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Quoted Micro 28 March 2022
AQUIS STOCK EXCHANGE
Arbuthnot Banking (ARBB) returned to profit in 2021 and it is paying a final dividend of 22p a share, having already paid 37p a share for the financial year. Net assets are 1315p a share. Slater Investments has a 7.05% stake.
S-Ventures (SVEN) is acquiring Market Rocket Ltd, which is a digital agency that helps brand owners to sell their products, for an initial £2.25m. There could be further shares issued if performance targets are met. In the year to March 2021, revenues were £500,000 and this year they will be much higher. This is a profitable business.
British Honey Company (BHC) has raised £540,000 after expenses at 80p each. This cash will finance product development, costs related to reducing expenses and fund growth. Mark Jones has been permanently appointed as chief executive. The company is changing its name to Union Distillers.
Vulcan Industries (VULC) is acquiring Aftech, a sheet metal fabrication company, for £1.55m in shares issued at 1.257p a share, plus 24.7 million warrants exercisable at 3p a share. Services provided include laser cutting, bending and forming and the acquired business fits well with existing subsidiaries. In the year to November 2021, Aftech generated revenues of £1.18m and EBITDA of £266,000 and it has debt of £155,000.
AIM-quoted Asimilar (ASLR) plans to join the access segment of Aquis on 4 April. The technology investment company focuses on areas including big data, machine learning and Internet of Things. The corporate adviser is Oberon Capital. Chris Akers has a 6.88% stake and Nigel Wray a 9.43% shareholding. Net assets were £41.5m at the end of September 2021.
VVV Resources (VVV) has signed a conditional agreement to acquire a company that owns the Mitterberg copper project in Austria and a 49% stake in the Shangri La polymetallic project in Western Australia, which takes VVV’s share to 100%.
EPE Special Opportunities (ESO) increased its NAV from 437.6p a share to 455.7p a share in the 12 months to January 2022. However, the Luceco share price has fallen back since then. The Luceco stake was reduced to 22.1% last year. Cash was £27.6m at the end of January.
Capital for Companies (CFCP) had cash balances of £4.19m at the end of February 2022. Net assets were 68.4p a share, following the payment of 1.5p a share dividend on 3 March.
Jason Brewer has joined the board of All Star Minerals (ASMO) and been appointed as chief executive. The acquisition focus has switched to near-term production and revenue generating mining assets.
AQRU (AQRU) has entered a partnership with institutional lending platform owner Maple Finance, which will offer AQRU customers enhanced yields in decentralised finance. Yields could be up to 15%. The offering will be integrated into the AQRU mobile and web-based platform.
Clean Invest Africa (CIA) has obtained a new strategic investor and there could be more to come. Ramin Salsali has invested £302,276 at 0.5p a share to take a 4.67% stake. He believes that the CoalTech technology can help to solve the problem of 33 billion tonnes of toxic coal fines. The technology can also pelletise other materials. Several testing phase projects are at an advanced stage.
AIM
Cyber security software supplier Kape Technologies (KAPE) reported 2021 figures in line with its trading statement with pre-tax profit of $75.2m. This was without any significant contribution from the ExpressVPN acquisition, which was made at the end of the year. Pre-tax profit could more than double to in excess of $150m this year.
Geospatial software provider IQGeo (IQG) beat expectations for 2021 with a much lower loss of £2.7m. Annualised recurring revenues were £8.2m. This year the company should move towards breakeven.
Restaurant operator Tasty (TAST) bounced back into profit last year. In the 52 weeks to 26 December 2021, revenues improved from £24.2m to £34.9m. There was £11m in the bank at the end of 2021 and there are £1.25m of borrowings to offset against this. Even if deferred payments are taken into account, then underlying net cash is still £6.8m. Net assets are £1.9m.
Peel Hunt has upgraded its 2022 forecast for promotional goods platform operator The Pebble Group (PEBB) following the recent 2021 figures. Even so, pre-tax profit is forecast to dip from £10.2m to £9.9m.
Leather processor Pittards (PTD) returned to profit in 2021, but cost increases mean that WH Ireland has reduced its 2022 pre-tax profit forecast. Pre-tax profit is expected to be flat at £500,000. Net assets are 101.9p a share.
AI-enabled wound imaging technology developer Spectral MD (SMD) has made excellent progress since floating last year. Studies of the DeepView system have been positive. The technology enables earlier intervention to help wounds heal quicker than they would have done. A validation study for patients with diabetic foot ulcers is planned and could lead to an application for FDA clearance by the end of the year.
Judges Scientific (JDG) increased pre-tax profit from £13.7m to £18.1m in 2021. Revenues recovered in all geographical regions. The order intake in the first eleven weeks of this year is slightly ahead of the 2021 figure. Net cash is £1.4m and cash generated from operations will mean that the cash pile will build up ahead of any acquisitions.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LSE: LUCE) reported an increase in 2021 underlying pre-tax profit from £28.7m to £37.4m on revenues increasing from £176.2m to £228.2m. The total dividend was raised from 6.2p a share to 8.1p a share and it is more than twice covered by earnings. Luceco has moved into the electric vehicle charging market with the purchase of residential EV charge point supplier Sync EV for £10m – it already had a 20% stake, so the latest outflow is £8m. Annual revenues are £4m.
LeakBot reversed into Spinnaker Acquisitions to form Ondo Insurtech (ONDO). The total cost is £9.8m made up of cash of £1.6m, loan notes of £6.4m and 15 million shares issued at 12p each, including 1.36 million shares issued to Ondo Insurtech chief executive Craig Foster. The LeakBot device uses internet of things technology to identify leaks and stop them before they become more substantial. The core client base is home insurers, which can save money on claims. The share price started at 10.5p and fell to 9p by the end of the week.
RC365 Holding (RCGH) was set up to acquire Hong Kong-focused Regal Crown UK, which has developed payment gateway technology and provides other IT services. The holding company raised £2.02m at 6.2p a share, although £800,000 went on float expenses. The shares ended the week at 7p.
Beacon Rise Holdings (BRS) is the latest standard list shell, and it is highly illiquid with most of the shares owned by nine shareholders. On Sharepad.co.uk there are no trades reported, and the bid/offer spread is 100p/400p. That suggest a mid-price of 250p or a notional 150% gain – although the bid price is equal to the subscription price. Pro forma net assets equal the cash of £744,000.
Andrew Hore
Quoted Micro 7 February 2022
AQUIS STOCK EXCHANGE
SuperSeed Capital Ltd (WWW) raised £2m at 100p a share in order to invest in UK based seed technology companies alongside a related fund. The share price ended the week at 70p (65p/75p). The directors can issue up to 50 million additional shares up until 27 January 2027.
Samarkand Global (SMK) says that trading conditions in China will hamper progress for the rest of this financial year. Covid restrictions have hit trading during the Chinese New Year period. Revenues will be lower than expected and higher investment will increase the expected loss. Recent deals will help Samarkand grow in the longer-term, but there are also forecast reductions for the next two years. VSA no longer expects Samarkand to make a pre-tax profit in 2022-23.
Gunsynd (GUN) investee company Low6 has raised $5m and the sports betting platform company agreed to reverse into a Canadian shell, which will list on the TSX Venture Exchange. Gunsynd has raised A$493,000 (£260,000) from the sale of part of its stake in ASX-listed Charger Metals Ltd. This has raised the initial investment and left Gunsynd holding three million shares.
Capital for Colleagues (CFCP) is selling its A ordinary shares in The Homebuilding Centre back to the company in five tranches. There will be a minimum payment of £50,000 a year. This guarantees Capital for Colleagues will receive its initial investment of £250,000. It still owns 15% of the ordinary shares.
Cadence Minerals (KDNC) has raised £4.2m at 20.5p a share via a placing and subscription. A one-for-20 open offer could raise up to £1.52m. Cadence has to invest $6m in two stages to take a 27% stake in the Amapa iron ore project in Brazil.
CBD products supplier Love Hemp Group (LIFE) is attempting to raise £2m at 1p a share and still plans to move to the Main Market in the first quarter of 2022. There are also plans to swap shares for debt. The company is moving to a new facility consolidating all the activities. Chairman Andrew Male and chief executive Tony Calamita, along with others, will accept their remuneration in shares until June 2022. This reduces the cash outflow.
Property investor Ace Liberty and Stone (ALSP) increased its interim pre-tax profit from £674,000 to £755,000. That is after a loss on disposal of £315,000, although fair value losses reduced from £200,000 to £100,000. Rental income fell 3% to £2.89m. There are £3.05m of assets held for sale. Net assets were 333.1m at the end of October 2021, while net debt is £50.4m.
AQRU (AQRU) has acquired Bison Exchange UAB for €30,000. The acquisition has changed its name to Accru Finance. The company can provide virtual currency exchange and wallet custody operations in Lithuania.
KR1 (KR1) has invested $5m in Starry Night Capital, which is building a portfolio of high-profile non-fungible tokens.
Pioneer Media Holdings (PNER) has completed the acquisition of Bark Ventures, a NFT play-to-earn game developer, for 2.86 million shares.
Western Selection (WESP) has cut its stake in Northbridge Industrial Services (NBI) from 6.21% to 4.74% while Harwood Capital has increased its holding from 20.4% to 22.56%.
Helium Ventures (HEV) had £704,000 in cash at the end of October 2021. That is after a A$400,000 investment in Blue Star Helium, which has exploration projects in North America.
Quantum Exponential (QBIT) is still talking to potential investee companies. It owns 199,993 shares in Arqit Quantum, which has a contract with Virgin Orbit that covers two satellite launches.
Minerals explorer Altona Rare Earths (ANR) plans to continue to develop its rare earths projects Mozambique and Malawi to bankable feasibility study stage, as well as reviewing another acquisition that could be completed by the summer.
BWA Group (BWAP) reports that exploration of the 90%-owned mineral sands projects in Cameroon shows promising returns of rutile, ilmenite, kyanite and zircon over continuous zones.
Valereum (VLRM) has secured a $10m funding facility and this will help to finance the acquisition of the Gibraltar Stock Exchange. It has drawn down $3m which has to be repaid in six months of it can be converted into shares at 36.82p each, which is just below the current share price of 38p. There were also 663,302 warrants issued exercisable at 33.47p.
Clean Invest Africa (CIA) has raised £100,000 at 0.5p a share, with each two shares granted one warrant exercisable at 1.5p each.
AIM
NWF (NWF) reported a jump in interim profit. The fuel and food distribution businesses traded strongly with the former benefiting from concerns about supply shortages last autumn. The feeds business fell into loss, partly due to the loss of a distributor, and there was a £8.4m asset write down. Stripping out that exceptional, underlying pre-tax profit jumped from £2.5m to £4.3m. NWF maintained its interim dividend at 1p a share. Net debt was £7.4m at the end of November 2021. Management is seeking fuel distribution acquisitions to add to the regional network.
Wynnstay Group (WYN) has continued its record of increasing its dividend with an 18th consecutive rise. The total dividend improved from 14.6p a share to 15.5p a share. In the year to October 2021, underlying pre-tax profit was 37% higher at £11.4m. NAV is 525p a share. Wynnstay has increased market share in the feeds market, particularly for dairy and egg production. Agricultural merchanting operations benefited from the improved spending power of farmers. There could be a dip in profit this year.
Piling contractor Van Elle (VANL) improved its interim results and this led to an upgrade in full year forecasts. First half revenues were 57% ahead at £60m and it moved back into profit. Equipment usage levels have risen sharply. Net cash is £3.5m and this is enabling an increase in investment in new equipment. Van Elle had an order book of £39m at the end of 2021. Peel Hunt has increased its full year pre-tax profit forecast from £3m to £3.3m.
Hercules Site Services (HERC) originally raised £4m at 50.5p a share. The existing shareholder also raised £4m. Cirencester-based Hercules Site Services provides construction workers with a wide range of skills including carpenters, bricklayers, ground workers, security and site engineers. It also hires out suction excavators and sometimes there are cross selling opportunities with the labour supply business. More suction excavators are being acquired this year and there should be 20 following this fundraising. Demand for staff for infrastructure projects is increasing.
Electra Private Equity has sold all but one of its core investments, changed its name to Unbound Group (UBG) and moved to AIM. The remaining core business is footwear business Hotter. This is a direct to consumer business, although there are still 23 retail stores, down from 78 three years ago. One of Unbound’s main assets is its customer database. It hopes that selling additional products to that customer base will significantly improve profitability. The first sales of third-party products through the company’s website will be in the second quarter of 2022. The plan is to generate 50% of profit from these products.
Franchised lettings and estate agency business Belvoir Group (BLV) enjoyed a strong end to the year even though the stamp duty holiday ended in the autumn. The 2021 pre-tax profit forecast has been raised from £9.6m to £10m, while the £8.9m forecast for 2022 is maintained at £8.9m.
The Property Franchise Group (TPFG) continued to make strong progress in the fourth quarter despite the ending of the stamp duty holiday. There was a like-for-like increase of 26% in revenues, while the acquisition of Hunters Property meant that they more than doubled to £24.1m.
Freight forwarder and logistics company Xpediator (XPD) achieved 2021 revenues of more than £300m, compared with forecasts of £250m. The pre-tax profit will be much more than £8.5m.
MAIN MARKET
Shipbroker Braemar Shipping Services (BMS) says that 2021-22 revenues will be at least £101m because the strong first half trading has continued into the second six months to February 2022. Operating profit should be at least £9.8m, up from £7.7m. Talks continue about the disposal of Cory Brothers.
Constellation Automotive has taken a 19.9% stake in motor dealer Lookers (LOOK) at the same time as it is completing its takeover of Marshall Motor. This will put Constellation in a strong position if there is a takeover battle for Lookers.
Hiro Metaverse Acquisitions 1 (HMA1) is a SPAC seeking acquisitions in video games, esports and other related areas. It raised £115m at £10 a unit (one share and 0.5 of a warrant).
Andrew Hore
Quoted Micro 17 January 2022
AQUIS STOCK EXCHANGE
Failed bidder Ecotricity has requisitioned a general meeting at Good Energy (GOOD) in order to remove Will Whitehorn as a director and to stop the company selling generating assets without shareholder approval. The meeting will be held on 11 February. Ecotricity owns 25% of Good Energy. The sale of the generating assets is an important part of the company’s strategy. The cash would be used to reduce borrowings and invest in newer businesses, such as Zap-Map and other digital businesses.
Samarkand Group (SMK) has signed an exclusive distribution agreement with AIM-quoted Venture Life (VLG). The e-commerce technology platform will be the exclusive distributor of mouthwash Dentyl Dual Action and halitosis mouthwash Ultradex in China for an initial term of five years.
Hydrogen Utopia International (HUI) has signed a letter of intent with RZZO, which is a regional municipal waste management company in Ostrow Wielkopolski in Poland. RZZO will provide a plot of land where a HUI waste plastic to hydrogen plant can be sited and also source the plastic waste. They will seek funding from the EU as well as Polish grants. The heat would be fed into a district heating system.
Eastinco Mining and Exploration (EM.P) has identified 11 new pegmatite zones at its HCK joint venture in Rwanda. These are potential tantalum-niobium bearing zones. The sampling should be completed in February.
Apollon Formularies (APOL) has signed agreements with more than a dozen cannabis cultivators. They all have the appropriate licences. It has also set up the Apollon Kannabiz Cooperative to work with local Jamaican farmers. Rod McIllree has been appointed as a non-exec director. He owns 29.1% of Apollon.
Western Selection (WESP) cut its stake in Northbridge Industrial Services (NBI) from 9.65% to 6.21%, while Harwood Capital has raised its stake to 16.9% to 20.4%. Western Selection raised £1.7m from the disposal.
EPE Special Opportunities Ltd (ESO) had net assets of 510.95p a share at the end of 2021.
Sativa Wellness Group Inc is changing its name to Goodbody Health Inc (GBDY).
Dispersion Holdings has changed its name to AQRU (AQRU), which is aligned with the brand of its retail online platform for lending cryptocurrencies.
Rutherford Health (RUTH) will leave Aquis on 25 January.
AIM
Frontier IP (FIPP) says the increase in the value of tis stake in the Nasdaq-listed Exscientia will be an important component of the rise in NAV at the end of 2021. NAV was 69.8p a share at the end of June 2021. A small portion of the shareholding has been sold and further sales are likely. This cash can be ploughed back into Frontier IP and help with new investments.
Legal services provider Gateley (GTLY) reported organic growth of 23% in the six months to October 2021. That partly reflects the weak comparative figures as well as underlying growth. All four divisions grew revenues with only the property division having a small contribution from an acquisition. Utilisation levels improved from 79% to 84%. Underlying pre-tax profit increased from £7.5m to £8.5m. The interim dividend was one-fifth higher at 3p a share. Management is seeking acquisitions to add to organic growth. There is normally a second half weighting to the figures.
Strong trading at Metro Rod and Metro Plumb is the major factor behind the growth at Franchise Brands (FRAN) and the B2C franchise brands are recruiting more franchisees. Full year pre-tax profit is expected to increase from £4.8m to £6.4m. Net cash was £8.6m at the end of 2021.
Corporation Financeiere Europeenne acquired shares in CIP Merchant Capital (CIP) taking its stake to 31.8%. This has sparked a mandatory bid at 55p a share. This is a substantial discount to net assets of 87.6p a share. The plan is to save the costs of being a quoted company.
Cornerstone FS (CSFS) has come to an agreement with Robert Lee concerning the £100,000 convertible loan facility he had promised. Instead of being convertible at a fixed price of 61p a share the convertible could be converted at the average mid-market price of the shares for the five dealing days prior to the drawdown of the loan if this is lower. This will mean that it is much more dilutive unless there is a sharp rise in the share price. The international payments company says 2021 revenues should be £2.3m with more generated by direct sales.
Specialist IFA Frenkel Topping (FEN) is paying up to £10m for Cardinal Management, which provides patient support at hospitals following traumatic events. This provides access to potential clients at an early stage.
Heart disease risk assessment technology developer GENinCode (GENI) has filed a pre-submission for its Cardio inCode-SCORE test with the FDA in the US. This will provide information ahead of a future marketing application. The test combines genetic risk with clinical risk to assess an overall risk of heart problems for a patient.
Oil palm plantations operator Dekel Agri-Vision (DKL) generated record figures in 2021. December crude palm oil production more than doubled and the total production for the year was 39,953 tonnes, up 17.5% on the previous year. Extraction rates are starting to improve. The average crude palm oil price was $868/tonne, which is 44% higher than in 2021. The crude palm oil price is currently more than $1,000/ tonne
Minds + Machines (MMX) decided to return the remaining cash to shareholders and cancel the AIM quotation. There will be 10.4p a share tender offer.
Vector Capital (VCAP) has increased its debt facilities by £5m to £35m. In 2021, the total loan book rose by 27% to £46.3m. This is ahead of expectations.
Capital equipment supplier Mpac Group (MPAC) says it traded in line with expectations in 2021. A pre-tax profit of £8.2m is forecast. The closing order book was £77m. The 2021 results will be published on 14 March.
Holders Technology (HDT) is paying a special dividend of 2p a share on 28 January in addition to a final dividend which will be announced with the 2021 figures. The interim dividend was 0.5p a share. This follows the disposal of some of the company’s PCB assets for around £1.7m.
Mosman Oil and Gas (MSMN) has dropped its plans for a 100-for-one share consolidation after negative feedback from shareholders.
MJ Hudson (MJH) has gained a multimillion contract to advise the ACCESS local government pension scheme over a seven-year period. This covers eleven local authority pension schemes. They have £35bn in pooled assets.
MAIN MARKET
Cash shell Electric Guitar (ELEG) joined the standard list on 11 January. It raised £1.2m at 3p a share and the share price has risen to 3.7p. The current NAV is 1.78p a share, which is effectively all cash. Electric Guitar is a shell seeking acquisitions in the digital advertising sector. There could be opportunities to consolidate smaller agencies. A suitable target will be run by management with a good record, be involved in growth areas, have good quality clients, an existing IT platform and be scalable. It should be near to cash generation. The company acquired would have an enterprise value of at least £5m.
East Star Resources (EST) has gained readmission to the standard list following the acquisition of Discovery Ventures Kazakhstan. A placing raised £3.1m at 5p a share.
Canadian Overseas Petroleum (COPL) has made a significant oil discovery in Wyoming. The discovery has between 1.5 billion and 1.9 billion barrels of oil in place.
PYX Resources Ltd (PYX) has begun sales of rutile from its Mandiri deposit in Indonesia with production of ilmenite and leucoxene starting later in the year.
One Heritage Group (OHG) is acquiring Seaton House in Stockport for £675,000. This is an office building, and the plan would be to convert it into up to 30 apartments. The gross development value is £5.6m.
Andrew Hore