AQUIS STOCK EXCHANGE
Valereum (VLRM) is making strategic enhancements to the GATE token strategy. It has brought in a tokenomics expert who will help to refine and enhance options. The changes could include a community voting mechanism for participatory decision making, interactive feedback sessions and transparent decision-making processes. There will be further information in the first quarter of 2025.
WeCap (WCAP) investee company WeShop Holdings has submitted a draft registration statement to the SEC. This is part of the process of obtaining a US listing, which will help the retailer app to be launched in the US and other markets. WeShop has 1,500 retailers signed up and testing in the UK has generated gross sales of £100m. WeCap owns 16% of WeShop.
Vinanz Ltd (BTC) has published the prospectus for its proposed move to the Main Market, which is planned for 13 January. This will be on the Transition Category. The cancellation of the Aquis Stock Exchange will be on 10 January. The bitcoin miner has received commitments totalling £1.5m at 14.5p/share conditional on the market switch.
Broker VSA Capital (VSA) increased interim revenues from £1.05m to £1.68m, which enabled a swing from a loss of £1.82m to a pre-tax profit of £298,000. The £57m fundraising for Invinity Energy Systems (IES) helped. The number of employees has reduced. NAV was 10.4p/share at the end of September 2024, although this does include intangible assets. Cash in the bank improved to £939,000. There are 29 retained clients. The deal pipeline is apparently growing, but timing is uncertain.
Mendell Helium (MDH) is continuing to make progress with an admission document for when it takes up its option to acquire M3 Helium. Production from the Nilson well has reached 127Mcf/day. The cost of bringing Rost into production could be reduced to $300,000. There is funding interest from local oil and gas companies in Kansas and this could be non-dilutive. This could fund further development of wells in Hugoton.
Lift Global Ventures (LFT) investee company Trans-Africa Energy is in talks with a Southern African state investor and the redemption date of the loan to the company has been extended to 31 January 2025.
Mental health treatments developer Shortwave Life Sciences (PSY) announced the pre-launch of a crowdfunding campaign on Crowdcube. The company has a psilocybin-based combination drug and proprietary buccal film delivery platform to improve outcomes for anorexia nervosa patients.
TruSpine Technologies (TSP) hopes for more news on the FDA submission for its medical devices for spinal care. The interim loss increased from £363,000 to £410,000. There was £51,000 in the bank at the end of September 2024. Finance options are being reviewed.
Adsure Services (ADS) director Peter Hammond has bought 65,000 shares at 21p each. He owns 7.17%. Coinsilium (COIN) has raised £65,250 through the exercise of warrants at 3p each. Chief executive Eddy Travia exercised 1.675 million shares taking his stake to 7.44%.
AIM
Maritime tracking technology developer Windward (WNWD) is recommending a 215p/share bid from an acquisition company formed by FTV VIII. The offer values the marine tracking technology company at £216m. The bidder wants to gain greater exposure to the maritime compliance market and believes it can help to accelerate growth. The management team will be retained. Windward joined AIM on 6 December at 155p/share.
Logistics Development Group (LDG) says Nash Squared has sold its NashTech division, which means that the AIM company’s investment of £10m in February 2024 has been redeemed for £13.1m. Logistics Development Group has £44m in cash. A tender offer at 19p/share is contemplated. That will distribute up to £21m. The plan is to distribute 50% of any further realisations and NAV will be published every quarter. The share price moved up 30.2% to 14p, which values the company at £73.4m. NAV was £99m at the end of May 2024.
Retailer Quiz (QUIZ) announced on Friday evening that it intends to leave AIM. The general meeting to gain shareholder approval will take place on 23 January. This is part of plans to reduce costs. Tarak Ramzan, who owns 20.4%, has offered a £1m loan facility and more cash will be needed next year. JP Jenkins may offer a matched bargain facility. Following the announcement, Amraj Gill’s stake has risen from 8.17% to 10.1% and Tajveer Gill’s stake has increased from 8.1% to 10.3%. Interim results show a tripled pre-tax loss of £4.7m, or £4.1m before exceptionals. Revenues continue to decline. National Insurance and living wage changes will add an annualised £1.7m from April. Net debt has reached £3.5m.
Michael Ashcroft has launched a requisition bid for a general meeting at data and marketing services provider Jaywing (JWNG). Michael Ashcroft wants Jaywing to leave AIM by 1 March 2025. He owns 29.5% of Jaywing and Lombard Odier is the next biggest shareholder with 18.9%. The directors own less than 6%. DSC Investment, which is associated with Michael Ashcroft, and Lombard Odier have jointly lent £11.9m to Jaywing. Net debt was £14.8m at the end of September 2024, which was before the latest £1.1m increase in the facility.
Premier African Minerals (PREM) announced an amended offtake and prepayment agreement with Canmax Technologies for the Zulu lithium and tantalum project after trading ended on Christmas Eve. The settlement options for Canmax Technologies have been adjusted in respect of prepayment amounts that are outstanding on 1 April 2025. If Premier African Minerals does not deliver the required product of provide cash settlement, Canmax Technologies is entitled to a direct stake in Zulu lithium at a valuation of $100m. The alternative is settlement in Premier African Minerals shares.
Maritime surveillance systems developer and installer SRT Marine (SRT) has signed the $9m Middle East coast guard contract and implementation has commenced. The is a ten-year contract for an upgrade to a 2016 installation. There should be $7m of revenues recognised in the year to June 2025 and the following year combined. There could be further upside from the contract. This contract adds to the $213m Kuwait coast guard contract, where implementation has also begun. Two other contracts totalling around $250m are near to signing and could start their implementations before June 2025. Management says that 2025-26 should be “significantly profitable”, but Cavendish has yet to reinstate forecasts.
Sunrise Resources (SRES) says Tolsa USA Inc has decided not to exercise its option to acquire the Pioche Sepiolite project in Nevada. There was no agreement on the terms of a continuing royalty for Sunrise Resources. Tolsa says it was difficult to correlate specific grades from holes drilled.
Orosur Mining Inc (OMI) has received assays from the fourth hole at the Pepas prospect in the north of the Anza project. There was a composite intersection of 40.2 metres @ 3.75g/t from 23.5 metres. Including 6.8 metres @ 9.02g/t. The results are good, but there are complexities. Part of the plan for the drilling is to resolve the complexities. Pepas has exceeded expectations.
Digital mental health company Kooth (KOO) has won a pilot contract in New Jersey and launched a share buyback programme of up to £1.5m to cover share-based rewards. The New Jersey contract is worth $1.45m in the pilot year. It covers 50,000 students between 13 and 18 years old. There are talks for a second US pilot.
Gemfields (GEM) says recent emerald and ruby auctions were disappointing. There is an oversupply of Zambian emeralds and emerald mining is being suspended by Gemfields. There is also civil unrest in Mozambique following elections. Ruby mining operations at Montepuez Ruby Mining have not been hampered, but risks have increased. There has been lower production of premium rubies. The focus is constructing a second ruby processing plant and other capital investment has been suspended, including the gold project. Options for the Faberge brand are being assessed.
Mitsubishi Electric is investing £26.2m in Seeing Machines (SEE) for a 15% stake and the companies will collaborate on opportunities in the design and manufacture of automotive technologies, particularly in Japan. There will also be access to the Mitsubishi distribution channel. The investment is at a 12% premium to the 30-day weighted average price. Mitsubishi intends to take its stake to 19.9%.
Property services provider Fletcher King (LON: FLK) improved interim pre-tax profit from £50,000 to £85,000 on revenues up from £1.33m to £1.6m. There is no interim dividend. Net cash was £3.77m at the end of October 2024. The second half tends to be more profitable, but the markets remain uncertain.
MAIN MARKET
Cash shell Pineapple Power Corporation (PNPL) has found another potential reverse takeover candidate. Hamburg-based FUSE-AI develops medical artificial intelligence products. It has developed Prostate.Carcinoma.ai software that enables radiologists to save time analysing MRI images and reduces the error rate. Distributors are being signed up. FUSE-AI is an investee company of Xlife Sciences. FUSE-AI would be acquired in an all-share transaction. This is still subject to due diligence. The deal to acquire Ilios Hydrogen is not going ahead.
Harworth Group (HWG) has completed the sale of 278 acres of land at Ansty, Warwickshire for £53.5m. Contracts were exchanged three years ago and planning permission has been granted.
Andrew Hore
