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Quoted Micro 24 April 2023
AQUIS STOCK EXCHANGE
Valereum (VLRM) has sold Bitcoin mining assets to Aquis new entrant Vinanz (BTC) in return for 27.3 million shares at 3p each. This gives Valereum a 23.5% stake in Vinanz, which plans to become a Bitcoin mining company with facilities operated by third parties in the US and Canada. The company will also consider mining other cryptocurrencies. The Vinanz share price ended the week at 3.5p. There was one trade of 30,000 shares at 3.26p a share.
E-commerce technology provider Samarkand (SMK) says 2022-23 revenues will be around £17m and the loss has been reduced. VSA forecasts a small positive EBITDA in 2023-24.
SulNOx Group (SNOX) says 2022-23 revenues more than quintupled to £203,000. There was £525,000 in cash at the end of March 2023.
Equipmake Holdings (EQIP) has agreed a partnership with H55 to develop electric aircraft technology. Switzerland-based H55 will use the company’s electric motors in its two-seater electric trainer for pilot training.
In the first three months of 2023, Guanajuato Silver (GSVR) reported record quarterly silver production of 938,000 ounces equivalent. VSA forecasts full year production of 4.7 million ounces of silver equivalent.
Goodbody Health Inc (GDBY) has decided to leave Aquis and the share price slumped 44.6% to 0.9p. It also reported a fall in full year revenues from £17.1m to £10m and an increased loss of £4.9m.
Tap Global Group (TAP) has increased revenues and users since reversing into an Aquis shell earlier this year. First quarter revenues were £1.2m, compared with £250,000 in the corresponding period last year. The regulated cryptocurrency app company increased users by 30% to 144,305.
Coinsilium Group (COIN) has raised £258,000 at 1.5p a share, with warrants attached that have an exercise price of 3p.
Chris Akers has raised his stake in Semper Fortis Esports (SEMP) from 4.57% to 19.5%. The share price jumped by one-fifth to 0.15p. The April 2021 floatation price was 1p. Chapel Down Group (CDGP) finance director Rob Smith bought 407,462 shares at an average price of 34.7p, taking his stake to two million shares. Hadron Capital, which was founded by Fenikso (FNK) non-exec director Marco D’Attanasio, has acquired 1.2 million shares at 0.6p each in Fenikso.
AIM
Sureserve (SUR) is recommending a bid from Cap10 4NetZero Bidco, which is a vehicle for private equity company Cap10 Partners. The 125p a share bid values Sureserve at £214m and that is the highest share price since the company floated as Lakehouse in 2015. Cap10 believes that taking the compliance and energy services provider company private will make it easier to focus on long-term goals.
Proton therapy cancer treatment developer Advanced Oncotherapy (AVO) announced a strategic review. A Nasdaq listing is being considered, which could involve selling the business to an existing Nasdaq company. There are no current discussions and cash is running out. Management hopes to obtain additional working capital by issuing more loan notes. That could extend the company’s cash until the end of May.
Pizza restaurants franchiser DP Poland (DPP) increased first quarter like-for-like sales in Poland by 19% and in Croatia by 16%. There are signs that food inflation is easing. However, additional investment in TV marketing will mean that the company will continue to lose money in 2023.
Business process outsourcing firm iEnergizer (IBPO) plans to cancel is AIM quotation and a general meeting will be held on 16 May to gain shareholder approval. As EICR (Cyprus) owns 82.7% that is a formality. The lack of free float has hampered liquidity and the costs of the quotation outweigh any benefits. Management expects to leave AIM on 26 May. There are plans for a matched bargain facility.
Unikmind has increased its bid for cyber security software provider Kape Technologies (KAPE) from 285p to 290p ($3.60) a share and some of the vendors of past acquisitions have agreed to accept.
Property bridging loans provider Vector Capital (VCAP) reported a slightly better than expected pre-tax profit for 2022. Management, though, is being cautious about lending this year. There was a £200,000 provision for doubtful debts, but the pre-tax profit was still £100,000 better than forecast at £2.8m. The total dividend is 2.53p a share. The average loan book was 27% higher than the previous year. This year the loan book could fall because of higher standards for new lending.
Woodbois (WBI) says that the lender to its Denmark-based Woodgroup timber trading subsidiary has given notice on a $6m lending facility. The facility provided by Sydbank is fully drawn, but there is also $3.1m in cash deposits with Sydbank, which wants a refinance plan by the end of May. Premier Miton subsequently sold its 9.96% stake.
Environmental and life sciences technology company DeepVerge (DVRG) says that revenues have been incorrectly recognised. That means that the 2022 figure will be 45%-50% lower than the £17.2m previously flagged. Some of the expected revenues have been delayed while others will not be recognised. The order book is more than £10m and this will be recognised in 2023 and 2024. There is £1m in the bank and more funding will be required.
Xeros Technology (XSG) is winning new business, but cash is declining. The 2022 figures were in line with expectations and cash was £6.5m. finnCap believes that the cash should last until the second quarter of 2024. That is despite the 2023 loss forecast being increased to £4.8m. The progress of the launch of a domestic washing machine using Xeros filtration technology by a partner has been slower than hoped. Breakeven could still be achieved late in 2024.
Dekel Agri-Vision (DKL) says that the quantity and quality of raw cashew nuts acquired for its new facility are in line with expectations and the pricing is better than anticipated. Average production rates have increased to 10 tonnes/day.
Tertiary Minerals (TYM) has commenced its latest exploration programme for the Lubuila copper project in Zambia following the ending of seasonal rains.
MAIN MARKET
Interim revenues at J Smart (Contractors) (SMJ) slumped from £5.16m to £2.12m, while pre-tax profit dived from £6.33m to £260,000, although the corresponding period included a £6.06m disposal gain. The interim dividend is 0.96p. Net assets are £123.7m, but this would have been lower if there had been a property revaluation at the end of the period.
Fourth quarter revenues for kitchenware retailer ProCook Group (PROC) were 10% lower than the same time last year, with high street sales flat – a new store was opened in Kingston-upon-Thames. There was a 65% increase on the previous quarter. Full year revenues were 10% lower at £62.3m and ProCook will breakeven.
Andrew Hore
Andrew Hore – Quoted Micro 18 January 2021
AQUIS STOCK EXCHANGE
British Honey (BHC) generated revenues of £1.5m in the nine months to December 2020 with more sales online. There was £2.4m in the bank.
Rutherford Health (RUTH) has agreed to provide cancer treatment to NHS Trusts and clinical commissioning groups in England. The initial agreement is for two years.
A subsidiary of Noble Group has sent a letter of intent to Eastinco Mining and Exploration (EM.P) saying it wasn’t to purchase a significant portion of tantalum and tine production from Musasa in Rwanda. There will be immediate payment on agreement of the grade. There has been a further cash injection of £150,000.
Tectonic Gold (TTAU) has discovered further gold mineralisation at Specimen Hill in Queensland. There is a 100% success rate with holes drilled. A drilling programme has started at Mt Cassidy and once completed drilling will recommence at Specimen Hill at the sites that are prospective for copper.
NQ Minerals (NQMI) says that the Hellyer mine in Australia produced 38,319 tonnes of lead concentrate, up 53%, and 19,019 tonnes of zinc concentrate, up 22%, in 2020. There was 5,452 ounces of gold and 1.1 million ounces of silver produced. Gross revenues were A$63.3m and net income was A$22.7m.
Preliminary sampling at one of the Cameroon licences owned by BWA Group (BWAP) has identified mineralisation. The Dehane project has elevated titanium, zircon and aluminium multi-element associations. More cash is required to fund further exploration.
Gunsynd (GUN) says that Peterhouse has been appointed as corporate adviser to Rogue Baron ahead of a proposed flotation on Aquis in the first quarter. Rogue Baron is a spirits company and Gunsynd has a £500,000 convertible repayable at the end of March. The Gunsynd NAV increased from £2.36m to £2.47m at the end of July 2020. There was £838,000 in the bank.
Vulcan Industries (VULC) has raised £100,000 at 4.5p a share. SulNOx Group (SNOX) has raised £50,100 at 41.75p a share. Further cash will be required. Altona Energy (ANR) has raised a further £42,000 at 6.5p a share. MiLOC Group (ML.P) has raised £237,000 at 28.5p a share and started litigation against a distributor.
Walls and Futures REIT (WAFR) boos Joe McTaggart has bought 30,409 shares at 49p each.
AIM
Toilet tissue manufacturer Accrol (ACRL) reported strong interims even before a contribution from the recently acquired LTC. In the six months to October 2020, revenues slipped from £64.5m to £62.3m but that reflects panic buying in the last two months of the previous year that reduced this year’s figure. A contribution from LTC should increase full year revenues from £135m to £154m and pre-tax profit could nearly double to £9.2m. Accrol intends to pay a final dividend of 0.5p a share.
Online fashion retailer Sosandar (SOS) reported a 6% increase in revenues to December 2020, following a £1.6m reduction in marketing spend – mainly in December. This includes growing sales via John Lewis and Next. The loss was more than halved. Net cash was £3.9m at the end of 2020.
Kromek (KMK) reported a 14% decline in interim revenues to £4.58m, which was a resilient performance considering the disruption in the period. Kromek has moved into a net debt position but management is confident that it has enough funds for its requirements. The second half should be stronger. The long-term outlook for MRI, imaging and radiation detection products remains positive.
Battery technology developer Ilika (IKA) is on course for Stereax battery production to be scaled up by the beginning of 2022 and more significant revenues will flow through from then on. The total investment is £4m. The pilot line is running at full capacity so there is unlikely to be growth in short-term revenues. There is also the longer-term potential for Goliath batteries for electric vehicles. There should be £9m in the bank at the end of April 2021.
Voucher products supplier Appreciate (APP) had a strong third quarter and free cash reached £33.5m. The focus on digital products is paying off.
Law firm Gateley (GTLY) grew earnings by 7% in the first half, but full year earnings are expected to decline from 12.5p a share to 9.1p a share. There could be scope for an upgrade if utilisation levels remain high.
Ariana Resources (AAU) says that the 50%-owned Kiziltepe mine produced 18,645 ounces of gold in 2020. The processing plant capacity is being quadrupled.
Filtronic (FTC) has won a contract with more than £1m with a UK defence customer. Filtronic will design and supply battlefield communications hardware.
In 2020, Dekel Agri-Vision (DKL) increased palm oil production by 24% to 4,824MT and the average price obtained was ahead by a similar percentage. The price has started 2021 at a much higher level and even if the price does not stay as high Dekel should be able to at least move nearer to profit in 2021.
Franchise Brands (FRAN) will report 2020 figures ahead of consensus. The business has been strongly cash generative and the consumer-facing franchises did better in the second half. Metro Rod was classed as an essential service and trading recovered after an initial slump. Allenby forecasts 2020 earnings of 4.3p a share and this could improve to 4.8p a share in 2021.
Environmental and life sciences company Deepverge (DVRG) generated revenues of £4.4m in 2020 before any contribution from the recently acquired Modern Water. This year’s revenues should more than double, although the business should still lose money. There are large projects that are being bid for that could contribute to this year.
SourceBio International (SBI) has signed a deal with a high street retailer to provide lab testing services. This will start with a limited number of stores and could then be broadened. Demand for Covid testing is likely to continue to be high for many months.
MAIN MARKET
BATM Advanced Communication (BVC) has secured an option deal to sell its NGSoft communications technology services business to Aztek Technologies for $33m in cash. This is around ten times operating profit. The cash can be reinvested into the other activities.
Telecoms business Toople (TOOP) increased revenues from £2.45m to £3.44m and gross profit from £479,000 to £1.1m in the year to September 2020. The purchase of DMSL helped to grow revenues. Admin expenses were slightly higher at £2.44m. The underlying pre-tax loss edged up from £1.24m to £1.31m. That excludes a £1.1m provision for bad debts and restructuring costs. Directors pay increased from £278,000 to £312,239 last year. Net debt was nearly £1m at the end of September 2020. Debt in the form of a loan note is repayable at the end of 2022. The cash outflow from operating activities reduced from £2m to £1.6m.
InnovaDerma (IDP) reported a one-fifth decline in interim revenues. The personal care products supplier was hit by the closure of high street shops in the UK. International sales improved. The new chief executive is still assessing the business and will report plans and impairment charges in the coming weeks. A non-executive director is loaning the company £500,000 until 13 July.
Andrew Hore