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Quoted Micro 16 December 2024
AQUIS STOCK EXCHANGE
Manchester-based Zentra (ZNT) switched from the Main Market to the Access Segment of Aquis on Wednesday. The former One Heritage Group has discontinued its co-living and in-house construction services. The focus is high quality apartments and housing, as well as work for local authorities and housing associations. A portfolio of properties was sold for £7m after the end of June 2024. There is a conditional contract to sell land for £400,000. So far, £3m has been reinvested in a 30% stake in One Victoria, a residential and commercial development, in Manchester. It is scheduled for completion in the summer. Prior to the move Zentra director Jason Upton bought 141,806 shares at 3.5p each.
AI software developer IntelliAM (INT) has signed a letter of intent with SKF Lubrication System so the two companies can sell each other’s products. IntelliAM’s machine learning platform will be included in the latter’s products. If the acquisition of 53 Degrees North Engineering had been made at the beginning of the six months to September 2024, revenues would have been £1.61m and EBITDA £140,000. Annualised recurring revenues are £149,000. Chairman David Richards bought 7,142 shares at 70p each.
Vinanz Ltd (BTC) has received commitments totalling £1.5m at 14.5p/share conditional on a move to the London Stock Exchange. This will fund the purchase of more Bitcoin mining machines. The share price edged up 0.82% to 15.375p.
Time to ACT (TTA) subsidiary GreenSpur has developed a preliminary 15MW generator design that outperforms power density and space benchmarks. It is 30% lighter and 70%-80% smaller. Further improvements are possible.
Intelliqo (IQO), which provides marketing services to technology businesses, lost £145,000 in the six months to September 2024. Revenues declined from $558,000 to $224,000. The focus is the Langaroo App. Building up sales will stop the cash outflow. Cash has fallen to less than £12,000.
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire, has increased production to 100Mcf/day and is rising by 2Mcf each day. This enhances the potential value of the farm-in to Scout Energy’s acreage in the Hugoton field. The option has been extended to the end of March 2025.
In the year to April 2024, Helium Ventures (HEV) had net assets of £24,000, including £56,000 in cash plus £250,000 long-term investment and £30,000 in short-term investments. Since then, the company has been issued a 19.4% stake in Trackimo following the £250,000 subscription. Creditors include deferred payments to directors of £130,000.
Capital for Colleagues (CFCP) has received the third tranche of consideration for the sale of shares in investee company The Homebuilding Centre to the company so that it can expand employee ownership. There was £114,000 received, which was above the minimum of £50,000, due to strong trading.
Igraine (KING) has formalised its investment rights with GEM and its battery storage project development subsidiary BES3. The first site has been chosen.
Marula Mining (MARU) is withdrawing from planned projects in Zimbabwe. It is also relinquishing its interest in the Nkombwa Hill project in Zambia. This enables focus to be placed on the Blesberg lithium and tantalum project and other core interests.
Ananda Developments (ANA) has raised £150,000 at 0.35p/share following positive results for cannabis-based treatment MRX1. There was a significant reduction in blood plasma levels of NT-proBNP (N-terminal pro-B-type natriuretic peptide) levels. This biomarker is used in diagnosis and management of heart failure.
SulNOx Group (SNOX) has raised a further £300,000 at 52.5p/share with a warrant attached. Unicorn AIM VCT has taken its stake to 5.39%. Wishbone Gold (WSBN) has raised £250,000 at 0.2p/share. Meme Vault (MEME) raised £271,000 at 0.02p/share. The shares come with two warrants each and the exercise price is 0.02p/share.
Inqo Investments (INQO) has declared a dividend of R0.07/share.
OTAQ has left Aquis.
AIM
Sports consultancy and data analysis business 4GLOBAL (4GBL) is refocusing its strategy. The new focus is North America. In the six months to September 2024, revenues fell 3% to £1.7m. The loss increased from £1m to £1.08m after a much higher foreign exchange loss. Annualised recurring revenues are steady at £1m. North American revenues rose by 161% in the period. There was cash of £287,000 at the end of September 2024, but also borrowings of £583,000 following the securing of an additional borrowing facility of £500,000 during the period. Management believes it has enough cash for its requirements, including continuing to spend on developing the data analysis technology.
Equals Group (EQLS) is recommending a bid from a bid vehicle owned a consortium comprising TowerBrook Funds, JC Flowers Funds and Railsr shareholders. The 140p/share cash offer values the multi-currency payments company at £283m. The bid is 135p/share in cash with a special dividend payment of 5p/share.
NWF (NWF) offset the decline in the food distribution by stronger trading in fuels and feed. Fuels margins improved despite flat volumes. Overall operating profit improved, but higher interest costs mean that pre-tax profit will be lower. Feeds volumes improved due to a higher milk price. Lower throughput and costs of relocating stock to the Lymedale site mean that its profit contribution fell. The winter is important to the full year outcome.
Automotive connection systems supplier Strip Tinning (STG) says that the lifetime value of nominations has risen 12% to £107m. That is mainly due to the major battery technology contract for cell contact systems from £43m to £56.8m. Higher National Insurance costs will be offset by cost savings. Capex spending will be lower than expected over the next two years, so net debt will not rise as rapidly, although it could be £9.3m by the end of 2026. A £3.7m loss is forecast for 2024. Although the 2026 forecast has been lowered, Strip Tinning is set to move into profit in 2027. There is 80% visibility of forecast 2027 revenues of £27m.
Ceramic and fragrance products supplier Portmeirion (PMP) trading has been weaker than expected and the 2024 pre-tax profit forecast has been cut from £4.5m to £1m. South Korea and the US have been weak markets. Christmas stock was delivered late to the US and there were order withdrawals. Net debt is expected to be £7.4m. An unchanged dividend of 5.5p/share is anticipated. The fragrance business is the bright spot.
Electric Guitar (ELEG) subsidiary 3radical is being liquidated and Electric Guitar has become a shell. The uncertain financial position means that trading in the shares remains suspended.
Roebuck Food Group (RFG) intends to raise up to £8.5m via a bookbuild to finance the purchase between 35% and 38.7% in GlasPort Bio, which is developing technology to reduce greenhouse gas emissions, with an option to raise this stake to 94.5%. The company is also buying a 13% to 16.7% stake in GlaspOrt Rumen Tech, which has developed ruminate feed additive RumenGlas, that reduces carbon dioxide emissions.
Autonomous vehicles developer Aurrigo International (AURR) raised £5.25m at 44p/share. The retail offer raised an additional £68,000. The cash will fund an increase in production capacity, as well as engineering.
Helix Exploration (HEX) has made a commercial helium discovery at the Darwin#1 well at the Rudyard field. It is 1.1% helium with the rest primarily nitrogen and the flow is sustainable. The Rudyard field could support multiple production wells, and each could generate $4m in cash/year. The company could begin to be cash generative in 2025.
Trading in Aura Energy (AURA) shares has been halted pending a capital raising. An assessment of future capacity expansion at the Tiris uranium project in Mauritania. The production target update in September increased the mine life from 17 to 25 years. Options to expand production capacity in the third year of operations from the initial plan to produce to produce 2MIbspa U3O8 to produce up to 4MIbspa U3O8. At 3MIbspa U3O8 NPV8 would be $544m, while at 4MIbspa U3O8 it is $521m. Tamesis has been AIM appointed broker.
Orosur Mining Inc (OMI) has received assays from the second and third holes of the current drill programme at the Anza project in Colombia. There was a composite intersection of 77.3 metres @ 7.68g/t gold from surface at the second hole and 75 metres at 5.6g/t from surface at the third hole. This shows a continuing trend to the North West. The fourth hole is completed.
Orcadian Energy (ORCA) has revealed heads of agreement for a farm out deal for the 145bcf Earlham/Orwell project in the North Sea. A joint venture led by Independent Power Corporation is earning a 50% stake and Orcadian Energy is fully carried to first gas. The joint venture, which has also acquired the $1.5m Shell loan, will be repaid this free carry spending through an additional 30% share of project revenues until the cost is covered. Orcadian Energy is also selling 50% of HALO Offshore UK to Independent Power Corporation, which is securing £5m of acquisition finance for gas field buy outs. Orcadian Energy has a 50% interest in the P2634 licence in the North Sea that has been acquired by Serica Energy (SQZ) from Parkmead (PMG).
Kazera Global (KZG) 70%-owned subsidiary Whale Head Minerals has secured an offtake agreement with Fujax South Africa for an initial 100,000 dry tonnes of heavy mineral sands from the Walviskop project in return for 80% of the anticipated final sales price less certain costs. Production recently started. Fujax will make a prepayment of $600,000 in two tranches in December and January.
Industrial monitoring and maintenance systems supplier Tan Delta Systems (TAND) says delays in orders mean that 2024 revenues will be lower than expected at £1.2m, down from £1.5m last year. The loss will be £1.2m. Net cash will be £3m.
Business recovery services provider Begbies Traynor (BEG) is benefiting from relatively high levels of insolvencies. In the six months to October 2024, revenues were 16% ahead at £76.3m, including organic growth of 11%. Underlying pre-tax profit was 16% higher at £11.5m, while earnings were 12% ahead at 5.1p/share. The interim dividend is raised 8% to £1.4m.
Seed Innovations (SEED) investee company Inveniam Capital has secured a strategic partnership with UAE-based AI company G42 to develop a platform for the financial markets. Seed Innovations owns less than 0.2% of Inveniam Capital.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) reports an increased underlying interim loss of £2.8m after a small dip in gross margins. Like-for-like revenues were 4% ahead with ecommerce growth faster than that of high street stores. There were 315,000 new customers buying in the period. Net debt is £4.2m due to deliberately increased stock levels. Management admits pre-Budget spending was subdued, but he business is second half weighted and there should be an improved full year outcome.
Investment company Thalassa Holdings (THAL) intends to raise cash to finance acquisitions. It believes this is an ideal time to pick up businesses at attractive valuations. The final price is being decided via a Dutch auction.
Alteration Earth (ALTE) has gained shareholder approval for the acquisition of Pri0r1ty AI. The company has developed a platform called Priority Adviser, which collects customer data for use in PR/investor relations. The enlarged company will move to AIM late in December.
Aura Renewable Acquisitions (ARA) is proposing the all-share acquisition of Zero Carbon Technologies, which plans to develop lead-acid and lithium-ion battery recycling operations in Europe. It is acquiring land in Spain. The target is raising at least £10m ahead of the acquisition, while Aura Renewable Acquisitions intends to raise up to £2m.
Nanoco (NANO) shareholders overwhelmingly voted against the appointment of two additional directors.
Andrew Hore
Quoted Micro 11 April 2023
AQUIS STOCK EXCHANGE
Aquis Exchange (AQX) has launched Aquis Equinox, which is a regulated market-grade 24/7 matching engine. Rival exchange models need to be shut down to perform resets and maintenance. Aquis Equinox will be offered via the cloud or on-premise. Chairman Glenn Collinson bought 7,500 shares at 400p each and 5,000 shares at 412p each. Chief executive Alasdair Haynes acquired 10,000 shares at 390p each.
Marula Mining (MARU) has observed high grade graphite mineralisation at Nyorinyori project in Tanzania. Results from sampling are expected in the second quarter of 2023. There have also been two major graphite prospects observed at the Bagamoyo project. Further mining licences could be added to the project. Site works at the 75%-owned Kinusi copper project are just starting and there are plans to install a copper processing plant. Brahma Finance has converted £265,000 of loan notes at 2p a share.
Invinity Energy Systems (IES) says it has delivered more than 11.4 MWh of batteries so far in 2023. There are more batteries due to be delivered to projects in Australia and California.
Gunsynd (GUN) reported a realised and unrealised loss of £305,000 in the six months to January 2023. Net assets were £3.28m, including cash of £304,000.
RentGuarantor Holdings (RGG) increased revenues by 92% in the three months to March 2023.
NFT Investments (NFT) says that its crypto assets are worth 2.77p a share at 2 April. The majority is in Bitcoin and Ethereum.
Walls and Futures REIT (WAFR) has sold Pax Homes to chief executive Joe McTaggart for £1. Pax Homes has acquired IP by issuing Walls and Futures REIT 100,000 5% preference shares redeemable on 1 April 2029. This IP was valued at £118,000.
Decentralised finance business incubator AQRU (AQRU) lost £5.94m last year and net assets fell from £12.2m to £6.56m by the end of October 2022. That includes cash of £4.84m. That was before the £2.3m invested in Streaks Gaming. The annualised cost base has been reduced by two-thirds.
TruSpine Technologies (TSP) has terminated a consultancy agreement with a company that provided the services of Frank Boehm, who was the inventor of some of the company’s spinal stabilisation systems technology. He is challenging the company’s ownership of the IP.
Several SunNOx Group (SNOX) shareholders have entered into option agreements with RemNOx over 24 million shares at 30p each. The option lasts until 29 September. That could take the RemNOx stake to 29.8%.
KR1 (KR1) says NAV was 68.22p a share at the end of February 2023, up from 30.6p a share at the end of June 2022.
Wishbone Gold (WSBN) says that it appears that the Red Setter project is a potential analogue of the 26 million plus ounce Telfer deposit 15kn north east of the project.
Oberon Investments (OBE) is raising £450,000 at 3.5p a share.
Six Capital for Colleagues (CFCP) directors and people closely associated with them have bought a total of 709,064 shares.
Trading in the shares of S-Ventures (SVEN) has been suspended because its accounts have not been published.
AIM
Reading-based Ocean Harvest Technology Group (OHT) joined AIM last week. The company produces ingredients for animal feed using seaweed. Although the business started in Ireland, the main trading business is in Vietnam. The brand name of the products is OceanFeed and there are different products for different animals. Management believes it has spent €20m on developing and commercialising these ingredient products. A placing raised £6m, or £4.5m after expenses, at 16p. That valued the company at £20.1m. In 2022, revenues grew from €2m to €3m and the loss increased from €1.46m to €2.9m.
Fadel Partners Inc (FADL) joined AIM last week and raised £7.55m at 144p a share. It provides rights and royalty management and brand compliance services. There is £4.6m set aside for boosting sales and marketing and services supporting them. There will also be funding for research and development.
Franchise Brands (FRAN) is making its largest ever acquisition and raised £92m from a share placing at 180p. This will help to finance the £200m purchase price for Pirtek Europe, plus working capital adjustment of £12.2m. Pirtek Europe provides on-site hydraulic hose replacement and other services through 213 service centres and 838 mobile service vans. There are 70 franchisees in eight countries and the company has the right to enter eight other European countries. Franchise Brands will have operations in ten countries. Forecast 2023 group revenues are £155m or £168m on a pro forma basis. Forecast 2023 group EBITDA is £29m.
Restaurants operator Fulham Shore (FUL) is recommending a 14.15p a share cash bid by Tokyo-based TORIDOLL Holdings. TThe bidder has revenues of around £1bn and already has European interests. It works with specialist private equity firm Capdesia in Europe. The takeover will enable greater expansion of the Franco Manca and The Real Greek brands.
Logistics firm Xpediator (XPD) has recommended the 42p a share bid that was initially proposed last year. The shareholders will also receive a special dividend of 2p a share.
Floorcoverings distributor Likewise Group (LIKE) continues to gain share in a tough market. First quarter revenues were 19.7% higher. Last April’s acquisition Delta Carpets was not included in the comparative period, but it is not a big business. Higher prices helped but there was significant underlying growth.
Linear generator technology developer Libertine Holdings (LIB) shares declined after management revealed delays in development work that mean that 2022-23 revenues could be up to £400,000 lower than the expected £1.32m.
Saietta Group (SED) won the largest ever order for its eDrive systems. The £5m order is for 3,000 bespoke systems based on the AFT140 motor from Nasdaq-listed urban delivery vehicles manufacturer AYRO. Saietta is exclusive supplier for the Vanish vehicle launched in February. First deliveries will be in the autumn and the full number delivered by the end of 2024.
Tungsten West (TUN) is restructuring the operations of its Hemerdon tungsten and tin project in Devon. Costs will be cut, and surplus assets sold. Concentrate already on the site will be sold. Project funding is being discussed. A convertible note issue raised £7m and an open offer could raise up to £2m.
Block Energy (BLOE) has improved its financial position, and the salary sacrifice scheme started in April 2020 has come to an end. Cash generation in building from the WR-B01Za, which is producing 274 barrels of oil/day. There is optimism about further wells.
MAIN MARKET
World Chess (CHSS) has been seeking to join the stockmarket since the end of 2019, when the business was starting to build up. It has arrived on the standard list having raised £3.04m at 6.25p a share. The share price ended the first day of trading at 6.5p (5p/8p). There were no trades reported. World Chess has the commercial rights to chess governing body FIDE’s online chess gaming platform, the Grand Prix series, the Candidates Tournament and the FIDE World Chess Championship. The Russia-based business was sold last year.
Aura Renewable Acquisitions (ARA) got had £809,000 in cash following a £236,000 loss in 2022 – mainly down to the expenses of the flotation. That means there is around 8p a share in cash, which is a premium to the market price. The flotation price was 10p. Cash shell Aura Renewable Acquisitions is still considering its first acquisition. The directors are not taking any fees and the ongoing expenses are minimal.
Andrew Hore
Quoted Micro 11 April 2022
AQUIS STOCK EXCHANGE
NFT Investments (NFT) is not going ahead with the acquisition of crypto tech and operations company Pluto Digital Assets and trading in the shares has recommenced. NFT had cash of £21.9m, having made seven investments, and net assets of £34.4m, 3.43p a share, at the end of 2021.
National Milk Records (NMRP) is linking up with another former Milk Marketing Board business Genus (GNS). National Milk Records will provide the fully listed animal breeding company with multi-panel genomic testing and evaluations. The two firms have been part of a process to map the DNA of the worst cows and bulls in terms of environmental impact. Farmers will be able to choose to breed cows with lower impact and highest milk yields. The initial contract lasts for five years.
Asimilar Group (ASLR) has joined the Access segment of the Aquis Stock Exchange. The technology investment company hopes that this will improve share liquidity. The AIM-quotation is being maintained but may be terminated to save money if the new quotation is successful.
Rogue Baron (SHNJ) has signed two new distribution deals. Oak and Still will distribute Shinju whisky in the UK from April 2022. Beverage Hunters will be the distributor in Spain from May.
Vanadium flow batteries technology developer Invinity Energy Systems (IES) has successfully concluded a validation programme by Korea-based Hyosung Heavy Industries and signed a non-binding memorandum of understanding for a global partnership and exclusivity in Korea.
Talent management and livestreaming company All Things Considered (ATC) increased revenues and other operating income by 23% to £9.9m in 2021. The loss is likely to be £2.8m. There was £4.4m in cash at the end of 2021. The live music market continues to recover. All Things Considered has invested $6m from a short-term promissory note into a new company focused on music digitisation and blockchain technology. This is a minority investment out of a total of $80m. The full year figures should be published in May.
Chapel Down Group (CDGP) has been appointed as the official sparkling wine supplier to the English Cricket Board. The company’s sparkling wines will be given to the winners of internationals and domestic finals.
Cadence Minerals (KDNC) says that iron ore stockpile shipments have started from the Amapa project in Brazil.
Eastinco Mining (EM.P) has discovered 16 new pegmatite zones following geochemical sampling at its HCK joint venture in southern Rwanda. This takes the total to 18.Surface geological exploration is underway at Musasa.
Clean Invest Africa (CIA) has renegotiated its loan facility and the £5m deemed to be outstanding has been changed into convertible loan stock that is convertible into shares at 1p each. There will be immediate conversion of £4.47m of loan notes.
Gunsynd (GUN) invested £75,000 into First Tin (1SN) at the placing price of 30p, having already invested £125,000 at 15p a share. The share price ended the first day at 30p.
AIM-quoted Vela Technologies (VELA) has acquired a 28.8% stake in healthcare and medtech firm Igraine (KING) for £404,000 or 1.8p a share. Richard Edwards had previously sold his 10.3% stake.
Giles Brand has increased his stake in EPE Special Opportunities (ESO) from 32.1% to 33.4%.
Aquis Exchange (AQX) non-exec chairman Glenn Collinson has bought an initial stake of 12,003 shares at 512p each. Shepherd Neame (SHEP) director Richard Oldfield has bought 25,000 shares at 837.4p each and 15,000 shares at 835.35p each. Hot Rocks investments (HRIP) non-exec chairman Brian Rowbotham bought 715,000 shares at 0.7p each and he owns 3.5%. Non-exec director Charles Vaughan has taken his stake to 2.53% after purchasing 1.5 million shares at 0.65p each.
AIM
The London Stock Exchange says that Arden Partners (ARDN) will lose its nominated adviser status if the merger with legal services provider Ince (INCE) goes ahead.
The Property Franchise Group (TPFG) revenues more than doubled to £24m, while pre-tax profit jumped from £4.77m to £6.42m thanks to the acquisition of rival Hunters Property. There is more to come. More financial advisers are being recruited and more of the franchisees are taking advantage of the services. The total dividend of 11.6p a share was higher than expected.
Belvoir Group (BLV) generated organic revenue growth of 25% last year. In 2021, pre-tax profit jumped from £7.5m to £10.3m, while the dividend is 8.5p a share. Management expects the residential sales part of the business to return to normal levels following the ending of incentives, while the lettings and financials businesses continue to grow.
Gaming machine monitors and consoles supplier Quixant (QXT) generated 2021 revenues of $87.1m, while pre-tax profit was $5.4m. Net cash is $17.6m. Screens supplier Densitron achieved the highest sales since it was acquired. Revenues are increasing from higher value added products.
Trading levels of most of the businesses of Tracsis (TRCS) have got back to previous levels, although the traffic data division recovery was delayed. In the six months to January 2022, group revenues were 31% ahead at £29.2m, while underlying pre-tax profit improved from £4.1m to £5m. The interim dividend is 0.9p a share. The recent US acquisition provides a customer base in the US, which is not as far advanced in terms of rail optimisation software as the UK.
Freight forwarding and transport services both improved their profit contribution to Xpediator (LSE: XPD) in 2021. The warehousing and logistics profit slumped due to problems in the UK. Pre-tax profit rose by one-quarter to £9.1m in 2021. The total dividend was reduced to 1.1p a share. A special dividend is a possibility this year, though. A new chief executive is still being sought.
Ecommerce technology provider Attraqt (ATQT) increased full year revenues by 9% to £22.9m but continued to lose money. There was £3.5m in the bank at the end of 2021 and management hopes to be cash neutral in 2022.
SourceBio International (SBI) grew Covid-19 testing revenues and core divisions also improved revenues during 2021. Group revenues grew from £50m to £92.5m, but they are expected to decline to £39.5m in 2022. That masks sharply higher core revenues partly due to a recent acquisition. The Covid testing labs can be converted to other uses.
Floorcoverings supplier Likewise (LIKE) says that first quarter of 2022 is ahead of budget. The Birmingham logistics site is up and running. The latest acquisition is Delta Carpets, which is earnings enhancing.
Anglesey Mining (AYM) has made the switch from the Main Market to AIM. It had been listed since May 1988. The company’s main asset is the 100%-owned Parys Mountain copper lead zinc deposit in Anglesey, north Wales. Other assets include a 20% interest in the Grangesberg iron project in Sweden. There is a right of first refusal to increase the stake to 70%. The share price moved up by 0.01p to 4.06p on the first day of trading on AIM.
MAIN MARKET
First Tin (1SN) raised £20m at 30p a share and ended the first day of trading at 30p (29p/31p). First Tin issued 60 million shares to acquire Taronga Mines, which owns Australian tin mining assets. The company already owned German tin projects. The cash raised should last for 18-24 months.
Radiology services provider Medica Group (MGP) had a much stronger second half to 2021. Revenues from elective surgery where slightly lower in the first half because of the effect of lockdowns and restrictions. The 2021 group revenues improved from £12.5m to £17.3m as surgery activity built back to previous levels. In 2021, group revenues improved from £36.8m to £61.9m, while underlying pre-tax profit increased from £4.74m to £11.5m. That excludes £4.13m of non-underlying costs, including amortisation, share based payments and one-off professional fees of £555,000. Net cash was £3.88m at the end of 2021. There is potential contingent consideration of £6.89m. The total dividend is 5% higher at 2.68p a share.
DG Innovate (DGI) completed its reversal into Path Investments. The company was acquired for £32.4m in shares issued at 0.6p each and has two operations. The first is developing electric drive technology and the other is developing sodium-ion batteries. The £2.55m raised at 0.5p a share, plus the £2.08m raised from warrants exercised at 0.25p each, will help to commercialise these technologies. The share price ended the first day at 0.34p, which is higher than the suspension price.
Ajax Resources (AJAX) is a shell seeking energy and natural resources assets and it raised £1.34m at 4p a share. The shares ended the week at 4.75p. The pro forma net assets are 2.6p a share. Management is seeking production that provides cash flow and/or strong exploration potential in known resources areas.
Aura Renewable Acquisitions (ARA) is a new shell seeking acquisitions in the renewable energy sector and it raised £1m at 10p a share. It ended the first day of trading at 17p. Pro forma cash is 8.4p a share. The founder shareholder is Harmony Capital Investments, which is behind the management of AIM-quoted, Asia-focused investment company Jade Road Investments Ltd (JADE), where Aura chairman John Croft is executive chairman. Aura is targeting is a range of businesses in areas such as wind, solar, biomass, hydro, carbon capture, waste management, smart grids and hydrogen supply.
OTHER MARKETS
Cyprus listed FOS Holdings has appointed Nick Kounoupias as chief executive. He is a solicitor with his own intellectual property consultancy. The film and entertainment company is planning a complex of five studios in Cyprus between Limassol and Larnaca, plus studios in other locations around the world. EU grants will help the funding of the studio complex, but other funding will need to be secured. FOS also plans to make three films a year.
Andrew Hore