AQUIS STOCK EXCHANGE
Valereum (VLRM) has sold Bitcoin mining assets to Aquis new entrant Vinanz (BTC) in return for 27.3 million shares at 3p each. This gives Valereum a 23.5% stake in Vinanz, which plans to become a Bitcoin mining company with facilities operated by third parties in the US and Canada. The company will also consider mining other cryptocurrencies. The Vinanz share price ended the week at 3.5p. There was one trade of 30,000 shares at 3.26p a share.
E-commerce technology provider Samarkand (SMK) says 2022-23 revenues will be around £17m and the loss has been reduced. VSA forecasts a small positive EBITDA in 2023-24.
SulNOx Group (SNOX) says 2022-23 revenues more than quintupled to £203,000. There was £525,000 in cash at the end of March 2023.
Equipmake Holdings (EQIP) has agreed a partnership with H55 to develop electric aircraft technology. Switzerland-based H55 will use the company’s electric motors in its two-seater electric trainer for pilot training.
In the first three months of 2023, Guanajuato Silver (GSVR) reported record quarterly silver production of 938,000 ounces equivalent. VSA forecasts full year production of 4.7 million ounces of silver equivalent.
Goodbody Health Inc (GDBY) has decided to leave Aquis and the share price slumped 44.6% to 0.9p. It also reported a fall in full year revenues from £17.1m to £10m and an increased loss of £4.9m.
Tap Global Group (TAP) has increased revenues and users since reversing into an Aquis shell earlier this year. First quarter revenues were £1.2m, compared with £250,000 in the corresponding period last year. The regulated cryptocurrency app company increased users by 30% to 144,305.
Coinsilium Group (COIN) has raised £258,000 at 1.5p a share, with warrants attached that have an exercise price of 3p.
Chris Akers has raised his stake in Semper Fortis Esports (SEMP) from 4.57% to 19.5%. The share price jumped by one-fifth to 0.15p. The April 2021 floatation price was 1p. Chapel Down Group (CDGP) finance director Rob Smith bought 407,462 shares at an average price of 34.7p, taking his stake to two million shares. Hadron Capital, which was founded by Fenikso (FNK) non-exec director Marco D’Attanasio, has acquired 1.2 million shares at 0.6p each in Fenikso.
AIM
Sureserve (SUR) is recommending a bid from Cap10 4NetZero Bidco, which is a vehicle for private equity company Cap10 Partners. The 125p a share bid values Sureserve at £214m and that is the highest share price since the company floated as Lakehouse in 2015. Cap10 believes that taking the compliance and energy services provider company private will make it easier to focus on long-term goals.
Proton therapy cancer treatment developer Advanced Oncotherapy (AVO) announced a strategic review. A Nasdaq listing is being considered, which could involve selling the business to an existing Nasdaq company. There are no current discussions and cash is running out. Management hopes to obtain additional working capital by issuing more loan notes. That could extend the company’s cash until the end of May.
Pizza restaurants franchiser DP Poland (DPP) increased first quarter like-for-like sales in Poland by 19% and in Croatia by 16%. There are signs that food inflation is easing. However, additional investment in TV marketing will mean that the company will continue to lose money in 2023.
Business process outsourcing firm iEnergizer (IBPO) plans to cancel is AIM quotation and a general meeting will be held on 16 May to gain shareholder approval. As EICR (Cyprus) owns 82.7% that is a formality. The lack of free float has hampered liquidity and the costs of the quotation outweigh any benefits. Management expects to leave AIM on 26 May. There are plans for a matched bargain facility.
Unikmind has increased its bid for cyber security software provider Kape Technologies (KAPE) from 285p to 290p ($3.60) a share and some of the vendors of past acquisitions have agreed to accept.
Property bridging loans provider Vector Capital (VCAP) reported a slightly better than expected pre-tax profit for 2022. Management, though, is being cautious about lending this year. There was a £200,000 provision for doubtful debts, but the pre-tax profit was still £100,000 better than forecast at £2.8m. The total dividend is 2.53p a share. The average loan book was 27% higher than the previous year. This year the loan book could fall because of higher standards for new lending.
Woodbois (WBI) says that the lender to its Denmark-based Woodgroup timber trading subsidiary has given notice on a $6m lending facility. The facility provided by Sydbank is fully drawn, but there is also $3.1m in cash deposits with Sydbank, which wants a refinance plan by the end of May. Premier Miton subsequently sold its 9.96% stake.
Environmental and life sciences technology company DeepVerge (DVRG) says that revenues have been incorrectly recognised. That means that the 2022 figure will be 45%-50% lower than the £17.2m previously flagged. Some of the expected revenues have been delayed while others will not be recognised. The order book is more than £10m and this will be recognised in 2023 and 2024. There is £1m in the bank and more funding will be required.
Xeros Technology (XSG) is winning new business, but cash is declining. The 2022 figures were in line with expectations and cash was £6.5m. finnCap believes that the cash should last until the second quarter of 2024. That is despite the 2023 loss forecast being increased to £4.8m. The progress of the launch of a domestic washing machine using Xeros filtration technology by a partner has been slower than hoped. Breakeven could still be achieved late in 2024.
Dekel Agri-Vision (DKL) says that the quantity and quality of raw cashew nuts acquired for its new facility are in line with expectations and the pricing is better than anticipated. Average production rates have increased to 10 tonnes/day.
Tertiary Minerals (TYM) has commenced its latest exploration programme for the Lubuila copper project in Zambia following the ending of seasonal rains.
MAIN MARKET
Interim revenues at J Smart (Contractors) (SMJ) slumped from £5.16m to £2.12m, while pre-tax profit dived from £6.33m to £260,000, although the corresponding period included a £6.06m disposal gain. The interim dividend is 0.96p. Net assets are £123.7m, but this would have been lower if there had been a property revaluation at the end of the period.
Fourth quarter revenues for kitchenware retailer ProCook Group (PROC) were 10% lower than the same time last year, with high street sales flat – a new store was opened in Kingston-upon-Thames. There was a 65% increase on the previous quarter. Full year revenues were 10% lower at £62.3m and ProCook will breakeven.
Andrew Hore
