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Quoted Micro 18 May 2026
AQUIS STOCK EXCHANGE
Valereum (VLRM) is raising £1.05m at 2p/share. This cash will fund the scaling up of VLRM Markets.
Hong Kong-based seafood wholesaler Supersearch Plus (SSP) has launched a drone delivery service for freeze-dried seafood.
Mendell Helium (MDH) says M3 Helium has secured two further leases for land in Fort Lodge, Kansas. They are near to the existing Bleumer and Enlow leases. Each of the new leases could have two production wells.
Sulnox Group (SNOX) has announced a fuel additives distribution agreement with Performance Products and Services, which is focused on southern India and Sri Lanka. It has industrial and commercial clients.
Falconedge (EDGE) says incremental Bitcoin growth was 0.2187 Bitcoin, taking the holding to 20.497 Bitcoin.
Delta Gold Technologies (DGQ) was included in the launch episode of The Innovation Report, which is a documentary series focused on breakthroughs shaping emerging industries. It will be released on ADVFN platforms.
Fenikso Ltd (FNK) has received a $799,000 payment reducing the loan to $32.4m.
Edison Investment Research has published a report on Ajax Resources (AJAX).
B HODL (HODL) chief executive Freddie New bought 56,100 shares at 7.13p/share. BWA Group (BWAP) managing director James Butterfield bought 54,500 shares at 0.495p each.
JP JENKINS
Engineer Industrial Technical Holdings (ITHL) improved 2025 revenues from $7.01m to $7.41m. There was a small loss after impairment charges. Cash was $867,000 at the end of 2025. Earlier this year the order book was worth $5.6m.
AIM
Dotlines Global (DOTL) joined AIM last Tuesday after completing the reverse takeover of Main Market company Ikigai Ventures. Dotlines and Audra Solutions were acquired for £55.7m in shares and the enlarged share capital was valued at £57.9m at the issue price of 9.5p/share. Dotline;s Sohoj platform is a digital lifestyle offering for B2C and B2B2C customers with a focus on migrant populations in Malaysia. There are plans to expand the platform into the UK and Saudi Arabia. This generated 2024 revenues of £20.5m and pre-tax profit of £998,000. The latest interim revenues are £10.3m, while pre-tax profit was £713,000. The share price was suspended at 42p and started trading on AIM at 10p. The share price improved to 13.5p, but that was still 67.9% lower than the last Main Market price.
Recruitment firm Gattaca (GATC) has sparked an upgrade with its latest trading statement, which suggests that it is outperforming its rivals. Contract recruitment is doing better than expected and cost have been kept under control. Defence, energy and infrastructure sectors have been strong. Panmure Liberum has raised its 2025-26 pre-tax profit forecast by one-third to £6m.
Telematics company Microlise (SAAS) is focusing on direct business as renewals from OEMs are suffering pressure on pricing and the loss of contracts. Direct annualised recurring revenues were 16% higher, despite delays to some contracts, but this was partly offset by a 13% reduction in the OEM figure. Pre-tax profit slumped from £6.5m to £2.6m. Net cash increased to £16.7m. Capital investment will be sharply higher in 2026 and 2027 and that will use up some of the cash. The final dividend was raised from 1.24p/share to 1.3p/share. Pre-tax profit could recover to £3.3m this year.
Vossloh has launched a recommended bid for Cordel (CRDL). The 12.4p/share cash offer values the transport infrastructure analytics technology provider at £29m. The share price has not been that high since the beginning of 2022. Vossloh is involved in the rail sector and wants to provide digital services as well as move into the US market. Cordel and Vossloh are working together in Europe.
Zinnwald Lithium (ZNWD) is recommending a bid by AMG Critical Materials, which already owns 29.3%. The offer is 5p in cash and 0.001577 of an AMG share for each Zinnwald Lithium share. This is estimated to be worth 10p/share and values the lithium project developer at £57.2m.
Metals One (MET1) has expanded the agreement to treat uranium waste dumps with DISA Technologies. This covers the Uravan Belt uranium vanadium project in Colorado that is 100%-owned by Metals One. There are eight uranium mine waste dumps. DISA will start exploration work and seek permits. One will be paid a gross revenue share of saleable uranium and other minerals.
Fishing tackle and equipment retailer Angling Direct (ANG) reported 2025-26 figures broadly in line with expectations. Revenues were 14% ahead at £103.9m, while pre-tax profit improved from £2.1m to £3.2m. Net cash was £10.9m at the end of January 2026.
Mercantile Ports and Logistics (MPL) has appointed former US government and CIA administrator Marty Martin to the board and Karanpal Singh has stepped down. The company believes that Marty Martin will help with the ongoing legal process in relation to try to regain control of the Karanja Terminal & Logistics subsidiary. Mercantile says it can repay the related debt, but the proposal was rejected by the consortium of banks. They prefer an alternative plan from Adani Ports and Special Economic Zone Limited and that has been approved by the courts. The company has appealed and a further hearing is due on 8 June.
Galileo Resources (GLR) has entered into an unsecured convertible loan funding facility of £600,000 with Sanderson Capital Partners. This has a conversion price of 1p/share. The initial arrangement fee of 7% is payable in 5.42 million shares.
Zanaga Iron Ore (ZIOC) has raised £5.7m at 4p/share, which is more than originally sought. This will finance the development of the Zanaga project, including earthworks and sampling.
TheraCryf (TCF) says clinical trial enabling work for the Ox-1 blocker for treating substance use disorders is ahead of plan. Manufacturing has been scaled up, and dosing is complete in the rodent toxicology study. The remaining activities should be completed in the third quarter enabling the move to a phase 1 study in human volunteers. An application for a phase 1 clinical trial is expected to be submitted this year.
Toys and hobbies supplier Character Group (CCT) improved interim pre-tax profit by 15% to £2.4m on 9% lower revenues of £48.3m. Net cash was £13.7m at the end of February 2026 and there is a potential warehouse sale could raise £9.8m. Panmure Liberum raised its full year pre-tax profit forecast to £5m.
Retailer Shoe Zone (SHOE) reports interim revenues 12% lower at £62.9m. Although gross product margin improved due to currency movements and lower container costs, overall gross margin was hit by high fixed store costs. The interim loss doubled to £5.3m. The size of the distribution centre is being reduced following store closures. A full year loss of up to £2m is still expected.
Hospitality group Coppa Collective (COPC) interim revenues edged up 1% to £25m. Coppa Club like-for-like sales were 3.2% ahead. Gross cash is £2.6m following the acquisition of Linwood pubs. A full year loss of £2m is forecast.
MAIN MARKET
Cindrigo Holdings (CINH) says government funding eligibility has been extended for the Eich and Worms geothermal licence areas and the Weinheim licence has gained eligibility. The current government funding model provides 50% of pre-development costs up to a maximum of €2m. A second module can provide grants of up to 40% of eligible project costs up to €100m. Eich is progressing a study that could make it eligible for the second module. Exploration work continues.
Digital asset investor KR1 (KR1) has launched new activities in the convergence of AI and decentralised technologies. It has made an investment in Venice, which is a privacy-centric AI inference platform. This provides exposure to the user and agent-facing layer of AI. KR1 has acquired 60,000 Venice tokens and has commenced staking activities. KR1 also has an interest in Gensyn and it is building up a strategic holding plus evaluating potential partnerships.
Kelso Group (KLSO) has raised £650,000 at 3p/share. This is the same price as the previous two fundraisings.
Andrew Hore
Quoted Micro 16 February 2026
AQUIS STOCK EXCHANGE
Quantum computing IP developer Delta Gold Technologies (DGT) has secured a research sponsorship and technology licensing agreement with Penn State University. The sponsorship could cost $2.99m over three years. This will provide exclusive access to IP developed. Penn State will receive a running royalty of 1% of net sales of licensed products once net sales exceed $20m.
Macaulay Capital (MCAP) will earn £330,000 in fees from clients that invested in inspection business ICA, which is being acquired by Germany-based Certania for an enterprise value of £30.45m. AIM-quoted CEPS (CEPS) is selling its stake in for an upfront payment of £14m, which includes the repayment of loan notes. The disposal requires CEPS shareholder approval.
All five requisition resolutions were defeated at the Lift Global Ventures (LFT) general meeting. There were 60.5% of the votes against each resolution. A vote on the waiver of pre-emption rights did not receive the 75% of votes required.
Marula Mining (MARU) has agreed terms for the acquisition of 50% in a special purpose vehicle that holds mining rights in South Africa that include the operation ready Derdepoort manganese mine, which has a processing plant. Proven ore reserves of approximately 4.38 million tonnes of manganese ore at an average grade of 34.78% Manganese Oxide. Marula Mining will pay £1m in shares at 5p each and provide £1m of initial funding. A further £1m will be paid after due diligence. A bankable feasibility study targeting one million tonnes of manganese each year, or when the project is thought to be viable, will trigger a £9m cash payment. A further 20% stake can be acquired for £100,000. Marula Mining has already acquired the nearby Tonto Tshipi manganese mine.
EPE Special Opportunities (EO.P) had was cash of £14.1m at the end of January 2026. The NAV was 360p/share. The Luceco (LUCE) share price recovered, and Whittard of Chelsea was refinanced. Recent acquisition LSA has been integrated into Rayware. A £3m share buyback has been launched.
Valereum (VLRM) has signed a Memorandum of Understanding with RWO.io, which will integrate VLRM markets into its infrastructure. Longer-term, there are plans to develop a decentralised exchange and enable token assets to be used to secure loans.
Oscillate (SRVL) has agreed to acquire Kalahari Copper, which has interests in the Kaoko Basin in Namibia and the Kalahari copper belt in Botswana. The acquisition will be combined with a move to AIM. A further $80,000 has been received from Pulsar Helium Inc for the sale of hydrogen assets. One more payment of $80,000 is due.
Fibre optic cable materials supplier Unigel Group (UNX) increased full year turnover from £29.2m to £38.2m, enabling a jump in pre-tax profit from £2.13m to £3.75m. There was a recovery in international demand. This is set to continue due to investment in AI and 5G. Production capacity has been increased in the US because of tariff uncertainties. Net cash was £2.3m at the end of 2025.
SuperSeed Capital (WWW) increased NAV to 133p/share at the end of 2025. Portfolio revenues nearly doubled.
Sulnox Group (SNOX) has secured a distribution agreement with Motor Plus Panama, which will stock Sulnox emission reduction products for maritime, industrial and transport clients.
Wishbone Gold (WSBN) has expanded its interests in the area of Greatland Gold (GGP) owned Telfer gold mine in Western Australia. The company won a tender for 67km2 of mineral title on crown land, 25km north-west of Telfer.
Ajax Resources (AJAX) has agreed to an extension to the period of exclusivity for the purchase of Pereira Velho Exploração S.A., which owns the Pereira Velho gold project in Brazil.
AI business investor Mollyroe (MOY) raised £350,000 at 0.25p/share. A convertible loan note issue is planned.
Roundhouse Digital (ETHL) has purchased 346.6 Ethereum at an average cost of $2,020 each. The total holding is 468.8 Ethereum. The financial year end date is being changed to March.
Falconedge (EDGE) generated income of 0.368524 Bitcoin, taking the total Bitcoin holding to 19.878377 Bitcoin.
BWA Holdings (BWAP) managing director James Butterfield bought one million shares at 0.25p each, taking his stake to 8.88%. NYCE International (NYCE) has corrected director shareholdings. Farzad Peyman owns 12.2%, Stelios Michaelides 3.86% and Harmen Breninkmeijer 21.3%.
JP JENKINS
Thrive Renewables (THRV) has launched a £10m bond offer, including a retail offer of £5m via the Triodos Bank Crowdfunding platform. The bond lasts for 5 years and offers an annual interest rate of 5.5%. This will finance two onshore wind farms in Wales and Scotland. The offer closes on 16 April.
AIM
Scientific instruments supplier SDI Group (SDI) has secured the earnings enhancing acquisition of PRP Optoelectronics. The manufacturer of ruggedised LEDs for the aerospace, medical and industrial printing markets cost £9.3m, net of cash acquired of £2.8m, and could enhance 2026-27 earnings by nearly 8%. Forecast net debt will increase to £23.1m. This takes SDI into new markets, and the product range fits with some existing products.
Digitisation services provider TPXimpact (TPX) has won two major contracts this week. The latest is a four-year contract with DEFRA worth £39m. That is the second largest contract TPXimpact has ever won. The contract covers digitisation of programmes across agricultural, environmental and sustainability areas. TPXimpact already has contracts with DEFRA. The company also won a £22m contract with NHS England.
Cosmetics supplier Warpaint London (W7L) has acquired the Barry M brand from the administrator for £1.4m, but 2025 figures will be just below expectations. Cavendish has cut its 2025 pre-tax profit forecast from £20.7m to £19.2m, although the 2026 figure is maintained at £26m. Net cash was better than expected at £16m. Barry M is a value cosmetics brand and had revenues of £15m. It is likely to be loss making.
Zanaga Iron Ore Company (ZIOC) has secured funding for its Jumelles subsidiary, which owns the Zanaga iron ore project in Congo. Red Arc Minerals is investing $25m for a 20% stake in Jumelles. This will fund the project up to final investment decision. There is then a $125m option for Red Arc Minerals to take its stake to 87.5%. Zanaga Iron Ore Company will retain a 1% net smelter royalty, and Red Arc Minerals can acquire a 0.5% net smelter royalty from the company for $50m. Zanaga Iron Ore Company has enough cash to get to final investment decision when it can decide whether to continue to invest in the project as it moves to production. Red Arc Minerals can be required to swap Jumelles shares for Zanaga Iron Ore Company shares at 15p each if it does not complete each part of the deal in a defined period. Shareholder approval is required.
Video streaming technology developer Aferian (AFRN) has extended its $16.5m banking facilities to 20 March 2026. It could be further extended at a later date. The loan from major shareholder kestrel Partners is £1.59m and is repayable on 15 April 2026. The formal sale process continues, and this is leading to significant adviser costs. Some potential options for the trading businesses would not raise as much as the bank facility.
Interior furnishings brands owner Sanderson Design Group (SDG) says trading continued to improve in the second half, particularly in the US. Sales in the UK were lower last year. There has also been an improvement in manufacturing business, which should make a profit in the year to January 2026. Full year pre-tax profit is expected to improve from £4.4m to at least £5m. Cash is estimated to be £9.8m, which is more than one-quarter of market capitalisation.
Cora Gold (CORA) is raising £12.9m-£13.7m through a subscription by Singapore-based Eagle Eye Asset Holdings at 6p/share. There will be a retail offer to raise up to £2m. Eagle Eye’s investment will depend on the take up of the retail offer, so that it does not go above 29.9%. The definitive feasibility study for the company’s Sanankoro project in south Mali indicated a NPV8% of $221m, but that was at a gold price of $2,750/ounce. The money raised covers nearly 50% of the cash required to construct the mine.
Faron Pharmaceuticals (FARN) is planning to raise €40m to enable acceleration of development of its lead asset bexmarilimab and to run the Phase II portion of the FDA agreed Phase II/III trial in frontline high risk myelodysplastic syndrome. Lead asset bexmarilimab is an investigational immunotherapy designed to overcome resistance to existing cancer treatments by harnessing the power of immune cells and igniting the immune system. Management expects value inflection points in 2026 and 2027.
Phoenix Copper (PXC) has suspended chief executive Marcus Edwards-Jones and finance director Richard Wilkins due to their recent conduct and past payments. An investigation is underway. The company has limited cash available, and it will last until the second quarter of 2026.
Gift packaging and stationery supplier IG Design (IGR) is trading ahead of expectations. In the nine months to December 2025, margins of 4% are at the higher end of guidance. Full year pre-tax profit estimate has been raised from $7.1m to $9.9m. Cash could be more than $55m at the end of March 2026. A new chief executive is being recruited. The full year results will be published in June and there will be a return to reporting in pounds.
More positive new for Fulcrum Metals (FMET) concerning gold and other product recoveries at the Teck Hughes tailings project. Gold recovery has been increased to 78% with up to 95% silver recoveries. There are also high recovery rates for tellurium and copper and 20% recoveries of gallium – that could be improved. There is a potential recoverable value of more than $550m of all these metals. Further testing will be undertaken.
Wynnstay Group (WYN) is starting to see the benefits of its project genesis strategy. In the year to October 2025, revenues fell from £613.1m to £583.4m due to lower commodity prices, and pre-tax profit recovered from £7.6m to £9.2m. Efficiencies offset higher wage costs. The growth in profit was predominantly in feed and grain and arable divisions.
MAIN MARKET
Apax Partners has decided not to make an offer of 500p/share for motor dealer software provider Pinewood Technologies (PINE). It blames current market conditions.
Digital assets investor KR1 (KR1) has launched its financial infrastructure strategy. This includes starting to buy Bitcoin as well as Ethereum. Existing holdings will be actively managed.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 15 Bitcoin at a total cost of £785,773 and it owns 2,689 Bitcoin in total, which is an investment of £222.2m.
Panther Metals (PALM) has filed a prospectus for a proposed secondary listing on the Canadian Securities Exchange. PKF Littlejohn has been appointed as auditor. A placing raised £1.19m at 70p/share. This will be spent on a drilling programme for the Wishbone prospect at the Obonga project in Canada. The Winston mine tailings project is moving towards a mineral resource estimate.
Andrew Hore
Quoted Micro 28 November 2022
AQUIS STOCK EXCHANGE
One Health Group (OHGR) joined the Apex segment of the Aquis Stock Exchange on 24 November. The NHS-funded medical procedures provider raised £1.56m at 150p a share, giving One Health Group a market capitalisation of £15.1m. The share price ended the week at 156.5p. Demand for the company’s services should continue to be strong as the NHS tries to reduce the backlog of operations. In the six months to September 2022, revenues were £9.7m. The plan is to pay 50% of post-tax profit in dividends. Net cash was £3.68m at the end of March 2022. The additional cash will provide working capital.
Electric vehicle drivetrains developer Equipmake Holdings (EQIP) edged up revenues by 3% to £3.71m in the year to May 2022. A much greater proportion of the revenues came from commercial and production contracts. The loss was more than trebled to £5.2m. There was still £1.88m of cash in the balance sheet and since then it raised £10m gross at 4.25p a share in its Aquis flotation. A partnership with an electrical aerospace specialist will generate initial orders for prototypes worth £400,000.
VSA Capital (VSA) has reiterated that it will report a first half loss. The Aquis corporate adviser is holding a showcase event for Aquis companies on 29 November.
Inqo Investments (INQO) has sold its investment in Zambia-based honey producer Bee Sweet Honey There was a ZAR950,000 loss on the investment.
Guanajuato Silver (GSVR) has made a partial early repayment of its silver and gold loans using 97,000 ounces of silver and 846 ounces of gold. In the three months to September 2022 produced 329,297 ounces of silver and 3,226 ounces of gold, while lead and zinc sales have become significant. The trend of quarter-on-quarter production increases is expected to continue.
Clarify Pharma (PSYC) has acquired £250,000 stakes in Nasdaq-listed companies Atai Life Sciences Inc (ATAI) and Compass Pathways (CMPS). Both companies are involved in developing psychedelic treatments.
AQRU (AQRU) is reducing the number of employees by three-quarters to save money. Monthly overheads will fall by 65%. Yields on the company’s cryptocurrency app are being reduced.
Cooks Coffee Company (COOK) has issued up to NZ$2m of convertible notes to wholesale investors. The cash will fund the growth of the café existing chain and acquisitions, as well as paying off some existing debt.
Ananda Developments (ANA) is seeking shareholder approval to acquire the 50% of DJT Group that it does not own, which has a licence to grow >0.2% THC cannabis for research. The cost is £3.2m in shares. The process of gaining approval to grow and manufacture medicinal cannabis has been formalised.
IamFire (FIRE) says investee company WeShop user downloads and transactions are increasing.
Marula Mining (MARU) has increased its stake in the Blesberg lithium mine from 5% to 100%. The cost is $1.7m. This is subject to regulatory approval. Mobile mining equipment and the majority of processing equipment is on the site and the infrastructure is being upgraded. First deliveries of lithium ore are expected in December.
Diesel additives supplier SulNOx Group (SNOX) has appointed Steele Environmental as a US distributor for shipping markets and land-based transportation and revealed a positive evaluation with Caspian Marine Services.
Invinity Energy Systems (IES) has cut the nominal value of its shares so that it can issue more shares. A 2.2 MWh energy storage sale has been made to the company’s Taiwan resale partner. That is ten Invinity VS3 batteries.
EDX Medical (EDX) announced a collaboration for the European cancer biomarker programme with Tianjin Bioscience. This should result in the development of cost-effective cancer tests.
MiLOC Group Ltd has changed its name to Crushmetric Group Ltd. A placing raised £22,000 at 20p a share.
A company owned by NFT Investments (NFT) chairman Jonathan Bixby and non-exec Mike Edwards have has acquired 20 million shares at 0.8p a share. Finance boss Rob Smith has purchased 724,503 Chapel Down Group (CDGP) shares at 25.5p each. A company associated with chief executive David Immelman bought 50,084 DXS International (DXSP) shares at 5.454p each.
Former Aquis-quoted company Jigsaw Insurance Services is recommending a 204p a share cash offer from insurance business consolidator PIB Group Ltd. There could also be additional consideration of 14p a share depending on completion accounts. That values the bid at up to £24.1m. Harrogate-based Jigsaw was formerly known as NCI Vehicle Rescue and it left what was then known as ISDX in February 2015, so it still comes under the Takeover Panel rules.
AIM
Michelmersh Brick (MBH) expects 2022 pre-tax profit to be ahead of expectations and it is acquiring pre-built brick products manufacturer and brick fabricator Fabspeed for an initial £6.25m. The Fabspeed acquisition will be earnings enhancing. There could be up to £2m more payable depending on performance over 24 months. A share buy back programme of up to £3m is being launched.
Tatton Asset Management (TAM) continues to generate impressive net inflows to its assets undermanagement. They were £907m in the six months to September 2022, helping to offset market declines. The 50%-owned 8AM Global added a further £1bn taking the group total to £12.3bn, which has already risen to £12.9bn in November. Pre-tax profit improved from £6.77m to £7.68m and the dividend was raised by 12.5% to 4.5p a share.
finnCap (FCAP) has ended bid talks with fellow broker Panmure Gordon. It was not possible to find a mutually acceptable structure or terms for the merger.
Osirium Technologies (OSI) is raising £1.53m at 2p a share and the cash will provide additional working capital and help the cyber security business reach cash breakeven earlier than previously expected. Annualised cost savings of £1m have been identified and £650,000 of these have already been implemented. Sales director Stuart McGregor is replacing chief executive David Guyatt and he will become executive chair instead. Allenby has increased its forecast 2022 revenues to £1.8m and slightly reduced the expected loss to £3.22m.
Tissue products manufacturer Accrol (ACRL) increased interim revenues by 64% to £121.1m through a combination of higher prices and volume growth. Net debt was £30.5m at the end of October 2022 and it could fall to £24.4m by April 2023. A full year pre-tax profit of £6.7m is forecast.
Omega Diagnostics (ODX) has received the £4m deferred consideration for the sale of the CD4 business. Net cash is expected to be £6.2m by the end of March 2022. This can be used to expand the health and food intolerance operations. The US is a market where more investment is planned. Omega Diagnostics remains loss making but could move into profit in 2023-24.
Electrolyser developer Clean Power Hydrogen (CPH2) is having problems with the design and operation of its cryostat unit in the MFE 220 test unit. Scaling up the unit has been a challenge. This delayed the expected October deliveries of two initial MFE 220 units. One customer has cancelled the order and is going with a rival electrolyser. A redesign of the unit should cure the issues. On the current forecasts, the cash could reduce to £3m by the end of 2024 and then rise the following year, but further delays could mean the cash reduces more quickly than expected.
Curtis Banks Group (CBP) is in advanced discussions concerning a bid from Nucleus Financial Platforms, which is conducting due diligence. Susan McInnes has been appointed as an independent non-executive director of Curtis Banks.
DeepMatter Group (DMTR) is the latest company with plans to cancel the AIM quotation because management believes that it will be easier to raise cash as a private company. The digital chemistry data analysis business says major shareholders support the plan. DeepMatter wants to raise £1m before leaving AIM and then a larger amount after the departure.
Trafalgar Property Group (TRAF) has moved into hydroponics. The residential property developer has acquired assets and leasehold premises from May Barn Horticultural Consultancy, which is controlled by Trafalgar Property director Dr Paul Challinor, for £30,000. Trafalgar Property will concentrate on assessing plant propagation requirements and studies on tissue culture of plant material. The current work is on lettuce varieties and hydroponic tomato seedlings, as well as seedlings of Nicotiana benthamiana for future development for cosmetics and pharmaceuticals.
Real Good Food (RGD) has secured additional financing of £2.5m from Hilco Private Capital, which lasts for 12 months and is in addition to the £6.3m from the Leumi ABL. This will help to fund restructuring and cost reduction.
Zanaga Iron Ore Company (ZIOC) is acquiring a controlling shareholding in the Zanaga iron ore project from Glencore Projects in return for shares that will give Glencore a 48.26% stake. Glencore can appoint two directors and is required to retain the shares for six months. Glencore has exclusive marketing rights for the iron ore produced at the mine. A general meeting will be held on 13 December to gain shareholder approval for the deal.
MAIN MARKET
Structural steel supplier Severfield (SFR) improved interim profit and it is continuing to improve in the second half. In the six months to September 2022, revenues improved from £195.9m to £234.9m through a combination of underlying growth and higher steel prices. Underlying pre-tax profit rose from £10.3m to £12.1m, including a doubled contribution of £600,000 from the India business. Net debt was £15.8m at the end of September and the interim dividend was raised from 1.2p a share to 1.3p a share. The UK and Europe order book is worth £464m and the India order book is £143m.
Devro (DVO) has agreed a 316p a share bid from Netherlands-based Saria, which has been interested in bidding for the sausage skins supplier since the beginning of 2022.
Cardiff Property (CDFF) increased NAV from 2549p a share to 2756p a share in the year to September 2022. The current share price is 2420p. The dividend was raised from 18.5p a share to 20.5p a share. There has been a downturn in confidence in the Thames Valley property market.
Alkemy Capital Investments (ALK) says its subsidiary Tees Valley Lithium has received full planning permission for Europe’s largest lithium hydroxide refinery in Teeside. This will supply the electric vehicle battery market. Production could commence in 2025.
National World (NWOR) has decided not to bid for Reach (RCH).
Motor dealer Caffyns (CFYN) improved interim revenues from £110.8m to £119m, although underlying pre-tax profit dipped by one-third to £1.6m. New car volumes were ahead of the market and there was a 12% decrease in like-for-like used car volumes. The interim dividend is unchanged at 7.5p a share.
Ross Group (RGP) has raised £136,000 at 1.5p a share. Ross has entered into a global exclusive supply chain management agreement with the Energy Group LLC in the US to manage green hydrogen production and projects. This could be the start of a significant business for Ross.
Andrew Hore
Alan Green talks Open Orphan #ORPH, Avacta #AVCT & Zanaga #ZIOC, plus ECR Minerals #ECR, Novacyt #NCYT & Gfinity #GFIN on Vox Markets podcast
Alan Green discusses Open Orphan #ORPH, Avacta #AVCT & Zanaga #ZIOC, plus ECR Minerals #ECR, Novacyt #NCYT & Gfinity #GFIN with Justin Waite on the Vox Markets podcast. Interview is 19 minutes 30 seconds in.
