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Stockbox Research Talks Picks for 2025 – #BKS #BBSN #CMET #COIN #EGT #EST #FCM #GSCU #GROC #MARU #MDH #NEO #ONDO #REE #SVML #ROME
Stockbox Research Talks Picks for 2025 – #BKS #BBSN #CMET #COIN #EGT #EST #FCM #GSCU #GROC #MARU #MDH #NEO #ONDO #REE #SVML #ROME
Alan Green covers Metals One #MET1, Beeks Financial #BKS & Facilities by ADF #ADF on this week’s Stockbox Research Talks
Alan Green covers Metals One #MET1, Beeks Financial #BKS & Facilities by ADF #ADF on this week’s Stockbox Research Talks
Quoted Micro 14 October 2024
AQUIS STOCK EXCHANGE
Cardio health probiotics products developer ProBiotix Health (PBX) increased sales by 39% to £1.53m and the gross profit margin is stable in the nine months to September 2024. This is due to a recent product launch on Amazon and in 2,000 Target stores. A commercial partnership with Mexico-based Raff should generate commercial sales of LP LDL as an ingredient in new products by late 2005/early 2006. There is no need for further funding. The company has appointed Frederik Bruhn-Petersen as a non-exec director. He represents the new 21% shareholder Holdingselskabet af 29. Juni 2010 Aps.
Invinity Energy Systems (IES) is pleased with the UK government’s announcement of a cap and floor regime for investment in new large-scale, long-duration electricity stage projects. This includes vanadium flow batteries, and this is a large increase in the opportunity for the business. The minimum project size is 300MWh.
Café chain Cooks Coffee Company (COOK) increased store sales by 26% to £16.4m in the first half. The UK store sales were 36% ahead and Ireland is 7% ahead. Like-for-like sales are 5.1% higher. There are 83 stores, and ten further outlets are expected to open before the end of March 2025. Katherine Scott has been appointed finance director.
Ananda Developments (ANA) has signed a contract with contract research organisation Southern Star Research to carry out a phase 1 clinical trial in Australia for the pharmacokinetic profile, tolerability and safety of lead asset MRX1. There is an R and D tax incentive of up to 43.5% of eligible costs.
Bitcoin mining company Vinanz (BTC) has added five Bitmain Antminer S21 Pro 234 Terahash (TH/s) machines to its fleet in Nebraska, which has attractive power costs.
Unicorn AIM VCT has taken a 7.39% stake in Good Life Plus (GDLF) following the recent fundraising. Winforton Investments increased its stake from 20.6% to 21.1%.
EPE Special Opportunities (EO.P) intends to buy back shares. It has acquired 48,000 shares at an average price of 150p each. The NAV was 316.09p/share at the end of September 2024.
Silverwood Brands (SLWD) executive director Andrew Gerrie bought 25,000 shares at 25p each. Newbury Racecourse (NYR) director Dominic Burke bought 16,000 shares at 540p/share, taking his stake to 7.03%. Marula Mining (MARU) director Jason Brewer has acquired one million shares, taking his stake to 8.78%. Kevin Hastings has a 3.375% stake.
California Two Pizza Ventures Inc has taken a 23.9% in Pitch Pit (PICH).
Trading in the shares of Mydecine Innovations Group (MYIG) has been suspended.
Majestic Corporation (MCJ) has appointed Oberon Capital as broker.
AIM
After the close on Friday, retailer and brand owner Frasers Group (FRAS) announced a revised proposed bid for Mulberry (MUL) of 150p/share in cash. This is well above the original proposal of 130p/share and the 100p subscription price.
Energy and water efficiency services provider Eneraqua Technologies (ETP) reported a rise in interim revenues from £26m to £29.9m. However, there is a greater proportion of lower margin energy services work, and the loss increased from £400,000 to £3.8m. The General Election delayed decisions on contracts, but the decisions are beginning to be made. The order book has improved to £114m. Two-fifths of this order book should be delivered in the second half and that would return the business to profit. Singer forecasts a pre-tax profit of £2.4m for the year to January 2025 and Eneraqua Technologies should move into a net cash position.
Cloud computing and connectivity infrastructure-as-a-service company Beeks Financial Cloud (BKS) reported figures in line with expectations and profit growth is set to accelerate this year. In the year to June 2024, revenues were 27% higher at £28.4m and annualised recurring revenues were 18% ahead at £28m. Underlying pre-tax profit improved from £2.3m to £3.9m. Net cash is £6.6m. Recurring revenues cover more than two-thirds of the 2024-25 forecast revenues. Canaccord Genuity has edged up its pre-tax profit forecast from £6m to £6.1m on revenues of £39.6m.
Smart sensing software developer Oxford Metrics (OMG) is acquiring The Sempre Group, a measurement technology business for up to £5.5m. Gloucester-based Sempre helps clients to improve productivity and efficiency through high precision metrology. This fits with the previous acquisition of Industrial Vision Systems, which will help geographic expansion, and provides further diversification from the entertainment and health sectors. In 2023, Sempre made a pre-tax profit of £700,000 on revenues of £6.5m and the performance is improving this year. The deal should be earnings enhancing. Following the post-trading statement slump in the share price, OMG is spending up to £6m on share buy backs.
Marine tracking technology developer Windward (WNWD) has won two new customers outside the US with a combined annual contract value of $1.9m. Renewals are as expected. Existing customers are taking up the AI technology when they are renewing. This year there should be 30% subscription/sales growth and Windward is heading towards breakeven.
Blue Star Capital (BLU) is continuing the strategy to seek an exit of its investments. The launch of the de-fi project to Pendulum and Nabla that is called Vortex is the key to the valuation of the SatoshiPay investment and the sale has been suspended. The funding of Vortex is not yet in place. Around 90% of the NAV is based on the 27.9% SatoshiPay stake and this valuation depends on the launch of Vortex and if SatoshiPay raises additional funds then this stake will be diluted.
Novacyt (NCYT) is closing its loss-making IT-IS International, which was acquired to produce Covid tests. This should add £1m to annual EBITDA. The restructuring charge will be £700,000. The IP infringement dispute with Roche Diagnostics will continue.
SkinBioTherapeutics (SBTX) is acquiring Bio-Tech Solutions for £1.25m. Bio-Tech is a manufacturer of personal care products. This will enable the group to manufacture its own products. The acquired business should generate £3m in 2024-25, up from £2.1m, and EBITDA could be £900,000. SkinBioTherapeutics should have enough cash to last until the summer of 2026.
Data analytics software provider Rosslyn Data Technologies (RDT) is raising £1.64m via placing at 5p/share and £250,000 from a retail offer that closes on 10 October. A convertible loan note will raise a further £1.2m and existing convertibles will be converted at 5p/share. This will fund growth and the development of technology. Rosslyn Data Technologies is trading ahead of previous expectations.
Cambria Africa (CMB) shares recommenced trading after 2022-23 accounts and subsequent interims were published. Early buying has flushed out some sellers later in the morning. The shares will be suspended again on Monday because there will be no nominated advisers. Shareholders have voted to cancel the AIM admission on 22 October.
John Gunn has acquired a 12.1% stake in SEEEN (SEEN). This makes him the second largest shareholder in the video sharing platform developer behind Gresham House.
Inspirit Energy (INSP) is returning to its previous existence as a shell (it was previously Kleenair Systems International) because the lead engineer of its subsidiary has to stop working for the company to care for a relative. This has put waste heat recovery engine development on hold. The company will preserve cash and become a shell and seek takeover opportunities.
Investment company Seed Innovations (SEED) says investee company Clean Food Group has partnered with cosmetics products developer THG LABS. The initial focus is developing a high-performance oil for use in beauty and personal care products. The sustainable oils and fats developer uses yeast strains and food waste as the source of its sustainable oils. Seed Innovations has a 4.76% stake.
MAIN MARKET
Fairview International (FIL) was set up to buy two international schools in Malaysia and it is seeking more acquisitions in Asia and the UK. New schools could also be developed. The global higher education market is expected to grow at an annual rate of 12%. Fairview raised £2.65m gross at 10p/share. The share price started at 11p and kept at this level for the whole of the first day of trading when 10,000 shares were traded. Pro forma net assets are £4.11m. Agodeus, whose shareholders include executive chairman Daniel Chian and his family, owns 89.9% of the company.
Online retailer ASOS (ASC) has completed its partnership with Heartland that will leave ASOS with 25% of Topshop and Topman brands.
Imaging technology company IQ-AI (IQAI) says Braveheart Investment (BRH) has acquired a 29.5% stake in the company for £720,000. IQ-AI chief executive and Braveheart Investment chief executive Trevor Brown sold the shares.
Shell company Milton Capital (MII) has a non-binding term sheet for the acquisition of certain subsidiaries of Horizon Energy Global Corporation, which wishes to separate European and North American assets. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 12 February 2024
AQUIS STOCK EXCHANGE
RentGuarantor (RCG) 2023 revenues were 3% ahead of Zeus forecasts and expects to upgrade its 2024 forecast in April after the accounts are released. The 2023 revenues were 73% higher at £742,000. There was a 57% increase in tenant contracts to 1,124. A new insurance partner has increased insurance cover for rent arrears at a lower cost. Zeus has an estimated discounted cash flow valuation of 303p/share. The current 2024 forecast is revenues of £3.6m and breakeven.
All Things Considered (ATC) has acquired a 50% stake in Mckeown Asset, which has concert and festival management interests, as well as 40% of Something Records and 10% of Brighton venue Concorde 2 (it has an option to increase the stake to up to 70%). The initial payment is £475,000 in cash and James Mckeown intends to spend £25,000 in All Things Considered shares. There is potential deferred consideration of £200,000. Mckeown Assets NAV was £243,000 at the end of April 2023, including investments valued at £125,000.
EPE Special Opportunities (EO.P) had an NAV of 324p/share. Holdings in Atlantic Credit Opportunities Fund and Prelude Structured Alternatives Master Fund have been sold and EPIC Acquisition Corp is being wound up because it failed to find a suitable acquisition. There was cash of £15.3m at the end of January 2024. The £4m of unsecured loan notes has been extended to 23 July 2024. There are 12.5 million ZDP shares in issue that mature at the end of 2026.
VSA Capital (VSA) and Andrew Gerrie and Alison Hawksley have settled their legal dispute with Silverwood Brands (SLWD) that relates to 2.28 million shares that were transferred from the two individuals to VSA Capital. The agreement should enable the transaction to sell Lush shares to Silverwood Brands to be unwound.
Investment Evolution Credit (IEC) says that it should take between ten and twelve months to gain FCA authorisation to provide consumer loans. It previously thought that it would take up to 18 months. The loans will be offered at annual percentage rates of between 19.9% and 59.9%. This is expected to improve revenues and profit. Investment Evolution Credit has launched an offering of up to £100m of 15% fixed rate unsecured bonds that last five years. This will fund the US loan portfolio and then UK loans when approvals are granted.
The NAV of Gledhow Investments (GDH) fell from £1.7m to £1.41m at the end of September 2023, including £174,000 in cash. The cash figure has increased to £280,000. There is 51% of the investment portfolio invested in AIM, one-third in Aquis and the rest in pre-IPO investments.
Diagnostic products developer EDX Medical Group (EDX) is raising £4.01m via a subscription at 12p/share, which is a premium to the market price. Founder Professor Chris Evans subscribed for 6.25 million shares. The other investors were high net worth individuals.
Oscillate (MUSH) has a 12.75% stake in Psych Capital (PSY). The investment company is pleased about the news that Psych Capital has been awarded a grant for a phase 1 POC study in Israel of psilocybin-assisted therapy for anorexia nervosa patients.
Marula Mining (MARU) has amended the terms of the Q Global Commodities subscription of up to £3.75m at 3.75p/share so that the money can be subscribed by another affiliate. This cash will be invested in battery metals mining projects in Africa. There is an option to subscribe up to a further £4.78m at 10p/share.
Substrate Artificial Intelligence (SAI) has an investment agreement with Indico Investments and Management, which can provide up to Euro2m with shares issued at a discount of 10% to the relevant share price. There is 2% commission on the total amount, plus 15% commission for each capital increase.
Newbury Racecourse (NYR) non-executive director Dominic J Burke bought 3,000 shares at 700p each, taking his stake to 6.51%. Arbuthnot Banking Group (ARBB) chairman and chief executive Sir Henry Angest acquired 100,000 shares at 990p each, taking his stake to 57.3% of the voting shares.
Clean Invest Africa (CIA) has raised £200,000 at 0.35p each.
Alex Albertini has been appointed as a non-executive director of SulNOx Group (SNOX). He has experience in the shipping industry.
AIM
Adam Wilson is stepping down as chief executive of coal supplier Bens Creek (BEN) once a replacement has been found. Lower metallurgical coal prices led to a shortage of cash last year and $13 of convertible loan notes were issued to 29.9% shareholder Avani Resources. That cash should have lasted until the end of 2024. The company blames poor weather in West Virginia for interrupting production and delaying trains transporting coal. Avani Resources has offered another $5m as a working capital facility. While details are worked out Avani has advanced $1.25m. A 12-month offtake agreement for 40,000 short tons of coal is being negotiated with Avani Resources.
Futura Medical (FUM) says 2023 product revenues were around £3.1m following the launch of erectile dysfunction treatment Eroxon in the UK and Belgium. It has already built up a 20% market share. A $4m upfront payment from Haleon for US rights will be recognised in 2024. There was cash of £7.7m at the end of 2023.
Redx Pharma (REDX) is selling global rights to the preclinical-stage KRAS (Kirsten rat sarcoma virus) inhibitor programme to Jazz Pharmaceuticals for an upfront payment of $10m and potential milestone payments of up to $870m. Redx Pharmaceuticals should have enough cash to get into 2025.
In-game advertising technology provider Bidstack (BIDS) has issued additional convertible loan notes to Irdeto because it has not been able to provide information to Bidstack to publish a shareholder circular. Shareholder approval is required for the convertible issue. Bidstack had drawn down £600,000 from the convertible loan note facility but does not expect to make any more draw downs. The €3m payment from commercial partner Azerion is running out with cash of £1.4m at the end of January and this will run out by the end of March. A strategic review has been initiated.
Building products supplier Alumasc (ALU) has traded strongly, even though the underlying markets, particularly housebuilding, have been weak. Interim revenues increased 6% to £47.8m and pre-tax profit was 14% higher at £6.3m. Water Management increased its profit contribution with recent acquisition ARP only becoming part of the group late in the period. New products helped the housebuilding division. Additional costs on sales meant that the building envelope division profit was lower. A major export order has been delayed, but full year pre-tax profit could still improve from £11.2m to £12.1m.
Cleaning services provider React (REAT) increased its pre-tax profit from £700,000 to £1.8m in the year to September 2023. Revenues grew by 43% and there was a full contribution from the LaddersFree acquisition. Net cash is £1.3m. Current trading is at record levels. Pre-tax profit is expected to grow to £2.1m this year. This has been trimmed because of additional investment in systems to cope with further growth. Tax losses are running out, so the reported earnings will be lower despite the underlying progress.
Semiconductors developer Sondrel (SND) revealed that it had received £1.5m form the customer where payments had been delayed. This has enabled deferred payments to be made by Sondrel. New business opportunities are being negotiated. Even so, Sondrel needs to raise more cash before the end of March to put it on a sound financial footing.
Bushveld Minerals (BMN) has suspended full year guidance until it receives funds from Southern Point Resources relating to last year’s fundraising. Full year production fell 3% to 3,714mt, but sales rose 13% to 4,051mt. However, production has been affected by the lack of cash and it fell to 267mt in January. Southern Point Resources owes more than $10m and claims processing delays and the default of a funding partner have delayed the payment. The payment should be made by the end of February.
Cloud computing services provider Beeks Financial Cloud (BKS) has secured a significant multi-year contract with one of the world’s largest global exchange groups. The contract requires regulatory approval so it may not make a contribution in the year to June 2024. The value of the deal was not disclosed but it could be worth £3m or more each year. Another contract has been increased in size. Canaccord Genuity is maintaining its 2023-24 pre-tax profit forecast at £4.1m and increasing the 2024-25 figure from £5.3m to £6m.
Verditek (VDTK) has agreed terms to sell its solar business and become a shell. The buyers are the holders of secured convertible loan notes in return for the surrender of £528,340 loan notes and £50,000 in cash. The company will transfer the shareholder loan to the new company for nominal consideration. The bondholders are providing Verditek with a loan facility of up to €100,000 to fund the operating costs of the solar business. If the deal does not go ahead by the end of February Verditek will be running out of cash. A new management team is interested in joining Verditek and there are plans to raise £300,000.
RF components and systems developer Filtronic (FTC) has won a £7.8m contract for ground station antenna amplifiers for a leading global supplier of LEO satellite communications equipment. It also released interims with revenues 1% ahead at £8.5m. The cost base has been increased to cope with future growth, so there was a swing from profit to loss. Cavendish has raised its full year revenues expectations from £20.5m to £23.5m and pre-tax profit estimate has more than trebled from £800,000 to £2.5m.
Helium One Global (HE1) says Itumbula West-1 has flowed a high concentration of helium to surface. A measured helium concentration of up to 4.7% equates to nearly 9,000 times normal background levels. The well results will be evaluated. The company raised £4.7m at 1.5p, which is still a 650% premium to the share price prior to positive drilling news.
Artemis Resources (ARV) has discovered spodumene bearing pegmatites with Li2O grades of up to 1.82% at the Mount Marie prospect in the Greater Carlow project. This is the first tangible proof of spodumene bearing pegmatites and it could be part of a lithium corridor according to WH Ireland. Assay information is being assessed and should be published on 13 February.
MAIN MARKET
S and U (SUS) says tough trading conditions are hampering trading. Advances by motor finance provider Advantage were 7% lower than last year. In the second half of 2023-24 90% of due payments were made, down from 94% in the previous period. This means that pre-tax profit will be 10%-15% below expectations of £38m. Net receivables for Aspen Bridging have increased from £114m to £130m. The second interim dividend will be raised from 35p/share to 38p/share.
A new African investor has invested $500,000 in Blencowe Resources (BRES) at 5p/share and a further $2.5m has been conditionally raised at the same price.
First Tin (1SN) says sampling at the Taronga tin project confirms extensions to known mineralisation to the northeast and southwest and identified other potential targets.
Andrew Hore
Quoted Micro 17 October 2022
AQUIS STOCK EXCHANGE
Invinity Energy Systems (IES) is having a good week. Early in the week it announced a sale of a a 0.8MWh Invinity VS3 flow battery system to Equans Belux and then it won a California Energy Commission project as part of a consortium developing a large solar-plus-storage microgrid. Invinity Energy Systems will provide a 10MWh vanadium flow battery system. Delivery is expected in 2023. There is also a new relationship with US Vanadium, which could lead to a joint venture.
Vulcan Industries (VULC) is acquiring Peregrine X, which has developed diagnostic technology and the initial market will be oil well-head analysis. There are also medical uses. The initial consideration will be £1m of zero-coupon convertible loan notes with a further four tranches of £1m depending on progress. The total number of loan notes would be converted int a 46.2% stake in the company. The seller will also receive 500 million warrants exercisable at 1p a share. They will also receive 70% of post-tax earnings generated by Peregrine up until 2,000 tests have been contracted and 200 delivered. There are currently no revenues. This deal marks a move away from the engineering sector.
British Honey Company (BHC) has launched a strategic review of the business and sources of finance. A sale of the company is an alternative. Management expects to publish its 2021 results and 2022 interims before the end of October. More cash is required for working capital by the end of November.
Consumer businesses operator Silverwood Brands (SLWD) has announced a loss of £300,000 for the period to August 2022. The UK consumer market is tough and Silverwood is trying to increase its sales overseas.
Semper Fortis Esprit (SEMP) has ended all its contracts with esports players, and it is seeking other ways to exploit the market.
Capital for Colleagues (CFCP) has sold its holding of A shares in Hire and Supplies Ltd for £970,000 and reinvested £1.21m in new ordinary shares, giving it a 20.8% stake.
Hydrogen Utopia International (HUI) has signed a memorandum of understanding with Poland-based Elkard in relation to a plastic waste processing plant producing energy. They will start looking for a suitable site and the two companies will share the costs.
Arbuthnot Banking Group (ARBB) has completed the sale of Arbuthnot Latham’s West End office. The offer was previously indicated as £60m. Chairman and chief executive Sir Henry Angest bought 25,000 shares at 820p each.
Igraine (KING) has bought a 10.2% stake in Oscillate (MUSH) and its executive director Stephen Winfield has joined the Oscillate board.
MiLOC Group Ltd (ML.P) has raised nearly £40,000 at 20p a share. BWA Holdings (BWAP) has been unable to raise up to £500,000 via share issue and it may have to sell assets or issue more loan notes. A holder of £516,000 of RentGuarrantor Holdings (RGG) loan notes has converted them into 312,495 shares, which is just short of 3% of the enlarged share capital.
EPE Special Opportunities Ltd (EO.P) had net assets of 242.3p a share at the end of September 2022.
Valereum (VLRM) has appointed First Sentinel Corporate Finance as corporate adviser.
AIM
Energy and water efficiency equipment provider Eneraqua Technologies (ETP) grew its interim revenues from a combination of organic growth and a contribution from recent acquisition Welltherm, which provides drilling services for heat pump installation. Revenues were 92% higher at £24.2m, while underlying pre-tax profit was £3m. Full year expectations are covered by contracted orders as are nearly three-quarters of next year’s forecast revenues. A full year pre-tax profit of £10.6m is forecast. There are plans to move into the consumer market, but that will not make a meaningful contribution until next year – although there will be £500,000 of marketing costs.
Drug developer Evgen (EVG) is partnering with Swiss biotech Stalicia for the potential use of SFX-01 for the treatment of autism spectrum disorder and other CNS disorders. This deal could generate up to $160.5m in milestone payments and double-digit royalties, although that is a long way away. The upfront payment is $500,000 with a further $500,000 once a volunteer study is completed in the first half of 2023. If the FDA approves an investigational new drug admission that will spark a $5m payment – possibly next year. Evgen is also undertaking an additional early-stage study for the treatment of glioblastoma using SFX-01.
Interior design and furnishings supplier Sanderson Design Group (SDG) improved its interim profit, but trading was weaker in August. In the six months to July 2022, revenues edged up by 0.7% to £57.9m, although that does reflect the ending of business in Russia. Underlying pre-tax profit improved from £5.6m to £6.3m, helped by additional high margin licence fee income. The interim dividend is maintained at 0.75p a share.
Faron Pharmaceuticals (FARN) completed a placing raising €8.4m at €1.85 each. The cash will be used for the acceleration of the bexmarilimab, which is an immunotherapy treatment for difficult-to-treat cancers, clinical development programme and manufacturing.
Data analysis software provider WANdisco (WAND) has generated bookings of $61.2m so far this year with the majority coming in the third quarter. This is already higher than expectations for the full year and there is more to come. There was $26.3m in the bank at the end of September 2022, helped by upfront cash payments on contracts. Losses continue, though.
Property lending platform operator Lendinvest (LINV) reported platform assets under management one-third higher at £2.4bn, but finnCap has downgraded its full year forecast. Interest rate volatility is hampering margins. Chief executive Rod Lockhart bought 27,111 shares at 67.5p each and the chief investment officer bought 60,000 shares at 63.75p each.
Coral Products (CRU) has acquired Ecodeck Grids, which supplies building and landscape products for driveways and shed bases. There is an initial payment of £3.35m in cash and shares, with up to £1.25m more potentially payable. The products use 100% recycled plastic.
Beeks Financial Cloud (BKS) reported an improvement in full year underlying pre-tax profit from £1.6m to £2.1m. It is forecast to increase to £3.2m this year.
Sierra Oncology Inc is returning the rights to SRA737, which was jointly developed by Sareum Holdings (SAR) and the Institute of Cancer Research, to the CRT Pioneer Fund.
Investment publisher Bonhill (BONH) has commenced a strategic review that could lead to the sale of the company or separate businesses. Trading remains difficult and shareholder Rockwood Strategic (RKW) is providing a £800,000 loan facility.
MAIN MARKET
OTAQ (OTAQ) is raising £2m via a placing at 4p a share, while a four-for-five open offer could raise up to £1.2m more. It is also moving from the standard list to the Access segment of the Aquis Stock Exchange. There is also a broker option that could raise up to £400,000 if there is enough demand. In order to raise the cash, the nominal value of the shares is being reduced from 15p to 1p. Every four new shares taken up will come with a warrant exercisable at 12p. The fundraising is dependent on shareholders agreeing the move to Aquis, which is planned for 9 November. In aquaculture, OTAQ has developed sonar technology that scans shrimps, live plankton analysis systems and water quality monitoring software. The geotracking operations have developed a rail personnel and asset safety and sports trackers.
Raj Unnikandeth is stepping down as a director of Zamaz (ZAMZ) six weeks after it floated. Zamaz believes that its technology platform can help to efficiently build brands via e-commerce. Earlier in the week, Zamaz acquired 70% of Italy-based food and wine retailer Eccellenze through its existing food platform subsidiary Bella Dispensa. This follows the purchase of Italian meat products supplier Ecocarni.
HeiQ (HEIQ) has filed a complaint in the US against ICP Industrial Inc for breaching exclusive agreement terms. The agreement relates to the use of HeiQ Viroblock in printing processes. ICP has failed to pay royalties or minimum fee payments, as well as not providing timely reports.
Andrew Hore
Andrew Hore – Quoted Micro 20 April 2020
AQUIS STOCK EXCHANGE
EPE Special Opportunities (ESO) increased its NAV by 54.6% to 317.18p a share in the year to January 2020. The main gains are from fully listed Luceco (LUCE), although the share price has fallen back since then, and Whittard of Chelsea. Whittard closed its 49 stores during March. The focus is conserving cash to find existing investments rather than new investments.
Cadence Minerals (KDNC) says that DEV Mineraco, the owner of the Amapa iron ore project, has been given permission to ship iron ore from the company’s port in Brazil. The stockpile has 1.39Mt of iron ore and the cash generated will help to bring the mine back into production. Cadence owns 30% of Yangibana rare earth deposit, which has received environmental approval for mining.
SulNOx Group (SNOX) says it is taking longer than expected to conclude a deal to sell its diesel conditioner through a major UK fuel distributor. The plan is to undertake engine trials with major engine manufacturers. COVID-19 has led to delays in getting trials underway.
First Sentinel (FSEN) is raising £151,000 at 20p a share. This will provide additional working capital.
Gunsynd (GUN) is consolidating 85 existing shares into one new share.
Ganapati (GANP) has gained shareholder approval to leave AQSE by 15 May.
AIM
In changing times there is one thing that can be relied on and that is Immunodiagnostic Systems Holdings (IDH) putting out its trading statement after 4.30pm on a Friday. Never one to disappoint, Immunodiagnostic Holdings has done it again. Full year revenues were 2% ahead at £39.3m. Cash was maintained at £27.6m.
Nu-Oil and Gas (NUOG) is planning to acquire a Europe-based plastic recycling and processing business. The group would then become a consolidator under the current management. The deal has not been finalised and trading in the shares will be suspended until an acquisition document is published or the deal is called off.
Aquis Exchange (AQX) increased revenues by 73% to £6.9m and the loss was reduced to £800,000. There was £11m in the bank at the end of 2019. The market share of pan European trading increased from 3.8% to 4.62%. Market volumes have increased following the COVID-19 stockmarket concerns.
Cyber security services provider ECSC (ECSC) is raising £500,000 at 55p a share. This will make sure there is enough cash to keep the business going even if there is an extended disruption to trading.
Parcel and freight delivery company DX (DX.) says activity has been reduced by one-third. Net debt was £8.9m at the end of March. Profitability has been delayed until 2020-21.
A circular has been posted by Nostra Terra Oil and Gas (NTOG) for a general meeting on 13 May. The first resolution is for the removal of Matt Lofgran from the board and the other two resolutions provide the company with the ability to issue shares.
Bluejay Mining (BJAY) has signed a memo of understanding with a company that will take 50% of the production of the Dundas Ilmenite project.
Construction consultancy services provider Driver (DRV) was not impacted by COVID-19 in the first half and the recovery in pre-tax profit should be as expected. Business in April and May remains encouraging. Net cash is £3.3m. There will be no interim dividend.
Oil and gas producer Empyrean Energy (EME) has raised £411,000 at 3.5p a share and plans to launch an open offer to existing shareholders. It is not going ahead with a previously announced placing. The additional cash is required to pay Empyrean’s share of the costs of two wells drilled at the end of 2019. The 1C contingent resource estimate for the Mako gas field, where Empyrean has a 8.5% stake, has been increased by 76% to 323bcf. A production rate of 150 MMscf/day could be achieved.
Beeks Financial Cloud (BKS) has acquired network monitoring and trade analytics software provider Velocimetrics for an initial £1.3m. The maximum earnout payment is £4.55m. This adds real-time transaction tracking technology to Beeks’ software.
Cake Box (CBOX) was growing strongly before COVID-19 hit the cake retail chain. Store closures in the second half of March reduced annual like-for-like sales growth to 2%. Pre-tax profit will be in the range of £4.1m to £4.3m. There will not be a final dividend.
Circle Property (CRC) says its NAV has increased by 4.7% to 290p a share at the end of March 2020. The focus on office properties has helped. Loan to value is 40%. A maintained dividend has been indicated by the board.
Kodal Minerals (KOD) has been granted a further three-year term for two of the gold concessions in the Ivory Coast.
Intelligent Ultrasound (MED) has raised £5.2m at 10.5p a share to bolster its balance sheet ahead of the commencement of royalties from its AI software. The cash will finance further development. There was already net cash of £7.3m at the end of 2019, although some of this cash will already have been used.
Jubilee Metals (JML) has recommenced mining at the Inyoni Surface PGM and chrome project and the Windsor JV PGM project.
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Sure Ventures (SURE) says that 25.9%-owned investee fund Sure Valley Ventures has made a follow-on investment in Admix, which provides advertising services in video games. Sure has a 7.02% stake in Admix.
Engineering and construction services provider NMCN (NMCN) says that it continues to work on around two-thirds of its current projects. There will be no final dividend for 2019. Net cash was £25.8m at the end of 2019. A further trading update is planned for 23 April.
Rainbow Rare Earths (RBW) says that production at the Gakara mine is increasing and 100 tonnes of concentrate has been exported since February.
Andrew Hore