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Andrew Hore – Quoted Micro 22 February 2021

AQUIS STOCK EXCHANGE

British Honey Company (BHC) is acquiring Union Distillers for an initial £8m in cash and shares. Leicestershire-based Union Distillers has been trading for more than eight years and has its own still and bonded warehouse. There is a range of gins, vodkas, a spiced rum, an absinthe and an espresso vodka liqueur under the Two Birds brand. There could be up to £2m of earn-out consideration payable in cash and shares depending on the target revenues from the Union products. A share issue raised £4.59m at 110p a share, while a convertible loan note issue added a further £1.63m. Union has £250,000 in cash. The deal should be earnings enhancing and cash generative. In the year to September 2020, Union generated revenues of £4.94m and pre-tax profit £1.13m. NAV was £1.52m.

National Milk Records (NMRP) reported flat interim revenues of £10.8m, but pre-tax profit increased by one-quarter to £500,000. Net debt was reduced to £1.1m despite investment in a genomics lab. An unchanged dividend of 1.25p a share will be paid. The outlook is positive for the dairy sector with UK milk prices expected to be maintained at current levels. Finance director Mark Frankcom has bought 9,974 shares at 101.75p each.

Imperial X (IMPP) is making four acquisitions and continues to move towards a standard listing. The purchases involve the issue of 245.6 million shares. Cloudbreak Discovery Corp, Howson Ventures Inc and Cabox Gold Corp are all being acquired, and certain assets of Anglo African Minerals are being bought. Imperial X has a £10m drawdown agreement with Crescita Capital. This lasts for three years.

Upper Thames Holdings (UPPT) is not going ahead with the proposed acquisition of Sweden-based mobile camera systems technology company Ridercam. Instead, the focus will be on blockchain and the linking of conventional currencies with cryptocurrencies. A placing has raised £516,000 at 1p a share. Peterhouse has been appointed as corporate adviser.

Hydro Hotel Eastbourne (HYDP) fell into loss last year as revenues slumped by two-fifths. The hotel has been closed or under restrictions for the period since the year end in October 2020. There is £1.03m in the bank and the NAV is £3.3m.

S-Ventures (SVEN) has bought a 75.1% stake in Ohso Chocolate for £295,000 in shares at 9p each. The remaining 24.9% stake in Ohso could be sold for nearly 1.1 million shares. Ohso is a probiotic chocolate supplier and it generated revenues of £311,000 during 2020. The S-Ventures chief executive and finance director owned 50.6% in Ohso.

World High Life (LIFE) is changing its name to Love Hemp. A general meeting will be held on 11 March. In the first half, revenues were £2.36m and second quarter revenues were nearly double those in the first quarter, although the gross margin fell. A debt of £2.15m has been settled by the issue of 86.1 million shares.

Sativa Wellness Inc (SWEL) has submitted a novel food application for validation by the Food Standards Agency. This covers a range of CBD products.

Wishbone Gold (WSBN) has identified new gold targets at the Red Setter project in Western Australia. The magnetic survey has discovered targets that are shallower than previously.

Ananda Investments (ANA) has raised £300,000 from two investors. This will finance the first phase of the medicinal cannabis growing facility in Lincolnshire. Vulcan Industries (VULC) has raised a further £330,000 at 4p a share.

AIM

Avacta (AVCT) is starting its first clinical study. This is a phase I study for AVA6000, developed from the pre|CISION platform. This is a treatment for solid tumours, including those for bladder, pancreatic, colorectal and breast cancer. The trial will assess safety and dosage levels. Early data could be published before the end of the year.

Transense Technologies (TRT) should move into profit next year as it receives a full year of royalties following the sale of the iTrack business to Bridgestone. In the year to June 2020, there was a £1.3m loss and this year there could be a much-reduced loss this year. Once Bridgestone has built up iTrack sales the royalties will cover group overheads. This will enable Transense to invest in its surface acoustic wave technology and Translogik tyre probes. A 2021-22 pre-tax profit of £357,000 is forecast.

Strong underlying growth in the mobile division helped Blannco Technology (BLTG) to maintain interim revenues at £17.4m. The previous year included £1.4m of one-off contract income. The fastest growth is in Asia Pacific. The prospects for data erasure operations are good and new partners have been signed up. Data erasure is particularly important while remote working is a major factor in companies.

Chamberlin (CMH) is getting a cash injection from Trevor Brown. The £200,000 loan will, subject to shareholder approval, be converted into shares at 6p each and Brown will have a 29.5% stake. The Scunthorpe foundry is busy and profitable, but management is still trying to win work for the Walsall foundry.

Duke Royalty (DUKE) has secured a new client involved in steel fabrication. There is a £6.2m royalty financing agreement with Meteor HoldCo, which makes steel street lighting and guardrail products.

Telecoms testing systems supplier Calnex Solutions (CLX) says some revenues appear to have been brought forward into 2020-21 and therefore the full year revenues and profit will be ahead of expectations.

Trans-Siberian Gold (TSG) has published details of the Rodnikova project scoping study, which suggests a potential 14-year life for the project. The JORC resource is 6.3Mt at an average grade of 5g/t gold. Post tax NPV10 is $177.6m – based on $1,600/ounce gold price.

MAIN MARKET

Israel-based cannabis-based products supplier Kanabo Research has completed its reversal into standard list shell Spinnaker Opportunities to form Kanabo Group (KNB) two years after the deal was announced. The value of the deal was £15m in shares and the company also raised £6m at a share price of 6.5p. Kanabo was valued at £23.4m when it was admitted to trading. The share price has risen to 31p – having at one point reached 50.75p – and that values Kanabo at £111.7m. One of the investors in Kanabo is AIM-quoted Vela Technologies (VELA) and it invested £150,000 at 6.5p a share.

MGC Pharmaceuticals (MXC) has expanded its research programme into the use of cannabinoids to treat aggressive glioblastoma brain cancer. The expanded study includes the use of a nanoparticle delivery system. MGC has also secured a three-year distribution agreement with Swiss PharmaCan for its product ArtemiC Rescue as a food supplement. The minimum order quantity is 40,000 units per quarter, which has a retail value of $3.4m.

Path Investments (PATH) is not going ahead with the purchase of DT Ultravert from two vendors including Zoetic International (ZOE) following concerns during the preparation of the potential prospectus. Path has raised £3.5m at 0.25p a share.

Rare earths explorer Pensana (PRE) is dropping its listing on the ASX.

Papillon Holdings (PPHP) has submitted a prospectus to the FCA for the proposed reverse takeover of the Kilimapesa gold project.

Andrew Hore

Andrew Hore – Quoted Micro 28 December 2020

AQUIS STOCK EXCHANGE

TruSpine Technologies (TSP) has delayed the application for FDA approval of its Cervi-LOK spinal device for up to three months. This is due to a lack of testing time because of Covid-19. Computer modelling has enabled the company to make minor modifications, which widens the market for the device. A £250,000 cash injection is expected by 5 January.

Daniel Thwaites (THW) reopened its pubs in early July and up until the end of September sales were running at three-quarters of the previous year. Due to the lockdown in the first three months of the period, the interim revenues were 59% lower at £21.8m and the business moved into loss. Net debt was £66.6m at the end of September 2020. There are total borrowing facilities of £90m.

KR1 (KR1) has made two more investments. There is a $200,000 investment in Tidal Finance in return for 222,222,222.22 Tidal tokens. A further $200,000 is invested in HydraDX and the number of tokens has not been determined as yet.

Coinsilium Group Ltd (COIN) has more than £1m of cryptocurrency and tokens with a further $127,000 of RIF tokens due to vest over 23 months.

Tectonic Gold (TTAU) has drilled 11 holes at the Specimen Hill prospect in Queensland. Gold/ copper/silver mineralisation was intersected in the first three holes. The other eight holes have similar characteristics.

Belvedere Leisure (BELV) has entered into an exclusivity agreement to purchase the 160 acre site known as Barnsoul Park in Dumfries and Galloway for £1.4m. The deal is subject to due diligence and 12 weeks after completion there are plans to install at least 28 lodges as part of an upgrade of the park. Bookings will be taken for June 2021 onwards if the deal goes ahead. In two years, there should be more than 150 lodges.

Upper Thames Holdings (UPPT) has non-binding heads of agreement for the purchase of a 10% stake in Sweden-based Ridercam, which supplies mobile camera systems for theme park rides.

Gunsynd (GUN) says that Angold Resources has completed the acquisition of Federal Gold Corp and trading in Angold shares will begin on the TSX Venture Exchange on 31 December. Gunsynd owns 712,500 shares.

Newbury Racecourse (NYR) has appointed Allenby Capital as its corporate adviser.

AIM

Applegreen (APGN) is recommending a €5.75 a share bid from the company’s founders, which values the company at €718.1m. The roadside convenience retailer floated on AIM in 2015 at 277p a share. Applegreen has 559 sites.

Coral Products (CRU) its core mouldings business at Haydock and Interpack to One51 ES Plastics for £7.9m. That is nearly as much as the current market capitalisation, while pro forma net cash is expected to be £6.6m. One51 acquired Straight in 2014. Coral will still own the Haydock freehold and the annual rent will be £300,000. The deal required shareholder approval because it is deemed to constitute a change of business. The remaining subsidiaries are Tatra Rotalac, which produces plastic extrusions and mouldings, and Global One Pak, which supplies lotion pumps and trigger sprays. They generated full year revenues of £5.4m and are profitable prior to central costs. Pro forma NAV is £13.6m.

Equatorial Palm Oil (PAL) has agreed to acquire Capital Metals for £15.8m. The company is raising £2.09m at 12p a share (following a 20-for-one consolidation). Capital has an interest in the Eastern Minerals project in Sri Lanka. There is a JORC resource of 17.2Mt with an average grade of 17.6% total heavy minerals. The Environmental Impact Assessment should be published soon. First production could be in 2022.

Hargreaves Services (HSP) has sold its remaining speciality coal stocks to its German joint venture company for £24m. Hargreaves will market the coal on the joint venture’s behalf for commission. There will be a £3m goodwill write-off, but the profit impact should be neutral.

Duke Royalty Ltd (DUKE) has exited its investment in IT firm Welltel (Ireland) for £15.4m. This represents an IRR of 27%. There have been follow-on investments in two other royalty companies. Duke has invested £3.1m in recreational vehicle parts wholesaler MRDB, which will use the cash to help buy vendor loan notes for £4.9m. Duke will own 30% of MRDB. Monthly payments will be £147,000. A further £1m has been invested in Irish insurance brokerage company BHPC.

IXICO (IXI) has secured a £3.4m contract to provide data analytics services for rare neurodegenerative condition, SCA3 (Machado-Joseph disease). This will last more than four years.

Driver Group (DRV) chairman Steven Norris has bought 46,000 shares at 53.5p each. He owns 293,062 shares.

Sutton Harbour (SUH) has purchased a 1.5 acre site to the east of Sutton Harbour. Two residential developments totalling 200 units are planned for the site. A planning application has been submitted for another residential and commercial development at Sugar Quay. The company has also gained permission for event pontoons in the harbour.

Microsaic Systems (MSYS) has not received a definitive offer and the board has decided to end bid talks. It has also failed to secure the cash it requires and KRE Corporate Recovery has been appointed to advise on alternatives, such as selling assets. There is a possibility that an administrator may be appointed.

TMT Investments (TMT) received $40.9m for its stake in CRM company Pipedrive Inc and this increases its cash to $42m. It will repay the shareholder loan of $3m.

MAIN MARKET

Residential developer One Heritage Group (OHG) has raised £930,000 at 10p a share when it joined the standard list. This valued the company at £3m. The shares ended the week at 11p. The initial focus is north west England and One Heritage redevelops and refurbishes buildings and has a lettings operation. The company has a marketing network in Hong Kong and also sells developments to institutional investors.

Standard list shell Pineapple Power Corporation (PNPL) raised £1.3m at 3p a share. The focus is renewable and clean energy. The share price increased to 3.25p.

Construction and water infrastructure company nmcn (NMCN) says that its full year loss will be £16.5m. That includes £5.3m of prior year adjustments. There should be a small cash outflow. The one bright area is telecoms, where capital investment by clients increased. The order book is valued at £200m. Shore Capital has been appointed broker.

Andrew Hore

Andrew Hore – Quoted Micro 20 July 2020

AQUIS STOCK EXCHANGE

In the year to February 2020, Rutherford Health (RUTH) nearly quadrupled its revenues from £1.47m to £5.61m, although the loss increased from £21.5m to £29.3m. There were three proton beam cancer treatment centres open at the end of the period, but two were not operating for long. They have continued to operate throughout the Covid-19 lockdown period. A fourth is opening in Liverpool later this month. Net cash was £8.6m at the end of February 2020. There is £43.7m of contracted capital expenditure. Negotiations with the NHS should lead to Rutherford helping to deal with the backlog of cancer patients. Management is in contact with the manager of the Woodford stake.

Arbuthnot Banking (ARBB) made a small pre-tax profit in the first half of 2020 after base rate reductions cost it £2.7m and provisions were increased. NAV was 1248p a share. Customer loans were 27% higher (at £1.62bn) than one year before. The private bank business fell into loss, while the Arbuthnot Latham and commercial bank profit contributions declined.

British Honey Company (BHC) has signed a joint venture with Cottisford Ltd, which is a 29% shareholder. The new JV is called Tusmore Collection and each partner will invest up to £1m (initially £100,000) in order to set up a distillery and bonded warehouse in the grounds of the Tusmore Park Estate in Oxfordshire. That will take 18 months. A new whiskey brand will be developed.

NQ Minerals (NQMI) has negotiated a new $41m bank facility with ING as part of the refinancing of previous debt. The facility will last for six years. This will reduce the interest costs of the Hellyer mine by $2.5m a year.

Hydro Hotel, Eastbourne (HYDP) reported a slump in interim turnover from £1.55m to £1.18m, while the loss more than doubled from £101,000 to £277,000 in the six months to April 2020. This included a period where the hotel was closed. There was £587,000 in the bank. The hotel reopened in early July.

AfriAg Global (AFRI) has yet to complete the acquisition of Apollon UK, which owns a stake in a Jamaican business that cultivates cannabis and has a licence to process it. There was £98,000 in cash at the end of 2019, as well as £1.17m of investments.

IamFire (FIRE) plans to take a 10% stake in Bio2pure, which owns technology to clean lakes and ponds. Richard Griffiths has acquired a 3.21% stake, while Mantis Hldings, Natural Technology Evolution and Max Capital have each taken a 3.57% shareholding. IamFire acquired 10 million shares (4.39%) in Sport Capital (SCG) in a placing that raised £324,000 at 0.3p a share.

Altona Energy (ANR) has launched a pre-funding campaign via NR Private Market (https://lounge.nrprivatemarket.com). The fundraising should happen in the next few weeks. Altona’s new focus is a rare earth metals project in Malawi. Altona believes that raising money in this way will make it easier for private investors to become involved.

Cadence Minerals (KDNC) says that its investee company European Metals Holdings (EMH) plans a Czech listing given the local interest in the Cinovec project. Cadence owns 16% of EMH.

Veni Vidi Vici (VVV) had £339,000 in the bank at the end of June 2020. As part of a joint venture agreement, the company is responsible for the initial spending of A$300,000 on the Shangri La gold copper silver project in Western Australia. Joint venture partner Goldfields will manage the venture and receive a fee of 10% of expenses.

First Sentinel (FSEN) has raised £200,000 by issuing 200,000 Green Finance preference shares.

PCG Entertainment has changed its name to Upper Thames Holdings (UPPT) and trading in the shares has resumed. The consolidation of 100 shares into one new share has been completed.

Coinsilium Group (COIN) is assessing its investment portfolio as part of its strategic review. It wants to sell the portfolio either by selling the subsidiary that owns the stakes or other transactions.

AIM                                                                      

Digital TV technology Mirada (MIRA) increased continuing revenues by 13% to $13m last year and it generated cash. In the year to March 2020, work was carried out on deployments that should yield growing licence and managed services revenues in the future. Capitalised development spending was $4.3m last year and this was partly financed by the cash generated from operations. Net debt was $5.1m. Lockdown has led to increased consumption and take up of services, but it could delay the finalisation of new contracts.

Background check services provider ClearStar (CLSU) says hiring activity levels in the US have soared following an easing of the lockdown. Even so, first half revenues were still lower despite a 74% rise in June, compared with the weak April level, which is back to the level in February. Interim revenues were $8.9m and net debt was $1.4m at the end of June 2020.

Adamas Finance Asia (ADAM) is raising £3.13m at 25p a share via a placing and open offer and each new share comes with a warrant exercisable at 40p a share. The cash will help to finance additional investments by the pan-Asian investment company. The company’s name will be changed to Jade Road Investments Ltd.

Renalytix AI (RENX) is raising $74.3m from an oversubscribed offer and trading has started on Nasdaq. The offer price was 537p a share and $13.50 per ADS. The cash will be spent on the commercialisation of KidneyIntelX.

TV and film subtitling and dubbing services provider Zoo Digital (ZOO) has weathered the short-term problems related to Covid-19 and started the new financial year strongly. Even though newer content creation has been delayed, older programming is being processed. Zoo should get near to breaking even in the year to March 2021.

Omega Diagnostics (ODX) is expected to move into profit this year, but it is difficult to assess sales of the Visitect CD4 (particularly when it gains WHO prequalification) and Covid-19 tests.

MAIN MARKET

Cadmium-free quantum dots developer Nanoco (NANO) has raised £3.4m at 17.5p a share. This will provide cash until the end of 2021. Nanoco has obtained third party funding for its litigation with Samsung. A successful claim could exceed the current market capitalisation of the company.

Interim revenues were 14% lower at LED lighting supplier Luceco (LUCE) although sales started to stabilise by the end of the period. Gross margins have improved, and overheads cut by 15%. Underlying operating profit increased from £7.2m to £9m.

BATM Advanced Communications (BVC) has launched three new diagnostic kits for Covid-19. Sales will commence by the beginning of the fourth quarter.

Andrew Hore

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