the Pitfield project in Western Australia. This shows significant grades of titanium oxide. There will be results from two more diamond drilling holes in the coming weeks. A further 6,000 metres of drilling is planned with more likely early next year. Copper is still potentially in the area as well.
Interim figures from diagnostics company Cambridge Nutritional Sciences (CNSL) showed the benefits of concentrating on its core personalised health and nutrition business. Revenues rose 44% to £4.9m and the loss was reduced. Production problems have been sorted out. There was strong growth in North America as management puts more resources into the region. A small full year loss is expected.
Lifestyle concierge services provider Ten Lifestyle (TENG) has moved into profit for the first time. It swung from a loss of £2.7m to a pre-tax profit of £3.2m thanks to economies of scale. There was also a tax credit recognised due to past tax losses. Investment in its digital platform and the international spread of business is helping Ten Lifestyle. New contract wins will help to increase this year’s pre-tax profit to £3.9m, according to Singer.
Gold explorer Oriole Resources (ORR) has announced heads of terms with contractor BCM International for the development of the Bibemi and Mbe gold projects in Ghana. BCM can earn up to 50% of the Bibemi project by making a cash payment of $500,000 and commit to spend $4m on the project. BCM will pay $1m in cash and spend a further $4m to earn a 50% stake in Mbe project.
Mercia Asset Management (MERC) has exited one of its older investments, raising £30.2m – a 2.7 times return on invested capital. Virtual reality games developer nDreams has been acquired by Aonic for £90.3m. This was Merica Asset Management’s largest investment and £3.8m of the proceeds are being reinvested in Aonic. The consideration was 17.5% ahead of the March 2023 valuation.
Duke Royalty (DUKE) generated a 17% increase in recurring cash revenues to £12.2m with a 35% increase in all cash revenues to £14.1m. During the period, Duke Royalty made one of its biggest initial investments in glass architectural products supplier Glasshouse Products. The $11.5m investment is backing a member of the original founding family buying back the business.
Maritime AI provider Windward (WNWD) has signed a five-year contract with a European national coastguard that is valued at €3.2m. The cash is expected to be paid upfront, while annual contract value will be increased by $700,000/year.
Structural steel supplier Severfield (SFR) reported lower interim revenues, but a higher profit. In the six months to September 2023, revenues were 8% lower at £215.3m, but underlying pre-tax profit improved 17% to £14.2m. This includes an unchanged contribution of £600,000 from the India joint venture, while the modular products business made a maiden profit. The interim dividend was raised 8% to 1.4p/share. The UK and Europe order book is worth £482m, even though the £50m contract for Hertfordshire-based film studio Sunset Studios has been delayed.
Standard list shell Tertre Rouge Assets (TRE) is attempting to raise up to £50m to buy rare cars and acquire cash generative businesses involved in supercar events. Around £30m is set to be invested in a range of cars that have already been identified. They are worth between £1m and £10m. The plan is to generate gains on these investments -15% annual returns are targeted – while hiring them out to photoshoots and other income generating activities to cover overheads. The Run To Group Ltd, which organises supercar adventures to the Monaco Grand Prix, will also be acquired and management will remain with the business. The group’s board of directors includes racing drivers and business men and they can expand this business and others. There will be cash left over to buy other companies.
Packaging manufacturer and distributor Macfarlane Group (MACF) says lower volumes and prices meant that revenues fell 2% in the nine months to September 2023. New customers are being attracted and this will help future volumes. Margins are increasing.
Seraphim Space Investment Trust (SSIT) improved its NAV to 96.5p/share at the end of September 2023. That was helped by positive currency movements and a small uplift in valuations, predominantly due to a fundraising by an investee company.
Marula Mining (MARU) has completed the phase 1 drilling programme at the Blesberg lithium and tantalum mine. The 21 holes were finished ahead of schedule and assay results are awaited. Phase 2 drilling has started and 15 out of 21 holes have been completed. Financial forecasts for the planned open pit hard rock mining plan.
Valereum (VLRM) says that the Gibraltar Stock Exchange is surrendering its licence and closing its markets. Valereum still wants to acquire the Gibraltar Stock Exchange and holds a fixed charge over a 50% stake. The plan would be to apply for a new licence. Alan Gravitz has left the board.
Ananda Developments (ANA) subsidiary MRX Medical has signed a drug supply agreement with the University of Edinburgh and the Lothian Health Board. The MRX1 cannabidiol oil formulation will be used in a trial for the treatment of chemotherapy induced neuropathic pain.
Gunsynd (GUN) has paid the first tranche of £250,000 for a farm-in agreement with Metals One. Gunsynd will hold Finnaust Mining Northern. Gunsynd has sold 1.24 million shares in Charger Metals for £257,000. It retains 1.3 million shares.
Vinanz Ltd (BTC) has already spent some of the money raised at the beginning of November to acquire 171 bitcoin miners in North America. The plan is to buy a total of 250 bitcoin miners. Vinanz currently holds 9.1 bitcoin.
Cadence Minerals (KDNC) says its subsidiary has issued a request for consultations and negotiations to the Mexican government concerning the possible revocation of the mining concessions for the Sonora lithium project. These concessions are held by joint venture companies, where Cadence Minerals has 30% stakes.
Quantum Exponential (QBIT) has converted its £450,000 investment in Universal Quantum in exchange for 84 million shares at 5319.47p each. A one-for-1,000 share split will happen after the share issue. This means that the subsequent 84,000 shares will be 0.51% of buildable quantum computers developer Universal Quantum.
Wishbone Gold (WSBN) says initial mineralised results from the first half of the Cottesloe project in Western Australia. The company expects full results during next January.
Oberon Investments (OBE) has switched from the Access to Apex segment of the Aquis Stock Exchange.
SuperSeed Capital (WWW) has adjusted its NAV figure for the end of June 2023. It has been reduced from 1.184p/share to 1.121p/share.
Wheelsure Holdings has received potential financing and acquisition approaches, but nothing has been finalised and it is running short of cash. The shares have been suspended and the quotation cancelled on 15 November. Talks continue.
Tunch Kashif reduced his stake in ChallengerX (CXS) from 21.6% to 17.9%. Mark Horrocks has increased his shareholding in Lift Global Ventures (LFT) from 13.3% to 14.99%.
Hotel Chocolat (HOTC) is recommending a 375p/share bid from Mars, which values the chocolate company at £534m. Mars is keen to help Hotel Chocolat expand into new regions. The track record of the current management when it comes to international expansion has been mixed and it will help to have a larger company with greater resources backing the expansion. Shareholders can accept an alternative offer of one rollover share in the bid vehicle for each share. The value of these shares will be dependent on the performance of the business, and this would be taking a risk.
Verici Dx (VRCI) has entered into an exclusive licence agreement with Thermo Fisher for its pre-transplant prognostics. This will generate staged payments of $5m over the next 12 months, plus future royalties of per test. That means that Verici Dx will have enough cash until the end of 2024. Thermo Fisher has the commercial expertise to roll out the technology and it will further develop the product.
City Pub Group (CPC) is also the subject of an agreed bid. Young & Co’s Brewery (LON: YNGA) is offering 108.75p in cash and 0.032658 of an A share for each City Pub Group share, valuing it at 145p/share or £162m. The share price jumped 52.5% to 136.5p. Young’s has been seeking to grow its managed pubs business and believes it is rare to have the opportunity to acquire such an attractive portfolio of pubs. The deal will increase the number of pubs owned by 50 to 279. A significant amount of City Pub Group’s central overheads of £5.6m could be saved by the combined group and there could be other savings. Young’s shares rose 1.86% to 1095p.
AMTE Power (AMTE) has secured a short-term financing. The battery technology developer will receive £2.5m from a subscription by Pinnacle International Venture Capital at 1.7p/share and it is also providing a £200,000 convertible loan facility. A placing will raise a further £400,000 at 0.5p/share. A general meeting is required to approve the subscription.
Jarvis Securities (JIM) has confirmed it is not paying a fourth quarter dividend. The FCA is planning a further review into the company’s operations, including the approach to uninvested cash and interest retention. This report has to be delivered by the end of February 2024.The voluntary restrictions on the business are continuing and another review is required before they can be lifted. The reviews have cost more than £1.3m this year.
AFC Energy (AFC) is purchasing Octopus Hydrogen’s UK mobile hydrogen storage and distribution assets. These assets can be used to provide a hydrogen fuelling service for H-Power generator units rented by new partner Speedy Hydrogen Solutions and other future users of hydrogen powered equipment.
Celadon Pharmaceuticals (CEL) has secured a new sales contract with a European medicinal cannabis company that could generate up to £26m over a three-year period. The first delivery will be in the second half of 2024. The cannabis grower and drug developer will supply pharmaceutical-grade cannabis. There are other interested buyers.
Autonomous vehicles developer Aurrigo International (AURR) has launched a placing to raise at least £3.5m at 100p/share and there will also be a retail offer at the same price. Coventry-based Aurrigo International won the best newcomer title at the 2023 AIM awards, having floated AIM on 15 September 2022 at 48p/share. Aurrigo International had cash of £2.8m at the end of June 2023 after a £1.9m outflow from operations in the first half. There will be £1.5m spent on customer roll out and £400,000 for additional staff.
Chain and transmission equipment Renold (RNO) reported strong interims with revenues 8% ahead at £125.3m and pre-tax profit 55% higher at £11.3m. The revenues and margins of the transmission business have jumped as the new MoD contract builds up. The chain division also grew revenues and margins. Order intake has slowed, but that is at least partly down to there being more confidence in the supply chain.
Freight and parcel delivery company DX (DX.) is recommending a 47.5p/share bid from HIG European Capital Partners, which values the company at £315m. The shares have gone ex-dividend, and the final dividend of 1p/share will be paid on 7 December. That reduced the level of the bid.
DP Poland (DPP) says third quarter like-for-like sales in Poland were 14.1% higher and they were 34.8% ahead in October. The Croatian business is growing even faster. Singer believes the pizza retailer could move into profit in 2024.
Initial results from drilling at the Wedding Bell and Radium Mountain owned by Thor Energy (THR) confirm the potential of the US uranium projects. More than 50% of the 25-hole drill programme has been completed. The initial results come from downhole gamma logs and handheld pXRF devices to determine anomalous levels of uranium and these will be sent to laboratories for final analysis.
Blue Star Capital (BLU) investee company SatoshiPay has appointed Benchmark International to value the business and seek potential acquirers. Blue Star Capital owns 27.9% of SatoshiPay.
Saietta Group (SED) says that its 49.5% owned Indian joint venture has secured an order for complete eDrives from its main client for a second of its light commercial vehicles. The initial order is worth £106,000 over three months and the first full year of production could generate £12.7m. This is the first significant order for the new radial flux technology.
Data integrity and banking integration software provider Gresham Technologies (GHT) is losing business with ANZ its biggest customer. The company will no longer provide sub-contracting services, but ANZ will still use its Clareti software. This was lower margin work, and the focus is on software.
J Smart (Contractors) (SMJ) reported a higher loss on contracting and did not have any disposal gains in its investment activities. That meant that pre-tax profit fell £8/19m to £105,000. There was an operating loss offset by interest income. A 2.27p/share dividend is payable on 29 January.
Shares in wine maker Chapel Down Group (LON: CDGP) revealed firm plans to move to Aim, probably on 7 December. This could lead to an additional 10.8 million shares being issued, which would represent 6.5% dilution, to simplify the share structure. There will be no cash raised at the time of the move. The latest harvest was of 3,811 tonnes of grapes, which is 86% more than in 2022. This should be enough for 3.4 million bottles of wine, including a greater amount of sparkling wine.
Vinanz Ltd (BTC) raised £350,000 at 3p/share at a premium to the then market price. During the week the share price jumped 135% to 6.75p. The cash will be used to buy 250 bitcoin miners, which will triple the bitcoin mining capacity in North America. Vinanz hopes to have the new machines up and running by the end of the year. Vinanz should be able to generate bitcoin worth $1.2m each year.
Field Systems Design (FSD) increased turnover from £8.09m to £13.75m in the year to May 2023, while the mechanical and electrical contractor swung from a loss of £1.9m to a pre-tax profit of £287,000. This was despite the slow build up of water sector work, but this is set to change. Volumes should continue to grow. There was £2.26m in cash at the end of May 2023.
Daniel Thwaites (THW) interim revenues improved from £57.9m to £60.3m. The decline in pre-tax profit from £15.7m was down to a much lower gain on interest rate swaps, reduced gains on property disposals and a higher interest charge. The interim dividend has been raised from 0.75p/share to 0.85p/share. Pubs were hit by wetter weather in the summer, but there was a recovery in September, so volumes were only 1% lower. There was an improved performance from hotels and spas, with weddings demand returning to past levels.
Ananda Developments (ANA) says a subsidiary has lodged a patent application in the UK, which covers cannabinoid formulation based on MRX2 with additional THC. This would be the fifth patent.
Black Sea Property (BSP) has completed the acquisition of Grand Hotel Varna, which includes three hotels and a beach marina resort. There was €10.3m raised through a placing at €0.016/share, plus a further €10.8m from a loan note issue. Elea Capital will own 26.2%. Black Sea Property has also taken its stake in Littoral Invest, which owns other properties in Varna, to 99.4%.
IamFire (FIRE) investee company WeShop has secured a partnership with digital investment management company Spring IM, which means that 200,000 customers will be onboarded to Spring’s digital service. WeShop customers will be able to set up ISAs for no cost and put any shares they have earned in WeShop while shopping into the ISA.
Substrate Artificial (SAI.B) increased interim revenues from €1.25m to €1.8m, while the loss fell from €14.5m to €2.46m, mainly due to a €11.5m impairment charge in the previous period.
S-Ventures (SVEN) has arranged a bridging facility of £1m, which is repayable in six months. The interest rate is 2%/month. There are still plans to raise at least £2.5m.
Castlefield Investment Partners reduced its stake in Capital for Colleagues (CFCP) from 41.9% to just under 39%. Seven of the company’s directors acquired a total of 593,963 shares at 57.5p each.
Psych Capital (PSY) has completed the acquisition of Shortwave Pharma Inc, which is developing therapies to address eating disorders. Rivki Stern is joining as chief executive and Roy Kait is also joining the board as a non-exec. Chairman Joseph Colliver has left the board.
EPE Special Opportunities (EO.P) had net assets of 291.98p/share at the end of October 2023.
Naked Wines (WINE) chief executive Nick Devlin has stepped down from the board, although he will continue to head up the US business until the end of peak trading, and chairman Rowan Gormley will take an executive role until a successor is identified. Nick Devlin being in charge of the US as well as the group as a whole is identified as the major problem of the group. Trading in the US is weaker than expected and group revenues could fall by up to 16%, while operating profit will be between £2m and £6m, compared with previous guidance of £8m-£12m. Sales have fallen in all the main regional markets with the 11% decline in the UK the best performance. The share price slumped by 37% to 28.65p, which is just above the all-time low from earlier in the week.
Fully listed Luceco (LUCE) is investing £1.75m in energy as a service provider eEnergy Group (EAAS) at 5p/share, which was a premium to the market price. Luceco will have a 9.1% stake. Luceco has been supplying LED lighting to eEnergy Group and some of the cash will go to settling trading balances. The company will continue to spend the same amount on Luceco lighting products, subject to price and availability. eEnergy Group has received approaches for the energy management division and there are exclusive talks with a potential buyer, which could generate more than £30m. This would be reinvested in the energy services business.
Yet another upgrade following a trading statement by cosmetics supplier Warpaint London (W7L). Current trading is better than expected and the company is selling through more retailers. The growth is across all regions. Full year sales should be at least £85m, up from £64m last year. Shore Capital raised its earnings forecast by 11% to 16p/share.
In the first quarter, Bangladesh-based Beximco Pharma (BXP) reported an 11% increase in pre-tax profit to BDT1.57bn with growth in domestic sales and exports. Inflationary pressure meant that gross margins were slightly lower. New production capacity is online and there is plenty of scope for growing sales without significant additional capital investment. This will make the business highly cash generative and it could be in a net cash position by 2026.
Time Finance (TIME) says trading is better than expected and Cavendish has upgraded its 2023-24 pre-tax profit forecast from £5m to £5.4m. That is equivalent to 4.4p/share. The smaller company finance provider increased its gross loan book to £180m. Arrears have remained flat.
Argentex (AGFX) admits that 2023 results will be 15% lower than expectations. This follows the departure of the chief executive and finance director. Revenues and EBITDA will be similar to 2022.
Myanmar Investments (MIL) is asking for shareholder approval to cancel trading on AIM. In 2019, the company took the decision to wind down its investment portfolio and political conditions in Myanmar are unfavourable, which is hampering realisations. There was $476,000 in the bank at the beginning of this week and management wants to conserve as much cash as possible. Leaving AIM will save $115,000/year.
Microsaic Systems (MSYS) has been unable to secure additional working capital and it plans to leave AIM as part of a cost cutting move, which is likely to mean that all staff will be made redundant. External contractors will be used to maintain production of mass spectrometer machines.
The CEPS (CEPS) share price has fallen because Chelverton Growth Trust plans to distribute its 26% shareholding to its own shareholders.
Specialist maintenance and compliance services provider Kinovo (KINO) increased revenues by 2% to £30.3m in the first half and gross margins improved. New regulations for electricals helped to boost higher margin demand. Canaccord Genuity maintains its full year pre-tax profit forecast at £5.8m.
Stranger Holdings has completed the reverse takeover of a 70% interest in the Henkries uranium deposit and prospecting right in South Africa to form the renamed Neo Energy Markets (NEO). Dealings commenced on 9 November 2023 and a further £500,000 was raised at 1.25p each after the admission. Neo Energy Markets has a JORC compliant mineral resource at Henkries Central and Henkries North is 4.7m lbs U3O8 with a JORC compliant exploration target of 1.1-2m lbs at Henkries North. Less than 10% of the area has been fully explored. A 7,000-metre drilling programme is planned. The uranium mineralisation is hosted in shallow sediments, and it is generally within eight metres of the surface. That will keep the costs of mining down. If things go well the mine could be up and running in three years.
Shares in Critical Metals (CRTM) resumed trading after its annual report was published. The share price fell from 17p to 15p. Critical Metals has the funding to develop the Molulu project and a JORC compliant resource is expected to be published in the near future.
XP Power (XPP) raised £45.4m through a placing and offer at 1150p/share. Management has been trying to reduce costs to offset the lower revenues and capital spending cut back. Surplus stocks will be unwound, and the cost reductions could save up to £10m in 2024. There will be no dividends until the end of 2024.
Pineapple Power Corporation (PNPL) has agreed heads of terms for the acquisition of Ilios Hydrogen, which is a Canadian developer of hydrogen production plants.
Milton Capital (MII) continues to seek an acquisition with the focus on the energy sector. The standard list cash shell is assessing light to medium hydrocarbon exploration and natural hydrogen opportunities.
Standard list cash shell More Acquisitions (TMOR) says that it has the backing of 51.45% of the shareholders ahead of the requisitioned general meeting, which will still be held on 1 December.
Trading in Silverwood Brands (SLWD) shares have been suspended. The company has mutually agreed with Lush that there can be another extension to 9 October for the timetable to serve its defence in the litigation concerning the acquisition of a stake in Lush. Tanith Dodge has resigned as a non-exec director.
Dermatological treatments developer Incanthera (INC) had £3,000 in the bank at the end of March 2023. There has been £32,000 raised since then. Commercial deal discussions continue. The technology continues to be enhanced.
Electric drivetrain technology developer Equipmake (EQIP) increased revenues from £3.7m to £5.1m in the year to May 2023. The cash outflow from operations was £9m and £1.2m was spent on capital investment. There is £7m in the bank.
Guanajuato Silver (GSVR) provided updated production guidance for its four silver mines. The focus will be on mining higher grade areas. The silver equivalent production will range from 3.4 million to 3.6 million in 2023.
Clean Invest Africa (CIA) is the best performer on the week following its interim results. Management says that there are potentially exciting prospects, but more funds will be required. Securing a partner for a CoalTech coal fines processing plant would involve a project worth more than $10m.
Invinity Energy Systems (IES) has sold a 1.1MWh vanadium flow battery to NARLabs in Taiwan. The flow battery will be installed in the company’s building.
Yooma Wellness Inc (YOOM) has sold Vitality CBD for $2m to Psilobrain Therapeutics, a Canadian biotech company. The cash is payable in three instalments over 210 days. The shares remain suspended. The company is still short of cash and it has no operating business.
Gunsynd (GUN) has a 0.66% stake in Pacific Nickel Mines, which has commenced the mining of saprolite nickel ore at the Kolosori nickel project in the Solomon Islands. The first shipment should be in November.
EDX Medical (EDX) has signed an agreement with Guardant Health to distribute its cancer genomic liquid biopsy tests in the UK and Nordic countries. EDX Medical made a £3.7m loss in the period to March 2023. The share price declined 12.5% to 2.625p.
Marulu Mining (MARU) says that assay results confirm high-grade copper at the Sasimo prospect at the Kinusi copper mine in Tanzania. The average copper grade was 2.68%. The target is estimated to be 10-15 million tonnes of copper. Drilling at the Blesberg lithium and tantalum mine in South Africa is nearing completion.
Tap Global Group (TAP) has reached an agreement to launch its cryptocurrency app in conjunction with Chicago-based Zero Hash, which has regulatory approvals. This service should launch in the fourth quarter.
Looking Glass Labs (NFTX) has consolidated 75 shares into one new shares.
Tunch Kashif has increased his stake in ChallengerX (CXS) to 21.6%.
Educational services provider Tribal Group (TRB) is recommending a 74p/share cash bid from Ellucian Company. The share price has not been at the bid level since September 2022, following disappointing interim figures. The bid values Tribal at £172m and it will create an international supplier of technology to education and public sectors.
A firm bid for online home moving services provider Smoove (SMV) was announced at the end of trading on Wednesday. The original approach was revealed in April. PEXA Group is offering 54p/share in cash, valuing Smoove at £30.8m. The share price has not been high for just over one year. The company joined AIM as ULS Technology on 28 July 2014, when it was valued at £25.9m at the placing price of 40p.
Inspiration Healthcare (IHC) interim figures should mark the bottom for the company and there should be a profit improvement in the second half. In the six months to July 2023, revenues were flat at £20.4m, but there was underlying growth excluding the medical device that is still awaiting UK approval. Pre-tax profit nearly halved to £700,000. The interim dividend is unchanged at 0.205p/share. A full year pre-tax profit of £2.4m, up from £2m the previous year, is forecast.
Telematics company Quartix Technologies (QTX) admitted that revenues and gross margins would be lower than expected. Progress in the UK and US has been disappointing, and these markets will be focused on. Quartix has acquired Konetik, which provides the technology for its Evolve product, for €2.5m, with up to €1.4m more payable depending on the sale of Evolve licences. Around 50,000 tracking systems will have to be replaced in France when 2G networks are switched off and this could cost Quartix £4.1m over three years. EBITDA could be £1.1mm lower than forecast this year and £2.4m lower next year. The dividend may be reduced.
Neometals (NMT) says that the new lithium recovery process has led to more than 93% lithium recovery from batteries in the form of lithium fluoride. This should reduce operating costs and capital investment. The proposed offtake agreement with Jiuxing Titanium Minerals for the Barrambie titanium project in Australia was not agreed and other partners are being considered. Cavendish values Neometals at 140p/share.
Horizonte Minerals (HZM) is changing the design of the Araguia nickel project in Brazil, which will increase capital investment and delay production until the third quarter of 2024. Management is in talks about additional financing. A review of operating costs should be completed by the end of the year.
Resources projects developer Oracle Power (ORCP) is raising £350,000 at 0.035p/share with one warrant exercisable at 0.07p attached to every two shares. A capital reorganisation to reduce the nominal value of the shares to 0.001p is required, or the new shares could not be issued. The cash will be spent on the company’s green hydrogen project in Pakistan, which will have a 400MW capacity.
Autonomous vehicle developer Aurrigo International (AURR) has signed a deal with International Airlines Group to deploy its vehicles at a major UK airport. A small number of vehicles should be deployed in early 2025.
The latest budget from the Trinidad and Tobago government should ensure than Trinity Exploration and Production (TRIN) will not pay any supplemental petroleum tax in 2024. The threshold price for offshore assets has been raised by 50% to $75/barrel, while the sustainability incentive has been raised from 20% to 25% to encourage investment. There will be a review of the capital expenditure write-off regime.
Secure payments technology developer PCI-Pal (PCIP) is seeking maximum recovery of costs from the company that filed the UK patent dispute that was resolved in PCI-Pal’s favour last week. In the first quarter of the new financial year, 57 new contracts have been signed. However, Cavendish has reduced its expectations for growth in 2023-24 revenues from 34% to 28% following the latest guidance from the company. PCI-Pal is still expected to move into profit this year, but it is a more modest £100,000.
S and U (SUS) reported a small improvement in pre-tax profit from £20.9m to £21.4m. The profit from the Advantage Finance car finance business with the main improvement coming from Aspen Bridging, which provides property finance. The interim dividend is maintained at 35p/share.
XP Power (LON: XPP) says weaker demand has hit customer orders for power products have hit third quarter revenues. Dividends are being temporarily halted and the previously announced second quarter dividend will not be paid. Analysts had been expecting a flat 2023 pre-tax profit of around £38m, but expectations have been cut to £32m. Net debt had been expected to fall this year, but it had risen to £163m by the end of September and it will be even higher at the end of the year.
Rival bids for Pendragon (LON: PDG) have pushed Lithia Motors to increase its offer for the motor dealer business from £250m to £367m. That is equivalent to 24.5p/share and in this deal shareholders will retain majority ownership of the Pinewood dealer management software. The total value of the deal and retained interest is estimated at 35.4p/share. Hedin Mobility is no longer considering a bid.
Packaging manufacturer and distributor Macfarlane Group (MACF) has acquired B&D 2010 Group for up to £3.85m in cash, depending on performance. The bid target produces protective packaging, and the customer base is in defence, space and aerospace.
Oberon Investments (OBE) reported a decline from £6.7m to £5m because of lower share dealing and capital markets income. The loss increased from £581,000 to £3.9m, which was predominantly down to one-off reorganisation and transaction costs. Management is confident that acquisitions and new teams will enable revenues to grow to more than £8m this year.
VSA Capital (VSA) says it had a better than expected first quarter to June 2023, but it still expects an interim loss. VSA Capital owns 0.85% of Silverwood Brands (SLWD), which is being sued by cosmetics company Lush concerning the acquisition of shares by Silverwood Brands and whether the transfer of ownership is valid.
TruSpine Technologies (TSP) has made th4e FDA 510k submission for the Cervi-Lok spinal stabilisation device. The FDA will take up to 90 days to make a decision. If clearance is received, then marketing can commence. The medical devices company has limited working capital.
Gunsynd (GUN) is providing funding of £1m in Metals One in return for a 25% stake in Finnaust Mining Northern. This investment is dependent on Metals One joining AIM and the simultaneous acquisition of Finnaust and will be provided in four tranches over 18 months. Gunsynd has sold 440,000 shares in Charger Metals, raising £100,000. It retains 2.54 million shares. Gunsynd will also receive 1.5 million warrants in Metals One.
Healthcare IT provider DXS International (DXSP) increased full year revenues by 3% to £3.4m. There was a pre-tax loss, but that was more than covered by R&D tax credits. There was £372,000 in the bank at the end of April 2023 and £500,000, before expenses, has been raised since then. Full year revenues expectations have been reduced to £3.8m and another loss is forecast.
Wheelsure Holdings (WHLP) has finally reported it figures for the year to August 2022. Revenues improved from £144,000 to £197,000, while the loss reduced from £224,000 to £202,000. Trading in the hares remains suspended until the latest interims are published. Wheelsure needs to raise additional working capital. The Tracksure digital fastener and Tracksure dual thread technology products have been developed.
Marula Mining (MARU) has appointed Angeline Greenwood and Richard Lloyd ahead of the proposed move to AIM. The latter will be an executive director. Quinton van der Burgh will be joining as chairman. Hannah Wang’Ombe and Munyaradzi Murape will be appointed as directors after regulatory clearance. Assay results from the Kinusi copper mine have been delayed until early August.
Invinity Energy Systems (IES) is selling a 0.2MWh Invinity VS3 flow battery system to VSUN Energy, a subsidiary of Australian Vanadium Ltd. The system will be used by power provider Horizon Power in Western Australia. There will be a trial to assess how the system works within the regional energy system.
Ananda Developments (ANA) has launched its first two cannabinoid medicines to the unlicensed market. Three private pain and medical cannabis clinics will offer the products. MRX1 will be used in two double blind randomised control trials run by the University of Edinburgh.
Apollon Formularies (APOL) has signed an exclusive licence agreement with South Africa-based medical cannabis company PureCann, which will produce and distribute the Apollon product range. There is a one-off licence fee of £100,000 and an ongoing royalty of 6% of profit on sales during the licence term. The roll out should be in the fourth quarter. There could be sub-licensing revenues.
KR1 (KR1) revealed an investment of $300,000 in Side Protocol as part of a pre-seed funding round. According to KR1, “Side Protocol is a distributed mesh liquidity system that utilises innovative inter-blockchain asset exchange application protocols. Unlike liquidity hubs, Side Protocol aims to decentralise liquidity between diverse blockchain networks in a bridgeless manner while maintaining interconnectivity”.
Decentralised finance technology investor AQRU (AQRU) generated interim revenues of £106,000 and lost £1.26m. Net cash was £7.4m at the end of April 2023, including £5.8m of customer deposits. The business has been streamlined and customers have to deposit at least $250,000. NAV is £5.43m. Digital asset prices are recovering. There are investments worth £3.59m, including a stake in fully listed Streaks Gaming worth £2.21m.
Eight Capital Partners (ECP) intends to give holders of the Euro 10m of outstanding 4.8% loan notes into shares at the weighted volume average price in the ten trading days prior to the implementation day. This could represent 10.4% of the nelarg4ed share capital. A general meeting will be held on 10 August.
Black Sea Property (BSP) had a NAV of 1.59 cents/share, while net debt was Euro19.7m. This is before the agreement to acquire 98.3% of Grand Hotel Varna.
ChallengerX (CXS) continues to lose money and had £48,000 in cash at the end of June 2023. Additional funds will be required to develop its marketing platform. NAV is £170,000.
ProBiotix Health (PBX) is appointing Niels Peter Bak as technical project manager. He has nearly three decades experience in the probiotics sector.
Safestyle UK (SFE) says interim trading is in line with forecasts, but the loss is much higher. Demand has been hit by increasing interest rates and that means that the second half will be poor. The windows supplier has been hit by a lower number of installations and a decline in the average number of frames for each installation. Costs savings have helped to offset the decline, but Zeus has downgraded its 2023 forecast from a pre-tax profit of £2m to a loss of £5.5m.
Wandisco (WAND) shares slumped 93.1% to 90p after the data software company returned from suspension. Wandisco recently raised £23.8m at 50p/share. The share suspension came about because of fraudulent irregularities in its accounts. There were $115.5m of false orders in 2022 and $14.9m of this was recognised as revenues. The additional cash raised will help to boost sales and marketing. The interim chief executive is in place and two non-execs have been appointed.
Battery technology developer AMTE Power (AMTE) announced it has secured a £1m loan facility from Arena Investors, which has relinquished conversion rights on the £3.75m convertible bond in return for warrants over 2% of the enlarged share capital. This latest loan will provide time to complete a £2.5m subscription by an unnamed investor at an indicative price of 1.7p/share, subject to due diligence. The new investor would own 80% of AMTE Power and there will be enough cash until September.
David Craven and Jean-Paul Rohan are joining the board of Itsarm (ITS) and the winding-up petition has been withdrawn. James Sharp and Richard Monaghan are stepping down without compensation and are not being paid fees for July. A new proposal reduces liabilities to around £140,000 and current cash is £223,000. The company is a shell and trading in the shares will be suspended if it does not find a takeover candidate by 27 September.
WH Ireland (WHI) has raised £5m at 3p/share because of a lack of regulatory capital. The broker is loss making and it does not believe that trading is going to improve this year. Cash outflows meant that WH Ireland did not have the required regulatory capital and the FCA may have required a solvent wind down of the business if cash were not raised. This is why the placing discount to the market price was high. There are plans to reduce annual overheads by up to £4m.
SRT Marine Systems (SRT) reported lower than expected 2022-23 loss of £200,000 and it is set to return to profit this year. Large contracts for systems and steady growth of tranceiver shares mean that revenues should jump from £30.5m to £70.9m and a pre-tax profit of £7.4m is forecast with further growth to come next year.
Franchise Brands (FRAN) combined organic growth and a ten-week contribution from Pirtek, which was acquired during the first half, to grow interim revenues 57% to £69.8m. In the six months to June 2023, underlying pre-tax profit rose 45% to £8.6m, although a higher tax charge and the additional shares in issue to fund the Pirtek acquisition meant that earnings were 4% ahead at 4.24p/share. The interim dividend is 11% ahead at 1p/share. Net debt was £79.1m at the end of June 2023. The consumer franchise business is no longer being marketed for sale.
Piling contractor Van Elle (VANL) reported full year figures in line with expectations with revenues increasing from £124.9m to £148.7m, while pre-tax profit jumped from £3.6m to £5.4m. Margins improved in general piling and ground engineering services. The total dividend is 1.2p /share. However, as previously flagged this year’s profit could be slightly lower and the tax charge higher. Some markets remain strong and there is a new Canadian rail business, but residential is weak.
Software training company Northcoders Group (CODE) has reassured investors about trading in the first half. Revenues grew by more than 50%. A further £4.5m of DfE funding has been secured, which helps to boost the order book. Northcoders is on course to achieve 2023 revenues of £9.5m and doubled pre-tax profit of £1.2m. The revenues are 70% covered by the order book.
BlueRock Diamonds (BRD) is being wound up administrators and any cash in the business will be distributed for preferential creditors. A party connected to the company is set to buy the assets.
RBG Holdings (RBGP) is writing off the value of £13.3m of its remaining litigation cases, including an unsuccessful case valued at £9.3m. Any return from the cases will be treated as revenues. The core business is taking longer to complete transactions. This has led to a reduction in the underlying 2023 pre-tax profit forecast to £5.9m and RBG has decided to reduce debt rather than paying dividends.
Sports consultancy and data services 4Global (4GBL) more than doubled its underlying pre-tax profit from £573,000 to £1.23m. There was strong trading at the end of the year and that meant that there was a sharp increase in work done that has not been invoiced. That led to a cash outflow in the period. Strategic partnerships with gym software company Jonas Fitness Inc and digital health provider Technogym will help to diversify revenues. First quarter trading has been strong.
Data integrity and banking integration software provider Gresham Technologies (GHT) generated organic growth of 5% in the first half thanks to Clareti software wins. Clareti annualised recurring revenues are 10% higher at £28.6m and the rate of growth could accelerate in the second half. This will more than offset the loss of legacy product revenues.
Polymer and biopolymer solutions provider Graft Polymer (GPL) has secured a distribution agreement with US veterinary products supplier Inter-Technologies Inc, relating to the GraftBio self-nano emulsifying drug delivery system products. This is the first move into the US.
Vanquis Banking (VANQ) reported an underlying loss of £5.5m in the first half, compared with a profit of £54.3m, according to Shore Capital. The net interest margin fell from 21% to 18%, while the impairment charge increased from £38.5m to £85.6m. The interim dividend has been maintained at 5p/share.
ProBiotix Health (PBX) has secured a new commercial partner in Asia Pacific. Nutraceutical business Nutraconnect will develop and implement strategies for ProBiotix Health ingredients in Asia Pacific.
IamFire (FIRE) says investee company WeShop Holdings had 23,000 user downloads by the end of August. Transactions increased from 2,633 in July to 5,981 in August. Average spend per transaction has increased to £81. A US launch is planned.
Gunsynd (GUN) is making a further conditional investment of £100,000 in ASX-listed Rincon Resources. The investment is dependent on Rincon Resources shareholder approval.
Fintech investment company Eight Capital Partners (ECP) has generated £1m in fees from Zamaz (ZAMZ), which joined the standard list a fortnight ago. Zamaz believes that its technology platform can help to efficiently build direct to consumer brands via e-commerce. Other Eight Capital Partners revenue have been modest.
Evrima (EVA) says investee company Premium Nickel Resources has created a new metals division.
Spirits brand Rogue Baron (SHNJ) says that a third party has been contacting investor saying it is raising cash for the company, which is not true. Rogue Baron is considering ways of raising further funds.
SulNOx Group (SNOX) has won a new order from Ghana for SulNOxEco fuel conditioner. There is enough to treat six million litres of diesel, which is a larger order than the previous one. New agreements are being discussed in other African countries.
Site works have commenced at the Blesberg lithium and tantalum project in South Africa. Marula Mining (MARU) says mining permits have been applied for.
A company associated with Asimilar Group (ASLR) non-exec director Mark Horrocks has acquired 750,000 shares at 4.1p each, which takes his share interest to 5.27%.
Engineering company Vulcan Industries (VULC) has raised £132,000 at 0.92p a share. Superseed Capital Ltd (WWW) has issued £1m of convertible loan notes to SuperSeed Venture LLP, which is its investment manager. The conversion price is 130p a share.
Barry Hersh is a 9.98% shareholder in Rural Broadband Solutions (RBBS). PEU SA has a 7.56% stake in Eastinco Mining and Exploration (EM.P).
Churchill China (CHH) had an extremely strong first half in 2022 because of demand for hospitality products. Sales of plates and other products to restaurants and hotels were behind the 73% growth in revenues to £41.4m. Sales of retail products declined as production focused on hospitality products. Churchill China is gaining market share in the UK and internationally. The interim dividend is 57% ahead at 10.5p a share. A full year pre-tax profit of £8.8m is forecast.
New admission Aurrigo International (AURR) has risen a further 9.52% to 57.5p. The transport technology products supplier raised £8m at 48p a share when it joined AIM. The cash will be invested in the aviation technology division and to develop new products.
Broker and administrator Jarvis Securities (JIM) has appointed Ocreus to review systems and controls at its main subsidiary after it ran into trouble with the FCA. This will take between three and six months. Jarvis has voluntarily agreed not to take on new clients from certain existing Model B corporate clients until the systems have been reviewed. The restrictions should not hamper forecast revenues and profit, although the costs of the review could hamper shareholder dividends from Jarvis Securities. This news was announced late on Friday and the share price nearly halved.
Retail brand Joules (JOUL) has ended its talks with retailer NEXT (NEXT) about a cash injection, leaving it with the need to find another source of funding. That is likely to require a share issue.
Baby products retailer Mothercare (MTC) reported revenues falling from £85.8m to £82.8m, but it returned to profit. The figures were at the top end of expectations and the company was cash generative. finnCap forecasts a fall in pre-tax profit from £8m to £1.9m this year. The pension deficit is declining.
TV and film production services provider Facilities by ADF (ADF) had tough comparisons for its interim figures and reported pre-tax profit was lower. Revenues improved from £11.5m to £12.6m, but the lack of large productions and higher overheads since flotation mean that profit was lower. There will be more, and higher value, productions in the second half, so some of the profit shortfall should be offset. Flotation funds are being used to increase the size of the vehicle fleet.
Artisanal Spirits Company (ART) increased membership by 24% in the first half of 2022. This growth was international, and the current membership is around 36,000. Full year revenues are expected to increase from £18.2m to £21.6m. The value of the casks of whisky in stock has increased from £430m to £455m in the latest six month period.
Cyber security services provider Corero Network Security (CNS) improved sales in the first half and growth could accelerate in the second half. Full year revenues are forecast to increase by one-third to $27.9m. Demand for cyber security continues to increase. Corero should breakeven this year.
Strong growth in first half revenues at plant-based polymers developer Itaconix (ITX) means that it is set to double full year revenues to $5.2m. Revenues trebled from cleaning applications. There was $900,000 of net cash at the end of June 2022.
The Property Franchise Group (TPFG) increased interim revenues by 18% to £13.1m and pre-tax profit was 9% higher at £3.8m. The interim dividend was increased by 11% to 4.2p a share. Trading remains strong even though house buying incentives were ended last year.
Building and architecture software supplier Eleco (ELCO) did not surprise the market with the 3% decline in interim revenues to £13.4m, although recurring revenues were 9% higher at £8.2m. This reflects the change to a SaaS model. Pre-tax profit was 23% down at £2.1m due to higher costs.
Ncondezi Energy Ltd (NCCL) has replaced a working capital facility with a convertible loan and more cash is being made available. The shareholder loan repayment cannot be demanded before 30 November 2023.
Shell company Advance Energy (ADV) raised £425,000 at 0.085p a share. There are warrants attached to each new share that are exercisable at 0.13p a share. The cash will enable management to investigate a suitable reverse takeover candidate and fund due diligence. Management is in talks with the majority owner of a European oil and gas company and trading in the shares is suspended. Any deal will be funded with shares and via an earn-out based on production. The suspension will continue until a prospectus is published or the deal does not happen.
Tertiary Minerals (TYM) has signed a technical co-operation agreement with First Quantum Minerals for two copper projects in Zambia – Mukai and Mushima North. Mukai is next door to First Quantum’s Trident project. First Quantum also has interests in the same region as Mushima North. First Quantum will supply historical exploration date for the areas. First Quantum does not have first right of refusal over the projects.
Fintech Asia Ltd (FINA) is seeking fintech acquisitions. This includes mobile banking, digital payments and blockchain. It raised £1.46m at 50p a share, before expenses of £613,000. The cash should finance the operating of the company and investigating potential acquisitions for more than one year. Further share issues will be required when any targets are identified, and deals secured. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).
Ikigai Ventures Ltd (IKIV) is looking to acquire businesses with a positive social impact strategy, particularly those based in Asia. It has a similar shareholder base to Fintech Asia. Ikigai Ventures raised £2.09m at 50p a share, before expenses of £714,000. That cash should last more than one year. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).
Innovative materials developer HeiQ (HEIQ) increased interim revenues by 17% to $30.3m and it is making progress with newer products, such as AeoniQ and GrapheneX. Hygiene products generated 43% of total revenues. Service and licence revenues more than trebled. There was $9.5m in the bank at the end of June 2022. Cenkos expects revenues to grow from $57.9m to $69.4m in the full year and grow by a further 10% next year. The 2022 pre-tax profit is expected to be $4.8m.
All Things Considered Group (ATC) is a music artist management and services provider that branched out into live streaming events due to Covid-19. There was £4.13m raised at 153p a share, and the share price rose to 155p, valuing the company at £15m. In the six months to June 2021, revenues jumped from a sharply reduced figure of £1.39m to £5.04m, including £3.31m from live streamed events. ATC is loss making. The cash and valuation of the stake in livestreaming company Driift appear to provide an underpinning for the valuation, but there is a significant amount of accruals relating to unpaid performing rights fees on live streaming.
ChallengerX (CXS) was used as a holding company to acquire SportsX prior to joining the Access segment of Aquis. The core business is providing marketing services to rugby and football clubs. Smaller clubs need ways of generating additional income, so the services should be attractive to them. ChallengerX will earn income through revenue sharing agreements and by retaining a 10% to 30% reserve position in any club’s social tokens, that it will help the clubs to issue. ChallengerX raised £752,000 at 2p a share. The bid/offer spread at the end of the first day was 2p/3p and the mid-price was still 2.5p on Christmas Eve.
Fellow Aquis company Dispersion Holdings (DEFI) had invested £216,000 in SportsX in May, which was its first investment after flotation, and then swapped this stake for shares in ChallengerX that were worth £1.25m at the subscription price.
Good Energy (GOOD) says that November trading was in line with expectations. Domestic price tariffs were raised at the beginning of November, and this offset the lack of win generation during the month. Power prices continue to rise, though, and wind generation remains low, which means that 2021 profit will be £3m lower than expectations. Good Energy requires more cash for working capital because of the higher prices.
Rutherford Health (RUTH) intends to leave Aquis. A general meeting will be held on 11 January and if the shareholders are in agreement, then the company will cancel the quotation on 25 January. Rutherford Health has found it difficult to raise additional cash and does not want the distraction of being quoted.
CBD products supplier Voyager Life (VOY) has acquired Cannafull, a manufacturer of CBD skincare products, including under its own Ascend Skincare brand. Voyager Life paid the liquidator of the company £9,000 for the brands and assets.
Hydro Hotel Eastbourne (HYDP) is paying a 20p a share dividend to shareholders on the register on 31 December.
Tectonic Gold (TTAU) had £542,000 in the bank at the end of June 2021, although there are also borrowings of £322,000. The operating cash outflow was £210,000 with a further £401,000 spent on exploration during the year. The subsequent sale of Kazera Global shares raised more cash. A $275,000 tax refund relating to the Specimen Hill gold project is due to be received.
IamFire (FIRE) is subscribing £2m for WeShop Holdings Ltd convertibles and has the option to invest a further £2.5m. The conversion price is 75p a share and the shares trade on JP Jenkins. The social media retail platform will be fully launched in the first quarter of 2022.
Lombard Capital (LCAP) has sold its property in Preston for £2.075m. The total cost of the property was nearer £3m.
Love Hemp Group (LIFE) has allotted 65 million shares at 1.5p each in final deferred consideration for Love Hemp Ltd. Chief executive Tony Calamita has an 8.87% stake. A Love Hemp virtual store has been set up with Deliveroo.
Trading in Igraine (KING) shares recommence after its full year and interim figures were published. This period pre-dates the move into medical technology investment.
CT Automotive (CTA) is a supplier of interior components to the automotive sector and it already has a strong relationship with Nissan. The top three customers account for two-thirds of revenues. CT Automotive raised £33.6m at 147p a share and this will go towards reducing debt. The shares ended the week at 160p. Electronic component shortages have hit the second half of 2021, after a strong first half’s trading. Trading will be disrupted well into 2022.
Libertine Holdings (LIB) raised £9m at 20p a share to finance the opportunity to become an important part of the move towards vehicles being able to use cleaner fuels via its own powertrain technology can extend the range of battery-powered electric trucks. Large commercial vehicles are the main market, but there are other uses for the technology. The cash will be used to take on more commercial and development people, as fund further development of technology and facilities. The share price jumped to 37.5p by the end of the week.
York-based Aptamer Group provides contract research services with longer-term potential for royalties and licence revenues when the client uses the reagents in commercial applications. Three-quarters of the top 20 global pharma companies are clients. Raising £10.8m at 117p enables it to scale up its operations. In the 15 months to June 2021, Aptamer Group revenues were £1.6m and the loss was £2.91m. The share price ended the week at 136p.
Surveying and Corridor.ai analysis platform operator Cordel (CRDL) has won a 6.5 year contract with Network Rail that starts at the beginning of 2022. This is worth £500,000 a year and covers storing and processing of gauge and clearance information for the whole network.
Delivered ready meals company Parsley Box (LSE: MEAL) says that trading improved at the end of the year and supply problems are easing. Net cash is £2.2m, but significant cash outflows mean more money is required, possibly as much as £6m. A large discount to the market price may be required to raise that much.
Deepmatter Group (DMTR) managed to secure £2.55m of funding ahead of the Christmas break. It was at a heavily discounted 0.1p a share. Existing shareholders are being given the chance to invest at the same price via a one-for-3.7 open offer that could raise up to £250,000. The digital chemistry data company is still in discussions with South Korea-based drug discovery company Standigm Inc, but the deal will not be done this year, so 2021 revenues will be lower than the company’s previous expectations.
Anglo Asian Mining (AAZ) has taken a 19.9% stake in TSX Venture Exchange Libero Copper and Gold Corporation for $4.9m. This is the first step in the diversification outside of Azerbaijan. Libero has the option to acquire copper exploration properties in Colombia, Argentina and Canada.
Redx Pharma (REDX) will receive a $9m milestone payment following the start of a phase 1 trial of AZD5055, a porcupine inhibitor targeting fibrotic diseases. There are up to $360m of additional payments depending on successful development.
Primorus Investments (PRIM) says that investee company Alteration Earth will not be joining the standard list until 2022. The prospectus has been submitted for a second reading by the UKLA. Primorus invested £350,000 for five million shares in the shell. Primorus is electing to take Bushveld Minerals (BMN) shares in return for its Mustang Energy loan notes, because of ongoing litigation.
Lekoil Ltd (LEK) has formally rejected the 1.9p a share bid from Lekoil Nigeria. It points out that the offer does not take account of the potential cancelation of $350m of intercompany debt.
Great Southern Copper (GSCU) has options over potential copper gold projects in northern Chile and news of a new left wing president in Chile hit the early trading in the shares on the standard list. Great Southern Copper raised £3.52m at 5p a share and ended the first day at 4.55p before recovering to 4.9p at the end of the week. The assets under option are the San Lorenzo copper gold project northeast of coastal town La Serena in northern Chile and the Especularita copper gold project, which is south of the other project. Initial exploration should help the company to understand the prospects in the two areas before spending a more significant amount of money.
House broker finncap still expects personal care products supplier Innovaderma (IDP) to make a small profit on the back of a recovery in revenues in the year to June 2022. Cash should be maintained at £2.3m.
Cash shell Hawkwing (HNG) wanted share trading to recommence after the proposed acquisition of ecommerce aggregator Internet Fusion Group. The FCA says that the £13.7m loan to Internet Fusion Group is a transaction under the definition of a reverse takeover so trading cannot recommence. Hawkwing is trying to unwind the loan.
Yooma Wellness Inc (YOOM) has a dual quotation on the Canadian Securities Exchange and obtaining the Aquis quotation is part of the stated strategy to become the largest CBD business in the world. Acquisitions have been made this year and at least three more are lined up. Prior to joining Aquis, Yooma raised £7.46m at 52.32p a share. As well as the cash raised in the placing, there is an option granted to a strategic investor to subscribe £5m for 9.56 million shares. Administrative delays relating to the investor mean that the share issue has not been completed yet. Yooma Wellness says that annualised 2021 sales could be $32m if it makes the expected acquisitions.
Ecotricity has posted its offer document for Good Energy (GOOD), which continues to reject the approach.
Clean Invest Africa (CIA) is in discussions with a potential investor. A fundraising could be secured within weeks. There are also discussions concerning a joint venture. CIA has been hit by Covid-19 measures in South Africa.
Pioneer Media Holdings Inc (PNER) has made an additional investment in connected gaming platform developer Paidia eSports Inc and a new £200,000 investment in Streaks Gaming. Pioneer will own 40% of Paidia. London-based Streaks operates a conversational gaming platform. Users are matched with a personalised digital conversational partner generated by AI. Pioneer will own 16.1% of Streaks.
Sativa Wellness Group Inc (SWEL) increased revenues by 828% in the second quarter of 2021. Revenues in the six months to June 2021, revenues jumped from £733,000 to £4.86m, while the loss reduced from £2.37m to £1.27m. The business is being restructured into three divisions: Goodbody Botanicals, Phytovista and Goodbody Wellness.
Construction of the DJT Plants medical cannabis growing facility started on 4 July. Ananda Investments (ANA) continues to make progress with the purchase of the 50% of DJT it does not own.
Rutherford Health (RUTH) is partnering with genomic and theranostic company OncoDNA, which will enable its patients to obtain genomic testing that can help to secure the most appropriate cancer treatment.
Administrators have been appointed to NQ Minerals (NQMI).
Chris Akers has increased his stake in Oscillate (MUSH) from 3.1% to 9%. Thomas Grant Nominees owns 9.95%. Robert Johnson has a 3% stake in TECC Capital (TEC).
Drug developer BiVictriX Therapeutics (BVX) has a low capital cost model which outsources the main operations. It has a lead asset called BVX001, which is targeting adult leukaemia. BVX001 has already indicated an anti-tumour effect in animal models. No adverse effects were observed. The £7.5m raised at 20p a share will accelerate the optimisation of BVX001, so it reaches pre-clinical milestones. The share price ended the week at 23.5p.
Marlowe (MRL) has decided not to bid for Restore (RST), which has acquired PRM Green Technologies, which is an IT recycling business. This acquisition will be immediately earnings enhancing.
Crestchic revenues increased by 44% in the first half of 2021 and Northbridge Industrial Services (NBI) group revenues are 22% ahead at £19.6m. The 2021 pre-tax profit forecast was increased from £2.1m to £2.5m.
Self-storage sites operator Lok’nStore (LOK) is increasing occupancy rates and adding new sites. Self-storage revenues increased by 21% over the year to July 2021, which is well ahead of forecasts. The first half growth rate was 11%. Over the 12-month period, occupancy rates have increased from 69.6% to 85.8%.
Oil and gas producer Southern Energy Corp (SOUC) concentrates on areas with proven low-cost producing assets, with the current focus in Mississippi. The strategy is to grow production through acquisitions. Alberta-based Southern Energy plans to increase production to 25,000 barrels of oil per day over the next two year. This will require larger acquisitions than in the past. No cash was raised, and the shares will continue to be traded on the TSX Venture Exchange. The share price opened at 6.5p on the first day and stayed at that level until the end of the second day when it fell to 5p (4p/6p) and that price was maintained.
Science Group (SAG) has made a bid approach for TP Group (TPG). Science group has acquired a 10.2% stake in TPG, with the shares being acquired for 5p each.
Best of the Best (BOTB) says that there has been a 15% decline average weekly sales of competition entries. finnCap has cut its earnings forecast from 142.4p a share to 53.3p a share. There should still be £12m in cash at the end of April 2022.
Venture Life Group (VLG) says interim revenues were lower this year because of the lack of hand sanitiser sales and lower sales of Dentyl in China. Sales of other products grew. Forecasts have been updated for recent acquisitions. Share issues mean that earnings are expected to be flat at 2.5p a share. The full benefits of the acquisitions will come through in 2022 when earnings are expected to be 4.6p a share.
Verditek (VDTK) has raised £353,000 from its Crowd for Angels bond offering.
Foams manufacturer Zotefoams (ZTF) improved its interim pre-tax profit by 49% to £4m even though it was reduced by currency movements. Footwear generates one-third of revenues. The new manufacturing site in Poland has opened.
Argo Blockchain (ARB) generated revenues of £31.1m from mining 883 bitcoin in the first half of 2021. Although revenues are improving, there will be higher than expected tax and finance charges this year. finnCap has reduced its 2021 earnings estimate from 7.6p a share to 5.6p a share.
Plaza Centers NV (PLAZ) has received a revised proposal from GC Hevron Capital. The company’s assets would be transferred to a trustee of managed for the benefit of bondholders. Hevron would be issued shares equivalent to 74.99% of the enlarged share capital. There will be a NIS 2 million payment to cover creditors. Hevron will then inject a new business, which is part of its investment portfolio, into the shell. The target is a nutritional food technology company.
Danakali (DNK) is cancelling its standard listing on 24 September and retaining its ASX listing.
Mast Energy Developments (MAST) has acquired Pyebridge Power, which owns a 9MW gas-powered standby generation facility, for £2.5m in cash. The site could generate EBITDA of £488,000 a year.
Hawkwing (HNG) is raising £16.5m through the issue of 8% convertible loan notes. They are convertible at 6p a share. The cash will be loaned to ecommerce aggregator Internet Fusion Group to finance two acquisitions – an outdoor lifestyle brand and an online fashion accessories retailer. Hawkwing plans to acquire Internet Fusion for an enterprise value of £115m through an issue of shares at 6p each. Trading in Hawkwing shares remains suspended.
Path Investments (PATH) has agreed to acquire DG Innovate for £32m in shares at 0.6p each. DG is developing electric motor technologies and energy storage systems. There is enhanced drive technology, which is being used to develop lightweight and cost-effective electric motors, and enhanced battery technology, which is developing fully-recyclable, sodium-ion batteries offering greater energy density than current technologies.
Chapel Down (CDGP) has announced Andrew Carter as successor to chief executive Frazer Thompson in September 2021.
National Milk Records (NMRP) increased its fourth quarter revenues by 7% to £5.72m. Milk recording revenues grew by 9%. The corresponding period did cover the initial lockdown. Milk prices are holding up at levels where dairy farmers will be profitable. The first phase of IT investment will be up and running later this year.
Boanerges Ltd (BNRG) has paid £25,000 for an option to invest £2m for a 14.3% stake in Fintech Digital Platforms, which owns property search internet portals.
Samarkand (SMK) has secured an extension to its distribution contract with skincare brand 111SKIN until the end of July 2023. Non-exec Keith Higgins has bought 21,739 shares at 146p a share.
Inqo Investments (INQO) had significant write-offs and bad debt provisions in the year to February 2021. This contributed to the more than doubled loss of R13.4m as revenues slumped from R24.4m to R4.2m. The total cash outflow was R14.7m and cash fell below R1m. Kuzuko Private Game Reserve will reopen in September. Uganda-based Four One Financial Services and Kenya-based South Lake Medical Centre both made higher interest payments to Inqo.
S-Ventures (SVEN) has taken a 50% stake in Vegan Punk Ventures and invested up to £100,000 in loans. The brand is PlantPunk and it has a range of ZeroBeef meat alternatives. Dave Ahern will be managing director and third-party investors will provide loans of up to £50,000.
Altona Rare Earths (ANR) had cash of £436,000 at the end of June 2021.
Helium Ventures (HEV) continues to trade at a premium to its 10p placing price. The share price is currently 32.5p (31p/34p). James Sheehan has increased his stake from 8,5% to 9.47%.
Eight Capital Partners (ECP) has sold its stake in Finance Partners Group for €2.15m and €1.57m of this has been received. The original cost was €1.9m. The investment focus will be fintech.
Vulcan Industries (VULC) has raised £223,000 at 1.46p a share and issued £48,000 worth of shares at 2p each.
Veni Vid Vici has changed its name to VVV Resources (VVV). Angelfish Investments has changed its name to Igraine (KING). DicovORE has changed its name to Oscillate (MUSH).
Trading in First Sentinel, which has changed its name to Omni Egis (OMNI) and NQ Minerals (NQMI) shares has been suspended ahead of publication of their respective accounts. Freyherr International (FRYR) has withdrawn from Aquis.
In 2020-21, NWF (NWF) did not manage to match the previous year’s profit performance of the fuels division, but the cold winter and home working meant that the performance was better than expected. Management is keen to make further acquisitions to broaden the geographic spread of the fuels business. Overall, group pre-tax profit was 10% lower at £11.9m. The efficiency improvement in the food warehousing division meant that its profit contribution was higher. The feeds division reported a lower profit but with milk prices over 30p per litre the outlook is positive for dairy feed.
Higher second half sales and improved efficiency helped Filtronic (FTC) maintain profitability at £200,000 even though full year revenues fell 9% to £15.6m. The telecoms and RF components and equipment supplier generated cash and net cash improved to £2.8m at the end of May 2021. 5G investment and moves into newer markets, such as space, provide a positive outlook for the future and profit should build from now on. Revenues are expected to grow by 16% this year and pre-tax profit of £500,000 is forecast.
The latest trading statement from Belvoir (BLV) confirms a strong first half with revenues growing by two-fifths, due to buoyant house sales. The steadier lettings income has grown by 13% – 10% organically, which is much faster than the market.
Maestrano (MNO) has secured a five-month proof of concept contract with Network Rail for HS1, the high speed line that goes to the channel tunnel. This will monitor overhead lines, vegetation, track and passing clearances. HS1 is the same specification as European tracks so it could provide a way into the European market.
Microbiome-based products developer Optibiotix Health (OPTI) generated a 44% increase in interim revenues to £1.07m with LP LDL probiotic cholesterol-reducing products and Slimbiome products accounting for most of the revenues.
Seeing Machines (SEE) 2020-21 revenues were 2% ahead of expectations at A$47.3m. There was $47.7m in the bank at the end of June.
Xpediator (XPD) has formed a strategic partnership with e-commerce fulfilment company Synergy Retail Support and is providing space at its Braintree warehouse.
Argo Blockchain (ARB) generated July revenues of £5.6m, up from £4.36m in June, even though the average bitcoin price fell. A Nasdaq listing is being considered.
Challenger Acquisitions has changed its name to Cindrigo Holdings (CINH) following the completion of the acquisition of the renewable energy products business.
Kanabo (KNB) has a stake in medical cannabis cultivation company Hellenic Dynamics, which is being acquired by AIM-quoted UK SPAC (SPC) for £45.2m in shares at a minimum price of 0.472p a share. The £750,000 investment in Hellenic will be converted into shares at a minimum 30% discount to the prospective. UK SPAC intends to move to the standard list.
Starcrest Education (OBOR) has signed heads of terms to acquire 80% of National Training Company. Starcrest is not going ahead with the acquisition of The London School of Science and Technology and costs of £1.2m have been written off. There was £700,000 in cash left at the end of June 2021.