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Andrew Hore – Quoted Micro 9 August 2021

AQUIS STOCK EXCHANGE

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.

AIM

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.

MAIN MARKET

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.

Andrew Hore

Andrew Hore – Quoted Micro 8 February 2021

AQUIS STOCK EXCHANGE

Clinical IT developer DXS International (DXSP) is encouraged by the initial results from pilots of the ExpertCare system designed to analyse the electronic records of people with hypertension. DXS is awaiting NHS accreditation.

World High Life (LIFE) has appointed Tony Calamita as chief executive. He is a founder of Love Hemp, whose vendors will receive deferred consideration of £2m in shares at 1.5p each. Calamita will hold a 13.5% stake. The company has raised £467,000 at 1p a share.

Juliet Davenport is stepping down as chief executive of Good Energy (GOOD) but will continue as a non-executive. Good Energy company Zap-Map has signed up ESB Energy to its Zap-Pay electric vehicle charging payment service.

Capital For Colleagues (CFCP) has sold its investment in civil engineering materials distributor Civils Store for £1m, which represents a profit of 150% on a £400,000 investment. The initial £500,000 will be received on 15 February and the rest by the end of July.

EPE Special Opportunities (ESO) increased its NAV by 38% to 437.63p a share during the year to January 2021. EPE raised £10m from the sale of LED lighting company Luceco (LUCE) shares and retains a 24.9% stake.

Belvedere Leisure (BELV) reported a loss of £499,000 for the year to June 2020. There were the costs of the flotation of the corporate bonds.

Rutherford Health (RUTH) has approval to treat patients at its North West cancer centre. The first patients should be treated in 2022.

Tectonic Gold (TTAU) has been promoted to the Apex segment of the AQSE Growth Market.

Eastinco Mining (EM.P) has appointed Novum Securities as its corporate adviser.

AIM

A higher interim profit contribution from fuels partly offset lower contributions from the rest of the NWF (NWF) businesses. Group revenues fell from £348.9m to £309.4m, while underlying pre-tax profit declined from £3m to £2.5m. The main decline was in food distribution where volatile demand hampered profitability. The cold weather will boost demand for heating oil in the second half.

Document management services provider IDOX (IDOX) improved revenues from £65.5m to £68m and pre-tax profit from £7.7m to £10.5m. There is further potential to improve margins. The order book at the end of October was £15.9m. Having sorted out the business, management is considering returning to the acquisition trail.

Mattioli Woods (MTW) is paying up to £2.34m for wealth management adviser Montagu. There are £80m of assets under advice.

STM Group (STM) expects to report a £2m pre-tax profit on revenues of £24m in 2020. There was net cash of £15.5m. Therese Neish is stepping down as finance director.

BlueRock Diamonds (LON: BRD) has revealed a significantly increased resource at the Kareevlei diamond mine in South Africa. There was a 49% increase in resource to 10.4 million net tonnes and a 53% increase in net carats to 516,200. The overall grade has edged up to 5 carats per tonne. There was 19% of the resource upgraded to indicated resources. BlueRock plans to mine one million tonnes per annum.

Strong first half trading at parcel and freight delivery company DX (DX.) has prompted finnCap to increase its forecast pre-tax profit for the year to June 2021 by £2m to £8.7m. The business continues to recover with profitability building up in the freight division.

Open Orphan (ORPH) has opened a new challenge study quarantine facility across the road from its existing centre in east London, which is already booked up for this year. This adds a further 19 beds.

Compliance and energy saving services provider Sureserve (SUR) has doubled its dividend to 1p a share. Less traffic on the road during the original lockdown helped to improve efficiency and margins. Shore has increased its 2020-21 pre-tax profit forecast by 16% from £9.4m to £11.9m.

Lexington Gold (LEX) has received environmental approvals for drilling at the JKL project in the US. Drilling should commence later in February. Pure Ice Ltd has increased its stake from 14.3% to 15.1%.

Advanced surface coatings provider Hardide (HDD) has raised £790,000 at 30.9p a share and secured a CBILS loan of £250,000. This will boost the cash position while the company waits for delayed work to come through.

Seeing Machines (SEE) says interim revenues will improve by 15% to A$18.1m. The driver safety systems developer’s annualised recurring revenues are A$15.5m.

Real-time software provider Checkit (CKT) has acquired its US distributor Tutela Monitoring Systems for £850,000.

Lok’nStore (LOK) acquired its Chichester self-storage site has been acquired for £4.2m, with the cash outflow offset by the £1.5m disposal of the Wolverhampton freehold and £1.7m sale of the vacant Southampton site – around £300,000 lower than book value. Contracts have been exchanged for a new site in Staines. Self-storage has proved to be resilient during Covid-19 lockdowns. Occupancy rates are rising, and prices have been stable at Lok’nStore.

Filtronic (FTC) made a small first half loss but the outlook for the full year is better. New defence contracts and increasing 5G-related demand will help the second half and the defence orders are at higher margins. Full year revenues are set to fall but pre-tax profit could treble to £300,000. Capex requirements are low so the business should be cash generative.

Bacanora Lithium (BCN) has raised £48.1m from a placing and retail offer at 45p a share. Ganfeng has also subscribed for £24m worth of shares. This will finance the development of the Sonora lithium project. It will pay for the 50% share of the cost of bringing stage one into production.

Evgen Pharma (EVG) has launched a placing and open offer to raise up to £11m at 8p a share. This will fund preclinical work on metastatic breast cancer and two other potential treatments, including glioma where there could be a clinical trial. The cash should last until the middle of 2023.

MAIN MARKET

Thalassa Holdings (THAL) is making a £2.5m investment in London Medical Laboratory. Thalassa will lend the company £2.5m to finance the opening of a phlebotomy clinic and increase capacity at existing facilities. The loan would be converted into shares if London Medical Laboratory floats on AIM. Thalassa also has warrants to subscribe for an 8% stake in the fully diluted share capital.

French Connection (FCCN) says Spotlight Brands and Go Global Retail are potential bidders for the clothing retailer.

Personal products supplier InnovaDerma (IDP) has rebuffed an all-share offer from Creighton (CRL) although the potential bidder is still interested in making an offer and has sent a letter to InnovaDerma. This suggests an offer of two share for every three InnovaDerma shares, which is equivalent to around 44p a share.

BATM Advanced Communications (BVC) says full year revenues were at least $180m, which is 45% ahead of the previous year. The diagnostics business is the main impetus behind the growth.

Argo Blockchain (ARB) has taken a 25% stake in Pluto Digital Assets. This cost £1m at 3p a share and there are also warrants exercisable at 6p a share. Pluto is a crypto venture capital and technology company.

Andrew Hore

Andrew Hore – Quoted Micro 26 October 2020

AQUIS STOCK EXCHANGE

Truspine Technologies (TSP) says that the latest tests of Cervi-Lok, which is a spinal stabilisation device, have been positive. The tests used a computer-generated model and it showed that Cervi-Lok had a reduction in range of motion that was better than existing screw-based fixation systems. FDA clearance is expected early next year.

Vulcan Industries (VULC) is acquiring the business and assets of Romar Process Engineering for £550,000 in cash and shares. Romar is a metal fabrication business and in the nine-months to July 2020 it made a pre-tax profit of £202,000 on revenues of £732,000. The group will be able to undertake larger contracts and some production will be transferred to the Romar facility. The exclusivity period for the proposed acquisition of E Lowe has been extended.

Early Equity (EEQP) has bought a 1% stake in Lotto Studios for £50,000. Lotto licences entertainment and sports brands for lottery and casino games. Early Equity believes that it can help with opportunities in Asia.

Gunsynd (GUN) has sold its 600,000 shares in Bunker Hill Mining raising £164,000. The investment company has reinvested £146,000 in Empress Royalty Corp.

Graham Lyon has stepped down as non-executive chairman and Majken Korsgaard has resigned as non-executive director of SulNOx Group (SNOX) and this means that trading in the shares has been suspended because there is no independent director. Nicholas Nelson has been reappointed as a director. Shipleys has resigned as auditor. Resolutions allowing the company to issue more shares were not passed at the AGM.

Tectonic Gold (TTAU) says that it is progressing towards drilling at the Specimen Hill prospect in Queensland. Samples have returned assays of more than 3.5g/t gold and more than 45g/t silver.

Chairman Robert Sutcliffe has been buying shares in DXS International (DXSP).

Rural Broadband Solutions (RBBS) has started trading following the reverse takeover of Secure Web Services by SAPO. Chris Akers has a 3.29% stake.

Shares in Coinsilium Group Ltd (COIN) have started trading on OTCQB Venture Market in the US.

AIM

Vianet (VNET) says that interim trading was ahead of Covid-19 revised expectations. There has been a month-on-month improvement in cash and profit during the period. New restrictions on hospitality outlets could hamper progress. The interims will be published on 8 December.

Full year figures from Tristel (TSTL) were slightly better than anticipated. The disinfection products supplier increased revenues by 21% to £31.7m and a 27% rise in underlying pre-tax profit to £7.1m. Profit growth will be held back this year by additional investment in the US, where there should be positive news about FDA approval of products.

C4X Discovery (C4XD) has raised £15m at 14p a share. This has nearly doubled the number of shares in issue. The cash will provide a strong financial position for C4X when it is negotiating with potential partners and strategic collaborators. It will also fund the development of potential drugs. that The cash should last for at least 12 months. Indivior has started a phase I clinical trial for C4X_3256 for the treatment of opioid dependence. The trial will last until the end of the year and there will be data in 2021.

Judges Scientific (JDG) is acquiring Korvus Technology, which supplies vapour deposition systems, for an initial £2.64m. This has sparked a small upgrade to the 2021 pre-tax profit forecast taking it to £15.2m.

Gold recovery services company Goldplat (GDP) has increased profit from activities in South Africa and Ghana. The sale of the Kilmapesa mine should be completed by December.

Rare books supplier Scholium (SCH) made a small interim loss. Shapero Rare Books increased its online activity. There will be annual savings of more than £100,000 from moving to new premises.

Orchard Funding (ORCH) has decided to withdraw its application for a banking licence.

Seeing Machines (SEE) has signed a memorandum of understanding with L3 Harris Technologies that could take the company’s computer vision technology into the flight simulator market.

Immunodiagnostic Systems Holdings (IDH) released its normal interim trading statement at 4.35pm on Friday. Covid-19-related sales are still small.

MAIN MARKET

Strong third quarter trading has helped LED lighting and wiring accessories supplier Luceco (LUCE) to increase its guidance for full year operating profit from £23m to between £28m and £30m.

Contango Holdings (CGO) has raised £1.8m at 5p a share and acquired the Garalo gold project in southern Mali for $1m, with $100,000 paid and the rest due in February. The rest of the cash will finance the development of the project so that gold production can start before the end of 2021. Capital costs of $1.2m are expected with further finance of $4m being sought to build up production. Target production is 30,000 ounces per year. The non-independent resource is 320,000 ounces of gold at an average grade of 1.5g/t. Costs should be less than $1,000/ounce.

Aircraft lessor Avation (AVAP) increased revenues by 14% to $135.3m and there was a full year pre-tax profit of $14.6m after a net impairment charge. Mitigating lender agreements have been made with clients.

Edale Capital has sent a requisition notice to InnovaDerma (IDP) in order to force an AGM re-election vote for two existing directors and to propose a new director.

Property investor Town Centre Securities (TOWN) says that it collected 75% of rents in the latest quarter with 10% deferred. Since June, £41.2m has been raised from retail property disposals.

Andrew Hore

Andrew Hore – Quoted Micro 19 October 2020

AQUIS STOCK EXCHANGE

Arbuthnot Banking (ARBB) remains profitable and loan balances have increased by 3% to £1.6bn. Deposit balances are 14% higher at £2.23bn. Assets under management are 4% ahead.

Wine maker Chapel Down (CDGP) has produced a better quality harvest than 2018 and yields are better than expected. More wine can be released for sale next year.

A general meeting has been requisitioned at SulNOx Group (SNOX) by three shareholders. They want to remove the entire board and appoint four new directors.

KR1 (KR1) has generated just over $1m from the sale of tokens in the Polkadot project at $5.12 each. That is a small proportion of the stake and KR1 still owns more than 3.5 million tokens.

NQ Minerals (NQMI) continues to increase production at the Hellyer mine. In the third quarter lead concentrate production was 11,865 tonnes and zinc concentrate production was 4,585 tonnes. Production rates are still increasing.

Wishbone Gold (WSBN) reported a reduction in interim revenues from $6.56m to $3.64m. There was a $224,000 outflow from operations.

Altona Energy (ANR) has extended its fundraising until 11 November. The plan is to raise up to £500,000 at 6.5p a share.

Trading has been suspended in the shares of medicinal cannabis company Freyherr International (FRYR) because trading has been difficult, and the auditing of last year’s accounts has not been completed.

VI Mining (VIM) is asking shareholders to approve of the withdrawal from the Aquis Stock Exchange.

Eastinco Mining (EM.P) has published full year and interim figures. The company remains loss-making. There was £173,000 in the bank at the end of June 2020.

TechFinancials (TECH) is stopping the development of its Footies ticketing technology because of the uncertainty surrounding events. It has also ended its investment in Cedex due to lack of cash. All B2B brokerage technology activities will end at the beginning of November. New opportunities are being assessed.

AIM

Synairgen (SNG) is raising up to £87m via a placing and open offer at 175p a share. This will finance a phase III trial for SNG001 for the treatment of Covid-19. That will start before the end of the year. Results are expected in the middle of next year. Synairgen will also invest in scaling up its manufacturing.          

More good news from Touchstone Exploration (TXP) which has made another significant gas discovery in Trinidad. The Chinook-1 discovery is the third in a row. This means that Touchstone should be highly cash generative next year enabling it to fund more exploration.

LiDCO (LID) had already outlined its interim figures in a trading statement so the move into profit thanks to high monitor sales to the NHS was not a surprise. There is likely to be a second half loss, but the heart monitoring equipment supplier will still be profitable for the full year. There have been delays in winning hup recurring revenue contracts, but these revenues have reached an annual rate of £3m. There was £3.1m in the bank at the end of July 2020.

BlueRock Diamonds (BRD) increased production in the third quarter from 3,973 carats one year ago to 5,577 carats. Sales were much lower at 3,803 carats because there was one sale during the quarter. The average price realised has fallen from $432/carat to $330/carat. That was expected due to the change in mix of stones with only one high value stone sold during the period. An updated resource estimate is expected in the near future. BlueRock is hosting a shareholder conference call at 7pm on 22 October. Anyone wanting to participate should go to www.facebook.com/valuethemarkets or www.twitter.com/valuethemarkets.

SkinBioTherapeutics (SBTX) is raising money to accelerate the progress of AxisBiotix, which is involved in the development of food supplements for psoriasis treatment. This could be generating revenues in the year to June 2022. A placing at 16p a share raised £4m with up to £500,000 to come from an open offer at the same price. Some cash will be available to fund development of other microbiome-related products. This cash should last until the end of 2022.

Billing and customer relationship management software provider Cerillion (LSE:CER) says that its year-end order book is at a record level and the full year figures will be slightly better than expected.

ThinkSmart (TSL) is returning A$6.5m of cash to shareholders. There will be a 4.575 cents a share capital reduction and a 1.525 cents a share unfranked dividend. ThinkSmart has around £10m in the bank. The current exchange rate is 55p for each A$1. The distribution is worth £3.6m, so around one-third of the available cash.

Seeing Machines (SEE) is increasing its potential market by developing its driver monitoring system into vehicle occupant monitoring system. This is an additional revenue opportunity of A$350m.

Angling Direct (ANG) managed to stay profitable in the first half as online sales helped to offset the closure of retail sites in the period. The fishing products retailer has a strong balance sheet and shop sales bounced back after reopening. A pre-tax profit of £400,000 is forecast for the full year, rising to £1.5m next year.

Netcall (NET) is acquiring robotic process automation technology company Automagica in order to enhance its contact centre products. Automagica has its own technology. Netcall’s full year revenues increased from £22.9m to £25.1m, while pre-tax profit increased from £1.3m to £1.8m. Margins are improving.

MAIN MARKET

Motor dealer Lookers (LOOK) says third quarter trading was better than expected. New and used car volumes increased by 13.6% compared with the same period the previous year. Lookers has outperformed the market. Aftersales revenues were also higher. Net debt was £22.5m at the end of September 2020.  

Electronic products supplier DiscoverIE (DSCV) says that first half sales fell by 6%, but orders were ahead of sales in September. A dividend will be announced with the interims in November.

Construction and infrastructure firm nmcn (NMCN) has reviewed major contracts and this will lead to a loss this year. The main problem has been water contracts and some of the charges may relate to other periods. This follows the departure of the chief executive and finance director.

Nanoco (NANO) has a cash outflow to £300,000 a month. There is net cash of £5.2m and that should last until July 2022.  The non-cadmium quantum dots technology developer lost £4.9m in the year to July 2020.

Andrew Hore

Andrew Hore – Quoted Micro 7 September 2020

AQUIS STOCK EXCHANGE

Daniel Thwaites (THW) had net debt of £65.4m at the end of March 2020 and this increased to £71.8m at the end of June following the closure of the company’s pubs and hotels. There is £12m of headroom in the current facilities but management is considering increasing the borrowing facilities. The sites were reopened on 4 July or shortly after. There has been steady growth in sales.

Altona Energy (ANR) has signed heads of agreement to acquire up to 75% of the Chambre rare earth project in southern Malawi. There is a backlog of exploration licence applications following recent elections. The trading suspension will end when new funds are raised. A funding will be launched via investment platform www.NRPrivateMarket.com once an exploration licence is granted in Malawi or heads of agreements are signed for another deal.

SulNOx Group (SNOX) has received a requisition from two shareholders (James Redman Jr and Sungold Escrow Nominees Ltd) for a general meeting. They own more than 5% of the company. A date for the general meeting has to be announced within three weeks.

European Lithium (EUR) has appointed Kimon Gkomozias to the board as part of its strategic agreement with EV technology metals project developer Talaxis. He will help European Lithium obtain funding. A placing is planned to raise $2m at 4.5 cents a share.

Cadence Minerals (KDNC) has obtained agreement in principle for the bank creditor settlement relating to the Amapa iron ore project.

EPE Special Opportunities (ESO) has made a £1.9m investment in Atlantic Credit Opportunities Fund (ACOF), a distressed credit fund. EPE’s investment advisor Epic Private Equity intends to acquire a controlling stake in Atlantic Capital Management, which manages ACOF.

Forbes Ventures (FOR) has set up Forbes Ventures Cell 1 Ltd to acquire UK-issued litigation funding loans. The rights to these loans will be assigned to and securitised by Malta-based Forbes Ventures CC1, which is planning to raise money via a bond issue. A Forbes subsidiary will receive a fee of 2% of the funds raised.

World High Life (LIFE) is assessing investment targets in the medicinal cannabis sector. This includes areas such as synthetic cannabinoids.  

Trading in the shares of Sativa Group (SATI) has been suspended while Stillcanna awaits the approval of the Canadian Stock Exchange for the takeover of Sativa. The enlarged group plans to gain readmission to the Acquis Stock Exchange as Sativa Wellness Group Inc.  

Alfred Henry Corporate Finance has been appointed as Eastinco Mining and Exploration (EM.P) corporate adviser.

Sumner Group Health Ltd (SGRL) has confirmed its withdrawal from the market on 8 September.

AIM

Capital equipment supplier Mpac (MPAC) has continued to secure orders even with the disruption caused by COVID-19. Interim revenues fell by one-fifth to £36.6m, but services revenues continue to grow. Underlying pre-tax profit fell from £4.5m to £2.5m. The order book is worth £45.4m. Net cash was £22.5m at the end of June 2020. Full year pre-tax profit is expected to fall from £7.5m to £5.2m.

CyanConnode (CYAN) was hit by delays to contracts in the 15 months to March 2020, but it appears to have a strong base for the current financial year. The smart meter technology developer is still losing money, but it has shown that it can manage its cash effectively by gaining advance payments on orders. Net cash was £1.2m at the end of March 2020.

Mattress supplier eve Sleep (EVE) says current trading is ahead of expectations and the full year loss is expected to be slightly lower than previously. Net cash of £5m is forecast for the end of 2020.

Cake Box (CBOX) has made a strong start to the new financial year. The franchised retailer of egg-free cakes is even offering a special dividend of 3.2p a share. Equity Development forecasts a rise in earnings per share from 7.8p a share to 9p a share in the year to March 2021.

7Digital (7DIG) has raised £6m at 2.25p a share, having sought a minimum of £5m. The streaming technology developer will be able to take advantage of opportunities in areas such as home fitness and social media.

Musical instruments retailer Gear4Music (G4M) has continued its sales momentum in the new financial year. There will be an interim trading statement on 22 October.

Driver monitoring systems developer Seeing Machines (SEE) has unveiled a new product strategy. This involves a focus on a chip whose performance is optimised by a neural processing unit called Occula. It will be made easier for automotive clients to integrate this technology. There are also plans to licence the Occula technology.

Nostra Tera Oil and Gas (NTOG) is acquiring a 100% working interest in the Caballos Creek oil field in Texas, which has an economic life of between 16 and 32 years. The cost is $425,000 and there should be a two-year payback. There are proved reserves of 92,100 (69,300 net) barrels of oil equivalent. Current production is 30 (22 net of royalties) barrels of oil per day, which increases Nostra Terra’s production by 25%.

Matthew Freud increased his stake in Reach4Entertainment (R4E) to 19.99% before trading on AIM ended.

Omega Diagnostics (ODX) has CE-marked Mologic’s lateral flow antibody test for COVID-19, which picks up infection at an earlier stage than most tests.  

Allergy Therapeutics (AGY) has in-licensed the virus-like particle vaccine technology from Saiba and DeepVax for use in solid tumours, atopic dermatitis, asthma and psoriasis. This broadens the scope of the group, but it continues to focus on allergy treatments.

MAIN MARKET

Consumer products supplier Creightons (CRL) increased full year revenues by 9% to £47.8m, while an improved profit margin meant that pre-tax profit increased from £2.87m to £3.55m. A final dividend of 0.5p a share is proposed.  

Papillon Holdings (PPHP) has signed heads of agreement to acquire gold assets in Africa. It plans to acquire 100% of Kilmapesa in Kenya and 70% of the Kakamoeka gold project in Congo Brazzaville. They could provide near-term gold production.  

Andrew Hore

Andrew Hore – Quoted Micro 13 July 2020

AQUIS STOCK EXCHANGE

Capital for Colleagues (CFCP) has sold its investment in builder’s merchant Merkko Group for double the original investment. The cash consideration for the redemption of the non-voting stake is £400,000. Capital for Colleagues has reinvested £150,000 for a 10% stake in Merkko. The rest of the cash can be reinvested in other companies.

Coinsilium Group Ltd (COIN) is forming a 50/50 Singapore joint venture with blockchain protocol company IOV Labs, which will finance the venture with a loan. IOV owns 6.94% of Coinsilium. A strategic review is commencing a strategic review because there will be a focus on the new joint venture.

In the second quarter, the Hellyer gold mine owned by NQ Minerals (NQMI) produced 1,223 ounces of gold, 229,947 ounces of silver, 8,762 tonnes of lead concentrate and 4,241 tonnes of zinc concentrate. More gold and lead were produced than in the previous quarter, but less silver and zinc. Investment in plant means production should increase in the third quarter. NQ has raised £917,000 at 6.5p a share and this will help to finance the reopening of the Beaconsfield gold mine in Tasmania.

Cannabis-based products supplier Sativa Group (SATI) achieved record trading in June. This includes sales of the company’s hand sanitiser.

Fellow cannabis-focused company Freyherr International Group (FRYR) is changing its year end to 30 June. The next results will be for 18 months to June 2020. Luka Freyer and Tomaz Frelih have stepped down from the board and Ervin Kovac has joined the board and becomes general manager of the Slovenian operations. The Ljubljana office has been closed as part of overhead reductions. The mortgage on the Koper facility has been extended and the interest rate reduced to 5% a year.

World High Life (LIFE) has issued 12.7 million shares at 9p each to pay director and adviser fees and 3.45 million shares at the same price in lieu of debt repayments. A further 7.18 million shares will be issued on conversion of £666,666 of debentures, plus interest of £46,393. CBD-brand Love Hemp has been awarded ISO certification.

Gunsynd (GUN) has raised £469,000 at 0.65p a share. Every three new shares come with a warrant exercisable at 1.3p a share. MiLOC Group (ML.P) is raising £1.1m at 28.5p a share through a placing with BWB International. Recently floated engineering consolidator Vulcan Industries (VULC) has raised an additional £71,000 at 4.5p a share. The original placing was at 3p a share.

At the end of June 2020, EPE Special Opportunities Ltd (ESO) had a NAV of 265.3p a share.

AIM

Management consultancy Elixirr International (ELIX) joined AIM last week. The share price has fallen from the placing level of 217p to 204.5p. The shares are trading on just over 13 times prospective 2020 earnings. The forecast dividend is 2.2p a share.

Seeing Machines (SEE) is set to be a beneficiary of legislation that will go to the Senate in the US that will make driver monitoring systems (DMS) compulsory in cars and trucks sold in the US from 2024. This is part of a more wide-ranging act relating to vehicle safety. There is similar legislation in Europe, although there will be delays in it coming into force due to COVID-19. That should not have too much of a negative effect on Seeing Machines.

Trading at Tracsis (TRCS) was not as badly affected by COVID-19 as it feared. There will be a £10m reduction in full year revenues to around £46m. The traffic and data services business has been hit by the lack of summer events. The rail software business has traded well and there is a pipeline of potential new contracts. There is still £16m in the bank even after paying an initial £12.5m for smart ticketing firm iBlocks.

DBAY Advisors has bought more shares in in Wynnstay Group (WYN) and the stake is 6.12%.

Energy procurement consultancy Inspired Energy (INSE) is raising up to £35m through a placing and two-for-43 open offer at 15p a share. The purchase of the 60% of Ignite Energy that Inspired does not won will cost £11m with contingent consideration of £19m payable in cash and shares. There are plans for further acquisitions.

e-therapeutics (ETX) has raised just over £11m from a share issue at 12p a share, including £750,000 raised via PrimaryBid. This was a 31% discount to the market price. The cash will be used to develop the company’s informatics platform and RNAi technology. Additional staff will be taken on.

Burford Capital (BUR) has filed a registration statement with the SEC ahead of a US listing. There are no plans for a share issue.

Genedrive (GDR) says that full year revenues were 31m and it had cash of £8.2m at the end of June 2020. The molecular diagnostics company says there are 31m in indicative orders for its COVID-19 test.

MAIN MARKET

Viaro Energy has bid 1850p a share for RockRose Energy (RRE) and acceptances have already reached 36.8%. The bid values RockRose at £247.6m. At the beginning of 2016, RockRose floated at 50p a share intending to acquire oil and gas assets.

Telecoms services provider Toople (TOOP) increased full year revenues by 39% to £1.5m and gross margins improved. The cash outflow from operations was £924,000 and there was £1m in cash at the end of March 2020. This year is important because there will be a full contribution from DMSL plus cost savings that could be more than £1m. Chief executive Andy Hollingworth bought 10.6 million shares at 0.0944p each. He owns 38.8 million shares.

Baskerville Capital (BASK) has increased its stake in Oberon Investments, the owner of fund manager MD Barnard, to 10.13% and expects to buy the company by the end of the third quarter. Oberon has acquired Hanson Asset Management, and this takes assets under management to more than £300m. Baskerville may move to the Aquis Stock Exchange after the deal is completed.

Packaging supplier Macfarlane (MACF) says interim revenues were 3% lower following a tough second quarter when revenues fell 7%. Macfarlane is confident that it will be profitable and cash generative this year. The board hopes to restart dividend payments when the outlook is more certain.

InnovaDerma (IDP) says online sales have replaced lost high street sales. Full year revenues were 2% higher at £13.2m, but profit will be lower due to higher online advertising costs and lower margin sales. Margins could recover this year.

Tex Holdings (TXH) says that the FCA has asked questions about its 2019 audited financial statements. Christian Ross has been appointed as finance director.

Andrew Hore

Andrew Hore – Quoted Micro 3 February 2020

NEX EXCHANGE

Zapp Electric Vehicles plans to join NEX in February. Zapp has developed an electric bike and it is being produced in Thailand. The first production series model was made in September. The flotation will raise cash for manufacturing and marketing the i300 in the European market where cities are promoting electric vehicles. Zapp Scooters Ltd (the previous name) had net assets of £487,000 at the end of September 2018 and most of that was accounted for by an investment in the Thailand-based subsidiary. VSA Capital is corporate adviser.

Hydro Hotel Eastbourne (HYDP) increased its full year pre-tax profit from £193,000 to £282,000. Revenues were 2% ahead at £3.73m, while the cost base was flat. There were lower repair costs and the capital investment of recent years is beginning to pay off. NAV was £3.49m, including cash of £1.11m.

Ananda Developments (ANA) says that investee company DJT Plants has been asked follow-up questions by the government as part of the application to grow more than 0.2% THC cannabis. Sales of hap devices and hapac sachets has recommenced in Italy. The executive chairman has loaned £30,000 to Ananda at an interest rate of 10% a year.

Sativa Group (SATI) has signed a deal with Alliance Healthcare for the distribution of Goodbody Botanicals cannabis-based products through its 10,000 UK high street clients.

Block Commodities (BLCC) has extended its option to acquire Greenbelt Company, which has access to 4,000 acres of farmland in Sierra Leone. Greenbelt also has a licence for medicinal cannabis production and processing. A premium of £10,000 is being paid for a 90-day exclusive option to acquire the company for £4m in shares at 0.1p each, a premium to the suspension price. The proposed acquisition was announced 10 months ago.

Healthcare properties developer Ashley House (ASH) continues to build a pipeline of affordable housing schemes and it has completed six homes for Corby Borough Council. A loss will be reported for the 18 months to October 2019. More cash is still required.

Rutherford Health (RUTH) has given notice to Woodford Investment Management that it expects it to subscribe £7.5m at 176p a share. This will take the LF Equity Income Fund stake to 26.8%. More cash will be required so that a fourth proton therapy centre can be opened in Liverpool. This cash will be spent later this year.

Formation Group (FRM) reported a return to profit in the year to August 2019, although it was down to one-off gains. A loss of £284,000 was turned into a pre-tax profit of £1.27m. There was still an underlying loss. The NAV is £20.9m, including cash of £16.2m. The focus was completing existing property development projects. At the end of 2019, the cash was invested in Irish development projects. Sean O’Brien and Andrew Bennett, who is a director of Rutherford Health, have become directors of Formation.

Gunsynd (GUN) has rolled over its loan notes to Human Brands Inc into one loan note with a repayment date of 20 January 2021. Human Brands’ Japanese whisky called Shinju is being sold by a major US liquor retailer. The plan is to raise more cash and Gunsynd would receive a fee in shares.

Coinsilium Group (COIN) says that IOV Labs Ltd, which owns smart contract platform developer RSK, has subscribed £250,000 at 2.65p a share and the two firms have signed a memorandum of understanding to launch a joint venture in Singapore. This will commercialise RSK’s products in Asia and to promote RIF tokens which power RSK’s platforms. Gibraltar-based IOV owns 6.94% of Coinsilium, while Coinsilium owns 1.95 million RIF tokens. Almon I Holding has increased its stake in Coinsilium to 3.68%.

Black Sea Property (BSP) is acquiring two subsidiaries of European Convergence Development Company (ECDC) plus outstanding debt of €119.2m. Black Sea Property is paying €3.3m. There will also be the purchase of between 28.6% to 29.9%. This adds two development plots.

Lombard Capital (LCAP) made a loss of £131,000 in the last quarter of 2019. It is still attempting to raise cash via a bond issue.

Ganapati (GANP) says that additional regulations in Malta have required additional time for the registration as a Virtual Financial Asset licence. The application will be filed in the first quarter and a systems audit is being carried out. There are plans to apply for software gaming licence in the UK Gambling Commission and for certificates in Sweden, Denmark, Spain and Columbia.

Slater Investments has increased its stake in IFA group AFH Financial (AFHP) from 10.65% to 12.2%.

Early Equity (EEQP) has raised £113,000 at 0.65p a share. There was £174,000 in the bank at the end of August 2019. Management has informed NEX that the company should be classed as an operating company, rather than an investment company with the remaining investments classed as non-core assets. There are still plans to move to the standard list.

AIM

Computer vision technology developer Seeing Machines (SEE) increased first half sales from A$13.5m to A$15.8m. The automotive division has nine ongoing programmes with six automotive manufacturers. Demand for driver monitoring systems will be driven by regulation. The cost of the Guardian fleet equipment has been cut by 21%. Seeing Machines has launched a crew training system for the aviation sector.

Best of the Best (BOTB) has sparked another profit upgrade, following the one in November. The online competitions organiser reported better than expected interim figures and this led to a 18% increase in the 2019-20 pre-tax profit forecast to £2.6m, compared with £2.1m last year, and a 25% jump to £3m in 2020-21. There is currently £4.3m of cash in the bank and a 14p a share special dividend is proposed. That is the eighth since 2014.

Minds + Machines (MMX) is on course to announce a maiden dividend with its 2019 figures. The onerous contract has been sorted out Net cash was $6.6m at the end of 2019.

Cloverleaf 374 has increased its stake in Urban Exposure (UEX) from 9.1% to 12.2%. Invesco trimmed its stake from 15.5% to 14.1%. The ultimate owner is Wellesley Group Investors. The board is still reviewing proposals for the future of the property finance provider.

Open Orphan (ORPH) is raising at least £5m via a placing and subscription at 6.1p a share.

MAIN MARKET

Trading in the shares of Baskerville Capital (BASK) on the standard list has been suspended following the announcement of the proposed acquisition of Oberon Investments, which owns smaller company investor MD Barnard. The plan is to move to NEX. An initial 7.83% stake has been acquired for £851,000 with a commitment to subscribe a further £351,000 by the end of April. The acquisition of the rest of Oberon will be paid in Baskerville shares. The deal could be completed by the summer.

Smaller company-focused telecoms services provider Toople (TOOP) has increased its full year loss from £1.4m to £1.67m. In order to build scale, Toople plans to acquire DMS Holding for £1.56m, including £460,000 in cash and 1.05 billion shares. This is a cash generative business and there are potential cost savings. That should offset some of the enormous cash outflow from the existing Toople business. A placing at 0.1p a share will raise £1.2m gross.

Hemogenyx Pharma (HEMO) is raising £650,000 at 1.8p each. This cash will finance further development of the company’s therapies and treatments for blood diseases.

Haynes Publishing (HYNS) increased interim revenues by 4% to £19m with the growth coming from digital. The publisher’s pre-tax profit was 500% ahead at £1.2m. The formal sale process continues.

Standard list shell Bermele (BERM) is raising £200,000 at 1p a share in order to provide further cash to assess potential acquisitions in the pharma sector.

Andrew Hore

Andrew Hore – Quoted Micro 23 July 2018

NEX EXCHANGE        

Netalogue Technologies (NTLP) moved back into profit in the year to March 2018 and it is paying a dividend of 0.4p a share. The e-commerce technology company edged up revenues from £1.04m to £1.07m, while a loss of £46,000 was turned into a profit of £82,000, even after amortisation of £70,000, up from £20,000 in the previous year.  Net assets of £770,000 include £502,000 of cash.  There are a growing number of opportunities for this financial year.

Sativa Investments (SATI) has signed an IP sharing agreement with Canada-based Veritas Pharma. This could help with Sativa’s plans to grow medicinal cannabis and also help to choose a particular strain.

Equatorial Mining and Exploration (EM.P) has completed its investment agreement with ARQ Minerals and this formalises the commitment to work together in Nigeria. The St Leonard’s mine is supplying trial amounts of coal. ARQ helps to manage the mine and it is subscribing £50,000 each for two tranches of shares in the operating company, which will take is stake to 50%. ARQ will also own 1,000 million warrants exercisable at 0.02p a share. ARQ has committed to producing a minimum of 40,000 tonnes of coal and every 1,000 tonnes produced above this level will earn an additional 0.625% stake in the operating company, which can take the stake up to a maximum level of 75%. ARQ and Equatorial will be paid 10% of gross profit each month with the rest of the profit shared in line with their equity interests.

Welney (WENP) has announced a general meeting to vote on the appointment of Mark Jackson and Mark Chapman as directors.

Secured Property Developments (SPD) still had £627,000 in the bank at the end of June 2018 because it has not been able to find an investment at a realistic price.

Blockchain investment company Coinsilium Group (COIN) says that Malcolm Burne has been appointed as project adviser to the company’s blockchain platform development company TerraStream.

New director Melissa Sturgess has bought 9.23 million shares in Imperial Minerals (IMPP) at 1p each. That is a 29% stake.

Medicinal cannabis sector investment company High Growth Capital Ltd (HASH) had £522,000 in the bank at the end of March 2018 and it has raised £250,000 at 0.4p a share.

AIM  

Parity (PTY) is still on track to achieve double digit profit growth this year. The IT recruitment and consultancy services provider remains modestly rated even though the share price has risen substantially this year.

Yu Group (YU.) says interim revenues increased by 69% to £35m. The energy supplier expects full year revenues to be at least £82m, which means that operating profit should rise by three-quarters. There is £18.2m in the bank.

Frontier IP Group (FIPP) says that portfolio company Tarsis Technology has entered into a collaboration with a major crop protection products company. The company will provide the funds to further develop the Tarsis technology to deliver chemical pesticides and fungicides in a more controlled way. In return the company gets exclusive rights to particular agrochemicals usage and Tarsis would get royalties from commercial products. Frontier IP is lending Tarsis £150,000 in return for share options.

Consumer healthcare business Venture Life Group (VLG) is raising £18.75m at 40p a share to help finance the acquisition of Dentyl Dual action mouthwash and BB Mints for £4.2m and repay £3.7m of convertible loan notes. The remaining cash will be used for further acquisitions. The share issue more than doubles the number of shares in issue.

Odey has withdrawn its general meeting requisition at Tungsten Corporation (TUNG) following the appointment of Anthony Bromovsky and Duncan Goldie-Morrison to the board.

600 Group (SIXH) has offloaded its pension scheme to specialist insurer Pension Insurance Corporation. The scheme will be wound up and surplus funds after tax will be returned to the machine tools supplier. That could be up to £4m. Full year revenues grew from $58.8m to $66m, while underlying pre-tax profit improved from $2.65m to $3.05m. That excludes the gain on the sale of ProPhotonix (PPTX) shares.

Integumen (SKIN) is raising £700,000 at 0.65p a share and renegotiated the deal with food supplements supplier Cellulac so that it will acquire a 9.35% stake. Cellulac’s chief executive and chief operations officer will join Integumen in those roles. Cellulac will grant Integumen a licence to sell its products in certain territories.

A positive trading statement from audio visual equipment distributor Midwich Group (MIDW) has led to a forecast upgrade. Earnings per share forecasts have been raised by 3% for each of the next three years. The 2018 profit is expected to be £28.3m and earnings per share 27.6p. The interims will be published on 11 September.

EKF Diagnostics (EKF) has signed a manufacturing agreement with Oragenics Inc. EKF will supply drug substances for the customer and this will boost next year’s profit by 5%.

LiDCO (LID) has signed a distribution deal with a Chinese supplier of blood monitoring cuffs and this will help to replace the lost income from the Argon distribution contract. It may take time to build up sales, though.

Woodford Investment has increased its stake in superyacht painting and maintenance services provider GYG (GYG) to 21.5%. This comes at a time that Old Mutual has been selling down its stake after the recent profit warning.

Corporation tax software supplier Tax Systems (TAX) has grown its recurring and non-recurring revenues in the first half of 2018 and total revenues were 14% higher, which includes 9% organic growth. Net debt is down to £17.5m.

Synectics (SNX) had net cash of £9.1m at the end of May 2018. The surveillance technology company increased interim revenues by 3% to £34.7m thanks to strong demand from the gaming sector. Underlying profit improved from £1.3m to £1.5m. Stockdale has maintained its full year profit forecast at £3.1m.

EMIS (EMIS) says that its primary care business is sorting out its problems and the net cash grew to £32.3m at the end of June 2018. The health IT technology supplier says that the business has grown in the first half and still expects an improvement in full year profit. The share price has recovered since the disappointing trading statement earlier this year.

Ken Kroeger has become permanent chief executive of driver monitoring systems technology developer Seeing Machines (SEE) and he will had over the chairmanship to Jack Boyer at the beginning of 2019.

MAIN MARKET    

Investment company Athelney Trust (ATY) says that its NAV dipped to 264.2p a share at the end of June 2018, although this was partly due to the payment of the final dividend of 8.9p a share. Excluding that, there was a 4% decline. There was an improvement on the net return on ordinary activities from £110,000 to £125,000, but the loss in the capital part of the income statement was slightly higher than that revenue gain. The total value of investments was £5.61m and NAV was £5.7m. During the first half, shareholdings in Countrywide, Debenhams, DX, Juridica Investments, HC Slingsby and Sprue Aegis were sold.

Avation (AVAP) has acquired a second new Airbus A220-300 aircraft and leased it to airBaltic.

Flying Brands Ltd (FBDU) is raising £500,000 at 2.5p a share in order to help finance obtaining FDA clearance for StoneChecker software and design a cloud-based interface, as well as boost commercial operations. Subsidiary Imaging Biometrics is involved with a phase II trial that will use its IB Rad Tech technology to process data from 20 sites to determine how well dynamic susceptibility contrast magnetic resonance imaging in measuring the effectiveness of brain tumour treatment.

Andrew Hore

Ian Pollard – Seeing Machines #SEE hit by production delays

Seeing Machines Ltd SEE has been hit by its manufacturing partner delaying delivery of a number of units by some six weeks. Sales of these units have been agreed but the delay means the resulting sales revenue will not now be received within the current financial year. Sales revenue is now expected to be between A$30 to A$35m instead of the anticipated A$38 to A$43m.but this still represents a doubling of last years sales.

SigmaRoc plc SRC reports a strong year in 2017 as it exceeded expectations. The losses of 2016 were all turned into gains with 2017 EBITDA rising by 37% on sales up by 11% and on an underlying basis 2016’s loss of £2.4m. was turned into a profit before tax of £2.6m. whilst earnings er share came in at 2p. compared to a loss of 1.4p. The company says that it has now established a solid platform for growth.

UVENCO UK plc UVEN announced a week ago that it was in discussion with a third party about a possible sale. However it has now announced that the third party is no longer interested  in buying any of its trading subsidiaries as a going concern. Instead it has made an offer to acquire the assets only or alternatively acquire Drinkmaster only, as a going concern.The Board is meeting its advisors today.

Gateley Holdings plc GTLY updates that second half trading has remained strong with the Property and Corporate Businesses each recording not less than 15% fee growth. Revenue for the year to 31st April is expected to be 84m.as against 77.6m in 2017 and It is anticipated that the final dividend will be in accordance with stated policy of distributing up to 70% of after tax profits.

Beachfront Property for sale in Greece;   http://www.hiddengreece.net

Andrew Hore – Quoted Micro 12 February 2018

NEX EXCHANGE   

Western Selection (WESP) maintained its NAV at 95p a share at the end of the six month period of December 2017. Net debt was £1.13m. A sharp upturn in the value of the stake in Bilby (BILB) and offset declines in other investments. The interim dividend is unchanged at 1.1p a share. The shares go ex-dividend on 8 March.

Gledhow Investments (GDH) has granted six million options to its directors and company secretary. Guy Miller and Brett Miller will receive 2.5 million options each and Geoffrey Melamet receives 1 million. The exercise price is 1p a share. They last for five years and would equate to 10.9% of the enlarged share capital if taken up. The current share price is 1p (0.75p/1.25p). Gledhow had a NAV of £714,452 at the end of September 2017, which is equivalent to 1.45p a share. Since the year end, a gain of £115,000 was achieved on the sale of Coinsilium shares and Gledhow retains a significant stake which in Coinsilium, where the share price is more than three times the level at the end of September 2017. That could add more than £100,000 to the Gledhow NAV but the Coinsilium share price is volatile. Directors and company secretary remuneration was £21,514 last year. There are 4.9 million warrants exercisable at 1.5p each but these expire on 6 March 2017. Bruce Rowan and related parties own 83.37% of the current share capital.

IMC Exploration (IMCP) is continuing with its plans to move to the standard list. IMC has signed heads of agreement with Trove Metals Ltd and this should lead to a joint venture for the project at Avoca, County Wicklow. The current Koza/IMC joint venture has been set aside. IMC has decided to focus on the 12 most prospective of its 15 licences.

Crossword Cybersecurity (CCS) says that its revenues more than doubled to more than £700,000 in 2017. There is customer interest in the Rizikon cyber security product and the General Data Protection Regulations will provide momentum when they come into force in May. Full year figures should be published by the end of April.

Sandal (SAND) says that radiators supplier Pitacs will be a distributor of the Energie MiHome range. Pitacs is launching a new boiler in April and the Energie MiHome thermostats and radiator valves can be sold with this. Pitacs supplies more than 2,000 independent plumbers’ merchants as well as Plumb Nation.

Angelfish Investments (ANGP) says that its investee company Rapid Nutrition plans to gain a quotation in London. Rapid, which is already quoted on the SIX Swiss Exchange, has developed a nutraceutical product range. One of the terms of the £150,000 loan to Rapid was that it should be admitted to the London market by the end of February but this date has been extended to the end of April because of delays in the flotation process. If admission to the market happens by 1 March, then the principal and interest will convert into Rapid shares. If it takes longer than the interest after the end of February is payable in cash.

BWA Group (BWAP) has issued £220,000 of 4% convertible loan notes, with £120,000 taken up by Bath Group, which is owned by BWA chairman Richard Battersby. Bath has taken £70,000 of the loan notes in lieu of cash owed by BWA investee company Mineralfields Group.

Trevor Lloyd has succeeded Philip Kirkham as chairman of National Milk Records (NMR).

Kryptonite 1 (KR1) has changed its name to KR1.

AIM    

Shield Therapeutics (STX) disappointed the market with phase III patient trial results for the use of Feraccru in the treatment of iron deficiency anaemia in patients with chronic kidney disease that did not meet statistical significance requirements. The results are being analysed in order to identify the reason the trial failed. The share price fell by two-thirds.

Diversified Gas and Oil (DGOC) expects to complete the acquisition of Appalachian producing gas and oil assets from CNX Gas by the end of March. This will cost $85m (£59.9m), while the acquisition of Alliance Petroleum will cost a further $95m (£66.9m). A placing at 80p a share has raised £133.1m. The group’s net working interest production will increase by 173% to 28,133 boed. Management expects annualised EBITDA to be $70m-$75m.

OnTheMarket (OTMP) joined AIM on 9 February having raised £30m at 165p a share. The share price ended the day at 148p. The online property portal operator will make significant investment in its business over the next two years and this will lead it to fall into loss for a couple of years.

Draper Esprit (GROW) has made three new investments. Evonetix is developing the ability for parallel synthesis of DNA on silicon arrays. Droplet Computing has developed technology to decouple applications from the operating system for online and offline use. Kaptivo is developing products to provide whiteboard live streaming and image capture.

Seeing Machines (SEE) has published a trading statement to try to reassure investors following the unexpected departure of its chief executive. Interim revenues will be greater than the A$13.6m reported for last year. The fleet business is gaining revenues internationally. There is growing interest in the driver fatigue technology from Transport for London.

Recruitment software provider Dillistone (DSG) says that its 2017 figures will be much better than expected. This led to a pre-tax profit upgrade from £200,000 to £300,000. This is still a depressed figure due to the investment in GatedTalent and the future of the business depends on the take-up of this new product.

Engineering and technology recruiter Gattaca (GATC) says that weakness in the technology sector will hold back its progress and its chief executive has resigned. Underlying pre-tax profit is set to decline for a second year while the dividend could be halved to 11.5p a share in order for its to be twice covered.

Trading in the shares of BOS Global Holdings (BOS) remains suspended because of the resignation of RFC Ambrian as nominated adviser. BOS still does not have enough working capital so it cannot publish its 2016-17 annual report because the uncertainty over the AIM quotation scuppered a £1.2m placing.

Trading in Kennedy Ventures (KENV) shares will recommence on 12 February following the publication of its annual report. There was a cash outflow of £2.76m in the year to June 2017. The Namibia Tantalite Investment Mine run by African Tantalum has made its fourth shipment of tantalum to its North American customer and there are two more potential customers.

Croma Security Solutions (CSSG) says its first half figures will be much better than those reported for the first half of last year. The EBITDA will improve from £440,000 to more than £1.1m. The company’s largest ever contract was won at the end of the period. There has been an increase in demand for personnel from Croma Vigilant and it has won a five year contract. There is also improved demand for technology supplied by Croma Systems. The interims will be published in February.

BNN Technology (BNN) will lose its AIM quotation on 12 February. A matched bargain facility will be set up. The remaining board hopes to do at least one deal with the two US-listed companies it is in discussions with concerning the acquisition of all or most of BNN’s business.

Strategic Minerals (SML) has extended its access to the Cobre magnetite stockpile in New Mexico until the end of March 2019. This will provide cash to finance other projects.

Origo Partners (OPP) has sold 4.7% of Jinan Heng Yu Environmental Protection Co Ltd for the equivalent of $3m. This is in line with book value but it may take many months for the cash to be received. Origo retains a 7.2% indirect stake. The Origo NAV was $0.09 a share at the end of June 2017.

Alba Mineral Resources (ALBA) has secured additional exploration licences in Greenland. The 466 square km of land is in north west Greenland. Exploration work can be combined with existing licence areas.

Mercantile Ports and Logistics (MPL) says its port in Mumbai will receive its first revenues in a few weeks, following delays in the first customer sorting out its logistics. A further 200 metres is being added to the quay on the east flank of the facility.

Physiomics (PYC) has won a £70,000 contract from a major pharma company. The company’s Virtual Tumour computer model will be used for helping to predict outcomes in pre-clinical testing.

Warpaint London (W7L) says its 2017 results will be in line with expectations suggesting a pre-tax profit of £9.8m and a total dividend of 4p a share.

Polarean Imaging has relaunched plans to come to AIM. It had planned to float at the end of 2017 and the new proposed date is 22 February.

Fryer management services provider Filta Group Holdings (FLTA) says its 2017 revenues were 30% higher at £13.25m. The sale of the refrigeration business should increase the group margin.

TechFinancials Inc (TECH) has pulled out of the sale of non-core operations because the buyer had still not obtained regulatory approval.

MAIN MARKET    

Cadmium-free quantum dots producer Nanoco (NANO) has secured a material development and supply agreement with a major US firm that will provide funding to expand Nanoco’s manufacturing site in Runcorn. The deal covers the production of nano-particles for electronic devices. Commercial supply should commence in 2019.

Dukemount Capital (DKE) has secured a two month extension to its option on a property in north west England while talks with a housing association continue. Plans for the refurbishment of the building will be presented to the housing association. Gary Carp has increased his stake from below 3% to 5% in the past fortnight.

Flying Brands Ltd (FBDU) is negotiating to buy a North American medical imaging software developer, which owns FDA-approved medical imaging software that fits well with Flying Brands; own software. The cost of £500,000 would mainly be financed through a share issue.

Avocet Mining (AVM) has completed the sale of Resolute (West Africa) for $5m.

Path Investments (PATH) is still intending to raise cash and move to AIM in the first quarter of 2018. The farm-in deal to acquire 50% of Alfeld-Elze II licence and gas field in Germany is expected to go ahead in the near future.

Chuk Kin Lau has increased his stake in book publisher Quarto Group (QRT) from 20% to 25.6%. Cavendish Asset Management nearly halved its stake to 3.69%.

Andrew Hore

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