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Quoted Micro 16 March 2026
AQUIS STOCK EXCHANGE
Marula Mining (MARU) is still investigating various sources of additional finance. The directors and related parties are providing funding. An $8m copper concentrate purchase agreement has been secured with a New York company. This covers 2,500 tonnes of copper concentrate each month from the Kinusi copper mine. The 2024 accounts have still to be published. An agreement with Baosteel Resources South Africa covers initial deliveries of a minimum of 5,000 tonnes of manganese ore from the Kilifi manganese processing plant. Marula Mining will receive a provisional payment of 90% of each monthly shipment upon delivery to Mombasa Port. Marula Mining has not paid the £1m for the minority interest in the Kilifi plant. This will be settled for £856,000 in shares at 3.85p each. Marula Mining and the WEEE Centre have finalised phase 1 of implementation of the lithium-ion Battery Recycling and Critical Metals Processing facility (the “Project”) in Kenya.
Stack BTC (STAK) raised £260,000 at 5p/share early in the week. The cash for acquisitions and investing in Bitcoin. The company subsequently bought 5 Bitcoin at £51,850 each and 5 Bitcoin at £52,758 each.
B HODL (HODL) announced a capital deployment programme. It is redeploying £350,000 in cash to invest in Bitcoin or buy back shares, which still leaves 24 months of working capital. B HODL will participate in the rewards account set up by CoinCorner, which owns 14.3% in B HODL, that will provide a return on part of the Bitcoin holding that is not in the Lightning network.
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire that has been extended to 30 April, will commence drilling of wells on Rost and Enwell leases. The drill rig should arrive in the week beginning 16 March.
Falconedge (EDGE) says that the February Bitcoin yield was 0.912%. The total Bitcoin holding is 20.059694.
Wishbone Gold (WSBN) won a contested ballot for 67km2 of mineral title on crown land, 25km north-west of Telfer, which was applied for by multiple parties.
Vault Ventures (VULT) is developing a post-quantum secure communications platform with Whitespace Global. The contract with Whitespace Global is worth £1.6m. Vault Ventures will have controlled ownership of the cryptographic architecture.
The WeShop share price has fallen to $16.40, which is a drop of more than 90% since the high just after flotation. The value of the WeCap (WCAP) shareholding is just over $20m.
Ajax Resources (AJAX) has signed an agreement to acquire the Pereira Velho gold project. The payment is $200,000 cash plus $1.9m in shares, plus a 1.5% net smelter return, depending on the level of the gold price, which can be bought back for $1.5m. Ajax Resources issued 927,000 shares for the option agreement for the purchase of 100% to the Macacha project. Ajax Resources chief executive bought 264,146 shares at 8p each, taking his stake to 16.3%.
Macaulay Capital (MCAP) edged up income from £277,000 to £283,000 in the year to December 2025. The loss was reduced from £500,000 to £425,000. NAV was reduced from £2.14m to £1.71m.
Gana Media (GANA) is providing a loan of up to £100,000 to NYCE International (NYCE). The loan lasts with 12% and the interest rate is 7%. There are “discussions to integrate ‘NirmataPlay’ games aggregator into Estadio Gana Mexico”. NYCE chief executive Farzad Peyman-Fard is a non-executive director of Gana Media.
Astrid Intelligence (ASTR) is acquiring and integrating an existing validator within the Bittensor network under the Astrid Validator brand. Validators verify results and ensures rules are followed.
Oscillate (SRVL) has renewed four prospecting licences in Botswana for two years. The final $80,000 has been received for the sale of hydrogen assets. Pella Ventures has a 4% stake in Oscillate
Coinsilium (COIN) says that the Yellow network token and trading platform has been launched.
Fidelio Partners has a 20.2% stake in Supernova Digital Assets (SOL).
Slater Investments has reduced its stake in Arbuthnot Banking (ARBB) from 5.15% to 4.99%.
JP JENKINS
The London Tunnels (TLT) is raising money via Crowdcube. It wants to raise up to £10m at 180p/share, which is a discount to the $3 share price published by JP Jenkins. The London Tunnels is developing the Kingsway Exchange Tunnels as a visitor attraction
AIM
All Things Considered (ATC) is acquiring digital marketing and fan engagement business Push Media Ventures and Cirkay, which has developed a platform to connect artists and fans. The Cirkay Fan Pass is a digital key that provides exclusive perks and engagement. The total cost is £1.05m, which is made up of £300,000 in cash and £750,000 in shares. The operations will be integrated with the group’s platform and services division. Push has annual revenues of £2.7m and is profitable. Cirkay is yet to report revenues.
Alien Metals (UFO) says West Coast Silver has announced results of a drone magnetic survey for the Elizabeth Hill silver project joint venture. This highlighted multiple new exploration target areas. There is also potential for a larger silver bearing mineralised system outside the existing area. Joint venture partner GreenTech Minerals has completed the phase 1 drill programme at Munni Munni Platinum-Palladium-Copper-Nickel project in Western Australia. Assay results will be published. This is part of the work to calculate a JORC resource. The previous mineral resource estimate is 24 Mt @ 2.9 g/t 4E (PGE+Au) for 2.2Moz.
Offshore energy services Tekmar Group (TGP) reported a dip in 2024-25 revenues from £32.8m to £28.7m, but recent contract wins should return the company to growth with £38.6m forecast for the year to September 2026. It should also mean that there will be a move from a loss to around break even. Net debt was £2.4m at the end of September 2025 and since then a surplus property has been sold for £2.84m. There is already a strong order book for this year and further out.
Semiconductors designer and supplier EnSilica (ENSI) raised £9.7m in an oversubscribed placing at 47p/share. A retail offer could raise a further £300,000. This is expected to unlock £2m of matching funding for the £10.4m UK Space Agency award that was previously announced. The cash will also help to accelerate supply volumes to customers. Earlier in the week, EnSilica announced another two contracts, plus a $4m extension to an existing contract with an automotive customer. The new contracts are in life science and healthcare worth an initial $1.6m and $200,000 for a feasibility study respectively.
Fulcrum Metals (FMET) has taken advantage of the share price rise to raise £550,000 at 11p/share, which was a small premium to the market price. This will help to progress the work towards a mineral resource estimate. This is much less dilutive that the £1.05m raised at 3p/share last year. Peter Hall took a 4.34% stake. Metals One (MET1) also took the chance to reduce its shareholding from 6.33% to below 3%. Further sales will not have to be reported. Metals One invested £175,000 in last year’s placing so it has already got more than its investment back.
Concrete levelling equipment supplier Somero Enterprises (SOM) had a tough time in the US and Europe in 2025. Revenues dipped from $109.2m to $88.9m, although the second half was stronger. Pre-tax profit fell from $23.4m to $16.3m. This also meant that the dividend was reduced to 10.24 cents/share, meaning it is nearly twice covered by earnings. Net cash is still $33.2m and after dividends and share buybacks it should continue at that level.
Agricultural and fire protection technology supplier Light Science Technologies (LST) is acquiring Injectaclad for up to £4.8m, as well as paying £600,000 for the 10% minority shareholding in UK Circuits and Electronics Solutions and a related property, which can also be used for the fire protection division. Injectaclad has developed a remedial cavity fire barrier for properties and Light Science Technologies has a subsidiary that installs this product. The deal could help to improve margins by streamlining the supply chain.
Earnz (EARN) is acquiring Zero Carbon Group, which takes annualised sales to £30m. The deal will initially cost £3m – £1.5m in cash and £1.5m in shares – with a further £2m plus depending on achieving profit targets. Earnz raised £3.56m at 5p/share.
Anglesey Mining (AYM) has raised £680,000 at 6p/share, following the completion a £4m debt settlement agreement with Energold. There is £250,000 earmarked for dewatering of an existing shaft, £50,000 for analysis of samples and £100,000 for ongoing exploration.
IT company CloudCoCo (CLCO) announced it is raising £275,000 at 0.12p/share. Chairman Simon Duckworth is investing £210,000. A capital reorganisation is required before new shares can be issued for less than 1p each. The cash will fund Project Brightstar, which will enhance the company’s position in the B2B market. Target revenues are £10m, compared with £8m in the year to September 2025.
Ilika (IKA) has made the first commercial delivery of Stereax batteries to Cirtec Medical.
MAIN MARKET
Marine services provider James Fisher (FSJ) significantly improved margins in 2025. In 2025, revenues adjusted for disposals and closures increased 4% to £377.2m. Last year’s profit was boosted by gains on disposals. Underlying pre-tax profit improved from £11.9m to £15.3m. Operating margin was 2.5 percentage points higher at 7.6%. All three divisions improved margins.
BATM (BVC) improved full year revenues from $117.3m to $123.2m, while pre-tax profit jumped from $3m to $13.6m, but this included an exceptional disposal gain. Net cash was $14.7m at the end of 2025. There are more non-core businesses to sell. The cyber and networks divisions are growing strongly. Pre-tax profit is expected to be modest this year before recovering in 2027.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has offered pre-IPO warrant holders the chance to realise value. The warrants are exercisable at 2.5p each. The offer price is 20.6p for each warrant. The current share price is 31.155p. The company has raised £63,000 at 37p/share. It bought three Bitcoin for £48,764 each.
Andrew Hore
Quoted Micro 10 November 2025
AQUIS STOCK EXCHANGE
Asset and fund managers advisory services provider Falconedge (EDGE) joined Aquis on 5 November. The company was formed in 2024, and it has five clients. There was £1.44m raised at 1.034p/share. It previously raised £1m. Falconedge was valued at £10.5m on admission. Falconedge has already bought 15.16258228 Bitcoin at $103,553.97 each. The total investment is £1.2m.
Business assurance provider Adsure Services (ADS) has grown it interim order book by a double digit percentage. Market share has been gained in the housing sector. Three new university contracts were won, and these will contribute to the second half. The audit working paper software was launched at the beginning of November.
VVV Sports (VVV) has signed non-binding heads of terms for the acquisition of R3 Sport, which owns and manages events, manages athletes, owns media rights and invests in teams and venues. The consideration is 300 million shares valued at £3m. VVV Sports is also investing in Wild Pickleball Agency, which is focused on Europe, Middle East and Africa. There are plans for a new profession circuity for singles and doubles, plus a pickleball league in the region.
AIM-quoted Pulsar Helium Inc (PLSR) has signed a definitive agreement for the acquisition of the Oscillate (SRVL) subsidiary Quantum Hydrogen, which holds non-hydrocarbon gas rights in Minnesota. The initial 80% will be bought for $400,000 in shares and the other 20% will be acquired in 18 months for an additional $400,000 in shares. Oscillate will change its name to Serval Resources and it will focus on copper and associated metals. Exploration has commenced on its proposed assets in the Kalahari Copper Belt.
AI manufacturing software provider IntelliAM AI (INT) says interim revenues were 58% higher at £2.4m. Annual recurring revenues were £1.18m at the end of September 2025 and it could reach £2m by the end of March 2026. The value of the contract with Hovis has increased. Gross cash is £778,000. Interim figures will be published on 24 November.
AIM-quoted Europa Metals (EUZ) has agreed the acquisition of Marula Africa Mining from Marula Mining (MARU). This subsidiary owns Marula Mining interests in battery and critical metals in East and Southern Africa. The intended offer is nine Europa Metals shares for each Marula share. This deal is subject to due diligence and Europa Metals raising cash. Marula Mining will distribute the Europa Metals shares to its shareholders and focus on precious metals. Marula Mining has appointed Fortified Securities, which is associated with RiverFort Global Capital, as broker. The broker is providing a £25m equity facility, while RiverFort is providing a $2m bridging facility that will eventually be taken on by Europa Metals.
Consumer loans provider Amazing AI (AAI) has made a small, initial purchase of digital assets. A few thousand dollars worth of Bitcoin was bought. Investments in Ethereum, XRP and Solana are planned.
B HODL (HODL) says that its Bitcoin strategy has achieved an annualised yield of 6.04% in the first full month. It generated a further 0.039 of a Bitcoin. The company holds 153.039 Bitcoin, and the average price is £84,610 for each Bitcoin.
The Smarter Web Company (SWC) raised £276,000 at 68p/share. A further four Bitcoin have been acquired and the total investment in 2,664 Bitcoin is £220.7m.
Sulnox Group (SNOX) says Spring Marine Group is broadening the use of emissions reducing Sulnox Eco to its entire fleet of 28 vessels.
Vault Ventures (VULT) says development subsidiary System7 has secured contracts with rewards-based app Fancy.com and Ellers Farm Distillery, helping with AI-based marketing of the recently acquired 6 O’Clock gin brand and other group brands. This takes the total number of contracts to seven with first year revenues of £200,000.
Igraine has changed its name to Ethtry (ETHY). It has received a further £1.3m of the outstanding balance of £3.24m of subscription money.
Majestic Corporation (MCJ) has entered a five-year lease agreement for an e-waste recycling facility in Wrexham at an annual rental of £130,000.
Shortwave Life Sciences (PSY) is planning a consolidation of ten shares into one new share.
Adnams (ADB) non-executive director Sacha Berendji bought 1,075 B shares at 1900p each. Philip Blows has reduced his stake in Supernova Digital Assets (SOL) from 7.98% to 2.82%.
TruSpine Technologies has changed its name to TSP Advanced Technologies (TSP). TechFinancials (TECH) will change its name to Ubuntu Mining and Metals and is raising the value of the share placing at 0.25p each by up to £100,000 to £350,000.
Probiotix Health (PBX) is moving from the Access to the Apex segment.
JP JENKINS
The JP Jenkins index of the 15 largest companies on the platform fell 0.1% to 1097.8 at the end of October 2025. Datalex, which moved from the Euronext Growth Exchange, joined the index during the period.
Cyber security services provider Smarttech247 Group (S247) left AIM and joined JP Jenkins on 4 November.
ASSET MATCH
Asset Match has added a dedicated PISCES page to its platform. It believes this will provide additional opportunities.
AIM
Winvia Entertainment (WVIA), which owns former AIM-quoted prize competitions organiser Best of the Best, raised £40m at 195p/share prior to joining AIM on 3 November. In December 2024, Winvia Entertainment also acquired one of the top three online casino operators in Romania, Click Competitions was acquired in March. The share price has risen to 215p.
Audio and content creation equipment supplier Focusrite (TUNE) reported 12-month results in line with expectations with revenues rising 6% to £168.9m, while operating profit dipped from £16.6m to £15.3m. The latest interim dividend for the 18-month period is 2.1p/share. There was growth in second half revenues despite the uncertainty brought about by tariffs. Net debt was £11m at the end of August 2025.
Laundry technology developer Xeros Technology (XSG) has raised £3m at 1.75p/share and a retail offer closing on 11 November could raise up to £1m more. There is also a follow-on subscription of £2m planned for later in November. This will strengthen the balance sheet so that existing contracts can be fulfilled and new opportunities progressed. Cavendish has published a 2026 forecast, which expects revenues to rise from £600,000 in 2025 to £1.4m. There will be initial filtration sales through Russell Hobbs and royalty payment from Yilmak. A 2026 loss of £2.1m is forecast. Even without the additional £2m there will still be net cash at the end of 2026. Revenues are expected to accelerate in 2027 and 2028.
Savannah Resources (SAV) has raised £9.2m at 3.7p/share and a retail offer closing on 11 November could raise more cash. Three of Savannah’s largest shareholders, AMG Lithium BV, Grupo Lusiaves SGPS and Pluris Investments S.A. all subscribed for shares. Savannah Resources is developing the Barroso lithium project in northern Portugal. The cash will fund the acquisition of the Aldeia mining lease, which covers the 100%-owned C-100 mining lease at the Barroso project and to advance that project beyond the Definitive Feasibility Study, which is due to be completed during the first half of 2026.
Tan Delta Systems (TAND) is starting a paid phase 2 trial by one of the world’s largest online retailers to evaluate the company’s real-time oil condition analysis and monitoring systems. This is to monitor gearboxes on conveyor systems at distribution centres. Phase 1 proved the capability on five gearboxes at one distribution hub. The customer has tens of thousands of critical gearboxes across its sites. Tan Delta Systems had £2m in cash at the end of June 2025 after a £1m cash outflow in the previous six months.
Mobile water and environmental testing technology provider Metir (MET) continues in its collaboration with Swansea University to develop methods for detecting PFAS chemical contamination in water and soil. The research has “demonstrated the feasibility of integrating portable liquid chromatography-mass spectrometry (LCMS) with innovative low-waste extraction materials”. This enables a ‘Lab in a Van’ system that can be deployed in the field. This will reduce turnaround time. Metir’s US instrumentation partner is optimising and scaling up the detector for commercial purposes. Metir is talking to local authorities and industry bodies.
RentGuarantor Holdings (RGG) is raising £2.5m at 12.5p/share. The cash will be used to grow awareness of the company and its rent guarantee service. The company will also further develop its network of partners, and the cash will fund further growth. RentGuarantor founder and chief executive is selling 2.18 million shares at the placing price.
Asiamet Resources (ARS) is selling its interest in the KSK copper project to Norin Mining for gross cash of $105m on a debt free basis. This is dependent on shareholder approval. Most of the proceeds ae likely to be distributed to shareholders.
Power generator OPG Power Ventures (OPG) is launching a tender offer of up to 182 million shares at 6.27p/share. This is part of the plan to leave AIM. The proposal will be put to shareholders at a general meeting on 3 December.
Aerospace composite components manufacturer Velocity Composites (VEL) has been hit by lower than expected Airbus A350 production. This is due to supply chain issues at Airbus. There have also been delays in programme transfers in the US. Dowgate has cut its full year revenues forecast from £23m to £20.7m. This means that the loss would be £900,000.
Aptamer Group (APTA) has gained a new contract with an existing top 5 pharma customer. This the third project and it is to develop Optimer binders against three key drug targets and provide support for assay development. Aptamer retains the IP. Aptamer has a signed total contract value of £1.75m.
Trading in Secure Property Development and Investment (SPDI) shares is suspended ahead of a potential reverse takeover of energy storage technology business AdvEn Inc. There would be an all share bid with a placing to raise cash. The company has made two loans to the potential takeover target ahead of the deal. AdvEn produces advanced carbon materials for use in supercapacitors and batteries.
MAIN MARKET
Shipbroker Braemar (BMS) says there is recovery in its markets, but interim revenues fell 16% to £63.9m and there was a sharper fall in profit. The interim dividend is 2.5p/share. Net debt is £7.4m. The order book is worth $73.8m.
New Frontier Minerals (NFM) announced a drill programme of up to 46 holes at the Harts Range Heavy Rare Earths project in Australia. Approval for the drilling campaign is imminent. This could unlock significant value.
Cancer tests developer Cizzle Biotechnology (CIZ) has entered a letter of intent with a medical diagnostic services provider that is in partnership with the NHS. This will help to verify and validate the CIZ1B biomarker test. The company has raised up to £250,000 from a convertibles issue to Frazer Lang. This is an extension of a £150,000 loan.
First Tin (1SN) says drilling at the Taronga tin project in Australia confirms extended mineralisation.
Nanoco (NANO) has extended its joint development agreement with the Asian chemical customer. The three-year extension is to further develop the material and scale up the manufacturing process of the Quantum Dot nanomaterial for silicon sensors to enable Short Wave Infrared capabilities. There is an inflationary increase in fees.
Andrew Hore
Quoted Micro 20 October 2025
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) increased sales 30% to £1.97m in the nine months to September 2025. There is sufficient cash for the company’s needs. A commercial partnership with RevivaBio has been set up to launch a new cholesterol lowering product powered by the ProBiotix patented probiotic strain LPLDL®. Chairman Adam Rynolds bought 100,000 shares at 8p each.
B HODL (HODL) has taken its Bitcoin holding to 142 at a total cost of £12m. AlbR Capital has been appointed joint broker. Four directors have been buying shares at prices between 11.88p and 13.88p each.
Mendell Helium (MDH) still has an option over M3 Helium and production at Rost is expected to start by the end of October. Potential expansion opportunities are being assessed. The planned move to AIM is progressing.
Hydrogen Future Industries (HFI) is changing its name to energy B. It has consolidated 50 shares into one new share.
The Smarter Web Company (SWC) has bought 100 Bitcoin for £9.08m. It owns 2,650 Bitcoin.
Coinsilium (COIN) plans a strategic update in the next few weeks. Malcolm Palle will become non-executive chairman, and Federica Velardo is leaving the board. Coinsilium owns 182 Bitcoin, and they are valued at £15m.
Time To Act (TTA) has sold £1m of surplus coating compound for £1m, which was not valued in the balance sheet. This will pay off the CBILS loan. The cash will be received in two instalments by early December.
Igraine (KING) raised £7.15m at 0.25p/share. Oliver Murphy is joining the board. Some of the funds will be invested in Ethereum, as well as being used in the battery energy storage systems (BESS) and electric vehicle (EV) charging sectors.
Wishbone Gold (WSBN) says drilling on hole 2 at the Red Setter gold dome project in Western Australia has been completed at 950 metres. Drilling of hole 3 should start on 21 October.
Oscillate (SRVL) has launched the Serval Resources brand as it refocuses on copper and other metals. The company will eventually change its name to Serval Resources.
TruSpine Technologies (TSP) increased its full year loss from £702,000 to £760,000. Th medical device developer raised £119,000 at 0.5p/share. Martin Armstrong raised his stake from 0.45% to 5.2%.
Ananda Pharma (ANA) had cash of £613,000 at the end of July 2025. The interim loss was £1.95m.
HRC World (HRC) has applied to leave Nasdaq First North.
Fidelio Partners has a 7.6% stake in Phoenix Digital (PNIX). It also owns 15.1% of Supernova Digital (SOL).
Majestic Corporation (MCJ) finance director Man Bing Lee bought an initial 2,857 shares at 175p each.
AIM
The existing board members put up for re-election at the requisitioned general meeting of staffing company Empresaria (EMR) were all voted off the board. All votes received 82.2% of shares voted in favour. Finance director Tim Anderson is the only remaining director, and he has been joined by three new non-exec directors. Allenby has replaced Singer as nominated adviser and joint broker.
North America was the bright spot in revenues at interior design brands owner Sanderson Design Group (SDG). North American revenues rose 1%, while elsewhere they fell 9%. There are signs of recovery outside of the UK. Interim revenues fell 4% to £48.3m. Cost savings meant that underlying pre-tax profit was flat at £2.2m. Restructuring the manufacturing business improved its margins, but there was lower internal production as inventory levels fell. That helped improve the cash balance which was £7.8m at the end of July 2025. A further £1m of annual cost savings have been made and August and September revenues were 5% ahead. Full year pre-tax profit is expected to recover from £4.4m to £5m.
Delays in securing contracts have slowed progress at location data management software provider 1Spatial (SPA), but recurring revenues continue to grow. Interim revenues were 9% higher with recurring revenues rising by one-fifth to 61% of total revenues. SaaS revenues from traffic management planning software 1Streetworks quadrupled and that was before the latest UK Power Networks contract gain worth £1m over 15 months. Cash generation is improving and getting nearer to covering capitalised development costs. Net debt is £2.5m. Australia was the only laggard, and this may possibly be sold to help finance further product development and growth in the core markets. Cavendish forecasts flat full year pre-tax profit of £1.4m.
Online womenswear retailer Sosandar (SOS) grew interim revenues by 15% to £18.7m, despite disruption from Marks & Spencer’s cyber incident, and net cash improved from £7.3m to £7.7m at the end of September 2025. That was despite an increased loss of £1.1m, up from £700,000. A full year pre-tax profit of £400,000 is forecast. Initial homeware sales through NEXT have been good.
Another positive trading statement from music instruments retailer Gear4Music (G4M) has led to a further forecast upgrade. Revenues grew 31% to £49.6m in the six months to September 2025. EBITDA expectations have been raised from £12m to £13.7m. Market conditions are improving and marketing has been stepped up. There has also been investment in improving availability of products.
Synthetic binders developer Aptamer Group (APTA) has developed its own Optimer binders and built up a valuable range of patents that could generate licence revenues in the longer-term. It continues to secure licence deals. In the year to June 2025, revenues grew by two-fifths to £1.2m and there is already visibility of £1m in revenues in the year to June 2026. Admin expenses were reduced to below £3m, but they may raise slightly this year. That means that Aptamer will still be loss-making. At the end of July cash was £2.7m and that should last into 2027.
MyHealthChecked (MHC) is selling its loss-making trading subsidiary Concepta Diagnostics to Boots UK for £2.375m. The company will become a shell with £5.7m of cash after the costs of the disposal, including an exit bonus to chief executive Penelope McCormick who is leaving with the subsidiary.
There are positive drilling results for the Redmoor tungsten tin copper project owned by Strategic Minerals (SML). The results confirm multiple zones of high-grade tungsten mineralisation at the project in Cornwall. These results are from one borehole. This suggests that Redmoor could be the highest-grade undeveloped tungsten deposit. There are also positive results for copper. The tin assays are still being reviewed. Drilling continues. Zeus has a 1.9p/share fair value for Strategic Minerals.
Newmark Security (NWT) had talks with 21.3% shareholder Thalassa (THAL) and the security company’s board will be reconstructed. Two new non-execs will be appointed.
Modular housing company Eco Buildings Group (ECOB) has expanded its geographical reach and the computerisation of the production process. It has set up a new subsidiary with Socotra Real Estate Development and Investment Company to offer modular housing in Sudan. The Khartoum-based partner will invest €5m to fund two production lines and receive 50% of any net profit.
Growth is accelerating at decision intelligence software supplier ActiveOps (AOM) with interim revenues 45% higher at £20.8m, including three months of the Enlighten acquisition. Annual recurring revenues are 55% higher at £44.6m and still grew 27% excluding Enlighten. Organic net revenues retention was 116%. Net cash is £13.3m. The full benefits of the Enlighten acquisition will come through next year. The interim results will be published on 27 November.
Semiconductors designer EnSilica (ENSI) has been hit by a contract delay and a cybersecurity incident at an automotive client. That means that full year EBITDA of £300,000 is expected, compared with £500,000 previously forecast. That is before a £1.6m bad debt provision relating to the contract delay. That contract with SIAE Microelectronics is on hold because of the client’s lack of cash and EU funding may be issued in 2026. The 2026 EBITDA guidance has been reduced to £3.5m-£4.5m.
Labour supply services provider Hercules (LSE: HERC) acquired 70% of Lyons Power Services, a provider of power and energy infrastructure services, for £702,800 in cash and shares. The existing owner will retain the other 30%. In the year to January 2025, revenues were £1.39m and pre-tax profit £287,000.
Podcast platform operator Audioboom (BOOM) increased third quarter revenues by 9% to $20.4m and EBITDA by 18% to $1.2m. There is strong growth of video views, following the Adelicious acquisition. Nine months revenues are 5% higher at $55.5m, while EBIDA more than doubled to $3m. Booked revenues for 2025 are more than $79m. A strategic review is ongoing.
Mosman Oil & Gas (MSMN) has raised £1.67m at 0.0225p/share and a retail offer could raise up to £500,000. This will close on 21 October. The cash will be spent on US helium projects, including Sagebrush and Coyote Wash in Colorado. The Independent Prospective Resource Validation at Coyote Wash is expected before the end of the year.
Energy storage technology developer Gelion (GELN) raised £10m via a placing and subscription at 20p/shar and up to £500,000 could be raised by a retail offer, which closes on 23 October. The cash will finance commercial pouch cell prototypes. The cash will last for 18 months.
Pulsar Helium Inc (PLSR) has filed a preliminary short form base shelf prospectus, which will enable the issue of securities to raise cash up to $50m over a 25-month period. There is no immediate plan to raise money.
Peter Gyllenhammar has increased his stake in infrastructure services provider Nexus Infrastructure (NEXS) from 28.15% to 29.14%. Michael Thomas Morris has cut his stake from 7.68% to 4.41%.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) generated year-on-year like-for-like growth in revenues of 8.1% in the first half with a strong performance from ecommerce. Total revenues were one-quarter higher at £21.3m. Net debt is £4.1m after investment in new stores.
Quoted Micro 28 July 2025
AQUIS STOCK EXCHANGE
Arbuthnot Banking (ARBB) reported a slump in pre-tax profit from £20.8m to £10.9m, despite lower than expected impairments. The interim dividend was raised by 10% to 22p/share. NAV is 1649p/share. Shore has reduced its full year pre-tax profit forecast from £28.5m to £25.9m.
Gledhow Investments (GDH) has withdrawn the general meeting resolution to change the nominal value of the shares from 1p. The conversion price of convertible loan notes has been changed from 0.425p to 1p.
Watchstone Group (WTG) plans to gain approval for the reduction of the share premium account by £1m so £850,000 can be returned to shareholders, which is equivalent to 1.85p/share. The company will leave Aquis on 1 August.
Heart failure medicines developer Cardiogeni (CGNI) has generated £150,000 via an advanced subscription that will enable investors to subscribe for shares at a 25% discount to the price of the next funding round of more than £100,000. The cash may be used to gain an AIM quotation. A joint venture has been formed in UAE.
Coinsilium (COIN) has raised £5m from a placing at 6p/share and a retail offer raised the full £500,000 on offer, having received applications for four times that amount. The cash will be used for the Bitcoin treasury strategy.
Wishbone Gold (WSBN) says drilling has commenced at the Red Setter Gold Dome project in Western Australia.
The Smarter Web Company (SWC) has 1,825 Bitcoin that cost £146.9m. In the six months to April 2025, the company lost £720,000. This was before the flotation on Aquis and the money subsequently raised.
Vaultz Capital (V3TC) has added a further 20 Bitcoin taking the total to 70, which cost £5.79m. Recently appointed director Sarah Gow bought a further 100,000 shares at 10.39p each.
Ormonde Mining (ORM) has issued five million shares to AIM-quoted cybersecurity company Shearwater Group (SWG) in return for two exploration licences in Spain. The share price decreased 8% to 0.115p.
Amazing AI (AAI) chief executive Paul Mathieson bought 560,000 shares at 0.7p each.
NYCE International (NYCE) generated revenues of £104,000 in the quarter to June 2025. The loss was £159,000. The company has launched a new crypto advisory business focused on the igaming sector.
Supernova Digital (SOL) has sold 30 million shares in Phoenix Digital Assets (PNIX) to the company as part of the share buyback. Phoenix Digital Assets director Jonathan Hives sold 250,000 shares at 6.14p each.
Ajax Resources (AJAX) director Richard Heywood bought 203,061 shares at 4.9p each. He owns 2.59%.
Chris Akers has raised his stake in Global Connectivity (GCON) from 5.1% to 6.5%.
AIM
Ceramic brake technology developer Surface Transforms (SCE) says first half revenues are 72% ahead at £8.1m. Second half revenues could approach £10m. Production yields have improved to 77%. This is finally some good news. Production problems have held up progress despite significant orders. Gross cash was £1.2m at the end of June 2025, while there has been £9.8m drawn down from the available loan. Cash advances from customers are £12.9m. Zeus believes that at current production rates the company could reach EBITDA breakeven by the end of the year.
CPP Group (CPP) is selling its business in India for £15.7m, of which £11.8m is payable on completion. The rest is dependent on performance. Tax could be £2m. This means that CPP can concentrate on the Blink InsurTech platform, focused on travel disruption and cybsersecurity. The cash will accelerate investment and fund the restructuring of the group to cut costs. Blink has annual recurring revenues of £1.6m. Net cash was £8.1m at the end of June 2025.
Payments services provider Boku (BOKU) increased interim revenues by one-third to at least $63m, with the fastest growth coming from digital wallets. There was also the benefit of higher pricing for a client during a launch phase. Stripping that out, the growth was 27%. Own cash was 16% higher at $87m. Full year pre-tax profit is expected to be $33.8m.
Fulcrum Metals (FMET) is raising £1.05m at 3p/share. The cash will help to advance the Teck Hughes mine gold tailings project and complete a mineral resource element, as well as environmental assessment. It will also fund the annual payment for the licence for the Extrakt technology that will be used to process tailings. There will be a partial repayment of £211,000 of a convertible loan note maturing on 31 July. The £445,000 left will be converted into shares at 3p each. Metals One (MET1) is making an investment of £175,000 as part of the Fulcrum Metals fundraising.
Manolete Partners (MANO) has come to an agreement over a truck cartel case and will receive £3.2m in cash this week. The settlement is 6.6 times the investment, but the book value of the claim was higher at £4m. The trial for the group of claims has been delayed until September 2026, so the immediate cash is attractive. The retained cases valuation is £10.3m. These types of cartel cases are not the core business.
Jangada Mines (JAN) has signed heads of term for the potential acquisition of 33.3% of MTGOLD MINERACAO, the owner of the Paranaita gold project in Brazil, with an option to increase the stake to 50.1%. The initial cost is £1m worth of shares and £250,000 in cash. Jangada Mines has raised £800,000 at 0.6p/share and directors are converting £350,000 of fees into shares at the same price. Paranaita has a measured, indicated and inferred gold resource of 210,000 ounces at a grade of 3.165g/t.
Broadcast technology supplier Pebble Beach Systems (PEB) increased interim revenues by 13% to £5.9m and margins have improved due to cost cutting. Order intake was one-third higher. Cavendish has raised its full year pre-tax profit forecast from £1.9m to £2.4m on maintained expected revenues of £11.5m.
Online gaming marketing services provider B90 (B90) revenues were accelerating during the first half. June was a record month. Flat operating costs mean that profit is improving. Zeus is maintaining its full year pre-tax profit forecast at €1m but believes that it could be better if the momentum continues.
Fire prevention fluids developer LifeSafe Holdings (LIFS) says first half revenues fell from £1.6m to £900,000 due to the change in sales model. There was also an unauthorised reseller on Amazon in the US. The loss increased. Management is hopeful of significant US orders in the second half. Cash was £140,000 at the end of June 2025.
Ground engineering contractor Van Elle (VANL) reported a 6% decline in revenues to £130.5m in the year to April 2025. Underlying pre-tax profit fell from £6.7m to £5.3m. The Canadian rail business is being discontinued.
Unilever has commissioned additional work from Aptamer Group (APTA) relating to the use of Optimers in deodorants. This will generate additional revenues under the existing agreement.
Personal Group Holdings (PGH) improved interim revenues by 11% to £23.3m and underlying EBITDA increased 41% to £5.5m. Full year pre-tax profit is still expected to rise from £6.8m to £8.1m. New insurance sales grew, and June was a record month. The SaaS benefits platform has annualised recurring revenues of £6.9m. Net cash was £26.9m at the end of June 2025 and around £17m would be available for acquisitions.
Iron replacement treatment provider Shield Therapeutics (STX) had a strong second quarter with revenues of $12.8m doubled the previous quarter. This means it is on track to reach cash flow positive by the end of the year. Cash was $10.8m at the end of June 2025.
MAIN MARKET
BATM (BVC) has sold three non-core businesses, and it will focus on networks, cyber and diagnostics. Two of the businesses were loss-making. The sale of a 51% stake in Progenetics was also completed. The sales generated $2.4m. Other non-core businesses may be sold.
Fintech software provider Aptitude Software (APTD) increased annual recurring revenues by 3% to £49.8m. Core products growth is offsetting loss of business from legacy software. Interim operating profit will grow in double digits. The exchange ate is hampering revenues and some opportunities have been deferred.
Hamak Gold (HAMA) says the joint venture has commenced drilling at the Nimba project in Liberia. The company will receive 100 million shares in joint venture partner First Au and A$250,000 in cash at the beginning of August, subject to shareholder approval, for the 35% stake.
Andrew Hore
Quoted Micro 10 February 2025
AQUIS STOCK EXCHANGE
Third quarter revenue from emissions reduction additives supplier SulNOx Group (SNOX) more than doubled to £208,000 compared to the same period last year. Volume growth was 88.7%. There was cash of £2.5m at the end of 2024. There are 44 shipping companies evaluating the additives and there are more set to sign up. Crystal is the first cruise operator to evaluate the additive, and it made an average fuel saving of 3.4%.
Rogue Baron (SHNJ) has decided to change its strategy from drinks, because of a lack of market support for the sector, to natural resources, particularly in North America. The spirits business will be sold. The disposal will turn Rogue Baron into an Enterprise Company on Aquis. An investment committee of Hamish Harris and Charlie Wood will consider potential investments base or precious metals. The company name will change to Richmond Hill Resources. Tomoya Daimon has resigned from the board. A placing raised £209,000 0.6p/share.
Oscillate (MUSH) says it has analysed early-stage data for hydrogen in the Animikie Basin in northern Minnesota. Soil gas sensing equipment has been deployed, and shallow soil gas sampling technology will evaluate hydrogen potential.
Marula Mining (MARU) says assay results of copper concentrate samples from the Kinusi copper mine in Tanzania provide further confirmation of high-grade copper content of the material stockpile.
Oberon Investments Group (OBE) is holding a general meeting to gain approval for a capital reduction to create distributable reserves.
Coinsilium Group Ltd (COIN) is rebranding its Nifty Labs subsidiary as Forza (Gibraltar) and it will focus on treasury management for the holding company. Coinsilium is assessing innovative opportunities in treasury management.
Trading in Hydrogen Future Industries (HFI) shares has been suspended because accounts for the year to July 2024 have not been published.
Barry Hersh has forfeited the 18.66 million unpaid shares in Global Connectivity (GCON).
Paul Mathieson’s stake in Investment Evolution Credit (IEC) has reduced from 38.9% to 35.4%. That was prior to a £35,650 subscription at 1p/share. Dr Richard Leaver doubled his shareholding to two million shares after the subscription and he has become chief executive. Dr Leaver is a former director of AIM companies Blue Star Capital (BLU), Image Scan (IGE) and Toumaz. He has experience with AI and the board believes this will help to grow the consumer credit business. John van Kuffeler will not become chairman.
Supernova Digital Assets (SOL) generated revenues of £114,000 in the 12 months to October 2024 according to unaudited management accounts. A £2.7m increase in the fair value of digital assets and tokens. The pre-tax profit was £2.41m. Net assets were £5.8m at the end of October 2024.
Ventura Finance, which is controlled by Mark Jackson, owns 3.93% of Walls and Futures REIT (WAFR).
DXS International (DXSP) chairman Bob Sutcliffe is continuing to buy shares adding another 20,000 at 3.5p each, taking his stake to 1.99%. Shepherd Neame (SHEP) has amended an earlier purchase by chairman Richard Oldfield (that was said to be 42,459 shares) to 1,500 shares at 519p each. He has also acquired 2,000 shares at 540p each. BWA Group (BWAP) managing director has bought 1.5 million shares at 0.15p each, taking his stake to 6.75%. Ananda Pharma (ANA) chief executive Melissa Sturgess bought 5 million shares at 0.43p each, taking her shareholding above 10%.
Time to ACT (TTA) has appointed VSA Capital as corporate adviser and broker.
Jim Williams has resigned from VVV Resources (VVV) and David Ajemain has been appointed as executive chairman. The company is reviewing potential projects.
ASSET MATCH
VP Fintech (VPF) joined the Asset Match private market on 5 February. It owns 56% of Canadian company Valens Pay, which has developed a fintech platform that offers directly or via third parties users services including payment, forex and investments. There is no limit on size of transaction. At the end of 2024, there were 21 partners using the platform. Co-founder James Holmes owns 46.1%, TP Finans ApS, which is owned by co-founder Torben Pedersen, 38.9% and Torben Pedersen’s own holding is 12.1%. The first share auction will be in March. At a share price of 100p, the market capitalisation is £25m.
Nightcap (NGHT) has acquired the 115 lease on the i360 Tower in Brighton. It is one of the world’s tallest moving observation towers with 20,000 square foot of hospitality space. The deal excludes any debt, which has been released by the local council.
Oil and gas explorer and producer SDX Energy (SDX) has left AIM and joined Asset Match on 3 February. The first auction will be in March.
Isle of Scilly Steamship (IOS) has appointed Jonathan Hinkles as managing director of airline Skybus. He has been an adviser for six months and his job is to return Skybus to sustainable profitability. Skybus flies from airports in Cornwall and Devon to St Mary’s and has seven aircraft.
Marshalls of Cambridge (MCH) has appointed David Mitchard as a non-executive director.
AIM
Engineering consultancy RC Fornax (RCFX) joined AIM on 5 February after raising £5.2m at 32.5p/share. Existing shareholders raised a further £1m. The share price ended the week at 35p. RC Fornax was set up in 2020 and is focused on the UK defence sector and it would like to move into new territories.
Building components manufacturer Alumasc (ALU) is maintaining margins and has managed to generate organic growth in a period where the construction market contracted. New product development and improving efficiency help to improve the figures. Interim revenues rose by one-fifth to £57.4m with organic growth of 8%. Pre-tax profit was 19% ahead at £7.5m. Exports grew 43% as demand from the Chek Lap Kok project in Hong Kong started to build. The interim dividend was raised by 1% to 3.5p/share.
Energy supplier and energy efficiency services provider Good Energy (GOOD) has reached agreement with Dubai-based Esyasoft and is recommending a 490p/share bid. That is higher than the share price had ever previously been and values Good Energy at £99.4m. Major shareholder and former potential bidder Ecotricity has committed to accepting the bid.
Digital tech services provider TPXimpact (TPX) says third quarter trading was in line with expectations, but contract starts have been delayed and slow to build up which will hit the fourth quarter. This is due to the UK government putting off spending decisions. The UK government comprehensive spending review should be completed in June and spending will hopefully return to expected levels after that. Dowgate has cut 2024-25 revenues from £84m to £76m, which has led to a pre-tax profit downgrade to £2.8m.
RA International (RAI) directors have decided to ask for shareholder permission to leave AIM. The remote services provider to global organisations says that disclosure requirements hamper the business by enabling rivals have a greater insight into its strategy. Also, confidentiality agreements mean that it is difficult to provide investors with the information they want. Liquidity is poor because Soraya Narfeldt and Lars Narfeldt own more than 80% of RA International. Contract mobilisation delays are hampering trading, and a loss is expected for 2024. Costs will be reduced this year and non-core business could be sold for up to $5m.
Lung cancer diagnostics developer Lung Life AI (LLAI) is planning to leave AIM with discussions continuing with one strategic partner to help to commercialise its lung cancer tests. However, there is unlikely to be an agreement in the short-term and cash, currently $1.31m, is only going to last until later in the second quarter. A public share issue is unlikely to be viable. If no source of funding can be found, then the company would be wound up.
Fuels, food and feed distributor NWF (NWF) reported an improvement in underlying pre-tax profit from £3.4m to £3.6m. Higher contributions from fuels and feed offset a small dip in profit at food distribution, where the new site at Lymedale is taking longer than expected to fill up. There are £600,000 of exceptional costs relating to an investigation into a conflict of interest in contracting transport services and the investigation will be completed by May. Full year pre-tax profit expectations have been maintained at £8.6m.
Space and defence communications technology supplier Filtronic (FTC) trebled interim revenues and went from loss to a pre-tax profit, excluding the movement in the value of SpaceX warrants and share-based payments, of £7.8m. The momentum is not expected to continue in the second half, where the comparatives are much tougher anyway. Despite investment in new capacity and working capital requirements net cash is £5.1m and it should be much higher at the year-end. There have been two forecast upgrades in recent months, and it is not a surprise that the full year pre-tax profit forecast has been maintained at £11.5m, up £3.4m last year. There is potential for further contract wins, though.
APQ Global Ltd (APQ) says the US government’s slashing of international aid and foreign assistance has created a tough environment for its investee companies. Cash flow generation and refinancing debt should enable APQ Global to repay convertible loan holders by the end of March, but it is more uncertain than previously. The outstanding principle is £26.1m. Delphos is the main investment and two-thirds of its transaction advisory contracts have been cancelled, and they were worth $5m. The others are also likely to be cancelled. Cash inflows over December and January were expected to be $18.9m, but they were $1.1m. The estimate for February has been downgraded from $16.5m to $14.5m, although the March estimate has been raised from $4.3m to $11.1m. That still means a reduction $12m over the period. APQ Global had $3.2m in cash at the end of January.
Cosmetics supplier Warpaint London (W7L) warns that growth is slowing. Interim revenues were 25% higher in the first half and they grew 14% to £102m for the full year. Usually, the second half is much stronger. Margins continue to improve. So far this year, revenues are 15% ahead.
Ilika (IKA) has successfully demonstrated the scalability of its Goliath battery and it will produce prototypes for potential customers. The battery was produced using standard equipment. Ilika is working with Mpac (MPAC) on a 1.5MWh solid state battery production line to produce the Goliath prototype for automotive use. The Agratas factory built to supply Jaguar Land Rover is assessing it its ability to produce Goliath batteries.
Team Internet (TIG) revealed 2024 revenues fell 4% to £803m. Even three months ago growth was anticipated. Profit also declined. The original domain names business grew revenues by 7%, while the new comparison division grew 43%. The search division, which is the rest of the online marketing business, reports a 11% decline in revenues. This is the main profit contributor and gains elsewhere were more than offset by the lower profit here. Net debt was $97m at the end of 2024. It would have fallen without acquisition costs. The Shinez acquisition has not gone as well as expected and there will be a non-cash write-down, plus legal action against the sellers.
Online gaming marketing services provider B90 Holdings (B90) moved into profit in 2024 as overheads were slashed. Zeus forecasts a pre-tax profit of €600,000 on revenues two-thirds ahead at €5m. Net cash is €1.1m. Profit and net cash could double this year.
Gfinity (GFIN) has signed an exclusive licence agreement with 0M Technology Solutions to commercialise 0M’s AI technology Connected IQ (CIQ). Gfinity believes it combine its network and contacts in the advertising sector to help commercialise CIQ. The fee is 30% of net profit generated by the licence. It is unclear how quickly sales can be built up. Gfinity has the option to buy 0M for £2m after the first anniversary of the agreement and lasting until the end of third year. 0M is owned by Robert Keith, who owns 19.6%. Gfinity has raised £260,000 ay 0.0625p/share. The new shares come with warrants exercisable at 0.09p/share.
Sustainable laundry technology developer Xeros Technology (XSG) is progressing with tech verification from four global washing machine manufacturers and two of those could move to substantial paid-for joint development agreements. Timing is uncertain, though. Even so, Cavendish has reduced its 2024 and 2025 forecast revenues. The loss is estimated to decline from £4.8m to £4.5m in 2024. Net cash was £2.8m at the end of 2024 and it should be £800,000 at the end of 2025.
Nativo Resources (NTVO) announced a share consolidation of 1,500 existing shares into one new share. The board believes this will help to make the share price less volatile.
MAIN MARKET
Homeware products supplier Ultimate Products (ULTP) says recovery has been slower than expected as the consumer market remains weak. Higher freight costs and taxes will hit profit for the year to July 2025. Pre-tax profit is forecast to fall from £14.4m to £11m.
Codex Acquisitions (CODX) has entered into an acquisition agreement of Technologies New Energy, a Portugal-based renewable energy company, for £28m in shares at a notional price of 20p each. This would make the deal large enough for the company to be readmitted to the Main Market. Trading in the shares was suspended at 5.5p.
Andrew Hore
Quoted Micro 6 January 2025
AQUIS STOCK EXCHANGE
Global Connectivity (GCON) is investing £50,000 in PLUG Group, which is a 4% stake. PLUG is developing opportunities to extract decommissioned copper cables for South American telecoms companies. Livia Meyer has returned 32.5 million shares and paid £50,000 for the other five million shares subscribed for. Executive chairman Dr Keith Harris has paid the £200,000 he owes for shares he acquired. Barry Hersh has still not paid the £375,000 for the 37.5 million shares that he subscribed for.
SulNOx Group (SNOX) reported a rise in interim revenues from £136,000 to £440,000. The loss increased from £870,000 to £1.17m. There was £804,000 in the bank at the end of September 2024.
KRI (KR1) had net assets of 100.04p/share at the end of November 2024. Income of £771,347 was generated during the month. There is cash of £624,000.
Walls and Futures REIT (WAFR) maintained its NAV at 85p/share at the end of September 2024. There was a small reported profit after a £40,000 increase in property values. Management is hopeful that government plans for social and affordable housing will provide opportunities for the company.
Video technology company Visum Technologies (VIS) improved revenues from £63,000 to £130,000 in the year to June 2024. The cash outflow from operating activities was £133,000, leaving £49,000 in the bank. The focus is the leisure market, but the company wants to find other applications for its technology. Costs are being controlled.
Consumer finance provider Investment Evolution Credit (IEC) generated full year revenues of £455,000 and lost £247,000. There was cash of £101,000 at the end of June 2024.
Coinsilium (COIN) has entered into a strategic collaboration with Otomato Inc, a Web3 technology platform for autonomous agent-based solutions. The idea is to maximise the value of Coinsilium’s digital assets. The initial term is 12 months.
At the end of September 2024, Hot Rocks Investments (HRIP) NAV was £698,000, including £342,000 in cash.
Supernova Digital Assets (SOL) has bought back 67 million shares at an average price of 0.2239p each. The buyback authority lasts until the end of 2025.
Tap Global Group (TAP) has been granted virtual asset service provider registration in Bulgaria. This is a step towards expanding in the EU.
Blue Sky Vision has exercised its option to subscribe for 20 million shares in Valereum (VLRM) at 10p each.
Three directors of Invinity Energy Systems (IES) bought shares at 14.85p/share. Chairman Neil O’Brien bought 135,000 shares, chief executive Jonathan Marren acquired 134,680 shares and finance director Adam Howard purchased 134,333 shares.
Evrima (EVA) has appointed Bowsprit Partners as corporate adviser.
AIM
Pri0r1ty Intelligence Group (PR1) joined AIM on 30 December following the reversal of the AI customer relationship technology company into Alteration Earth. The business provides AI tools to automate areas such as social media and governance for smaller companies. Spreadex has sold a 3.99% stake and retains voting rights through financial instruments of 0.75%. The share price declined by 24.1% from the placing price to 10.25p, although it is 18% down on the Alteration Earth suspension price of 12.5p.
Poolbeg Pharma (POLB) is in talks with potential bidder HOOKIPA Pharma (NASDAQ: HOOK) about an all-share offer from the Nasdaq-listed company. The indicated proposal is 0.03 of a HOOKIPA share for each Poolbeg share. Cancer and infectious disease treatments developer HOOKIPA intends to raise up to $30m. That will fund phase 2a trails for POLB 001 and trials of two other treatments. HOOKIPA shareholders would receive a contingent value right instrument entitling them to 55% of milestone payments made by Gilead for HB-400 and HB-500 programmes. This could be worth up to $407.5m. They are also entitled to 80% of the proceeds generated by the HB-200 programme.
SDX Energy (LSD) postponed the general meeting on 31 December. This was called to gain shareholder approval to leave AIM due the costs of the quotation and the greater potential flexibility as a private company. Potential investors would apparently prefer to invest in an unquoted company. The strategy continues to be to become a vertically integrated gas and renewable energy producer in Morocco. The general meeting will be rearranged.
Revolution Beauty (REVB) has come to a confidential agreement with Chrysalis Investments (CHRY) over the claims related to its investment in the company when it joined AIM in July 2021. Last year, Chrysalis Investments issued draft particulars of a claim £39m plus additional consequential loss of £6.2m. Chrysalis Investments will be paid a non-material amount of cash with out admission of liability.
Arecor Therapeutics (AREC) has signed an exclusive licence agreement for a formulation of liquid drug product AT351 for a large client. The use of the product is undisclosed. There is an upfront milestone payment with potential for further payments. The licensee will be responsible for further development and hopes to seek FDA approval within three years. Panmure Liberum has a target share price of 361p.
Marketing services provider The Mission Group (TMG) has completed its restructuring with the sale of AprilSix to US-based Marketbridge for up to £17.4m. The initial payment is £10.5m and reduces pro forma net debt to £17m. This will enable the company to negotiate an extension to its debt agreement. AprilSix generated 13.5% of 2023 revenues of £86.3m. A share buyback of up to £1.5m will be launched. There could be a dividend paid for 2025.
Cancer treatments developer Hutchmed (China) Ltd (HCM) has followed up the sale of its non-core 45% interest in Shanghai Hutchison Pharmaceuticals for $608m with news of the acceptance of a new drug application in China for savolitinib in combination with AstraZeneca’s Tagrisso as a treatment for lung cancer.
Cancer treatments developer ValiRx (VAL) has extended the exclusivity period with TheoremRx Inc on the sub-licence of VAL201 until the end of May 2025. This is the final extension, and it is due to TheoremRx Inc being involved in a transaction with a Nasdaq listed company.
Pulsar Helium Inc (PLSR) is raising up to $7.5m at 38 cents(30p)/share. A loan will be provided by University Bancorp Inc will provide a $4m line of credit to ABCrescent Cooperatief so that it can exercise 15.5 million warrants. The cash will finance exploration at the Topaz project in Minnesota and enable a decision to be made on a combined helium and CO2 production facility. Further drilling on the Jetstream #1 appraisal well will restart this week.
Restaurants operator Tasty (TAST) has received £2.5m from an insurer for breach of contract for insurance for losses in 2020. This will lead to an exceptional gain of £1.5m in 2024.
Huddled Group (HUD) acquired the 25% of Boop Beauty it did not own for £100,000 in cash.
Functional food ingredients developer Provexis (PXS) doubled interim revenues to £785,000. There was a reported loss, but a £17,000 cash inflow from operating activities. Cash was £478,000 at the end of September 2024.
MAIN MARKET
Power electronics developer for electric vehicles DG Innovate (DGI) is cancelling its listing in the transition category of the Main Market because of the difficulty in raising cash since floating on the now-defunct standard list via reverse takeover of Path Investments in April 2022. DG Innovate did raise £500,000 at 0.08p/share. This will help to support the joint venture with Indian electric vehicle manufacturer EVage Automotive for the production of DG Innovate’s Pareta e-drives and provide working capital until early February 2025. Much more cash will be required, though.
Roquefort Therapeutics (ROQ) is planning to sell Lyramid, which has a portfolio of antibody and mRNA based therapied that focus on cancer target Midkine, for a minimum of $10m. The business was acquired for £1m. This would mean that Roquefort Therapeutics would take a share stake in the buyer Pleiades Pharma. The deal replaces the previously announced licensing proposal.
Capricorn Energy (CNE) did not receive the final settlement payment of $22.5m from Waldorf Production UK for earnout considerations. As part of this deal, Capricorn Energy acquired a 25% stake in the Columbus field in the North Sea. Capricorn Energy is considering its options.
Andrew Hore
Quoted Micro 5 August 2024
AQUIS STOCK EXCHANGE
Marula Mining (MARU) has entered into a manganese ore supply agreement with Kitman, a local processing company in Kenya. The deal lasts until the end of 2026. Kitman will supply a minimum of 10,000 tonnes/month of manganese ore at 20% grade minimum to the Kilifi manganese processing plant. There will be an advance payment for 5,000 tonnes. A mining permit has been issued for Blesberg lithium and tantalum mine.
In the year to March 2024, business assurance provider Adsure Services (ADS) increased revenues from £8.99m to £9.3m, while pre-tax profit was 72% higher at £471,000. There was cash of £1.07m at the end of March 2024.
Ormonde Mining (ORM) investee company TRU Precious Metals has signed an option agreement with Eldorado Gold so that it can earn 80% of the Golden Rose project in Newfoundland. The 36.2%-owned TRU Precious Metals has persuaded Eldorado Gold to invest in the early-stage project.
Valerium (VLRM) will collaborate with Tokeny as a technology provider for Valerium’s Real World Asset (RWA) marketplace. The technology will enable the primary issuance and bulletin board-based secondary trading of various digital assets.
KR1 (KR1) had net assets of 82.01p/share at the end of June 2024. Income earned during the month was £877,000. One-quarter of the value of the portfolio is in Celestia tokens.
Hydrogen Future Industries (HFI) has secured a technology and territory licensing agreement worth up to €2.25m. The wind-based hydrogen production technology company has signed the deal with a new company in the Republic of Ireland.
Emission reduction fuel additives developer SulNOx Group (SNOX) says first quarter revenues were 134% ahead at £192,000. There were record product sales in the quarter. There was £1.6m in the bank at the end of June 2024.
RentGuarantor (RGG) increased interim revenues by 70% to £518,000, but the loss increased from £408,000 to £452,000 due to the hiring of staff. Net debt is £1.07m.
Cooks Coffee Company (COOK) has raised £320,000 at 7.85p/share. Chief executive Aiden Keegan has joined the board.
Supernova Digital Assets (SOL) had net assets of £5.49m at the end of April 2024, following an increase in the value of its cryptocurrency assets. There is £209,000 in cash.
AIM
Trinidad-based oil and gas producer Trinity Exploration and Production (TRIN) is recommending a cash bid from Trinidad incorporated Lease Operators and withdrawn the recommendation of the Touchstone Exploration (TXP) offer of 1.5 shares for each of the oil company’s shares. The bid is 68.05p/share and values Trinity Exploration and Production at £26.4m. There will be economies of scale between the two oil producers.
Touchstone Exploration (TXP) achieved net sales of 5,432 barrels of oil equivalent/day in the second quarter of 2024. Current average production was 5,711 boe/day with production improving at Cascadura.
Haleon has announced that it will launch the Futura Medical (FUM) erectile dysfunction topical gel treatment Eroxon in the US before the end of 2024. This will trigger the US launch milestone. The US is a bigger potential market than all the other sales regions combined. So far, Eroxon has been launched in Belgium and the UK with more to follow.
In the year to April 2024, SDI Group (SDI) revenues dipped from £67.6m to £65.8m, but there was underlying growth if the previous year’s Covid-related revenues are excluded. The scientific instruments manufacturer’s operating margins are just above 14%. Pre-tax profit dipped from £11.8m to £8m because of the higher margin business in the previous year. Management says there are potential acquisitions in progress, but the timing is always difficult to predict. Net debt was £13.2m at the end of April 2024 and that could halve in a year’s time without any acquisitions. Cavendish forecasts 2024-25 pre-tax profit of £8.4m and earnings of 6p/share are forecast.
North Sea-focused Jersey Oil and Gas (JOG) could be hampered by the rise in the energy profits level to 38% and the main investment allowance of 29% will be removed from November. A reduction in capital allowances will be announced in the October Budget. The levy will be extended until 2030. The Great Buchan Area joint venture will be impacted. Jersey Oil and Gas has a full carry on much of the development spending of the project and there are potential milestone payments. However, the final investment decision could be hampered by the tax changes.
RBG Holdings (RBGP) is expecting interim revenues of £18.4m, down from £19.8m. Net debt was £24.4m at the end of June 2024 and the debt facility is fully drawn. Costs are being reduced, but most will come through next year. A pre-tax profit of £1.2m is forecast for 2024 after the previous year’s loss.
UK Oil and Gas (UKOG) is the highest riser for the second week. its Dorset and Yorkshire underground hydrogen storage projects have received a letter of support from RWE, which is developing three hydrogen plants near to the storage projects. Other letters of support have come from Japanese trading house Sumitomo and pipeline provider SGN. The projects are at an early engineering design stage.
Oil and gas producer Arrow Exploration (AXL) says that the second horizontal well on the 50%-owned Carrizales Norte field in Colombia is producing ahead of expectations. The two wells are boosting group production. There is cash of $11m and should be at a similar level at the end of 2024 as cash generated from production helps to finance further drilling. Zeus has a total risked NAV estimate of 48.8p/share.
Online gaming company Gaming Realms (GMR) expects interim revenues to be m18% ahead at £13.5m and EBITDA should be 21% higher at £5.8m. Adding new partners has boosted income. Gaming Realms is on course to increase full year pre-tax profit from £5.4m to £8.8m. Net cash could double to £14m.
IQE (IQE) plans to float its Taiwan subsidiary on its local stock exchange.
Vector Capital (VCAP) plans to leave AIM and is offering shareholders the chance to tender shares at 33p each. The tender offer covers up to 11.2 million shares and will cost £3.7m. Interim pre-tax profit dipped 45% to £707,000. Vector Holdings owns 75.2% of the property finance provider
MAIN MARKET
Cybersecurity company Narf Industries (NARF) has admitted it requires additional funding to take advantage of its IP that has been developed as part of consultancy contracts. In the 15 months to March 2024, revenues were $7.6m, which was treble the level for the previous twelve months. These revenues come from consulting work. The reported loss was $1.44m, although that includes a share-based payment cost of £1.02m. There was a cash inflow from operating activities of $173,000. The chief executive has increased the facility made available to the company from $2m to $2.5m and this lasts until July 2025. At the end of March 2024, there was $1.55m drawn down.
Guild Esports (GILD) is exploring options that will enable it to meet short-term liabilities. That could be new credit terms, a fundraising or further cost savings. Management is also assessing the strategic direction of the company and that could lead to assets being sold. A partnership deal has been secured with AIM-quoted Inspecs (SPEC) for the marketing of the eyewear company’s REGEN glasses.
Andrew Hore
Quoted Micro 10 May 2024
AQUIS STOCK EXCHANGE
Time to ACT is planning to join the Aquis Stock Exchange later this month and it has launched a fundraising ahead of the flotation. The flotation will take place even if there is no money raised. Time to ACT plans to develop a group of engineering-based energy transition businesses. Middlesborough-based Time to ACT has two subsidiaries. Diffusion Alloys is a long-established diffusion coating business. The technology provides an intermetallic layer that protects metal components at high temperatures. GreenSpur is a much newer business that is developing direct drive generator technology for use in wind power that does not require rare earths for magnets. The Winterflood Retail Access Platform is being used to raise up to £1m. The issue price and closing date have yet to be announced. Investors have to apply for shares via a broker. The minimum subscription is £100.
Cykel AI (CYK) has agreed a bid from standard listed Mustang Energy (MUST). The offer is 1.911 Mustang Energy shares for each Cykel AI share. Both companies’ shares have been suspended since 17 January. The Mustang Energy suspension price was 30.6p, but the bid is based on a much lower share price valuing the company, which has net liabilities, at £1m. That values the bid at 9.37p/share and Cykel AI is valued at £19.2m. Cykel AI is developing artificial intelligence products.
Newbury Racecourse (NYR) increased 2023 revenues by 9% to £19m and reported pre-tax profit improved from £130,000 to £720,000. However, there was a £700,000 exceptional gain relating to the release of a provision included. Cost increases reduced underlying profit. Raceday attendances fell from 141,000 to 130,000. The nursery has increased capacity by 18%. Shaun Hinds will become chief executive on 3 June.
Silverwood Brands (SLWD) executive director acquired 100,000 shares at 20p following the restoration of trading at the beginning of May. The share price recovered by 48.5% to 24.5p, but it is still not back to its suspension price.
Marula Mining (MARU) has appointed a new mine manager at the Larisoro manganese mine in Kenya. Bernard Kiprotich has five years of mining experience in Kenya. Marula Mining is investing in the established Larisoro manganese mining operation by securing a 60% commercial interest with an option to increase it to 70%. There are three shallow open pits. The purchase price is £300,000 satisfied by the issue of 2.4 million shares. Marula Mining will provide investment of $1.5m for equipment to enable production to be increased.
Essentially Group (ESSN) has completed the acquisition of Best Latin Foodstuff Trading for £1.945m in shares at 52.5p each. Catalina Onate, who founded the food importer, has been appointed as an executive director.
Shareholders passed resolutions at the AGM of Supernova Digital Assets (SOL), including a cancelation of the share premium account and authority to buy back shares.
TruSpine Technologies (LON: TSP) chief executive Laurence Strauss has resigned. He was appointed in April 2023.
RentGuarantor Holdings (RGG) raised £35,000 at 274p/share.
AIM
Metallurgical coal company Bens Creek (BEN) says a further court hearing related to the three US operations that are in Chapter 11 bankruptcy protection will be held on 6 June. The court has accepted the proposed Avanti debtor in possession financing and $2m has been drawn down. This provides enough cash until the end of May. The final terms of the facility are being negotiated.
Genedrive (GDR) has raised £2.1m in a placing at 1.5p. This follow’s yesterday evening’s announcement of a fundraising, where the point of care pharmacogenetic testing company wanted to raise £2.5m via a placing. There is also a REX retail offer for up to £3.5m, which closes on 17 May, and a one-for-one open offer that could raise up to £2.1m. If the total amount raised is not at least £6m the fundraising will not go ahead, so a further £3.9m is required. The company’s tests are being commercialised and a direct to consumer strategy pursued in the UK, while there will be distributors in other countries. There will also be investment to improve manufacturing efficiency and to fund regulatory approvals.
Plant Health Care (PHC) generated a 72% increase in revenues to $4.3m in the first four months of 2024. There is cash of $2.3m. The loss could be reduced from $3m to less than $1m this year. A profit is possible in 2025.
Third quarter driver management systems units produced by Seeing Machines (SEE) have gone into 313,662 vehicles, which is 51% higher than the previous quarter. This is more than treble the number in the same period two years and 80% higher than one year previously with more contracts set to contribute. Monitored connections of the Guardian fleet units were 5% higher on the quarter at 59,706.
Push-to-talk and workplace management technology developer Mobile Tornado (MBT) has won a contract through its regional partner to supply technology for a mobile network in the Middle East and Africa, which has more than 50 million customers. Management believes that there should be increasing sales momentum following the deal.
Healthcare services provider Totally (TLY) reassured the market with its latest trading statement. Full year EBITDA was £2.3m, down from £6.9m, and net debt was £800,000 at the end of March 2024. Revenues fell 22% to £106m because of the loss of a contract. Cost reductions and efficiency improvements have offset the tough market. Annualised cost savings of £3.5m are expected.
Bushveld Minerals (BMN) has agreed the conditional disposal of Vanchem to Southern Point Resources Fund 1 for up to $40.6m. The initial consideration is $20.6m. This requires shareholder approval. Southern Point Resources is increasing the interim working capital facility it is providing that is secured on production at Vanchem. This, and a $9m working capital facility, will be offset against the initial consideration and be used to pay creditors. This will leave a cash payment to Bushveld Minerals of $3.5m when the disposal happens. The deferred consideration is based on 25% of distributable free cash flow with a minimum of $1.25m paid for each quarter of the three-year period.
Mothercare (MTC) reported a 13% decline in global system sales last year due to poor trading in the Middle East. Destocking is a problem. There was better trading in the UK and Indonesia. The retailer will improve EBITDA, but Cavendish reduced its forecast EBIDA by 9% to £7m, compared to £6.7m in 2022-23. Refinancing talks continue and a conclusion should reduce the interest bill.
Battery technology developer Ilika (IKA) is raising up to £3.4m at 28p/share to spend on the Goliath solid-state battery. This cash should last at least 12 months. A placing and subscription raised £1.7m and a one-for-26 open offer could raise up to £1.7m more. The open offer closes on 28 May. There will be £750,000 earmarked for the development of the Goliath battery and this supplements the grant assistance obtained. A further £750,000 will be used to increase testing capacity to 0.75MWh/a and for upgrading dry room facilities. Additional cash raised will support further capital expenditure and working capital for Goliath and the Stereax miniature battery.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) disappointed with its AGM trading statement and lost the majority of the share price gain this year. Prices are falling, but this reflects lower costs, so margins are being maintained. First quarter sales were 9.5% lower, which does reflect a reduction in volumes. There should be improvement in the second half.
Oxford Cannabinoid Technologies (LON: OCTP) plans to cancel the standard listing. Management believes that stockmarket uncertainty is making it difficult to raise cash at an acceptable share price. The development of the drug pipeline will continue. The cancelation date is 6 June.
Andrew Hore
Quoted Micro 6 May 2024
AQUIS STOCK EXCHANGE
Good Life Plus (GDLF) has traded strongly since joining Aquis and raising cash for marketing. The luxury prize draw company increased the number of subscribers from 21,000 at the end of 2023 to 30,000. Churn has been reduced.
Invinity Energy Systems (IES) raised £56m at 23p/share with £25m committed by the UK Infrastructure Bank and £3m from Korean Investment Partners. There is also an open offer to raise up to £6.6m. The share price slipped 6.12% to 23p. IES will use £30m to increase capacity ahead of the launch of the latest version of the Mistral flow battery.
KR1 (KR1) gained shareholder approval for the market acquisition of up to 14.99% of its shares. NAV was 132.05p/share at the end of March 2024, down from 134.6p/share one month earlier. There was £1.96m in income from digital assets during the month.
Apollon Formularies (APOL) has sent a general meeting notice for 28 May to gain approval of the cancelation of the Aquis quotation. The company is selling its IP to a Canadian company.
Rogue Baron (SHNJ) has acquired Eight Vodka for £70,000 in shares at 0.5p each. Eight Vodka is distilled eight times in Ecuador.
Trading in Silverwood Brands (SLWD) was restored following the completion of a capital reduction. Phoenix Asset Management increased its stake from 0.94% to 29.9%. In the first quarter a rebranding of Balmonds has disrupted sales. The costs of acquiring Cosme Science hit profitability of Sonotas.
One Health Group (OHGR) says it did better than expected last year with annual revenues improving from £20.5m to £23m. Net cash was £4.7m at the end of March 2024. There was a 13% increase in NHS patient referrals for treatments. New five-year contracts have been secured with the two largest customers.
RentGuarantor Holdings (RGG) says first quarter revenues were 62% ahead and the number of tenant contracts was 38% higher.
Investment company MaxRets Ventures (MAX) reported net assets of £19,000 at the end of October 2023, down from £497,000. There was no new investment during the year. A transformative acquisition is being sought.
Hydrogen Future Industries (HFI) more than halved the interim cash outflow from operating activities to £234,000. Ther was £263,000 in the bank at the end of January 2024, but £612,000 has been raised since then. Testing of the prototype wind turbine and the electrolyser has gone well.
Substrate AI (SAI) generated revenues of $8.6m in 2023. There was $4.42m in the bank.
Hacienda Management has taken a 7.48% stake in Supernova Digital Assets (SOL). Pete Mills increased his stake in Oscillate (MUSH) from 3.02% to 4.03%. DXS International (DXSP) chairman Robert Sutcliffe bought 100,000 shares at 1.46p/share.
AIM
Trinity Exploration & Production (TRIN) has agreed a bid from fellow AIM-quoted Trinidad oil and gas company Touchstone Exploration (TXP), which is offering 1.5 shares for every Trinity share. The Trinity shareholders will own one-fifth of the enlarged company. The combined group will be in a stronger position to make investments in new production. The Touchstone Exploration share price is 4.85% lower at 39.25p, valuing each Trinity share at 58.875p – the share price is 50% higher at 54p.
Alpha Financial Markets Consulting (AFM) has confirmed that BridgePoint Advisers has made a bid approach and Cinven is considering making a bid. Revolution Bars Group (RBG) has received interest from Nightcap (NGHT), which is assessing the situation and options include a bid or acquisition of some sites or subsidiaries.
Electric Guitar (ELEG) moved from the standard list to AIM following the reverse takeover of 3radical on 3 May. It is the first in a planned series of acquisitions in the digital marketing sector, where regulatory and market changes, such as the blocking of third-party cookies, provide significant growth opportunities. 3radical was acquired for 61.2 million shares valued at £1.28m. A fundraising generated £1.32m at 2.1p/share and that valued the company at £4.7m. 3radical was set up by the founders of campaign management software provider Alterian at the end of 2011 The shares had been suspended at 2.1p and they fell to 1.8p when trading recommenced on AIM.
Multi-channel retailer TheWorks.co.uk (WRKS) moved from a premium listing to AIM. The board felt the company was too small for the cost and regulatory burden of the Main Market. One of the attractions of AIM is that the company will no longer be classified as a Public Interest Entity and it will be able to choose an auditor from a wider range of firms. Singer forecasts a slump in pre-tax profit from £10.1m to £1m in the year to April 2024.
Cornish Metals (CUSN) has published a preliminary economic assessment of the South Crofty tin project in Cornwall. There is an after-tax NPV8 of $201m at a tin price of $31,000 /tonne. Pre-production capital requirement is $177m, which is higher than previous estimates, and there should be 14-year mine life. Life of mine all in sustaining cost is estimated at $13,661/tonne. Planned first production is in 2027.
Horizonte Minerals (HZM) has enough cash until 17 May and senior lenders have agreed to extend waivers on loans, including deferring interest payments, until 15 May. These lenders have security over the company’s assets. Horizonte Minerals has guaranteed the debt of the subsidiary that owns the Araguaia project. Discussions with creditors and investors continue in an attempt to achieve some recovery value for creditors. That may include the disposal of the Araguaia project. None of the proposals are likely to recover value for shareholders.
Arrow Exploration (AXL) grew average production from 1.3mboe/day in 2022 to 2.2mboe/day in 2023 and revenues increased from $28.1m to $50.6m, which was slightly lower than forecast. There was cash of $13m at the end of 2023 and this fell to $12m at the end of March 2024. Production has reached 2.9mboe/day in March, while drilling activity will lead to further increases in the medium-term. Canaccord Genuity has cut its 2024 revenues forecast from $103.9m to $98.6m and net cash is expected to be $17m at the end of 2024.
Trading at property services provider Kinovo (KINO) is ahead of expectations with organic growth of 23% in the year to March 2024. Underlying pre-tax profit should be more than £6m, excluding costs related to the DCB contracts, which were guaranteed by Kinovo when it was sold, still to be completed.
Mark Halpin has stepped down as chief executive of managed IT services provider CloudCoCo (CLCO) and MXC Guernsey, which holds a 10.6% stake, has extended its loan notes to 31 August 2026 in return for a £550,000 fee. The amount outstanding on the loan notes is £5.85m. MXC can also appoint an executive director and Ian Smith becomes interim chief executive. The shares returned from suspension following the release of figures for the year to September 2023 showing revenues 7% ahead at £26m. The loss was flat at £2.6m. There was a cash inflow from operating activities. Net debt was £6.3m at the end of September 2023.
Brake discs developer Surface Transforms (SCE) raised £6.5m fundraising at 1p/share. There will be a one-for 1.76036319 open offer at the same price. That could raise £2m. The cash will finance the scale up of manufacturing. Factory capacity will be increased to £75m. This year’s revenues are forecast to be £17.5m.
Gift wrap and stationery supplier IG Design (IGR) did better than expected in the year to March 2024 with margins recovering and pre-tax profit improving from $9.2m to $25.9m, compared with a forecast of $20.5m, even though revenues fell. Net cash nearly doubled to $95m. It appears the recovery is gathering pace. Management believes that margins could return to previous levels this year and an operating margin of more than 6% in 2026-27, suggesting a pre-tax profit of around $50m.
IT distributor Northamber (NAR) is acquiring Tempura Technology and Tempura Communications, which distribute unified communications products, for £6.02m in cash and 181,818 shares. There is £2.64m of the cash consideration contingent on EBITDA in the years ending June 2025, 2026 and 2027. This is a profitable business that has been growing organically.
Heavy mineral sands project developer Kazera Global (KZG) says recent changes at the National Nuclear Regulator in South Africa mean that it will have to provide additional information on how it will meet financial obligations. This should be funded by cash flow. A response is expected shortly and that will allow heavy mineral sands production to start in Alexander Bay, South Africa.
Oil and gas producer Jadestone Energy (JSE) reported a $91.3m loss for 2023 due to asset impairments, lower oil prices and higher interest costs. Capital investment has increased net debt to $110.5m by the end of March 2024. Average production in the first quarter of 2024 was 17,200 boe/day, which was hit by the Australian cyclone season. Production guidance for 2024 is 20,000-22,000 boe/day.
MAIN MARKET
Castings (CGS) did better than expected in the year to March 2024 and Canaccord Genuity upgraded its pre-tax profit forecast from £27.1m to £28.2m. Margins improved in the second half. Net cash is £32m.
Cybersecurity firm Narf Industries (NARF) is accelerating work on capabilities uniquely effective in battling a new generation threat. Developed was funded through a $2.3m contract from DARPA.
Andrew Hore
Quoted Micro 29 April 2024
AQUIS STOCK EXCHANGE
Marula Mining (MARU) says its partner NyoriGreen Mining was granted eight new graphite mining licences in the Nyorinyori and NyoriGreen projects in Tanzania. The licences last for seven years. One licence application is outstanding. Trading in the shares has commenced on the A2X stock exchange in South Africa.
Watchstone Group (WTG) had cash of £6.5m at the end of March 2024, which is an £800,000 reduction over three months. Net assets were 14p/share at the end of 2023, so this will be slightly lower now. Management is seeking to conclude its remaining litigation and return cash to shareholders. It can appeal the case it lost against PwC.
Ormonde Mining (ORM) investee company TRU Precious Metals, which is a gold and copper explorer in Newfoundland, will carry out an exploration programme at the Golden Rose project. TRU still has C$2.3m in cash and this will fund the programme. The timing of drilling is being decided.
Kasei Digital Assets (KASH) has increased its NAV to £3.68m at the end of March 2024 having closed its position in GBTC after the announcement of spot bitcoin ETFs and reinvested some of the cash in spot bitcoin.
Ora Technology (ORA) reported a £699,000 cash outflow from operations in the six months to January 2024. The company is developing a digital carbon trading platform. There was £314,000 of cash left at the end of January 2024.
EDX Medical Group (EDX) is eligible for the Apex segment of the Aquis Stock Exchange and trading will start on the segment on 29 April.
Hydrogen Future Industries (HFI) withdrew resolution four from its AGM. This was designed to gain shareholder approval for the 2024 incentive plan. Some shareholders were against the plan. Timothy Blake, who owns one-quarter of the company, has become chief executive but he will not be on the board. Fungai Ndoro has left the board.
Vinanz Ltd (BTC) has installed the first ten S21 Bitmain Antminer 200 Terahash/second miners. These are some of the fastest miners in the world. More of these machines will be acquired.
Equipmake Holdings (EQIP) has appointed Tony Ratcliffe as finance director, replacing Steven McGillivray.
Investment Evolution (IEC) has raised £160,000 at 20p/share. This will fund US consumer loans while the company makes progress with issuing its bonds.
Supernova Digital Assets (SOL) non-exec bought six million shares at 0.19p each. Saral Global VCC – Aftermarket Investments cut its stake from 11.5% to 10.4%.
Winforton Investments increased its stake in Good Life (GDLF) from 17.9% to 18.6%. Odd Asset Management raised its stake in skin treatments developer Incathera (INC) from 11.8% to 16.4%. Harry Hyman has raised his stake in Oberon Investments (OBE) from 4.98% to 5.29%. Peter Mills has taken a stake in Oscillate (MUSH) that is just above the 3% reporting level. Barry Hersh has reduced his shareholding in Global Connectivity (GCON) from 7.98% to 6.97%.
AIM
In the year to January 2024, geospatial data company 1Spatial (SPA) improved underlying pre-tax profit from £1.8m to £2.1m. The SaaS-based products are at an early stage of commercialisation, and it will take time for growth in business to show through in recognised revenues. The 1Streetworks product has already been taken up by UK Power Networks. The company generates cash from operations, but this did not cover capitalised development spending, which meant that 1Spatial’s net cash was reduced to £1.1m. Capital spending should have peaked. This year there should be enough cash generated to cover the development spending.
US-based uranium and critical minerals producer Energy Fuels is offering 0.026 of a share and an unfranked dividend of A$0.065 for each Base Resources (BSE) share. That is currently equivalent to A$0.302/share. This is a recommended bid and values Base Resources at A$375m. Two major shareholders owning 51.3% in total intend to support the bid. This will help to fund the development of Base Resources’ Toliara rare earth project in Madagascar.
Filtronic (FTC) has secured a £15.8m order for E-band amplifiers from SpaceX, which is part of a five-year strategic partnership. SpaceX is receiving warrants over up to 10% of the telecommunications technology developer. The first tranche is exercisable when £30m of orders have been made for E-band amplifiers and the second when there is a similar level of orders for other products. This sparked an upgrade by Cavendish, which raised its 2023-24 pre-tax profit forecast by one-third to £3.3m and the 2024-25 figure by 180% to £6.4m.
Donald McGarva is stepping down as chief executive of Aferian (AFRN) and leave the video streaming technology developer in October. This follows a trading statement revealing that 2023-24 revenues and EBITDA would be at the lower end of the previously suggested ranges of $47m-$48m and $1.6m-$2.6m respectively. There are delays in purchases of Amino video streaming devices. Costs have already been reduced and a further $3m will be cut. Management hopes to extend the borrowing facility of $16.5m that matures in November.
Vehicles provider for film and TV productions Facilities by ADF (ADF) was hit by the writers’ strike in 2023 and pre-tax profit fell from £4.8m to £900,000. Capital spending was delayed, although net debt increased to £12.9m. There has been a slow start to 2024 as schedules are rearranged. Pre-tax profit could still bounce back to £5m this year.
Audio products supplier Focusrite (TUNE) had already warned that the interims would be weak. In the six months to February 2024, revenues fell from £86.2m to £76.9m and pre-tax profit slipped from £10.9m to £3.4m. Working capital movements led to a large cash outflow so net debt increased to £27.3m, but that should partly unwind in the second half. The decline was in content creation equipment, whereas there was growth in revenues in audio reproduction equipment used for live events.
Sanderson Design Group (SDG) was boosted by growth in high margin brand licencing revenues and that helped to offset the decline in brand sales. Morris & Co was the only brand that did not contract during the year to January 2024. In 2023-24, revenues dipped from £112m to £108.6m and pre-tax profit edged down from £12.6m to £12.2m. North America was the bright spot. Costs have been reduced in the manufacturing operations. Net cash is £16.3m. Pre-tax profit is likely to be flat this year as most markets remain difficult.
Destiny Pharma (DEST) is exploring strategic options for post-surgical infection prevention treatment XF-73, including licensing and securing finance for the phase 3 trial. Potential partners have been put off by the cost of the phase 3 trial and management is reducing the planned cost. There was cash of £6.4m at the end of 2023 and that should last until early 2025.
i3 Energy (I3E) has published annual production guidance of 18,000-19,000 barrels of oil equivalent/day. Capital expenditure is expected to be $50.9m in 2024 and this means that production should be much higher at the end of year. Earnings are set to fall from £11.8m to £4m because of a decline in the gas price – although a recovery is expected. The annual dividend will be lower at 1.026p/share. WH Ireland increased its fair value estimate from 16.2p/share to 21.2p/share.
Chrysalis Investments has issued draft particulars of a claim against Revolution Beauty (REVB) that amounts to £39m plus additional consequential loss of £6.2m. This claim has not yet been filed with the court and relates to buying shares in the company when it joined AIM in July 2021. Chrysalis Investments was unsatisfied with the response it had got from the cosmetics supplier.
Musical instruments retailer Gear4Music (G4M) is benefiting from a focus on margins and reducing net debt. UK sales continue to grow, but they have declined in the rest of the world. Gear4Music returned to profit in the year to March 2024 and pre-tax profit is estimated at £1.4m and it could double next year. Net debt nearly halved to £7.3m. Chief executive Andrew Wass will become executive chairman and Gareth Bevan will take over his previous role.
Trellus Health (TRLS), which develops programmes for managing chronic conditions, still had net cash of $12.2m at the end of 2023 and this should last into the middle of 2025. Revenues were modest at £19,000, but a large-scale pilot was signed with United Healthcare earlier this year and patients are being enrolled. This and other contracts will initially generate modest revenues, but they are important in proving the effectiveness of the company’s technology.
MBU Capital is requisitioning a general meeting at metallurgical coal miner Bens Creek (BEN). It holds 22.1% of the company and wants the general meeting to discuss operational and strategic challenges. The Chapter 11 process continues to be progressed by the US subsidiaries of Bens Creek.
MAIN MARKET
First Tin (1SN) has updated the mineral resource estimate for the Tellerhauser tin project in Germany. Indicated and inferred tin mineral resource has risen by 35% to 138,600 tonnes. Total indicated tin is 37% higher at 45,000 tonnes. Test work at the Taronga in project in Australia indicates improving recovery levels.
Life sciences and aerospace components supplier Carclo (LON: CAR) had a particularly strong fourth quarter, which reflects the focus on improving margins and the financial status of the business. The benefits of the restructuring are starting to show through. Net debt fell from £34.3m to £30.4m at the end of March 2024. The current focus is the US restructuring, and this will benefit profitability this year.
Seraphim Space Investment Trust (SSIT) has sold its early-stage investments to new venture fund Seraphim Space Ventures II, which has the same manager, in return for an investment in the new vehicle. The portfolio cost £3.5m and is valued at £3.8m. That is 1.7% of the NAV at the end of 2023.
Chill Brands (CHLL) has suspended chief executive Callum Sommerton because of allegations about the misuse of inside information. Fieldfisher will carry out an investigation.
Andrew Hore