AQUIS STOCK EXCHANGE
Good Energy (GOOD) is partnering with Barrow Green Gas for gas shipping services. This should help the company to grow the amount of biomethane that it supplies to domestic customers. Founder Juliet Davenport has sold 50,000 shares at 317.6245p each, while finance director Rupert Sanderson has sold 17,680 at 341p each.
Decentralised finance investor Dispersion Holdings (DEFI) is acquiring platform developer Defi Yield Technologies Inc in return for 348.7 million shares. Dispersion already owned a 6.1% interest that cost C$1m.
Omni-Egis (OMNI), which was formerly known as First Sentinel, has decided to leave Aquis. Trading has already been suspended because of the lack of 2020 accounts and management believes it can save £200,000 a year. If shareholders agree the cancellation will happen on 24 November.
Valereum Blockchain (VLRM) has raised £2m at 40p a share with a warrant attached that is exercisable at 80p. Valereum has an option to acquire 80% of the Gibraltar Stock Exchange. No details have been revealed but the transaction will require the approval of the Gibraltar authorities. The idea is that the Gibraltar Stock Exchange will introduce mainstream trading in cryptocurrencies.
Pioneer Media Holdings (PNER) is raising C$1.5m at C$1 per unit, which is one share and one warrant exercisable at C$1.50. Pioneer Media has agreed to acquire Kodoku Studios, which is involved in NFT-gaming and developing a platform called The Pit, which will enable creators to host their own NFT arenas. The acquisition will cost C$850,000 in cash and eight million Pioneer Media shares at C$1 each. Pioneer Media says that it will be the only quoted investment company focused on NFT gaming.
Helium Ventures (HEV) is making its first investment since joining Aquis. Helium Ventures is investing A$400,000 in ASX-listed Blue Star Helium at A$0.056 cents a share. Blue Star has exploration projects in North America and the A$15m it has raised will be used to drill ten wells over the next 15 months.
In the year to April 2021, IamFire (FIRE) had net assets of £919,000, Since then £369,000 has been raised in a share issue.
Rutherford Health (RUTH) has treated the first prostate cancer patient with a combination of its technology and a treatment developed by Panthera. This is part of a phase II study to determine the optimum dose for the Panthera drug.
Black Sea Property (BSP) had net assets of €21.8m at the end of June 2021, down from €22.4m at the end of 2020. Net debt was €16.4m.
AIM
Smaller companies broker Arden Partners (ARDN) is being acquired by legal services firm Ince (INCE), one of its own clients, in an all-share offer. Ince is offering seven shares for every 12 Arden shares in a bid recommended by the board of the broker. Assuming an Ince share price of 53p, this values each Arden share at 31p and the total share capital at £10m. Arden shareholders will own just over one-fifth of the enlarged share capital of the group. Irrevocable acceptances equate to 44.5% of the Arden share capital. This merger will enable a full range of professional services to be offered to clients. The deal is expected to be earnings enhancing and there should be a continuation of Ince’s policy to distribute one-fifth of post-tax profit in dividends.
IG Design Group (IGR) is generating the expected revenues this year, but it its warning that margins are coming under pressure from increased costs and supply problems. Progressive Research has slashed its underlying operating margin forecast from last year’s figure of 4.8% to 2.8%. Previously, a 2021-22 operating margin of 6.1% was forecast. Forecast revenues are being maintained at $934.3m, compared with $873.2m last year. There will be a full 12-month contribution from the CSS acquisition. The slump in margin means that forecast underlying pre-tax profit has been more than halved to $21.3m, down from $37m last year.
Norish (NSH) has completed the sale of its cold stores and intends to pay a 166p a share dividend out of the cash. The company will be renamed Roebuck Food Group and will have food products sourcing and dairy farming operations.
Arrow Exploration (AXL) is traded on the TSX Venture Exchange and has gained a second quotation on AIM. Arrow raised £7.6m after expenses at 6.25p a share and this will be spent on the drilling of five wells on the Tapir block in Colombia. Arden partners forecasts 2022 sales of $20m and EBITDA of $10m, based on successful drilling. Management believes that if the wells are successful then production could average more than 2,000 barrels of oil equivalent/day, rising to 3,000 barrels/day by March 2023. The share price ended the week at 7.875p.
Specialist cleaning services provider React Group (REAT) admitted that its full year trading was disappointing, and the pre-tax profit forecast has been reduced by £100,000 to £684,000. Covid-19 decontamination work was not as buoyant later in the year and reactive work was also weak. New contract wins are building up the recurring revenues base.
MAIN MARKET
Building supplies retailer Wickes (WIX) says third quarter like-for-like sales fell by 1.6%. the 2021 pre-tax profit is expected to be between £67m and £75m. The share price has fallen since the demerger from Travis Perkins.
Dukemount Capital (DKE) improved full year revenues from £2.39m to £3.3m, but the loss increased from £332,000 to £914,000. That was mainly due to much higher professional fees. The revenues come form the property management business and the newer flexible power joint venture is still in development.
Digital transformation business Kin and Carta (KCT) increased full year revenues by 12.5% to £141.4m, while adjusted pre-tax profit improved from £8.1m to £13m, although that is before pension and acquisition charges. The order book is worth £70m. The plan is to organically double revenues over four years.
Andrew Hore