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Quoted Micro 12 January 2025
AQUIS STOCK EXCHANGE
AI company Astrid Intelligence (ASTR) is transitioning into execution and infrastructure-led growth. Astrid Intelligence owns and operates Subnet 127 within the Bittensor network, whose brand has been changed from SigmaArena to Astrid Arena. Bilateral arrangements have been secured with subnet operators. Astrid Vault, a protocol-native infrastructure platform intended to facilitate orderly liquidity coordination within the Bittensor ecosystem, is being developed. Astrid Intelligence has cash to finance that growth.
Gowin New Energy (GWIN) director Chen Chih-Lung has made a £30,000 loan to the company for 12 months at an interest rate of 2%. This is for short-term liquidity.
UTXO Management has reduced its stake in The Smarter Web Company (SWC) from 12.99% to 11.1%. Martin Thomas has been appointed as a non-executive director.
EDX Medical (EDX) founder and chief scientific officer Sir Christopher Evans bought 45,500 shares at 10.75p each and 41,780 shares at 13p each. He owns 35.2% of the diagnostics company. Chairman Jason Holt bought 235,000 shares at 11.4p each, 150,000 shares at 11.23p each and 50,000 shares at 12p each.
NYCE International (NYCE) has entered a joint venture with Spandan Manhata, which has developed software for the igaming industry. The joint venture will acquire these assets called Innovassion and NYCE will be majority shareholder and oversee commercial strategy. The first client has been secured.
Daniel Thwaites (THW) has bought back 300,000 shares at 110p each.
Shareholders in Phoenix Digital Assets (PNIX) have approved redomicile to Gibraltar.
Spreadex has a 3.08% stake in Vaultz Capital (V3TC).
Delta Gold Technologies (DSQ) is planning to get its shares traded on the OTCQB Venture Market. Jonathan Swann has a 21.3% shareholding.
B HODL (HODL) has generated revenues of 0.084 Bitcoin (£5,471) during December, which is higher than the previous month. The total holding is 158.295 Bitcoin. The share price dipped
AI software company IntelliAM (INT) has won a £115,000 contract with a frozen food company. The deal covers four manufacturing facilities.
Connecting Excellence (XCE) has purchased 16.58306046 Bitcoin at an average price of $86.980.16 each. That takes the total holding of Bitcoin to 41.35974228 at a total cost of £2.75m. The company has launched its 2026 Bitcoin-denominated convertible bond programme.
Ajax Resources (AJAX) has mobilised a drilling rig for the Eureka gold and copper project in Argentina. The initial drilling programme is near to the former Mina Eureka copper and gold mine with ten holes totalling 1,500 metres.
Zentra (ZNT) has changed its nominated adviser to Guild Financial with Hybridan continuing as broker.
ASSET MATCH
Regenerative medical devices developer Tissue Regenix (LON: TRX) has left AIM and the shares joined the Asset Match trading platform on 7 January.
AIM
Galantas Gold (GAL) is acquiring 100% of the Andacollo Oro gold project in Chile. This is an open pit mine with a historical inferred mineral resource estimate of 5.06M ounce of gold. It has been in production in the past. The seller is owned by Galantas Gold executive Robert Sedgemore, so it is a related party deal. His company bought the mine from Dragones, whose former owner will receive payments of $27.5m in the four years to the end of 2029, as well as initially being issued 91.3 million Galantas Gold shares. Galantas Gold will assume $3m of debt and pay $1.5m to Robert Sedgemore.
Cerillion (CER) has won its largest ever contract for its BSS/OSS software suite and provide ongoing support and maintenance. The Oman Telecommunications contract is worth c.£42.5m over five years will underpin the current forecasts for this year and in the future.
Semiconductor designer EnSilica (ENSI) increased interim revenues 37% to £12.7m and moved from loss to profit. Cash was £2m. A full year pre-tax profit of £600,000 is forecast.
Reabold Resources (RBD) says that the Italian authorities have published the formal decree and positive decision on the small scale LNG development plan by 47.4% owned investee company LNEnergy Ltd for the project in Colle Santo.
Pulsar Helium (PLSR) says that the Jetstream #5 appraisal well at the Topaz project in Minnesota has encountered an additional pressurized gas influx at approximately 2,857 feet in depth. This new gas zone is estimated at around 1,292 psi, the highest recorded to date at Topaz. The drilling of the hole continues before moving to the next well. The share price improved 7.98% to 57.5p.
Fiinu (BANK) has changed management at Everfex and improved controls. The acquisition enabled the group to be profitable in November. At the end of the year there was cash of £5.34m and the cash burn is less than £200,000 each month. The company has served formal non-compete breach notices against Karol Oleksa and Marta Oleksa, in respect of the non-compete obligations relating to the Everfex acquisition.
Biopesticides developer Eden Research (EDEN) has achieved a second regulatory authorisation this week with fungicide Novellus+ gaining approval in Chile. This is used in wine and table grapes to control grey mould (Botrytis cinerea) and powdery mildew (Uncinula necator). Earlier in the week Mevalone was granted approval in France to use on grapes to control downy and powdery mildew.
Extended reality technology company Engage XR (EXR) is still suffering from a tough market with contact delays and poor renewals. In 2025, revenues were €1.9m and net cash has fallen to €1.6m. Cash is being conserved and there are potential opportunities in education. Forecasts are under review.
Rent guarantee services provider RentGuarantor Holdings (RGG) increased full year revenues from £1.27m to £2.39m, which is 9% higher than expected. However, the loss is expected to be much more than the forecast of £446,000. Marketing spending was brought forward to 2025.
Graphene technology developer Directa Plus (DCTA) says 2025 revenues improved from €6.66m to €7m and the loss will be lower. Cash has fallen to €1.5m, which is much less than the outflow in 2025. A non-core land sale could generate €500,000. Joint ventures and licensing opportunities are being assessed.
Telematics services provider Quartix (QTX) says 2025 revenues and profit will be ahead of expectations. Cash was £5.6m at the end of the year. Annualised recurring revenues are 14% ahead at £37m and net revenue retention is 98.1%. A final dividend of 7.5p/share is anticipated, taking the total to 10p/share.
ValiRx (VAL) has entered a nine-month, evaluation and material transfer agreement with The Royal Institute for the Advancement of Learning/McGill University and The Institute for Research in Immunology, and Cancer-Commercialization of Research in Canada. This will evaluate a RNA Helicase inhibitor. ValiRx will own the evaluation results, and they can be swapped for a 15% stake in the company set up to commercialise the technology.
Shareholders in Indus Gas (INDI) voted in favour of leaving AIM and that will happen on 23 January. JP Jenkins will provide a matched bargains facility.
Touchstone Exploration (TXP) has drilled the Carapal Ridge-3 development well on the Central block onshore in the Republic of Trinidad and Tobago. Touchstone holds a 65% working interest. The well encountered a thick pay zone across multiple Herrera horizons and it could be tied-in to the Central block natural gas processing facility in the first quarter. There is potential for three more development wells and potential for another gas play in the Karamat formation.
Goldstone Resources (GRL) operates the Homase gold mine in Ghana which produced 2,912 ounces of gold in 2025 and generated revenues of $10m. Heavy rainfall and inspections held back production. Avrage all-in sustaining cost was $2,781/ounce up until November and it is expected to be $2,500-$2,900/ounce in 2026. Production could reach 4,000 ounces this year.
Geo Exploration (GEO) is still falling following yesterday’s news that although maiden drill holes at the Juno project in Australia intersected gold and copper sulphide mineralisation, together with silver and zinc, it appears that the higher grade mineralisation could be to the south.
In an update on the Barb Project in Manitoba, Canada, Gunsynd (GUN) says field work is consistent with a structurally controlled orogenic gold system. However, none of the latest rock sample results produced grades of more than 1g/t gold. Funding of C$105,000 has been secured from the Manitoba Mineral Development Fund to help fund further exploration. Targeted exploration will enhance understanding of the project.
Versarien (VRS) has been placed in administration with Leonard Curtis.
MAIN MARKET
Kelso Group (KLSO) has bought 400,000 shares in Saga (SAGA) at 386.5p each. Saga has been reducing borrowings via disposals, and it has strong asset backing. Kelso believes Saga is undervalued particularly compared with US listed rival Viking Holdings. Kelso has made proposals to the Saga board, including attracting US investors and continuing to reduce debt.
New Frontier Minerals (NFM) says that the mining lease application over the Big One copper deposit in Queensland has reached technical assessment phase. The JORC-compliant Mineral Resource of 2.1Mt @ 1.1% copper, and an additional 7,000t @ 1.3% copper of surface Indicated stockpiles.
Supply @ME Capital (SYME) plans to acquire the inventory ownership business and related assets of Société Financière Européenne S.A. by the end of March. This is part of the strategy to move the business model towards direct inventory ownership and capital deployment.
Lakestreet Capital Partners has requisitioned a general meeting at Palace Capital (PCA), where it owns 22.5%. It wants remove chairman Steven Owen because it believes he is being paid too much. The investor would appoint other directors which would not be paid and believes that the sale of remaining properties could be completed more quickly.
Bluebird Mining Ventures (BMV) says that there is increased interest in its gold streaming and treasury strategy. It confirmed a technology partnership with The BE Company, which is related to the company’s chief executive Sath Ganesarajah, and BE will act as the company’s technology and hosting partner. The arrangement with Skylake, which is owned by the chief executive, and it will subscribe for 650 million shares for £3.25m. An initial will be paid upfront with the rest dependent on setting up an incentive scheme where services can be supplied in lieu of cash.
Andrew Hore
Quoted Micro 3 November 2025
AQUIS STOCK EXCHANGE
Digital assets investor KR1 (KR1) is planning a move to the Main Market. A prospectus has been published, and the switch is expected on 25 November. There are also plans to raise money from a placing programme of up to 125 million shares if it is agreed by shareholders at a general meeting on 20 November. This will broaden the shareholder base. KR1 chairman Rhys Davies has been paid a bonus of 580,000 shares. NAV was 50.9p/share at the end of September 2025.
Valereum (VLRM) says COINGT, the infrastructure tokenisation project representing the Interoceanic Corridor of Guatemala, will be listed on tokenisation venue VLRM Markets. The token represents a project to create a logistics and trade route between the Atlantic and Pacific.
SulNox Group (SNOX) generated record second quarter revenues of £679,300, which is 30% above the first quarter. Fuel emission reduction additive volumes were 39% higher. So far this year, revenues are 173% ahead at £1.2m. Cash was £1.36m at the end of September 2025.
WeCap (WCAP) holds 806,022 shares in WeShop, which intends to join Nasdaq, as well as a 23.5% stake in a company that owns 2.08 million WeShop shares. The other investment is waterway cleaning technology developer Bio2pure. The 10% stake is valued at nil. WeCap had net assets of £6.77m at the end of April 2025.
Healthcare IT developer DXS International (DXSP) improved full year revenues from £3.31m to £3.47m and the loss was reduced from £4.95m to £175,000. Slow NHS decision making is holding back progress. Even excluding the previous year’s asset impairment of £4.38m the loss is lower. Turnover is expected to be flat this year and there will be another loss.
Lift Global Ventures (LFT) says it is extending the loan to investee company Trans-Africa Energy to 31 January 2026.
Igraine (KING) has received £3.91m of fundraising money and is still waiting for the other £3.24m.
UTXO Management GP has belatedly stated that it has reduced its interest in The Smarter Web Company (SWC) from 26.6% to 12.99%.
Adnams (ADB) interim chair bought 1,650 B shares at 1805p each, while finance director Andrew Driscoll bought 500 A shares at £10 each.
There will be a 150-for-one share consolidation at Nyce International (NYCE) on 3 November.
Unigel Group (UNX) is paying an interim dividend of 2.5p/share.
IntelliAM AI (INT) is switching to the Apex segment of Aquis.
ASSET MATCH
Zytronic (ZYT) has disposes of all assets except for the freehold property in Blaydon. Completion of the sale has been delayed. An environmental survey will be received later in November. The estimated return to shareholders is still 48p/share to 58p/share.
Greenshields Agri (GAH) says draft accounts for 2024-25 show a swing from a loss of £317,000 to a profit after tax of £2.68m. NAV is 158p/share.
AIM
Empire Metals (EEE) is raising £7m at 40p/share. The cash will be used to finance work on the Pitfield project in Australia. This includes metallurgical test work, resource expansion and commencement of pilot production of Ti02 product samples for end users. This will initially be for the titanium metal supply chain. A listing on ASX is being considered for 2026.
Kromek (KMK) says interim revenues will be at least £14.5m, up from £3.7m. This includes revenues from Siemens. There is still underlying growth of 70%. An interim pre-tax profit is expected.
Belluscura (BELL) is appointing an administrator.
Shareholders did not agree to the proposed fundraising by Anglesey Mining (AYM) and management is preserving cash as it seeks alternative forms of financing. Without that the company will go into administration. Alumni Capital had agreed to offer equity funding of up to £2m.
Conygar Investment Company (CIC) is selling its 203-acre brownfield land at Rhosgoch in Anglesey to Rhosgoch Property, a subsidiary of Stena Lin. The net proceeds will be £18.3m, compared with a valuation of £2.5m. NAV was £63.8m (107.5p/share) at the end of March 2025, but since then there has been a £750,000 loss on the sale of a Virgin Active gym. Premier Miton trimmed its stake from 13.9% to 12.8%, while First Equity has cut its interest from 13.2% to 12.8%.
European Green Transition (EGT) has entered an exclusive six-month option agreement to sell the Pajala copper project in northern Sweden to Recovery Metals Cyprus. Historical drilling confirms copper mineralisation. Recovery Metals Cyprus will fund due diligence during the option. Copper prices are moving towards record highs.
Caledonian Holdings (CHP) has entered an agreement with Mousdale Investment and Nevis Investments which will each swap 250,000 AlbaCo shaes for 6.25 million Caledonian Holdings shares at 0.004p each. This will take Caledonian Holdings’ sake in new smaller company focused bank AlbaCo to 5.47%.
One Health Group (OHGR) has made a positive start to the financial year. Surgical procedures jumped 16% and interim revenues were 17% higher at £15.5m, which is 10% ahead of forecast. EBITDA is expected to be higher than the previous year. Cash is £10.8m. There have been delays in building the surgical hub, but it should still be open by the end of 2026.
Specialist cleaning services provider React Group (REAT) says full year revenues were 21% ahead at around £25m, which includes an initial contribution from 24hr Aquaflow, which was acquired last October. Dowgate edged up its 2024-25 pre-tax profit from £2.1m to £2.2m. Strong fourth quarter trading meant that net debt was higher than expected at £5.2m.
Cancer treatments developer ValiRx (VAL) is raising £750,000 at 0.25p/share and a WRAP offer could raise up to £300,000 more. The offer closes on 3 November. All subscribers get one warrant exercisable at 0.5p each with every new share. The cash will fund R&D, including the preclinical development of potential breast cancer treatment Cytolytix.
Construction disputes and professional services provider Diales (DIAL) expects a 2024-25 operating profit of at least £1.3m on slightly lower revenues of £42.6m, due to weaker Asia Pacific business. Pre-tax profit should also be £1.3m. Net cash was £3m at the end of September 2025. There is a strong pipeline of disputes business.
ABCrescent Cooperatief U.A. has sold 8.22 million shares in Pulsar Helium Inc (PLSR) at 38p/share. ABCrescent, which is associated with Pulsar Helium director Brice Laurent, still has a 4.81% stake plus 15.5 million warrants. Brie Laurent owns 17,570 shares. This follows the proposed acquisition of Hybrid Hydrogen, which owns mineral rights to 6,742 acres in Michigan’s Upper Peninsula, for $80,000 in shares.
Great Western Mining Corporation (GWMO) says soil sampling at the Huntoon copper project in Nevada shows elevated levels of tungsten, copper and zinc. The soil geochemical anomaly has been extended to more than 2.8km. The consistency of anomalies suggests a larger than anticipated mineralised system. Further analysis will help to design a new drilling campaign.
Resources explorer 80 Mile (80M) says its US joint venture partner has announced that an independent report confirms the world-class potential of the Jameson Land Basin in eastern Greenland. This estimates more than 13 billion barrels (P10) of gross unrisked recoverable prospective oil resources. 80 Mile has a 30% post earn-in share. It has a free carry on the initial drilling planned for the second half of 2026. March GL is earning up to 70%. This followd an announcement that 80 Mile has revised the terms of its acquisition of Hydrogen Valley, which operates a biofuel site in Italy.
Versarien (VRS) has signed heads of terms with a UK quoted company for the sale of Total Carbide and the other remaining assets for £100,000 in cash and £100,000 in shares. The buyer will also take responsibility for £5.7m of loans plus interest. Versarien can operate with the support of creditors until the end of November. If the transaction goes ahead Versarien will become a shell.
MAIN MARKET
Cindrigo (CINH) has completed the acquisition of an 85% stake in a company that is developing three geothermal projects in the Upper Rhine Vally in Germany, and this enabled it to return to the Main Market. Cindrigo raised £2.06m at 12p/share and £9.3m of convertible loans have been converted into shares at an average price of 17p/share. At the placing price, the market capitalisation was £40.1m.
Georgina Energy (GEX) has gained drilling approvals for the Hussar prospect in EP513 in Western Australia. There was cash of £112,000 at the end of July 2025 and since then £1m has been raised.
New Frontier Minerals (NFM) had cash and liquid resources of $1.8m at the end of September 2025. There have been good results from the Harts Range rare earths project. The NWQ copper project is also progressing.
Andrew Hore
Quoted Micro 6 January 2025
AQUIS STOCK EXCHANGE
Global Connectivity (GCON) is investing £50,000 in PLUG Group, which is a 4% stake. PLUG is developing opportunities to extract decommissioned copper cables for South American telecoms companies. Livia Meyer has returned 32.5 million shares and paid £50,000 for the other five million shares subscribed for. Executive chairman Dr Keith Harris has paid the £200,000 he owes for shares he acquired. Barry Hersh has still not paid the £375,000 for the 37.5 million shares that he subscribed for.
SulNOx Group (SNOX) reported a rise in interim revenues from £136,000 to £440,000. The loss increased from £870,000 to £1.17m. There was £804,000 in the bank at the end of September 2024.
KRI (KR1) had net assets of 100.04p/share at the end of November 2024. Income of £771,347 was generated during the month. There is cash of £624,000.
Walls and Futures REIT (WAFR) maintained its NAV at 85p/share at the end of September 2024. There was a small reported profit after a £40,000 increase in property values. Management is hopeful that government plans for social and affordable housing will provide opportunities for the company.
Video technology company Visum Technologies (VIS) improved revenues from £63,000 to £130,000 in the year to June 2024. The cash outflow from operating activities was £133,000, leaving £49,000 in the bank. The focus is the leisure market, but the company wants to find other applications for its technology. Costs are being controlled.
Consumer finance provider Investment Evolution Credit (IEC) generated full year revenues of £455,000 and lost £247,000. There was cash of £101,000 at the end of June 2024.
Coinsilium (COIN) has entered into a strategic collaboration with Otomato Inc, a Web3 technology platform for autonomous agent-based solutions. The idea is to maximise the value of Coinsilium’s digital assets. The initial term is 12 months.
At the end of September 2024, Hot Rocks Investments (HRIP) NAV was £698,000, including £342,000 in cash.
Supernova Digital Assets (SOL) has bought back 67 million shares at an average price of 0.2239p each. The buyback authority lasts until the end of 2025.
Tap Global Group (TAP) has been granted virtual asset service provider registration in Bulgaria. This is a step towards expanding in the EU.
Blue Sky Vision has exercised its option to subscribe for 20 million shares in Valereum (VLRM) at 10p each.
Three directors of Invinity Energy Systems (IES) bought shares at 14.85p/share. Chairman Neil O’Brien bought 135,000 shares, chief executive Jonathan Marren acquired 134,680 shares and finance director Adam Howard purchased 134,333 shares.
Evrima (EVA) has appointed Bowsprit Partners as corporate adviser.
AIM
Pri0r1ty Intelligence Group (PR1) joined AIM on 30 December following the reversal of the AI customer relationship technology company into Alteration Earth. The business provides AI tools to automate areas such as social media and governance for smaller companies. Spreadex has sold a 3.99% stake and retains voting rights through financial instruments of 0.75%. The share price declined by 24.1% from the placing price to 10.25p, although it is 18% down on the Alteration Earth suspension price of 12.5p.
Poolbeg Pharma (POLB) is in talks with potential bidder HOOKIPA Pharma (NASDAQ: HOOK) about an all-share offer from the Nasdaq-listed company. The indicated proposal is 0.03 of a HOOKIPA share for each Poolbeg share. Cancer and infectious disease treatments developer HOOKIPA intends to raise up to $30m. That will fund phase 2a trails for POLB 001 and trials of two other treatments. HOOKIPA shareholders would receive a contingent value right instrument entitling them to 55% of milestone payments made by Gilead for HB-400 and HB-500 programmes. This could be worth up to $407.5m. They are also entitled to 80% of the proceeds generated by the HB-200 programme.
SDX Energy (LSD) postponed the general meeting on 31 December. This was called to gain shareholder approval to leave AIM due the costs of the quotation and the greater potential flexibility as a private company. Potential investors would apparently prefer to invest in an unquoted company. The strategy continues to be to become a vertically integrated gas and renewable energy producer in Morocco. The general meeting will be rearranged.
Revolution Beauty (REVB) has come to a confidential agreement with Chrysalis Investments (CHRY) over the claims related to its investment in the company when it joined AIM in July 2021. Last year, Chrysalis Investments issued draft particulars of a claim £39m plus additional consequential loss of £6.2m. Chrysalis Investments will be paid a non-material amount of cash with out admission of liability.
Arecor Therapeutics (AREC) has signed an exclusive licence agreement for a formulation of liquid drug product AT351 for a large client. The use of the product is undisclosed. There is an upfront milestone payment with potential for further payments. The licensee will be responsible for further development and hopes to seek FDA approval within three years. Panmure Liberum has a target share price of 361p.
Marketing services provider The Mission Group (TMG) has completed its restructuring with the sale of AprilSix to US-based Marketbridge for up to £17.4m. The initial payment is £10.5m and reduces pro forma net debt to £17m. This will enable the company to negotiate an extension to its debt agreement. AprilSix generated 13.5% of 2023 revenues of £86.3m. A share buyback of up to £1.5m will be launched. There could be a dividend paid for 2025.
Cancer treatments developer Hutchmed (China) Ltd (HCM) has followed up the sale of its non-core 45% interest in Shanghai Hutchison Pharmaceuticals for $608m with news of the acceptance of a new drug application in China for savolitinib in combination with AstraZeneca’s Tagrisso as a treatment for lung cancer.
Cancer treatments developer ValiRx (VAL) has extended the exclusivity period with TheoremRx Inc on the sub-licence of VAL201 until the end of May 2025. This is the final extension, and it is due to TheoremRx Inc being involved in a transaction with a Nasdaq listed company.
Pulsar Helium Inc (PLSR) is raising up to $7.5m at 38 cents(30p)/share. A loan will be provided by University Bancorp Inc will provide a $4m line of credit to ABCrescent Cooperatief so that it can exercise 15.5 million warrants. The cash will finance exploration at the Topaz project in Minnesota and enable a decision to be made on a combined helium and CO2 production facility. Further drilling on the Jetstream #1 appraisal well will restart this week.
Restaurants operator Tasty (TAST) has received £2.5m from an insurer for breach of contract for insurance for losses in 2020. This will lead to an exceptional gain of £1.5m in 2024.
Huddled Group (HUD) acquired the 25% of Boop Beauty it did not own for £100,000 in cash.
Functional food ingredients developer Provexis (PXS) doubled interim revenues to £785,000. There was a reported loss, but a £17,000 cash inflow from operating activities. Cash was £478,000 at the end of September 2024.
MAIN MARKET
Power electronics developer for electric vehicles DG Innovate (DGI) is cancelling its listing in the transition category of the Main Market because of the difficulty in raising cash since floating on the now-defunct standard list via reverse takeover of Path Investments in April 2022. DG Innovate did raise £500,000 at 0.08p/share. This will help to support the joint venture with Indian electric vehicle manufacturer EVage Automotive for the production of DG Innovate’s Pareta e-drives and provide working capital until early February 2025. Much more cash will be required, though.
Roquefort Therapeutics (ROQ) is planning to sell Lyramid, which has a portfolio of antibody and mRNA based therapied that focus on cancer target Midkine, for a minimum of $10m. The business was acquired for £1m. This would mean that Roquefort Therapeutics would take a share stake in the buyer Pleiades Pharma. The deal replaces the previously announced licensing proposal.
Capricorn Energy (CNE) did not receive the final settlement payment of $22.5m from Waldorf Production UK for earnout considerations. As part of this deal, Capricorn Energy acquired a 25% stake in the Columbus field in the North Sea. Capricorn Energy is considering its options.
Andrew Hore
Andrew Hore – Quoted Micro 23 December 2019
NEX EXCHANGE
Trading in the shares of Barkby Group (BARK) following the publication of the prospectus for the reverse takeover of the Dickson group companies and move to AIM. There will also be a share consolidation of 193 shares into 74 new shares. Barkby is paying £30.6m, predominantly in shares with £750,000 in cash, and raising £5m at 30p a share. The businesses include Workshop Coffee, which operates four coffee shops and is a wholesaler of speciality coffee, and a south east England-focused commercial property developer. Barkby will also acquire the right to invest in two private companies: Transcend Packaging, which won a contract to supply McDonalds with paper straws, and VivoPlex, which has developed a medical device for fertility monitoring. A dividend is planned for this financial year.
Schroders has bought the whole of the 29.8% stake in Rutherford Health (RUTH) that was previously held by Woodford Investment Management.
Trading in the shares of Tectonic Gold (TTAU) has been suspended. Tectonic South Africa has been awarded an interim land mining contract at a diamond mining project in Alexander Bay in South Africa. It is replacing a previous subcontract that the company had. Mining can resume until the full contract is agreed. That could be by next March. A private investor signed an option agreement for the purchase of a 64% stake in Tectonic South Africa. In return they will fund future project development. There is a £100,000 cash payment to Tectonic on completion. There are 120 days for the investor to raise the cash required. The figures for the year to June 2019 will not be published by the end of 2019.
SulNOx (SNOX) started trading last week and the share price rose from 50p to 55.5p (53p/58p). There have been 35,875 shares traded on NEX.
NQ Minerals (NQMI) is raising £300,000 at 6.5p a share. This will fund an exploration programme to extend the life of the Hellyer mine.
Primorus Investments (PRIM) says that investee company WeShop hopes to float on AIM in the second quarter of 2020. Pre-IPO funding of £2m has been secured. Vela Technologies (VELA) and Two Shields Investment (TSI) are also investors in WeShop.
Clean Invest Africa (CIA) says that its CoalTech subsidiary has had successful tests with two listed South African coal consumers. Pelletised coal fines have been produced and they were deemed suitable. The first potential customer could sign up for a long-term supply agreement and the second could justify a plant at their location.
Wishbone Gold (WSBN) says that it generated 2019 revenues of $10.6m up to 17 December and the full year figure should be higher than the $10.9m reported in 2018. The starting of operations in Europe will help to grow revenues. Wishbone will receive $600,000 in relation to its operations in Honduras. There could be a further $400,000 depending on production. There will be a consolidation of 100 existing shares into one new share.
The CAMRA Members’ Investment Club has increased its stake in brewer Adnams (ADB) from 2.81% to 3.69%.
AIM
Focusrite (TUNE) is paying £39.2m for professional sound systems manufacturer Martin Audio. This will diversify the product range of the group and enhance earnings in the first year. The two companies are based near to each other in High Wycombe. In the 12 months to October 2019, Martin made an operating profit of £2.9m on revenues of £24.4m. ADAM Audio’s contribution has helped revenues to increase in the first quarter. Like-for-like revenues are lower due to adverse exchange rate movements and a on-off boost in the first quarter of the previous year.
Bidstack (BIDS) has entered into a two-year agreement with a global marketing services group, which will spend up to £10m on advertising via the Bidstack in-game platform over that period. None of the revenue will be in 2019, which is why the forecast will not be met and revenues will not be signficant.
Naked Wines (WINE) is paying a special dividend of 5.2p a share. The ex-dividend date is 24 December.
Marshall Motor Holdings (MMH) is acquiring six VW car, one VW commercial vehicles and one SKODA franchise from Jardine Motors for up to £22.3m. Trading remains in line with expectations, but Edison has cut its 2020 profit forecast by £4.1m to £23.2m, partly due to the loss-making acquisition.
Filtronic (FTC) is selling its telecoms antenna business to Microdata for $5.5m (£4.2m). The company can concentrate on the 5G and defence markets.
ValiRx (VAL) says that the VAL201 phase I/II clinical trial is coming to an end and the initial results appear to show that there is an impact on patients with prostate cancer. The compound is also safe and well tolerated.
A trading statement from Van Elle (VANL) has led to Peel Hunt cutting its 2019-20 pre-tax profit forecast from £4.8m to £4m. The ground engineering contractor says that the second quarter was stronger than the first and first half revenues have risen from £42.9m to £48m. However, pre-tax profit slumped from £2.8m to £1m. There should be some improvement in the second half. The share price has halved this year. The interims will be published on 22 January.
Trans-Siberian Gold (TSG) says the Russian authorities have confirmed the company’s residency in the Kamchatka advanced special economic zone and this could save $6m over seven years. Trans-Siberian will develop an extension of the Asacha gold mine and expects to invest up to $21.2m in the next five years.
Sabien Technology (SNT) has raised £300,000 at 0.15p a share. This will provide working capital as a review of the business continues. Sabien is seeking to broaden its range of products from energy efficiency to other technologies, particularly health and medical rehabilitation sectors. Alan O’Brien stepped down as chief executive and Richard Parris became executive chairman.
Shareholders have agreed to put Stirling Industries (STRL) into voluntary liquidation. Trading will be cancelled on 24 December.
MAIN MARKET
Sure Ventures (SURE) maintained its net asset value at 83.1p a share at the end of September 2019. That includes cash of £1.45m. Management believes that some of the earlier investments are maturing and they could have valuation uplifts.
Zenith Energy (ZEN) has raised £638,000 at 2p a share via a placing in Norway. The cash will be used to buy drilling equipment.
Career development and consumer engagement platforms provider Dev Clever (DEV) plans to raise more cash four months after raising £436,000 at 3.4p a share. The share price fell by around one-third just before and just after the company admitted it was raising money. The share price fell to 1.05p.
OTHERS
Getmapping has ended its strategic review and is no longer up for sale. The geospatial services provider believes it is not the optimal time to consider offers.
Andrew Hore
Quoted Micro 3 October 2016
ISDX
Newbury Racecourse (NYR) reported flat interim revenues of £5.56m and a higher underlying loss because of the loss of three race days to bad weather. There was a cash outflow from operations of £1.51m. The sale of a final tranche of land to David Wilson Homes has generated a disposal profit of £20.1m but the cash has not been received yet. There is £7.56m of cash in the balance sheet but the disposal proceeds will be received as homes are sold. The current market capitalisation is £17.6m, whereas shareholders funds are £44.9m.
Chapel Down Group (CDGP) says that interim revenues were 26% higher at £4.09m with the fastest growth coming in the Curious Drinks business, although the wine operations increased revenues by 14% and still remain the core activities. Curious Drinks raised £1.74m during the period and that led to a notional gain on disposal of £467,000. The cash outflow from group operations reduced from £713,000 to £441,000.
Halal verification business DagangHalal (DGHL) reported higher revenues in the six months to June 2016 but the costs of raising £3.6m and joining ISDX helped push the company into loss. Revenues grew from MYR2.96m to MYR3.34m but MYR3.54m of flotation costs and nearly trebled overheads meant that a pre-tax profit of MYR1.18m was turned into a loss of MYR4.49m. DagangHalal has not had time to invest the funds it raised, there was MYR14.9m in the bank at the end of June 2016, so this should help revenues to grow to offset he higher overheads. Management was also distracted by the flotation in the first half. The company has developed a global e-marketplace and two more certification bodies have signed up for the Halal verification engine, taking the total to 40, and two say that they will sign up for the Halal certificate management system, which has eight users. The number of merchants using the system has also increased.
In the six months to June 2016, WMC Retail Partners (WELL) reduced its loss helped by the release of £42,000 of past provisions. Revenues dipped from £2.15m to £2.05m but the loss fell from £226,000 to £78,000. No interim dividend has been declared. Management expects to make an announcement about loss-making Cornish Market World in the near future.
Diversified Oil & Gas (DOIL) has almost trebled its first half revenues from $2.9m to $7.6m. One-off books gains meant that the reported pre-tax profit was $36.5m but in reality there was an underlying loss. There was a $381,000 cash outflow from operations. The company continues to make acquisitions.
Mechan Controls (MECP) is holding a general meeting to gain shareholder approval to buy back up to 200,000 shares – equivalent to 10% of the shares in issue. This is part of the board’s plan to enable shareholders to realise part of their investment following the termination of bid talk earlier in the year.
Ecovista (EVTP) says that planning permission has been granted by East Herts Council for 100 Rye Street.The building will be demolished and a six bedroom home will be built on the site. In the six months to June 2016, the loss increased from £92,000 to £168,000. Ecovista is seeking additional finance in order to acquire the 85% of Cingella Srl it does not already own. The company has until the end of 2017 to pay €4m for this stake. Ecovista’s interim loss increased from £36,000 to £168,000.
AIM
Conference call technology and services provider LoopUp (LOOP) has reported its interims one month after joining AIM. In the six months to June 2016, revenues grew from £4.81m to £6.38m. That includes revenues from a BT contract which is almost at an end and underlying growth was 38%. There was a pre-tax profit of £72,000, compared with a £619,000 loss. The cash raised in the flotation and the conversion of debt into shares means that pro forma net cash is £3.16m.The US is the biggest generator of revenues with the UK not far behind. The cash will be invested in further development spending and marketing. Non-executive chairman Lady Judge bought 15,754 shares at 126p each, compared with the flotation price of 100p. This is her total shareholding.
Gold recovery firm Goldplat (GDP) moved back into profit in the year to June 2016 as the performance of the gold recovery activities in South Africa and Ghana improved with more to come from capital investment in these operations. Revenues grew from £16.6m to £20.2m with a loss of £796,000 turning into a profit of £1.94m. Strong cash generation meant that there was net cash of £2.06m. There was a 23% increase in gold production, which included a toll processing contract with Rand Refinery. In contrast to the growth in output from the recovery operations, there was less produced by the Kilimapesa mine in Kenya . A new processing plant should come into action by the end of this year which will increase capacity; at Kilimepesa. There is scope to expand recovered gold production by sourcing material from South America.
Training systems supplier Pennant International (PEN) returned to profit in the first half of 2016 even though a number of major orders have not yet made a significant contribution. Revenues grew from £5.78m to £6.65m, while a loss of £755,000 was turned into a profit of £11,000. Four new contracts have been secured, including one with new client Lockheed Martin. Net cash was £2.6m at the end of the period, with £3.56m raised at 55p a share since June, but there is no dividend. The order book is worth £46m. There are tax losses of £4.7m so there should be no significant tax charge for up to three years depending on how fast profitability improves. A full year profit of £2.2m is forecast. Management wants to supplement organic growth with acquisitions, which are most likely to be in the core defence sector.
Shares in Sareum (SAR) doubled on the back of a licence agreement for its Chk1 inhibitor CCT245737 with ProNAi Therapeutics. Sareum and co-investment partner CRT Pioneer Fund will receive an initial payment of $7m with up to $2m payable on the successful transfer of two ongoing phase I clinical trials for the cancer drug. Sareum will receive 27.5% of these payments and it will have £300,000 of funding commitment returned. There could be additional payments totalling up to $319.5m depending on the achievement of milestones. There could be low single digit or high double digit royalties on a commercial product.
Savannah Resources (SAV) has raised £1.42m at 3.5p a share and directors and related investors have agreed to provide a further £830,000 at the same share price. The rest of the cash will come in after the closed period has ended. The funds will be used to develop copper projects in Oman and finance other projects in Mozambique and Finland. Joint venture partner Rio Tinto has extended the long stop date for the agreement over the combined Mutamba/Jangamo project in Mozambique until 10 October or a later agreed date. The interim loss was reduced from £1m to £800,000.
Premier African Minerals (PREM) made an increased interim loss because of operational issues at the RHA tungsten mine. The plant has been upgraded so these problems should be at an end and processing rates should improve. A further expansion to 16,000t a year is planned for next year and that investment could have an impact on production levels. Net debt was $3.8m at the end of June 2016.
Thor Mining (THR) is awaiting confirmation of assay results for its Molyhill tungsten project in Australia. The initial indications are that there is anomalous tungsten. Thor may start more closely spaced drilling after the results are received. A £1m impairment on the disposal of the Spring Hill project in February meant that the interim loss before tax increased from £880,000 to £1.75m. The initial proceeds of the disposal helped to reduce net debt to £445,000.
ValiRx (VAL) is on course to start dosing patients with lung cancer with its VAL401 treatment in the phase IIb trial. Higher R&D spending meant that the interim loss increased from £1.37m to £2.12m. There was £569,000 left in the bank at the end of June 2016 and since then £1.2m has been raised and a convertible loan facility of up to $3.75m has been agreed with Yorkville.
Cloud services provider Nasstar (NASA) increased its monthy recurring revenues to £1.23m even before the recent acquisition of Modrus which took the figure to £1.7m. In the first half of 2016, revenues were 14% higher at £8.1m. Underlying pre-tax profit improved from £860,000 to £981,000. Pro forma net debt is £3.5m and cash flow should be strong enough to wipe this out by the end of 2017. Full year profit is expected to rise from £1.6m to £2m. The benefits of the Modrus acquisition should help the profit to rise to £3.5m in 2017.
Digital audio visual agency MediaZest (MDZ) has won £250,000 of contracts in the past six weeks. The company has also said that the previously announced project with Rockar is for Jaguar Land Rover at Westfield Stratford.
MAIN MARKET
Standard list shell Auctus Growth (AUCT) is still seeking an acquisition and it has just over £1m left in the bank. The directors’ are not taking any salaries yet and costs are running at £35,000 a year.
Andrew Hore