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Quoted Micro 9 December 2024
AQUIS STOCK EXCHANGE
Invinity Energy Systems (IES) has launched its next generation flow battery ENDURIUM. This has higher efficiency and is designed to be manufactured in Scotland in high volumes. This new product is likely to be the main source of orders from now on. There are already orders for ENDURIUM. Invinity Energy Systems is expected to move into profit in 2026.
Equipmake (EQIP) has launched a strategic review that could lead to the sale of the company. The company is still waiting for the final agreement for a $6m licence with a commercial vehicles manufacturer. It is running short of cash with £1.9m currently in the bank. That should last until March. A further share issue or a strategic partner will be required if Equipmake is to remain independent. VSA has been appointed as corporate adviser.
Vinanz Ltd (BTC) intends to move to the Main Market. This depends on the FCA approving the prospectus. Shares will be issued to all option and warrant holders.
Cooks Coffee (COOK) has entered an agreement with Dairygold Agri Business in Ireland to operate four Esquires cafes within Co-Op Superstores owned by Dairygold. The initial period is for 10 years and there are 24 other stores owned by Dairygold.
Ormonde Mining (ORM) investee company TRU Precious Metals has announced positive results of exploration in the Golden Rose project. Some of the samples showed high grades.
CRUSHMETRIC Group (CUSH) has raised £100,000 at 12.5p/share. China-based subsidiary Star Collaboration has reached a settlement with a distributor and it will pay £166,000.
Marula Mining (MARU) says contract mining should begin at the Blesberg lithium and tantalum mine in South Africa during February 2025. There is a planned leasing agreement for support vehicles.
Coinsilium (COIN) has appointed Oberon Capital as its joint broker. The company has entered a strategic advisory services agreement with TAND3M.io.
Cannabis-based medicines developer Ananda Developments (ANA) says its MRX1 drug candidate has passed through drug stability timepoints ahead of a phase 1 and two phase 2 studies.
Kondor AI (KNDR) had a cash outflow of just over £1m during the 12 months to September 2024. There is £611,000 in cash left in the balance sheet.
Fuel additives developer SulNOx Group (SNOX) has raised £1.875m via subscription at 46.6p/share and an exercise of warrants at 29p/share. A subsidiary of McQuilling has invested in the subscription and it is the preferred partner in the US market. Ora Technology (ORA) raised £255,000 at 8p each. Marallo Holdings has acquired a 27.6% stake.
EPE Special Opportunities (EO.P) is commencing a share buy back programme.
Silverwood Brands (SLWD) executive director Andrew Gerrie bought 26,572 shares at 22.556p each.
AIM
Warpaint London (W7L) is bidding 48p/share in cash for Brand Architekts (BAR), valuing the company at £13.9m. There is a share alternative. Warpaint London believes that its relationships with retailers will help to boost sales of the health and beauty brands, such as Skinny Tan and Super Facialist, owned by Brand Architekts, which has high overheads compared with its revenues. The acquisition should be earnings enhancing in 2025. Warpaint London is raising £14m at 510p/share with up to £1m more to come from a retail offer.
K3 Business Technology (KBT) is selling its UK SYSPRO business NexSys to SYSPRO owner Advent for £36m. This business generated 109% of group EBITDA and 28% of group revenues. K3 Business Technology intends to return cash to shareholders. The company’s remaining operations are K3 Fashion and Pebblestone, the IKEA software business and other retail software.
SDX Energy (SDX) plans to leave AIM because of the costs of the quotation and the greater flexibility as a private company. Potential investors would prefer to invest in an unquoted company. It is the intention to put in place a matched bargains facility. The strategy continues to be to become a vertically integrated gas and renewable energy producer in Morocco. If shareholders agree, then the quotation will be cancelled on 9 January. SDX Energy joined AIM in May 2016 at 18p/share.
Photonics company Gooch & Housego (GHH) had a better second half, but full year profit was still lower. In the year to September 2024, revenues were 1% ahead at £136m. A decline in industrial revenues, due to weak product sales for semiconductor manufacturing and other industrial uses, was offset by higher aerospace and defence and life sciences revenues. Underlying pre-tax profit slipped 22% to £8.1m. The total dividend was raised 1.5% to 13.2p, which is 1.9 times covered by earnings.
Technology company adviser and investor EMV Capital (EMVC) raised £1.5m at 50p/share, which was a 15% premium to the previous day’s closing price. The cash will fund investment in reporting infrastructure and hiring of additional staff. It will also provide money for additional investments. Management is targeting recurring annual fund management fees of more than £1m so that it can reach breakeven. In the ten months to October 2024, core income was £2m, up from £1.2m, including £500,000 of recurring fund management fees. This excludes subsidiary portfolio companies.
Condor Gold (CNR), which is developing the La India gold project in Nicaragua, says that Metals Exploration (MTL) and Calibre Mining Corp have made bid approaches and negotiations are at an advanced stage with Metals Exploration. Calibre Mining Corp says it will not make an offer. Metals Exploration has entered into a £5.5m bridging loan facility with Drachs Investments No. 3, which has a 18.4% shareholding. This is repayable at the end of January or when talks end. Galloway is lending £475,000 to Condor Gold. Metals Exploration owns the Runruno gold project in the northern Philippines.
Bigblu Broadband (BBB) is selling Australian broadband business to SKM Telecommunications for up to £25.7m, which values the business at more than double the total cost of investment. The initial cash payment is £15.4m and £6.8m in shares in SKM, with a further £3.5m in cash due in one year. This requires shareholder approval at a general meeting on 20 December. The company will still have operations in New Zealand and a subsidiary involved in the distribution of Starlink, plus a 2.8% stake in Quickline. Revenues are forecast to be £1m in 2024-25.
Bars and leisure operator XP Factory (XPF) continues to grow both of its brands. Escape Hunt interim revenues were 7% ahead at £6.5m and management believes that this part of the business could be bigger than originally anticipated. Boom Battle Bars revenues were 56% higher and more of the franchise outlets are being acquired. Group like-for-like revenues were 4% higher. There was a small underlying pre-tax profit before contract termination and other exceptional costs. Net debt was £1.3m at the end of September 2024. Medium-term targets have been set. The plan is to increase sales by 50% and double underlying EBITDA by March 2028. That means a revenue target of £90m with a March 2028 run-rate of £100m and EBITDA margins of 15%.
Construction disputes and property services provider Diales (DIAL), formerly Driver Group, has completed its rebranding and the benefits of cost cutting will show through in the current year. Interim revenues edged up from £42.6m to £43m. A decline in European and North American revenues was offset by growth in the other markets. The Middle East returned to profit and the Asia Pacific loss was lower. Overall pre-tax profit improved from £1.1m to £1.2m. The total dividend is maintained at 1.5p/share, although it is still not covered by earnings. The net cash of £4.3m (7.9p/share) enables Diales to add more fee earners, which might come from small acquisitions that may add to the range of services and sectors that can be addressed.
SRT Marine (SRT) reported revenues of £14.8m in the 15 months to June 2024. The loss was £13.8m. Transceivers generated most of the revenues with the major systems contracts with international coastguards potentially starting in the next few months, hopefully at last one of them by the end of 2024. New finance has been obtained since the end of the period.
Floorcoverings distributor Likewise (LIKE) in contrast with some companies had a strong October and November when sales were 11% ahead. Year-to-date growth is 7.5%, which represents an increase in market share. Margins are also improving. Zeus has maintained its 2024 pre-tax profit forecast at £2m, although sales are ahead of expectations.
Investment company Seed Innovations (SEED) says MAV was £10.6m at the end of September 2024, including £3.52m in cash. That is 5.5p/share. This NAV is after the £2m cash distribution to shareholders. The main quoted investment was Alaska-focused oil and gas company Pantheon Resources (PANR) and the share price subsequently rose from 16p to 22.91p. The company sold the shares, adding £101,000 to NAV.
Semiconductor designer EnSilica (ENSI) has won another long-term design and supply contract. The total contract value for the deal with an industrial test equipment provider will be more than $30m over ten years. This comes with an upfront payment to help the cash position.
Interim figures from telematics supplier Trakm8 (TRAK) show reduced revenues from £8.54m to £8.31m, following a reduction in recurring revenues from £5.23m to £4.51m. The pre-tax profit slumped from £119,000 to £15,000. Net debt was £6.66m at the end of September 2024. Full year expectations have been reduced. The insurance market remains tough. There could be some improvement next year, but the outlook is uncertain.
Fashion retailer Quiz (QUIZ) has been hit by falls in online and stores revenues, although there was an improvement in international revenues, in the four months to the end of November. There was a sharp decline in November. Overall revenues fell 6% to £24.9m. Annual costs will be increased by £1.7m as a consequence of the Budget. Net debt is £2.8m and the £4m of bank facilities could be fully utilised by early 2025 and additional funds will be required. The company’s founder has offered a £1m loan.
Rockwood Strategic has increased its stake in film vehicles and services provider Facilities by ADF (ADF) to 4.4% stake and related investment entities still have a further 7.6%, Chief executive Marsden Proctor has bought 79,947 shares at 31.6p each.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has finally received the balance of £150,000 from the May 2024 subscription at 105p/share.
MAIN MARKET
Compliance technology developer RegTech Open Project (RTOP) plans to leave the transition category of the Main Market. Trading should end on 31 December. A new chief executive is being sought and there are plans to raise cash. The company has also promised to find an exit opportunity for existing shareholders.
Tissue engineering company BSF Enterprise (BSFA) has raised £500,000 via an oversubscribed placing at 2.5p/share and each new share comes with a warrant exercisable at 5p. There should be enough cash for more than 12 months.
Publisher National World (NWOR) says it would be minded to recommend the enhanced 23p/share bid from Media Concierge. The offer is subject to due diligence.
R8 Capital Investments (MODE) is not going ahead with the acquisition of Redwood Partners. A fundraising is planned.
Andrew Hore
Quoted Micro 25 November 2024
AQUIS STOCK EXCHANGE
Cooks Coffee (COOK) moved back into profit in the six months to September 2024. Revenues were 27% higher at NZ$2.74m with growth coming from new openings and existing sites. This income comes from fees from franchisees. Like-for-like growth in the UK was 6% and 3% in Ireland. Sales growth has accelerated in the second half with record sales per store in October. There were 83 coffee shops at the end of September 2024, and this could rise to 90 by next March. The company is moving domicile to the UK.
In the year to September 2024, Time to ACT (TTA) increased revenues from £958,000 to £1.67m. There was an underlying operating profit. There was a cash outflow from operating activities of £784,000 because of working capital movements. There was £1.17m in cash.
Global Connectivity (GCON) has had its stake in Rural Broadband Solutions diluted to £9.5m. The valuation of the stake has been reduced from £13.6m to £11.7m, which is equivalent to 3.2p/share. There is an agreement in principle for an investment in a new business.
Aquaculture technology developer OTAQ (OTAQ) has sent out the circular seeking shareholder approval to leave Aquis. The general meeting will be held on 10 December. Delays in orders mean that 2024 Dowgate forecasts a drop in revenues from £4.4m to £3.1m (previously £4.2m) this year and a £1.8m loss, up from £1.2m in 2023. There should be net cash of £100,000 by the end of the year. Convertible loan note interest can be capitalised with up to 75% of proceeds from the sale of certain inventory will be used to pay back the holders.
Lift Global Ventures (LFT) core financial information business Miriad made a positive contribution despite the tough financial markets. It generated £127,000 in cash. There was £163,000 in cash at the end of June 2024.
Invinity Energy Systems (IES) has sent a circular to shareholders to gain approval to move the domicile from Jersey to the UK.
Tap Global Group (TAP) has cancelled its long-term incentive plan and granted options to directors with most of the options vesting when there are increases in the share price. Peter Wall has been formally appointed as chairman.
Marula Mining (MARU) has appointed Morre Kingston Smith as auditor. Results from metallurgical testing work on ore from the Kinusi copper mine should be available in the first quarter of 2025. Further test shipments will happen before the end of the year. Sampling work of high-grade tungsten deposits at the Northern Cape lithium and tungsten project in South Africa is continuing. Tungsten concentrate could be produced next year.
Oscilate (MUSH) has identified areas to start hydrogen operations in Minnesota. Work is under budget.
Valereum (VLRM) has been admitted to the Apex segment of the Aquis Stock Exchange.
Vinanz Ltd (BTC) has added another 21 bitcoin miners to its site in Nebraska, taking the total to 56.
RentGuarantor Holdings (RGG) has launched an offer of £500,000 10% convertible loan notes lasting two years. This will fund an expansion of the workforce. The Renters’ Rights bill will increase demand for rent guarantor services.
SuperSeed Capital (WWW) reported a NAV of 111p/share at the end of September 2024.
Capital for Colleagues (CFCP) has disposed of more shares in investee company Computer Application Services and raised £299,000. It still owns 24.4%. Pipes and valves distributor TPS shares were sold raising £901,000. The remaining TPS stake is 16%. The cash raised will be invested in other businesses.
WeCap (WCAP) investment WeShop has appointed a US investment bank ahead of a flotation. Audited accounts for 2022 and 2023 have been signed off.
AIM
Rail optimisation software and services provider Tracsis (TRCS) had a tough year, but strong recurring revenues helped. One-off revenues the previous year meant that revenues were 1% lower at £81m. Underlying pre-tax profit fell from £14.1m to £10.4m. Total dividend is 2.4p/share. There should eventually be further investment in the rail industry, which will be good news for Tracsis. The timing of the spending is uncertain. There are already potential deals in the pipeline, though. The business has been rationalised so that management can focus on core operations and further acquisitions. There is £19.8m in cash that can be spent on acquisitions that will enhance earnings.
Telecoms enterprise software supplier Cerillion (CER) continues to beat expectations. Full year pre-tax profit was 18% ahead at £19.8m. There were record new orders of £38.1m. The technology helps telecoms companies to operate more efficiently. Growth is set to continue.
It was no surprise that telecoms testing equipment supplier Calnex Solutions (CLX) had a tough first half. Revenues dipped from £7.8m to £7.4m and the loss more than doubled to £1.3m. Even so, the interim dividend has been maintained at 0.31p/share. Cash was reduced to £8.6m. New partners are starting to sell group products, and they are replacing Spirent. Second half revenues should be better than the particularly weak comparatives. This should enable a return to profit for the full year.
Semiconductors developer CML Microsystems (CML) improved interim revenues, but that was down to the Microwave Technologies business not being included in the comparatives. Like-for-like revenues were similar to the second half of last year. Pre-tax profit slumped from £1.9m to £800,000. The interim dividend is maintained at 5p/share. Net cash is £15m. There are potential property sales that will boost the balance sheet. The proposed move of Microwave Technologies to a new site will reduce the cost base. Existing and new products have good long-term prospects.
Frontier IP (FIPP) is raising £3m via a placing and subscription at 28p/share. A retail offer via Primary Bid could raise up to £1m. Minimum subscription is £250. The offer closes at 5pm on 25 November. Frontier IP made unrealised gains of £1.3m in the year to June 2024, but there was an overall loss of £1.3m. NAV is 79.7p/share. Despite that, there is a shortage of cash in the balance sheet and the additional cash should last 12 months as the company tries to generate some additional cash from investment realisations.
Helix Exploration (HEX) drilling at Clink#1 in Montana has been successful. There was 2.5% helium encountered in the Flathead formation, which was higher than expected, and 55% hydrogen in drilling mud. Testing is ongoing and there should be further news in the near future. The well could go into production next year.
Tavistock Investments (TAVI) is acquiring Alpha Beta Partners, which is an asset manager with £3bn under management. The business is focused on retail investors, and this will scale up the existing business of offering asset management services to third party advisers. Operating profit was more than £500,000 on revenues of £4m in the year to September 2024. The initial payment is £6m, with the maximum consideration of up to £18m. Two disposals have been completed and the initial payment of £22m will be received in early December. They could eventually generate £37.75m.
Iron treatment provider Shield Therapeutics (STX) says it will hit the 2024 target revenues of $31.5m, up from $13.1m, as revenue peer prescription has increased. Recruitment has been completed for an Accrufer phase III study in China. The proposed $10m investment by AOP Health still requires shareholder approval. Costs are being lowered by 10%. Cash flow breakeven should be hit by the end of 2025, if the sales growth momentum continues.
Chain and transmission equipment Renold (RNO) reported flat interim revenues of £123.4m and pre-tax profit of £11.3m. Spending on acquisitions increased net debt to £42.2m. There was a dip in chain revenues and transmission revenues were slightly higher with improved margins. North America should recover in the second half and destocking is ending in Europe. The Valencia factory being hit by flooding has hurt sentiment. There will be additional short-term costs of £4.8m because of this with insurance payments potentially coming through in 2025-26.
Webis (WEB) has decided to leave AIM. The US-focused gaming company will seek shareholder approval on 18 December. This will help to reduce costs. The operations remain loss making.
Churchill China (CHH) had a tougher second half than expected with a lack of seasonal uplift in the fourth quarter. This means that 2024 pre-tax profit will be well below expectations. Next year is expected to continue to be weak with hospitality businesses hit by higher National Insurance costs. There will also be a hit for Churchill China and costs are being reduced, but 2025 expectations are also downgraded. The balance sheet remains strong.
Scientific instruments supplier Judges Scientific (JDG) says order intake has reduced if the large Geotek contract is excluded. China is particularly weak, but other markets are also tough, and orders have been deferred. Zeus has cut its 2024 pre-tax profit forecast by 19% to £25m. Next year’s forecast has also been trimmed.
Ilika (IKA) has reached the D6 milestone through the testing of 10Ah cells in its Goliath solid state batteries for electric vehicles. These larger cells have been shown to be safe and the D7 version should be available to potential customers in the second quarter of 2025. This moves the company nearer to finding a partner for the Goliath battery.
Property fund adviser and investor First Property (FPO) had a good first half with one-off profits from the trading of properties by a fund, where the company has an investment. There was also the early receipt of fees from disposal of properties in another fund. There was a swing from a loss of £650,000 to a pre-tax profit of £1.16m. Net debt was £18.7m.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has received a further £200,000 drawdown from the committed credit facility and the lender is committed to providing the remaining £500,000. However, it has to sell an investment to provide the cash. There is still £400,000 outstanding from a share subscription. Celadon Pharmaceuticals has enough cash to get it to January. Talks with another lender continue.
MAIN MARKET
Construction equipment hire company Speedy Hire (SDY) made a small profit in the first half with a recovery expected in the second half. Interim revenues fell 2% to £204m with flat hire revenues and lower fuel sales. Volumes are not being chased so that profit can be maximised. Pre-tax profit was £300,000 because of operational gearing, higher interest charges and a lower joint venture contribution. The Amey contract starts in the second half. Net debt is £112m.
J Smart and Co (Contractors) (SMJ) improved its full year pre-tax profit from £105,000 to £2.37m despite a higher loss on construction activities. The investment property business made a larger contribution. Investment properties are worth £70m and there is £7.5m of net cash. NAV is £126.3m. The total dividend is 3.23p/share.
Media Concierge has approached publisher National World (NWOR) about a possible offer of 21p/share. Media Concierge claims to have the backing of 72.2% of the share capital. Media Concierge wants the offer to be recommended by the board and to be able to complete due diligence. National World claims that entities affiliated with Media Concierge owe it £4.4m.
Technology consolidator Sealand Capital Galaxy (SCGL) is making its maiden AI investment. After evaluating suitable opportunities, the company has decided on EVOO AI (www.evoo.ai), which is a data platform with AI learning models incorporated. It provides insights to the luxury goods sector, such as market trends and consumer behaviour. The main product is Olive, a luxury e-commerce marketplace that offers personalised shopping. The company was incorporated on 15 December 2023. On 14 March 2024, EVOO AI had net assets of £848,000, including fixed asset investments of £800,000 and £1 in cash. The plan is for Sealand Capital Galaxy to invest in a convertible loan note. The first tranche is £200,000 and the second trance will be £100,000. The annual interest rate is 12% and the term is 18 months. Interest is payable on maturity. There will be a fee of one million warrants exercisable at €0.06/share. If the company floats at a lower share price the exercise price will match that price.
Andrew Hore
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 16 September 2024
AQUIS STOCK EXCHANGE
Exchange services provider Aquis Exchange (AQX), which is also quoted on the Aquis Stock Exchange, has already warned that the loss of a software contract will hit revenues this year. Net interim revenues were still 4% ahead at £10m. Pre-tax profit was 8% lower at £1.1m. There was a small dip in revenues of the core exchange division. Net cash was £14.5m at the end of June 2024. There are plans to increase investment in technology to increase the addressable market, so year-end cash will be slightly lower than expected at £15.1m.
SulNOx Group (SNOX) increased revenues from £203,000 to £544,000, but the loss was still around £1.9m. Cash was £2.15m at the end of June 2024. A generator-based study for the SulNOxEco fuel additive shows fuel savings of 15%.
Ananda Developments (ANA) has raised up to £2.1m via a placing and offer at 0.3p/share and more than £2m has come from Charles Morgan, the company chairman. Charles Morgan and Melissa Sturgess have agreed to capitalised debt owed to them. The cash will fund the manufacture of MRX1 for CIPN and Endometriosis phase II studies, as well as a pharmacokinetic study for MRX1 in Australia.
Newbury Racecourse (NYR) improved interim revenues 16% to £9.28m, while the cost base rose 11%. The loss was reduced from £649,000 to £352,000. The remainder of the year is expected to be difficult.
The increase in the value of the 15% stake held by Global Connectivity (GCON) lead to the July 2024 rising from £7.8m to £17.2m in a six-month period. That is 4.25p/share.
Walls and Futures REIT (WAFR) reported a 4.5% decrease in NAV to 85p/share, although investment property value rose 2.4%. The was reduced to £44,000. The company is finding it difficult to raise additional funds.
Ace Liberty and Stone (ALSP) maintained revenues at £5.6m. There is 96% occupancy of the group properties. NAV fell from £34.4m to £31.7m at the end of April 2024.
Voyager Life (VOY) says that M3 Helium’s preparations for bringing the Rost1-26 well into production are advanced. Voyager Life has an option to acquire M3 Helium.
Cooks Coffee Company (COOK) increased sales by 23% to £13.8m in the 22 weeks to 1 September. The main growth was in the UK stores. Ten further outlets ae expected to open by the end of the financial year.
Investment company EPE Special Opportunities Ltd (EO.P) reported a reduced loss because there was a gain on fair value movements on investments compared with a loss last time. There was cash of £18.4m at the end of July 2024. NAV was 319p/share at the end of July, and it fell back to 314p/share by the end of August.
Warrants held by lupus treatment developer ImmuPharma (IMM) to subscribe for shares in Incanthera (INC) at 9.5p each have been extended to the end of March 2025 in return for a £75,0000 payment by ImmuPharma.
BWA Group (BWAP) chairman Jonathan Wearing has subscribed for 50 million shares at 0.5p each.
Jonathan Adnams has stepped down as chairman of Adnams (ADB) because of ill health. Simon Townsend will be interim chairman.
AIM
Greatland Gold (GGP) shares returned from suspension after announcing the purchase of Newmont Corporation’s 70% stake in the Havieron gold-copper project, as well as 100% ownership of the Telfer gold-copper mine and other assets in the Paterson region. The total cost is $475m in cash and shares. A placing raised £248.6m ($325m) at 4.8p each, which is a 30% discount to the market price. Wyloo is subscribing up to $100m and Newmont Corporation will own more than 20% of the gold explorer. A retail offer raised £6.7m.
Marlowe (MRL) is demerging the occupational health division as an independent AIM company called Optima Health by the end of September. Shareholders will receive one share for each Marlowe share held. Marlowe will focus on testing, inspection and certification operations. So far, £41m of the £75m share buy back has been spent. Marlowe continuing revenues are forecast to be £306m and pre-tax profit £13m.
Energy optimisation services provider Inspired (INSE) interim revenues edged up from £44.6m to £45m and pre-tax profit dipped from £6.2m to £5.7m. That was lower than forecast. Optimisation revenues declined, but product mix meant that margins were better. Cross-selling is helping to grow the ESG division and other parts of the business. Net debt is £57.6m. There is only £2.2m of contingent consideration due to be paid. Debt should start to decline over the next few years.
Chain and transmission equipment Renold (RNO) has made another earnings enhancing acquisition. Canada-based MAC Chain Company is being bought for $31.4m. This fits well with the CVC business and enables expansion into the forestry market. Last year’s pre-tax profit was $3.5m.
Optimisation software provider Checkit (CKT) reported a flat loss of £2.3m on the back of a 16% increase in interim revenues to £6.7m. However, the full year figure is set to fall from £4.2m to £3.9m. Annualised recurring revenues are £13.8m and that underpins the full year revenues forecast of £14.2m. Net cash was £7m at the end of July 2024 and higher R&D spending means that year-end cash is likely to be slightly lower than previously expected at around £5m. Chairman Keith Daley bought 135,000 shares at 21p each.
Cross-border currency payments services provider Finseta (FIN) reported a sharp increase in first half profit, although investment in growing the business will hold back profit in the short-term. There was a £100,000 contribution from the final payment relating to the licencing agreement with Avila House. The loss of that income, a higher depreciation charge and additional overheads for new operations such as a corporate Mastercard and a Canadian office means that full year pre-tax profit could dip from £1.4m to £1.3m. The benefits of the investment will be seen next year with an expected jump in pre-tax profit to £2.5m.
Contract research and infectious disease study services provider hVIVO (HVO) reported 2024 revenues 31% ahead at £35.6m, while pre-tax profit improved from £4.18m to £7.15m. The new Canary Wharf site has opened and provides additional capacity. Cash was slightly lower than anticipated at £37.1m.
Gaming machines hardware and displays supplier Nexteq (NXQ) was hit by destocking in both of its divisions. Interim revenues and profit were expected to fall. Interim revenues were 14% lower at $48.2m. Net cash reached $36.9m. The full year revenues forecast is being maintained at $93.9m to £114.3m.
Packaging equipment and automation provider Mpac Group (MPAC) reports a strong improvement in first half figures, although the comparatives were weak. Revenues improved from £52.8m to £60m, while pre-tax profit rebounded from £1.9m to £4m. The closing order book is £71.4m. Net debt is £4.9m and should be lower at the year end.
Trading in Eurasia Mining (EUA) shares has resumed following the publication of 2023 accounts late on Friday. Net cash was £1.1m at the end of 2023. The company has also agreed a one year working capital facility for up to £2.5m. The loan lasts until next August and is convertible at 2.7p/share. There are five tranches with around £1m of the loan dependent on a term sheet to sell the Russian asset. The lender will receive a payment of 12.5% of the facility, plus 5% of any draw downs, in shares at 2.3p each.
Shore Capital upgraded animal feed additives supplier Anpario (ANP) after it reported an 11% increase in interim revenues of £17m on the back of a much greater rise in volumes and slightly lower pricing. Raw material costs have stabilised. Full year revenues expectations have been raised from £33m to £34m, while the pre-tax profit estimate is increased from £3.9m to £4.4m, up from £3.5m in 2023.
Fulcrum Metals (FMET) is raising £643,500 at 8p/share and directors will subscribe for an additional £114,500 once the interims are published. The cash will be invested in the Teck-Hughes and Sylvanite gold tailings projects in Canada. This should enable nearer-term revenues Management will also review opportunities for exploration drilling on the Tully and Big Bear prospects and a potential technology testing facility in Ontario.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) interim revenues improved 8% to £109.6m and underlying pre-tax profit rebounded from £9.4m to £11.2m. Like-for-like growth was 3.6%. The interim dividend was improved from 1.6p/share to 1.7p/share. LED lighting revenues declined, while portable power and wiring accessories revenues improved. Panmure Liberum forecasts a full year pre-tax profit improvement from £21.2m to £23m.
Hostmore (MORE) has terminated the proposed acquisition of the TGI Friday’s master franchise owner. The sale of corporate stores has reached an advanced stage. However, the proceeds may be lower than the value of related borrowings so there will be no return for the company. Once the sale is complete the holding company will be wound up.
Critical Metals (CRTM) has raised £50,000 from NIU Invest and has entered into a term sheet for a cash injection of up to £2.5m. NIU has already invested £1.1m in convertible loan notes as is the latest investment. The conversion price is 2p/share. NIU is also receiving warrants exercisable at 0.5p/share.
Shell company Ikigai Ventures (IKIV) has been moved to the new, temporary shell category. This provides one year to comply with additional requirements and a further two years to make an acquisition.
Andrew Hore
Alan Green covers Cooks Coffee #COOK, Corcel #CRCL & Katoro #KAT on this week’s Stockbox Research Talks
Alan Green covers Cooks Coffee #COOK, Corcel #CRCL & Katoro #KAT on this week’s Stockbox Research Talks
Quoted Micro 5 August 2024
AQUIS STOCK EXCHANGE
Marula Mining (MARU) has entered into a manganese ore supply agreement with Kitman, a local processing company in Kenya. The deal lasts until the end of 2026. Kitman will supply a minimum of 10,000 tonnes/month of manganese ore at 20% grade minimum to the Kilifi manganese processing plant. There will be an advance payment for 5,000 tonnes. A mining permit has been issued for Blesberg lithium and tantalum mine.
In the year to March 2024, business assurance provider Adsure Services (ADS) increased revenues from £8.99m to £9.3m, while pre-tax profit was 72% higher at £471,000. There was cash of £1.07m at the end of March 2024.
Ormonde Mining (ORM) investee company TRU Precious Metals has signed an option agreement with Eldorado Gold so that it can earn 80% of the Golden Rose project in Newfoundland. The 36.2%-owned TRU Precious Metals has persuaded Eldorado Gold to invest in the early-stage project.
Valerium (VLRM) will collaborate with Tokeny as a technology provider for Valerium’s Real World Asset (RWA) marketplace. The technology will enable the primary issuance and bulletin board-based secondary trading of various digital assets.
KR1 (KR1) had net assets of 82.01p/share at the end of June 2024. Income earned during the month was £877,000. One-quarter of the value of the portfolio is in Celestia tokens.
Hydrogen Future Industries (HFI) has secured a technology and territory licensing agreement worth up to €2.25m. The wind-based hydrogen production technology company has signed the deal with a new company in the Republic of Ireland.
Emission reduction fuel additives developer SulNOx Group (SNOX) says first quarter revenues were 134% ahead at £192,000. There were record product sales in the quarter. There was £1.6m in the bank at the end of June 2024.
RentGuarantor (RGG) increased interim revenues by 70% to £518,000, but the loss increased from £408,000 to £452,000 due to the hiring of staff. Net debt is £1.07m.
Cooks Coffee Company (COOK) has raised £320,000 at 7.85p/share. Chief executive Aiden Keegan has joined the board.
Supernova Digital Assets (SOL) had net assets of £5.49m at the end of April 2024, following an increase in the value of its cryptocurrency assets. There is £209,000 in cash.
AIM
Trinidad-based oil and gas producer Trinity Exploration and Production (TRIN) is recommending a cash bid from Trinidad incorporated Lease Operators and withdrawn the recommendation of the Touchstone Exploration (TXP) offer of 1.5 shares for each of the oil company’s shares. The bid is 68.05p/share and values Trinity Exploration and Production at £26.4m. There will be economies of scale between the two oil producers.
Touchstone Exploration (TXP) achieved net sales of 5,432 barrels of oil equivalent/day in the second quarter of 2024. Current average production was 5,711 boe/day with production improving at Cascadura.
Haleon has announced that it will launch the Futura Medical (FUM) erectile dysfunction topical gel treatment Eroxon in the US before the end of 2024. This will trigger the US launch milestone. The US is a bigger potential market than all the other sales regions combined. So far, Eroxon has been launched in Belgium and the UK with more to follow.
In the year to April 2024, SDI Group (SDI) revenues dipped from £67.6m to £65.8m, but there was underlying growth if the previous year’s Covid-related revenues are excluded. The scientific instruments manufacturer’s operating margins are just above 14%. Pre-tax profit dipped from £11.8m to £8m because of the higher margin business in the previous year. Management says there are potential acquisitions in progress, but the timing is always difficult to predict. Net debt was £13.2m at the end of April 2024 and that could halve in a year’s time without any acquisitions. Cavendish forecasts 2024-25 pre-tax profit of £8.4m and earnings of 6p/share are forecast.
North Sea-focused Jersey Oil and Gas (JOG) could be hampered by the rise in the energy profits level to 38% and the main investment allowance of 29% will be removed from November. A reduction in capital allowances will be announced in the October Budget. The levy will be extended until 2030. The Great Buchan Area joint venture will be impacted. Jersey Oil and Gas has a full carry on much of the development spending of the project and there are potential milestone payments. However, the final investment decision could be hampered by the tax changes.
RBG Holdings (RBGP) is expecting interim revenues of £18.4m, down from £19.8m. Net debt was £24.4m at the end of June 2024 and the debt facility is fully drawn. Costs are being reduced, but most will come through next year. A pre-tax profit of £1.2m is forecast for 2024 after the previous year’s loss.
UK Oil and Gas (UKOG) is the highest riser for the second week. its Dorset and Yorkshire underground hydrogen storage projects have received a letter of support from RWE, which is developing three hydrogen plants near to the storage projects. Other letters of support have come from Japanese trading house Sumitomo and pipeline provider SGN. The projects are at an early engineering design stage.
Oil and gas producer Arrow Exploration (AXL) says that the second horizontal well on the 50%-owned Carrizales Norte field in Colombia is producing ahead of expectations. The two wells are boosting group production. There is cash of $11m and should be at a similar level at the end of 2024 as cash generated from production helps to finance further drilling. Zeus has a total risked NAV estimate of 48.8p/share.
Online gaming company Gaming Realms (GMR) expects interim revenues to be m18% ahead at £13.5m and EBITDA should be 21% higher at £5.8m. Adding new partners has boosted income. Gaming Realms is on course to increase full year pre-tax profit from £5.4m to £8.8m. Net cash could double to £14m.
IQE (IQE) plans to float its Taiwan subsidiary on its local stock exchange.
Vector Capital (VCAP) plans to leave AIM and is offering shareholders the chance to tender shares at 33p each. The tender offer covers up to 11.2 million shares and will cost £3.7m. Interim pre-tax profit dipped 45% to £707,000. Vector Holdings owns 75.2% of the property finance provider
MAIN MARKET
Cybersecurity company Narf Industries (NARF) has admitted it requires additional funding to take advantage of its IP that has been developed as part of consultancy contracts. In the 15 months to March 2024, revenues were $7.6m, which was treble the level for the previous twelve months. These revenues come from consulting work. The reported loss was $1.44m, although that includes a share-based payment cost of £1.02m. There was a cash inflow from operating activities of $173,000. The chief executive has increased the facility made available to the company from $2m to $2.5m and this lasts until July 2025. At the end of March 2024, there was $1.55m drawn down.
Guild Esports (GILD) is exploring options that will enable it to meet short-term liabilities. That could be new credit terms, a fundraising or further cost savings. Management is also assessing the strategic direction of the company and that could lead to assets being sold. A partnership deal has been secured with AIM-quoted Inspecs (SPEC) for the marketing of the eyewear company’s REGEN glasses.
Andrew Hore
Quoted Micro 24 June 2024
AQUIS STOCK EXCHANGE
Brewer Daniel Thwaites (THW) increased full year revenues by 6% to £115.5m. The main growth was in the pubs and inns division. Operating profit before property disposals improved 4% to £11.3m. The interim dividend was raised from 0.75p/share to 0.85p/share. Net debt increased from £66.7m to £70.8m at the end of March 2024. The pension surplus rose to £34.9m.
Adnams (ADB) is outperforming the market in terms of beer sales and volumes. Funding plans are still being assessed.
Marula Mining (MARU) is seeking admission to the Growth Enterprise Market Segment of the Nairobi Securities Exchange in July. This will provide access to institutional investors in Kenya. Initial spodumene sales of 500 tonnes have been made from the Blesberg site. The export sales process will complete in the next four weeks. Minimum sales target of 10,000 tonnes should be achieved for 2024. Other buy-products could be sold later in the year.
Cooks Coffee (COOK) says the Esquires store sales increased by 24% in the first ten weeks of the financial year. The rate of growth is faster in the UK than in Ireland, although like-for like growth was faster in Ireland.
At the end of 2023, Evrima (EVA) had net assets of £1.02m, down from £1.77m at the end of 2022. Evrima is ready to capitalise on natural resources opportunities.
Tap Global Group (TAP) has launched its US service via its joint venture with Zero Hash. This operates a B2B2C crypto and stablecoin infrastructure platform and the US users will get access to a core suite of services to trade bitcoin and other digital assets.
EDX Medical (EDX) is launching comprehensive hereditary germline cancer testing products and services. These will predict if family members are more at risk of contracting cancer. The first test identifies mutations in 70 genes associated with cancers.
Invinity Energy Systems (IES) has secured the sale of a 4.4MWh vanadium flow battery to PowerFlex in the US and it will help to underpin the 2024 forecast revenues of £37.3m. The deal is for California where there is significant demand for storage batteries.
The Mustang Energy acquisition of Cykel AI (LON: CYK) should complete on 26 June.
Health food company Essentially Group (ESSN) has received approval for the listing of $25m of 12% fixed rate notes 2027 on the Vienna MTF. This cash will fund capital investment.
EPE Special Opportunities (EO.P) had net assets of 354.89p/share.
Skin treatments developer Incanthera (INC) has completed the recent fundraising at 15p/share. Unicorn Asset Management has taken a 11.4% stake.
TruSpine Technologies (TSP) chairman Geoffrey Miller has increased his stake from 8.24% to 9.22%. Another shareholder transferred 1.5 million shares at 1.5p each.
All Things Considered (ATC) has appointed Allenby as corporate adviser and broker.
AIM
Medical technology company AOTI Inc (LON: AOTI) has developed products that help to heal wounds by focusing oxygen on chronic wounds. These can include diabetic foot ulcers and pressure ulcers. It joined AIM last Tuesday and raised £19.5m at 132p/share, but £6m of that went on expenses. There were also shares sold by existing investors. The share price ended at 136p. Revenues are growing at an annual rate of 38% and reached $43.9m in 2023.
Market research company YouGov (YOU) says sales bookings have been lower than expected since the interims were reported. Full year revenues will be approximately £324m-£327m and underlying operating profit will be £41m-£44m. There is reduced demand for fast-turnaround research. There will also be a change in revenue recognition for consumer panel services that delays some revenue into next year.
Longboat Energy (LBE) is selling its assets in Norway for $2.5m and the assumption of $8,5m of debt by the acquirer. This should save $1.25m in costs in 2025. The cash will be invested in the main asset, which is the 52.5% owned Kertang gas prospect, offshore Sarawak. A farm out process will be conducted in the second half of 2024. An updated competent person report is due at the end of the month. Chair elect James Menzies has bought one million shares at 9.75p each.
Full year results from Pennant International (PEN) achieved the expected recovery in 2023 pre-tax profit to £1.3m. Higher software income has helped margins to improve. The Gen 3.0 software launch this year has already led to a major contract gain. There is strong activity in the defence sector, but the timing of business is uncertain so a dip in pre-tax profit to £1.2m is forecast for this year.
There is a rival to the Checkit (CKT) indicative offer for Crimson Tide (TIDE), which has been rejected despite an increase in the bid from seven shares to nine shares for each Crimson Tide share. Former AIM company Ideagen has offered 312p/share for Crimson Tide, which is being considered.
Training services provider Mind Gym (MIND) reported an 18% decline in revenues and a slump into loss in the year to March 2024 and revenues are expected to continue to decline this year. Clients are putting off spending on developing the skills of employees. There was a loss of £12.1m after exceptional costs of £8.9m. There was a £6.6m write down on digital assets, restructuring costs of £1.8m and a £500,000 impairment of a US office lease. At the end of March 2024, cash was £1.4m. Liberum expects the underlying loss will be reduced from £3.3m to £1.7m in 2024-25. The new chief executive is updating strategy through further productisation of services.
Kibo Energy (KIBO) has simplified its restructuring plan. It is raising £340,000 at 0.01p each and creditors will convert £274,000 at the same share price. This replaces the £500,000 placing at 0.015p/share. Cobus van der Merwe will become an executive director and Clive Roberts a non-exec. Louis Coetzee is leaving the board.
Concurrent Technologies (CNC) has won its largest single contract worth $4.5m. The company will supply multiple standard plug-in cards to a major US defence and aerospace contractor. The lifetime value of the contract could be $40m. The income should begin this year, but the full benefit will come through in the future.
Crossword Cybersecurity (CCS) has signed a partnership to jointly market its Rizikon supply chain cyber platform. The deal is with a UK subsidiary of a global aerospace and security company. The focus is sub-sectors within the UK critical national infrastructure market. There is potential to generate several million pounds over the next few years.
Active Energy Group (AEG) dived because it intends to leave AIM and go into liquidation. There is no suitable offer for the CoalSwitch assets, but some discussions continue. Even so, shareholders are unlikely to get anything from the liquidation. Trading in the shares will be suspended on 1 July because the 2023 accounts will not be ready. Assuming the general meeting agrees to the proposals the AIM quotation will end on 23 July.
R&Q Insurance Holdings (RQIH) says that it intends to accept the alternative proposal from the buyer of Accredited. This means that the company will go into liquidation.
Geological information publisher Getech (GTC) reported a rise in loss from £3.1m to £3.6m in 2024. Getech has refocused on its core business because it does not have the financial strength to develop hydrogen products. The first four months trading in 2024 has improved by 17%, but the cash outflow needs to be stemmed. There was £400,000 in cash at the end of 2023, supplemented by a property sale in January raising £650,000. There is another property valued at £850,000. Cavendish believes Getech could break even this year.
Seed Innovations (SEED) has £3.9m in cash following the special dividend payment. The main investments are in Juvenescence, Avextra and Clean Food Group, all of which are biotech or cannabis related businesses. There are seven investments with valuations with two written down to nil.
MAIN MARKET
Chamberlin’s financial failure has provided an acquisition opportunity for Castings (CGS) which has paid £400,000 for the assets and inventory of Russell Ductile Castings. That is well below the previous book value. The foundry is based in Scunthorpe, where there is a 25-year lease, and it makes castings from 10kg to 7,000kg in iron and 10kg to 1,000kg in steel. Management believes they can maintain the customers, which diversify the business into new sectors making it less dependent on heavy trucks.
Advanced Energy Industries Inc has decided not to bid for power controllers supplier XP Power (XPP).
Andrew Hore
Quoted Micro 3 June 2024
AQUIS STOCK EXCHANGE
Time to ACT (TTA) has joined the Aquis Stock Exchange and plans to develop a group of engineering-based energy transition businesses. Middlesborough-based Time to ACT has two subsidiaries. Diffusion Alloys is a long-established diffusion coating business. The technology provides an intermetallic layer that protects metal components at high temperatures. GreenSpur is a much newer business that is developing direct drive generator technology for use in wind power that does not require rare earths for magnets. It uses axial flux technology that utilises ferrite magnets, which are less expensive. It is also copper-free and uses aluminium instead. The share price ended the week at 50p.
Arbuthnot Banking Group (ARBB) has decided to pay a special dividend of 20p/share on top of its interim dividend of 20p/share, up from 19p/share in 2023. The two dividends will be paid at the same time on 20 June.
Digital assets investor KR1 (KR1) had net assets of 95.43p/share at the end of April 2024. Celestia accounts for 34.2% of the portfolio and Polkadot for 14.3%. There was £1.16m of income generated from digital assets during the month.
Marula Mining (MARU) has signed an offtake agreement with Fujax UK for manganese ore production from the Larisoro mine in Kenya. The agreement covers an initial 2,000 tonnes of manganese ore with further minimum monthly deliveries of 5,000 tonnes, but nominal monthly sales of 20,000 tonnes/month for 12 months. Deliveries have started. Assay results from Larisoro show an average grade of 35.73% manganese.
Unigel Ltd (UNX) increased full year pre-tax profit from £442,000 to £815,000 on revenues improved from £18.8m to £28.5m. Although this is not like-for-like. There was a like-for-like decline in profit. The manufacturer of telecom fibre optic cables materials says its market declined last year. There are signs of recovery.
Valereum (VLRM) chairman James Formolli has subscribed £2m for shares at 3.6p each. Instead of warrants he will receive 15 million GATE tokens. Valereum has signed a strategic partnership with Securities Trading Technology Mauritius to improve Valereum’s core technology. The focus is Bridge Digital FMI, the company’s blockchain digital financial markets infrastructure.
Apollon Formularies (APOL) shares slumped 70% to 0.0075p after shareholders voted in favour of leaving Aquis.
Capital for Colleagues (CFCP) reported an interim pre-tax profit of £985,000, up from £933,000. NAV was 87.32p/share at the end of February 2024. A 2p/share dividend has been subsequently paid.
BrightGrow SSAS has a 7.08% stake in investment company Gledhow Investments (GDH), which reported a decline in net assets from £1.6m to £1.3m, including cash of £217,000, at the end of March 2024.
Cooks Coffee (COOK) increased full year group revenues by 19% to NZ$4.7m. Growth was in the South and eastern England. Four new stores have opened in UK and one in Ireland in April and May. In the past eight weeks, UK store sales were 27.3% higher.
Vinanz Ltd (BTC) is launching a new Bitcoin mining centre in Iowa, where 85% of electricity supply will come from renewables. An order for 20 Bitmain Antminer S19J Pro+ 120TH bitcoin miners. More will be ordered once these are up and running efficiently. Vinanz generated income of £200,000 in the six months to February 2024, while revaluation of assets and disposal gains enabled Vinanz to make a pre-tax profit of £175,000.
Super Seed Capital (WWW) improved NAV by 5p/share to 116p/share in the first quarter of 2024. The company expects to make up to three new investments in the second quarter.
Chairman Geoffrey Miller has increased his shareholding in TruSpine Technologies (TSP) from 7.24% to 9.03% after he acquired 2.5 million shares at 1.5p each from LCS. AIM-quoted Vela Technologies (VELA) has cut its stake from 9.9% to 4.3%. Constantine Logothetis has increased his stake in SulNOx Group (SNOX) to 24.1%.
S-Ventures (SVEN) has delayed the announcement of its figures for the 15 months to December 2023 because the audit will not be completed by the end of June.
AIM
Cancer treatments developer Extruded Pharmaceuticals reversed into Amur Minerals Corporation to form CRISM Therapeutics Corporation (CRTX) on 31 May. According to the admission document, the estimated value of the company after the acquisition would be £7.5m at 23p/share following a one-for-160 share consolidation. That valued the all-share acquisition of Extruded Pharmaceuticals at £5.5m. The opening price was 24p, but it ended the day at 11.5p.
Digitisation services provider TPXimpact (TPX) says 2023-24 revenues were slightly above expectations at £84m. EBITDA margin was in the middle of the 5%-6% range. Net debt has fallen to just over £7m. There was £139m of work won last year. There could be some short-term disruption from the General Election.
Cleaning services provider React (REAT) had a strong first half and it is well on the way to making the full year forecast. It continues to win new contracts and renew existing contracts at similar margins. Interim revenues grew from £9.3m to £10.3m, while pre-tax profit improved £800,000 to £1.1m. The integration and digitalisation of LaddersFree is progressing and that will improve efficiency. Net cash was £700,000 at the end of March 2024.
Video streaming technology provider Aferian (AFRN) reported a 21% decline in annual recurring revenues to $14.7m at the end of November 2023. Total 2022-23 revenues fell from $91.1m to $47.8m, although software sales improved, and Aferian moved from profit to loss. Underlying cash flow fell from $8.9m to $3.2m. Net debt was $6.1m at the end of 2023. Cost savings are being made. Chief executive Donald McGarva will leave in October.
Online building materials retailer CMO Group (CMO) reported a 14% drop in revenues to £71.5m with plumbing sales holding up better than other sectors. There was a swing from a pre-tax profit of £175,000 to a loss of £2.33m. Net debt was £600,000. The tiles market continues to decline, but there are signs of recovery in the overall market. Like-for-like sales orders were 18.2% lower, and the second quarter decline has slowed to 7.9%.
Oil and gas company Prospex Energy (PXEN) says current gross production of the PM-1 facility at the Selva Field – 37% interest – is 2.8mmcf/day. This is generating free cash flow of more than £6,000/day. The operator is Po Valley Energy. The Italian government has become more positive about oil and gas exploration. The permitting process for additional wells is progressing.
Revolution Bars (RBG) has moved its general meeting date to 14 June. This is to gain shareholder agreement to raise up to £12.5m via a placing and seven-for-eight open offer at 1p/share. The board does not believe that the approach from Nightcap (NGHT) can be delivered in a timely manner, so it is going ahead with its restructuring proposals.
Roebuck Food Group (RFG) has sold its dairy division for €1.3m net. This business is loss making. The remaining business is involved in milling and importation of food and ingredients.
Oil and gas producer Longboat Energy (LBE) says net production at the Statfjord satellites has been disappointing this year. Two out of five redevelopment wells are still not producing. Average production was 401boe/day in the first four months of 2024 rising to 544boe/day so far in May. Further capital expenditure is required. Longboat Energy is reducing costs and additional funds will be required. A share issue is an option.
Trading in Trafalgar Property (TRAF) shares was suspended after the company confirmed it is negotiating a reverse takeover of Ecap Esport. At the end of September 2023, Ecap Esport had net assets of £2.67m, including intangible assets of £3.94m, and its ultimate parent company was Esboz Ltd which sold the intangible assets to the company.
Insig AI (INSG) has taken a 5.45% stake in AI and blockchain company ImpactScope OU. Insig AI will sell its Greenwashing Identifiet technology to asset managers. The payment was 900,000 shares at 13.75p each and Insig Ai has an option to subscribe for more shares. New Insig AI executive chairman Richard Bernstein has subscribed £100,000 at 20p/share.
Premier African Minerals (PREM) has paused mining at the Zulu lithium and tantalum project in Zimbabwe. This will enable the installation of an additional conditioning cell and it should be completed by 10 July.
Low sodium salt developer MicroSalt (SALT) has made strong progress over the past year, including the flotation on AIM. The 2023 results announced today represent a period prior to flotation. MicroSalt was still in a period of building up its customer base and reported a loss of £3.5m.
MAIN MARKET
First Tin (1SN) has acquired exploration licence 9200 to broaden the area covered at Taronga in Australia. There has been tin production in the area in the past. Soil sampling results have extended the Pound Flat target area slightly.
Publisher National Word (NWOR) increased revenues by 18% in the first 21 weeks of the year. That includes contributions from Insider Media and Midland News Association that were acquired last year. There is net cash of £10m.
Andrew Hore
Quoted Micro 1 April 2024
AQUIS STOCK EXCHANGE
Incanthera (INC) has published an update on its distribution deal with Marionnaud. The first order for Skin + CELL products will generate revenues of £2m with 50,000 bottles of skin cream to be supplied for sale in Austria and Switzerland. A second order will be even bigger. The management projects revenues of £10m for the year to March 2025 and this would make it profitable. The range is being increased to five products and they are all part of the initial launch. Revenues could grow to £33m the following year. There is potential for licence deals in other countries.
Watchstone Group (WTG) says a subsidiary’s VAT appeal was dismissed even though it satisfied four out of five elements. A decision will be made on whether to appeal the judgement.
TruSpine Technologies (TSP) intends to issue a conversion notice to loan note holders. The conversion price is a 130% premium to the share price prior to the convertible loan note approval by the directors. A £200,000 debenture has been used to subscribe for convertible loan notes. Geoffrey Miller has increased his stake from 6.88% to 7.24%.
Quantum Exponential Group (QBIT) has announced a further adjournment of its a general meeting to gain shareholder approval for leaving Aquis. Investors have approached the quantum technology investment company and offered to make a substantial investment. Stuart Woods has stepped down from the board.
Cadence Minerals (KDNC) investee company European Metals Holdings (EMH) says that the Cinovec project in the Czech Republic is in the process of completing a definitive feasibility study, but it will not be completed in the first quarter. There is potential to improve the lithium processing. Cadence Minerals has increased its stake in the Amapa iron ore project in Brazil to 34%. A study should reduce costs and improve productivity of the proposed mine.
S-Ventures (SVEN) increased interim revenues from £8.4m to £9.6m but reported a higher loss from continuing operations. The bakery business was profitable, but this did not offset losses and impairment costs for other businesses. There is no further news on the proposed sale of operations to AIM-quoted Riverfort Global Opportunities.
KR1 (KR1) had net assets of 134.6p/share at the end of February 2024. There was income generated of £1.63m.
Arbuthnot Banking Group (ARBB) increased its pre-tax profit from £20m to £47.1m and the total dividend was raised from 42p/share to 46p/share. Bad debts were lower than forecast. NAV is 1547p/share. The profit is likely to fall this year.
Global Connectivity (GCON) is amending the terms of warrants issued when it floated and extending them by two years to 20 April 2026. The exercise price is being reduced to 1.5p. Management is exploring potential investments.
Marula Mining (MARU) has commenced exploration at the Larisoro manganese mine in Kenya.
Valereum (LON: VLRM) has raised £300,000 at 6p/share from its chairman and is planning a larger fundraising in the third quarter of 2024.
Jenny Hanlon has been appointed as chief executive of brewer Adnams (ADB). She is currently finance director.
Tap Global Group (TAP) generated trading payment volumes of £181.6m in 2023. That generated revenues of £2.02m, but the loss was still £1.07m.
EPE Special Opportunities (EO.P) had net assets of 324p/share at the end of January 2024. There was £15.3m in cash offset by £4m in loan notes repayable on 23 July.
Gunsynd (GUN) investee company Aberdeen Minerals is raising £3m at 8.5p/share from Central Asia Metals with a further £2m that could be raised from the exercise of warrants at 11p/share. This deal requires regulatory approval.
Lift Global Ventures (LFT) investee company Trans-Africa Energy has received funding of £12m from an African investor. The first energy infrastructure investment is in Ghana. Lift Global Ventures’ core investor relations business generated cash in the first half, although there was a cash outflow for the group as a whole.
Aiden Keegan has been appointed chief executive of Cooks Coffee Company (COOK).
Philip Blows reduced his stake in Supernova Digital Assets (SOL) from 10.6% to 7.98%. There was £68,000 in the bank and £1.95m in investments at the end of October 2023. NAV was £2.93m.
Daniel Thwaites (THW) director RAJ Bailey bought 15,000 shares at 71p each.
AIM
Marine technology developer Windward (WNWD) has cut its loss and is heading towards profitability. The 2023 revenues were $28.3m, up from $21.6m. Windward started 2023 with an annual contract value of $25.5m and that has risen to $34.5m, while the 2024 forecast revenues have been edged up from $34.5m to $35.1m. Requirements for tracking cargo and ensuring that sanctions are complied with are helping to increase demand, particularly from commercial clients. Commercial revenues increased to 30% of the total for 2023, but government revenues are also growing.
Grocery distributor Kitwave Group (KITW) has made its latest acquisition, and this will be earnings enhancing. Total Foodservice Solutions is a food wholesaler with two depots based in the north of England. The customer base includes pubs, restaurants, universities and care homes. The gross cost is £21m and that is reduced to £17m when cash in the business is taken into account.
Strong growth at the Billi filtration systems helped Strix (KETL) have a better second half, but the limited recovery in kettle controls and lower consumer goods sales meant that pre-tax profit was slightly lower at £21.9m. There is no dividend. There should be an improvement in profit this year, but it will still be well down on the 2021 figure. Net debt was £83.7m and could fall below £79m by the end of 2024.
Good Energy (GOOD) had a strong performance in 2023 due to high energy prices, but 2024 will not get that benefit and energy supply profit will fall sharply. In 2023, pre-tax profit doubled to £5.7m, but the 2024 forecast has been downgraded from £8.4m to £6.7m. The energy services business, including solar and heat pump installation, is being built up and it will become a more significant profit contributor over the next couple of years making the group performance less volatile.
Floorcoverings manufacturer Airea (AEIA) increased sales of its Burmatex-branded product by 14% to £21.1m. Pre-tax profit was flat at £1.4m, although it included a small valuation gain in the latest year. Higher finance costs relate to the pension scheme and operating profit increased. The net asset value is £14.9m, including net cash of £3.4m. Strong cash generation can cover the £5m investment in new capacity and a 10% increase in the dividend to 0.55p/share. The new capacity should be ready in early 2025 and will enable Airea to take advantage of own brand opportunities for clients.
Revolution Bars Group (RBG) is assessing its options that include restructuring the business or selling all or part of the operations. There are currently no bidders. Luke Johnson is involved in talks concerning a fundraising.
Semiconductor designer CML Microsystems (CML) is being hampered by lower than expected shipments as clients reduce stocks and this is continuing into the new financial year. In the year to March 2024, revenues will be slightly lower than expectations at £23m and underlying EBITDA will be £6.4m, compared with a forecast £6.8m, due to more sales of lower margin products. Full year pre-tax profit will be just under £3m. The balance sheet remains strong with net cash of nearly £18m. The full benefits of the Microwave Technology acquisition, which has performed well, will show through over the next couple of years.
Horizonte Minerals (HZM) published the latest financing estimate for the Araguaia nickel project. The cost to complete is $454m, but the full funding required is $567m-$592m, including pre-production and transaction costs. Existing liabilities are $418, and they require restructuring. More cash will be required by mid-April. Interest payments are being deferred. Existing shareholders are not in a strong position.
A more positive trading statement from film and video translation services provider ZOO Digital (ZOO) as management believes that demand should recover following the disruption of recent strikes in Hollywood. Revenues of $40m are now expected for the year to March 2024. A new film and TV distribution client has been won and there is greater visibility of work. The company still might not move back into profit in 2024-25, though. There is potential disruption from a craft workers strike in Hollywood.
Boilers developer Inspirit Energy (INSP) is near to completing the four electronic updates for its waste heat recovery system. The team is relocating back to the UK. The cash outflow was stemmed in the six months to December 2023.
Infrastructure India (IIP) shares returned from suspension when the interims to September 2023 were published. The board is proposing a winding-up of the company as it disposes of its assets and the share quotation will be cancelled if the proposals are passed at the AGM. Net liabilities are £217.4m.
Drug discovery company C4X Discovery (C4XD) also plans to cancel its AIM quotation and re-register as a private limited company if it gains shareholder approval at a general meeting on 15 April. Shareholders owning 57% of the shares are in favour. Management believes that it will be easier to raise funds as a private company and it will save money. C4X Discovery has raised £63m on AIM. In August 2022, £5.7m was raised at 25p/share. There is still £20.8m in the bank. In the six months to January 2024, revenues were £24.6m, due to milestone payments, compared with £1.7m in the first half of the previous year. The company is generally loss-making without substantial milestone payments.
Oil and gas producer Molecular Energies (MEN) is cancelling its AIM quotation because it does not believe it is worth the cost. The company should save £500,000/year. Chairman Peter Levine, who owns 29.2%, suggests that he may offer to buy shares of some other investors in the future, but there are no immediate plans to offer an exit prior to the cancellation. Green House Capital will no longer be spun off on AIM.
Infection protection technology developer Byotrol (BYOT) has been quoted for nearly 19 years and it has decided to leave AIM. Revenues from continuing products could improve from £3.7m to £3.9m this year. No further IP revenues are expected this year. Some IP was sold to Tristel (TSTL) and along with an early termination of another licence generated cash of £800,000, but minimum guaranteed royalties will be written down by £550,000 in the balance sheet. Even before that, there will be a higher loss in 2023-24. The business needs to be restructured and reduce costs and believes there will be more flexibility as a private company.
MAIN MARKET
Quantum dots developer Nanoco (NANO) generated interim revenues of £4m, including the recognition of £3m of Samsung licence income, up from £1.6m. Net cash was £54.5m at the end of January 2024. Second half non-Samsung revenues should be higher.
First Tin (1SN) had a cash outflow from operations of more than £2m in 2023. There was also £6.4m spent on exploration activities. There is £4.66m left in the bank.
Cizzle Biotechnology (CIZ) has raised £620,000 via a placing at 2p/share. This will fund the first proposed commercial test for its lung cancer test. The £500,000 loan facility with E3 Fund will be terminated.
Andrew Hore
Quoted Micro 18 March 2024
AQUIS STOCK EXCHANGE
Aquis-quoted cannabidiol products supplier Voyager Life (VOY) has revealed plans to merge with Northern Leaf, which wanted to float on AIM but is running out of money. The deal should value the combined group at £5m – the Voyager Life share price is unchanged at 11p – if deferred consideration is paid in full. That requires Northern Leaf to generate revenues of more than £5m by March 2025. Jersey-based medical cannabis supplier Northern Leaf was the second company to be awarded a UK commercial high THC licence – the other was former AIM company GW Pharmaceuticals. Prior to 2023, the company had raised £16m over three years. Northern Leaf raised £3m in pre-IPO cash via a preference share issue in April 2023, followed by at least £1m raised via a convertible loan note.
Aquis Exchange (AQX) is working with Richard Croft of Martley Capital to establish a new segment of the Aquis Growth Market that focused on real asset backed investments. This could launch in the second half. The Aram segment will be open to commercial property, infrastructure and forestry asset owners. Richard Croft ran a company that was quoted on the International Property Securities Exchange (IPSX), which closed last year. Aquis Exchange has also secured a contract with the Central Bank of Colombia with technology for the operation of the government bond market. This should go live in 2026.
Wishbone Gold (WSBN) says drilling at the 100%-owned Cottesloe project in Western Australia indicates a large sediment hosted base metal mineralised system. These base metals can be used in lithium-ion batteries. There are highly anomalous lead-zinc and silver levels. The drilling has been in the south of the prospect area and drilling will switch to the northern area.
Quantum Exponential Group (QBIT) has adjourned a general meeting to gain shareholder approval for leaving Aquis. Investors have approached the company and offered to make a substantial investment.
Cadence Minerals (KDNC) investee company Evergreen Lithium has identified large lithium targets from soil sampling at the Bynoe project in the Northern Territory, Australia. Cadence Minerals has a 8.7% stake in Evergreen Lithium.
Greece-based dry bulk shipping company Seaenergy is piloting the SulNOxEco fuel conditioner made by SulNOx Group (SNOX).
Marula Mining (MARU) says its partner NyoriGreen has applied for eight graphite mining licences and one prospecting licence in Tanzania. This could be granted in the second quarter.
Substrate AI (SAI) has completed the acquisition of 21% of software developers BINIT and DELTANOVA for a total outlay of €2.1m.
Vinanz (BTC) has acquired ten Bitmain Antminer S21 200TH/s miners for North America. They should be operational within four weeks.
SuperSeed Capital (WWW) says the NAV was maintained at 113p/share at the end of 2023. Management expects to make two new investments in the first quarter. Cash was more than £99,000 at the end of 2023.
TruSpine Technologies (TSP) has raised £427,000 through a share placing at 1.5p each and convertible loan note issue. More cash can be raised through further convertible issues. The board is reviewing the business plan.
Cooks Coffee Company (COOK) intends to raise cash to invest in its Esquire chain, digital technology, acquire independent cafes and repay debt. It wants to raise up to NZ$1.76m at the equivalent of 9.55p/share.
Chris Akers continues to build his stake in Asimilar (ASLR) ahead of the exit from the Aquis Stock Exchange. The shareholding rose from 13.4% to 14.1%. Gunsynd (GUN) has sold its 4.75% stake in Oscillate (MUSH). Inteliqo finance director Raymond Smart has acquired 104,126 shares at 15p each.
Martin Walton has stepped down from the board of MaxRets Ventures (MAX) and Luciano Maranzana has been appointed as a director.
AIM
Cloud telephony provider LoopUp Group (LOOP) did reasonably well during Covid lockdowns, but it has found trading difficult since then. Management says it wants to leave AIM because it is difficult to raise cash. LoopUp needs to rise £9m, which management feels it cannot raise on AIM, but it four investors are willing to subscribe £6.2m if LoopUp goes private. In August 2016, the original placing price was 100p when £8.5m. Including that cash, LoopUp has raised more than £70m since joining AIM.
A 90p/share bid for SmartSpace Software (SMRT) has been announced. The bid approach for smart building technology company from Sign In Solutions Inc was revealed earlier this year and the rival bidder pulled out. This recommended offer values SmartSpace Software at £28.4m.
Gaming machines hardware and displays supplier Nexteq (NXQ) reported a 5% drop in 2023 revenues to $114.3m, but improving margins enabled pre-tax profit to rise 45% to $14.7m. The final dividend is 3p/share. The cash pile has increased to $27.9m. Mid-range gaming platform sales grew the most last year, while Densitron has benefited from sales of its newer broadcast equipment. The underlying gaming computer market is growing.
Pawnbroker H&T (HAT) reported strong growth in profit and the trading statement was reassuring for the current year. The pawnbroking book grew 28% to £128.9m. Group 2023 revenues were 27% ahead at £220.8m. Retail and other services were the only parts of the business making a lower profit contribution. Pre-tax profit was up from £19m to £26.4m. This enabled a rise in the dividend from 15p/share to 17p/share.
MTI Wireless Edge (LSE: MWE) was hit by a decline in the Israeli shekel against the US dollar and that meant that 2023 revenues were slightly lower at $45.6m. Pre-tax profit increased from $4.59m to $4.65m. There was a reduction in potential contingent consideration for the remaining shares in PSK, partly offset by a goodwill write down. There is a positive outlook for government demand for PSK services. The balance sheet remains strong with cash of $8.1m. The final dividend has been raised by 3% to 3.1 cents/share.
Ondine Biomedical (OBI) is making faster progress than expected. The Steriwave sterilisation technology is deploying in a further eight healthcare facilities. Ottawa hospital is expanding the use of Steriwave to combat hospital acquired infections in spine surgery patients. A study estimated a net saving of C$2,600 per surgery and infection rate dropped by two-thirds. Discussions continue with potential distributors.
Horizonte Minerals (HZM) revealed that the subsidiary that holds the Araguaia project has been granted an injunction which provides 60 days to work on restructuring and negotiate indebtedness. This provides additional time to deal with creditors. Horizonte Minerals continues to try to negotiate a financing.
Symphony Environmental Technologies (SYM) has been boosted by a positive report from the US Environmental Protection Agency that pro-oxidant masterbatches “could significantly reduce the persistence of plastic pollution without creating undesired by-products”. This is based on a scientific evaluation and is a positive thing for the company’s d2w technology.
Renalytix (RENX) has raised £7.8m at 20p/share and this should be enough to fund the company until the fourth quarter of 2024. This will give time for the formal sale process to make progress. A large diagnostics company has made a bid approach to kidney disease diagnostics developer Renalytix. This sparked the formal sale process, so that the company can assess whether there are other potential bidders. It is also possible that there could be a decision to stay independent.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has acquired Allpack Packaging Supplies for up to £3.25m. It manufactures protective packaging, and it will extend the range of the group.
Cybersecurity company Narf Industries (NARF) has won a contract the Intelligence Advanced Research Projects Agency. The $1.3m contract is for the ReSCIND programme to better understand cyber attackers’ decisions. This should eventually lead to additional revenues from related SaaS business with government departments.
R8 Capital Investments (MODE) says that the proposed acquisition of Redwood Financial Partners could take until the end of August.
Andrew Hore