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Quoted Micro 13 October 2025
AQUIS STOCK EXCHANGE
Music management and services provider All Things Considered (ATC) is paying an initial $520,000 for certain assets of Control Industry Inc, which owns a merchandise management business. Client relationships include Diana Ross and Billy Joel. The total payment could be $760,000 depending on revenues over the coming nine months. This business fits with the existing Sandbag subsidiary and its boss will take over sales and marketing in the US for the group.
Cooks Coffee Company (COOK) has completed a partnership agreement with Tesco in Ireland. Five Esquires stores will be opened in Tesco stores by the end of November.
Valereum (VLRM) raised £600,000 at 5p/share. Chairman James Bannon and chief executive Gary Cottle contributed £225,000 each and they will each receive 2.5 million warrants exercisable at 50p each and 2.5 million warrants exercisable at 100p each. Tokenisation marketplace VLRM Markets has generated $135,000 in revenues in four months to September 2025. The share price jumped 86.3% to 4.75p.
Ananda Developments (ANA) has achieved a key milestone with the final participant receiving the final MRX1 dose in the pharmacokinetic. Final readouts will be in the first quarter of 2026.
Shepherd Neame (SHEP) executive director Jonathan Neame has bought 4,000 shares at 520p each.
Igraine (KING) has reduced its stake in Oscillate (MUSH) from 5.05% to less than 3%.
Global Connectivity (GCON) has raised £200,000 at 1.5p/share.
B HODL (HODL) has taken its Bitcoin holding to 136 at a total cost of £11.5m.
The Smarter Web Company (SWC) has raised £2.56m at 102p/share via subscription and £9.68m from a placing at 100p/share.
Hydrogen Future Industries (HFI) has raised £401,000 at 1p/share and settled £172,000 of creditors through a share issue.
Wishbone Gold (WSBN) has expanded the drilling programme at the Red Setter Gold Dome project.
WH Ireland (WHI) shareholders have voted against the sale of its wealth management division to Oberon Investments (OBE). The two companies are assessing options.
Diagnostics firm EDX Medical (EDX) has started marketing of the TC100 testicular cancer testing service. The blood test has shown 100% efficacy.
Stelios Panikos Michaelides has a 4.03% stake in Nyce International (NYCE).
ASSET MATCH
Tottenham Hotspur (TTNM) has received a £100m cash injection from majority shareholder ENIC.
AIM
HSS Hire (HSS) digital marketplace subsidiary ProService has agreed a five-year commercial hire and services supply deal with fully listed Speedy Hire (SDY). The deal is estimated to be worth at least £50m/year in revenues for Speedy Hire and improve HSS revenues and margins. Three HSS service centres and other assets will be transferred to Speedy Hire, which is taking a 9.99% stake in HSS Hire. Speedy Hire is paying a total of £35m. HSS is selling HSS Service Group, which will continue to supply power access equipment to HSS to Project Mansell Newco for £1, although HSS will contribute £26m to facilitate the separation. This means that HSS will purely be a digital business.
Fishing tackle retailer Angling Direct (ANG) increased revenues 17% to £53.6m with most of the growth in the UK. Like-for-like UK sales were 14% ahead. The average basket size has fallen slightly. MyAD has 496,000 members. The focus in Europe has been profitable sales, and the loss was reduced. Pre-tax profit was one-third higher at £3m. Net cash is still £12.5m after share buybacks and store investment.
Uruguay-focused oil and gas explorer Challenger Energy Group (CEG) is recommending a bid from Sintana Energy Inc, which is on the TSX Venture Exchange. The offer is 0.4705 of a Sintana Energy share for each Challenger Energy shares. This is currently equivalent to 16.61p/share and values the company at £45m. The share price has not been this high since January 2022. There are plans for Africa-focused Sintana Energy to join AIM.
Ariana Resources (AAU) says that the second gold mine at Tavsan in Turkey is fully operational. Ariana Resources has a 23.5% stake in this mine which could produce up 30,000 ounces of gold each year at a cost of $1,500/ounce. At the current gold price, the company’s share of EBITDA could be £14m, according to Zeus. Cash could be used to invest in the Dokwe gold project in Zimbabwe.
Panmure Liberum raised its target share price for pawnbroker Ramsdens (RFX) from 385p to 450p on the back of the full year trading statement. This is due to the strong gold price and an 8% increase in the pawnbroking loan book to £11.5m. Net cash is estimated at £2.5m.
Angle (AGL) chairman Dr Jan Groen has become executive chairman, and the company is changing its name to CelLBxHealth. This is designed to reflect the new focus on circulating tumour cells (CTC) intelligence. There are plans to integrate existing proteomics and genomic assays with the company’s Parsortix technology. Cash should last until the first quarter of 2026, and more cash will be required.
Beeks Financial Cloud (BKS) grew full year revenues 26% to £35.9m with the contribution from Proximity Cloud jumping from £1.6m to £7.8m. Annualised recurring revenues are £29.5m. Pre-tax profit improved from £3.9m to £5.5m. Beeks Financial believes that increasing cloud adoption, cybersecurity requirement, analytics and AI use in risk management mean that there are more opportunities. New contracts have been signed since the year end.
Reabold Resources (RBD) has entered an agreement with Beacon Energy (BCE) for the sale of its 46.2% stake in LNEnergy, which has a 90% interest in the Colle Santo gas field, for an earn-out that is valued at €16m in contingent consideration and €700,000 in shares. Beacon Energy will initially acquire 49% of the stake and the rest will be bought subject to the granting on the Colle Santo production concession. Contingent consideration is based on 25% of the acquired stake’s net cash flow from the project. First gas could be produced in 2027. Reabold Resources will take a 29% stake in Beacon Energy – the shares are currently suspended at 0.0039p. It needs to raise £3.5m to complete the deal and restart trading in the shares.
Washing machine technology developer Xeros Technology (XSG) has secured a joint development and product launch agreement with a global OEM that will use the technology in domestic washing machines in America. Commercialisation could be within 18 months. There are three more potential agreements like this one. A reduced loss of £2.8m is forecast for 2025.
Neo-natal medical devices developer Inspiration Healthcare (IHC) had already flagged the strong start to the year as phase one of the two phase Middle East order was finally recognised. There was also another large contact, but even without these two contracts there was underlying growth in the business. Interim revenues were 41% ahead at £24m and there was a swing from an operating loss to a small profit. Panmure Liberum expects a £600,000 pre-tax profit this year
Copper gold explorer Bezant Resources (BZT) says investee company Blackstone Minerals has gained regulatory approval in the Philippines for a two-year extension to the Mankayan copper gold project work programme. The drill rig has been mobilised.
Oil and gas producer Zephyr Energy (ZPHR) has announced results of a competent persons report for its assets in the Paradox Basin in Utah. Proved recoverable reserves have shot up from 160,000 net barrels of oil equivalent to 14.8 million net barrels of oil equivalent. This could generate up to $115m in cash.
Dekel Agri-Vision (DKL) is building up cashew production, and it has reached 500 tonnes/month, and additional equipment installations could increase that to up to 10,000 tonnes/month. Palm oil production fell 49% in the third quarter, although prices rose by 24%.
Sareum Holdings (SAR) has discontinued its 16-week GLP preclinical toxicology study for SDC-1801 following safety issues. The study was supposed to be a precursor to a phase 2 clinical development programme focused on psoriasis. However, the issues observed were predominantly in the control group, so it is unlikely it is due to SDC-1801 and Sareum plans to restart the study, and it can be completed within cash resources.
Premier Miton (PMI) assets under management slipped from £10.5bn to £10.3bn in the quarter to September 2025. Annualised cost savings of £2m, have been identified. Full year results will be published on 4 December.
Results from the Gazelle-1 well test are much better than Petro Matad (MATD) believes is commercial. The well could go into production by the end of October and should double the company’s production. This will generate revenues and help Petro Matad to secure a farm-out deal to fund development of the 100%-owned Block XX in Mongolia. Flow testing is due to start at the Heron-2 well. Shore has a share value estimate of 6.1p.
MAIN MARKET
Trading improved in the third quarter at online travel hostel agency Hostelworld (HSW) due to increases in bookings and average booking value. Net revenues for nine months were flat at €72.6m and margins have dipped due to investment for growth. Net cash is €6.6m. There are social media and budget accommodation initiatives that could further improve performance.
BATM (BVC) is selling it distributor of diagnostic laboratory equipment in Romania. Non-executive shareholder Dr Zvi Marom will swap his 22.2% stake in BATM in return for the business, which values it at £17.6m. This exceeded a competing offer. The deal requires shareholder approval.
Educational products supplier RM (RM.) has raised £13.5m in a placing at 95p/share. The cash will fund the development of the RM Ava platform and in sales and marketing for RM Assessment.
Andrew Hore
Quoted Micro 18 December 2023
AQUIS STOCK EXCHANGE
Flex Labs Inc (FLEX) joined the Access segment on 15 December. The Canada-registered company is developing AI middleware for natural language processing text generators. There is no product yet. The introduction price was 3p, which valued Flex Labs at £3.42m. The share price ended the week at 6p.
Investment Evolution Credit (IEC) joined the Access segment on 14 December and raised £508,000 at 20p/share, valuing the online consumer loans company at £2.99m. The company currently focuses on the US but plans to move into the UK. In the US, Mr Amazing Loans offers loans of between $2,000 and $10,000 with interest rates of between 19.9% and 29.9%. Approvals are required to start offering loans in the UK. The core business is loss-making. The share price ended the week at 6p.
Shares in Semper Fortis Esport (SEMP) rose as shareholders agreed to the acquisition of Good Life + and the subsequent reverse takeover that occurs on 18 December.
Yooma Wellness Inc (YOOM) left Aquis on 15 December. The company has been put into voluntary liquidation.
China-focused eCommerce company Samarkand (SMK) reported a 1% dip in interim revenues of £8.1m, while the loss was reduced. There was growth in sales outside of China. Revenues from own brands rose 18%. VSA has downgraded its expectations for the full year because the recovery has not gained the anticipated momentum. Cost savings are helping to reduce the loss. The full year loss is still expected to fall from £4.7m to £3.8m. Samarkand could move near to breakeven next year.
Business assurance provider Adsure Services (ADS) generated revenues of £4.25m in the six months to September, which was prior to joining Aquis. There was an interim loss, but last year the second half was highly profitable. There are plans to diversify the customer base.
Retail carbon trading company Ora Technology (ORA) did not generate revenues in the period to July 2023. There was £1m in the bank at the end of July 2023.
In November, Guanajuato Silver (GSVR) increased month-on-month silver production by 23% to 295,284 ounces equivalent. The production improvement is set to continue into next year.
Marula Mining (MARU) is involved with local partners in applications for graphite mining licences at the Nyorinyori graphite project and the NyoriGreen graphite project in Tanzania. New processing equipment has been installed at the Blesberg lithium and tantalum mine.
Wishbone Gold (LON: WSBN) says visual inspection of core from recent drilling at the Cottesloe project in Western Australia show zones containing base metals while x-ray fluorescence scanning shows elevated base metals readings. Assay results will make things clearer.
Newbury Racecourse (NYR) has appointed Shaun Hinds to replace Julian Thick as chief executive.
IamFire is raising £1m at 1.5p/share and it has changed its name to WeCap (WCAP).
EPE Special Opportunities (EO.P) had net assets of 300.48p/share at the end of November 2023.
Marallo Holding Inc has acquired 1.75 million shares in NFT Investments (NFT) for a total cost of £47,375. Michael Heald has increased his stake in brewer Adnams (ADB) from 21.4% to 23.5%. Oscillate (MUSH) non-exec John Treacy has bought an initial 880,000 shares at 0.54p each.
AIM
Recruitment firm Impellam (IPEL) has finally agreed a takeover offer after months of being in a bid situation. HeadFirst is offering 557.2p/share in cash and 392.8p/shares in loan notes for each Impellam share. Shareholders will also receive the 55.9p/share dividend announced, plus a further cash dividend of 22.4p/share and a in specie dividend of 56.1p/share. This all adds up to 1,084.4p/share and values Impellam at £483.2m. The non-convertible loan notes offer annual interest of 17% and last an initial 3 years. The convertibles have annual interest of 12% and the total loan amount can be converted into 20% of the bid vehicle.
Venue management software supplier Skedda Inc has proposed an 82p/share offer to SmartSpace Software (SMRT) valuing it at £25m. The share price has not been that high since 2021 and it jumped 103% to 70p, still well short of the bid level. JO Hambro, which owns 8.3% of the software developer, is supportive of the offer. Skedda believes that it can provide the financial backing that SmartSpace Software requires. The SmartSpace Software board is considering the offer. The company is currently loss-making.
Dispute resolution services provider Driver Group (DRV) moved back into profit in the year to September 2023, mainly due to higher gross margins. The £1.1m pre-tax profit was still lower than the £2m reported for 2020-21. The cost base has been reduced and additional projects have been won. Net cash is £5.8m. The final dividend is 0.75p/share and management says that there is around £1m of surplus capital that can be used for share buy backs. The core businesses will be rebranded Diales and there are plans to move into other sectors, such as aerospace and IT.
Defence and forgings company MS International (MSI) more than doubled interim pre-tax profit from £3.46m to £7.72m. Revenues improved from £42m to £57m. The defence business returned to profit and generated all the revenue growth. That offset lower contributions from other divisions. Net cash is £50m. There are £57.5m of contract liabilities on long-term contracts and NAV is £43.4m. Deliveries for US navy contracts begin in the second half.
Shore Capital has reduced its 2024 and 2025 forecasts for pawnbroker H&T (HAT). The pledge book is growing faster than expected and an additional £10m of funding was recently secured. That additional profit is offset by increased wage costs following the raising of the National Minimum Wage. There will also be higher interest costs. The dividend is likely to grow by a lower percentage than previously anticipated. The 2024 revenues have been edged up to £261m, while pre-tax profit is reduced from £36.7m to £39.7m. A higher tax rate means that there will be a 10% drop in earnings estimates to 62.8p/share.
There is a continued decline in the share price of energy and water efficiency company Eneraqua Technologies (ETP) after the announcement that two local authorities are delaying spending. There is also a £900,000 exceptional charge relating to defective equipment. A loss of £6m is forecast for 2023-24.
Phase 3 trials of the grass allergy treatment developed by Allergy Therapeutics (AGY) show highly statistically significant reductions in symptoms compared with a placebo. There will be a meeting with the regulators in the first quarter of 2024.
Image Scan (IGE) returned to profit in the year to September 2023 as revenues were 50% ahead at £3m. A further improvement is expected this year. The order book is worth £650,000 with a pipeline of potential work that underpins further growth.
Former ITM Power (ITM) boss Dr Graham Cooley has acquired a 6.6% stake in Distil (DIS). This follows the drinks company’s £765,000 fundraising at 0.35p/share.
MAIN MARKET
RM (RM.) expects 2022-23 revenues from continuing operations to decline from £214.2m to £196m, which includes £19m (£33.6m) from Consortium, which is being closed. The educational technology provider expects to have a significant write-own relating to that business. Management is renegotiating lending facilities.
Kitchenware retailer ProCook Group (PROC) reported an underlying interim pre-tax loss was reduced from £2.8m to £2.2m. Revenues fell, but gross margins have improved, helped by lower freight charges. High street sales are growing, although online revenues have declined due to problems that have been sorted out. In the most recent eight weeks sales were 1.5% ahead
S and U (SUS) says net receivables have grown from £417m to £446m since the half-year end with the growth coming from the car finance and property bridging divisions. Management is cautious about prospects.
Andrew Hore
Quoted Micro 20 March 2023
AQUIS STOCK EXCHANGE
MBH Corporation (LON: MBH) joined the Access segment of the Aquis Stock Exchange on 13 March. The shares have previously been traded on the Frankfurt Stock Exchange and the Dusseldorf Stock Exchange. Trading started on Aquis at 7p (5p/9p) and it stayed at that price all week. There were no trades. MBH has subsidiaries in a wide variety of sectors. They include, education, construction, transport, health, engineering, property, leisure and food.
Capital for Colleagues (CFCP) is investing £1m in A ordinary shares in automotive engineering and manufacturing start-up Morris Commercial, as part of an £8m investment round. The investment is in three tranches with an initial outlay of £500,000. The full investment will be made by the end of 2023. The initial product is the Morris JE electric van, which is based on the design of the Morris J-Type van.
Quantum technology investment company Quantum Exponential Group (QBIT) welcomes the Chancellor of the Exchequer’s plan for quantum technology. There will be investment of £2.5bn over ten years. This should help to increase investor interest in quantum.
Chapel Down Group (CDGP) believes that changes to UK duties are positive, because of the support for English sparkling wine producers. Chapel Down, along with Shepherd Neame (SHEP) have signed a partnership deal with The Boat Race, which happens on 26 March.
Macaulay Capital (MCAP) has taken over the management of the unquoted portfolio of Chelverton Asset Management.
Kasei Holdings (KASH) is still waiting for £350,000 from the February 2023 fundraising. Management hopes that this cash will be received in the next few days.
Coinsilium Group (COIN) is acquiring the advisory business and certain intellectual property assets of Tokenomi for £116,500 in cash and shares. There are four retained Web3 blockchain project clients with a further ten prospective clients. Revenues could be £551,000 over the next 12 months.
IamFire (FIRE) has subscribed a further £200,000 for convertible loan notes in WeShop, taking the total invested to £2.7m. The total amount invested in WeShop is £6.7m and there is the right to subscribe for a further £1.05m of loan notes. The conversion price is 200p. John Lewis and Sports Direct have recently become affiliated to WeShop.
Altona Rare Earths (ANR) has ended trading on Aquis. Trading starts on the standard list on 20 March. Forbes Ventures left Aquis on Friday, although it intends to acquire a litigation financing business and return to the quoted arena.
Silverwood Brands (SLWD) is still experiencing opposition to the transfer of shares in skincare products supplier Lush. Silverwood Brands holds the rights to the shares even if ownership is not registered.
Ananda Developments (ANA) has raised additional subscription funds at 0.3p a share, taking the total to £427,000.
Res Privata NV has sold its 3.83% stake in NFT Investments (NFT). Mark Horrocks has increased his shareholding in Lift Global Ventures (LIFT) from 7.1% to 11%.
EDX Medical (EDX) non-executive chairman Jason Holt bought 400,000 shares at 3025p each. Incanthera (INC) chief executive Dr Simon Ward has subscribed £115,000 for shares at 6.95p each.
Guanajuato Silver Company Ltd (GSVR) has secured a $5m silver and gold pre-payment facility, which replaces the current facility.
Snacks manufacturer S-Ventures (SVEN) says the audit for its figures for the year to September 2022 will last until the end of April, so trading in the shares will be suspended on 3 April.
Essentially Group (ESSN) joined Aquis on 17 March. The brief announcement claims that the prospectus is on the company’s website, but it is impossible to find.
AIM
Hurricane Energy (HUR) has agreed a bid from Prax Exploration & Production, which values the oil and gas producer at up to £249m. There will initially be a 3.32p a share transaction dividend and cash consideration of 0.83p a share, totalling 4.15p a share. There is then a supplementary dividend of 1.87p a share. Shareholders will also receive a deferred consideration unit worth up to 6.48p a share. The deferred consideration is based on 17.5% of future net revenues earned by Hurricane between 1 March 2023 and 31 December 2026. The deferred consideration will be paid twice a year in arrears.
MTI Wireless Edge (MWE) grew revenues of each of its three divisions and two of them made a higher profit contribution. An initial contribution from communication and monitoring systems developer PSK WIND Technologies, offset the loss of Russian distribution business. In 2022, group revenues improved from $43.2m to $46.3m, while underlying pre-tax profit rose from $4.04m to $4.32m. The total dividend is 3 cents a share. Net cash was $8.14m at the end of the year. The profitability of the Antennas division is recovering.
Cloud-based secure payments technology provider PCI-PAL (PCIP) grew interim revenues by one-third to £7.3m. North American growth was particularly strong. Total annualised contract value is £14.7m. The full year loss is likely to be around £2.2m. Legal costs due to the patent dispute meant that net cash fell to £1.9m, but it has risen since December. There should be no problem with the accounts at Silicon Valley Bank.
Digital coupons and loyalty technology provider Eagle Eye (EYE) reported the expected interims and says that full year results will be better than expected. The pre-tax profit forecast has been edged up from £3.5m to £3.8m and the 2023-24 figure has been edged up to £5m. Net cash could reach £5.3m at the end of June 2023. There should not be any problems arising from the Silicon Valley Bank collapse, although there are still cash deposits in the bank.
Verditek (VDTK) has signed an exclusive supply agreement to supply solar panels to building and roofing products supplier Lindab Profil AB. They will be sold in the Nordic and eastern European markets. The exclusivity depends on the sale of panels of 850kw in 2023.
Cordel (CRDL) has won an important contract with Amtrak in the US. The six-and-a-half year contract is valued at $6.7m. There will be $1m recognised in 2022-23 and $2m in 2023-24, with rest coming in the remaining time of the contract. Cordel’s technology will be used to capture and manage data on clearances of surrounding rail infrastructure.
Redx Pharma (REDX) merger partner Jounce Therapeutics has received an unsolicited offer from Concentra Biosciences. Cancer treatments developer Redx Pharma recently announced the merger with Jounce Therapeutics and the AIM company’s shareholders would own 63% of the enlarged group.
Purplebricks (PURP) has received a possible offer from Strike Ltd, although it is not yet part of the formal sale process and has not entered into a non-disclosure agreement.
Reabold Resources (RBD) has been approached by Kamran Sattar on behalf of an affiliate of Portillion Capital which could lead to a bid at a 10% premium to the previous day’s closing price of 0.2035p. The board believes this offer undervalues the oil and gas investment company. It recently sold the Victory gas discovery to Shell and intends to return £4m to shareholders.
Circle Property (CRC) announced a return of capital through a B share issue with a second distribution to follow. The company has nearly completed the sale of its property portfolio. The first distribution of 158p a share (£46.2m) will be on 21 March. A second distribution of 58p a share should be made in April. There will be a much smaller distribution when the final disposal is completed. An incentive payment of £620,000 is being paid to each executive.
Digital mental health company Kooth (KOO) has won a significant contract in California covering 13-25 year olds. Services will be provided to the Behavioural Health Virtual Services Platform, and they will launch in January 2024. Specific terms are still to be finalised, but there should be a material impact on annualised recurring revenues from 2024.
Condor Gold (CNR) is entering the end of the first phase of the process to sell the La India gold project in Nicaragua. There are three formal expressions of interest, including two non-binding offers, with more likely to be received. The project requires $105.5m of investment and has an estimated NPV (5%) of $86.9m.
MAIN MARKET
Structural steel supplier Severfield (SFR) is expanding in Europe through the acquisition of steel fabrication company Voortman Steel Construction Holding for €24m. The Netherlands-based company will provide greater access to the northern European market.
Data integrity and banking integration software provider Gresham Technologies (GHT) is accelerating the growth of its Clareti software. Group revenues grew from £37m to £48.7m in 2022. That was helped by currency movements and a full year contribution from post-trade processing software supplier Electra, but there was still strong organic growth. The fastest growth was in the US. Pre-tax profit improved from £4m to £6.9m. Singers forecasts a 2023 pre-tax profit of £7.4m. with flat earnings due the corporation tax rate rise, increasing to £9.6m next year.
Harwood Capital has increased its stake in RM (RM.) from 8.88% to 10.4%, including 9.18% held by Rockwood Strategic (RKW). Theodore W King’s stake has risen from 7.36% to 8.25%.
Andrew Hore