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Kavango Resources #KAV – Calling of AGM
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) is pleased to announce the Company’s Annual General Meeting will be held at the offices of the Company’s Solicitors, Druces LLP, Salisbury House, London Wall, London EC2M 5PS at 11 a.m. on 08 July 2022 (the “AGM”).
Kavango will post a copy of the notice of its annual general meeting (the “2022 AGM Notice”) and form of proxy for the AGM, along with the 2021 annual report and financial statements to shareholders on Monday 13 June 2022, which will be available to download from the Company’s website ( www.kavangoresources.com ) on the same day.
In accordance with Listing Rule 9.6.1 of the UK Financial Conduct Authority (“FCA”), a copy of the 2022 AGM Notice and a form of proxy for the AGM will be submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
Power Metal Resources #POW – Result of AGM
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the results of its Annual General Meeting held today at 10am.
All 6 resolutions put to members were passed on a poll. Resolutions 1 to 5 were passed as ordinary resolutions and resolution 6 was passed as a special resolution.
The results of the poll (including proxy votes) are outlined in Table 1 below.
Paul Johnson, Chief Executive of Power Metal Resources commented:
“I would like to thank shareholders for their support today. Three years ago we started on a road to build a unique resource exploration powerhouse. From a small team with a west- and central-African focus, we have built a global Company focused on what we consider to be the great resource jurisdictions and the key commodities the future growth of our world will require.
I have been asked recently, “what we aspire to be?”, and to cite comparators in the market. This is difficult to answer, as we simply seek to do things differently and not be like others, small or large. Our early years saw Power Metal advance its business interests and build a portfolio positioned for a commodities cyclical bull market. Many of our acquired business interests offer district scale exploration potential.
Our more recent activities have seen relentless exploration across our portfolio, exemplified currently by four drill programmes at various stages from launch to pending results. Our exploration ranges from low-cost surface-based work through to the application of the latest technologies enabling deep target drilling. Power Metal is seeking large scale metal discoveries through this exploration work.
We plan to release our quarterly report for January to March 2022 on 5 April 2022 and there, investors will see the latest position of each project.
We have a fine team of people providing an in-house broad-spectrum capability covering geology, finance, business management and communications. It is a privilege to work with such a talented group. Our team is supported daily by an exceptionally strong adviser base of consultants and professional service providers.
The junior resource market can deliver exceptional returns; however, it carries with it a great degree of risk no matter where you choose to invest. Therefore, to those that do choose to invest in the sector, I salute you for your courage and trust that the sector, and Power Metal within it, can deliver on your expectations.
Recently we have addressed many queries from investors, large and small. If you would like any questions answered, in line with market rules, my mobile phone number is on market announcements or please email info@powermetalresources.com.”
Table 1 – AGM Resolution Results of Poll
|
Resolution |
Votes for |
% Votes Cast |
Votes against |
% Votes Cast |
Votes withheld |
|
Resolution 1 (Ordinary) To receive the report and accounts for the year ended 30 September, 2021 |
217,459,832 |
97.66 |
0 |
0 |
344,390 |
|
Resolution 2 (Ordinary) To re-appoint the auditors and authorise the directors to determine their fees |
217,412,628 |
97.63 |
77,204 |
0.03 |
314,390 |
|
Resolution 3 (Ordinary) To authorise the issue of 5,000,000 options to acquire ordinary shares in the Company to Edmund Shaw. |
208,441,147 |
95.54 |
4,528,583 |
2.08 |
4,834,492 |
|
Resolution 4 (Ordinary) To authorise the issue of 5,000,000 options to acquire ordinary shares in the Company to Scott Richardson Brown. |
212,941,147 |
95.63 |
4,528,583 |
2.03 |
334,492 |
|
Resolution 5 (Ordinary) To authorise the directors to allot relevant securities |
216,663,667 |
97.39 |
590,560 |
0.27 |
549,995 |
|
Resolution 6 (Special) To dis-apply pre-emption rights |
215,818,394 |
97.00 |
1,470,935 |
0.66 |
514,893 |
As at 30 March 2022, there were 1,466,953,915 ordinary shares in issue. Shareholders are entitled to one vote per share. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes for and against a resolution.
Blencowe Resources #BRES – Notice of AGM
The Company announces that a Notice of Annual General Meeting is today being posted to shareholders. The Annual General Meeting will be held at 55 Athol Street, Douglas, Isle of Man at 10.00 am on 23 February 2022 .
#MSMN Mosman Oil and Gas – AGM Update – Withdrawal of Resolution 2
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update on the planned AGM due to held in Sydney on 28 January 2022.
The Company has received a number of comments from shareholders in respect to the proposed Resolution 2 – Share Consolidation – 1 for 100 Shares. The Board has taken this feedback into consideration and has decided to withdraw Resolution 2 at this time and that matter will now not be placed before shareholders at the AGM.
As required by Australian law, all other aspects of the meeting will proceed.
Enquiries:
|
Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
|
Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
Andrew Hore – Quoted Micro 10 August 2020
AQUIS STOCK EXCHANGE
National Milk Records (NMRP) generated revenues of £5.35m in the quarter to June 2020, down from £5.6m in the previous year. Milk recording revenues declined because of COVID-19 restrictions. There was limited disruption to other parts of the business. The second half of the year to June 2020 was still better than the first half.
British Honey Company (BHC) has signed a four-year global licensing and distribution agreement with English Heritage. Spirits will be sold under the English Heritage brand.
The Hellyer gold mine operated by NQ Minerals (NQMI) achieved record production levels in July. The new processing plant had a monthly throughput of 106,365 tonnes. There was 4,075 tonnes of lead concentrate, 1,509 tonnes of zinc concentrate, 461 ounces of gold and 89,854 ounces of silver produced.
Sport Capital Group (SCG) intends to refocus its investment strategy on the natural resources sector and change its name to Evrima. An investment has been made in Kalahari Key Metals Exploration. A share consolidation of ten shares into one new share is planned.
Clean Invest Africa (CIA) says that its subsidiary CoalTech has signed heads of agreement for a feasibility study and commercialisation of a 5,000 tonnes per month pelletising plant in New South Wales. The study will take three months and it would take a further nine months. The plant would be near to a power station.
MiLOC Group Ltd (ML.P) increased its revenues from HK$10.7m to HK$15.4m in the year to December 2019, but the loss still increased to HK$40.6m, partly due to stock write-downs. Both traditional Chinese medicine products and the company’s clinics made higher contributions to revenues.
Asia Wealth Group Holdings (AWLP) reported a decline in revenues from $2.4m to $1.43m in the year to February 2020. There was a swing from profit to loss.
AIM
NWF (NWF) benefitted from strong demand for heating oil and the slump in the oil price. There were bumper profits from the fuel distribution business in the year to May 2020. Operating profit nearly doubled to £11m and this won’t be repeated. Opening cost of the new Crewe facility led to a dip in profit contribution from food distribution. The feeds business increased market share but profit fell. Group pre-tax profit improved from £9.7m to £11.5m. A pre-tax profit of £10.7m is forecast for next year.
Telecoms hardware manufacturer Filtronic (FTC) reported full year figures in line with the recent trading statement and there was a small pre-tax profit. Revenues are building up as demand for 5G products increases. There is spare manufacturing capacity and efficiency will improve as capacity is used up. The US-based subsidiary is in a good position to win 5G orders.
Applied Graphene Materials (AGM) has signed two new distribution agreements. A deal with Arpadis Benelux will enable Genablle graphene dispersion technology to be sold in the main speciality chemicals markets in Europe. An agreement with Maroon Group provides access to the coatings and polymers sectors in North America.
Construction materials distributor Brickability (BRCK) generated revenues of £23.8m in the three months to June 2020. There was a loss in April but Brickability returned to profit in May and June.
Telecoms customer engagement software provider Pelatro (PTRO) is raising £21m at 47p a share. This will fund investment in sales and marketing and working capital. Pelatro is profitable but cash generation has been relatively poor, although it was better last year.
Lawyer Ince Group (INCE) has reported 2019-20 figures that show an underlying pre-tax profit of £7m, although earnings per share declined following share issues. The consolidation of international acquisitions has been completed and IT is being improved. First quarter trading is 10% below plan but the business is still profitable.
Intelligent Ultrasound (MED) was quick to develop a COVID-19 module for its machines and this helped to partly offset a drop in first half revenues. Losses continue but the potential launch of AI-based products in 2021 and 2022 will put the company in a good position to move into profit.
K3 Business Technology (KBT) is a much smaller business following the sale of its UK Dynamics subsidiary, but it has a more solid and profitable base. Interim revenues slipped from £27.9m to £27.2m. K3’s own IP contributed 48% of revenues.
Fulcrum Utility Services (FCRM) has a better base going into the year to March 2021, even though the multi-utility infrastructure services provider was hit by the construction lockdown in the first quarter. Housebuilding activity is improving. Operational inefficiencies are being addressed.
Entertainment events marketing services provider Reach4Entertainment (R4E) intends to leave AIM in order to save money and enable greater flexibility. The share price slumped after the announcement, but it has moved back above the price at the beginning of the week. Chief executive Marc Boyan has bought 70 million shares at 0.2155p a share. That takes his stake to 16.1%. Herald has sold its 14.4% stake and Matthew Freud has bought a 14.95% stake.
Pensions administrator STM (STM) says that interim trading was in line with expectations thanks to its recurring revenues and control of costs.
Mergers adviser K3 Capital (K3C) has acquired Quantuma Advisory, which is focused on insolvency and restructuring, for an initial £20.2m. A further £6.7m could be payable depending on performance over three years.
Yourgene Health (YGEN) is acquiring Coastal Genomics for an initial $5.5m and up to $8m dependent on performance. Vancouver-based Coastal is a sample preparation technology company. The technology complements Yourgene’s technology and gives it a North American base. Yourgene raised £15m at 17p a share.
MAIN MARKET
Castillo Copper (LON: CCZ) joined the standard list on 4 August. Castillo raised £1.3m at 1.7p a share and the share price ended the week at 2.45p (2.2p/2.7p). There are three core projects, but the one that management is focusing on is Mt Oxide. The plan is to develop a copper mine. The Ayra prospect is the main exploration target and £450,000 will be spent on the Mt oxide area. The other core projects are the Cangai copper project in Australia and the Zed projects in Zambia.
BATM (BVC) says Vodafone has completed proof-of-concept on the ARM-based uCPE, which includes BATM’s network functions vizualisation (NFV) operating system. Field trials are likely to follow. This shows that both the networking and biomedical have good growth prospects. Stifel forecasts a rise in BATM pre-tax profit from $4.8m to $7.7m in 2020.
Construction and infrastructure services provider NMCN (NMCN) had a strong first quarter but a tougher second quarter meant that interim pre-tax profit fell by three-quarters. Even so, an interim dividend of 10p a share has been announced, which partly compensates for the lack of 2019 final dividend. There was an improved performance in telecoms and water is at the lower point in the cycle. Construction sites are becoming more active. Progress Equity Research forecasts a full year pre-tax profit of £1.9m, before recovering to £7.6m next year. A forecast total dividend of 15p a share for 2020, would not quite be covered by earnings.
Seafox International was successful in persuading Gulf Marine Services (GMS) shareholders to appoint Hassan Heikal and Hesham Halbouny to the board of the offshore oil services provider. They each received 57.7% of the votes.
Standard list shell Boston International Holdings (BIH) had £310,000 in cash at the end of June 2020, although there is also an unsecured loan of £200,000.
Argo Blockchain (ARB) mined 165 bitcoin in July, down from 180 in June. There were problems in the middle of the month. Mining revenue was £1.25m in July.
Andrew Hore
Andrew Hore – Quoted Micro 30 March 2020
AQUIS STOCK EXCHANGE
AQSE and AIM-quoted Arbuthnot Banking (ARBB) improved its underlying pre-tax profit from £4.4m to £5.8m in 2019, while the second interim dividend is 5% higher at 21p a share. This does not have to be agreed at an AGM. NAV rose from 1283p a share to 1364p a share. The total capital ratio has edged up from 17.2% to 17.3%.
Newbury Racecourse (NYR) says that its insurers stipulated that COVID-19 was excluded from the insurance for the abandonment of race meetings. There will be a significant loss of revenues even if horse racing remains suspended until the end of April. Events, the hotel and the nursery will also be hit. There are bank facilities that should be enough to cover needs for the foreseeable future and the company is talking with its lenders. Management still expects David Wilson Homes to make a further payment of £10.9m for the development sites it has acquired.
Employee-owned businesses investor Capital for Colleagues (CFCP) believes that the value of its investments has declined by up to 15% since the end of February. NAV will have fallen from 50.17p a share to a range of 42.6p a share to 45.1p a share. That offsets the increase in the previous six months.
Hydro Hotel, Eastbourne (HYDP) is cancelling its interim dividend of 14p a share. The hotel has been temporarily closed.
KR1 (KR1) has invested $65,000 in the Acala Network project and will receive 866,666.67 tokens at 7.5 cents each. Acala will offer a stablecoin that can be transferred across different blockchains and collateralised with digital assets.
Cadence Minerals (KDNC) says that its 4.1%-owned investee company Macarthur Minerals is seeking a partner for its Lake Giles iron ore project in Western Australia. Another investee company, 16.7%-owned AIM-quoted European Metals Holdings (EMH), has secured a strategic investment by CEZ in the Cinovec project. CEZ will subscribe for a 51% stake in the company that owns the project, subject to EMH shareholder approval. The price payable has been reduced from €34.1m to €29.1m.
AFH Financial (AFHP) non-executive director has invested nearly £25,000 in the IFA at 198p a share.
Clean Invest Africa (CIA) says that subsidiary Coal Agglomeration South Africa has stopped activities until 16 April, which is in line with the government lockdown.
EPE Special Opportunities Ltd (ESO) has cash of £26.4m and it could defer the July repayment of £2m of its £3.9m convertible loans, so it is in a strong position to cope with the effects of COVID-19.
Eastinco Mining and Exploration (EM.P) has suspended mining in Rwanda because of COVID-19. This will be for an initial two weeks. Planning for continues exploration will continue.
NQ Minerals (NQMI) has employed consultants to prepare a mine reopening due diligence study on the Beaconsfield gold mine.
TechFinancials (TECH) is exercising its option to acquire shares in Cedex Holdings and the resulting stake will be 97.3% or 90.8% fully diluted. The company will consider disposing of the stake.
World High Life (LIFE) is holding a general meeting on 14 April in order to gain shareholder approval for each existing share to be sub-divided into ten new shares.
First Sentinel (FSEN) has issued a further £245,000 of bonds. This takes the total value of bonds in issue to £1.23m. Trading in First Sentinel 7% bonds, February 2023, First Sentinel preference shares and EPE Special Opportunities 7.5% unsecured loan stock, 2022 has started again after the market maker resumed activities.
AIM
Novacyt (NCYT) has signed a contract manufacturing deal with Yourgene Health (YGEN) for its COVID-19 test. The initial plan is for Yourgene to manufacture critical components. A global distribution agreement for the COVID-19 test has been secured with Bruker-Hain Diagnostics for use on its instruments. The Philippines has approved the test for commercial use.
Graphene materials supplier Applied Graphene Materials (AGM) has successfully reduced its cost base and it had £4.3m in the bank at the end of January 2020. This should last until the second half of 2021. Revenues remain small but a number of coatings products using the company’s graphene have been launched in the past year. There is a pipeline of additional products.
Cyber security services provider ECSC (ECSC) is still losing money, but it is generating cash. In 2019, ECSC revenues grew by 10% to £5.91m. Managed services revenues increased by 48% to £2.61m. Managed services has additional capacity and as more work is won margins could continue to improve. Consulting revenues dipped slightly to £2.9m, although they did grow in the second half. The other revenues come from third party products and other services.
Secure payments systems provider PCI-Pal (PCIP) is raising £5m at 30p a share. The cash will finance sales and marketing in North America and further product development. There will also be additional flexibility for any medium-term effects of COVID-19.
Georgia-focused oil and gas company Block Energy (BLOE) is acquiring two blocks adjacent to its own from Schlumberger. They include Block XIB, which is Georgia’s most productive block, although the peak production was in the 1980s. This will boost Block’s production by 245 barrels of oil per day. There is also another exploration block and a central production facility being acquired. There are 14 years remaining on the permits for the two blocks. Block is paying for the assets with 120 million options exercisable at nil cost. They are deemed to have a value of 5 cents each. The options can be exercised between 12 and 24 months from completion.
Replacement windows and doors supplier Safestyle UK (SFE) has temporarily ceased installations. Safestyle believes with cost reductions and government assistance it will be able to cope with the closure of activities until after the end of June.
Wynnstay Group (WYN) is still paying its 9.4p a share final dividend. Trading in the four months to February 2020 was subdued but in line with expectations. The company’s agricultural stores have been allowed to stay open. There may be some additional costs relating to COVID-19.
Geospatial software provider IQGeo (IQG) has secured an expansion to its contract with Tokyo Electric Power Company, which is worth £1.8m over three years.
MAIN MARKET
Trident Resources (TRR) is becoming a mining royalty company and moving to AIM. The first acquisition is a 1.5% free on board revenue royalty over part of the Koolyanobbing iron ore operation in Western Australia for a staged cash consideration of A$7m. There are plans to increase production from an annualised rate of 11Mtpa to 15Mtpa by the end of 2020. The initial payment is A$4m and the other A$3m is payable one year after completion. The most recent quarterly royalty was A$731,000. Further royalty interests are set to be acquired. A fundraising is planned and the company will change its name to Trident Royalties.
Dev Clever (DEV) says that COVID-19 restrictions have increased demand for its SaaS-based career guidance platforms. The US launch was in April.
Nanoco (NANO) says Merck has issued three-month notice of termination of its cadmium-free quantum dots licence agreement so that the licence can be renegotiated. The existing licence had minimum annual royalties. Merck continues to buy materials.
Spinnaker Opportunities (SOP) says that an investor commitment to provide £1.4m for the company when it acquires Kanabo Research has been terminated. This arrangement was made in July 2019 and the acquisition of the medicinal cannabis company has still not been completed.
Zenith Energy (ZEN) is amending the terms of the purchase of 80% of the Anglo American Oil and Gas (AAOG) subsidiary that owns 56% stake in the Tilapia oilfield in the Republic of Congo. The purchase price has been reduced by one-fifth to £800,000 and it will be paid in ten monthly instalments. Zenith will no longer issue any shares and it will not be providing a £250,000 secured loan facility.
Books publisher Quarto (QRT) says revenues fell from $149.3m to $135.8m in 2019 but it did return to profit. Banking facilities have been extended to July 2021.
Dukemount Capital (DKE) says the Wavertree project is at the final fit out stage, but work has been suspended due to COVID-19. There are 16 apartments and offices on the site in north west England.
Andrew Hore
Andrew Hore Quoted Micro 14 October 2019
NEX EXCHANGE
National Milk Records (NMRP) increased its pre-tax profit by one-fifth to £2.4m in the year to June 2018. Revenues improved from £21.4m to £22.8m. The farm-based milk recording business grew, but the main growth came from the much smaller traceability and reproductive businesses. These figures are for the period before the recent virus attack. The dividend has been halved from 2.5p a share to 1.25p a share because management wants to invest in laboratories and IT. Net debt was £1.7m.
Good Energy (GOOD) has clarified its interim figures. The renewable energy supplier says that there was a misclassification of £4.9m relating to cash and current assets and current liabilities. The problem was the timing of payments. This does not change NAV and profit. There was a £20m in the bank at the end of September 2019. Good Energy has signed a technology platform agreement with Octopus Group, which could involve investment of £4m in order to improve efficiency. The existing technology will be written down over the 12 months to June 2019. Operating cost savings should cover the investment in 18 months of full implementation.
Vox has ended merger discussions with PCG Entertainment (PCGE) and Align Research saying that it is difficult to raise money for any business involving Align Research. Vox is concerned that this will hamper fundraisings for future deals, and it believes it could have a negative effect on its main business.
VI Mining (VIM) has acquired rights to near-surface oxide gold at the Aripuana project in Brazil. The company’s other assets are in Peru.
Reyker Securities has been suspended as a broker on NEX Exchange.
AIM
PCI-compliant payment services provider PCI PAL (PCIP) is making progress in winning new contracts in North America. Recurring annual contract value is £1.9m, compared with forecast revenues of £4.8m in the year to June 2020, up from £2.8m. PCI Pal will continue to lose money as it builds up revenues. Net cash was £1.5m at the end of June 2019. A new £2.75m facility will provide the working capital required to cover losses until the company starts to generate cash. Net debt of £1.5m is forecast at the end of June 2021, so this is well within the funding available.
Uhuru Corporation is a Japanese Internet of Things technology company planning to join AIM this month. Tokyo-based Uhuru (www.uhuru.co.jp/en) is involved in consultancy and engineering, as well as providing creative content and data analysis. Customers include NEC, Dentsu, Honda, Komatsu, Yamaha and Mitsubishi Heavy Industries.
Duke Royalty (DUKE) raised £461,500 at 44p a share via PrimaryBid.com, which takes the total raised to £16.55m. A two-for-51 open offer has been launched to raise a further £3.45m.
AIM shell Wilmcote Holdings (WCH) had discussions about the participation in the purchase of US-based speciality chemicals company Arclin Inc, but these have ended. The costs of the work done on this potential transaction have reduced the cash pile to £900,000. Wilmcote is holding talks with investors about how to fund expenses while it seeks another speciality chemicals acquisition. Trading in the shares has recommenced and the share price slumped from 97p to 65p.
Oil and gas producer Amerisur Resources (AMER) has issued revised bidding instructions to the potential acquirers that were provided data as part of the strategic review and formal sale process. The process will hopefully conclude before the end of the year.
Applied Graphene Materials (AGM) is focusing on the customers that are utilising its dispersion know-how and provide the best near-term revenue potential. That will enable the graphene producer to cut its operating costs and make the cash in the bank last at least another two years. Net cash was £6.1m at the end of July 2019 and a tax credit of £600,000 has since been received. Manufacturing will be streamlined, and the annual cost base could fall from £4.3m to £3.2m. Revenues remain modest.
Pawnbroker Ramsdens Holdings (RFX) will make a one-off gross profit of £600,000 from scrapping slow moving jewellery in order to take advantage of the rise in the gold price. Trading is in line with expectations. The interims will be published on 3 December.
United Oil and Gas (UOG) is on course to acquire Rockhopper Egypt for $16m before the end of 2019. A share issue is required in order to fund the initial cash payment of at least $11m. The rest of the payment will be in shares issued at the placing price. The main asset being acquired is a 22% interest in the Abu Sennan concession.
Time Out Group (TMO) has raised £17.1m at 127p a share. The June 2016 flotation price was 150p. The cash will be used to cut debt and roll-out more Time Out Market sites, with Chicago and Montreal due to open later this year and more contracted sites for the future. Net debt was £34.4m at the end of June 2019.
Investors give no quarter when it comes to profit warnings these days. Public housing software provider Castleton Technology (CTP) says recurring revenues are still going well, but there is a shortage of one-off revenues. This has led to a 15% cut in forecast revenues for the year to March 2020. That leads to a cut in pre-tax profit forecast from £6.4m to £5.3m. A similar reduction has been made in the forecast for 2020-21, which is £5.8m. The share price fell by more than one-third to 57p, which is less than ten times prospective earnings.
Trading in the shares of Solo Energy (SOLO) has been suspended ahead of a proposed acquisition of assets from ONE-Dyas for an initial €30.1m. That will be funded by debt and a share issue raising £20m, which will involve an open offer. The 14 gas fields are in the Dutch sector of the North Sea. Tom Reynolds is moving from non-executive to chief executive. The admission document should be published in November and the name will be changed to Scirocco Energy.
Dekeloil (DKL) is still being hampered by a low crude palm oil price but it is optimistic that the price will improve. There was a 11% decrease in third quarter crude palm oil production to 4,803 tonnes. However, there was a 30% increase in sales to 7,138 tonnes. The average price achieved was 16% lower at €456/tonne. The cashew processing project is on course for first production in 2020. The company is changing its name to Dekel Agri-Vision Ltd.
Managed services provider Redcentric (RCN) says that first half trading was on track. It is on course to improve pre-tax profit from £7.2m to £9.8m.
MAIN MARKET
Nottinghamshire-based nmcn (NMCN) is acquiring Lintott Control Systems (LCS), which designs and manufactures water and wastewater treatment systems and process software. The total cost of LCS could be as high as £3.76m. The initial payment is £1, plus up to £676,000 dependent on the receipt of payment for certain invoices. The rest is dependent on profit levels over the three years to the end of 2021.
Argo Blockchain (ARB) has increased third quarter revenues by 75%, compared with the second quarter. Revenues were £3.63m and the cryptocurrency mining margin is 73%, even though the bitcoin price has dropped. The number o machines in production should double to 12,000 by the end of the year.
Rainbow Rare Earths (RBW) used cash of £2.31m in operations in the year to June 2019. Rainbow generated revenues of £1.54m from trial rare earths mining at Gakara in Burundi, but production costs were double that level. Write downs mean that net assets were £3.37m at the end of June 2019. More exploration activity is required before production levels are increased.
Stranger Holdings (STHP) has agreed terms to acquire two mineral companies. One has assets in Cameroon and the other is in Idaho. Minerals include cobalt and nickel. Previous potential transactions have been terminated.
Standard list shell Auctus Growth (AUCT) is still seeking an acquisition. There is still £912,000 in the bank.
Andrew Hore
Catenae Innovation (CTEA) Result of Annual General Meeting
Result of Annual General Meeting
At the Annual General Meeting of the Company held today, all resolutions were duly passed.
For further information:
| Catenae Innovation Plc Tony Sanders |
Tel: 020 7929 7826 |
|
Cairn Financial Advisers LLP, Nominated Adviser |
Tel: 020 7213 0880 |
|
Alexander David Securities Limited, Broker |
Tel: 020 7448 9820 |
Andalas Energy & Power – Result of AGM and Total Voting Rights
The Annual General Meeting (“AGM”) for Andalas Energy and Power plc (AIM:ADL) was held today at 10.00am. All resolutions were passed.
Following the passing of the resolutions at the AGM, the Conditional Placing, as announced on 11 July 2018, was approved. Accordingly, the Company has issued the conditional placing shares totalling 3,000,000,000 Ordinary Shares, which will rank pari passu in all respects with all existing ordinary shares in the Company, and has applied for Admission to trading on AIM of such shares with effect from 6 August 2018. Following Admission, the Company will have an issued share capital of 14,662,162,387 Ordinary Shares.
Furthermore following the passing of the Share Consolidation resolution at the AGM, every 50 Existing Ordinary Shares that are in issue as at the close of business 9 August 2018, will be consolidated into one New Ordinary Share. Accordingly there will be 293,243,247 New Ordinary Shares in issue compared with the pre-consolidation total of 14,662,162,387 Ordinary Shares.
The New Ordinary Shares arising on implementation of the share consolidation will have the same rights as the Existing Ordinary Shares, including voting and other rights. The Company’s new Stock Exchange Daily Official List (“SEDOL”) code will be BZ7PNY7 and its new ISIN code will be IM00BZ7PNY71. The Company’s Tradable Instrument Display Mnemonic (“TIDM”) remains unchanged: “ADL”.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM (“Admission”) and dealings are expected to commence at 8:00 am on 10 August 2018.
As no shares are held in treasury, the above figure of 14,662,162,387 should be used by shareholders as the denominator for the calculations by which they determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules with effect from 6 August 2018.
From 10 August 2018, the Company will have an issued share capital of 293,243,247 New Ordinary Shares and it is this figure that should then be used by shareholders as the denominator for the calculations by which they determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR). Upon the publication of this announcement via a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
| Simon Gorringe | Andalas Energy and Power Plc | Tel: +62 21 2965 5800 |
| Roland Cornish/ James Biddle | Beaumont Cornish Limited (Nominated Adviser) |
Tel: +44 20 7628 3396 |
| Colin Rowbury | Novum Securities Limited (Joint Broker) |
Tel: +44 207 399 9427 |
| Christian Dennis | Optiva Securities Limited (Joint Broker) |
Tel: +44 20 3411 1881 |
| Stefania Barbaglio | Cassiopeia Services Ltd | Stefania@cassiopeia-ltd.com |
Andrew Hore – Quoted Micro 12 March 2018
NEX EXCHANGE
Shepherd Neame (SHEP) improved its interim revenues and underlying pre-tax profit. Revenues were 6% ahead at £84.1m and underlying profit edged up from £5.7m to £5.8m. The interim dividend has been raised from 5.62p a share to 5.75p a share. Net debt was £79.5m. The main growth in revenues was in the managed pubs and hotels division. There was an underlying improvement in the profitability of the brewing business, where own beer volumes were 4.2% higher.
Ashley House (ASH) has reached financial close on the Scarborough extra care housing development. There are 63 apartments plus communal areas and the gross development value is £10m. completion is expected in spring 2019. A housing development and health scheme are likely to follow. This development is not part of the Morgan Sindall joint venture. Non-executive director Christopher Lyons has bought 31,000 shares at 10.09p a share.
EPE Special Opportunities (ESO) had a fully diluted NAV of 239p a share on 5 March 2018 but that was prior to the Luceco profit warning. The NAV included Luceco (LUCE) shares at 77.8p each but the price has subsequently fallen to 57.2p a share. EPE is the largest shareholder in LED lighting products supplier and this was the second profit warning in three months. The original 2017 profit expectation was £16.7m and this has been cut to £11m.
Western Selection (WESP) has raised £668,000 from the disposal of shares in Swallowfield (SWL) and it has a remaining stake of 7.71%. Western sold 120,000 Swallowfield shares at 330p each and 80,000 at 340p each. Last month, personal care products supplier Swallowfield bought men’s grooming brand, Fish for an initial £2.7m.
Ace Liberty and Stone (ALSP) has issued £4.76m of convertible loan notes as part of the £4.85m open offer. A holder of an existing £500,000 loan note is converting into the latest convertible loan notes and like the other subscribers is receiving one warrant for each £1 of loan notes.
MetalNRG (MNRG) says a licence has been granted relating to the Palomino cobalt project, where the company has the right to acquire a 100% stake in return for two million shares at 1.5p each. MetalNRG is also issuing 500,000 shares for work that has already been carried out.
Crossword Cybersecurity (CCS) has raised £2.16m at 270p a share. The cash will be invested in sales and marketing and developing new cyber security products.
Good Energy (GOOD) says that holders of £3.6m of its first energy bonds have agreed to retain them, while the other £4.3m worth will be repaid on 29 March.
Co-chairman David Sumner has increased the amount of Healthperm Resourcing Ltd (HPR) loan notes he will subscribe for to £5m. The outstanding balance is currently £2.7m and additional tranches of up to £200,000 can be subscribed for each month.
London Capital Group Holdings (LCG) is selling a 91.5% stake in its Tradex and 100% of other subsidiary companies to its main shareholder in return for £4.64m of loan notes with a coupon of 8%. The costs of the NEX quotation will also be covered by the buyer. The remaining 8.5% of Tradex can be acquired for £431,000 in loan notes. The disposal requires FCA approval. London Capital will seek a fintech business to acquire within the required six month period.
PCG Entertainment (PCGE) and Wishbone Gold (WSBN) have joined NEX. They are both retaining their AIM quotations and are chaired by Richard Poulden.
AIM
VR Education has raised more cash than it originally asked for. It has raised £6m at 10p a share and this values the company at £19.3m. The company has developed the ENGAGE education platform and is also developing corporate training and educational content to go on the platform. The business is generating revenues but it still has to take full advantage of the technology it has developed.
Energy supplier Yu Group (YU.) increased its revenues from £16.3m to £47m last year and annualised bookings continue to grow. Underlying pre-tax profit jumped from £195,000 to £3.08m. Yu has gained a licence to supply water. The dividend has been increased from 2.25p to 3p a share.
Share (SHRE) has continued to add to its market share. In 2017, the broker revenues grew from £14.6m to £18.7m and it moved back to underlying pre-tax profit. Digital investment continues and the benefits of this will increasingly show through over the next couple of years. This year the recent partnerships will make a 12 month contribution. Higher interest rates will also help to increase interest income on the cash held.
Smart audio sales started to take off last year and Frontier Smart Technologies (FST) continues to invest in this area. The original digital radio technology business is profitable but the development costs for smart audio more than wipe that profit out. Net cash was £3m at the end of 2017 and this should be enough for Frontier’s requirements. There is scope to grow the digital radio business but smart audio will provide the main growth. From a tiny percentage in 2016, smart audio could contribute nearly two-fifths of revenues in 2019.
Begbies Traynor (BEG) has bought Springboard Corporate Finance for an initial £2.75m in cash and shares. Springboard generated a pre-tax profit of £750,000 on revenues of £2.3m in 2016-17. Up to £500,000 more will be payable depending on performance over the next five years. Begbies says that third quarter trading is in line with expectations. Corporate insolvencies are increasing, albeit from low levels.
Polemos (PLMO) has terminated the proposal to acquire SecurLinx Corporation, which still hopes to come to the London market. Trading in the shares has been restored. Polemos is raising £270,000 at 0.01p a share, plus a further £140,000 conditional on shareholder approval. These placings are before the planned share consolidation of one new share to every 100 existing shares. When additional approvals are given by shareholders a share offering will be made via PrimaryBid.
Netcall (NET) more than doubled its interim SaaS revenues thanks to the purchase of MatsSoft. Interim revenues grew by one-third to £10.7m, which includes organic growth of 5%. Underlying pre-tax profit was 8% ahead at £1.8m. Net debt is £2.5m.
Audio products supplier Focusrite (TUNE) reported sales growth of more than 25% in the first half. Edison upgraded its full year profit forecast by 4% to £10.4m.
Applied Graphene Materials (AGM) has secured the use of its graphene-enhanced epoxy prepreg in the tailgate of the W Motors Fenyr sports car. This is a limited market but it is a good showcase for the technology.
Second half trading was stronger than expected at FIH Group (FIH) as both trading in the Falkland Islands and Momart improved their performance. This has led to an upgrade in the 2017-18 profit forecast from £2.5m to £2.8m.
GRC International (GRC) raised £5.04m at 70p a share when it joined AIM on 5 March. The share price ended the week at 115p. GRC provides services relating to IT governance and compliance.
Zamano (ZMNO) had €5.05m in the bank at the end of January 2018. It remains in talks for potential acquisitions that would enable the company to remain quoted. Part of any deal would be the offer of a cash return to existing shareholders. Trading in the shares has been suspended.
Microsaic Systems (MSYS) had £3.2m in the bank at the end of 2017. Microsaic is focusing on the biopharma market but it could take until 2019 for its partners to start to generate revenues from its technology. There should be enough cash for more than one year but more will be required. Costs have been reduced.
SysGroup (SYS) has signed a three-year managed hosting deal with TJ Morris Ltd, trading as discount retailer Home Bargains, worth more than £950,000.
Contract research organisation Fusion Antibodies (FAB) says that its 2017-18 revenues are expected to grow by at least two-fifths to £1.9m. Last year’s flotation took up management time so revenues are lower than hoped.
Attraqt (ATQT) reported a full year loss of £4.05m, including exceptional costs of £2.38m. The e-commerce software provider intends to focus on operational efficiency this year. There was £2m in the bank at the end of February.
BOS Global Holdings (BOS) has been placed in administration.
Instem (INS) has switched a long-standing client to the SaaS model and this will increase recurring revenues by two-fifths. There are potentially £10m of fees that could be converted to the recurring revenues model.
WANdisco (WAND) has announced more deals including a partnership with Alibaba, which will embed WANdisco Fusion in some of the cloud services that it offers. Total bookings increased by 45% to $22.5m in 2017 and this has sparked a 2018 revenues upgrade by WH Ireland from $25.5m to $30.8m, although a slightly higher loss of $6.5m is expected. WANdisco could move near to breakeven in 2019.
Mirada (MIRA) has secured a £3m loan facility, which adds to the existing facilities. An initial £1.5m will be drawn down within two months. This provides working capital to finance additional contract wins. The annual interest rate is 15%. The provider of the facility is a 27% shareholder.
Strategic Minerals (SML) has paid A$1.5m in cash and A$1.45m in shares for the Leigh Creek copper mine. Strategic has acquired 24,900 tonnes of JORC compliant resource copper. Production should build up to 200 tonnes of copper each month and there is an offtake agreement for 100% of copper production. Strategic has extended its rolling agreement with the owner of the Cobre magnetite stockpile until March 2019. This deal generated revenues of $5.64m in 2017.
Zoo Digital (ZOO) says full year revenues will be at least $28m, up from $16.5m last year, while EBITDA will be ahead of expectations and be at least $2.3m. Localisation services remain the main growth area. Herald has reduced its stake from 15.7% to 14.6%.
Volvere (VLE) says that its 2017 pre-tax profit improved from £1.94m to £3.22m. Impetus Automotive contributed the growth in profit with CCTV software company Sira and Shire Foods reporting lower profits. NAV is 656p a share, with £18.4m in cash and marketable securities.
AFC Energy (AFC) reduced its loss to £5.5m in 2017. The fuel cell technology developer should have enough cash for this year, but it is likely to run out in 2019. AFC could move into profit in 2020.
Pallet developer RM2 International (RM2) has received $2m from the disposal of a building in Switzerland. That means it will have enough cash until mid-April.
Drilling is set to recommence at the Stonepark zinc project in Limerick and Connemara Mining (CON) has set aside £250,000 to cover its share of the spending over the next 12 months. Connemara has a 23.4% stake in the joint venture that owns the project.
Drilling results from the Kodal Minerals (KOD) lithium project at Bougouni in Southern Mali continue to be positive. The latest 19 drill holes have shown high grade intersections of consistent pegmatite mineralisation of up to 1.68% Li2O.
Clear Leisure (CLP) is ready to set up its Bitcoin mining joint venture in Serbia. Management says that the joint venture could produce more Bitcoins at a lower cost than expected. That would increase the return on the €200,000 investment. Assuming a Bitcoin price of $10,000 and an 8% discount rate, the investment could eventually be worth €389,000.
MAIN MARKET
Bioquell (BQE) reported a rise in pre-exceptional profit from £1.6m to £2.9m in 2017. This was despite a decline in defence revenues. There is £14.6m in the bank. The focus is the biodecontamination business and management believes that this will show through in improved performance this year.
InnovaDerma (IDP) has warned that its full year figures will be below expectations. The personal care products supplier always expected the year to be second half-weighted and full year revenues will be higher. However pre-tax profit will be similar to the £1.03m reported for last year. Last October, £4.4m was raised at 276p a share. The share price has fallen to 121.5p.
Toople (TOOP) has raised £250,000 at 1.022p a share. This will keep the telecoms business going as it tries to increase its revenues in order to reduce its loss. Last June, Toople raised £1.41m at 3.25p a share. Toople joined the standard list in May 2016 when it raised £2m at 8p a share.
Path Investments (PATH) is delaying its exit from the standard list until 29 March. The plan is to move to AIM when an oil and gas asset acquisition is made.
Andrew Hore