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Andrew Hore – Quoted Micro 28 December 2020
AQUIS STOCK EXCHANGE
TruSpine Technologies (TSP) has delayed the application for FDA approval of its Cervi-LOK spinal device for up to three months. This is due to a lack of testing time because of Covid-19. Computer modelling has enabled the company to make minor modifications, which widens the market for the device. A £250,000 cash injection is expected by 5 January.
Daniel Thwaites (THW) reopened its pubs in early July and up until the end of September sales were running at three-quarters of the previous year. Due to the lockdown in the first three months of the period, the interim revenues were 59% lower at £21.8m and the business moved into loss. Net debt was £66.6m at the end of September 2020. There are total borrowing facilities of £90m.
KR1 (KR1) has made two more investments. There is a $200,000 investment in Tidal Finance in return for 222,222,222.22 Tidal tokens. A further $200,000 is invested in HydraDX and the number of tokens has not been determined as yet.
Coinsilium Group Ltd (COIN) has more than £1m of cryptocurrency and tokens with a further $127,000 of RIF tokens due to vest over 23 months.
Tectonic Gold (TTAU) has drilled 11 holes at the Specimen Hill prospect in Queensland. Gold/ copper/silver mineralisation was intersected in the first three holes. The other eight holes have similar characteristics.
Belvedere Leisure (BELV) has entered into an exclusivity agreement to purchase the 160 acre site known as Barnsoul Park in Dumfries and Galloway for £1.4m. The deal is subject to due diligence and 12 weeks after completion there are plans to install at least 28 lodges as part of an upgrade of the park. Bookings will be taken for June 2021 onwards if the deal goes ahead. In two years, there should be more than 150 lodges.
Upper Thames Holdings (UPPT) has non-binding heads of agreement for the purchase of a 10% stake in Sweden-based Ridercam, which supplies mobile camera systems for theme park rides.
Gunsynd (GUN) says that Angold Resources has completed the acquisition of Federal Gold Corp and trading in Angold shares will begin on the TSX Venture Exchange on 31 December. Gunsynd owns 712,500 shares.
Newbury Racecourse (NYR) has appointed Allenby Capital as its corporate adviser.
AIM
Applegreen (APGN) is recommending a €5.75 a share bid from the company’s founders, which values the company at €718.1m. The roadside convenience retailer floated on AIM in 2015 at 277p a share. Applegreen has 559 sites.
Coral Products (CRU) its core mouldings business at Haydock and Interpack to One51 ES Plastics for £7.9m. That is nearly as much as the current market capitalisation, while pro forma net cash is expected to be £6.6m. One51 acquired Straight in 2014. Coral will still own the Haydock freehold and the annual rent will be £300,000. The deal required shareholder approval because it is deemed to constitute a change of business. The remaining subsidiaries are Tatra Rotalac, which produces plastic extrusions and mouldings, and Global One Pak, which supplies lotion pumps and trigger sprays. They generated full year revenues of £5.4m and are profitable prior to central costs. Pro forma NAV is £13.6m.
Equatorial Palm Oil (PAL) has agreed to acquire Capital Metals for £15.8m. The company is raising £2.09m at 12p a share (following a 20-for-one consolidation). Capital has an interest in the Eastern Minerals project in Sri Lanka. There is a JORC resource of 17.2Mt with an average grade of 17.6% total heavy minerals. The Environmental Impact Assessment should be published soon. First production could be in 2022.
Hargreaves Services (HSP) has sold its remaining speciality coal stocks to its German joint venture company for £24m. Hargreaves will market the coal on the joint venture’s behalf for commission. There will be a £3m goodwill write-off, but the profit impact should be neutral.
Duke Royalty Ltd (DUKE) has exited its investment in IT firm Welltel (Ireland) for £15.4m. This represents an IRR of 27%. There have been follow-on investments in two other royalty companies. Duke has invested £3.1m in recreational vehicle parts wholesaler MRDB, which will use the cash to help buy vendor loan notes for £4.9m. Duke will own 30% of MRDB. Monthly payments will be £147,000. A further £1m has been invested in Irish insurance brokerage company BHPC.
IXICO (IXI) has secured a £3.4m contract to provide data analytics services for rare neurodegenerative condition, SCA3 (Machado-Joseph disease). This will last more than four years.
Driver Group (DRV) chairman Steven Norris has bought 46,000 shares at 53.5p each. He owns 293,062 shares.
Sutton Harbour (SUH) has purchased a 1.5 acre site to the east of Sutton Harbour. Two residential developments totalling 200 units are planned for the site. A planning application has been submitted for another residential and commercial development at Sugar Quay. The company has also gained permission for event pontoons in the harbour.
Microsaic Systems (MSYS) has not received a definitive offer and the board has decided to end bid talks. It has also failed to secure the cash it requires and KRE Corporate Recovery has been appointed to advise on alternatives, such as selling assets. There is a possibility that an administrator may be appointed.
TMT Investments (TMT) received $40.9m for its stake in CRM company Pipedrive Inc and this increases its cash to $42m. It will repay the shareholder loan of $3m.
MAIN MARKET
Residential developer One Heritage Group (OHG) has raised £930,000 at 10p a share when it joined the standard list. This valued the company at £3m. The shares ended the week at 11p. The initial focus is north west England and One Heritage redevelops and refurbishes buildings and has a lettings operation. The company has a marketing network in Hong Kong and also sells developments to institutional investors.
Standard list shell Pineapple Power Corporation (PNPL) raised £1.3m at 3p a share. The focus is renewable and clean energy. The share price increased to 3.25p.
Construction and water infrastructure company nmcn (NMCN) says that its full year loss will be £16.5m. That includes £5.3m of prior year adjustments. There should be a small cash outflow. The one bright area is telecoms, where capital investment by clients increased. The order book is valued at £200m. Shore Capital has been appointed broker.
Andrew Hore
Andrew Hore – Quoted Micro 14 December 2020
AQUIS STOCK EXCHANGE
Incanthera (INC) says that study results for Sol, a sun cream that prevents skin cancer, have been better than expected. There is significantly greater dermal delivery by Sol compared with four rival products and it was found to be a non-irritant. The cream exceeds bioequivalence compared with oral treatments. A new patent is being filed which will extend the protection until 2041. Incanthera had £433,000 in the bank at the end of September 2020 and outgoings are low. The cash will last well into 2021 Incanthera is seeking a partner to license Sol and launch the product, which could lead to an upfront payment. Incanthera has already licensed potential cancer treatment EP0015 to Ellipses Pharma. There are other earlier stage treatments being developed, including Duo-C, which is a potential treatment for bladder cancer.
Arbuthnot Banking (ARBB) is acquiring vehicle finance provider Asset Alliance, which specialises in coaches and trucks, for £4.1m. Arbuthnot can use its own deposit base to provide finance for the acquisition, which should be earnings enhancing in 2021.
In the year to May 2020, mechanical and engineering services provider Fuel Systems Designs Holdings (FSD) reported a decline in pre-tax profit from £553,000 to £354,000 and a fall in revenues from £21.8m to £19.8m. The decline in revenues came from the power generation division, while water and sewerage revenues were slightly higher. Cash in the bank has improved from £4.8m to £5.96m.
SulNOX (SNOX) has signed a collaboration agreement with Ghana-based Rigworld, which will market the company’s fuel conditioner and heavy fuel emulsifier products in Africa. Rigworld has identified the mining sector as an initial opportunity.
Chris Akers has taken a 4.08% stake in Gunsynd (GUN). Investee company Rincon Resources has had its ASX listing delayed. Pacific Nickel, formerly Malachite, has raised $3.8m for the exploration of nickel projects in the Solomon Islands.
World High Life (LIFE) generated revenues of £1.69m in the year to June 2020. Impairment goodwill of £7.4m increased the full year loss to £12.7m. Management continues to seek further CBD investment opportunities.
Rutherford Health (RUTH) has launched new membership scheme Rutherford Direct. The healthcare plan focuses on cancer cover and provides the cost of treatment and care for people diagnosed with cancer.
Wishbone Gold (WSBN) has raised £1.75m at 10p a share in order to finance exploration at the Red Setter project in Western Australia. There will also be additional exploration in Queensland.
Coinsilium Group Ltd (COIN) has signed an agreement with Vietnam-based RedFOX Labs, which will lead to the development of a range of virtual asset and digital collectible marketplaces. It will also cover the trading of non-fungible tokens.
Cairn has been replaced Turner Pope as broker to Primorus Investments (PRIM) as well as nominated adviser. Primorus is leaving Aquis Stock Exchange on 24 December as part of cost saving measures.
AIM
IMImobile (IMO) has agreed a 595p a share bid from Cisco Systems, which values the communications services company at £543m. This is a good add-on service for Cisco.
ULS Technology (ULS) has sold its CAL subsidiary for £27m, so that it can concentrate on its core eConceyancer platform and its digital investment. In the six months to September 2020, the group market share of purchases and sales was slightly lower but remortgage market share rose from 4.8% to 6.8%. The sale of CAL will reduce the numbers, but the mix of business should not change. ULS managed to make a small interim profit on reduced revenues.
Eqtec (EQT) has signed an agreement to acquire full ownership of the Deeside refuse derived fuel project. Eqtec is talking to the local authority and is pursuing additional planning permissions for the site so the company’s gasification technology can be used. Financing is being secured.
Access Intelligence (ACC) has raised £10m in a heavily oversubscribed placing at 80p a share. This cash will fund international expansion for its SaaS products.
Bion (BION) has entered the solar power market and it has agreed to acquire existing solar assets. The company is purchasing a 77% stake in rooftop solar panels that supply 0.95MW of electricity. The total cost will be RM6m. The assets should generate a profit of RM400,000 a year from 2021.
Housebuilder Abbey (ABBY) has recommended a 1575p a share cash offer from Gallagher Holdings for the minority stake it does not own. The Irish housebuilder is valued at £328.8m and the remaining 4.4% shareholding will cost £14.4m.
Roadside convenience retailer Applegreen (APGN) has been approached by its founders and management team with a €5.75 a share cash offer. The independent directors are considering the offer.
Iron deficiency products developer Shield Therapeutics (STX) says that discussions with potential licensees for the US rights to Accrufer will not be completed by the end of the year as had been hoped. Shield would need up to $40m to launch the treatment in the US if it did it on its own. A loan facility will help Shield to have working capital well into next year.
MAIN MARKET
S and U (SUS) says trading in its car finance and property bridging loans businesses has rebounded since the end of July. A background of higher demand and strong used car price growth means that current net receivables are £253m even though there was poor demand earlier in 2020. Third quarter collection rates were 87.5% of due payments. Aspen Bridging has higher net receivables than one year ago.
Tirupati Graphite (TGR) is set to join the standard list on Monday. It is an integrated graphite mining and processing business. Mining has commenced in Madagascar and the Indian processing facility was opened last year. There are plans to move into the graphene market. Management has decades of experience in the graphite industry.
Textile materials and chemicals company HeiQ (HEIQ) has started trading on the standard list following the reversal into Auctus Growth. A placing and subscription raised £60m at 112p a share. The share price ended the week at 118.5p.
CML Microsystems (CML) is selling its storage division so that it can concentrate on its communications division. The disposal to Swissbit will raise $49m in cash and it should be completed early in 2021. Net cash was £7.35m at the end of September 2020.
BATM (BVC) has delivered the first Celitron instrument for the recovery of protein and oils from insects.
Cyprus-focused explorer Chesterfield Resources (CHF) has raised £2.5m from a share issue at 9p, with £2.1m of the cash coming from Polymetal International.
Andrew Hore
Andrew Hore – Quoted Micro 6 August 2018
NEX EXCHANGE
Veni Vidi Vici Ltd (VVV) joined NEX on 2 August. The minerals investment company has net cash of £513,000, following a £490,000 subscription at 50p a share. The focus will be precious metals and base metals opportunities in Australia, Western Europe and North America. Management will concentrate on capital appreciation.
EPE Special Opportunities (ESO) is changing its domicile from the Isle of Man to Bermuda. The private equity investment company will have to be readmitted to NEX and AIM. EPE has invested £2m in Main Market-listed LED lighting company Luceco at 39.74p a share. That takes EPE’s stake in Luceco to 27.4%. Poor trading has meant that the Luceco share price has slumped to well below its 2016 flotation level. EPE has redeemed 50% of its unsecured loan notes.
Etaireia (ETIP) has appointed Dennis Rogers as chief executive. He has more than three decades of experience in property development.
Equatorial Mining and Exploration (EM.P) has issued 2.685 billion shares, around one-quarter of the enlarged share capital, to wipe out the convertible loan note debt and other creditors. Twenty three year old Devon Marais, who works with ARQ Minerals, which is helping Equatorial to extract coal from the St Leonard’s mine in Nigeria, has been appointed as a non-executive director of Equatorial.
Asia Wealth Group Holdings (AWLP) reported a profit last year. In the year to February 2018, revenues increased from $1.52m to $2.16m, while a pre-tax loss of $110,000 was turned into a pre-tax profit of $150,000. That figure was helped by a $114,000 currency gain, compared with a $19,000 loss. There was still a small net loss from operations before other income.
AIM
Petrol stations operator Applegreen (APGN) intends to take a majority stake in UK Motorway services operator Welcome Break. The purchase of a 55% stake for €361.8m would be a reverse takeover. The deal would make Applegreen market leader in the UK as well as Ireland.
A subsidiary of Stride Gaming (STR) has been issued a notice by the Gambling Commission, which intends to levy a significant financial penalty because of the manner in which it carried on its trading. This is not final and there might be room to appeal but it has hit the share price of the online bingo operator.
The Property Franchise Group (TPFG) increased interim revenues by 11% to £5.3m. Most of the growth came from management service fees from the property lettings franchisees. The EweMove estate agency business was profitable.
Goldplat (GDP) says that gold production fell by 17% to 35,400 ounces, which is lower than anticipated, but pre-tax profit will be in line with expectations because of a higher margin per ounce. There was 39,400 ounces of gold sold during the year.
Beximco Pharmaceuticals (BXP) has received abbreviated new drug application approval from the FDA to sell Nadolol tablets, which are a generic form of Corgard and used for managing high blood pressure. This is the fifth approval in the US. A pre-tax profit of £33.3m is forecast for the year to June 2018.
Tough UK trading and higher costs held back the results of security and facilities management services provider Mortice Ltd (MORT) in the year to March 2018. Revenues were 21% higher at $219m, but underlying pre-tax profit was down by 16% to $3.9m. Net debt was $18.4m.
Precision marketing software supplier Pelatro (PTRO) is acquiring assets from the Danateq Group for an initial $7m. The deal will take the group into central Europe and adds to the recurring revenues base. A placing has raised £6m at 73p a share.
GetBusy (GETB) grew its interim revenues from £4.5m to £5.2m, with £4.5m of that figure recurring revenues. Annualised recurring revenues are running at £9.4m. Profit generated from document management software sales is being ploughed back into developing the existing product and the new GetBusy software. There is £2.37m in the back.
Starcom (STAR) says that interim revenues have improved from $1.92m to $3m and the loss will be lower. Most of the revenue increase came from two large clients. Growth is starting to come from higher margin security products. The 2018 loss is expected to be much lower than last year’s.
Kosovo-based quarry operator Fox Marble Holdings (FOX) increased interim sales from €329,000 to €614,000 and the second half has started strongly. The benefits of investment in capital equipment are beginning to show through.
MAIN MARKET
Argo Blockchain (ARB) has joined the standard list after raising £25m at 16p a share, which values the company at £47m. However, the share price fell to 12.5p by the end of the first day of trading on 3 August. Argo is developing a global datacentre management business facilitating cryptocurrency Mining-as-a-Service. It currently covers four cryptocurrencies. AIM-quoted Vela Technologies (VELA) owns 2.5 million shares, which were acquired for 8p a share.
Motor finance provider S&U (SUS) achieved record first half profit as the second hand car market continues to grow. Quality standards have been tightened with 25% of applications accepted, but net receivables have reached £263m. The property bridging loan book has risen from £11m to £16m over six months. The interims will be announced on 25 September.
BigDish (DISH) was originally going to reverse into AIM shell Nyota Minerals Ltd but instead it has joined the standard list. The company operates an online and mobile restaurant reservation platform, which is in operation in the Philippines, Indonesia and Hong Kong. The purchase of Pouncer, takes the company into the UK. Revenues come from booking fees per diner. BigDish raised £2.22m at 4.5p a share.
Path Investments (PATH) is raising £10m to complete the farm-in agreement with 5P Energy for the proposed acquisition of a 50% participating interest in the Alfeld-Elze II licence and gas field. This will make Path cash generative. The new shares will be eligible for EIS and VCT relief because Path is moving to AIM.
Dave Brieth has sold his stake in telecoms services provider Toople (TOOP).
Associated British Engineering (ASBE) reported a sharp increase in full year revenues from £1.04m to £1.6m in the year to March 2018. The loss fell from £962,000 to £582,000. This includes investment in developing new diesel engines. The NAV is £976,000, as the loss was partly offset by a £600,000 property revaluation gain. The oil and gas-related operations are still depressed.
Mila Resources (MILA) plans to acquire Capital Metals, which owns 100% of a high-grade mineral sands project in southern Asia. The reverse takeover will be subject to due diligence and shareholder approval.
Fandango Holdings (FHP) has ended bid discussions with Corporate Commercial Collections and Vatbridge following initial due diligence.
Andrew Hore