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Andrew Hore – Quoted Micro 25 June 2018

NEX EXCHANGE   

Shareholders have agreed to the proposed broadening of investing policy for Sativa Investments (SATI) and the first acquisition under the new policy is George Botanicals. Sativa paid £415,000 in cash and shares for the UK-based wholesaler and distributor of cannaboid medicinal products, including CBD oil. The company is being acquired from the interests of Sativa chief executive Geremy Thomas.

Gas and electricity supplier Good Energy (GOOD) says that this year’s results will be weighted towards the first half because of the cold weather earlier in 2018. There will also be increased investment in the sales team and a digital app in the second half. Good supplies more than 70,000 homes and less than 1% of the business market.

Wishbone Gold (WSBN) nearly doubled its revenues to $8.2m in 2017. There is $257,000 in the bank.

Pelican House Mining (PHM) has bought a 15% stake Mighty Oak Explorations, which has three licences to explore for cobalt and two to explore for lithium in Uganda.

NQ Minerals (NQMI) says the commissioning of plant for the Hellyer project is on course for August. The mine is a few months away from production.

Block Commodities (BLOC) has raised £165,000 at 0.035p a share. The cash will help to finance the launch of a pilot blockchain project in Uganda.

AIM   

Alliance Pharma (APH) is acquiring the marketing rights to Nizoral, an anti-dandruff shampoo brand in Asia Pacific, for £60m. Alliance raised £34m at 91p a share. The rights being acquired, which cover 15 countries, generated net sales of £18.5m in 2017. They would have generated pro forma EBITDA of £7.1m.

Shoe retailer Footasylum (FOOT) has followed up the announcement of its exit from the FTSE AIM 100 index with a set of results that mean it is likely to be a long time before it gets back in the AIM 100. Peel Hunt has reduced its 2018-19 pre-tax profit forecast by one-quarter to £5.3m. Footasylum has been hit by discounting and the weak consumer market. Rental costs are higher than expected.

Social housing software and services provider Castleton Technology (CTP) continues to grow sales to new and existing customers. Two-fifths of customers take more than one product. Full year revenues were 15% ahead at £23.3m with organic growth of 13%. Net debt was 30% lower at £6.3m. There is a contracted backlog of £26.8m.

Frontier IP (FIPP) has taken a 24% stake in Cambridge Material Testing, which is developing software and hardware to measure material characteristics of metal components. The non-destructive tests are quick and require small samples.

Northbridge Industrial Services (NBI) has raised £2.5m at 125p a share. Northbridge will use £1.05m to pay the deferred consideration for the Tasman acquisition. This was originally due in January 2016 and has been incurring an annual interest charge of 8%. The rest of the cash will be invested in rental equipment as demand recovers. Gearing will fall below 20%

Rose Petroleum (ROSE) has published a maiden contingent resource for its interests in the Paradox Basin, Utah. The competent persons report shows a net 2C contingent resources of 12.3mmboe with gas accounting for nearly one-quarter of that resource. A post-tax NPV of $86.9m has been estimated. This assumes a 75% success rate for wells drilled and a recovery of up to 550,000 barrels per well. Each horizontal well is expected to cost $7m. These estimates are based on less than one-quarter of Rose’s acreage.

Myanmar-focused social media platform operator MySQUAR Ltd (MYSQ) is acquiring MyPay Myanmar for £1m in cash and 72.5 million shares issued at 1.38p each. An issue of unsecured convertible bonds has raised £2.22m. Bid talks have been terminated.

Touchstone Exploration Inc (TXP) has extended its credit facility for a further year. The $15m facility lasts until November 2022. The existing oil and gas assets in Trinidad are generating cash and this is also helping to fund the drilling of 12 wells this year. Next year, an exploration well will be drilled on the Ortoire block.

Michael Rowan is switching from chairman to chief executive at Active Energy Group (AEG) and the previous chief executive will focus on developing the forest management operations in North America and CoalSwitch in Poland.

Trading in the shares of URA Holdings (URA) has been suspended because it has not completed a reverse takeover. URA has signed heads of agreement to acquire Entertainment AI Ltd, which has developed tagging technology that enables viewers of video clips to purchase items in the video. It also owns the GTChannel, which runs automotive-related channels across YouTube generating revenues from advertising.

Project management services provider Progility (PGY) plans to cancel its AIM quotation. Praxis, which owns 64.75% of the company is backing the move. There is total support from shareholders owning more than 81% of the company so the cancellation is a foregone conclusion. Praxis is offering 55p a share for shares it does not own.

N4 Pharma (N4P) is making good progress with its therapeutic nanoparticle platform Nuvec. There should be results from studies in he fourth quarter. N4 is conducting studies to identify human cell types that are most responsive to Nuvec. The Sildenafil MR Viagra reformulation commenced a proof-of-concept trial in April and the results are expected in August.

Uvenco UK (UVEN) continues to hold discussions with its main creditor following the placing of its vending machine subsidiaries in administration. Those assets were sold for £1.8m and Uvenco is left with net debt of £1.6m.

Industrial equipment distributor Slingsby (HC) (SLNG) says that a stronger April and May means that sales are 1%lower in the first five months of the year. Compared to a 6% shortfall in the first quarter. Pre-tax profit is also slightly lower. Net debt was £1.4m at the end of May 2018.

Duke Royalty Ltd (DUKE) has increased its interim dividend by 17% to 0.7p a share. The dividend will be paid on 12 July.

RA International Group Ltd provides services to remote locations and it wants to raise £18.8m when it joins AIM. In 2017, RA generated revenues of $53.3m and profit of $13.7m, up from $5m the previous year.

MAIN MARKET    

Oil and gas explorer Upland Resources Ltd (UPL) has completed a placing raising £3m at 2.5p a share. The cash will help to fund the drilling of a well at Wick in the UK and finance potential ventures in Sarawak and North Africa.

Beauty and personal care products supplier InnovaDerma (IDP) continues to find trading tough and it will report a full year pre-tax profit that is £650,000 lower than expected. Revenues will increase from £8.9m to £11m. finnCap had forecast a 2017-18 pre-tax profit of £2.4m on revenues of £13.8m following the 2016-17 full year figures. Last October, InnovaDerma raised £4.4m at 276p a share and that has helped to shore up the balance sheet.

Stewart and Wright (STE) is offering to buy 21.5% of its share capital at 590p a share as part of the cancellation of its listing. That is a 7% discount to NAV. There has been one trade in the shares so far this year. The property investor has been hit by the downturn in the high street.

Pembridge Resources (PERE) is trying to raise $40m and prior to that there will be a ten-for-one share consolidation. The cash will finance the acquisition of Minto Explorations from Capstone Mining, which will cost $37.5m in cash plus shares that would give Capstone 9.9% of Pembridge. Minto is a copper producer in the Yukon. The deal could be completed by the end of July.

Tom Charlton has increased his stake in North Midland Construction (NMD) from 8.4% to 9.4%.

Andrew Hore

Quoted Micro 3 April 2017

NEX EXCHANGE

Hearing equipment supplier DHAIS (DHAP) has reduced the number of stores it operates and that is why its interim revenues fell by 18% to £4.16m but it did move back into profit before notional interest charges. The company continues to reduce its exposure to the mobility sector and concentrate on the supply of hearing aids.

Capital for Colleagues (CFCP) says that its NAV fell to £4.19m (43.5p a share) at the end of February 2016. The company plans to raise £2m at 42p a share.

Black Sea Property (BSP) has pulled out of the deal to acquire development land in Varna because it would not offer a suitable return even though the seller offered amended terms.

Etaireia Investments (ETIP) has completed the acquisition of the company that owns 89 Dalrymple Street, Girvan. The property was valued at £60,000 and the purchase price has been satisfied by £35,000 in cash and 25 million shares at 0.1p each. The cash payment is deferred for 12 months. A new tenant has signed a ten year lease at an initial rent of £12,000 a year.

Trading in the consolidated shares of Ace Liberty & Stone (ALSP) commences on 3 April. Twenty five shares have been consolidated into one new share.

Barney Battles has withdrawn his request for a general meeting at Milamber Ventures (MLVP).

AIM

Staunton Holdings says that it has no intention of increasing its 300p a share offer for FIH (FIH). Rival suitor Dolphin Fund says that it may be willing to offer 333.3p a share in cash but it still wants to discuss its plans with the independent directors.

Fairpoint (FRP) managed to make a small profit in the second half and full year profit was £4.9m, down from £10.5m in 2015. That is before £11.8m of restructuring charges and write-downs. Net debt was £19.9m at the end of 2016 and since then a medico-legal business has been sold for £1.2m. Bank facilities last until May 2019. There will be no dividend. Legal services revenues are expected to fall by 15% in 2017 and then start to recover in 2018. There will be £5m of annual cost savings showing through in the second half of 2017.

Premier African Minerals (PREM) successfully raised £2m at 0.5p a share via PrimaryBid.com. Premier directors Michael Foster and John Stalker have converted £30,000 of fees into six million shares at 0.5p each.

Connemara Mining Company (CON) has acquired five new prospecting licences in Ireland and two of the licences are in areas known for zinc-lead mineralisation – Tonduff and Derrykean. The licences are all north east of the Galmoy and Lisheen mines.

CloudCall (CALL) had 16,200 users by the end of 2016 and they are generating £31/month each. Revenues grew 48% to £3.3m but the operating loss increased from £3.7m to £4.5m. Recurring revenues continue to grow and February was the best ever month. There was £3.2m in the bank at the end of 2016.

Patient monitoring equipment supplier LiDCo (LID) reported full year figures in line with expectations but the next two financial years will provide indications of how well the company’s new strategy is working. The plan is to add high usage accounts in North America following the launch of a new monitor. There will be a significant increase in sales and marketing costs this year and the benefits will not show through until later in the year. This is why LiDCo is expected to slip back into loss before moving into profit in 2018-19.

Evgen Pharma (EVG) has been granted another patent relating to SFX-01. The patent “covers a method of isolation and stabilisation of sulforaphane from a natural source” and lasts until May 2033.

Savannah Resources (SAV) expects to start mining at its Oman copper projects before the end of this year. Ministerial approvals are still required to get a mining licence. Savannah has also established a resource of 4.4bt at a grade of 3.9% total heavy minerals at the Mutamba project in Mozambique.

MAIN MARKET

Path Investments (PATH) is the new name for former AIM company Niche Group. Path joined the standard list on 30 March and it raised £1.4m at 1p a share. The strategy is to acquire production and near-production assets in the oil and gas sector.

Bluebird Merchant Ventures (BMV) has turned its attention to South Korea. Southern Gold Australia has a number of tenements which have abandoned mines on them and there is scope to reopen them. Bluebird intends to earn 50% stakes in individual mines in return for the investment of $500,000. Two former mines have already been chosen – Taechang and Gubong. The plan is to prove resources and then move the mines towards production. Bluebird’s existing assets in the Philippines have been put on hold until the market is more favourable.

Dukemount Capital (DKE) joined the standard list on 29 March. The share price ended the week at 0.45p (0.4p/0.5p), which values the company at £1.5m. A dividend should be paid within two years and the target yield is 10%. Dukemount plans to do this by acquiring, developing and managing property assets. Dukemount will then create long-dated inflation-linked assets which will be attractive to institutional investors.

Stewart & Wight (STE) has bought a retail property in Middlesbrough for £620,000. A ten year lease was signed by HK Foods last September providing annual rent of £45,000. An upward only rent review is due after five years.

Andrew Hore

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