AQUIS STOCK EXCHANGE
DXS International (LON: DXSP) says full year revenues will be slightly higher at £3.3m and there was a very small profit after tax. That is likely to be after a research and development tax credit, so there could be a pre-tax loss. Management believes that revenues can be increased substantially in the medium-term. Cash has been raised to market the newly developed software products. DXS International has raised £500,000 at 4p a share, while £131,000 of debt has been swapped for shares at the same price, which is above the market price.
Technology investment company SuperSeed Capital (WWW) had net assets of 101p a share at the end of 2022. Last year’s flotation enabled the company says there are opportunities in the software sector. The company’s fund performed well, but there are unlikely to be significant increases in investment valuations this year. However, revenues from the existing portfolio are expected to double.
Macaulay Capital (MCAP) had net assets of £1.44m, including cash of £1.19m, at the end of 2022. There was a cash outflow of £428,000. The first investment was in cakes and cereal bars maker Devonvale. There was a subsequent investment in precision engineer Camloc Motion Control. The initial investment of £700,000 will be reduced to £200,000 by selling to third parties. There are other investment opportunities.
Semper Fortis Esports (SEMP) is subscribing £250,000 for convertible loan notes in GL Membership, which trades as GoodLife+ and has Victor Chandler as one of its backers. The investee company offers monthly memberships with access to daily prize draws, plus discounts on products. There are 14,500 active members.
Asimilar Group (ASLR) is leaving AIM on 26 May and retaining the Aquis quotation. The Aquis share price rose by one-quarter to 0.75p. Chris Akers increased his stake in the technology investment company from 10.3% to 11.1%.
Equipmake Holdings (EQIP) has signed a licensing agreement with Sona Comstar, covering some of its range of drive motors and powertrains for their use in electric cars, buses and other vehicles in India and other south Asian countries. The two companies may jointly address other markets. Equipmake receives a one-off licence fee plus royalties. Production will commence in 2025.
MBH Corporation (M8H) has acquired White Arches, which supplies caravans and motorhomes, for between £7m and £8m. It already owns Robinson Caravans. White Arches generates annual revenues of £25.1m.
Guanajuato Silver (GSVR) reported drilling results from San Ignacio and Topia. Drilling at the former has shown an extension of the existing high grade area. There are also narrow veins with high grades at the Topia mine.
In the nine months to December 2022, aquaculture and offshore products company OTAQ (OTAQ) generated revenues of £2.56m and lost £2.51m. there were initial sales of geotracking technology. Net cash is £758,000.
Cannabidiol products supplier Voyager Life (VOY) increased full year revenues by 73% to £307,000. There was gross cash of £1m at the end of March 2023 with £500,000 set aside for the Polish acquisition. The full accounts should be published in August.
Vulcan Industries (VULC) has raised £25,000 at 0.75p a share.
Ananda Developments (ANA) has appointed SP Angel as corporate adviser. Four patent applications have been filed by the cannabinoid-based medicines developer.
AIM
Purplebricks (PURP) is selling its business and assets to Strike Ltd for £1 and cancelling its AIM quotation. That should leave £5.5m in cash in Purplebricks. The cash remaining after costs, which could be £2m, will be distributed to shareholders, but that won’t happen until early next year.
Canadian miner SilverCorp Metals Inc is bidding A$0.03 (1.6p) a share in cash and shares for Celsius Resources Ltd (CLA). This values the company at £30.2m. SilverCorp Metals is interested in the Makilala-Caigutan-Biyog (MCB) copper gold project in the Philippines. As part of the deal, Celsius shareholders will receive shares in a spin-off that owns the Sagay and Opuwo cobalt projects. This will be on the basis of one share in the new company for every ten Celsius shares. The new company will be quoted on ASX or AIM. Celsius joined AIM in January when it raised £2.4m at 0.8p a share.
Shoe Zone (SHOE) increased interim revenues by 8% to £75.4m even though there are fewer stores, but margins declined. Pre-tax profit fell from £3.1m to £2.5m. The interim dividend is unchanged at 2.5p a share. Net cash was still £12.9m, even after dividends and share buybacks. Full year pre-tax profit is forecast to slip from £11.2m to £8.5m.
Sustainable fuels developer Velocys (LON: VLS) intends to raise £6m in a placing at 2.5p a share and a retail offer could raise up to £500,000. An open offer could raise up to £2m more. Carbon Direct Capital is subscribing for a minimum of £12m of convertible loan stock – the conversion price is 2.5p or it could be lower if more shares are issued at a lower price. The structure of the convertible incentivises a US listing within 21 months. The cash raised will be invested in fuels projects in the UK and US and the commissioning of an Ohio manufacturing facility.
Egdon Resources (EDR) is recommending a 4.5p a share cash bid from Petrichor Partners. This values the UK-focused oil and gas company at £26.6m. Petrichor is owned by HEYCO, which provides services and capital to oil and gas projects in the US and Europe.
Xeros Technology Group (XSG) has signed a ten-year technology licence and distribution agreement with KRM Tekstil Boya, which will distribute denim processing equipment. Denim processing uses lots of water and energy and this will be reduced by this equipment. Xeros will receive a royalty on each machine sold and will supply XOrbs for the machine. The launch will be later this year.
Rurelec (RUR) is selling its Argentinian power generation interests for $5m (£4m), which will leave it as a shell. The assets had a book value of $4.76m. Sterling Trust, which owns 54% of Rurelec is in favour of the deal. There is an initial payment of £2.4m on completion. This deal will enable a 0.2p a share dividend to be paid and leave £1.14m in the company.
ImmuPharma (IMM) says that there was positive feedback from a consultation with the US FDA. This will help with the design of the phase 2/3 clinical study of the P140 treatment in chronic idiopathic demyelinating polyneuropathy. The trial could begin in the second half of 2023 and a Lupus trial could also start later in the year.
Mirada (MIRA) has set out plans to cancel its AIM quotations. The IPTV technology provider has been quoted for more than two decades, but a large shareholder with a 87.2% stake has limited liquidity and investor interest in the shares. The major lender to Mirada is also related to the main shareholder. This means that the cancellation will happen, and the shares will then be traded by JP Jenkins. That should save costs of $470,000/year.
Antibody discovery company Fusion Antibodies (FAB) has raised £1.56m at 5p a share and a REX retail offer could raise more. The retail offer closes on 22 May. The cash and cost saving measures will provide enough funds to enable Fusion Antibodies to offer its Integrated Therapeutic Antibody Service, as well as further developing the OptiMAL therapeutic antibody discovery platform.
Prospex Energy (PXEN) says the gas plant and connection to the grid have been completed for the Selva gas project in Italy. Prospex Energy has a 37% interest in Selva. There is a small increase in cost over budget. The first revenues from Selva should be generated in the near future.
MAIN MARKET
Financial management software provider Aptitude Software (APTD) is on track for a sharp rise in full year profit from £7.7m to £10.6m in 2023 thanks to higher revenues and improving margins. More clients have been signed up and there is a pipeline of potential new customers.
Ground engineering and piling business Keller (KLR) has started the year stronger than expected. A full year pre-tax profit of £100m is forecast, but there is potential for a better outcome. Weakness in US housing is being offset by growth elsewhere.
Breedon (BREE) has moved from AIM to the Main Market.
Andrew Hore
