AQUIS STOCK EXCHANGE
Lift Global Ventures (LFT) raised £1.73m at 3p a share and it was capitalised at £2.75m on admission. The plan is to acquire a financial media business. The mid-price was 2.75p (2p/3.5p) at the end of the first day of trading. There were nearly 724,000 shares traded across nine trades.
Chapel Down Group (CDGP) increased full year revenues from £15.6m to £16.9m and returned to profit. Selling the Curious brewing business has helped focus management on the core wine making business. Wine volumes increased by 17% and more is being sold direct to consumer. Net cash was £6.4m at the end of 2021. There will be further investment in vineyards and a new winery to enable the doubling of revenues over the next five years.
TruSpine Technologies (TSP) has secured a funding agreement with Proffitt Brothers and Spartan Medical. TruSpine has received $100,000 on signing and will get a further $100,000 on lodgement of 510k FDA application for the screwless spinal stabilisation system product. That should happen this summer. The final tranche of $200,000 will be received on FDA clearance of the Cervi-LOK device. Proffitt will also receive one million warrants exercisable at 20p until the end of 2026 and a further one million warrants exercisable at the same price when the third tranche of funding is received. Vince Proffitt will join the TruSpine board. Spartan Medical has signed an exclusive US reseller agreement for two years after FDA clearance and this can be extended if sales reach a minimum of $2m.
Richard Tonthat is stepping down as chief executive of medicinal cannabis investment company Greencare Capital (GRE) and Dominic White has become chairman. Greencare has made two investments since it floated. It put £100,000 in CBD products supplier Clearly Supplements and £100,000 in fellow Aquis-quoted Voyager Life (VOY). Greencare still has £878,000 in cash and annualised running costs are £300,000.
Clean Investment Africa (CIA) has completed the trial and testing phase and trial production pellets made from coal fine samples from a Colombia coal mine. There will be commercial negotiations about a production plant and a 5,000 tonnes a month offtake agreement.
Altona Rare Earths (ANR) has raised £500,000 at 8p a share ahead of the proposed move the standard list later in May. There are plans to raise further cash with the listing. This cash will finance rare earth projects in Africa.
Blockchain investor Kasei Holdings (KASH) had £731,000 in cash at the end of January 2022. There has been a decline in value of some of the initial investments. In March, chair Jane Thomason Abigail subscribed £150,000 for new shares at 20p each.
Hydrogen Future Industries (HFI) had £1.9m in cash at the end of January 2022. Since then, a subsidiary has been set up to develop wind and water-based hydrogen production systems and Timothy Blake was appointed as its chief executive.
Hydrogen Utopia International (HUI) has signed an agreement for the first scale waste to hydrogen plant, which will be sited in Ireland. HUI will invest in the Ireland-based partner, which also has technology that can transform plastic into high grade slack wax and a fuel.
Ecotricity has raised its stake in Good Energy (GOOD) from 25.1% to 26.1%.
AIM
Self-storage sites operator Lok’nStore (LOK) commissioned a valuation at the half year r the first time and this led to the underlying NAV of 843p a share – a 48% increase on 12 months before. Lok’nStore has a loan to value of 8.3%. This will increase as more sites are opened, although forecast net debt of £56m in July 2024 is within the borrowing facilities. The interim dividend was raised by 16% to 5p a share.
Automotive testing and design company AB Dynamics (ABDP) increased interim revenues by 39% (organic growth was 21%). Net cash was £27.7m at the end of February 2022. Forecast full year revenues have been increased by £2m to £76.4m and underlying pre-tax profit by £500,000 to £11.5m.
Spectacles supplier Inspecs (SPEC) increased first quarter sales by 12% to $75.1m and the order book is strong. Production capacity is being expanded in Vietnam and a new factory is planned in Portugal.
First quarter sales of cosmetics supplier Warpaint London (W7L) were 69% higher than the same period last year, although this is a weak comparative. W7L products are being rolled out in Boots stores.
The loan book of Property bridging loans provider Vector Capital (VCAP) grew by 27% in 2021 and there is still scope for growth with the current loan facilities of £35m. Pre-tax profit is forecast to improve from £2.8m to £2.9m this year. The dividend could rise from 2.5p a share to 2.6p a share.
Frenkel Topping (FEN) reported 2021 revenues ahead of expectations at £18.4m. The specialist IFA improved pre-tax profit from £2.2m to £4.1m. There could be a further improvement to £6m in 2022.
Nevada-focused minerals explorer Great Western Mining (GWMO) is continuing with its drill programme, and it is making progress in a project for secondary recovery of gold and silver from mine tailings and spoil heaps. There is cash in the bank to achieve these targets.
MAIN MARKET
Domestic appliances and electrical products supplier UP Global Sourcing Holdings (UPGS) increased interim revenues by 14% to £85.7m. Underlying pre-tax profit improved from £7.7m to £9.9m. This was helped by the acquisition of the Salter brand, which has increased sales through supermarkets. Russell Hobbs sales were also much higher. Kitchen electricals brand Petra will help the group to grow in Germany. The interim dividend was raised by 36% to 2.3p a share.
Carclo (CAR) expects full year revenues to be ahead of expectations. Underlying profit will be in line with estimates because of higher overheads. Margin pressures continue into this year. Price increases are being negotiated. The technical plastics has started work on a large customer contract and the new production line should be fully up and running this year. The aerospace division was profitable and cash generative.
Andrew Hore
