AQUIS STOCK EXCHANGE

All Things Considered (ATC) has raised its stake in Brighton venture Concorde 2 to 80% and acquired the remaining shares in bar services provider JTR Productions for £2.49m and 60% of Brighton venue Volks, which is close to Concorde 2, for £400,000. This broadens the range of music-related services that can be provided by All Things Considered. In 2024, Concorde 2 generated pre-tax profit of £240,000, while JTR Productions made pre-tax profit of £150,000. The initial interest was acquired through Joy Entertainment, previously McKeown Asset, last year.

Marula Mining (MARU) has made the first copper concentrate sales from the Kinusi copper mine in Tanzania. The payment of 90% of the initial estimated value will be made in the coming week. The rest will be paid when specifications for the concentrate have been met.

Invinity Energy Systems (IES) will supply a 10.8MWh of its ENDRIUM flow batteries in Hungary and a 0.9MWh VS3 battery to a US customer. Progress is being made with the LODES project in the UK and grant funding may be recognised this year. OFGEM has published a technical decision document on the long electricity duration storage cap and floor. This will be designed to attract investment, which should be good for Invinity Energy Systems.

Richmond Hill Resources (SHNJ) has signed a letter of intent with Three Mile Beach to acquire mineral exploration licences in Quebec. There is a 60-day exclusivity agreement. The Saint Sophie copper project is located in the Beauce. There have been historic mines and there are also high-grade discoveries.

Gledhow Investments (GDH) reported a reduction in NAV from £1.41m to £989,000 in the year to September 2024. That includes £150,000 in cash and subsequent disposals have increased cash to £220,000.

Oscillate (MUSH) became a hydrogen explorer during the year to November 2024. Net assets were £1.75m, including £1.59m in cash and £158,000 in short term investments.

Peel Hunt has a 13% stake in WeCap (WCAP). Virya Solutions Group has taken a 7.37% stake in ChallengerX (CXS), while Hub Affiliations owns 10%.

There was a 62.2% take up of the One Health Group (OHGR) open offer and it raised £300,000, taking the total fundraising to £7.8m. Trading on AIM will start on 20 March.

ASSET MATCH

Remote Services provider RA International Group (RAI) has joined Asset Match on 11 March. The facility is expected to operate for a minimum of 12 months.

JP JENKINS

Eresos Holdings (ERS) joined JP Jenkins on 11 March. Eresos, which is a village in Lesbos, makes CBD-based cosmetics and nutraceutical products using Greek botanical science. Chief executive Carl Jat was previously part of the management team of Claire’s Accessories and is founder of Wellverse. The accounts of Eresos Holdings, which was formed in March 2023, for the year to May 2024 have not been published on the Companies House website yet.

Gosport-based brewer Powder Monkey Group Ltd (PMGL) joined JP Jenkins on 13 March. The company has acquired a range of brewing brands and hospitality sites in the UK and Australia. Further international acquisitions are planned. NAV was £4.33m at the end of 2023, including £342,000 in cash. Former England rugby union player Steve Thompson is a director of subsidiary Power Monkey Brewing. The company also owns Australia-based Southern Highlands Brewing.

Edison has published research on Studio Stays Hotel Group (SSHG). The recent start-up plans to buy underperforming hotels and encourage a combination of short and long stays. In 2025-26, management believes revenues could be £4.3m, which is enough to be profitable.

AIM

Shares in cash shell Rosebank Industries (ROSE) returned from suspension after it ended discussions with Cerberus Capital about the potential acquisition of critical electrical distribution systems supplier Electrical Components International Inc (ECI). Rosebank Industries says that there was support for the deal from existing and potential new shareholders it has decided not to go ahead with the deal because of stockmarket volatility.

Cakes retailer Cake Box (CBOX) is buying Indian sweets maker Ambala Foods from the executors of the founder for £22m. This includes the freehold of the Ambala facility. Ambala is a profitable business and Cake Box has identified £1m of annual cost savings. This includes head office and distribution efficiencies. Ambala has its own outlets, and the sweets could be sold via Cake Box stores. There is also scope for increasing online sales. Cake Box raised £7m through a placing at 180p/share and a retail offer could raise up to £200,000 more. The rest of the purchase price will come from debt. Panmure Liberum believes the acquisition could add £1.1m to pre-tax profit in 2025-26. This will enhance earnings by 5%.

US-based government relations and public affairs services provider Public Policy Holding Company Inc (PPHC) continues to grow via a combination of organic and acquisitive growth. In 2024, revenues rose 11% to $149.6m with organic growth of 3%. Underlying pre-tax profit edged up to $34.3m. Net debt was $17.5m, but this will rise when the acquisition of TrailRunner is completed at the beginning of April. The dividend was cut from 14.3 cents/share to 9.4 cents/share to preserve cash. Last year, the company made its first UK acquisition and TrailRunner further increases exposure outside of the US. The latest deal is earnings enhancing and 2025 pre-tax profit is forecast to be $41.8m.

Hornby (HRN) is the latest company to want to leave AIM. Phoenix Asset Management investment company Castelnau owns 54.9% of the hobby products supplier and other shareholders take the total in favour to more than 70%, so the departure is almost certain to be approved at a general meeting. Liquidity is limited and annual costs of £400,000 will be saved. JP Jenkins will provide a matched bargain facility. There is also an exchange facility where Hornby shares can be swapped for shares in fully listed investment company Castelnau at the equivalent of 19.3p/share to retain an indirect interest in Hornby.

Respiratory treatments developer Synairgen (SNG) is asking for shareholder approval to leave AIM less than two months after TFG Asset Management subscribed £18m at 2p/share. A related fundraising did not reach the minimum to scale back the investment by TFG. The general meeting is on 28 March and the cancellation is expected on 9 April.

Concrete levelling equipment supplier Somero Enterprises (SOM) reported a decline in revenues and profit in 2024, but that masks an improved second half. In 2024, revenues fell from £120.7m to £109.2m, which is well below the 2022 figure of $133.6m. Pre-tax profit dipped from $34.5m to $25.4m and that led to a decline in the dividend to 16.9 cents/share, which is twice covered by earnings as is normal. The excess cash enabled an additional special dividend of 4.1 cents/share. Net cash was $29.5m at the end of 2024. There remains uncertainty in the core US market because of labour shortages and concerns about the economy and the possible effect of tariffs. A flat pre-tax profit is forecast for 2025.

Ground engineering contractor Van Elle (LON: VANL) says the Building Safety Act id delaying approvals of residential projects and there are also delays in the Canadian subsidiary’s rail work. The future of the Canadian business is being considered. The construction market remains difficult with residential particularly weak. Zeus has reduced its 2024-25 pre-tax profit forecast by one-third to £4m, while next year’s forecast has been reduced from £7.6m to £7m.

Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.

Distil (DIS) shares have recovered some of the loss sustained following yesterday’s trading statement. The drinks brands owner expects to improve fourth quarter revenues by one-third, but full year revenue is expected to fall to 31% to £1.1m. Trading remains difficult. Management believes that the switch of UK distributor to Global Brands will help to return the business to growth. Costs are being reduced and strategic options assessed – but not including an offer for the company. There will be a need for more cash by September.

Developer of kinase inhibitors for autoimmune disease and cancer treatments Sareum (SAR) raised £1.07m at 1.25p/share. This follows the acquisition of the licence for SRA737, which targets cancer cell replication and DNA damage repair mechanisms, following its return to the CRT Pioneer Fund by a US biopharma company. The deal includes an increase in Sareum’s share of future revenues to a net 63.5%, from 27.5%. In the short-term, the ongoing costs will be limited to data storage and IP management.

SIMEC Atlantis Energy (SAE) has been awarded a capacity contract for the AW1 120MW BESS project at Uskmouth in Wales. It will receive £60/KWh for 15 years in return for a reliable source of electricity supply. This will help to secure funding for the project.

Kingswood Holdings (KWG) has received a bid offer of 7p/share from HSQ Investments, which already owns 68.4% of the wealth management firm and it is in talks to buy the 21% stake of KPI (Nominees). There is a lack of liquidity in the shares. Kingswood’s growth HSQ has also provided additional loans to Kingswood in the past year, taking gross debt to £90.7m. The Kingswood independent directors “would be minded to recommend” the potential offer.

Dekel Agri-Vision (DKL) says February crude palm oil production was 6% lower at 3,527 tonnes as better extraction rates only partially offset the reduced crop. Year-on-year sales volumes rose 28.5% because of the timing of sales. The average sales price was €950/tonne, which is well above the average price assumption of €775/tonne for 2025. Palm kernel oil production rose, and the average price jumped 54.4% compared with one year ago. Raw cashew nut purchasing has started, and production rates are increasing. Quarterly data will be published next month.

Savannah Energy (SAVE) has completed the acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria, which gives it 100% of the Stubb Creek oil and gas field. This produces 2,700 barrels of oil equivalent/day and there are plans to increase production. The Stubb Creek field petroleum mining lease lasts until 2043.

Empire Metals (EEE) has reported positive test results and delivered a product which assayed at 91.6% TiO2. Purification and product finishing steps have been optimised. There are limited levels of deleterious elements. Larger scale test work will be undertaken.

NWF (NWF) has acquired Northern Energy Oil, which distributes 42 million litres of oil annually from five sites in north east England. This will cost a total of £8.3m and increase NWF’s volumes by 6%. Last year’s revenues were £35.1m and underlying pre-tax profit was £700,000.

In the six months to December 2024, Optimer binders developer Aptamer (APTA) increased revenues from £298,000 to £653,000, while the loss was reduced from £1.9m to £1.2m. The cash outflow was £1.3m. Net cash is £1.95m. Fee for service revenues have risen and progress has also been made with programmes that could lead to licencing deals. Unilever is starting human skin trials for deodorant using Aptamer’s ingredient.

Electric Guitar (ELEG) proposes a company voluntary arrangement and a subscription to raise £300,000 at 0.24p/share, plus £55,000 from heavily discounted convertible loan notes. The nominal value of the shares will be reduced to 0.01p so that new shares can be issued. The business has been sold. Debts are currently nearly total £1.4m. The debts would be converted into 236.8 million shares. The CVA requires £115,000 of cash to be contributed from the subscription. The CVA has to be approved by creditors.

MAIN MARKET

Thalassa (THAL) has taken a 21.3% stake in AIM-quoted Newmark Security (NWT). It also has a 5.21% shareholding in US-based Encision Inc.

LMS Capital (LMS) plans a managed realisation of its assets because of the discount to NAV and lack of liquidity. An initial capital distribution is promised, but the realisation could take years.

First Tin (1SN) has been awarded two new exploration licences near its Taronga tin project in Australia.

BSF Enterprise (BSFA) is progressing the commercialisation of its lab-grown leather. Collaborations will help to assess potential opportunities. There is a separate subsidiary called Lab-grown Leather Ltd, which could attract outside investment.

Bitcoin miner Vinanz (BTC) is considering a dual listing on Nasdaq. The company is relatively small for a Nasdaq listing.

Pyx Resources (PYX) reported more than halved revenues of $11m in 2024. The loss was reduced from $10.5m to $4.1m. Net cash was $5m.

Georgina Exploration (GEX) says staff has returned to the EP513 Hussar helium and hydrogen prospect in Australia to complete the environmental study and heritage reports. The reports should be completed in May. This will enhance the future field development.

Andrew Hore