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Walls and Futures REIT (WAFR) grew revenues by one-third to £136,000 but the ethical housing provider moved from profit to loss. In the year to March 2019, revenues improved from £103,000 to £136,000. The main reason behind the reported loss was a reduction in the gain on revaluation of assets from £198,000 to £145,000. The NAV still increased from £3.25m to £3.31m. These figures were prior to the acquisition of a property in Didcot. There is a pipeline of other potential transactions.
Barkby Group (BARK) has appointed finnCap as its corporate adviser.
Peterhouse has resigned as corporate adviser to Gamfook Jewellery (GAMF) and that follows the resignation of its auditor Crowe and the continued delays to the publication of the accounts for 2018. Peterhouse took over as corporate adviser from Daniel Stewart in March. Gamfook floated in December 2018.
Rutherford Health (RUTH) has opened its latest centre in Reading. The company was previously known as Proton Partners International Ltd.
Henry Lees-Buckley is taking on the chief executive role at Sativa Group (SATI) and Geremy Thomas has moved to deputy chairman.
Injection moulded plastic products Coral Products (CRU) returned to profit in the year to April 2019, although the underlying pre-tax profit only edged up from £568,000 to £580,000 because of a decline in exceptional costs. The second half was not as good as the first half, but cost cutting enabled a recovery at the end of the year. Net debt was £8.2m at the end of April 2019. There is no final dividend following the interim of 0.25p a share. Continuing problems at a major customer could continue to hamper progress. Equipment enabling recycling of plastic products is up and running. New products will be launched later this year, including roof tiles and road highway sound barriers.
International staffing provider Empresaria (EMR) had a tough first half, but despite this the company still expects to maintain its full year profit at £11.4m. Interim net fee income was 7% ahead but underlying pre-tax profit was one-fifth lower at £3.7m. That suggests a much stronger second half even though the German and Japanese businesses remain subdued, although they could start to recover. The diversification of the business in terms of sectors and geographies helps to offset the weakness in parts of the group. New chief executive Rhona Driggs is putting in place a new strategy, which should help next year’s figures.
Adamas Finance Asia Ltd (ADAM) has maintained its NAV at $1.10 a share (88p a share). Investee company Hong Kong Mining Holdings is still on course to restart mining operations and it is acquiring additional land for mining activities. Fook Lam Moon is assessing opportunities to expand its catering operations. The internal fit out for Infinity Capital’s Tellus Niseko project should be completed before the end of September.
MySale Group (MYSL) has raised £11.2m at 2p a share, which is a 58% discount to the market price. There will be £5.5m used to pay down bank facilities. The number of shares in issue is trebled. This follows a strategic review by the retailer, which is refocusing on Australasian operations and the selling down of stock. The cost base will be reduced.
Transport optimisation software and equipment supplier Tracsis (TRCS) grew its cash pile to £24m at the end of July 2019, even after paying around £9m on acquisitions. Pre-tax profit is in line with expectations at £9.4m, up from £8.5m.
Breedon Group (BREE) intends to change its tax domicile from Jersey to the UK. The company will still be incorporated in Jersey. The general meeting to gain approval to change the article of association will be held on 9 September.
Packaging supplier Robinson (RBN) improved gross margins by 12 percentage points to 19.7% in the first half, but that was partly offset by higher overheads. Pre-tax profit improved from £478,000 to £684,000. Net debt was £9.1m. The interim dividend is unchanged at 2.5p a share.
IT services provider Adept4 (AD4) is in talks to acquire CloudCoCo, which was set up by former sales directors of Redcentric. The deal would involve the issue of new shares that would nearly double the number in issue. The Business Growth Fund has agreed to sell £5m of unsecured loan notes to MXC Capital for £3.5m.
Data software and services provider D4T4 (D4T4) says that the figures will be second half weighted this year but not as much as last year.
Science Group (SAG) has increased its stake in Frontier Smart Technologies (FST) by subscribing £1m at 25p a share. This takes the stake to 52.3% (costing £6.9m) and this means that Frontier’s results will be consolidated. A standby facility is also being provided. Frontier’s cost base is being reduced.
Commodity trading and risk management software provider Brady (BRY) expects 2019 revenues to be around one-fifth lower than previous forecasts. That means that revenues are expected to decline from £23.2m in 2018 to £19m and this will lead to a loss of more than £4m.
Three directors have been removed from the board of Management Resource Solutions (MRS) and they have been replaced by John Copley and Robert Wall following a requisitioned general meeting.
Cancer therapies developer Scancell (SCLP) has initiated the UK SCIB1 phase 2 clinical trial for advanced melanoma, where SCIB1 is used in conjunction with the checkpoint inhibitor Pembrolizumab.
The financial director of Maestrano (MNO) has resigned to take up a role in Australia. The software company continues to undertake due diligence on a potential acquisition. An Australian bank client has decided not to go ahead with a new banking platform. There should be enough cash to last into next year.
Cyber security company Osirium Technologies (OSI) has signed up the first customer for its Opus privileged process automation software, plus two customers for the PxM platform. The Opus client is an asset manager that is already a user of PxM.
Cellcast (CLTV) has called a general meeting on 6 September in order to approve the sale of its operations. The company will change its name to Vintana.
BATM (BVC) reported an improved interim profit, but that was due to a one-off unrealised gain after an investment in the Ador diagnostics joint venture. Revenues dipped from $58.2m to $56.2m. The second half performance will be more important. Revenues are expected to grow from $119.6m to $128.5m, with pre-tax profit jumping form $2m to $6.7m. There is further longer-term growth to come from both the biomedical and networking divisions. The recent fundraising means that there is plenty of cash to finance growth.
Argo Blockchain (ARB) is further increasing its capacity and this could make it the largest quoted cryptocurrency miner by next year.
Injection moulding and engineering company Tex Holdings (TXH) says net assets per share have fallen from 168p to 140p after it swung into loss last year. There is no final dividend. The plastics division is trading profitably and orders have improved at the engineering division.
Path Investments (PATH) plans to acquire FineGems Extraction Corporation, which has a 75% stake in a company that holds the Jagoda licence in Zambia. The assets are near to production. They are manganese ore and tourmaline deposits. The acquisition would leave existing shareholders with 50% of the enlarged share capital.
Gold explorer IMC Exploration (IMC) has raised £150,000 at 1p a share and has paid £27,000 of professional fees in shares. The cash will be spent on exploration and geological work on a tailings project in Avoca, County Wicklow.
Dev Clever (DEV) has appointed Novum Securities as joint broker and raised £436,000 at 3.4p a share. The consumer engagement systems company has secured a three-year agreement with Toshiba Global Commerce Solutions, which will offer Dev Clever’s Engage gamification platform and its learning and development platform to retail customers.
This month marks the 22nd anniversary of the launch of NEX Exchange, although it was then originally called Ofex. A number of companies have gone on to bigger things, including Genus, which is in the FTSE250 index and accesso Technology, which is one of the top 50 companies on AIM. Further information can be found at http://www.hubinvest.com/AIMPDFOctober2017_97.pdf
MetalNRG (MNRG) has applied for two cobalt licences at Palomino and north Palomino in Western Australia but a rival has applied for the latter licence. There has also been interest from potential acquirers of this interest. A report has been received about the company’s US cobalt interests and this is being reviewed. A potential uranium project has been brought to the company and it is considering the opportunity.
Indigo Holdings (INGO) has invested £10,000 in 3sootjobs, a job search platform in Iran, giving it a 1.53% stake. Turquoise, which owns 32.1% of Indigo, and related parties, including Indigo directors, own around two-thirds of 3sootjobs.
Ecovista (EVTP) has bought a 80% stake in a company that owns a four bedroom property near Stanstead and it has paid £10,000 for an option on the next door property. The properties cover 1.72 acres.
Parcel delivery company DX (Group (DX.) is raising £24m from an issue of convertible loan notes. The conversion price will be 10p a share and the interest rate 8%. There is potential to issue a further £2m of loan notes. Lloyd Dunn has been appointed as chief executive but he is not on the board. Along with three directors, he is subscribing for £5.25m of loan notes.
Angle (AGL) has further positive indications of the effectiveness of its Parsortix liquid biopsy technology and it has also raised a further £2.8m, taking the total raised at 37.5p a share to £15m. Heinrich Heine University researchers has been able to able to continue to grow circulating tumour cells harvested using a Parsortix device.
Fashion retailer Quiz (QUIZ) performed strongly in the first half and online sales have increased to one-quarter of the total. This was before the launch of a website focused on Spain and there are plans for other international websites. The UK stores grew sales by 15%. Overall revenues were 35% ahead at £56.1m.
Orogen (ORE) is acquiring Thread 35 Ltd and changing its name to Sosandar (SOS), which is the acquisition’s online womenswear brand. The brand was launched on 19 September 2016 by the founders of fashion magazine Look and is aimed at the affluent professional woman. Orogen is paying £6.3m in cash and shares for the acquisition. Ten Orogen shares are being consolidated into one new share. A placing at 15.1p a share will raise £4.8m net to cover the cash portion of the acquisition cost.
Toilet tissue supplier Accrol Group Holdings (ACRL) expects to pay between£550,000 and £2.9m and because of its guilty plea the amount will be discounted by one-third. The figure will be announced early next year. Talks continue with major shareholders and the bank.
Wynnstay Group (WYN) has appointed administrators to Just for pets and 18 of the stores have been sold to PSR Ltd. The other seven have been closed. The loss-making pet products retailer had net assets of £2.2m.
Crop enhancement products supplier Plant Impact (PIM) increased its full year revenues by 17% to £8.5m even though sales in Brazil were disappointing. Higher research and development spending meant that there was a £3m loss. There was £7.2m in the bank at the end of July 2017. Plant Impact is moving into new geographic markets as well as building share in its existing markets.
Motor dealer Vertu Motors (VTU) intends to use some of its cash to buy back up to £3m worth of shares. There was net cash of £20.8m at the end of August 2017. Interim revenues were flat at £1.45bn buy underlying pre-tax profit was 7% higher at £20.9m.
Patrick O’Sullivan, who failed to gain a board seat at Conroy Gold and Natural Resources (CGNR), has reduced his stake in the Irish gold explorer to three million shares (24.6%). Conroy was awarded costs of the court proceedings made by Patrick O’Sullivan and the level is still to be assessed. Conroy has decided to cancel its quotation on the Dublin-based Enterprise Securities Market on 6 November. Conroy will still be quoted on AIM so shareholder approval is not required. Andrea Gonella currently owns less than 3% of Conroy, having owned more than 6% in July. Conroy has raised €240,000 via a €0.30 a share placing and a further €167,000 was raised from warrants taken up by directors Professor Richard Conroy and Maureen Jones.
Digital Barriers (DGB) has decided to sell its video business for up to £27.5m. It will concentrate on its Thruvision people screening business.
InterQuest Group (ITQ) has appointed Allenby as its nominated adviser and Peterhouse as its broker so trading in the shares has recommenced. Chisbridge Ltd ended up with 58.3% of InterQuest after its bid. It still wants to ditch the AIM quotation and it can buy shares in the market in order to increase the stake.
Patient monitoring device developer LiDCO (LID) has gained its first long-term high use programme contract with a US customer but that did not contribute in the first half. In the six months to July 2017, revenues were 4% higher at £3.9m and the loss was £1m. That was due to higher sales and marketing costs without the benefits of higher sales yet showing through.
1Spatial (SPA) has sold its non-core assets so that it can focus on geospatial data. There is particular potential in the US market. Although interim revenues were flat at £12.1m but a greater proportion were from the geospatial business. The operating loss was reduced from £1.9m to £1.2m and the cash outflow in the period was minimal. Claire Milverton has been confirmed as chief executive.
Two graphene-related companies are raising cash. Applied Graphene (AGM) has raised £9m at 36p a share and existing shareholders are being given the chance to subscribe for up to £1m via a one-for-eight open offer. There was £4.7m in the bank at the end of July 2017. The cash is being used to finance joint development activity for the strategic ink programme, which uses 2D inkjet printing to deliver graphene-based inks. Other potential uses are also being explored. Haydale Graphene Industries (HAYD) is raising £10m via a placing and offer at 120p a share, which was a 32% discount to the market price. Haydale recently changed broker to Arden. The cash will be used to provide working capital for existing orders and to develop new uses for graphene, including cookware.
SaaS-based accounting software supplier FreeAgent Holdings (FREE) says that it generated interim revenues of £4.6m, compared with £3.6m. There was a smaller first half loss and had net cash of £3.4m at the end of September 2017.
Top level domain names owner and distributor Minds + Machines (MMX) has received approval from the authorities in China to sell .law, .work, .beer and the Chinese equivalent of .shopping. Four more extensions are going through the approvals progress. So far, revenues from China for .vip have been a significant contributor to group revenues.
A consortium led by former chief executive Peter Earl is in early discussions with Rurelec (RUR) about a bid that could be backed by Rurelec’s joint venture Patagonia Energy Ltd.
An application to enable Redx Pharma (REDX) to get back control of its main subsidiary will be heard on 26 October. If approved, the subsidiary will come out of administration and the suspension of trading in Redx shares could be lifted.
Realm Therapeutics (RLM) has completed the £19.3m placing at 29p a unit (one unit is one share and a warrant for 0.4 of a share). The warrants provide an opportunity to subscribe for a share at 58p each. The initial focus of the cash will be the treatments PR022 for atopic dermatitis and PR013 for allergic conjunctivitis. There are also plans for a phase II trial for the PR023 treatment for acne vulgaris.
PipeHawk (PIP) has sold its 28.4% stake in south east England-based survey practice SUMO Ltd to its own executive chairman Gordon Watt for £197,499. That is the equivalent of the investment in loss-making SUMO and is more than its value in the books.
Dr Cliff Holloway has been appointed as chief executive of Scancell Holdings (SCLP) and he will push forward the immunotherapy platforms being developed by the company. His predecessor Dr Richard Goodfellow is remaining on the board. Scancell had £2.67m in the bank at the end of April 2017, which was less than the cash outflow in the previous 12 months.
Ashanti Gold Corp says that the Anumso gold project, where Goldplat (GDP) is earning up to 75% through a $3m investment in exploration, has broader and new mineralised zones. Soil sampling has produced good results and suggests high gold recovery rates.
Former AIM company Zenith Hygiene has agreed a cash bid from BCPE Diamond UK. The deal values Zenith at £100m, based on its enterprise value, although the final amount depends on performance.
Cash shell J2 Acquisition Ltd (JTWO) commenced trading on the standard list on 10 October, having raised $1.25bn. The shell is seeking a company with a strong market share and proven track record. If an acquisition is not made within two years, shareholder approval will be required for a further 12 months of operation.
Levrett (LVRT) has completed the acquisition of Nuformix Ltd for £12m in shares at 4p each and it has changed its name to Nuformix. A further £2.3m has been raised at 4p a share. Trading will recommence on 16 September.
Sealand Capital Galaxy (SCGL) has signed a memorandum of understanding with AIM-quoted MySQUAR (MYSQ) that will enable the two companies to distribute each other’s mobile games.
Monchhichi (MCC) still intends to follow Pembridge Resources (PERE) from AIM to the standard list but the move has been delayed until mid-November. This will follow shareholder approval for the €10m investment in artificial intelligence, machine learning and behavioural data science company Sentiance and the approval of the prospectus by the UKLA. Sentiance lost more than €2m on revenues of €1.4m in 2016.
WideCells Group (WDC) plans to launch its CellPlan insurance for stem cell treatment in Spain before the end of the year. A partner has been secured for the expansion of stem cell services in the Middle East, north Africa and Asia Pacific. White Apex General Trading will be exclusive strategic partner for three years.