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Quoted Micro 13 April 2026
AQUIS STOCK EXCHANGE
Oscillate (SRVL), which is changing its name to Serval Resources, raised £34,000 in its retail offer at 22.5p/share, which is below the maximum level of £300,000. It is acquiring Kalahari Copper and moving to AIM on 27 April.
Digital assets investor Valereum (VLRM) has received confirmation that the $300,000 cash element of the coupon is being paid in instalments over four days. Further amounts due from strategic partner Quorum Global Photonics (QGP), which is a 49.7% shareholder, are expected to be paid under the $200m royalty and streaming financing agreement. Pieter Scholtz and Gerhard Kotzee are directors of both companies.
Wishbone Gold (WSBN) plans to acquire the Silver Lake project in Western Australia. Before that happens, historic data will be further analysed. If it goes ahead 3.57 million shares will be issued for the acquisition.
Hot Rocks Investments (HRIP) has made new investments in Central Gold, Futuro Resources and Cobra Resources (COBR). Investee company Mendell Helium (MDH) is moving from Aquis to AIM, and 49%-owned Sunshine Gold Capital has been granted a third tenement as part of the Dexter gold project, which is near to two existing gold mines in Western Australia.
Stack BTC (STAK) made a loss of £110,000 in the six months to January 2026. There was cash of £51,000 at the end of January 2026 and since then £4.28m has been raised. There have been 31 Bitcoin acquired. The focus is finding a business to acquire.
Ethtry (ETHY) has spent £100,000 to buy 66.6737 Ethereum. It owns 816.6737 Ethereum.
Cooks Coffee Company (COOK) was franchisor of the year (expanding food and non-food) in the 2026 Irish Franchise Association Awards, and a franchisee was named franchisee of the year.
Shepherd Neame (SHEP) non-exec director George Barnes bought 2,173 shares at 458p each. Falconedge (EDGE) chief executive Roy Kashi and family have bought 2.9 million shares for an average of just over 1p each. The total holding has risen to 6.45%. EPE Special Opportunities (LON: EO.P) directors Clive Spears and David Pirouet each bought 5,968 shares at 176p and 168p respectively.
TechFinancials has changed its name to Ubuntu Mining and Metals Inc (UNTU).
ASSET MATCH
Brewer Wadworth and Company (WAD) says 2025 accounts should be published later in April. Strong Christmas trading meant like-for-like sales were 7% ahead. Beer volumes were 16% higher in the first two months of the year as the company sold more of its beer via its own pubs. Like-for-like sales of the group are 4% higher, but margins are under pressure even though gas and electricity costs are set until 2029. One pub was sold in January.
AIM
RentGuarantor (RGG) growth is accelerating with first quarter revenues more than doubling to £880,000 and this has sparked an upgrade. New partners have been brought onboard. It is also offering a new product with mydeposits that combines insuring rent deposits with the rent guarantee service. Allenby has increased its 2026 pre-tax profit forecast by 26% to £300,000. This would be a maiden profit.
Van Elle (VANL) is recommending a 52.3p/share cash bid from STRABAG UK, which values the ground engineering company at £58.8m. The share price has not been that high for more than three years. The directors had talks with other suitors before receiving this bid approach. Vienna-based STRABAG provides construction services, and it was seeking to expand in the UK.
Alien Metals (UFO) says joint venture partner GreenTech Minerals has identified material upside potential for the Munni Munni Platinum-Palladium-Copper-Nickel project in Western Australia not included in the current mineral resource estimate of 24Mt @ 2.9 g/t PGE₄ for 2.2Moz. Alien Metals has a 30% interest and a free carry until completion of a bankable feasibility study. High grade zones have been identified and there is potential for open pit mining. The results of the maiden drilling programme should be announced later this month. Joint venture partner West Coast Silver has announced a 1,500 metre drilling programme for the Elizabeth Hill silver project in Western Australia.
Data analysis software and services provider Celebrus Technologies (CLBS) says full year revenues are broadly in line with expectations at $23.3m, down from $38.7m because of a change in business model, and the loss will be around $200,000. Annualised recurring revenues grew from $13.6m to $15m. Two bank customers sold off parts of their businesses, so their payments were reduced. Some expected deals at contracted stage were lost or delayed and Celebrus Technologies is improving its skills in winning new clients. Cash was $32m at the end of March 2026. Another loss is anticipated for 2026-27.
Mercantile Ports and Logistics (MPL) is pursuing legal remedies to regain control of port operating subsidiary, Karanja Terminal & Logistics. One bank did not sanction an agreement for a one-time settlement of company debt with the consortium of banks. The court has told the Committee of Creditors holding the company debt to consider an offer to redeem 100% of outstanding debt. There has been no progress and there are potential buyers interested in the assets. An international oil and gas company is a potential provider of funds to help redeem the debt. A meeting was held to consider Mercantile’s proposal on Friday 10 April.
The shares of Secure Property Development and Investment (SPDI) returned from suspension. The property company amended heads of agreement with energy storage technology developer Adven, which it is proposed will acquired SPDI, so it is not a reverse takeover anymore. Instead, Adven intends to join AIM and launch a share exchange for SPDI. Adven can then raise money via EIS.
Steppe Cement (STCM) has increased cement sales in Kazakhstan in the first quarter of 2026 to 344,058 tonnes, from 276,217 tonnes in the same period last year. The average price was one-fifth higher at around $57/tonne. Market share increased to 16%. Capacity is being increased and the final estimated cost is $35m.
Atome (ATOM) is in the final stages of negotiations for the funding of the Villeta fertiliser project in Paraguay. Definitive documentation with the equity consortium is expected by 17 April. The potential funders are likely to be at the IMF and World Bank spring meetings at that time.
Physiomics (PYC) has accepted a general meeting request from Michael Whitlow, who owns 13.7%, and the meeting is on29 April. Michael Whitlow wanted to appoint Nicholas Tulloch, Ian Bagnall, Martin Gouldstone (later removed) and himself as directors and remove Dr Jim Millen, Shalabh Kumar, Dr Tim Corn, and Dr Peter Sargent, as long as least two of the new directors are appointed. The board did offer to appoint two non-execs to replace two existing ones, but it felt that the remuneration requested was too high. The board believes that the disruption could hamper the ability to commercialise its IP. They are asking shareholders to vote against the resolutions.
Quantum Blockchain Technologies (QBT) says a court has stopped enforcement of a €6m plus damages award against Sipiem relating to the Mediapolis business. The company has not been able to enforce the seizing of property of a former Sipiem director because he has declared bankruptcy. The liquidation of Mediapolis is being completed and a further distribution of €132,000 is expected to be received by the end of June.
MAIN MARKET
Financial management software developer Aptitude Software (LSE: APTD) has decided to seek a potential purchaser as well as considering other options for the business. It is possible that other businesses would be sold to concentrate on Fynapse. The refocus on that product led to a 1% dip to £49.8m even though Fynapse sales were higher. Recurring revenues were £54.4m and operating profit was flat at £10m. Net cash is £21.2m. The dividend is 5.4p/share.
Solvonis Therapeutics (SVNS) has been granted a US patent for its PTSD programme. The patent covers a chemically distinct monoamine modulator series designed to modulate serotonin, dopamine and noradrenaline transporter systems (SERT, DAT and NET) and lasts February 2043.
Andrew Hore
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 25 September 2023
AQUIS STOCK EXCHANGE
Aquis Stock Exchange owner Aquis Exchange (AQX) reported interims showing growth in all four divisions of the group and the Aquis Stock Exchange remains profitable. Group revenues improved from £7.85m to £9.34m, while pre-tax profit rose from £699,000 to £1.15m. Net cash is £13.9m.
Brewer Adnams (ADB) says trading improved in the second quarter and cost savings started to kick in. This partly offset the decline in revenues in the first quarter, but the interim revenues were still slightly lower at £30m. Operating costs and interest charges increased, and the loss trebled to £3.13m. Adnams is taking on new customers, but the average order size has reduced. Trading conditions are uncertain, but the new customer sand listings will help to boost the second half.
Africa-focused battery metals company Marula Mining (MARU) is considering moving to the standard list as an alternative to AIM. Management believes that this would not add any additional time to the process, and it believes that the proposed investment by Q Global Commodities will make Marula Mining large enough to be eligible for the standard list. It is also planning listings on the Nairobi Securities Exchange and the Johannesburg Stock Exchange. Warrants exercised at 4p/share raised £50,000. A shipment of 27.5 tonne high-grade material processed from stockpiles at the Blesberg lithium and tantalum mine in South Africa has been delayed. The offtake agreement with Southern Jade Resources has been terminated and an alternative agreement is being finalised. Additional drilling at Blesberg is progressing and initial assay results should be published in late October.
Apollon Formularies (APOL) has executed a binding letter of intent with Sproutly Canada Inc, who will acquire the assets of the cannabis-based drug discovery company. After completion of due diligence, the assets will be acquired in return for shares equivalent to 49% of Sproutly. The effective valuation is C$7m (£4.2m). Sproutly has to go through audits and other regulatory requirements to become active and trading on the Canadian Stock Exchange.
Fuel additives SulNOx Group (SNOX) says it requires new equity investment from existing and new investors in order to achieve faster and sustainable revenue growth. There would additional industry hires for the board and sales personnel. There will also be increases in stock levels and new products will be developed. The board is seeking shareholder authority to issue new shares. Mohanned Nawaz Haq does not agree with the new strategy and the board recommends voting against his appointment at the AGM on 26 September.
Newbury Racecourse (NYR) improved interim turnover by 3% to £8.03m, but the company fell into loss because gross margins slumped. The nursery increased its contribution, but there were lower attendances at races. An event in July had the highest attendance for four years. Next year will get the full benefits of the media rights deal.
Broker and wealth management company Oberon Investments (OBE) has raised £2.5m via a placing at 3.6p/share and a retail offer could raise a further £500,000. The share price dipped 2.78% to 3.5p. The cash will fund expansion, including the recruitment of revenue generating teams. The Winterflood Retail Access Platform offer has a minimum subscription of £50. Investors can apply for shares via their broker or intermediary and the closing date is 4.30pm on 25 September.
Silverwood Brands (SLWD) has been given an extension of the time to deliver its defence to the legal action by Lush and VSA resigning as corporate adviser and being replaced by Peterhouse. Lush is refusing to recognise the transfer of a 20% stake to Silverwood Brands. VSA Capital (VSA) owns 0.88% of Silverwood Brands and says that the share price slump will hit its interim results to September 2023. It will make the loss larger than expected.
Property investor Ace Liberty and Stone (ALSP) increased net assets by 1% to £34.4m at the end of April 2023. Disposals meant that full year revenues fell 2.5% to £5.56m. There is £6.23m in cash available for investment. No final dividend is declared, partly due to the lack of distributable reserves.
Cadence Minerals (KDNC) investee company Evergreen Lithium has completed the final analysis of its EXOSPHERE BY FLEET Ambient Noise Tomography geophysics survey at Bynoe. Nine pegmatite targets have been identified. Approvals are required for drilling.
Watchstone Group (WTG) had net assets of £7.6m at the end of June 2023, including cash of £8.3m. By 19 September, cash had fallen to £7.6m. The claim against PwC was dismissed by the High Court and Watchstone had to settle legal costs. Canadian legal action continues.
Helium Ventures (HEV) has raised £250,000 at 4p/share. There are plans to move to AIM rather than the standard list, while maintaining the Aquis quotation. It hopes to do this by the end of this year. The potential acquisition of tracking technology company Trackimo is progressing, and Mark Notton has been appointed as its chief executive.
MBH Corporation (M8H) has acquired caravan and motorhome retailers Lincoln Leisure Vehicles and Golden Castle Caravans for an initial £400,000 in cash and £2.58m in loan notes. There will also be share issues totalling £2.24m over the next two years. The companies made an operating profit of £660,000 last year. These businesses will be integrated with the existing caravan and motorhomes operations.
Pharma C investments (PCIL) says that the general meeting scheduled for 27 September will not go ahead because the requisition has been withdrawn. The proposals were to remove Gavin Hilary Sathianathan and appoint Paul Ryan and Noel Lyons to the board.
Medical device developer TruSpine Technologies (TSP) has appointed Victoria Sena and Samuel Ogunsalu to the board. The company is not appealing the disciplinary notice from the Aquis Stock Exchange and the new appointments will improve corporate governance.
SuperSeed Capital (WWW) says that the SuperSeed II LP has sold Garvis, a SaaS company offering language model technology and AI-native demand forecasting. The original investment was in September last year. There was a triple digit IRR on the investment.
Lift Global Ventures (LFT) subsidiary Miriad has been appointed as corporate communications agency to Imperial Diagnostix Laboratories, which plans to float next year. Imperial Diagnostix Laboratories provides point of care testing products and has been granted access to the NHS supply chain.
Wishbone Gold (WSBN) says drilling has started at the Red Setter project in Western Australia. Initial targets are at a shallow depth and the company is seeking broad spreads of mineralisation. Drilling at the Cottesloe prospect reinforces previous findings. Additional drilling will be 50% funded by the Western Australian government’s EIS scheme up to a total of A$220,000.
Invinity Energy Systems (IES) says that Canadian company Elemental Energy has commenced operation of the company’s 8.4MWh Invinity VS3 vanadium flow battery. This is the largest operation so far.
Majestic Corporation (MCJ) reported flat revenues of $13m, while pre-tax profit dipped from $980,000 to $862,000. There was $680,000 generated from operating activities. The metals recycler has $1m in the bank. Rising interest rates have had a negative impact on commodity prices.
EPE Special Opportunities (EO.P) directors and the managing partner of EPIC Investment Partners bought a total of 16,837 shares at 160p each.
Kasei Holdings (KASH) has switched its corporate adviser to VSA.
AIM
International retailer Mothercare (LON: MTC) reported a decline in full year revenues from £82.5m to £73.1m. A fall in admin expenses and interest costs, partly offset this decline, but underlying pre-tax profit still slumped from £8m to £3.4m before restructuring costs. The lack of contribution from Russia was a factor in the lower revenues – this is part of the Alshaya franchise area. Middle East demand remains subdued since Covid. Net debt rose from £9.9m to £12.4m. The loan facility is being renegotiated. The current interest rate is 19.2%. Since the year end, a reduction in pension contributions has been agreed. In the ten years to March 2033 the total contributions will be £34.9m, down from £73.7m in the previous ten years. The revaluation of the pension fund shows a deficit of £35m.
Finsbury Food (FIF) is recommending a 110p/share bid by a company backed by DBAY Advisors valuing the cake maker at £143.4m. There is a non-voting share alternative to the cash bid for eligible investors. The bid is less than ten times prospective earnings. The share price has not been at this level since early 2019.
Renewable electricity supplier Good Energy (GOOD) had a strong first half due to higher tariffs and lower supply costs, but the second half will be tougher. Interim revenues were 46% ahead at £156.1m and the company swung from a loss to a pre-tax profit of £13.1m. The energy services business is losing money as it is being built up. The interim dividend has been raised by one-third to 1p/share. Tariff reductions are happening ahead of falls in supply costs for the company and that will lead to a second half loss, but Good Energy will still be profitable for the full year.
Orcadian Energy (ORCA) announced that it has entered non-binding heads of agreement with a North Sea operator to farm out the Pilot project for a full carry until first oil. Orcadian Energy would retain a 18.75% working interest. The agreement includes the drilling of five subsea wells. Orcadian Energy will receive $100,000 when the agreement is completed, plus $100,000 if it is awarded an additional licence. Field development plan approval would trigger a payment of $3m.
Trading has deteriorated since August at replacement windows supplier Safestyle (SFE) and it is expected to lose £10m in 2023. Order levels are falling short of budget. Net debt could reach £6m at the end of 2023 – the credit facility is £7.5m. Management wants to strengthen the balance sheet.
Harvest Minerals (HMI) reported interims showing a near-doubled loss as demand for fertiliser fell and pricing was lower in the period. The second half sales are normally much greater than in the first half, but they continue to be disappointing. Low crop prices mean that farmers are not investing to boost production. Cash has declined and the company has moved into net debt of £1.4m, partly due to a jump in inventories.
Eqtec (EQT) announced that the Billingham waste-to-energy project is not going ahead. Potential customers have closed facilities and the project is behind schedule. So far, £4m has been invested. There is a possibility of getting some of this cash back. Eqtec is also taking legal action against its partner in the Deeside project, seeking repayment of £4m of loans. The focus is other European markets. Forecast 2023 revenues have been slashed by more than three-quarters.
Scancell (SCLP) reports that early data from the phase II SCOPE study of SCIB1 in combination with checkpoint inhibitors as a treatment for advanced melanoma are positive. Tumour reduction at 13 weeks is 31-94%. This is for a relatively small number of patients, but it does indicate that there is strong potential for the treatment. The second stage of the study has a strong probability of success. This data will be available in the first half of 2024. Potential partners are likely to be interested.
Firering Strategic Minerals (FRG) raised £756,000 at 6.5p/share. This cash will be used to define identified pegmatite targets through a drilling campaign at the Atex lithium-tantalum project in Cote d’Ivoire. Firering Strategic Minerals holds 90% of the company that owns the Atex project. Firering Strategic Minerals also owns 75% of Bri Coltan, which owns the coltan rights for the Atex area. Coltan is composed of tantalum, niobium, iron and manganese. Nine target areas have been identified, including the six newer ones. The latest drilling is planned for the fourth quarter of 2023.
Alien Metals (UFO) says the latest drilling results from the 90% owned Hancock Iron Ore project in Western Australia indicate the potential for the project. There is high-grade mineralisation. The resource estimate will be upgraded.
Digital coupons and loyalty technology provider Eagle Eye (EYE) reported organic growth of 29% last year. International revenues grew strongly as new retailers were added to the service and when they sign up retailers tend to stay with the company. This year, pre-tax profit could improve from £4.3m to £6.2m. The cash pile reached £9.3m at the end of June 2023.
Cosmetics supplier Warpaint London (W7L) is bucking the trend of the consumer sector, where many other companies selling to the public are performing poorly. That is down to the fact that Warpaint London is in the value end of the cosmetics market. It is also adding retailers and benefiting from the international spread of the business. UK interim revenues were 28% ahead, while group revenues were 46% higher.
Structural steel supplier Billington (BILN) significantly improved margins in the first half and it still has a strong order book despite the contraction of the construction sector. This reflects the broad spread of projects being supplied. Revenues were 30% higher at £60.1m and pre-tax profit jumped from £1.3m to £4.59m.
There is not going to be a bid for Kinovo (KINO), which was not going to recommend the 56p/share offer and there was no increase tabled.
MAIN MARKET
Motor dealer Pendragon (PDG) plans to sell its entire core business to North American automotive retailer Lithia Motors for £250m. This would turn Pendragon into a software business and there could be a £240m payout to shareholders, equivalent to 16.5p/share. Lithia Motors would also subscribe £30m for 279.4 million shares and will roll out Pendragon’s Pinewood dealer management software to its existing 50 UK sites. However, there has been a bid approach for the whole company from Sweden-based Hedin Mobile and US transportation company PAG International. The initial 28p/share offer was turned down, but a higher bid of 32p/share is being considered.
First Tin (1SN) still has cash of £7.9m and that is enough to fund the DFS for the Taronga tin project in Australia. The cost of the project could be reduced by using solar power and more efficient processing. The mineral resource estimate has been increased by more than 240% to 133 million tonnes. The Tellerhauser project in Germany hopes to gain a mine permit in the third quarter of 2024.
Shipbroker Braemar (BMS) has reaffirmed that it will make an underlying pre-tax profit of at least £20m for the delayed results for the year to February 2023. The investigation into transactions between 2006 and 2013 is nearing completion. There may be adjustments to previous accounts.
Andrew Hore
Quoted Micro 24 October 2022
AQUIS STOCK EXCHANGE
Chapel Down Group (CDGP) had a bumper grape crop in terms of quality and yield. Chapel Down has 750 acres of vines and the harvest was more than 2,000 tonnes, up from 1,400 tonnes last year, with a particularly good crop for sparkling wines. The English sparkling wine market grew by 29% in 2021More than two million bottles of many types of wine can be made from the harvest. A further 38 acres of vines were planted this year with 118 acres planned. More land is being sought. Management wants to double the size of the business by 2026.
Property investor Ace Liberty & Stone (ALSP) launched an open offer to raise £4.56m at 25p a share, which is a big discount to the market price. The share price fell 25.8% to 47.5p. The open offer closes on 14 November and enables existing shareholders to finance the strategy to buy additional properties. Management believes that economic uncertainty will provide opportunities to acquire high yielding properties.
Ananda Developments (ANA) has changed the acquisition terms for the 50% not owned in DJT Plants. The purchase price has been cut from £7.3m to £3.2m, which is payable in shares at 0.925p a share giving the seller Anglia Salads 29.9% of the enlarged share capital. That is double the current share price. The chairman’s £2.3m loan to Ananda will be swapped for convertible loan notes and warrants. DJT is analysing its 2022 field trial crops to determine the amounts of cannabinoids and terpenes contained in the cannabis flowers. This will help the company to decide which cultivars to use. There are international growers interested in purchasing seeds from DJT.
Love Hemp (LIFE) says it will sell all LH Botanicals products and LH Botanicals Ltd, which is owned by Love Hemp chief executive Tony Calamita, does not sell these products and has never traded. An application has been filed to strike the company off the company register.
Hydrogen Utopia International (HUI) has secured a convertible loan facility with Conrad Griffiths, owner of 9.45% of the company. The €650,000 facility is interest free until the beginning of 2023 when the annual interest charge is 5%. The repayment date is 31 December 2025. The conversion price is 20p – based on the exchange rate of €1.14/£.
Invinity Energy Systems (IES) has secured the sales contract for a 10MWh VS3 flow battery system for a solar microgrid in southern California.
Goodbody Health Ltd (GDBY) has signed an agreement with Allied Pharmacies that will add 17 clinics to its network offering diagnostic testing and adds services such as ear wax micro suction.
SulNOx Group (SNOX) has signed up South Africa-based bus company Lowveld Bus Service, which will use SulNOxEco fuel conditioner in its fleet of more than 170 buses.
VVV Resources (LON: VVV) has appointed Jim Williams as an executive director. He was previously a chief executive of AIM-quoted Arian Silver Corporation, which is now known as Alien Metals (UFO). David Rigoll and Simon Clarke have left the board.
Chris Akers has upped his stake in Quetzal Capital (QTZ) from 22% to 23.4%. Investee company Tap Global has added GBPT stablecoin to its cryptocurrency trading platform.
Harry Hyman has increased his stake in Oberon Investments Group (OBE) from 3.08% to 4.15%. Phoenix Asset Management Partners has taken a 16.5% stake in Silverwood Brands (SLWD).
AIM
Semiconductors designer EnSilica (ENSI) generated more than 50% of its revenues from its design and supply division for the first time last year. Revenues increased from £8.61m to £15.3m with design and supply’s contribution jumping from £2.82m to £8.02m. This is down to contracts starting to move from the design to supply stage. A loss was turned into a pre-exceptional profit of £165,000. That is before R&D tax credits of £683,000. EnSilica capitalised £2.2m of development spending last year.
Latest new AIM admission Sondrel (SND) raised £20m at 55p a share and the price rose to 58p in early dealings. The semiconductor designer will spend the money on employing more engineers and accelerate sales. There are more than £300m of revenue opportunities for designing semiconductors. If selected, Sondrel can expect to supply the semiconductor for five years plus. The medium-term target revenues are in excess of £100m.
Revolution Bars (RBG) is acquiring Peach Pubs for £16.5m. Peach Pubs has 21 food-led pubs in the south of England and the Midlands. There should be £1.5m of cost savings from combining the businesses at a minimal cost, but they will not be fully achieved until 2024-25. finnCap has adjusted its 2022-23 forecast for Revolution Bars due to higher energy costs, so the earnings estimate has been reduced by 69% to 0.5p.
Affimer technology developer Avacta (AVCT) is acquiring in vitro diagnostics distributor Launch Diagnostics for £24m, plus up to £13m in performance related earn outs. This acquisition is part of the strategy to build up a European distribution business. Kent-based Launch Diagnostics is a profitable business that supplies diagnostic reagents and instrumentation for pathology applications. A placing at 95p a share will raise £7m and a three-for-365 open offer could raise up to £2m more. A £55m convertible bond issued at 95% of par could raise £52.5m and it is convertible at a 25% premium to the 95p a share placing price.
Gear4Music (G4M) edged up interim revenues by 2% with the growth coming from Europe and the rest of the world. The musical instruments retailer is upgrading its websites and trading is improving, although gross margins are lower.
Tatton Asset Management (TAM) generated inflows of £907m in the six months to September 2022. Assets under management have reached £11.3bn, with a further £1bn of assets under influence. There was an 11% improvement in earnings to 9.8p a share and the interim dividend 10% ahead at 4.4p a share. Inflows are expected to slow and full year expectations have been trimmed, but earnings should improve from 18.6p a share to 19.8p a share.
Logistics Development Group (LDG) has raised its stake in cakes maker Finsbury Food (FIF) from 4.4% to 6.77%. A further £4.17 has been invested at an average of 81p a share. The previous investment was at 69.5p a share, which was just above the low for 2022. Richard Griffiths increased his stake in Logistics Development Group from 7.04% to 8.71%. Logistics Development Group should have received more than £31m for its stake in CareTech.
Learning and development products and services provider Mind Gym (MIND) generated interim revenues 11% ahead at £26.8m with the majority coming from the US. Net cash is £4.5m. The interims will be published on 2 December. A full year pre-tax profit of £2.87m is forecast.
Advanced Oncotherapy (AVO) has raised £6m at 25p a share from Odey Asset Management. The subscription was at a 12% premium to the market price.
Mattress supplier eve Sleep (EVE) has appointed an administrator.
Anthony Laiker has left the Vela Technologies (VELA) board and sold his 6% stake. He was reappointed to the board in July having been a director between 2013 and 2020.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) says revenues continued to decline in the second quarter, but the rate slowed and there has been growth in early October. Freight costs are falling offsetting the change in exchange rates. Fackelmann Gmbh owns a 9% stake.
LED lighting and wiring accessories supplier Luceco (LUCE) says destocking has happened faster than expected, so the 2022 profit outcome will be lower than anticipated. Underlying operating profit is expected to be £20m-£22m in 2022. Net debt was £46.5m at the end of September 2022.
Carclo (CAR) says interim sales were ahead of the same period last year and slightly better than expectations. However, operating profit is slightly lower than previously. The life sciences division has grown even though two product launches were delayed. There was also increased demand from the aerospace sector.
Motor dealer Lookers (LOOK) outperformed the UK car market in the third quarter and pre-tax guidance has been increased to no less than £75m. Last year’s pre-tax profit was £90.7m, but that benefited from government assistance and a strong used vehicle market. However, a lack of available new cars to sell is holding back the performance of all motor dealers.
An administrator has been appointed to Toople (TOOP) after it failed to secure financing for a proposed acquisition.
Andrew Hore
Quoted Micro 29 November 2021
AQUIS STOCK EXCHANGE
Good Energy (GOOD) is selling its 47.5MW of renewable generation capacity and then reinvest the cash. The portfolio is valued at £56.8m, with £39.1m of related debt, and could be sold in the first quarter of 2022. Good Energy is investing in the latest funding round for Zap Map and the disposal cash may be received at around the same time. The company is investing in its decentralised energy services platform, and this will be rolled out next year. There will be further investments in these areas. Competition has fallen away in the domestic energy supply market and management believes that more normal conditions could return next spring. There will be £2.5m of additional costs to cope with the knock-on effect of higher prices and the exit of rivals. There is still a possibility of achieving full year expectations.
Oberon Investments (OBE) nearly trebled revenues in the first half with the growth coming from the broking business. In the six months to September 2021, revenues improved from £1.2m to £3.4m, while funds under management were £765m at the end of the period. Investment management fees doubled, but corporate finance income jumped from £89,000 to £1.56m. Oberon moved from a loss of £514,000 to a pre-tax profit of £128,000. New product launches should enhance growth in funds under management, while the broking side remains busy.
Non-fungible tokens (NFTs) investor NFT Investments (NFT) is investing $250,000 in Afterparty Inc, a platform where creators generate revenues from music events. This was set up by former Disney executive David Fields.
Eastinco Mining and Exploration (EM.P) plans to acquire battery metals explorer Aterian Resources and move to the standard list. There will be a ten-for-one share consolidation and the company’s name will change to Aterian. AIM-quoted Altus Strategies (ALS) will become a major shareholder. A fundraising has raised £850,000 from convertible loans and £100,000 from shares at 1.5p each, which is the conversion price of the convertible loans. Aterian Resources has a portfolio of 15 exploration projects.
Investment company Gunsynd (GUN) had net assets of £6.3m, including £1.07m of cash, at the end of July 2021. Investee company Low6 still intends to float.
KR1 (KR1) has contributed 350,000 Polkadot tokens to the Acala Network auction. It already has more than 10.2 million Acala tokens and more will be received after 96 weeks, when the Polkadot tokens will be returned. A further 350,000 Polkadot tokens were contributed in the auction of smart contract platform Moonbeam Network. Again, these will be locked up for 96 weeks and a undecided number of Moonbeam tokens will also be received.
Newly crowned Aquis company of the year DXS International (DXSP) reported a small dip in interim revenues from £1.72m to £1.62m, while pre-tax profit fell from £151,000 to £21,000. The second half is expected to be stronger, although additional costs will hold back profit. The healthcare IT provider continues to develop its cloud-based product and it is accelerating the development of products aimed at long-term conditions, such as diabetes.
Rogue Baron (SHNJ) is closing its Bin 1301 bar in Washington DC and concentrate on the bigger De Rhum Spot site.
Pioneer Media Holdings (PNER) is planning to acquire NGMI Labs Inc in return for four million shares. Pioneer has 45 days to undertake due diligence. NGMI was founded by three people with significant experience in the decentralised autonomous organisation (DAO) tokens sector.
Tectonic Gold (TTAU) expects to receive a tax rebate of $275,000 by the year end.
Yooma Wellness Inc (YOOM) has persuaded ASDA to stock 17 of its Vitality CBD products.
Scott Livingston has taken a 5.54%, not 5.16%, stake in Silverwood Brands (SLWD).
AIM
Marshall Motor Holdings (MMH) says that 64.4% shareholder Marshalls of Cambridge is thinking about selling its stake. Constellation Automotive has made it clear that it is interested.
Alien Metals (UFO) has acquired 30% of the Munni Munni project in Western Australia from ASX-listed Platina Resources for A$2.23m in shares and cash. This is one of the largest platinum group resources in Australia and it is near to the Elizabeth Hill project, which has platinum, silver, copper and nickel potential. Munni Munni has a historic non-compliant JORC resource estimate that suggests that there is 1.14 million ounces of palladium, 830,000 ounces of platinum, 152,000 ounces of gold and 76,000 ounces of rhodium. Artemis Resources owns the other 70%.
Telecoms billing and customer relationship management software provider Cerillion (CER) more than doubled its full year pre-tax profit from £3.7m to £8.5m, helped by much higher software revenues. New orders are building up and the order book is at record levels. The dividend was raised from 5.5p a share to 7.1p a share.
Driving safety technology developer Seeing Machines (SEE) has won its largest ever driver monitoring systems (DMS) order and raised £30.4m at 11p a share on the back of this announcement. The cash will be used for technology development and boost sales resources. The DMS deal, which has come through Magna International, is worth A$120m. In the year to June 2021, revenues improved from A$39.9m to $46.6m, while the loss was substantially reduced to A$16.7m.
Credit hire and legal services firm Anexo (ANX) has won a new contract with MCE Insurance to provide claims services for non-fault motorcycle accidents, which tends to be higher margin business. This will boost market share.
Appreciate (APPS) made the expected, although lower, loss in the first half, but the 50% increase in the interim dividend to 0.6p a share suggests confidence in the future. Revenues were 50% ahead at £41m with the faster growth coming in the consumer business even though the Christmas savings order book is lower. Appreciate has withdrawn from lower margin corporate business and there is volatility in bookings in recent months.
Asset management services provider MJ Hudson (MJH) achieved organic revenue growth of 14% and it is on course to grow full year revenues from £25.5m to £31m, helped by acquisitions, which would produce a pre-tax profit of £4m. Demand for ESG services is growing rapidly. On top of that, there is increasing outsourcing of the services provided by MJ Hudson.
Ashtead Technology (AT.) provides services and rents equipment to the offshore oil and gas and offshore wind markets. Services can be provided for installation, ongoing maintenance and decommissioning. It raised £15.5m at 162p a share to help it to grow internationally. The offshore wind services market is set to grow at 19% a year up until 2025. The shares ended the week at 162p.
Eneraqua Technologies (ETP) is well positioned to take advantage of the increasing focus on energy and water efficiency. It raised £12m at 277p a share and the shares ended the week at 285p. Eneraqua Technologies supplies and installs technology that improves energy and water efficiency in multiple occupancy social housing and commercial projects. The systems installed include the company’s Control Flow HL2024 technology, which will be manufactured in Spain. The order book for between August 2021 and January 2022 includes £22m of contracted revenues and there a further £21.3m of contracted revenues for the following two years.
Brickability (BRCK) is paying an initial £3.3m for HBS NE, which takes it into the renewable energy products market. It supplies and maintains solar, battery storage and electric vehicle charging. Brickability has relationships with housebuilders, which are being required to install EV charging points in new homes. Even before cross-selling, the deal is earnings enhancing.
Cyber security services provider Shearwater (SWG) reported a small decline in interim revenues due to lower services sales. Software revenues were flat, but margins improved. There is 50% visibility for second quarter revenues.
Treated sustainable wood producer Accsys Technologies (AXS) increased interim revenues by 31% in the first half. Accoya production remains limited because the new reactor will not go into service until next year. The Hull Tricoya plant will should commence production next July. The plans for the potential US Accoya plant are also progressing with a final investment decision expected in the next few months.
Omega Diagnostics (ODX) grew its health and nutrition revenues to pre-pandemic levels. Sales of the global health division also grew but Covid-19 test sales were disappointing. DAM Health has ordered £750,000 of tests since the end of the half year. Net cash was £3.9m at the end of September 2021. Omega remains loss making, and it is difficult to predict how quickly revenues will grow. There are some orders coming in for the VISITECT CD4 test.
Workflow technology provider ActiveOps (AOM) has improved gross margin and interim revenues grew by one-fifth. Annual recurring revenues are running at £19.8m.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane (MACF) is trading ahead of expectations. Revenues are 25% higher than last year and the pre-tax profit is ahead of 2020. There are cost pressures and some customers have had supply problems elsewhere so their demand for packaging has reduced. Net debt was £2m at the end of October 2021.
BATM Advanced Communications (BVC) has announced a dividend of 0.74p a share.
JLEN Environmental (JLEN) is targeting a dividend of 6.8p a share in the year to March 2022. The interim dividend is more than covered by earnings. The portfolio of renewable energy and environmental assets has been diversified in recent years and that means that the company is not as dependent on revenues from wind power, which were hampered by low wind speeds in the period. Other assets performed well and there are plenty of investment opportunities in Europe. NAV is 98.4p a share.
Marine technology developer OTAQ (OTAQ) has secured a multi-year contract with Minnowtech. It will supply sonar technology for the jointly developed shrimp farming technology. Commercial launch is planned in Asia and the initial order will be more than $200,000. OTAQ owns 15.2% of Minnowtech. A major customer has given notice and OTAQ is seeking additional sources of funding.
Oxford Cannabinoid Technologies (OCTP) has signed an agreement with Dalriada Drug Discovery Inc of Canada, which will provide research and development services on compounds that Oxford Cannabinoid has access to via the Canopy Growth Corporation agreement.
Andrew Hore
Andrew Hore – Quoted Micro 10 May 2021
AQUIS STOCK EXCHANGE
Virgata has published its offer document for the 50p a share bid for Walls & Futures REIT (WAFR) and the first acceptance date is 27 May. Walls & Future REIT management are still arguing that the bid is too low because it is at less than 50% of NAV. Virgata points out that shareholders would not be able to sell their shares in the market for anywhere near NAV and that costs, including director pay, exceed income. Liquidity is certainly and that means that it has been difficult to raise cash to scale up the business.
Samarkand (SMK) is making its first acquisition following its admission to the Aquis Apex segment. The cross-border trading group is paying £2.41m in cash and shares (at 139.67p each) for Zita West Products and 51% of Babawest, where a further £400,000 will be loaned. Zita West Products supplies nutritional supplements for fertility and pregnancy, and it has worked with Samarkand for more than three years. Babawest supplies nutritional products for mothers and babies. In the year to September 2020, Zita West Products made an adjusted pre-tax profit of £241,000 on revenues of £854,000. Interim revenues were 60% ahead at £636,000. Samarkand can use its ecommerce technology and contacts in China to grow sales.
Third quarter revenues dipped at National Milk Records (NMRP), but like-for-like revenues were 1% greater at £5.42m. That excludes the former heat detection operations. The growth has come from newer areas, such as Johne’s and surveillance testing. There was a small decline in milk recording revenues, but they are recovering and the next quarter comparisons will not be as strong.
British Virgin Islands-based technology-focused shell Boanerges Ltd plans to float on 17 May. It appears that the share issue will be relatively small because Richard Griffiths will have his stake diluted from 75% to 71.7%. Internet of Things, big data and telematics are some of the areas where the directors are seeking acquisitions.
Rutherford Health (RUTH) is drawing down £15m from its infrastructure investment facility, which means that all £40m will have been drawn down. This will be invested in the company’s cancer treatment facilities.
Sativa Wellness (SWEL) increased 2020 revenues by 38% to £1.99m. Transaction costs increased the loss from £3.8m to £4.8m. There are 30 wellness clinics in operation, and they are adding to the range of tests on top of the Covid-19 tests. The benefits of CBD products launched last year should show through in 2021.
URA Holdings has distributed its shares in Ananda Developments (ANA) to its own shareholders. This has increased the stakes of directors Charles Morgan (to 8.65%), Melissa Sturgess (to 13.2%) and Peter Redmond (to 1.47%).
Western Selection (WESP) has increased its stake in electrical and gas services provider Bilby (BILB) from 11.93% to 12.18%. This was before the trading statement that revealed that Bilby generated 2020-21 revenues of £60m and EBITDA of £3m. Net debt was £2.7m at the end of March 2021, prior to commencing paying £1m of VAT liabilities. The full yar results will be published in early July.
Christopher Potts has taken a 5.94% stake in DiscovOre (ORE).
Newbury Racecourse (NYR) non-executive director Bryan Burrough has acquired 8,600 shares at 737.5p each.
S-Ventures (SVEN) has raised £3m at 15p a share and every two shares will be issued a warrant exercisable at 25p. Chief executive Scott Livingston invested £500,000 in the placing and his stake is 49.1%. Vulcan Industries (VULC) has raised nearly £75,000 at 3.2p a share.
AIM
Virgin Wines (VINO) says that sales and profit are ahead of expectations in the year to June 2021. Liberum had forecast revenues of £70.3m, up from £56.5m last year, and the outcome is expected to be at least £73m. The easing of lockdowns could hamper growth, but the expanded customer base will help Virgin to continue to grow.
Bars operator Nightcap (NGHT) is making its first acquisition since joining AIM. Nightcap is paying £2.5m for Adventure Bars Group with £1m in shares being paid initially and up to £1.5m (at the same share price) dependent on performance in the two years from 1 July 2021. The cost is much higher than that because the acquisition comes with around £4.3m of borrowings, of which between £1.28m and £1.78m will be repaid and a £110,000 convertible (at 21p a share) issued to the lender. Nightcap is trying to raise a further £4m.
IPTV technology developer Mirada (MIRA) says trading was in line with expectations in the year to March 2020. That means that revenues were around £12m and the loss was around £3m. Trading improved during the second half and revenues were higher than in the first half. New opportunities mean that Mirada should improve its performance this year. Demand is building up in Asia.
A positive trading statement by concrete levelling equipment supplier Somero Enterprises (SOM) has led to a 15% upgrade in forecasts earnings to 39.9 cents a share. That has led to an increase in the expected dividend to 27.9 cents a share. Trading has been strong in the US, while Europe and Australia are recovering.
Coral Products (CRU) is paying an interim dividend 0.5p a share and the ex-dividend date is 13 May. Coral is selling the Haydock facility for £3.5m, but has to spend £650,000 on the roof before the sale is completed. Book value is £2.5m. Coral will lose the £300,000 a year of rental income.
Appreciate Group (APP) says 2020-21 figures are in line with expectations. Even so, the underlying pre-tax profit of the financial services and savings business has been slightly upgraded by Edison. The pre-tax profit is still likely to slump from £11.4m to £4.5m, before recovering to £7.2m in 2021-22. Digital sales are becoming increasingly important.
Trinity Exploration and Production (TRIN) has acquired a 100% interest in the PS-4 lease block, onshore Trinidad, for $3.5m. Average daily production was 83 barrels during 2020.
Software company WANdisco (WAND) increased its loss in 2020-21, but it is expected to fall sharply this year. That is because revenues are forecast to jump from $10.5m to $37m. WANdisco could even move into profit next year. The LIVEdata software is thought to be the only credible petabyte data analysis product capable of migrating data to the cloud on the market.
One Media IP Group (OMIP) has acquired the writer’s share of producer royalties, which covers more than 250 tracks by Kid Creole and the Coconuts. This deal has been done through Harmony IP, which gives artists the chance to access future income by selling a portion of their rights. This high profile deal could attract other artists to the Harmony IP proposition.
Initial drilling results from the Hamersley iron project owned by Alien Metals (UFO) shows new iron ore zone targets in the Hancock area of the project. The interpretation work outlines much larger target areas. Results from 36 more drill holes are due later this month.
Bacanora Lithium (BCN) says that there has been a 67.5p a share cash bid approach from Ganfeng International Trading. The bid is near to the share price high at the beginning of the year, which was the highest it has been for nearly three years. Ganfeng owns 50% of the Sonora lithium project and already holds 28.9% of Bacanora.
Anglo African Oil & Gas (AAOG) has lost its AIM quotation because it has failed to acquire a new business. It has entered into an option to acquire a 25% interest in the Saltfleetby gas field in east Lincolnshire for £8m in shares. The deal is dependent on at least £1m being raised and the shares becoming quoted on a recognised market.
Nu-Oil and Gas (NUOG) has left AIM, but it continues to make progress with the acquisition of Guardian Maritime. The cash generative business sells a retro-fitted system for ships that stops pirates boarding vessels. This deal should enable the shares to be admitted to the standard list by the end of June.
MAIN MARKET
Standard list shell East Star Resources (EST) commenced trading on 4 May, and it is seeking resources opportunities. The shell raised £1.73m net of expenses at 5p a share. The existing shares were previously issued at 1p each. The share price ended the week at 6.25p.
Tirupati Graphite (TGR) has developed a graphene-aluminium composite. This has conductivity properties comparable to copper. Tirupati is talking with potential customers who would want to replace copper because of the composite’s lower weight. Power and propulsion systems are one area where there is interest.
Cardiff Property (CDFF) has increased the interim dividend from 4.8p a share to 5p a share. There was a dip in pre-tax profit from £387.000 to £365,000, but there was a lower tax charge. The Thames Valley property markets has shown signs of slowing down and rental income will be lower this year. The current share price is 1850p, compared with a NAV of 2445p a share – although there is a potential tax liability on any disposal of the investment in Campmoss of 265p a share.
MGC Pharmaceuticals (MXC) says pre-clinical and clinical results for ArtemiC Rescue, which targets viral infections with inflammatory complications, has demonstrated an ability to decrease the markers of inflammation. Phase II clinical trials showed that the treatment could hasten recovery in Covid-19 patients with mild to moderate illness, which should offset the problem of long Covid.
CBD products supplier Zoetic International (ZOE) is raising £6m at 60p each and this will be used to terminate the financing agreement with LDA Capital. That will cost £1.2m and the rest will go on the US rollout of Chill products and launching new products.
Andrew Hore