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Quoted Micro 25 October 2021
AQUIS STOCK EXCHANGE
Lush co-founder Andrew Gerrie plans to float a new shell called Silverwood Brands on the Aquis Stock Exchange. The strategy is to acquire and develop consumer brands and pay with shares and cash. Hotel Chocolat (HOTC) founder Angus Thirlwell is an adviser. Silverwood Brands was formed in August. There are currently 100 shares, which were issued at par value of 1p. A pre-IPO subscription of £1m recently closed.
Boanerges (BNRG) has agreed to acquire the business and assets of digital ecommerce company WeShop, where AIM-quoted Brandshield Systems (BRSD), Vela Technologies (VELA), Primorus Investments (PRIM) and IamFire (FIRE) are shareholders. The payment will be 33.33 million shares at 75p each, compared with a market price of 77p, following a May flotation at 20p a share. Boanerges intends to leave Aquis and join the JP Jenkins matched bargain facility. Boanerges is offering to acquire any shares bought since the Aquis flotation at 75p each. Boanerges believes it has the cash it requires to develop the WeShop business, and it may seek a listing in the future.
Arbuthnot Banking (ARBB) says customer deposits have increased by 19% to £2.8bn so far this year, while loans have risen by one-quarter to £1.97bn. Assets under management are 14% higher at £1.3bn.
Capital for Colleagues (CFCP) has sold its investment in Office for Public Management for £469,000, having invested £250,000.
Dispersion Holdings (DEFI) has acquired Accru Finance for £8.75m in the form of 250 million shares. The vendors will own 29% of Dispersion and the founders Philip Blows and Digby Try will join the Dispersion board. The former will become chief executive. Accru is developing cryptocurrency trading platform, which is yet to get FCA approval.
Altona Rare Earths (ANR) has agreed to acquire a 51% interest in the Chambe rare earths project in Malawi and this new deal is likely to delay the move to the standard list. An initial payment of one million shares will be held in escrow until the exploration licence is transferred to a new company in which Altona can increase its interest to 70%.
Vulcan Industries (VULC) reported revenues of £5.23m in the year to March 2021. There was a loss of £3.42m. Net debt is £3.4m.
There was a £891,000 cash outflow at Semper Fortis Esports (SEMP) in the six months to July 2021. There is still £1.77m in the bank.
AIM
Bens Creek Group (BEN) has acquired coking coal mining assets in West Virginia, and it believes it can restart production before the end of 2021. The estimated coal resources are 17.2 million in-place tons with proven and probable reserves of 2.34 million tons. Bens Creek raised £5.8m, after expenses, at 10p a share when it joined AIM. Bens Creek announced an offtake agreement for washed Hi-Vol-B metallurgical coal with Integrity Coal Sales, which has agreed to take 22,000 US short ton of coal each month for a 12-month period. This deal starts in January and covers 50% of expected production volumes. The current market price is $277/short ton and the price paid will depend on the market price at the time. This deal sparked an uptick in the share price, which reached 13.25p by the end of the week.
Devon-based Tungsten West (TUN) is developing the Hemerdon tungsten and tine mine near Plymouth and it joined AIM during the week. The share price ended the week at 63p, up from the 60p at which £39m was raised before expenses. Hemerdon was previously owned by Wolf Minerals, which went into administration, and acquired by Tungsten West two years ago. There had previously been more than £170m invested in the mine. There is an estimated mineral resource of 325Mt at 0.12% tungsten. A bankable feasibility study was completed in March.
Disinfection products supplier Tristel (TSTL) reported lower revenues and profit but that was down to stockpiling in the comparative period. Revenues were 2% lower at £31m, while pre-tax profit fell by one-quarter to £5.4m, which is similar to the 2018-19 level. Profit growth should recommence this year, but it will take time to beat the 2019- 20 figure. Tristel is shedding non-core products, which will reduce costs. Progress continues with US product approvals.
ASX-listed Future Metals (FME) did not raise any cash when it gained a secondary quotation on AIM. The share price ended the first day of trading at 12.25p and then fell to 10.5p. The company was previously quoted on AIM as Red Emperor Resources and has returned following the acquisition of 100% of the Panton PGM project in Western Australia. There is definitely a resource. A bankable feasibility study was completed by previous owners in September 2003, and it was reviewed in 2011. There is a JORC mineral resource of 14.3Mt at 5.2g/t PGM and 2.4m ounces of gold. There is also nickel, cobalt and copper mineralisation.
Solid State (SOLI) has an order book at record levels. The order book has increased by 48% to £61.5m with orders stretching further ahead than in the past. Interim pre-tax profit is estimated to have risen from £2.6m to £3.3m. Operating margins benefited from a change in product mix.
Internet domain name registry and services provider CentralNic (CNIC) is continuing to perform ahead of expectations. Organic growth was 29% in first nine months of this year. CentralNic expects full year EBITDA of at least $32m, up from $22.1m in 2020.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) is trading in line with expectations of achieving a full year underlying operating profit of at least £39m. Revenues are 36% higher than the 2020 figure. Gross margins are slightly lower due to cost pressures.
Andrew Hore
Andrew Hore – Quoted Micro 9 August 2021
AQUIS STOCK EXCHANGE
Chapel Down (CDGP) has announced Andrew Carter as successor to chief executive Frazer Thompson in September 2021.
National Milk Records (NMRP) increased its fourth quarter revenues by 7% to £5.72m. Milk recording revenues grew by 9%. The corresponding period did cover the initial lockdown. Milk prices are holding up at levels where dairy farmers will be profitable. The first phase of IT investment will be up and running later this year.
Boanerges Ltd (BNRG) has paid £25,000 for an option to invest £2m for a 14.3% stake in Fintech Digital Platforms, which owns property search internet portals.
Samarkand (SMK) has secured an extension to its distribution contract with skincare brand 111SKIN until the end of July 2023. Non-exec Keith Higgins has bought 21,739 shares at 146p a share.
Inqo Investments (INQO) had significant write-offs and bad debt provisions in the year to February 2021. This contributed to the more than doubled loss of R13.4m as revenues slumped from R24.4m to R4.2m. The total cash outflow was R14.7m and cash fell below R1m. Kuzuko Private Game Reserve will reopen in September. Uganda-based Four One Financial Services and Kenya-based South Lake Medical Centre both made higher interest payments to Inqo.
S-Ventures (SVEN) has taken a 50% stake in Vegan Punk Ventures and invested up to £100,000 in loans. The brand is PlantPunk and it has a range of ZeroBeef meat alternatives. Dave Ahern will be managing director and third-party investors will provide loans of up to £50,000.
Altona Rare Earths (ANR) had cash of £436,000 at the end of June 2021.
Helium Ventures (HEV) continues to trade at a premium to its 10p placing price. The share price is currently 32.5p (31p/34p). James Sheehan has increased his stake from 8,5% to 9.47%.
Eight Capital Partners (ECP) has sold its stake in Finance Partners Group for €2.15m and €1.57m of this has been received. The original cost was €1.9m. The investment focus will be fintech.
Vulcan Industries (VULC) has raised £223,000 at 1.46p a share and issued £48,000 worth of shares at 2p each.
Veni Vid Vici has changed its name to VVV Resources (VVV). Angelfish Investments has changed its name to Igraine (KING). DicovORE has changed its name to Oscillate (MUSH).
Trading in First Sentinel, which has changed its name to Omni Egis (OMNI) and NQ Minerals (NQMI) shares has been suspended ahead of publication of their respective accounts. Freyherr International (FRYR) has withdrawn from Aquis.
AIM
In 2020-21, NWF (NWF) did not manage to match the previous year’s profit performance of the fuels division, but the cold winter and home working meant that the performance was better than expected. Management is keen to make further acquisitions to broaden the geographic spread of the fuels business. Overall, group pre-tax profit was 10% lower at £11.9m. The efficiency improvement in the food warehousing division meant that its profit contribution was higher. The feeds division reported a lower profit but with milk prices over 30p per litre the outlook is positive for dairy feed.
Higher second half sales and improved efficiency helped Filtronic (FTC) maintain profitability at £200,000 even though full year revenues fell 9% to £15.6m. The telecoms and RF components and equipment supplier generated cash and net cash improved to £2.8m at the end of May 2021. 5G investment and moves into newer markets, such as space, provide a positive outlook for the future and profit should build from now on. Revenues are expected to grow by 16% this year and pre-tax profit of £500,000 is forecast.
The latest trading statement from Belvoir (BLV) confirms a strong first half with revenues growing by two-fifths, due to buoyant house sales. The steadier lettings income has grown by 13% – 10% organically, which is much faster than the market.
Maestrano (MNO) has secured a five-month proof of concept contract with Network Rail for HS1, the high speed line that goes to the channel tunnel. This will monitor overhead lines, vegetation, track and passing clearances. HS1 is the same specification as European tracks so it could provide a way into the European market.
Microbiome-based products developer Optibiotix Health (OPTI) generated a 44% increase in interim revenues to £1.07m with LP LDL probiotic cholesterol-reducing products and Slimbiome products accounting for most of the revenues.
Seeing Machines (SEE) 2020-21 revenues were 2% ahead of expectations at A$47.3m. There was $47.7m in the bank at the end of June.
Xpediator (XPD) has formed a strategic partnership with e-commerce fulfilment company Synergy Retail Support and is providing space at its Braintree warehouse.
MAIN MARKET
Argo Blockchain (ARB) generated July revenues of £5.6m, up from £4.36m in June, even though the average bitcoin price fell. A Nasdaq listing is being considered.
Challenger Acquisitions has changed its name to Cindrigo Holdings (CINH) following the completion of the acquisition of the renewable energy products business.
Kanabo (KNB) has a stake in medical cannabis cultivation company Hellenic Dynamics, which is being acquired by AIM-quoted UK SPAC (SPC) for £45.2m in shares at a minimum price of 0.472p a share. The £750,000 investment in Hellenic will be converted into shares at a minimum 30% discount to the prospective. UK SPAC intends to move to the standard list.
Starcrest Education (OBOR) has signed heads of terms to acquire 80% of National Training Company. Starcrest is not going ahead with the acquisition of The London School of Science and Technology and costs of £1.2m have been written off. There was £700,000 in cash left at the end of June 2021.
Andrew Hore
Andrew Hore – Quoted Micro 24 May 2021
AQUIS STOCK EXCHANGE
British Virgin Islands-based Boanerges (BNRG) is a SPAC seeking to acquire technology companies involved in big data, machine learning, telematics and internet of things. Boanerges floated on 17 May 2021 when it raised £500,000 at 20p a share. In April, an initial £51,500 was raised at 0.1p a share and a further £75,000 was raised at 10p a share. That means that pro forma cash is equivalent to 1p a share. The shares are trading at 24.5p (23p/26p).
Bid expenses could cost Walls & Futures REIT (WAFR) up to £210,000. The 50p a share bid is rejected by the company’s board, which says that it represents a 51% discount to NAV and a 62% discount to the market value of its properties, after cash is deducted. Management is offering shareholders the opportunity to vote on a winding up of the company if the bid does not become unconditional. This would require 75% of the votes to be carried.
Brewer Adnams (ADB) continued to be hit by lockdowns in the six months to March 2021. Online demand for the beer brands remained strong and management says that bookings for pubs are building up since the lockdown was eased. There is even hope that people holidaying in the UK will boost its hotels.
Early Equity (EEQP) is acquiring Farina Investments, which provides services to the insolvency sector, for £1.9m in shares at 0.5p each. This is effectively a business that is involved in the acquisition and disposal of distressed assets. The deal will increase Early Equity’s stake in Lotto Studios, which is launching a social casino game with ITV Studios, to 20%. The deal also brings a 10% stake in life sciences company Pure Sea Nutrients. A further £90,000 has been raised in a placing at 0.5p a share.
The AGM has been postponed and there were some irregularities in the voting process.
Incanthera (INC) is continuing with discussions with two global cosmetic companies for its Sol skin cancer technology. The idea is to use Sol as a skin cream to protect sun damaged skin. Net cash was £960,000 at the end of March 2021. Incanthera recently raised £1.14m at 12p a share. There is enough cash to get into the second half of 2022. There could be an upfront payment from a deal, but the big money will take longer to be generated. More cash will be required to push ahead with other products.
Apollon Formularies (APOL) says that joint testing with Aion Therapeutic reveals that their combined formulations are effective in killing HER2+ breast cancer cells grown in 3D cell culture. HER2+ accounts for one-fifth of breast cancer. Apollon’s Jamaican medicinal cannabis formulations were particularly good at killing living HER2+ cancer cells directly.
Ananda Developments (ANA) says that its 50%-owned subsidiary DJT Plants has been granted a licence to grow >0.2% THC cannabis for research activities by the UK government. Building of the research facility will commence immediately. There will be 65 strains grown at the facility and plans to extract distil and isolate cannabis products. The business had previously grown cannabis for GW Pharma. The focus will be neuropathic pain, Parkinson’s Disease and epilepsy. Directors Charles Morgan and Melissa Sturgess have each been issued with 100 million shares as contingent consideration following the grant of the licence.
Gledhow Investments (GDH) had net assets of £2.35m at the end of March 2021, up from £907,000 12 months earlier. That includes £374,000 in cash.
Vulcan Industries (VULC) subsidiary M+G Olympic has won more than £500,000 of orders for swimming pools.
All Star Minerals (ASMO) is negotiating the acquisitions of a company with gemstone assets and another company with diamond assets. This is an area where the management team has experience. Further cash will need to be raised to complete due diligence.
NQ Minerals (NQMI) has raised a further £224,000 at 7p a share. Chief executive Walter Doyle has left the company. Wishbone Gold (WSBN) has raised £1.4m at 10p a share and each share has one-half of a warrant exercisable at 20p a share. Wishbone will refine the locations of drill targets at the Red Setter projects and then use the cash to finance the drilling. Sativa Wellness Inc (SWEL) has completed a placing raising $4.61m at 7.875 cents per unit. A unit comprises one share and one-half of a warrant exercisable at 10.5 cents a share. Love Hemp (LIFE) has raised £348,000 via the exercise of warrants at 1p each.
AIM
Compliance and energy saving services provider Sureserve (SUR) reported an underlying interim pre-tax profit was 31% higher at £4.4m. Energy saving’s profit contribution fell by three-fifths, but higher margins for the much larger compliance division meant a much higher profit. A full year pre-tax profit of £12.9m is forecast.
Tracsis (LSE: TRCS) should get additional opportunities from the Williams report on the rail industry. The report was in line with expectations. Great British Railways will take up the overall responsibility for the integrated rail network. The reforms are due in 2023, although there could be delays. Things like digital tickets, simplified fares and season ticket flexibility provide opportunities for Tracsis.
Accrol (ACRL) says that adjusted earnings for 2020-21 will be in line with expectations even though sales will be lower than expected due to a decline in the market. Accrol has 16% of the toilet tissue market and it should return to growth when the comparatives do not include the Covid-19 related panic buying. There are plans to increase capacity at the main Leyland plant.
Surgical devices developer Creo Medical (CREO) says trading was ahead of expectations in the first quarter of 201. This has led to a 10% increase in forecast revenues to £22.1m. There will still be a loss of £30m. The recovery in elective surgery is increasing demand for surgical devices.
Nexus Infrastructure (NEXS) is building up its electric vehicle infrastructure business and it could move into profit in the next year. The TriConnex utility connections business is also growing revenues, although profit was flat. However, group revenues were one-quarter lower at £64m, because civil engineering business Tamdown continues to report lower revenues and profit. Nexus did make an overall operating profit. The 2020-21 pre-tax profit has been upgraded to £3.6m and it could reach £6m next year.
PerkinElmer has made a 382p a share bid for Immunodiagnostic Systems Holdings (IDH).The bid is at one-third of the share price high around one decade ago. The share price has not been at this level for nearly seven years.
MAIN MARKET
Dukemount Capital (DKE) has secured a joint venture with flexible power company HSKB, which will be renamed DKE Energy. The 50%-owned business will develop two gas peaking facilities which will produce 10MW of power. These will cost £6.25m and the intention is to secure a 15-year, inflation linked contract. Dukemount director Paul Gazzard founded HSKB.
One Heritage Group (OHG) has signed a construction finance facility with Lyell Trading. The facility is for £3.5m and lasts 18 months at a nominal interest rate of 9.6%. The facility will be used to finance Oscar House, a development of 27 apartments in central Manchester. The development should be completed in the first quarter of 2022.
Mast Energy Developments (MAST) says that the Brodesley reserve power project has reached construction ready status.
Lee Marks has been appointed chief executive of NMCN (NMCN) and interim chief executive Robert Moyle is retiring from the board after a transition period.
Kanabo Group (KNB) has signed an agreement with Pure Origin, which will manufacture and package Kanabo’s CBD wellness products from its facility in Wales. There will be a dedicated production line for VapePod products. This deal will lead to a full international product launch.
BATM Advanced Communications (BVC) has started to deliver two Covid-19 diagnostic tests. The saliva-based test will be used by the Italian team at the Olympic Games in Japan.
S&U (SUS) says monthly motor finance collections are above budget and the number of customers on payment holidays has fallen to 1,200. The Aspen bridging loan division is lending more for each deal and profit is reaching record levels.
Andrew Hore