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Andrew Hore – Quoted Micro 27 August 2018
NEX EXCHANGE
Crossword Cybersecurity (CCS) has signed a memorandum of understanding with IP Group, covering the commercialising of cybersecurity intellectual property from universities.
Ananda Developments (ANA) says that investee company iCAN Israel-Cannabis Ltd has signed a memorandum of understanding with Yom Chai. The deal involves the development and validation of a cannabis-based treatment for Crohn’s Disease, Autism and other neurological and gastrointestinal diseases. The agreement will generate revenues for iCAN, as well as obtaining a stake and potential future royalties.
Supported housing developer Walls and Futures REIT (WAFR) ended March 2018 with a NAV of 92p a share. Full year revenues were 127% higher at £103,000 and the company moved into profit. The first supported housing property was completed during the period. The board wants shareholders to approve a new management incentive plan at the company’s AGM.
There was a £88,000 cash outflow for Lombard Capital (LCAP) in the year to March 2018, but the investment company has moved from net assets to net liabilities. There is £2,154 in the bank plus £112,500 in investments. Since the year end, £320,000 has been raised from subscriptions for 7.5% 2020 unsecured loan notes.
Primorus Investments (PRIM) and Gunsynd (GUN) are selling their direct interests in the Horse Hill prospect to UK Oil and Gas (UKOG) for cash and shares. Primorus will receive £375,000 in cash and £1m in UK Oil and Gas shares at 1.75p each for its 5% stake in Horse Hill Developments Ltd (HHDL), while Gunsynd will receive £50,000 in cash and £500,000 in shares for its 2% stake.
AIM
Tracsis (TRCS) says that full year revenues were ahead of expectations at around £40m and profit will be better than expected. There was £22m in the bank at the end of July 2018. The margins of the traffic and data division are improving.
Audio visual equipment distributor Midwich Group (MIDW) is acquiring Nuremberg-based Bauer und Trummer, which has annual revenues of €21m.
A potential partner has ended its interest in the Bahamas-based oil and gas prospects of Bahamas Petroleum (BPC) and that knocked two-thirds off the share price. BPC received $1m in exclusivity payments from the international oil and company and it has started talks with other third parties.
KEFI Minerals (KEFI) has signed heads of agreement with Ethiopian investors which are setting up a vehicle to make a $35m investment to finance the Tulu Kapi gold project. The first investment of $9m should be made in the current quarter.
Caledonia Mining Corp (CMCL) has agreed to acquire a further 15% of the Blanket gold mine in return for the cancellation of a $11.5m loan and 730,000 shares. That takes the Caledonia stake in Blanket to 64%. The dividend will be kept at 27.5 cents/share.
Waste gasification to energy technology provider EQTEC (EQT) has finished a strategic review following the appointment of a new chief executive. The focus will change to the delivery of customer requirements. Additional technological expertise will come from an alliance with CT3 Ingenieria.
AdEPT Telecom (ADT) is a paying an initial £5m for Shift F7 and this should be earnings enhancing. The two companies have worked together for more than a decade. AdEPT chief executive Ian Fishwick has bought 10,196 shares at 373p each.
Thor Mining (THR) has completed the definitive feasibility study for the Molyhil open pit tungsten project. The post-tax NPV is A$101 and project payback would be less than 18 months. Molyhil has opex costs of tungsten of $90/mtu, compared to an average of $157/mtu for other tungsten projects.
Data and analytics services provider D4T4 (D4T4) says that it has received the £19.5m of trade debtors in the balance sheet at the end of March 2018.
Restaurants operator Fulham Shore (FUL) says revenues generated by The Real Greek and Franco Manca have increased. New openings will be financed out of cash flow. Chief executive Nabil Mankarious has acquired 127,000 shares at 12p each, taking his stake to 19.9%.
Versarien (VRS) has signed two collaborations. A deal with AXIA Materials will lead to the development of graphene enhanced composite materials and smart graphene devices. The first two projects will be for smart buildings and electric vehicles. An agreement with AECOM will be focused on developing large-scale polymer structures for civil engineering infrastructure projects.
Broadcast software provider Pebble Beach Systems (PEB) has moved back into profit at the adjusted level in the first half of 2018, but that is after adjusting for £400,000 of amortisation of capitalised development costs. If that amortisation charge is not excluded the company would have been around breakeven. Net cash generated from operating activities was £126,000, but there is an outflow of £254,000 after capitalised investment. Most importantly, net debt is £10.5m. Debt repayments have started with £850,000 due to be repaid in the second half.
Facilities management services provider Mortice Ltd (MORT) reported a 29% decline in pre-tax profit to $3.9m. Net debt was $18.4m at the end of March 2018. The minority interest in Singapore-based Frontline Security has been acquired for $3.5m.
Wey Education (WEY) says it is planning for significant growth next year, having exceeded market expectations of revenues of £4.1m in the year to August 2018. The first sales from the Chinese joint venture should be in September. A general meeting is being held to enable the issue of more shares and to create distributable reserves to allow a dividend to be paid.
Tekmar Group (TGP) intends to acquire Subsea Innovations for up to £4m. Subsea is focused on the oil and gas sector and it is involved in back deck equipment and subsea pipeline repair clamps. The deal includes £3m of fixed assets.
Veltyco (VLTY) has trade receivables of €8.9m, higher than in July, with €5.4m owed by Celestial, €1.5m of which relates to 2017. The current cash balance is €1.3m. Veltyco will launch its own regulated online trading brand. Betsson Services has renewed its contract until May 2021.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) increased its interim pre-tax profit by 39% to £3.53m. The growth in profit came from the distribution division on the back of higher sales to internet retailers. Net debt was £11.1m at the end of June 2018. The interim dividend is increased by 8% to 0.65p a share.
London and Associated Properties (LAS) is broadening its investment remit to areas other than retail property. Diluted NAV was 54.5p a share at the end of June 2018.
Bisichi Mining (BISI) increased its pre-tax profit from £243,000 to £3.97m on the back of strong demand for coal.
Standard list shell daVictus (DVT) still has £431,000 in the bank. The board continues to look at food and beverage businesses.
Andrew Hore
Andrew Hore – Quoted Micro 28 May 2018
NEX EXCHANGE
Sativa Investments (SATI) has made two investments in the past week. A C$200,000 investment in Rapid Dose Therapeutics Inc has been made prior to a flotation. The company’s QuickStrip fast-dissolving strip technology can be used to deliver medicinal cannabis. The other investment is in Veritas Pharma. A further C$200,000 is being invested in Veritas, which develops and commercialises medicinal cannabis treatments for chronic pain and palliative care.
Gunsynd (GUN) says that Danish software business FastBase Inc is delaying its flotation. An AIM quotation was originally planned but it may come to the standard list. There may also be a corporate transaction. Gunsynd has a 10% stake in Sunshine Minerals, which has announced that the authorities in the Solomon Islands intends to issue a prospecting licence for its nickel project as long as it gains right of access with land owners.
Wheelsure Holdings (WHLP) reported halved revenues in the six months to February 2018. Orders for the company’s rail systems and technology have been disappointing due to tight budgets and admin delays. The interim revenues fell from £104,000 to £46,000.
Walls and Futures REIT (WAFR) raised £80,000 from an open offer at 94p a share.
Capital for Colleagues (CFCP) had a NAV of 41.5p a share at the end of February 2018, down from 43.5p a share one year earlier. The employee-owned business investor invested £324,000 in the latest six month period. There is £789,000 in the bank.
AIM
Stride Gaming (STR) intends to get rid of its poorly performing social gaming business and concentrate on growing its online gaming operations internationally. Licences are being applied for and Italy should be up and running in the near future. As expected increased regulation and tax are holding back profit. Revenues should grow this year but pre-tax profit is expected to decline from £18.9m to £14.2m and be flat next year.
Watkin Jones (WJG) increased its revenues by 18% to £158.3m in the first half. Pre-tax profit was 12% ahead at £23.6m. Student accommodation developments remain the core but build to let developments will become more important over the coming years. There is even potential for a separate operation focused on build to let. Full year pre-tax profit is expected to be £48.1m.
Sanderson (SND) put in a strong first half performance. The enterprise software provider had an initial contribution from Anisa but even so the like-for-like profit was higher even though like-for-like revenues only edged up. The retail business was the main driver of profit growth and the improved order book, which increased from £2.78m to £8.61m. The like-for-like order book was 16% higher. The interim dividend was increased by 14% to 1.25p a share. Earnings per share rose by 44% to 2.3p a share, helped by a lower tax charge.
Oxford Metrics (OMG) has completed the disposal of its Yotta Surveying business to Ginger Group. The sale of the highways surveying business will generate £1.3m in cash. Oxford Metrics still owns the Yotta software.
GetBusy (GETB) has made a strong start to 2018 with revenues 17% ahead in the first four months of the year. Stockdale expects the software company to increase its profit from £1m to £1.6m this year.
River and Mercantile has sold its shares in InterQuest (ITQ) and Chisbridge has increased its stake to 51.4%. This comes at a time when InterQuest is seeking to cancel the AIM quotation and investors are being offered 24p a share.
Best of the Best (BOTB) has received the full £4.5m VAT claim from the HMRC. There will be fees and costs to offset against this. On the negative side, HMRC says that the company owes retrospective remote gaming duty for a period of four years.
Frontier Smart Technologies (FST) says tough trading in the second quarter will hit the full year outcome. Expectations have been downgraded to revenues of £34.9m and EBITDA of £800,000. There will be an EBITDA loss of £1.5m in the first half. Excess stock levels hit orders for the digital radio division. Smart audio revenues are expected to grow slower than envisaged originally because of competition in the market. Development spending is being reduced.
Magnolia Petroleum (MAGP) wants to cancel its AIM quotation. The oil and gas producer estimates that it will save £100,000 a year by leaving AIM. The strategy is to sell assets in order to reduce debt.
Clear Leisure (CLP) is raising £600,000 at 0.95p a share. The cash will be invested in the bitcoin data mining business and fund continued litigation.
MAIN MARKET
Trading in the shares of Path Investments (PATH) remains suspended and the AIM flotation continues to be delayed. The acquisition of a 50% stake in an onshore gas field in Germany is progressing. The 2017 annual report should be published in June.
Fandango Holdings (FHP) has secured two potential factoring and financial services acquisitions. The standard list shell would issue 908.4 million shares for the acquisition. Trading in the shares has been suspended.
Predator Oil and Gas (PRD) joined the standard list on 24 May. The share price edged up from 2.8p to 2.88p. The flotation raised £1.3m to finance the plan to acquire oil and gas assets in Trinidad and Tobago and Ireland.
Bisichi Mining (BISI) has acquired five shops in west Ealing (via a joint venture) for £5.6m. Bisichi and its main shareholder London and Associated Property will each own 45% with the other 10% owned by Metroprop Real Estate. The annual rental income is £140,000 and there is planning consent for 20 flats.
Life sciences company Bioquell (BQE) has sold its defence business for an initial £400,000. Up to £600,000 more could become due depending on winning a particular contract in the next 12 months. This business is lumpy and it made a small loss last year.
WideCells (WDC) is still finalising its 2017 accounts. The stem cell services provider is offering the chance for small investors to invest up to £450,000, via a bookbuild using the Teathers app and that was due to close on 21 May but it will be extended until the results are published. Trading in the shares remains suspended.
Andrew Hore