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Quoted Micro 19 September 2022
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) has secured a new commercial partner in Asia Pacific. Nutraceutical business Nutraconnect will develop and implement strategies for ProBiotix Health ingredients in Asia Pacific.
IamFire (FIRE) says investee company WeShop Holdings had 23,000 user downloads by the end of August. Transactions increased from 2,633 in July to 5,981 in August. Average spend per transaction has increased to £81. A US launch is planned.
Gunsynd (GUN) is making a further conditional investment of £100,000 in ASX-listed Rincon Resources. The investment is dependent on Rincon Resources shareholder approval.
Fintech investment company Eight Capital Partners (ECP) has generated £1m in fees from Zamaz (ZAMZ), which joined the standard list a fortnight ago. Zamaz believes that its technology platform can help to efficiently build direct to consumer brands via e-commerce. Other Eight Capital Partners revenue have been modest.
Evrima (EVA) says investee company Premium Nickel Resources has created a new metals division.
Spirits brand Rogue Baron (SHNJ) says that a third party has been contacting investor saying it is raising cash for the company, which is not true. Rogue Baron is considering ways of raising further funds.
SulNOx Group (SNOX) has won a new order from Ghana for SulNOxEco fuel conditioner. There is enough to treat six million litres of diesel, which is a larger order than the previous one. New agreements are being discussed in other African countries.
Site works have commenced at the Blesberg lithium and tantalum project in South Africa. Marula Mining (MARU) says mining permits have been applied for.
A company associated with Asimilar Group (ASLR) non-exec director Mark Horrocks has acquired 750,000 shares at 4.1p each, which takes his share interest to 5.27%.
Engineering company Vulcan Industries (VULC) has raised £132,000 at 0.92p a share. Superseed Capital Ltd (WWW) has issued £1m of convertible loan notes to SuperSeed Venture LLP, which is its investment manager. The conversion price is 130p a share.
Barry Hersh is a 9.98% shareholder in Rural Broadband Solutions (RBBS). PEU SA has a 7.56% stake in Eastinco Mining and Exploration (EM.P).
AIM
Churchill China (CHH) had an extremely strong first half in 2022 because of demand for hospitality products. Sales of plates and other products to restaurants and hotels were behind the 73% growth in revenues to £41.4m. Sales of retail products declined as production focused on hospitality products. Churchill China is gaining market share in the UK and internationally. The interim dividend is 57% ahead at 10.5p a share. A full year pre-tax profit of £8.8m is forecast.
New admission Aurrigo International (AURR) has risen a further 9.52% to 57.5p. The transport technology products supplier raised £8m at 48p a share when it joined AIM. The cash will be invested in the aviation technology division and to develop new products.
Broker and administrator Jarvis Securities (JIM) has appointed Ocreus to review systems and controls at its main subsidiary after it ran into trouble with the FCA. This will take between three and six months. Jarvis has voluntarily agreed not to take on new clients from certain existing Model B corporate clients until the systems have been reviewed. The restrictions should not hamper forecast revenues and profit, although the costs of the review could hamper shareholder dividends from Jarvis Securities. This news was announced late on Friday and the share price nearly halved.
Retail brand Joules (JOUL) has ended its talks with retailer NEXT (NEXT) about a cash injection, leaving it with the need to find another source of funding. That is likely to require a share issue.
Baby products retailer Mothercare (MTC) reported revenues falling from £85.8m to £82.8m, but it returned to profit. The figures were at the top end of expectations and the company was cash generative. finnCap forecasts a fall in pre-tax profit from £8m to £1.9m this year. The pension deficit is declining.
TV and film production services provider Facilities by ADF (ADF) had tough comparisons for its interim figures and reported pre-tax profit was lower. Revenues improved from £11.5m to £12.6m, but the lack of large productions and higher overheads since flotation mean that profit was lower. There will be more, and higher value, productions in the second half, so some of the profit shortfall should be offset. Flotation funds are being used to increase the size of the vehicle fleet.
Artisanal Spirits Company (ART) increased membership by 24% in the first half of 2022. This growth was international, and the current membership is around 36,000. Full year revenues are expected to increase from £18.2m to £21.6m. The value of the casks of whisky in stock has increased from £430m to £455m in the latest six month period.
Cyber security services provider Corero Network Security (CNS) improved sales in the first half and growth could accelerate in the second half. Full year revenues are forecast to increase by one-third to $27.9m. Demand for cyber security continues to increase. Corero should breakeven this year.
Strong growth in first half revenues at plant-based polymers developer Itaconix (ITX) means that it is set to double full year revenues to $5.2m. Revenues trebled from cleaning applications. There was $900,000 of net cash at the end of June 2022.
The Property Franchise Group (TPFG) increased interim revenues by 18% to £13.1m and pre-tax profit was 9% higher at £3.8m. The interim dividend was increased by 11% to 4.2p a share. Trading remains strong even though house buying incentives were ended last year.
Building and architecture software supplier Eleco (ELCO) did not surprise the market with the 3% decline in interim revenues to £13.4m, although recurring revenues were 9% higher at £8.2m. This reflects the change to a SaaS model. Pre-tax profit was 23% down at £2.1m due to higher costs.
Ncondezi Energy Ltd (NCCL) has replaced a working capital facility with a convertible loan and more cash is being made available. The shareholder loan repayment cannot be demanded before 30 November 2023.
Shell company Advance Energy (ADV) raised £425,000 at 0.085p a share. There are warrants attached to each new share that are exercisable at 0.13p a share. The cash will enable management to investigate a suitable reverse takeover candidate and fund due diligence. Management is in talks with the majority owner of a European oil and gas company and trading in the shares is suspended. Any deal will be funded with shares and via an earn-out based on production. The suspension will continue until a prospectus is published or the deal does not happen.
Tertiary Minerals (TYM) has signed a technical co-operation agreement with First Quantum Minerals for two copper projects in Zambia – Mukai and Mushima North. Mukai is next door to First Quantum’s Trident project. First Quantum also has interests in the same region as Mushima North. First Quantum will supply historical exploration date for the areas. First Quantum does not have first right of refusal over the projects.
MAIN MARKET
Fintech Asia Ltd (FINA) is seeking fintech acquisitions. This includes mobile banking, digital payments and blockchain. It raised £1.46m at 50p a share, before expenses of £613,000. The cash should finance the operating of the company and investigating potential acquisitions for more than one year. Further share issues will be required when any targets are identified, and deals secured. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).
Ikigai Ventures Ltd (IKIV) is looking to acquire businesses with a positive social impact strategy, particularly those based in Asia. It has a similar shareholder base to Fintech Asia. Ikigai Ventures raised £2.09m at 50p a share, before expenses of £714,000. That cash should last more than one year. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).
Innovative materials developer HeiQ (HEIQ) increased interim revenues by 17% to $30.3m and it is making progress with newer products, such as AeoniQ and GrapheneX. Hygiene products generated 43% of total revenues. Service and licence revenues more than trebled. There was $9.5m in the bank at the end of June 2022. Cenkos expects revenues to grow from $57.9m to $69.4m in the full year and grow by a further 10% next year. The 2022 pre-tax profit is expected to be $4.8m.
Andrew Hore
Quoted Micro 4 April 2022
AQUIS STOCK EXCHANGE
In 2021, Good Energy (GOOD) revenues were 12% higher at £146m, while underlying pre-tax profit recovered from £500,000 to £2.6m. Since the year end the sale of the generating assets has boosted the balance sheet making it debt free. A final dividend of 1.8p a share takes the total for the year to 2.55p a share. Investment in billing platforms will help improve efficiency. The Zap-Map EV charging services business remains a focus of growth, along with an accelerating smart meter roll out. Even though trading conditions are tough, Good Energy could improve its profit this year.
Brewer Shepherd Neame (SHEP) is returned to profit at the interim stage, and it is paying an interim dividend of 3.5p a share. In the six months to December 2021, revenues increased by 55% to £78.7m, which is similar to the six months to December 2019. A loss of £7.2m was turned into a profit of £5.4m. Net debt is £82.4m after paying delayed VAT liabilities. Net assets are 1176p a share, excluding property revaluations. In the 13 weeks to 26 March 2022, like-for-like managed pub sales are 10% ahead, but it is a weak comparative. Costs are increasing and Peel Hunt has trimmed its full year pre-tax profit forecast from £8.6m to £7.2m.
ProBiotix Health (PBX) started trading on the Access segment having raised £2.5m at 21p a share. The share price ended the week at 21.5p, valuing the company at £26.2m. The company has been spun-off by OptiBiotix Health (OPTI), which retains a 44% stake after issuing ProBiotix shares to its own shareholders. They will not be able to deal in the shares for nine months. The core product developed by ProBiotix is LP-LDL ®. Studies have shown that the product can reduce cholesterol levels.
AIM-quoted European equities exchange operator Aquis Exchange (AQX) joined the Apex segment of the Aquis Stock Exchange on the same day as it reported full year figures. In 2021, revenues were 42% ahead at £16.2m, while pre-tax profit jumped from £470,000 to £3.22m. Net cash is £14.1m, after spending £1.1m on buying back shares. The company’s market share of pan-European trading improved from 4.7% to 5.2% and the purchase of the non-displayed matching pool of UBS could add a further 0.6% of market share. Liberum forecasts further growth in pre-tax profit to £4.2m this year.
Oberon Investments (OBE) is raising £3.4m at 6p a share in a significantly oversubscribed placing. The broker and investment manager wants to spend the cash on expanding its corporate finance and wealth management operations.
Pharma C Investments (PCIL) invested £100,000 in AIM-quoted Celadon Pharmaceuticals (CEL), formerly Summerway Capital, at 165p a share. Trading started on 28 March and the share price subsequently fell to 130p. Vertigrow, which was established in 2018, reversed into Celadon and it grows indoor hydroponic, high THC cannabis, which will be used for medicines to treat chronic pain. A Home Office licence to legally grow medicinal cannabis was received in July 2021 and it has been renewed until January 2023.
KR1 (KR1) has invested $1.5m in Subspace Labs Inc and it will receive a yet-to-be determined number of tokens. Subspace Network is an eco-friendly blockchain that enables scalable chain storage and computing.
Gunsynd (GUN) owns 1.25 million shares in Media Tech SPAC, which is acquiring Scandinavia-based Drylab A/S, which has developed a subscription-based film and TV production platform. The technology allows reviewing and sharing of filmed takes in real-time, uploads those filmed takes to a cloud-based platform and saves time and costs. The service is designed to work without internet access.
Vulcan Industries (VULC) has sold M and G Olympic Products, which manufactures architectural metalwork, for £1. This is part of refocusing on fabrication businesses.
Cadence minerals (KDNC) has agreed to sell its 31.5% stake in Lithium Technologies and Lithium Supplies in return for £3.72m.
The attempt to remove the chairman and the other resolution put forward at a requisitioned general meeting of Love Hemp (LIFE) were heavily defeated.
Pioneer Holdings Inc (PNER) has acquired Crowdform, which creates apps and websites for brands and start-ups.
Trading in Hot Rocks Investments (HRIP) shares was restored after it reported 2020-21 results and interims to September 2021. There was cash of £93,000 and net assets were £788,000 at the end of September 2021.
Tectonic Gold (TTAU) had £396,000 in the bank at the end of 2021 and management says that it is well funded even though there have been delays to exploration.
Lombard Capital (LCAP) had net liabilities of £2.29m at the end of 2021. The directors are trying to refinance the company.
Hydrogen Future Industries (HFI) has incorporated a subsidiary to develop wind and water-based hydrogen production systems.
Evrima (EVA) has replaced corporate adviser Keith Bayley Rogers with Novum Securities.
Kasei Holdings (KASH) says that its chair Jane Thomason Abigail subscribed £150,000 for new shares at 20p each.
AIM
Digital payments business Boku (BOKU) improved its underlying pre-tax profit from $8.8m to $11.8m in 2021. Longer-term, eWallet activity will help to accelerate growth. Monthly average cash balances are running at $50.8m. Boku will be hit by the loss of Russian revenues that were likely to be around $1.5m.
NWF (NWF) says that its fuels business is making a profit of 2p a litre, compared with 1p a litre under normal circumstances. This will boost cash flow, but it is not likely to be repeatable. Full year profit will be much better than expected.
Artisanal Spirits (ART) achieved strong growth in the UK, China and the US last year. Member lifetime value increased from £932 to £1,445, helped by retention rates improving to 77%. The investment in casks of whisky is paying off with the value of the stocks increasing by 26%. Current year revenues are growing by 30%.
EKF Diagnostics (EKF) increased 2021 revenues by 25% to £81.8m. Even stripping out one-off Covid business, the growth was 14%. Pre-tax profit improved from £15.4m to £21.4m. Net cash was £19.6m at the end of 2021, although that was prior to an additional investment in Verici Dx (VRCI). Some of the cash pile is being invested in expanding the fermentation capacity in Indiana. There are plans to buy back up to nine million shares.
Employee benefits services and insurance provider Personal Group (LSE: PGH) beat expectations with 2021 even though pre-tax profit declined from £8.8m to £4.7m as the effects of the original lockdown showed through in the figures. There will also be a delay in the recovery coming through in better profit. The total dividend was reduced from 18.4p a share to 10.6p a share. Net cash is £20.3m.
Brand Architekts (BAR) is making a recommended bid for fully listed InnovaDerma (IDP), which has regularly disappointed investors. The offer is 7p in cash and 0.3818 of a Brand Architekts share for each InnovaDerma share, which values the skincare company at £13.6m. Brand Architekts has a strong balance sheet and will be able to improve the marketing for the combined group’s products.
Windward (WNWD), which supplies AI-based software for real-time marine and shipping information, doubled its customer base last year. There is an increased need for information to stop breaches of sanctions following the Russian invasion of Ukraine, as well as the ongoing requirement to track sea cargos. Windward is loss-making, but revenues should build up significantly as marine compliance requirements become more stringent. Net cash is $39m and this will provide the funds for Windward to achieve its growth forecasts.
SIPPs admin services provider Curtis Banks (CBP) improved pre-tax profit from £13.4m to £14m in 2021. The growth was held back by delays in technology projects. The dividend is maintained at 9p a share. This was achieved despite a decline in interest income. The higher interest rates will not make a significant difference until 2023. Investment in systems will improve efficiency.
Construction and building software supplier Eleco (ELCO) grew revenues from £25.2m to £27.3m, while pre-tax profit improved from £4.9m to £5.3m. Eleco is transitioning to a SaaS-based model and that will hold back short-term revenues growth. Eleco increased its full year dividend from 0.4p a share to 0.6p a share.
Great Western Mining (GWMO) has completed the road to its Mineral Jackpot properties in Nevada and that will help it to exploit spoil heaps. There are also plans to drill five shallow exploration holes in the area.
MAIN MARKET
Repair and maintenance services provider Mears (MER) reported a 2021 pre-tax profit of £25.6m on revenues of £878m as local authority repair and maintenance activity returned to normal levels. Mears made a loss in 2020. The order book is worth £2.4bn.
Beacon Rise Holdings (BRS) joined the standard list with nine shareholders owning most of the shares. Prior to flotation £1.07m was raised at 100p a share. The current bid/offer spread is 100p/400p. Beacon Rise Holdings is seeking acquisitions involved in primary and secondary related education technology. This could be software or hardware that facilitates active learning. Pro forma net assets equals the cash of £744,000.
Rockpool Acquisitions (ROC) has terminated its proposed acquisition of Greenview Gas. Another party will acquire the business. Rockpool has received £1.2m from Greenview, which is a small premium on the loan provided plus interest.
Telecoms services provider Toople (TOOP) says first quarter revenues are 9% ahead of the previous fourth quarter, while gross profit is 17% higher.
Andrew Hore
Andrew Hore – Quoted Micro 7 June 2021
AQUIS STOCK EXCHANGE
Chapel Down Group (CDGP) is raising up to £6.88m at 59.5p a share via a placing and crowdfunding offer. The directors and Michael Spencer have invested £1.43m in the placing. The rest of the cash will come via the crowdfunding with Seedrs. The financing will only go ahead if a minimum of £3m is raised. The wine maker wants to increase the scale of its winery so it can process more fruit and complete the planting of new acreage. Management also wants to improve the e-commerce capabilities. A new asset-based financing facility of up to £15m has been secured and it will refinance the HSBC debt. Chapel Down increased its revenues from continuing operations from £10.1m to £13.3m in 2020. The underlying pre-tax profit was trebled from £308,000 to £955,000.
TECC Capital (TEC) is a new shell that is seeking to buy technology or cannabis businesses. There is a wide list of potential sub-sectors that will be considered, including artificial intelligence and machine learning, telematics, life sciences, including cannabis products, cyber security and e-commerce, which includes the Internet of Things. TECC raised £1.1m, after expenses at 5p a share. There is pro forma cash of £1.15m, which is equivalent to just over 3.8p a share. Even so, the share price ended the week at 10p. Chris Akers owns 9.9%.
Pioneer Media Holdings Inc (PNER) is a Canada-based investment company with investments in eSports and mobile gaming businesses. It already has a portfolio of ten companies and a Canadian Stock Exchange listing. The shares floated at 45p each and they closed the week at 48p each.
Gledhow Investments (GDH) is raising £850,000 at 1.75p a share. That is at a 12.5% discount to the market price. Gledhow had net assets of £2.35m at the end of March 2021, including £374,000 in cash. That means it is a significant discount to net assets of nearly 4.8p a share. That figure will be significantly diluted by the new share issue. Gledhow does need to become bigger to warrant the quotation, though. Although it has a portfolio of investments, Gledhow would make a good shell for a business. Burns Singh Tennent-Bhohi has taken a 3.26% stake in Gledhow.
Non-executive director Dominic Burke has bought 10,000 shares in Newbury Racecourse (NYR) at 582.5p each. The racecourse will be able to have spectators at its 10 June meeting and if there is further easing of lockdown then the hotel and events businesses can reopen. Newbury Racecourse will continue to be loss making in the first half of this year. A joint venture has been set up with a subsidiary of Compass to provide catering for the racecourse and other businesses.
KR1 (KR1) has invested a further $200,000 in Automata, as part of a $2.4m financing. KR1 will receive five million ATA tokens and it already owned ten million tokens.
Startup Giants (SUG) increased revenues from £45,000 to £87,000 in 2020. Higher costs meant that the loss increased. However, there was a £9,000 cash inflow from operating activities. There was net cash of £651,000 at the end of 2020.
Wishbone Gold (WSBN) says that initial drilling of the Cottesloe silver project, which is close to the Red Setter project.
MiLOC Group Ltd (ML.P) has raised nearly £80,000 at 28.5p a share.
Capital for Colleagues (CFCP) directors Alistair Currie and Ed Jenkins have each bought 18,400 shares at 43.25p each. Currie owns 3.67% and Jenkins holds 0.75%. Chairman Jonathan Bixby has bought 1,000 shares in NFT Investments (NFT) at 2.9p each. Iain Livingston, the father of S-Ventures (SVEN) chief executive Scott Livingston, has sold 150,000 shares at an average price of 23p a share. Scott Livingston owns 49.1% and his family a further 3.5%.
AIM
Arecor Therapeutics (AREC) takes existing pharma products and reformulates them for new uses or to make them more effective. A placing raised £18.3m, after expenses, at 226p a share. The main focus is diabetes. Arecor’s insulin program AT247 is an ultra-rapid acting meal-time insulin product, while AT278 is an ultra-concentrated rapid acting insulin development, which could be used with miniaturised insulin pump delivery devices. AT299 is a co-formulation of pramlintide and insulin. These fast-acting insulins have an addressable market worth $6.4bn. There have been positive clinical studies for AT247. A phase II study should provide results in 24 months and that would be the point when a partner would be secured.
Artisanal Spirits Company (ART) owns the Scotch Malt Whisky Society (SWMS) and it raised £13.2m after expenses at 112p a share, which was at the bottom of the 112p a share to 121p a share price range. First quarter sales in 2021 improved from £2.9m to £3.4m, even though venues and events revenues continued to be well down during the period. There was cask whisky and bottled stock of £21.7m at the end of 2020. That is the main asset in the balance sheet and an independent valuation believes that this stock is worth £9m more than book value – based on an orderly liquidation.
Franchised lettings agency Belvoir (BLV) has acquired The Nottingham Building Society’s mortgage and protection services business for £600,000. This year’s operating profit is expected to be £175,000. The deal could add 1% to earnings in a full year.
Coral Products (CRU) had £3.8m in the bank at the end of April 2021. That should be boosted by the Haydock freehold sale, which should be completed in the second half. In the year to April 2021, revenues from continuing operations increased from £8.7m to £10.7m. Even excluding the profit on disposals of £2.3m, the pre-tax profit was £700,000. There will be a final dividend of 0.5p a share.
CyanConnode (CYAN) has raised £3.15m at 9.5p, taking advantage of the strength of its share price. This was a small premium to the market price. CyanConnode could have made progress in the smart meter market without the additional cash, but this will help to accelerate its growth.
Cleantech company Verditek (VDTK) is raising up to £500,000 through a bond offering 7% interest, secured against the assets of the company. The offer is via Crowd for Angels, which is underwriting the first £225,000 of the two-year bond. Verditek wants to expand its Italian facility so that it can satisfy international contracts for its lightweight, flexible solar panels. The focus is the solar operations, but there are also minority stakes in BBR Filtration and Industrial Climate Solutions Inc.
Housebuilder Springfield Properties (SPR) says that its 2020-21 revenues and profit will be better than pre-Covid-19 levels. This was helped by two land sales. N+1 Singer forecasts an improvement in pre-tax profit from £10.2m to £18m.
Internet domain name registry and services provider CentralNic (CNIC) generated organic growth of 16% in the first quarter of 2021. Total revenues jumped from $56.9m to $84.4m, helped by acquisitions. Net debt is $79m.
MAIN MARKET
Sportech (SPO) and CML Microsystems (CML) both intend to switch to AIM. Sportech believes that the junior market is more suitable for its size and it will make it easier to complete transactions. CML also believes that AIM is more suitable following the sale of one of its divisions and it also expects its shareholders to benefit from the tax breaks.
Tarek Taksch has reduced its stake in Oxford Cannabinoid Technologies (OCTP) from 7.75% to 5.43%. The company has entered a consultancy agreement with Voisin Consulting, which will help with regulation and development plans for OCT461201, a treatment for ailments associated with IBS.
Shefa Gems (SEFA) is demerging its gems business, because it will take longer than expected to exploit the assets, and turning itself into a shell. Existing shareholders will receive shares in the gems business. There will be a 100-for-one share consolidation and then the company will raise $1.05m (£756,000) at 3.53p a share. The name will be changed to Alef Bet Advanced Technologies and seek an acquisition in web technology and software.
Imperial X (CDL) has raised £2m at 3p a share as part of its move from Aquis to the standard list. The resources company is changing its name to Cloudbreak Discoveries.
Motor dealer Caffyns (CFYN) manged to improve its underlying profit from £251,000 to £1.88m last year, even though revenues fell from £195.8m to £165.1m. Net debt was £10.3m at the end of March 2021. There has been a property valuation that shows the portfolio is worth £12.3m more than book value. Excluding that surplus, NAV is £27.6m.
National Word (NWOR) has already secured annualised savings of £4m from the JPI Media acquisition and is on course to secure savings of at least £5m. The online audience is increasing, and monthly content revenues are being generated from Google and Facebook. Overall revenues increased by 18% in April and May. The fastest growth is from digital.
Andrew Hore