AQUIS STOCK EXCHANGE
EPE Special Opportunities (ESO) increased its NAV by 54.6% to 317.18p a share in the year to January 2020. The main gains are from fully listed Luceco (LUCE), although the share price has fallen back since then, and Whittard of Chelsea. Whittard closed its 49 stores during March. The focus is conserving cash to find existing investments rather than new investments.
Cadence Minerals (KDNC) says that DEV Mineraco, the owner of the Amapa iron ore project, has been given permission to ship iron ore from the company’s port in Brazil. The stockpile has 1.39Mt of iron ore and the cash generated will help to bring the mine back into production. Cadence owns 30% of Yangibana rare earth deposit, which has received environmental approval for mining.
SulNOx Group (SNOX) says it is taking longer than expected to conclude a deal to sell its diesel conditioner through a major UK fuel distributor. The plan is to undertake engine trials with major engine manufacturers. COVID-19 has led to delays in getting trials underway.
First Sentinel (FSEN) is raising £151,000 at 20p a share. This will provide additional working capital.
Gunsynd (GUN) is consolidating 85 existing shares into one new share.
Ganapati (GANP) has gained shareholder approval to leave AQSE by 15 May.
AIM
In changing times there is one thing that can be relied on and that is Immunodiagnostic Systems Holdings (IDH) putting out its trading statement after 4.30pm on a Friday. Never one to disappoint, Immunodiagnostic Holdings has done it again. Full year revenues were 2% ahead at £39.3m. Cash was maintained at £27.6m.
Nu-Oil and Gas (NUOG) is planning to acquire a Europe-based plastic recycling and processing business. The group would then become a consolidator under the current management. The deal has not been finalised and trading in the shares will be suspended until an acquisition document is published or the deal is called off.
Aquis Exchange (AQX) increased revenues by 73% to £6.9m and the loss was reduced to £800,000. There was £11m in the bank at the end of 2019. The market share of pan European trading increased from 3.8% to 4.62%. Market volumes have increased following the COVID-19 stockmarket concerns.
Cyber security services provider ECSC (ECSC) is raising £500,000 at 55p a share. This will make sure there is enough cash to keep the business going even if there is an extended disruption to trading.
Parcel and freight delivery company DX (DX.) says activity has been reduced by one-third. Net debt was £8.9m at the end of March. Profitability has been delayed until 2020-21.
A circular has been posted by Nostra Terra Oil and Gas (NTOG) for a general meeting on 13 May. The first resolution is for the removal of Matt Lofgran from the board and the other two resolutions provide the company with the ability to issue shares.
Bluejay Mining (BJAY) has signed a memo of understanding with a company that will take 50% of the production of the Dundas Ilmenite project.
Construction consultancy services provider Driver (DRV) was not impacted by COVID-19 in the first half and the recovery in pre-tax profit should be as expected. Business in April and May remains encouraging. Net cash is £3.3m. There will be no interim dividend.
Oil and gas producer Empyrean Energy (EME) has raised £411,000 at 3.5p a share and plans to launch an open offer to existing shareholders. It is not going ahead with a previously announced placing. The additional cash is required to pay Empyrean’s share of the costs of two wells drilled at the end of 2019. The 1C contingent resource estimate for the Mako gas field, where Empyrean has a 8.5% stake, has been increased by 76% to 323bcf. A production rate of 150 MMscf/day could be achieved.
Beeks Financial Cloud (BKS) has acquired network monitoring and trade analytics software provider Velocimetrics for an initial £1.3m. The maximum earnout payment is £4.55m. This adds real-time transaction tracking technology to Beeks’ software.
Cake Box (CBOX) was growing strongly before COVID-19 hit the cake retail chain. Store closures in the second half of March reduced annual like-for-like sales growth to 2%. Pre-tax profit will be in the range of £4.1m to £4.3m. There will not be a final dividend.
Circle Property (CRC) says its NAV has increased by 4.7% to 290p a share at the end of March 2020. The focus on office properties has helped. Loan to value is 40%. A maintained dividend has been indicated by the board.
Kodal Minerals (KOD) has been granted a further three-year term for two of the gold concessions in the Ivory Coast.
Intelligent Ultrasound (MED) has raised £5.2m at 10.5p a share to bolster its balance sheet ahead of the commencement of royalties from its AI software. The cash will finance further development. There was already net cash of £7.3m at the end of 2019, although some of this cash will already have been used.
Jubilee Metals (JML) has recommenced mining at the Inyoni Surface PGM and chrome project and the Windsor JV PGM project.
MAIN MARKET
Sure Ventures (SURE) says that 25.9%-owned investee fund Sure Valley Ventures has made a follow-on investment in Admix, which provides advertising services in video games. Sure has a 7.02% stake in Admix.
Engineering and construction services provider NMCN (NMCN) says that it continues to work on around two-thirds of its current projects. There will be no final dividend for 2019. Net cash was £25.8m at the end of 2019. A further trading update is planned for 23 April.
Rainbow Rare Earths (RBW) says that production at the Gakara mine is increasing and 100 tonnes of concentrate has been exported since February.
Andrew Hore