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Andrew Hore – Quoted Micro 26 August 2019
NEX EXCHANGE
Walls and Futures REIT (WAFR) grew revenues by one-third to £136,000 but the ethical housing provider moved from profit to loss. In the year to March 2019, revenues improved from £103,000 to £136,000. The main reason behind the reported loss was a reduction in the gain on revaluation of assets from £198,000 to £145,000. The NAV still increased from £3.25m to £3.31m. These figures were prior to the acquisition of a property in Didcot. There is a pipeline of other potential transactions.
Barkby Group (BARK) has appointed finnCap as its corporate adviser.
Peterhouse has resigned as corporate adviser to Gamfook Jewellery (GAMF) and that follows the resignation of its auditor Crowe and the continued delays to the publication of the accounts for 2018. Peterhouse took over as corporate adviser from Daniel Stewart in March. Gamfook floated in December 2018.
Rutherford Health (RUTH) has opened its latest centre in Reading. The company was previously known as Proton Partners International Ltd.
Henry Lees-Buckley is taking on the chief executive role at Sativa Group (SATI) and Geremy Thomas has moved to deputy chairman.
AIM
Injection moulded plastic products Coral Products (CRU) returned to profit in the year to April 2019, although the underlying pre-tax profit only edged up from £568,000 to £580,000 because of a decline in exceptional costs. The second half was not as good as the first half, but cost cutting enabled a recovery at the end of the year. Net debt was £8.2m at the end of April 2019. There is no final dividend following the interim of 0.25p a share. Continuing problems at a major customer could continue to hamper progress. Equipment enabling recycling of plastic products is up and running. New products will be launched later this year, including roof tiles and road highway sound barriers.
International staffing provider Empresaria (EMR) had a tough first half, but despite this the company still expects to maintain its full year profit at £11.4m. Interim net fee income was 7% ahead but underlying pre-tax profit was one-fifth lower at £3.7m. That suggests a much stronger second half even though the German and Japanese businesses remain subdued, although they could start to recover. The diversification of the business in terms of sectors and geographies helps to offset the weakness in parts of the group. New chief executive Rhona Driggs is putting in place a new strategy, which should help next year’s figures.
Adamas Finance Asia Ltd (ADAM) has maintained its NAV at $1.10 a share (88p a share). Investee company Hong Kong Mining Holdings is still on course to restart mining operations and it is acquiring additional land for mining activities. Fook Lam Moon is assessing opportunities to expand its catering operations. The internal fit out for Infinity Capital’s Tellus Niseko project should be completed before the end of September.
MySale Group (MYSL) has raised £11.2m at 2p a share, which is a 58% discount to the market price. There will be £5.5m used to pay down bank facilities. The number of shares in issue is trebled. This follows a strategic review by the retailer, which is refocusing on Australasian operations and the selling down of stock. The cost base will be reduced.
Transport optimisation software and equipment supplier Tracsis (TRCS) grew its cash pile to £24m at the end of July 2019, even after paying around £9m on acquisitions. Pre-tax profit is in line with expectations at £9.4m, up from £8.5m.
Breedon Group (BREE) intends to change its tax domicile from Jersey to the UK. The company will still be incorporated in Jersey. The general meeting to gain approval to change the article of association will be held on 9 September.
Packaging supplier Robinson (RBN) improved gross margins by 12 percentage points to 19.7% in the first half, but that was partly offset by higher overheads. Pre-tax profit improved from £478,000 to £684,000. Net debt was £9.1m. The interim dividend is unchanged at 2.5p a share.
IT services provider Adept4 (AD4) is in talks to acquire CloudCoCo, which was set up by former sales directors of Redcentric. The deal would involve the issue of new shares that would nearly double the number in issue. The Business Growth Fund has agreed to sell £5m of unsecured loan notes to MXC Capital for £3.5m.
Data software and services provider D4T4 (D4T4) says that the figures will be second half weighted this year but not as much as last year.
Science Group (SAG) has increased its stake in Frontier Smart Technologies (FST) by subscribing £1m at 25p a share. This takes the stake to 52.3% (costing £6.9m) and this means that Frontier’s results will be consolidated. A standby facility is also being provided. Frontier’s cost base is being reduced.
Commodity trading and risk management software provider Brady (BRY) expects 2019 revenues to be around one-fifth lower than previous forecasts. That means that revenues are expected to decline from £23.2m in 2018 to £19m and this will lead to a loss of more than £4m.
Three directors have been removed from the board of Management Resource Solutions (MRS) and they have been replaced by John Copley and Robert Wall following a requisitioned general meeting.
Cancer therapies developer Scancell (SCLP) has initiated the UK SCIB1 phase 2 clinical trial for advanced melanoma, where SCIB1 is used in conjunction with the checkpoint inhibitor Pembrolizumab.
The financial director of Maestrano (MNO) has resigned to take up a role in Australia. The software company continues to undertake due diligence on a potential acquisition. An Australian bank client has decided not to go ahead with a new banking platform. There should be enough cash to last into next year.
Cyber security company Osirium Technologies (OSI) has signed up the first customer for its Opus privileged process automation software, plus two customers for the PxM platform. The Opus client is an asset manager that is already a user of PxM.
Cellcast (CLTV) has called a general meeting on 6 September in order to approve the sale of its operations. The company will change its name to Vintana.
MAIN MARKET
BATM (BVC) reported an improved interim profit, but that was due to a one-off unrealised gain after an investment in the Ador diagnostics joint venture. Revenues dipped from $58.2m to $56.2m. The second half performance will be more important. Revenues are expected to grow from $119.6m to $128.5m, with pre-tax profit jumping form $2m to $6.7m. There is further longer-term growth to come from both the biomedical and networking divisions. The recent fundraising means that there is plenty of cash to finance growth.
Argo Blockchain (ARB) is further increasing its capacity and this could make it the largest quoted cryptocurrency miner by next year.
Injection moulding and engineering company Tex Holdings (TXH) says net assets per share have fallen from 168p to 140p after it swung into loss last year. There is no final dividend. The plastics division is trading profitably and orders have improved at the engineering division.
Path Investments (PATH) plans to acquire FineGems Extraction Corporation, which has a 75% stake in a company that holds the Jagoda licence in Zambia. The assets are near to production. They are manganese ore and tourmaline deposits. The acquisition would leave existing shareholders with 50% of the enlarged share capital.
Gold explorer IMC Exploration (IMC) has raised £150,000 at 1p a share and has paid £27,000 of professional fees in shares. The cash will be spent on exploration and geological work on a tailings project in Avoca, County Wicklow.
Dev Clever (DEV) has appointed Novum Securities as joint broker and raised £436,000 at 3.4p a share. The consumer engagement systems company has secured a three-year agreement with Toshiba Global Commerce Solutions, which will offer Dev Clever’s Engage gamification platform and its learning and development platform to retail customers.
Andrew Hore
Andrew Hore – Quoted Micro 8 July 2019
NEX EXCHANGE
AIM-quoted Aquis Exchange (AQX) is acquiring NEX Exchange from CME Group Inc, which bought it as part of its £3.9bn takeover of NEX Group. Aquis will pay £1, plus £2.7m for working capital requirements. The deal requires FCA approval so it is unlikely to complete before the autumn.
Arbuthnot Banking Group (ARBB) is purchasing a residential mortgage portfolio for £258m. The loan portfolio has £266m outstanding and the yield is 3.6%.
Equatorial Mining and Exploration (EM.P) is raising £1.3m via a share issue at 0.1p a share and loan notes worth £904,000, which are convertible at the same share price. The cash will be used to acquire Rwanda-based Eastinco.
MESH Holdings (MESH) has reached an early agreement to exercise the option to acquire Sentiance. MESH will issue 4,000 shares for each Sentiance share. Sentiance will have €19m in cash when the deal completes. More than 404 million MESH shares will be issued, which is nearly two-thirds of the enlarged share capital. Trading in the shares is suspended until a circular is published in order to gain shareholder approval.
The forecast 2018-19 loss for health and community care properties developer and modular buildings supplier Ashley House (ASH) has been increased from £1m to £1.6m following clarity about what deals were signed prior to the year end. A return to profit is expected this year.
Ace Liberty and Stone (ALSP) has announced a third interim dividend of 0.84p a share. The ex-dividend date is 11 July.
NQ Minerals (NQMI) has extended its A$4m loan facility to 5 September. The two month extension cost A$160,000.
Gunsynd (GUN) has invested a further $130,000 in Oyster Oil and Gas, taking its stake to 30%.
Trading in Ganapati (GANP) shares has been suspended because accounts for the year to January 2019 have not been published.
Wheelsure Holdings (WHLP) has appointed Cairn as its corporate adviser.
AIM
Science Group (SAG) has launched a 35p a share cash bid for Frontier Smart Technologies (FST) and that is higher than the indicative offer of 30p a share. Frontier advises that shareholders take no action and says that it has received approaches from other parties and there are discussions with one of them about the structure and pricing of any deal.
Independent directors of FFI Holdings (FFI) are recommending a bid of 25p a share, which values the film completion insurance provider at £39.5m. The mandatory offer comes two years after FFI floated at 150p a share.
IMImobile (IMO) continues to grow strongly in the Americas and Europe with 42% growth in revenues last year. The cloud and mobile services provider increased total revenues by 28% to £142.7m, with organic growth of 14% on a constant currency basis. Net debt was £7.5m at the end of March 2019 and cash generation is strong. Thee was £14.6m generated from operating activities last year.
Plastic components and packaging producer Synnovia (SYN) has refinanced its debt. The maximum amount available is £25.3m. The maturity has been extended from June 2021 to June 2023. The full year results will be published on 9 July.
Bango (BGO) has partnered with appScatter (APPS) in order to help the latter’s app development clients to grow in-app revenues.
Gfinity (GFIN) has generated better than expected revenues in the year to June 2019. The esports company expects to breakeven by 2021.
Mirriad Advertising (MIRI) is raising £14.18m via a placing at 15p a share, while an open offer could raise up to £3.94m. Revenues remain modest and the cash is required to cover continuing losses. Cash consumption is running at £1m a month and 2019 revenues of £1.1m are anticipated.
Churchill China (CHH) has generated higher than expected revenues in the hospitality sector, particularly in Europe. Full year trading will be ahead of expectations. The interims will be announced on 29 August.
Mirada (MIRA) is raising £2.1m from the sale of its Mirada Connect car park payment services business to part of VW. The business generated revenues of £633,000 and pre-tax profit of £122,000 in the year to March 2019. This will enable Mirada to concentrate on its digital TV business, where annual revenues are approaching $12m. Mirada had net debt of $4.9m at the end of March.
LightwaveRF (LWRF) has signed an agreement with Google to jointly market Lightwave compatible smart speakers that provide voice-controlled lighting.
Intelligent Ultrasound (MED) has secured its first OEM agreement for its AI-based imaging software and the share price nearly doubled on the back of the deal. The technology will be integrated into ultrasound systems. Initial royalties are expected in 2021.
Cellcast (CLTV) plans to sell its operating subsidiary to its management team, but it is unlikely to generate a good price because of its poor performance. The company will become a shell. Fraser Cropper of e-cigarette company Totally Wicked has taken a 3.7% stake.
MAIN MARKET
InnovaDerma (IDP) has reassured investors that it is on course to more than double pre-tax profit to £1.5m in the year to June 2019. The pharma and beauty products supplier had £1.7m in the bank at the end of June 2019, which is better than expected. It is still down from £1.9m one year earlier.
Associated British Engineering (ASBE) has appointed FRP Advisory to find a buyer for loss-making British Polar Engines Ltd. There is a deficit of £1.35m on the pension scheme.
Argo Blockchain (ARB) has announced further outperformance by its crypto mining activities as the bitcoin price continues to recover. The company had £3.07m of crypto assets in the balance sheet at the end of June 2019, which is more than £200,000 more than expected. Additional equipment is being acquired.
Rainbow Rare Earths (RBW) is raising £4.3m at 3p a share. The money will finance production growth at the Gakara rare earth project. There should be some cash left to pay for additional drilling.
Papillon Holdings (PPHP) has revised its 2018 accounts. The original version did not reflect two transactions with director James Longley.
Gulf Keystone Petroleum (GKP) has paid an initial dividend of 5.68p a share with a further dividend double that level (depending on exchange rates) due to be paid after the interim figures are published.
Boston International Holdings (BIH) has returned from suspension following the termination of the reverse takeover of Cornhill FX, which was first announced in August 2017. Boston could not raise the cash required. Management is assessing future strategy. The costs of the proposed transaction mean that cash is below £150,000, which is less than 50% of share capital.
Andrew Hore
Andrew Hore – Quoted Micro 27 May 2019
NEX EXCHANGE
Ananda Developments (ANA) is amending its investing strategy and acquiring Tiamat Agriculture, which is applying for a UK controlled drug cannabis cultivation and supply licence. Anglia Salads and JEPCO will provide cannabis growing expertise. The new investing strategy will include the cultivation of medicinal cannabis. URA Holdings will subscribe £400,000 for shares at 0.45p each.
AfriAg Global (AFRI) has raised £1m at 0.1p a share and the cash will be used to acquire a 2.34% stake in Apollon Formularies Ltd. AfriAg hopes to gain first refusal to acquire the rest of Apollon in a transaction that would value the company at £40m.
Good Energy (GOOD) will redeem the first Good Energy Bond, which was launched in 2013, before the end of June. The outstanding principal is £3.6m and the cash for repayment will come from the disposals of Newton Downs and Brynwhilach solar farms to the local communities. The cash helped to develop nearly 150MW of renewable generation projects.
Wishbone Gold (WSBN) says that gold recoveries in Honduras have been low and it is considering whether to sell to the joint venture partner or take full control of the operations. Gold trading volumes are increasing but the contribution to overheads is modest.
Panther Minerals (PALM) has applied for an exploration licence for the Marrakai gold project in Northern Territory, Australia. Panther has also acquired additional ground surrounding the former Little Bear mine in Ontario, Canada.
Formation Group (FORM) reported a reduced loss in the six months to February 2019. There is £3.05m in cash in the balance sheet.
Angelfish Investments (ANGP) is investing up to £150,000 in convertible loan notes in ASSIF, which is developing a digital product to improve mental health. The first tranche has been drawn down and the rest will be invested when design work is completed. The loan notes are convertible into up to 35% of ASSIF, depending on the milestones achieved prior to conversion.
NQ Minerals (NQMI) has shipped 34,500 tonnes of precious metal pyrite concentrate from the Hellyer gold mine in Tasmania.
Proton Partners International Ltd (PPI) has started offering high energy proton beam therapy in Bomarsund in Northumberland.
Newbury Racecourse (NYR) non-executive director Dominic Burke has nearly doubled his shareholding to 2.8%. Tim Syder increased his stake to 3.1%.
V22 (V22O) will leave NEX at the close of business on 31 May.
AIM
SafeCharge International (SCH) is recommending a $5.55 (436p) a share cash offer from a subsidiary of fellow payment services provider Nuvei Corporation, valuing the company at £699m. The final dividend of 7.22p a share will be paid. The international payments processor joined AIM five years ago at 162p a share. Nuvei has a strong market position in North America and SafeCharge provides scale in Europe.
Trading in the shares of LXB Retail Properties (LXB) has been suspended following court approval of the dissolution of the company and a return of capital of 1.2p a share. The cancellation of the quotation will happen on 31 May.
Volvere (VLE) has sold its oldest subsidiary Sira Defence and Security for £3m, although management bonuses of £320,000 will be paid out of the proceeds. Sira cost a nominal amount and has contributed cash to the group. This leaves 80%-owned frozen pies maker Shire Foods, which increased its full year pre-tax profit from £635,000 to £854,000. Even stripping out incentive payments relating to the sale of the Impetus business, Shire hardly makes enough profit to cover central overheads.
Lawyer Gateley (GTLY) has confirmed that its full year revenues will be at least £102m and EBITDA at least £19m, an increase of 15%. The growth is a combination of acquisitive and organic. Knights Group (KGH) says that its full year revenues will be not less than £52.4m and underlying pre-tax profit will be ahead of expectations at £9.7m.
Argentina-focused oil and gas producer President Energy (PPC) increased revenues by 160% to $47.2m in 2018 and this enabled it to move into profit. This year pre-tax profit is set to improve from $3.5m to $17.3m as last year’s acquisition makes a more significant contribution and capital investment starts to pay back. Average production is expected to be 3,800 barrels of oil equivalent per day in 2019.
Science Group (SAG) has taken a 9% stake in digital radio technology developer Frontier Smart Technologies (FST) at 12.5p a share. Science offered to acquire the whole company via a cash bid of 30p a share but the proposal met with a negative response from the target’s board and the offer has been withdrawn.
Caledonian Trust (CNN) has renegotiated the conditions of the proposed sale of St Margaret’s House in Edinburgh, which was announced in February 2018. The buyer is still in the process of applying for planning consent and it has three months in which to submit the application, plus 12 months to secure consent. A further three months will be allowed to find a pre-let and Caledonia will vacate the property six months after that. This means that it could be two years before the transaction is completed. The consideration is still £15m, compared with a book value of £8m.
Rose Petroleum (ROSE) has received a £300,000 investment at 1.2p a share and appointed Colin Harrington to the board as executive chairman. Origin Creek Energy has a 14.8% shareholding following the share issue. This replaces the previously announced subscription at a lower share price and Robert Bensh has left the board because of that.
Kibo Energy (KIBO) says that 60%-owned flexible power generation development subsidiary MAST Energy Developments is acquiring Bordersley Power Ltd, which is developing a 5MW gas-fuelled power generation plant and relevant grid connections. The deal is dependent on certain conditions.
Cellcast (CLTV) is owed £453,000 by a Kenyan client of its gaming and lottery consultancy activities, which generated revenues of £395,000 in 2018. The government in Kenya is cracking down on advertising of gambling and it had previously raised taxation rates. Cellcast had £698,000 in the bank at the end of 2018.
Trading in the shares of Dublin-based Amryt Pharma (AMYT) has been suspended ahead of the proposed all share acquisition of the larger Aegerion Pharmaceuticals, which is a subsidiary of Nasdaq-listed Novelion Therapeutics Inc. Amryt plans to raise $60m from a share issue.
MAIN MARKET
Blockchain Worldwide (BLOC) has made a non-binding offer for Entertainment AI Inc although it is still subject to due diligence on the artificial intelligence and machine learning company. Trading in the shares has been suspended.
LED lighting supplier Luceco (LUCE) says trading continues to improve even though sales to UK professional customers are subdued. The overseas market is stronger. Margins are improving.
Motor finance provider S and U (SUS) says that profit from its core business has improved so far this year. The property bridging lending business has increased its loan book to £22m.
Andrew Hore
Andrew Hore – Quoted Micro 3 December 2018
NEX EXCHANGE
European Lithium (EUR) joined NEX on 26 November. European Lithium is the 100% owner of the Woflsberg lithium project in Austria and it is already quoted on the ASX. The plan is to produce battery grade lithium hydroxide for the European market. Capex of $390m is required for the project. WH Ireland estimates the NPV at $223m.
Crossword Cybersecurity (CCS) has confirmed its move to AIM in the middle of December. The cyber security systems developer plans to raise up to £2.25m.
Wheelsure Holdings (WHLP) raised £125,000 at 1p a share. This will finance product development. Wheelsure has established a project with Haydale Graphene Industries (HAYD) and the University of Manchester. This will develop a product combining graphene with Wheelsure’s failsafe locking system.
Ace Liberty and Stone (ALSP) has completed the acquisition of the Mecca bingo hall in Chesterfield for £4m. The property has a ten year lease and generates annual rent of £388,000. Ace has issued 147,070 shares at 100p each covering the conversion of convertible loan notes and payment of related interest.
Sandal (SAND) says that it needs more to cash in order to fully exploit the potential for Energenie MiHome products. Revenues in the first five months of the new financial year are higher than in the same period last year, even though there was a stock overhang at one Energenie MiHome customer.
IMC Exploration (IMCP) is relinquishing two licences in order to focus on its three main projects. They are the tailings project in Avoca, Wicklow, the north Wexford gold project and the zinc project in County Clare. There was €212,000 in the bank at the end of June 2018.
TechFinancials Inc (TECH) has launched the Beta version of its CEDEX blockchain diamond exchange.
Barkby Group (BARK) has taken on a ten-year lease for The George at Burpham in Sussex.
Primorus Investments (PRIM) has purchased 27 million shares in Greatland Gold (GGP) at an average price of 1.67p a share. The investment totalled £450,000. This is on the back of positive drilling results. At the Havieron gold/copper project in Western Australia.
Dana Group International Investments (DANA) reduced its underlying loss in the year to June 2018 and it ended the period with a NAV of 21 cents a share. There was a sharp decrease in NAV due to the write-down in the value of investments.
Imperial Minerals (IMPP) is still seeking a resources acquisition. There was £20,000 in the bank at the end of June 2018 and subsequently a further £50,000 was raised by a convertible issue.
AIM
Active Energy Group (AEG) has raised nearly £1.5m at 1p a share and there is one warrant with every four new shares. The warrant is exercisable at 1.75p a share over a 12 month period. Creditors have been issued 15.5 million shares for the money they are owed. The cash will be used to finance the plans for a CoalSwitch plant with its joint venture partner and the working capital for the newly awarded cutting permits in Newfoundland.
Financial services provider STM Group (STM) expects a significant release from the London and Colonial Assurance of at least £500,000 before the year end. Last year, the release was £1.3m. There have also been one-off costs, but overall pre-tax profit should be in line with expectations.
Kropz (KRPZ) began trading on AIM on Friday. The share price ended the day at a 3.5p premium to the 40p placing price. The plant nutrient producer raised £27.3m to finance the Elandsfontein phosphate project.
Inland Homes (INL) has a land bank of 7,000 plots and 1,700 of them have planning consent with a further 2,000 in the planning pipeline. The sale of 386 plots in Buckinghamshire has generated a management fee of more than £7m. There should be 80 houses completed in the first half. The Rosewood Housing business has obtained approval to become a provider of affordable housing.
Argentina-focused oil and gas producer and explorer President Energy (PPC) has completed the acquisition of additional assets. Incremental production will start in December. Drilling of the third well at the Puesto Flores field has started.
Gift wrap supplier IG Design Group (IGR) has grown in the first half via a combination of acquisition and organic growth. The interim figures have led Progressive Equity Research to raise its 2018-19 earnings forecast from 25.9p a share to 27p a share.
Babestation broadcaster Cellcast (CLTV) says that revenues are declining and this is likely to continue. There is £700,000 in the bank and management is trying to collect money owed in Kenya.
IDOX (IDOX) says that full year revenues, excluding the former digital division, fell from £73.5m to £67.2m. The information management software provider generated adjusted EBITDA of £14.4m, down from £16.7m. Annualised recurring revenues are running at £32.4m. The annual results will be published in February.
Safestay (SSTY) is raising up to £11m via a placing and one-for-12 open offer at 34p a share. This cash will finance the conversion and refinancing of two hostels as well as investment in other existing sites and acquiring new ones.
Faroe Petroleum (FPM) has rebuffed a bid approach by DNO. Faroe says that the 152p a share cash offer, which values the oil and gas company at £607.9m, undervalues the business and its prospects. DNO already owns a 28.2% stake in Faroe.
Rose Petroleum (ROSE) has been paid around $300,000 in shares for providing its uranium database to enCore Energy Corp. The shares have to be retained for four months.
Timber merchant James Latham (LTHM) reported a 10% increase in interim revenues, while underlying pre-tax profit was £7.6m, prior to a £1.1m gain on the sale of the Yate site. The order book is strong, but it is more difficult to pass on price rises. There is £12.9m in the bank.
Maistro (MAIS) has launched a one-for-7.28423264 open offer at 1p a share. That could raise up to £250,000, which could take the total raised to £2.2m.
TLA Worldwide (TLA) is planning to sell its US operations to major shareholder Gatemore and may also sell its Australian activities. This may raise enough to pay off debt and leave a small amount of cash in TLA.
Gaming demand continues to be strong for security technology provider Synectics (SNX) but UK bus demand means that the full year profit forecast has been cut from £3m to £2.8m. The £4m profit forecast for the following year has been maintained.
The optimism about the Wressle oil project proved false and the planning permission was not approved as had been recommended. The original application was refused two years ago and an appeal is planned. Operator Egdon Resources (EDR) owns a 30% interest in Wressle, Europa Oil and Gas (EOG) has a 30% interest and Union Jack Oil (UJO) has a 27.5% interest. Humber Oil and Gas owns the other 12.5%.
Altona Energy (ANR) has temporarily suspended its activities at the Westfield Tenement in Australia. Management believes that other coal deposits may be more suitable for its pyrolysis technology.
Realm Therapeutics (RLM) has selected a shortlist of potential transactions, including a potential sale of the company. Further news will be published in the first quarter of 2019.
Fishing Republic (FISH) is still trying to raise additional funds for the business and it is also assessing options for selling the business.
Webis (WEB) improved its pre-tax profit from $5,000 to $103,000 in the 12 months to May 2018 and this is before any benefit from legalised online sports betting in the US.
MAIN MARKET
Bioquell (BQE) is recommending a 590p a share cash bid from US-based Ecolab. That values the bio-decontamination business at £140.5m. The bid is nearly four times the level of the share price three years ago.
Standard list shell Hertsford Capital (HERT) has raised £3mat 10p a share. The technology-focused investment company has £2.8m in cash after costs. The share price ended the week at 11.75p.
Interim revenues declined from £666,000 to £498,000 at Associated British Engineering (ASBE) although the loss fell from £377,000 to £342,000 due to an improved performance at British Polar Engines as annual cost savings of £150,000 start to show through. There is around £1m of cash and available for sale financial assets, which is similar to the NAV.
PV Crystalox Solar (PVCS) has received the final payment of €14.3m in settlement of claims against a customer.
Flavour and fragrance ingredients supplier Treatt (TET) increased its revenues by 11% to £112.2m in the year to September 2018. Pre-tax profit improved from £11.7m to £12.6m. US capital investment should be completed next year.
Vertically integrated gemstone explorer Shefa Yamim (SEFA) is set to begin trial mining early next year. The latest exploration results have increased the volumes of mineralised placer gravels at three target sites from 1.1 million tonnes to five million tonnes.
Cardiff Property (CDFF) increased its net assets from 2126p a share to 2178p a share at the end of September 2018. The property investor has no debt and there is cash and financial assets of £5.8m. The dividend has been increased from 15.5p a share to 16.6p a share.
Andrew Hore
Andrew Hore – Quoted Micro 8 January 2018
NEX EXCHANGE
Kryptonite 1 (KR1) has invested $249,000 in a presale of 4,775,686 Simple tokens in a project administered by OpenST Ltd. The plan is for the tokens to be used to enable digital currencies to be launched by businesses. There has also been a $100,000 investment in the presale of tokens in the Props project. That bought 859,569 Props tokens. These tokens are used as a cryptocurrency as part of a decentralised ecosystem of video applications.
DagangHalal (DGHL) has launched its mobile app MEEMBAR (meaning raised platform in Arabic), which is targeted at Muslim travellers, on the Android platform. The app provides details of mosques, hotels and restaurants in an area. The app will become available on the IoS platform later this year. Longer-term, the company wants to introduce the ability to undertake transactions.
AIM…….
Housing developer Inland Homes (INL) ended the year strongly, selling two sites for a total of £12.7m. Inland Partnerships, which develops social housing, has entered into a £29.5m contract to develop 136 homes.
Kestrel Partners has taken a 4.32% stake in telematics equipment and services provider Trakm8 (TRAK).
Gear4Music (G4M) says that Christmas sales grew by 42%. The online musical instruments retailer is still on course for a full year profit of £2.4m.
Peter Scott is taking on the role of chief executive at digital marketing services provider Be Heard Group (BHRD) and David Morrison will replace him as chairman.
Smart metering technology supplier CyanConnode (CYAN) says that its order book is in excess of $100m even though a large order has been delayed. There was £5.5m in the bank at the end of 2017.
Cambria Automobiles (CAMB) has announced a new Lamborghini dealership in Chelmsford on the same site as the Bentley dealership. The showroom should be open by the end of the first quarter. A new site in Hatfield to house the new McLaren dealership and the company’s other dealerships in the area should be completed by the end of the year. Cambria is still cautious about the UK car market. Trading in the first quarter is in line with expectations. Chairman Philip Swatman and his wife sold 100,000 shares at 57p a share, leaving them with 200,000 shares.
Marble quarry operator Fox Marble Holdings (FOX) is raising £2.76m through a placing at 10.5p a share and Indian firm Kesari Tours PVT is investing £2m of the cash. Kesari boss Shailesh Patil has committed to buying a minimum of 3,000 tonnes a year of marble in return for exclusivity in the Arabian Gulf. Fox is also raising £235,000 via a convertible loan note issue and capitalising £783,000 of debt. Directors are also taking part of their pay in the form of shares. Fox will use £1.5m of the cash to repay debt and the rest will go towards expanding production. Total marble production was 8,800 tonnes in 2017. The new processing facility has capacity of up to 440,000 square metres a year so it will be able to cope with much higher quarry production.
Network data processing technology supplier Ethernet Networks Ltd (ENET) has disappointed the market six months after flotation. A customer has chosen to sign up to a different proposal than expected and two other projects have been delayed until 2018. This means that 2017 revenues and profit will be lower than anticipated, although profit will be higher than 2016. In 2016, revenues were $2.16m and operating profit was $339,000, which was exceeded in the first half of 2017 even though revenues were much lower.
Victoria Oil and Gas (VOG) says that its gas supply contract with ENEO in Cameroon has not been extended. This had covered 53% of Logbaba gas sales revenues in 2017. ENEO owes $8.7m.
Churchill China (CHH) says that its 2017 results will be slightly better than expected thanks to strong export sales. Full year figures will be published on 27 March.
Strand Hanson has resigned as nominated adviser to BNN Technology (BNN) following news that the company failed to account for a bonus claimed by Darren Mercer. The £270,000 bonus has been offset against the £450,000 he owes the company. Mercer also claims that the remaining amount of the loan should be reduced.
Corero Network Services (CNS) has gained $400,000 of contracts for its SmartWall cyber security system.
Ultrasound simulation technology provider Medaphor Group (MED) says that 2017 revenues were 27% ahead at £4.2m. The loss will be £2.9m. There was £4.2m in the bank at the end of 2017.
Cantor Fitzgerald has downgraded its 2017 profit forecast for waste treatment and energy generation plants developer Green and Smart Holdings (GSH) from RM7m to RM6.7m and the 2018 figure from RM16.9m to RM10.8m because of delays to electricity generation projects. Local project finance is taking longer than expected to secure.
Attractions designer Paragon Entertainment Ltd (PEL) chief executive John Dobson has acquired 1.43 million shares at 2.5p each. That increases his stake to 6.55%. This has helped the share price to recover after almost a year of decline following disappointing trading statement.
Babestation producer Cellcast (CLTV) says that it intends to provide for the £495,000 it had invested in the Lexinta fund, which is being investigated by the Swiss authorities. The investment vale had been raised to £754,000 in the last accounts. This appears to be in the trade receivables in the balance sheet last June. There was £862,000 in cash in the bank.
European PR firm SEC (SECG) has acquired 51% of Colombia-based Newlink for up to €2.2m and this could rise to €4.3m if the option to acquire the rest of the shares is taken up in the next five years.
TyraTech Inc (TYR) will buy back $8.4m worth of shares at the tender price of 3p a share.
Oil and gas firm San Leon Energy (SLE) has ended bid discussions with two potential bidders. A potential reverse takeover is still on the cards.
Even though Crawshaw Group (CRAW) says that the performance of its factory shops has been good, like-for-like sales for the delicatessen products retailer have declined. This has led Peel Hunt to increase its loss forecasts for this year and next year as like-for-like revenues are expected to continue to decline.
Egdon Resources (EDR) has had its appeal for planning permission for the Wressle oil development in Lincolnshire. Egdon owns 25% and Union Jack Oil (UJO) has a 15% stake. Egdon has been allow to retain the original planning permission until the end of April.
ReNeuron (RENE) is consolidating 100 shares into one new share. Management hopes that this will help to attract institutional investors. The cell-based therapeutics developer had £45.3m in the bank at the end of September 2017.
Christopher Brown is stepping down as chief executive of TomCo Energy (TOM) but he will remain for the short-term. He has agreed to loan £100,000 to the company.
Packaging machinery manufacturer Molins (MLIN) is changing its name to Mpac following the sale of the Molins tobacco machinery business.
The People’s Operator (TPOP) has returned from suspension having completed its £2.82m fundraising at 0.1p a share. The London Stock Exchange says that the settlement of outstanding trades is occurring and it allowed the restoration in dealings, but it says that it will continue to closely monitor the situation.
BOS Global Holdings (BOS) has appointed Marcus Yeoman, Will Giles and Michael Wilczynski to the board andMark Uren has resigned, which means that it does have the minimum required number of three directors. The finances of the software developer remain uncertain and trading in the shares is still suspended. A general meeting requisition has been withdrawn.
Average oil production from the Trinidad operations of Range Resources Ltd (RRL) in the fourth quarter of 2017 was 629 barrels a day and the current daily production is 703 barrels a day.
Premier African Minerals (PREM) did not meet its guidance on production at the RHA tungsten mine in the last quarter of 2017 and this means that it did not achieve profitable production in December. Premier has said that it would not provide any more cash unless profitability were achieved. Premier is spinning off the Zulu lithium project, which could have a value greater than Premier, and drilling programmes could be funded by offering a stake in the new company.
MAIN MARKET
Cayman Islands-based cash shell AIQ Ltd (AIQ) (ww.aiqhub.com) is joining the standard list on 9 January. AIQ has raised £3.6m after expenses, mainly at 8p a share. The plan is to seek an e-commerce acquisition, which has a strong management and is near to cash generation.
North American oil and gas explorer and producer PennPetro Energy (PPP) acquired Nobel Petroleum UK last May, which gives it a 75% working interest in City of Gonzales petroleum leases in Texas. Nobel has secured £2m in additional funding for the leases. PennPetro joined the standard list and was valued at £17.7m at 25p a share. Former Arsenal managing director Keith Edelman is chairman.
Andrew Hore