AQUIS STOCK EXCHANGE
Energy storage technology company Invinity Energy Systems (IES) has reassured the market that its 2022 accounts will be published by the end of June and there is likely to be a reduction in provisions for contract losses. That means the overall loss will be lower. Revenues will be around £3.6m. There was cash of £15.4m at the end of May.
Newbury Racecourse (NYR) is investing 40% of its media income into prize money this year. A new betting office retail rights agreement started on 1 April. An annual dividend is planned this year.
Mark Horrocks has increased his stake in Lift Global Ventures (LFT) from 12.3% to 13.3%. Investee company Trans-Africa Energy has entered a joint development agreement with Ghana Natural Gas, which gives the company majority stakes in four projects processing and transporting natural gas.
Annable Schild has been removed as a director of TruSpine Technologies (TSP).
Coinsilium Group Ltd (COIN) has converted a £200,000 loan note into Greengage Global Holding Ltd shares and warrants. It has also invested £25,000, at a 9.9% share price increase on the initial investment in the digital merchant banking technology developer, in the latest £1m fundraising. This increases Coinsilium’ stake to 27,133 A shares and 8,370 warrants.
Cadence Minerals (KDNC) investee company Hastings Technology Metals has signed non-binding heads of agreement with Neo Performance Materials Inc relating to a potential offtake agreement for rare earth concentrate from stage one of the Yangibana rare earths project. This could cover up to 25,000 tonnes per annum.
RentGuarantor (RGG) has secured an agreement with InsureStreet Ltd (Canopy) for the use of its rent guarantee services. Canopy completes 120,000 references each year and 12% of these require a guarantor. The initial term is three years.
SulNOx Group (SNOX) has been granted a US patent for a range of formulations including the Berol 6446 Heavy Fuel Oils emulsifiers and SulNOxEco Fuel Conditioners for diesel and petrol. This will help to generate revenues in the US.
EPE Special Opportunities Ltd (EO.P) had net assets of 313.17p a share at the end of May 2023.
SuperSeed Capital (WWW) managing partner Mads Jensen bought 3,000 shares at 85p each.
AIM
Professional services provider Driver Group (DVR) is back in profit in the first half after a second half loss in the previous financial year. The £700,000 pre-tax profit was achieved even though there was a small fall in revenues because of the restructuring of the Middle East and Asia divisions. Utilisation rates improved from 69.6% to 75.6%. The interim dividend is maintained at 0.75p a share. Further cost savings will help second half performance.
Mind Gym (MIND) moved back into profit in the year to March 2023. Revenues improved 13% to £55m, while a loss of £500,000 was turned into a pre-tax profit of £3m. The human capital services provider continues to invest in digital products, so cash fell to £7.6m. A £10m debt facility remains undrawn. The purchase of a diagnostics platform has brought forward the launch date for a full client diagnostics platform by 18 months and less will have to spent on the development.
Consumer appliances retailer Marks Electrical (MRK) reported maintained pre-tax profit for last year despite higher costs and the overall weakness of the economy. In the year to March 2023, revenues improved from £97.8m to £112.4m, while underlying pre-tax profit was flat at £6.4m. Gross margins edged down. Overheads were higher partly due to the lack of Covid business rate relief, building up capacity and the costs of being quoted. Net cash rose from £3.9m to £10m. The total dividend is 0.96p a share. Marks Electrical increased its domestic appliances market share from 2% to 2.5% and raised its share of the consumer electronics market, which it entered more recently, from 0.4% to 0.6%.
Battery technology developer AMTE Power (AMTE) says it needs to complete a financing within four weeks. There is no certainty that any money will be raised and that means that shareholders may end up with nothing. The cash will provide more time for the company, but it needs significant funds to finance the building of a battery plant.
The FDA has granted marketing authorisation for the Futura Medical (FUM) erectile dysfunction treatment MED3000. It can be sold over the counter without a prescription. It takes ten minutes to take effect, which is faster than rival treatments. A US commercial partner is required. The treatment is branded as Eroxon in Europe and the roll out has already commenced in the UK and Belgium. Lombard Odier has exercised 10.9 million warrants at 40p each, bringing in nearly £4.4m in cash.
Sound Energy (SOU) believes it has secured a deal that will provide funding for the Tendrara exploitation concession and the Grand Tendrara exploration permit. The deal with Calvalley Petroleum would involve the divestment of a 40% working interest in the concession and permit. Sound Energy retains a 35% interest and remains the operator. Calvalley would fund the first $48m of development costs and 100% of the TE-4 well costs up to a maximum of $7m. There will also be $8m of funding for 40% of other costs, including back costs. Calvalley may also advance Sound Energy cash to cover costs and this would be paid back out of future revenues. Sound Energy is also raising up to £4m through a convertible loan note.
The Aptamer (APTA) share price recovered on the back of a successful development of a lateral flow test to diagnose early Alzheimer’s disease. This was developed in collaboration with Neuro-Bio using Optimer binders. The share price is back to around the level it was last month before Aptamer said that deals are slow in converting and it will require more cash.
Challenger Energy (CEG) says that it expects to be awarded a new onshore licence in Trinidad. This covers a block that surrounds Challenger Energy’s producing Goudron field. The block is also highly prospective, as well as having existing non-producing wells. The Trinidad operations can finance themself and potentially provide cash for the core Uruguay exploration operations.
Sustainable biopesticides developer Eden Research (EDEN) has appointed a new product distributor in Colombia. Anasac Colombia will be exclusive distributor of Mevalone and it will seek regulatory approval for its use on freshly cut flowers to prevent Botrytis cinerea. Colombia exported $1.73bn worth of cut flowers in 2021.
Mirada (MIRA) fell a further 48.3% to 1.55p ahead of the cancellation of the AIM quotation on Monday.
MAIN MARKET
Social housing maintenance provider Mears (MER) has traded strongly in the first five months of the year leading to a profit upgrade. Peel Hunt has increased its 2023 pre-tax profit forecast by 10% to £3.8m.
Castings (CGS) is paying a 15p a share special dividend and the total dividend for the year is 32.35p a share. In the year to March 2023, net foundry output was the highest since 2014 due to increasing heavy truck production. Revenues were 35% ahead at £201m and pre-tax profit was 38% higher at £16.7m.
In the year to March 2023, structural steel supplier Severfield (SFR) revenues were 22% ahead at £491.8m, with underlying pre-tax profit one-fifth higher at £32.5m. The total dividend is 10% higher at 3.4p a share. Net cash was £2.7m, although the purchase of steel fabrication company Voortman Steel Construction Holding for €24m will move the company back into net debt.
Andrew Hore
