Tag Archives: tcf

AQUIS STOCK EXCHANGE

Oscillate (SRVL) is raising £2.96m at 22.5p/share ahead of joining AIM on 27 April. This values the mining company, which is changing its name to Serval Resources, at £7.6m.

Equipmake (EQIP) has announced a further £950,000 order with Agrale for electric drivetrain systems for nine buses in South America. They will be delivered in the year to May 2027. Previous orders were for a total of 73 buses.

WeCap (WCAP) shares bounced back 55.6% to 0.7p following a recovery in the share price of investee company WeShop to $15.87.

Cooks Coffee (COOK) fourth quarter store sales were 18% higher at £11.2m with similar increases in the UK and Ireland. Full year store sales were 23% ahead at £43.1m. There are 118 stores.

Ubuntu Mining and Metals (UNTU) has secured an exclusive option to buy up to a 60% interest two Tanzanian gold projects. This lasts until 15 July. Ubuntu will be responsible for 100% of agreed costs up to commending mining. Progress is being made with the Dilotiko iron ore project in Kenya with a mining permit application undergoing final evaluation by the authorities.

Delta Gold Technologies (DGQ) has appointed Haynes Boone as global intellectual property counsel.

S-Ventures (SVEN) has raised £300,000 at 3.5p/share and a further £100,000 could be raised via a retail offer. Oberon Capital has been appointed joint broker. The cash raised will be invested in Thruxton-based defence business Hybrid Drones, where major aerospace companies are also investors, to finance development of unmanned aerial vehicles.

Ajax Resources (AJAX) has submitted and Environmental Impact Assessment for the Macacha copper and silver project in Argentina. If this is approved, then 5,000 metres of drilling is planned. The potential buyer of the Eureka gold and copper project in Argentina is going to visit the site.

Shepherd Neame (SHEP) chief executive Jonathan Neame bought 10,000 shares at 483p each.

Emissions reduction additives supplier Sulnox Group (SNOX) has raised £2m at 45p/share from a shipping customer backed subscription. This will help to finance an acceleration of the marketing for marine and land markets, as well as product development.

BWA (BWAP) highlights the announcement of a maiden JORC mineral resource estimate for the MB01-N deposit at the Mbe deposit in Cameroon, which combined with MB01-S, takes the inferred resource to 1.23 million ounces. This deposit is near to the Aracari project, where BWA is earning up to 70% through the spending of €1.5m.

The retail offer by Time to ACT (TTA) raised £16,000, taking the total raised to £431,000 at 6p/share.

Connecting Excellence Group (XCE) says its executive search business Spencer Riley has received payment of 0.516 Bitcoin at a value of £27,472.50. That takes the holding to 52.941 Bitcoin.

EDX Medical (EDX) is moving to AIM. Revenues are expected to reach £1.2m in the year to March 2026.  Cash was £2.9m at year-end.

Falconedge (EDGE) generated a Bitcoin yield of 1.089% in March, so incremental Bitcoin growth was 0.2185 to 20.2782 Bitcoin.

Mendell Helium (MDH) says drilling by M3 Helium at the Rost 2-26 well has reached a total depth of 5,571 feet. The completion process will happen within ten days. There is evidence of helium with low hydrocarbon signatures in several zones.

Coinsilium (COIN) is extending its sponsorship of the When Shift Happens podcast until 1 January 2027.

Valereum (VLRM) is in advanced negotiations with Quorium Global Photonics SPC over a definitive exclusivity agreement for establishing a platform for real-world asset (RWA) tokenisation and it has received part payment of the $300,000.

Stack BTC (STAK) has bought a further 37.1898 Bitcoin at £53,778 each. That takes the total holding to 68.1898 Bitcoin. An equity trading facility worth up to £5m has been agreed with broker AlbR Capital. David Galan has been appointed chief executive. Jai Patel is leaving the board.

Oberon Investments (OBE) says year-on-year like-for-like revenues grew by one-quarter to more than £11.7m. Assets under administration are more than £1.4bn. However, the FCA has secured a voluntary requirement that no new wealth management clients can be taken on without its approval until the company’s systems are reviewed. All parts of the business grew. The company is on course to breakeven on a monthly basis by the end of the financial year. Third-party research and forecasts are planned to enhance investor understanding.

AI infrastructure operator Astrid Intelligence (ASTR) has issued shares at 0.2p each to pay outstanding fees of £10,000. The holding of Subnet 46 (RESI) has increased by 492 TAO to 1,754 TAO.

AI software developer IntelliAM AI (INT) says sales cycles are lengthening and partnerships have taken time to generate business. Full year revenues were one-third ahead at £5.25m, which is well below the Edison estimate of £7.1m. Annual recurring revenues doubled to £1.65m. Cash was £100,000 at the end of March 2026. This year’s forecasts are under review.

Heart regeneration medicines developer Cardiogeni (CGNI) says the transaction with Kira Health Invest should be completed by 20 April.

Dominic Wheatley has been appointed chairman of Mollyroe (MOY). He will provide expertise in the interactive entertainment sector.

EPE Special Opportunities (EO.P) had net assets of 384.38p/share at the end of March 2026. Giles Brand has increased his stake from 40.2% to 45.6%.

Unigel Group (UNX) is paying an interim dividend of 4p/share.

Zentra Group (ZNT) chairman David Izett bought 175,000 shares at 2p each.

ASSET MATCH

C4X Discovery (C4XD) full year revenues fell from £24.8m to £6.7m, nearly all milestone income from Sanofi, and the drug discovery company fell to a loss of £2.93m. The amount spend on research and development was reduced to £6.9m. A restructuring has reduced the cost base. There was £7.6m in cash at the end of 2025.

AIM

Animalcare (ANCR) is recommending a 336p/share cash bid from Charterhouse Capital Partners, which values the animal treatments developer at £235.2m. The share price has not been at that level since early 2022. The bid values Animalcare at more than 24 times prospective 2026 earnings. Charterhouse believes it can provide the funding for Animalcare to continue its buy and build strategy.

Churchill China (CHH) had a stronger second half for its hospitality products in Europe, but the UK market remains tough. Market share is being maintained in the UK and there is scope to grow it in Europe. Revenues fell from £78.3m to £76.3m, and pre-tax profit dipped from £8.5m to £6m. The final dividend has been cut from 26.5p/share to 14p/share. Cash was £10.8m at the end of 2025. The majority of energy requirements have been bought forward, but no improvement is expected in profit this year.

Outsourced video art services provider Winking Studios (WKS) has completed the acquisition of Canadian business Studios Ampera. This has been trading for around six months, and a major attraction is the team that has been put together headed by Claude Bordeleau, a former senior manager at Keywords Studios, who will become group chief revenue officer. The deal will provide a base for Norther American expansion, as well as providing contacts with additional video games publishers.

Advanced materials and paper manufacturer James Cropper (CRPR) had a strong end to the financial year. Both parts of the business traded better than expected and the operational gearing means that profit was well ahead. Paper and packaging returned to profit in the second half. Full year revenues are set to rise from £99.3m to £103m, whereas it had been forecast to be lower, and pre-tax profit is upgraded by 30% to £4.7m. Net debt could fall to £8.3m.

Cora Gold (CORA) has signed a binding term sheet for $120m gold stream with Eagle Eye Asset Holdings, which is a 29.9% shareholder. This follows a £15.7m fundraising at 6p/share. The Sanankoro gold project in Mali is fully funded and the next key step is obtaining the mining permit. Construction of the mine can accelerate when that happens. Cora Gold has the right to replace 50% of the gold stream with debt or other funding. Eagle Eye Asset Holdings is entitled to purchase 30.44% of gold produced at Sanankoro for 20% of the spot gold price.

Retailer Mothercare (MTC) says trading conditions are still difficult with no sign of a recovery. The problems are exacerbated by exposure to the Middle East. System sales in the year to March 2026 fell 22% to £180m last year. The forecast loss has been increased to £2.4m and a loss of £2.8m is expected next year. Net bank debt is estimated to be £5.7m. Pension contributions have been deferred for a further year.

Bow Street Restaurants (BOW) has made progress with improving the performance of its existing stores and has identified potential acquisitions. Full year revenues fell from £36.6m to £31.3m following the closure of some sites. There was a swing from an underlying operating profit of £400,000 to a £500,000 loss. There was an impairment charge of £7.3m following a review of assets. Refurbishments are helping to boost income. The number of restaurants has been reduced to 29 and the refurbishments are continuing. Net cash was £11.1m at the end of 2025. This will also fund acquisitions of restaurant groups, with the initial purchase potentially an Asian style brand. Trading has improved so far this year with like-for-like growth of 6.1% in March. A 2026 loss is still expected from the current operations.

Alien Metals (UFO) says West Coast Silver, the joint venture partner for the Elizabeth Hill silver project in Western Australia, has identified a new Down Hole Electromagnetic (DHEM) conductor target. A drill test is planned. Drilling has already started on a six-hole drilling programme.

Telecoms test equipment supplier Calnex Solutions (CLX) says full year trading was slightly better than expected. More business is coming from datacentres and defence, rather than the original telecoms customer base. A new partnership with VIAVI Solutions will help to broaden the client base. Cavendish increased forecast 2025-26 pre-tax profit by 59% to £1.2m. Cash is £9.3m.

Eco (Atlantic) Oil and Gas (ECO) has agreed to farm down a 60% participating interest in its three Namibian licences to BP, which will take on operatorship. There will be a one-off cash payment of $2.7m. BP will carry Eco through the current exploration phase. Eco will retain 25% and if the licence is renewed it can sell a further 10% interest to BP for a full carry for each well on each of the licences, with a cap of $21m for each well.

Great Western Mining (GWMO) has signed a contract with Major Drilling America to undertake drilling at the Defender-Pine Crow tungsten project in Nevada. This is the primary focus of the company. Drilling should commence in July. An application has been made for cross trading of the shares on the OTCID market in the US to attract North American investors.

Iodine producer Iofina (IOF) generated record production of 179 tons in the first quarter from a combination of new capacity and higher brine temperatures improving recovery. First half guidance is being upgraded to 325-355 tons. Iodine prices are still above 70/kg. Canaccord Genuity has raised its revenue forecast from $69.5m to $71.6m and earnings from 3.7 cents/share to 3.9 cents/share.

TheraCryf (TCF) received a conditional approach to acquire the Orexin-1 and dopamine-transporter programmes. This is an area where there is increased commercial interest from pharma companies. The board felt this undervalued the assets. The Orexin-1 addiction programmed is fully funded for a phase 1 trial by the fourth quarter of 2026. If this is successful, the value of the assets will be much higher.

Thor Explorations (THX) had cash of $154m at the end of the first quarter of 2026 and it could reach $351m by the end of the year. It produced 23,397 ounces of gold at the Segilola ming, which was better than expected due to the high recovery rate, and is well on the way to the 2026 target production of 75,000-85,000 ounces of gold for the full year at an all in sustaining cost of up to $1,200/ounce. There is further drilling at the Douta project.

Building products supplier Alumasc (ALU) says events in the Middle East has made it cautious about the second half. Exports are an important contributor to revenues, but business confidence has also been hit in the UK. Potential supply concerns mean that Alumasc is increasing inventories. Cavendish cut its forecast 2025-26 revenues by 4% to £109m, while pre-tax profit has been slashed from £14.4m to £11m. There is a strong order book, but timings are uncertain. The dividend may be maintained at 10.8p/share – it would still be more than twice covered by earnings. Net debt could be £4.3m at the end of June 2026 and there could be net cash one year later.

IT services provider SysGroup (SYS) traded strongly in the second half, helped by the acquisition of Saxis. Full year revenues were 7% higher at £22.1m – they were previously expected to be flat. Pre-tax profit is set to be one-third higher at £400,000. Net cash was £2.7m. Pre-tax profit is forecast to rise to £900,000 in 2026-27.

LiDAR wind sensor and software developer Windar Photonics (WPHO) has secured a record number of test orders in the first quarter of 2026 and full year revenues are expected to be €7.8m, up from €6.4m in 2025. That assumes 50% of the ten active test orders are converted into contracts. A £20m share subscription facility has been agreed with GEM Global Yield LLC. The company is near to appointing a new chief executive.

Quantum Health (QHE) has raised £5m at 0.03p/share following demand from institutions. The cash will finance the development of the Sagebrush and Coyote Wash projects. The extended production test of Sagebrush-1 well is progressing.

Strip Tinning (STG) has received a serial order for Cell Contacting system parts for the battery pack for Zoox Robotax. This is important progress in the battery connectors sector. A glazing connectors contract has gone into serial production, and a smart glass roof connectors contract is about to go into serial production.

Quantum Blockchain Technologies (QBT) has raised £500,000 at0.35p/share. It This will fund further development of Bitcoin mining technology, and this will help integrating the AI Oracle technology into mining rigs of ASIC manufacturers. There is £100,000 being set aside to set up BlocKeeper to develop a hardware free virtual Bitcoin mining operation by acquiring hashing power from Bitcoin miners. BlocKeeper will seek an Aquis quotation.

TV programmes producer Zinc Media (ZIN) reported revenues of £41.3m, which was in line with trading statement. There was significant organic growth in the 28% increase in revenues. Pre-tax profit was one-third higher at £400,000. There is £3.5m in the bank.

Management reiterated the growth plans and the EBITDA target of £5m, compared with £1.9m last year. The Celebrity Inner Circle has been renewed for an eight episode run and this will help the entertainment division to grow. The format could also help achieve additional high margin IP revenues. The new distribution division should also generate additional revenues. There is already around £30m of work secured for this year.

hVIVO (HVO) has been hit by delays and terminations to human trials of vaccines. Some had already paid part of the cost upfront enabling the decline in 2025 revenues to be stemmed. Even so, they fell from £62.7m to £46.8m. That pushed the business into loss. The weighted contract order book is £30m and the diversification into other areas of clinical trials is helping to build a more diversified business. It is also winning new business in influenza and other areas.

Forgent (FORG) is acquiring a 51% interest in the Peak Hills gold copper for $1.18m in cash and shares and raising £1.3m in a placing at 0.015p/share. There is an option over another 48% of the Peak Hills interest. Negotiations are ongoing over an option on a controlling stake in a nickel copper gold project in Western Australia.

Oracle Power (ORCP) has announced assay results from another 31 holes at the Northern Zone Intrusive Hosted gold project in Western Australia. They are some of the best intercepts for grade and width drilled at the project. The tenement is being converted to a mining lease.

Latin America focused investment company ROI Capital Holdings is subscribing £1.93m for shares in Trafalgar Property (TRAF) at 0.005p/share. This is dependent on a waiver of the obligation to make an offer for the company. The existing subsidiaries will be sold for £1, and the planned Hilton House transaction will be reversed. The whole board will be replaced, and they will seek a reverse takeover.

Shares in Tiger Alpha (TIR) have been suspended ahead of the proposed acquisition of Cyprus-based Potentially, which is building the peer-to-peer infrastructure layer for the AI economy. The consideration will be £10mthrough the issue of two billion shares at 0.5p each.

MAIN MARKET

Kitchenware retailer ProCook Group (PROC) is growing in a tough consumer environment. Full year revenues are 23% higher at £85.5m, which is 12% like-for-like. It is on course to double pre-tax profit to £3.6m. Like-for-like retail growth was 5.7%, while the UK kitchenware market has declined.

KR1 (KR1) investee company Bitway has launched the BITW token and KR1 holds 100 million of them after investing $300,000.  The holding is valued at $1.7m.

US cybersecurity technology company Narf Industries (NARF) has reported full year revenues rising from $3m to $4.2m. Narf has Rebranded Ranger.ai to UPxi.ai (Upstream Extended Intelligence), which did not make a significant contribution in the period. There is already $5.3m of contracted revenues for 2026-27, while a government contract worth more than $2.5m has been won since the year end.

Onward Opportunities (ONWD) moved from AIM to the Main Market on 16 April.

Andrew Hore