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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 22 December 2025
AQUIS STOCK EXCHANGE
Vault Ventures (VULT) has raised £555,000 at 1p/share. This will be invested in technology. The Vault Accelerator for blockchain and AI development and income generation is in the final stages of implementation.
Mendell Helium (MDH) says that the flow rate for the Rost 1-26 well in Fort Dodge, Kansas has more than doubled to 250Mcf of helium per day, which equates to $1.4m in income in one year. There are discussions with potential partners for additional wells.
SulNOx Group (SNOX) has been granted a patent in Australia. It covers a range of formulation versions which includes both the Berol® 6446 Heavy Sulphur Fuel Oils (HSFO) emulsifiers and Sulnox Eco™ Fuel Conditioners which enhance all diesel, petrol/gasoline and biofuels, and marine fuels.
DXS International (DXSP) was hit by a cyber incident on 14 December. This should net have a material effect on the full year figures.
B HODL (HODL) has joined the US OTCQB Venture Market under the code BHODF.
Ananda Developments (ANA) is pleased with the US Presidential executive order to reschedule cannabis in the USA from Schedule 1 to Schedule 3 under the Controlled Substances Act. This recognises the benefit of medicinal cannabis. This will make it more straightforward to gain FDA approval and potentially make it easier to raise money. Trading in Ananda Developments shares ends on 22 December.
Mark Horrocks has reduced his stake in Lift Global Ventures (LFT) from 19.96% to 17.9%.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks, which takes it to four weeks since any subscriptions.
Ajax Resources (AJAX) completed a share issue raising £1.2m at 5.5p each and creditors have converted £110,000 of money owed into shares at the same price. Total cash is £2.6m.
First Sentinel has resigned as corporate adviser to Valereum (VLRM) and trading in the shares The company is still trying to complete the transaction with Quorium Global Photonics SPC. The share price fell 7.41% to 12.5p prior to suspension.
EDX Medical (EDX) is commercially launching a new BC95 testing service for early detection of bowel cancer as well as providing assessments of hereditary risks. Interim revenues increased from £18,000 to £173,000, while the loss increased from £1.7m to £2.3m. Cash was £125,000 at the end of September 2025.
Phoenix Digital Assets (PNIX) is redomiciling to Gibraltar. This is due to the regulatory environment and crypto advisory infrastructure.
RootstockLabs Ltd has reduced its stake in Coinsilium (COIN) from 6.69% to 5.32%.
Oscillate (SRVL) has issued an unsecured convertible to raise $400,000. This is equal to the amount to be received for the sale of helium operations. That will be received over 5 months, and the loan note will provide cash in the meantime. It lasts five months and the annual interest rate I 15%. It can be converted into shares if the company moves to AIM.
Connecting Excellence (XCE) has bought 8.12682413 Bitcoin for £560,000, taking the holding to 24.77668182 Bitcoin at a total cost of £1.71m. The next update will be on 5 January.
Oberon Investments (OBE) published increased interim revenues rose 14% to £5.4m with the fastest growth from investment management. Investment in growing the business means that the loss increased from £1.24m to £2.39m. Management believes that like-for-like growth could be 30% this year.
In the six months to September 2025, business assurance provider Adsure Services (ADS) revenue dipped from £5.06m to £4.89m, and pre-tax profit edged down from £330,000 to £310,000. Management says the decline was down to timing issues. Cash was £610,000.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks, which takes it to four weeks since any subscriptions.
Property investor Ace Liberty and Stone (ALSP) chairman Dr. Antonios Ghorayeb bought 200,000 shares ag 60p each, taking his stake to 0.89%.
JP JENKINS
Bitcoin mining company Argo Blockchain (ARB) has exited the Main Market and joined JP Jenkins on 15 December.
Bigblu Broadband (BBB) has left AIM and joined JP Jenkins on 18 December.
Powder Monkey (PMGL) has appointed Jon Radford as managing director of the UK brewing operations.
ASSET MATCH
Greenshields Agri Holdings (GAH) improved revenues from £3.95m to £4.27m, while there was a swing from loss to a pre-tax profit of £3.12m. However, this was due to a £4m gain on disposals. Cash generated from operations increased from £340,000 to £1.65m because of a reduction in working capital. Net cash is £1.3m.
Shareholders in Gulfsands Petroleum (GPX) agreed to the capital reorganisation
AIM
Technology enabled PR company Pathos Communications (NEWS) raised £5m at 30p/share ahead of joining AIM on 15 December. Management plans to invest in staff, marketing and technology. The share price ended the week at 32.5p.
Music management company All Things Considered (ATC) switched from Aquis to AIM and raised £8.6m at 125p/share. The share price ended the week at 131.5p.
Kettle components supplier Strix (KETL) is transforming its balance sheet through the £110m sale of Billi, which supplies multifunctional taps, to a private equity-backed Australian bidder. Billi was acquired three years ago for £38m, although Strix has invested in the business since then. Billi has been a growing contributor to the group at a time when other parts of the business have found trading conditions difficult. There are plans for a manufacturing and development agreement. Shareholder approval is required so the sale will not be completed until early next year. Strix will move to a net cash position and a £10m share buyback is planned. The sale equates to 47.8p/share.
The Zimbabwe government has revised its changes to mining royalties and that is good news for Caledonia Mining Corporation (CMCL). The proposed royalty rate of 10% will only come into effect when the gold price exceeds $5,000/ounce, rather than $2,500/ounce. Changes to tax have been withdrawn. The rise in the gold price means that the payback on investment in the Bilboes project could be less than one year. Cavendish has raised its 2025 pe-tax forecast to $131.3m with $163.8m expected in 2026.
The new strategy of Naked Wines (WINE) is already showing signs of paying off and Panmure Liberum has upgraded expectations due to strong pre-Christmas trading. The wines supplier expects full year EBITDA to be at the top of guidance of £5.5m to £7.5m. Panmure Liberum forecasts £7.2m, up from £6.2m. Pre-tax profit of £800,000 is estimated when previously a small loss was expected.
Mkango Resources (MKA) joint venture HyProMag USA, a rare earth recycling and processing business, has expanded the Texas hub facility and is planning a listing in the US in around one year’s time. The NPV of the Texas project and two other sites is $409m based on current market prices. The figure is much higher based on forecast prices. Up front capital costs are $142m.
Chariot (CHAR) has completed a financing for two wind projects in South Africa. The funding is via a subsidiary, and the wind farms should be commissioned in mid-2027. Chariot retains 65% of the subsidiary and Mahlako is paying $17m for 35%. Chariot’s stake is valued at 2p/share. This is the start of the strategy to build up a portfolio of renewable energy assets. The water business, which primarily held the proof-of-concept desalination project in Djibouti, has been sold.
Scotland-based housebuilder Springfield Properties (SPR) has secured a deal with Scottish and Southern Electricity Networks which covers 293 homes across six sites. This will provide income from rentals to help cover building costs on the sites. This deal is part of the new strategy in the north of Scotland, where home will be leased to workers improving the electricity transmission infrastructure.
Bars operator The Revel Collective (TRC) is in discussions with potential acquirors of its businesses and they would not lead to any return for shareholders. There is no likelihood of raising money through a share issue. Trading in the shares will be suspended on 29 December because the 2024-25 annual report will not be published by the end of the year.
Offshore energy market services provider Tekmar Group (TGP) has won a contract with an existing customer worth €8m. This for a major UK offshore wind farm. Revenues should be recognised this year and next year.
Quantum Helium (QHE) says an independent resource report has been published and the best estimate for the Coyote Wash project in Colorado is 0.97bcf of gross recoverable helium. This takes the gross recoverable resource of the company’s projects to 1.1bcf, which have a gross value of $330m. There are also potential oil resources of up to 750,000 barrels. The company also has a 90% working interest in the Sagebrush helium project which has 2U helium reserves of 101MMscf net.
Gaming machines hardware and displays supplier Nexteq (NXQ) has traded in line with expectations in 2025, but management is cautious about next year. A small dip in revenues from $85.5m to $85m in 2026. This has been downgraded from $94.1m because the largest gaming customer has been acquired and the product range rationalised faster than anticipated.
Groundworks company Van Elle (VANL) completed the sale of the Canadian rail business. This raised C$2.7m with a deferred payment of C$2m to be paid during 2026. The total is equivalent to £2.5m but subject to balance sheet adjustments. Meanwhile, revenues of the continuing business rose 12% in the first half.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) investee company ICEYE along with its joint venture partner Rheinmetall has secured a €1.7bn contract for space-based reconnaissance capabilities for the German Armed Forces. This involves a dedicated synthetic aperture radar (SAR) satellite constellation with AI driven image evaluation. The contract starts at the end of 2025 and lasts for five years. ICEYE recently raised €150m in a financing round, which valued the company at €2.4bn. ICEYE is by far the largest investment at just over one-third of the portfolio. The latest contract indicates the maturity of the business and ICEYE could consider a listing in the future. At the end of September 2025, the Seraphim Space IT NAV was £283.6m, which is equivalent to 119.55p/share.
Cash shell Medcaw Investments (MCI) is proposing to acquire Ulvestone, which holds licences for the Eagle Lake gold project in Ontario, Canada, plus a move to AIM.
Andrew Hore
Quoted Micro 20 June 2022
AQUIS STOCK EXCHANGE
A fall in market capitalisation to below £10m means that Coinsilium Group Ltd (COIN) will move from the Apex segment to the Access segment on 20 June.
Visum Technologies, which operates an on-ride photo camera system used by theme parks and other leisure operators, plans to join Aquis on 30 June.
Revenues recovered from £32.2m to £96m at brewer Daniel Thwaites (THW) and it also returned to profit. A loss of £12.4m was turned into a pre-tax profit of £12.7m. The pension deficit has become a pension asset worth £10.1m. A final dividend of 2.2p a share is recommended. Staffing pubs remains a problem. Prices have been increased and are set to be raised again because of rising costs. There has been a disjointed recovery this year. but sales are growing year-on-year.
Valereum (VLRM) intends to launch a global open marketplace platform for Non-Fungible tokens (NFTs). It has also appointed Z/Yen Group Ltd as strategic adviser to review the business plans for the Gibraltar Stock Exchange and help prepare a prospectus for a listing for Valereum on a major stock exchange.
All Star Minerals (ASMO) is proceeding with investments in advanced battery metals projects. Due diligence has been completed on the Blesberg lithium and tantalum project in South Africa and the Nkombwa Hill tantalum, rare earths and phosphate project in Zambia. An initial 30% stake in Blesberg can be acquired by the issue of £337,500 of shares and £237,500 in cash. An initial 25% stake in Nkombwa Hill can be purchase for a staged cash investment of $150,000. A general meeting will be held to approve a name change to Marula Mining and a proposed 100-for-one share consolidation.
Silverwood Brands (SLWD) has been readmitted to Aquis following the acquisition of Balmonds Skincare.
Gunsynd (GUN) says ASX-listed investee company Pacific Nickel Mines Ltd has secured an offtake agreement for all the production of Kolosori, as well as a $22m pre-export finance facility, with Glencore.
Triad Endeavour Sports and Entertainment has signed up with the platform run by ChallengerX (CXS). Triad is an event promoter and talent manager involved in the Ultimate Fight League.
Lekoil Ltd (LEK) has successfully challenged the jurisdiction of the New Jersey court in litigation undertaken by its former chief executive. The Otakikpo field oil production was 4,230 bopd during May.
MiLOC Group (ML.P) is restructuring its business and focusing on the distribution of designer products with partner, CRUSHMETRIC Ltd.
Wishbone Gold (WSBN) says initial tests confirm copper is present in the drilling at the Halo copper gold project in northern Queensland. Drilling is underway at the Red Setter project in Western Australia.
The Care Quality Commission has granted registration to the diagnostic and screening services offered by Goodbody Health Inc (GDBY).
ProBiotix Health (PBX) has appointed Steen Andersen as chief executive. He has more than three decades of experience in the probiotics sector.
S-Ventures (SVEN) has capped future consideration for plant-based products supplier Pulsin at £400,000 and effectively lowered the total cost from £6.7m to £5.5m.
Chris Akers took a 4.96% stake in Recent Aquis admission Psych Capital (PSY). He has also increased his stake in Quetzal Capital (QTZ) from 20.1% to 21%.
Ananda Developments (ANA) has raised £38,000 from the exercise of warrants at 0.45p each.
AIM
IDOX (IDOX) increased revenues by 7% to £33.2m in the six months to April 2022 and recurring revenues account for three-fifths of the total. Public sector software sales were 10% ahead, while engineering information management revenues declined although they should recover in the second half. Net debt was reduced by 54% to £3.8m, which leaves plenty of funds to make acquisitions.
Tatton Asset Management (TAM) is growing assets under management at more than £100m a month and they reached £11.3bn at the end of March 2022. In the year to March 2022, group revenues improved from £23.4m to £29.4m, while pre-tax profit grew from £11.2m to £14.5m. The dividend is 13% higher at 12.5p a share. Higher mortgage activity meant that there was growth in the Paradigm division and, although new mortgage activity is lower, management believes that revenues can be maintained this year. Weaker financial markets could affect this year’s group performance, but the inflow of funds should offset that.
Xeros Technology Group (XSG) was the best AIM performer last week with a 46.2% gain to 47.5p. Germany-based washing machine pumps and drives manufacturer Hanning has signed a ten-year global licence to manufacture and sell the XFilter washing machine filter technology developed by Xeros. XFilter enables microfibres and microplastics released during washing to be captured and safely disposed of. Hanning is estimated to supply components for 8.5 million washing machines each year – around one-third of those made in Europe. The royalty is undisclosed, but it could be around £1 per filter.
Subsea cable protection services provider Tekmar Group (TGP) lost more than three-quarters of its value last week after it announced that it was seeking a strategic partner or bidder. Interim revenues fell from £13.9m to £13m and Tekmar remains loss making. The order book has improved from £9.7m to £20.1m over the six months to March 2022.
Shares in US-based video game publisher Devolver Digital Inc (LON: DEVO) more than halved after it lowered its revenues and profit guidance for this year. Revenues are expected to between $130m and $140m. Zeus has cut its earnings forecast from 7.2 cents a share to 6 cents a share.
The M&C Saatchi (SAA) board has withdrawn its recommendation of the bid by the marketing services company Next Fifteen Communications (NFC), the value of which has fallen due to the slump in the share price of the bidder.
Revolution Bars Group (RBG) trading is strong and a trading statement sparked a forecast upgrade by finnCap for the vodka bars operator. Refurbished bars have done particularly well, and two new bars should open by the end of June. Forecast pre-tax profit for 2021-22 has been raised from £500,000 to £2.7m.
Oil and gas explorer Rockhopper Exploration (RKH) announced a £5.75m placing and subscription at 7p a unit (one share and of a warrant exercisable at 9p a share). The Sea Lion project in the Falkland Islands is the main focus of Rockhopper.
Wynnstay Properties (WSP) is planning to obtain shareholder approval for buying back shares. NAV increased by 19% to 1090p a share in 2021-22. The total dividend was raised from 21p a share to 22.5p a share.
Actual Experience (ACT) says that due to a change in requirements a channel partner has terminated a contract that generated £200,000 out of group revenues of £1.74m in 2020-21.
Competitions organiser Best of the Best (BOTB) reported better than forecast figures and a 66.7p a share return of capital via a tender offer. Net cash was £10.8m at the end of April 2022 and there is a 6p a share final dividend on top of the tender offer. The total cash cost of these payments is £6.84m.
In the year to April 2022, the pre-tax profit fell from £14.1m, for what was an unusually strong year due to Covid restrictions, to £5.1m.
Hong Kong-based CCTV technology company UniVision Engineering Ltd (UVEL) has received notice of the termination of a contract with MTR Corporation for the replacement of CCTV systems on Hong Kong railway lines.
MAIN MARKET
Castings (CGS) generated a 29.5% increase in full year revenues to £148.6m. Profit and margins are still improving and there is more to go for as business levels get back to the pre-Covid position. Zeus forecasts a further improvement in underlying pre-tax profit from £12.1m to £15.5m in 2022-23.
Structural steel supplier Severfield (SFR) continues to win new business and higher steel prices are being passed onto clients. In the year to March 2022, revenues increased from £363.3m to £403.6m, while pre-tax profit improved £24.3m to £27.1m. The final dividend is increased from 1.8p a share to 1.9p a share, taking the total to the year to 3.1p a share. Severfield has a record order book worth £486m.
Palace Capital (PCA) has increased its NAV to 390p a share and the loan-to-value declined from 42% to 28% following property sales at a premium to book value. The total dividend is 13.3p a share.
Graft Polymer (UK) (GPL) says that MGC Pharmaceuticals (MXC) is using its IP for the nano delivery system in the pre-clinical research study for the use of cannabinoids to treat Glioblastoma multiforme cells (a form of brain cancer).
Contango Holdings (CGO) has agreed to acquire 10,000 tonnes of washed coking coal from Lubu each month. The current market price is $120/tonne. Up to $10m of earnings could be generated from this deal each year.
Funeral directors Dignity (DTY) says FCA has confirmed it is intending to authorise Dignity Funerals LTD as a regulated entity under the new regulations for pre-paid funeral plans.
Andrew Hore
Andrew Hore – Quoted Micro 11 January 2021
AQUIS STOCK EXCHANGE
Standard list shell Baskerville Capital (BASK) plans to switch its quotation to the Access segment of the Aquis Stock Exchange. This move will happen at the time of the reverse takeover of Oberon Investments, the owner of fund manager MD Barnard. The transfer to the Access segment is expected to happen on 5 February, although this depends on completion of the deal.
Walls and Futures REIT (WAFR) increased its NAV to £3.96m at the end of September 2020. The Southfields property has been sold for £660,000, which was a small discount to the previous book value. The remaining residential property will be sold in the next few months. The company will then concentrate on specialist supported housing.
KR1 (KR1) has sold its remaining holding of FunFair tokens for an average price of 2.0207 cents each. That raised $1.28m, which is more than treble the cost.
Wishbone Gold (WSBN) expects the analysis of the aerial magnetic survey of the Red Setter project in Western Australia will be available before the end of the first quarter of 2021.
All Star Minerals (ASMO) continues to review opportunities in the mining sector in Africa. The deal is likely to be funded by a share issue, but more cash will be required.
Arbuthnot Banking (ARBB) non-executive director Nigel boardman has increased his shareholding from 5,020 shares to 11,348 shares. Shepherd Neame (SHEP) director JB Neame has sold 4,000 shares at 690p each and bought back 2,000 shares at 691.5p for an ISA.
Vulcan Industries (VULC) has raised £150,000 in share issues at 5p a share and 5.5p a share. TruSpine Technologies (TSP) is still waiting to receive £250,000 from Evrensel Capital Partners.
Peel Hunt has been approved as an AQSE corporate adviser.
AIM
Capital equipment manufacturer Mpac (MPAC) did better than expected last year although pre-tax profit is still likely to decline from £7.5m to £6.2m. net cash is £5m following the payment of £10m for Switchback last autumn. The order book is worth more than £55m, compared to 2020 revenues of £83m. The focus on healthcare and pharma has helped Mpac.
Judges Scientific (JDG) had a strong second half in 2020 and this has led WH Ireland to increase its 2020 pre-tax profit forecast from £12.1m to £13.5m. The 2021 figure has been maintained at £15.1m. Full year results will be announced on 23 March.
Fashion retailer Joules (JOUL) offset weak high street sales prior to Christmas with strong growth in online sales. Even so, continued uncertainty means that Peel Hunt has reduced its 2020-21 pre-tax profit forecast from £5.4m to £3.5m. Net cash is £13m.
Motor dealer Cambria Automobiles (CAMB) says trading the three months to November 2020 was ahead of the same period last year even though the market remains uncertain.
Wealth management firm Mattioli Woods (MTW) had more than £10bn of client assets by the end of November 2020. Gross discretionary assets under management are £2.9bn. Management is still seeking acquisition opportunities and there is £18m of cash in the bank.
Creo Medical (CREO) has received 510(k) clearance from the FDA for its MicroBlate soft tissue ablation devices. This broadens the range of products with approvals.
AssetCo (ASTO) has acquired a 2.9% stake in investment manager River and Mercantile at 186p a share. This cost £4.7m. There is still around £26m in cash available since the payment from Grant Thornton and after the tender offer to shareholders.
Avingtrans (AVG) is merging its two medical equipment businesses with Australia-based MRI technology developer Magnetica and it will own 59% of the enlarged business after also injecting A$600,000. A further £3.2m investment could increase the stake to 61.2%. The combined business is loss-making but the increased scale will help it to move towards profitability.
Telit Communications (TCM) has ended bid discussions with u-blox, although the potential bidder is still interested in making an offer. An all-share bid of 250p a share was indicated.
Tekmar (TGP) has secured a contract to design and manufacture subsea scour protection for a quay development project, which is worth more than £4m. That will be recognised in this financial year.
IntegraFin has decided not to bid for Nucleus Financial Group (NUC), which increased assets under administration by 8% to £17.4bn in the three months to December 2020. Inflows of funds increased, and outflows fell.
Eqtec (EQT) has signed a memorandum of understanding with Greece-based Nobilis Pro Energy, which will enable Eqtec to be involved in its partner’s pipeline of gasification projects opportunities in Thessalia and central Greece. A joint venture will be formalised.
MAIN MARKET
One Heritage Group (OHG) has acquired a site on Bank Street, Sheffield for £880,000. The final development cost is expected to be £2.9m and gross development value should be £3.6m. The residential developer says that its Burnley development will not be completed until later in the first quarter. Construction of the Waterloo Place development in Salford should commence in the second quarter.
Argo Blockchain (ARB) mined 96 Bitcoin during December. The increase in the bitcoin price means that these are valued at £1.63m. Argo holds 209 Bitcoin. The sharp rise in the share price has led to the exercising of warrants and options. This has raised £1.63m.
Tirupati Graphite (TGR) is on track to commission the Vatomina graphite project in the second quarter and build production to 6,000tpa. Tirupati raised £6m at 45p a share when it floated at the end of last year and the share price has risen to 83p.
Rainbow Rare Earths (RBW) has completed its drilling programme at the Phalaborwa rare earths project under budget and the results are expected before the end of the first quarter.
Pembridge Resources (PERE) has raised £570,000 at 4p each and this should be enough cash to take the company into next year.
Andrew Hore
Andrew Hore Quoted Micro 9 December 2019
NEX EXCHANGE
GP clinical software supplier DXS International (DXSP) broadly maintained its interim revenues at £1.66m. Admin costs were lower so DXS returned to profit. There was also a higher tax credit. It made a pre-tax profit of £90,000 in the six months to October 2019, while the post-tax figure was £202,000. The final accreditation for the NHS Digital Care Services (GP IT Futures) contract is due this month. This will provide a positive outlook for the rest of this year and next year.
Formation Group (FRM) is investing £10m in Irish property development sites in Dublin, Limerick and Kildare. These sites were owned by major Formation shareholder Zandra Holdings, which also shares directors with Formation. Market Equities is buying the sites and it will be 45%-owned by Formation and 55% by Zandra.
Eight Capital Partners (ECP) has bought a 59.9% stake in Financial Innovations Team, which provides corporate finance services. Eight Capital also owns 40% of Finance Partners Group, which owns the rest of Financial Innovations Team. The strategy is to eventually become the single direct owner of the business.
Hellyer generated record profit for NQ Minerals (NQMI) in November. The gold mine has provisionally reported net profit before tax of A$2.44m on revenues of A$5.64m.
Belvedere Leisure Resorts has obtained a NEX quotation for its 6.25% secured bonds. Up to £25m of bonds can be issued. The company is a subsidiary of Belvedere Leisure Park, which owns a site in Dumfries & Galloway with planning permission for a lodge park resort of 444 holiday lodges.
SAPO (SAPO) has joined the NEX Growth Market and set its sights on gaining some of the £200m that the government has set aside to make sure that rural people can have fast broadband.
Gunsynd (GUN) has bought a 7.67% stake in Kolosori Nickel, which owns 80% of the Kolorosi prospect in the Solomon Islands. Gunsynd has a 90-day option to purchase a further 22.33%. Gunsynd’s stake in Sunshine Minerals will be diluted to 15.5%, if Malachite Resources earns a 15% stake by financing geological data and technical work.
TechFinancials (TECH) is dropping its AIM quotation and concentrating on the NEX-quotation. The company is reviewing the future of its original financial trading software operations and closing its loss-making business-to-consumer operations. There will be a $2.6m write-off. Blockchain-based ticketing business Footies has still not signed up a client. The first version of the platform is being tested with clubs and the feedback is helping to focus development. The focus is mid-sized clubs. Diamond platform developer Cedex is still commercialising its technology and TechFinancials may consider selling its stake.
Block Commodities (BLCC) has sent a circular to shareholders to convene a general meeting to expand the investment strategy in terms of cultivation of medicinal cannabis, as well as to gain approval for issuing more shares.
Trading in Welney (WENP) shares has been suspended because it has not published its accounts for the year to June 2019.
AIM
A large contract has been won by telecoms marketing technology provider Pelatro (PTRO) has been won in the form of a recurring revenue deal rather than a one-off licence. This has led to short-term downgrades, but the longer-term prospects are better. The contract is worth up to $12m over five years, with $10m fixed and the other $2m coming from gain share with the global telecoms client. Pelatro has 50% of next year’s forecast revenues of $8m in the form of recurring revenues. That would generate pre-tax profit of $2.2m.
Shareholders have voted in favour of the DBAY rescue proposal for Eddie Stobart Logistics (ESL) and will acquire a 51% stake in the main operating subsidiary of the transport business.
Summit Therapeutics (SUMM) is raising £38.7m at 22.1p a share with most of the shares being acquired by Robert W Duggan who will own 72.8% of the antibiotics developer. He will also become a non-executive director. Summit will leave AIM and retain its Nasdaq listing.
ReNeuron (RENE) is expanding the scope of the phase IIa study of its hRPC stem cell therapy treatment in order to speed up the process towards a phase III study. Further data will be published next year. Patient recruitment for a treatment for stroke disability is being accelerated. The main data will be published in the middle of 2021. There was £21.3m in the bank at the end of September 2019.
Subsea cable protection services provider Tekmar (TGP) continues to benefit from increasing investment in offshore wind. Interim revenues were 140% higher at £17.1m and the business moved from loss to profit. Acquisitions boosted organic growth. The order book was at a record level of £15.9m at the end of September 2019.
Renalytix AI (RENX) will receive $950 per KidneyIntelX test used in the US from 1 January. This price lasts for three years and is set by the US authorities. Insurance companies are likely to pay a similar amount. Initial revenues have been generated by a pharma testing programme.
Fashion retailer Quiz (QUIZ) is still finding trading conditions tough with like-for-like store sales 10% lower so far this year. Costs have been reduced, but a pre-tax loss of £3.3m is forecast for this year.
Medical grade collagen components supplier Collagen Solutions (COS) is building up sales of tissue and starting to benefit from the collaboration with its major US shareholder. Investment in the Glasgow facility will increase collagen supply.
Antibody discovery company Fusion Antibodies (FAB) improved interim revenues from £660,000 to £1.75m. There was still £1.31m left in the bank at the end of September 2019. Belfast-based Fusion has launched its RAMP service, which helps clients to optimise the performance of an antibody. The Mammalian Antibody library should be launched by next September.
MAIN MARKET
Standard list shell National World (NWOR) has asked for trading in the shares to be suspended as it negotiates the potential acquisition of regional titles from JPI. There are also other acquisitions being assessed.
Zenith Energy (ZEN) has acquired the Italian gas production and exploration assets of Coro Energy (CORO) for an initial £402,000 in shares at 6p each. Up to £3.5m in also payable in shares if gas production averages 100,000 scm/day over a period of four successive months. Production is expected to reach 113,000 scm/day following developments planned over the next 6-9 months. The Italian authorities have to agree to the deal, which adds to Zenith’s existing assets in Italy.
Haynes Publishing (HYNS) says that interim pre-tax profit will be 37% higher than in the corresponding period last year. This is all organic growth. The interims will be announced on 30 January.
Digital inkjet technology developer Xaar (XAR) says that Stratasys has completed its increased investment in Xaar 3D and it has an option to acquire the rest of Xaar 3D within three years. Xaar sold 20% of the 3D printing business for $10m and Stratasys can buy the 55% it does not won for at least $33m.
Nanoco (NANO) says that interested parties have been asked to submit acquisition proposals by mid-December. The majority of contracted revenues of £3.5m will be delivered in the first half. Progress with new customers has been hampered by the formal sale process.
IMC Exploration (IMC) says that the exploration programme in the Goldmines River licence in Wicklow has confirmed gold values ranging up to 0.4g/t. Drilling results are still being analysed.
Pembridge Resources (PERE) says that its Minto mine in Canada has received £3.7m in payment for copper concentrate. Sumitomo makes a 90% advanced payment for the concentrate. The rest is paid on delivery. Pembridge is on a roadshow to raise between £3m-£5m.
BATM (BVC) has gained a $4m contract in Asia for its agri-waste business. Three units will be supplied to two poultry processing facilities.
MATCHED BARGAINS
MESH Holdings, which recently left NEX will have its shares dealt on the JP Jenkins dealing platform. The acquisition option for AI company Sentiance has lapsed but management is in talks to agree a new option, which would require MESH to invest more cash in Sentiance, where it has a 16.8% stake.
Andrew Hore
Andrew Hore – Quoted Micro 27 August 2018
NEX EXCHANGE
Crossword Cybersecurity (CCS) has signed a memorandum of understanding with IP Group, covering the commercialising of cybersecurity intellectual property from universities.
Ananda Developments (ANA) says that investee company iCAN Israel-Cannabis Ltd has signed a memorandum of understanding with Yom Chai. The deal involves the development and validation of a cannabis-based treatment for Crohn’s Disease, Autism and other neurological and gastrointestinal diseases. The agreement will generate revenues for iCAN, as well as obtaining a stake and potential future royalties.
Supported housing developer Walls and Futures REIT (WAFR) ended March 2018 with a NAV of 92p a share. Full year revenues were 127% higher at £103,000 and the company moved into profit. The first supported housing property was completed during the period. The board wants shareholders to approve a new management incentive plan at the company’s AGM.
There was a £88,000 cash outflow for Lombard Capital (LCAP) in the year to March 2018, but the investment company has moved from net assets to net liabilities. There is £2,154 in the bank plus £112,500 in investments. Since the year end, £320,000 has been raised from subscriptions for 7.5% 2020 unsecured loan notes.
Primorus Investments (PRIM) and Gunsynd (GUN) are selling their direct interests in the Horse Hill prospect to UK Oil and Gas (UKOG) for cash and shares. Primorus will receive £375,000 in cash and £1m in UK Oil and Gas shares at 1.75p each for its 5% stake in Horse Hill Developments Ltd (HHDL), while Gunsynd will receive £50,000 in cash and £500,000 in shares for its 2% stake.
AIM
Tracsis (TRCS) says that full year revenues were ahead of expectations at around £40m and profit will be better than expected. There was £22m in the bank at the end of July 2018. The margins of the traffic and data division are improving.
Audio visual equipment distributor Midwich Group (MIDW) is acquiring Nuremberg-based Bauer und Trummer, which has annual revenues of €21m.
A potential partner has ended its interest in the Bahamas-based oil and gas prospects of Bahamas Petroleum (BPC) and that knocked two-thirds off the share price. BPC received $1m in exclusivity payments from the international oil and company and it has started talks with other third parties.
KEFI Minerals (KEFI) has signed heads of agreement with Ethiopian investors which are setting up a vehicle to make a $35m investment to finance the Tulu Kapi gold project. The first investment of $9m should be made in the current quarter.
Caledonia Mining Corp (CMCL) has agreed to acquire a further 15% of the Blanket gold mine in return for the cancellation of a $11.5m loan and 730,000 shares. That takes the Caledonia stake in Blanket to 64%. The dividend will be kept at 27.5 cents/share.
Waste gasification to energy technology provider EQTEC (EQT) has finished a strategic review following the appointment of a new chief executive. The focus will change to the delivery of customer requirements. Additional technological expertise will come from an alliance with CT3 Ingenieria.
AdEPT Telecom (ADT) is a paying an initial £5m for Shift F7 and this should be earnings enhancing. The two companies have worked together for more than a decade. AdEPT chief executive Ian Fishwick has bought 10,196 shares at 373p each.
Thor Mining (THR) has completed the definitive feasibility study for the Molyhil open pit tungsten project. The post-tax NPV is A$101 and project payback would be less than 18 months. Molyhil has opex costs of tungsten of $90/mtu, compared to an average of $157/mtu for other tungsten projects.
Data and analytics services provider D4T4 (D4T4) says that it has received the £19.5m of trade debtors in the balance sheet at the end of March 2018.
Restaurants operator Fulham Shore (FUL) says revenues generated by The Real Greek and Franco Manca have increased. New openings will be financed out of cash flow. Chief executive Nabil Mankarious has acquired 127,000 shares at 12p each, taking his stake to 19.9%.
Versarien (VRS) has signed two collaborations. A deal with AXIA Materials will lead to the development of graphene enhanced composite materials and smart graphene devices. The first two projects will be for smart buildings and electric vehicles. An agreement with AECOM will be focused on developing large-scale polymer structures for civil engineering infrastructure projects.
Broadcast software provider Pebble Beach Systems (PEB) has moved back into profit at the adjusted level in the first half of 2018, but that is after adjusting for £400,000 of amortisation of capitalised development costs. If that amortisation charge is not excluded the company would have been around breakeven. Net cash generated from operating activities was £126,000, but there is an outflow of £254,000 after capitalised investment. Most importantly, net debt is £10.5m. Debt repayments have started with £850,000 due to be repaid in the second half.
Facilities management services provider Mortice Ltd (MORT) reported a 29% decline in pre-tax profit to $3.9m. Net debt was $18.4m at the end of March 2018. The minority interest in Singapore-based Frontline Security has been acquired for $3.5m.
Wey Education (WEY) says it is planning for significant growth next year, having exceeded market expectations of revenues of £4.1m in the year to August 2018. The first sales from the Chinese joint venture should be in September. A general meeting is being held to enable the issue of more shares and to create distributable reserves to allow a dividend to be paid.
Tekmar Group (TGP) intends to acquire Subsea Innovations for up to £4m. Subsea is focused on the oil and gas sector and it is involved in back deck equipment and subsea pipeline repair clamps. The deal includes £3m of fixed assets.
Veltyco (VLTY) has trade receivables of €8.9m, higher than in July, with €5.4m owed by Celestial, €1.5m of which relates to 2017. The current cash balance is €1.3m. Veltyco will launch its own regulated online trading brand. Betsson Services has renewed its contract until May 2021.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) increased its interim pre-tax profit by 39% to £3.53m. The growth in profit came from the distribution division on the back of higher sales to internet retailers. Net debt was £11.1m at the end of June 2018. The interim dividend is increased by 8% to 0.65p a share.
London and Associated Properties (LAS) is broadening its investment remit to areas other than retail property. Diluted NAV was 54.5p a share at the end of June 2018.
Bisichi Mining (BISI) increased its pre-tax profit from £243,000 to £3.97m on the back of strong demand for coal.
Standard list shell daVictus (DVT) still has £431,000 in the bank. The board continues to look at food and beverage businesses.
Andrew Hore