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Quoted Micro 10 October 2016
ISDX
Ace Liberty & Stone (ALSP) has acquired 1-5 Upper Market Square in Hanley for £9m. The tenants are Boots and National Westminster Bank. Prior to this deal, property holdings has grown 23% to £29.5m at the end of April 2016, while the NAV is £17.9m. The sale of Hume House for £3.55m – more than double the 2014 purchase price – should be completed by the end of 2016. Economic uncertainty has made it difficult to complete other deals. Management believes it can increase the size of the portfolio to £50m within in the next year without the need for more cash from shareholders.
DXS International (DXSP), which provides software for clinical commissioning groups and GPs. Has reported a one-fifth increase in revenues to £3.25m in the year to April 2016. Pre-tax profit improved from £27,000 to £46,000. Progress has been held back by NHS but DXS continues to investment in developing software in order to widen the range it can offer. There was £315,000 in the bank at the end of April 2016 and debt has been reduced.
Hellenic Capital (HECP) continues to seek an acquisition and it had £82,600 in the bank at the end of June 2016. Mark Jackson of Quetzal Securities, which has acquired a 29.9% stake, partly from director Gavin Burnell, at 0.3784p a share, has been appointed a Hellenic director.
Ganapati (GANP) is not proceeding with the existing application for a gaming licence in the UK and will instead apply via new Maltese subsidiary Ganapati (Malta) Ltd. There will be licence applications to the regulators in the UK and Malta.
Investment company Western Selection (WSE) increased its NAV from 75p a share to 79p a share in the year to June 2016. Since then £520,000 has been raised from selling 200,000 shares in toiletries supplier Swallowfield. That is a gain of £180,000 before expenses. The final dividend is 1.05p a share, making an unchanged total for the year to 2.1p a share.
WMC Retail Partners (WELL) has agreed an extended lease on Cornish World Market on better terms and it will be able to commence the new retail development at the front of the market. More funding will be required for this and WMC is asking shareholders to allow it to issue up to £500,000 of five year secured loan stock. Two related parties will subscribe for £400,000 to replace existing loans. This is part of a £1.96m funding package with £1.26m coming from the bank and £300,000 from the landlord. A capital reorganisation will reduce the par value of the shares from 50p to 5p so that money can be raised through share issues. The general meeting will be held on 21 October.
Angelfish Investments (ANGP) has lent a further £70,000 to 4 Navitas (Green Energy Solutions) Ltd. This takes the amount loaned to the Lancashire-based to £497,500 and this is repayable at the end of 2015. The loans have an interest rate of 12% a year. The cash will be used to acquire composite materials for manufacturing an upgraded version of the 4N-VAWT vertical axis wind turbine designed in partnership with Siemens. The wind turbine is lower cost and smaller.
Employee owned business finance provider Capital for Colleagues (CFCP) has lent and invested more than £5m in its portfolio companies. There have been four main loans and investments in the most recent quarter. The NAV is 54.5p a share.
Kryptonite 1 (KR1) has made its first investment into an initial coin offering (ICO) of SingularDTV. It has invested £5,605 for 462,931 SNGLS tokens that provide a claim to a portion of revenues and IP to show content – there are no voting rights. The tokens can be traded on the Consensys blockchain platform. The idea behind the business is to enable people to directly reward creators of content so that less is taken in fees.
Trading in the shares of DagangHalal (DGHL) has been suspended after three directors failed to be re-elected at the AGM. This leaves three remaining directors. The shares will remain suspended until there is further information about the composition of the board.
AIM
Investment company Draganfly Investment (DRG) is loaning IP developer AltEnergis (www.altenergis.co.uk) £60,000 for one year at an annual interest rate of 8%. AltEnergis was formed in 2011 and lost £53,000 last year. At the end of 2015, net liabilities were £11,000 but there is no value placed on the development of five technologies. The company’s strategy is to develop technologies that will attract deals with multinationals. There is a piezoelectric technology that the company believes can be adapted to use vibrational energy/human movement to recharge a phone on the move. This was developed with Swansea University and Solar Press Ltd. There is a gearbox condition monitoring technology being developed with Oxford University and GSS Avionics. At the time of its 2015 annual report, AltEnergis says that it was hoping to complete a reverse takeover of an AIM-quoted company and raise at least £1m.
Mariana Resources (MARL) has acquired the early stage Bondoukou gold project in Cote d’Ivoire. The deal involves acquiring 80% of the holding company in return for $544,274 in shares plus paying obligations of $89,000 and lending $56,000 to the company to pay other loans. Up to $3.5m more could be paid based on the mineral resource defined. This is based on $0.5/ounce up to one million ounces and $1/ounce after that.
Floorcoverings manufacturer Victoria (VCP) is buying Bradford-based underlay manufacturer Ezi Floor in a deal that will be earnings enhancing this year. Victoria is paying £13m – £6.5m immediately and the rest over four years – with up to £6.5m payable depending on the achievement of targets. Earnings per share forecasts for this year have been upgraded by 4% to 23.8p and by 10% next year to 26.5p a share. Net debt is forecast at £54.7m at the end of this financial year.
Engineer Avingtrans (AVG) has announced details of its tender offer that will pay out £28m to shareholders. Each shareholder can tender up to 50% of their shareholding at a tender price of 200p a share – a 4.2% premium to the share price at the end of September. There is potential to tender more than 50% of a shareholding if others do not tender their full share. There will be 14 million shares left in issue.
DP Poland (DPP) is raising £3.2m at 48p a share. The previous placing was at 15.8p a share. There was still net cash of £5.39m at the end of June 2016 but management wants to accelerate the store opening programme. The new target is 100 stores by 2020. There are currently 29, including 16 corporately managed, in seven Polish cities. The interim loss was £944,000.
Park Group (PKG) is acquiring corporate employee and customer engagement company Fisher Moy International. The two companies have been working together for more than one year. This deal should be modestly earnings enhancing in the first full year and provides a new base in Buckinghamshire.
Digital media provider Milestone (MSG) is collaborating with the Social Stock Exchange, which currently has 44 companies as members. The two organisations will introduce new members to each other , enter joint promotions and also establish an investment fund. Milestone will also offer training expertise.
Versarien (VRS) is acquiring plastics manufacturing business AAC Cyroma in order to develop a graphene-enhanced plastics manufacturing operation. Versarien is paying an initial £1.925m with up to £200,000 more payable depending on profit figures in 2017 and 2018. – 2015 pre-tax profit was £166,000.
MAIN MARKET
Software provider Gresham Computing (GHT) has agreed to pay up to £4.55m for C24 Technologies in order to expand its data integrity business in the financial markets. The deal doubles the customer base and should be earnings enhancing next year. Gresham raised £3.32m at 105p a share.
Industrial fasteners supplier Trifast (TRI) continues to trade strongly in the first half of its financial year and sterling weakness will be a further help in the second half. A new distribution centre has been opened in Barcelona. The profit forecast for the year to March 2016 has been raised from £16.9m to £17.6m to take account of currency movements.
Andrew Hore
Quoted Micro 1 August 2016
ISDX
Asia Wealth Group Holdings Ltd (AWLP) made a further loss in the year to February 2016, although subsidiary Meyer Asset Management did make a profit – albeit slightly lower than previously. Revenues fell from $1.73m to $1.2m, while the loss increased from $79,000 to $150,000. Directors fees increased from $209,000 to $216,000. Asia Wealth is still seeking further acquisitions. There was $1.28m in cash at the end of February 2016.
South Africa-based Inqo Investments Ltd (INQO) fell into loss in the year to February 2016 following a number of one-off costs. The social impact company has renegotiated loans and that will save R30m of interest charges. The DBSA loan was settled after the period end and this will improve the financial position of the business.
Ganapati (GANP), the developer of apps for social media and games, is still hoping that its application to the UK Gambling Commission will be successful but there are still issues being discussed. In the year to January 2016, revenues increased from £216,000 to £2.3m but intangible write-offs totalling £4.56m meant that there was a reported loss of £7.47m. There was £1.28m in the bank.
Diversified Gas & Oil (DOIL) has taken the amount of 8.5% unsecured bonds 2020 in issue to £9.93m following the issue of an additional £460,000 of bonds.
Queros Capital Partners (QCP) has raised a further £150,000 from the issue of 8% unsecured bonds 2025. This takes the bonds in issue to £1.665m.
AIM
Satellite Solutions Worldwide (SAT) has made two more acquisitions that will be earnings enhancing this year. This more than doubles the customer base to more than 75,000. The satellite broadband services consolidator is paying £11.7m for Breiband and SkyMesh and it has raised £12.1m at 6p a share. Breiband offers broadband services in Norway so it fits in with the company’s strategy of consolidating the European market but SkyMesh is based in Australia so it is outside of the core strategy. The deals also move the group into the top five global satellite broadband suppliers. At the beginning of July, Satellite Solutions acquired UK-based Avonline for £10m and secured £12m of funding from the Business Growth Fund.
Bricks manufacturer Michelmersh Brick (MBH) reported flat revenues of £15.3m in the first half of 2016. Pre-tax profit edged up from £2.5m to £2.6m, while strong cash generation in the past 12 months has helped Michelmersh move into a net cash position. A kiln replacement project will be completed in the second half. First half brick sales dipped from 35.7 million to 35.1 million. Michelmersh has forward orders for 47 million bricks.
Learning management systems provider NetDimensions (NETD) says that interim revenues are lower than expected because of delays to customer roll outs. These delays could continue so the full year revenues forecast have been cut by $1.2m to $27m but, thanks to lower than anticipated costs, NetDimensions could break even this year.
Mineral sands miner Sierra Rutile (SRX) has received a bid of 36p a share in cash from Iluka Resources Ltd.
Information management software and services provider IDOX (IDOX) is acquiring Open Objects Software for up to £5.2m in cash and shares. Open Objects provides digital services to social and health care and it has a similar public sector customer base to IDOX. In the year to March 2016, the acquisition made an operating profit of £630,000 on revenues of £2.9m.
Publishing software and services provider Ingenta (ING) is acquiring advertising software company 5 fifteen Ltd for up to £990,000. This will widen the portfolio of products that Ingenta can offer and also broadens the customer base to newspaper and magazine publishers. The business loses money but costs can be reduced and sales can be made in new geographies. A subscription is raising £780,000 at 130p a share.
Mariana Resources (MARL) says that the mineral resource for its HotMaden project has been increased by 31% to 4 million ounces of gold at a gold equivalent grade of 10.2g/t. Northland has nearly doubled its target price from 54p a share to 104p a share.
MAIN MARKET
Stem cell services WideCells Group (WDC) has raised £2m at 11p a share in its flotation on the standard list. The share price ended the week at 12p. The cash will be used to build an integrated stem cell services company but it is still early days. WideCells is launching the CellPlan healthcare insurance product, which will help people gain access to stem cell treatments.
Macfarlane Group (MACF) is acquiring Nelsons for Cartons and Packaging for up to £6.75m in cash and shares. There will be two deferred payments depending on the performance of the packaging distribution business in the next two years. Leicester-based Nelsons will widen Macfarlane’s range of shelf ready packaging and there is little customer overlap. In the year to December 2015, Nelsons made an operating profit of £800,000 on revenues of £7.9m. The acquisition should be earnings enhancing in the first full year of ownership. A placing at 58p a share has raised £5.8m and this will fund the initial cash payment of £4.25m. Macfarlane says that its packaging distribution operations are growing but sales of the manufacturing division are 3% lower so far this financial year. Interim figures will be published on 25 August.
Healthcare properties investor MedicX Fund (MXF) has contracted to acquire a new medical centre in Rialto, Dublin. The total cost will be €8.6m and it will he let to the health authority on a 25 year lease with five-yearly rent reviews, plus separate leases for a pharmacy and other medical services providers. This part of a strategy to invest more in the Republic of Ireland. The annualised rent roll for the company’s portfolio is £37.1m.
Standard list shell Falcon Acquisitions (FAL) has agreed terms for the acquisition of Orbital Multi Media Holdings Corporation, which operates in the over the top (OTT) broadcast services market. There are still a number of conditions that have to be met for the deal to go ahead. Trading in the shares has been suspended.
Anglo African Agriculture (AAAP) has announced a strategic review which could lead to the sale of the business or the securing of a partner for the business. The chairman argues that the existing business is not large enough to justify a quotation and it has been difficult to secure additional acquisitions.
ANDREW HORE
Quoted Micro 4 July 2016
ISDX
Employee-owned businesses funder Capital for Colleagues (CFCP) has invested £500,000 in Anthesis Consulting, a sustainability services consultancy with operations in Europe, North America and Asia. The investment includes £350,000 of shares, which is part of a £1.3m share issue, giving Capital for Colleagues a 3% stake with employees owning 80%. The other £150,000 is in the form of a loan repayable in five years. Anthesis will use the cash to make international acquisitions. Capital for Colleagues had an NAV of 53.66p a share at the end of May.
Ganapati (GANP) says that it failed to achieve its revenue forecasts in the year to January 2016 because of increasing competition. Revenues were £3.45m, while the loss was £7.82m after a £4.56m write down of intangible assets. Ganapati develops software for social media and consumer games but it has decided to move into offering online gambling software. The company continues to try to gain a licence from the UK Gambling Commission but there are issues that need to be sorted out and there is no guarantee that the application will be successful.
Equatorial Mining & Exploration (EM.P) continues to seek additional funding but it is confident enough to spend money on further surveying of its exploration licences in Nigeria. The interim figures will be published in September.
Blockchain technology investor Coinsilium (COIN) has appointed Mrs Pier Thomas as finance director. She has been awarded options over 2 million shares at a cost of 10p a share – a premium of 156% to the market price at the time of appointment. The options last until 28 June 2019.
Investment company Globe Capital Ltd (GCAP) has refocused its investment policy on the retail and menswear sectors. A 25% stake has been acquired in Sterling Craig, an online retailer of men’s fashion. The investment cost £12,500. The company was incorporated on 11 December 2015 and Sterling Craig’s only director is Terry Burnett. Earlier this year £100,500 was raised and Globe intends to raise more cash in the near future to fund additional investments. There was £19,000 in the bank at the end of March 2016.
A director has acquired a £400,000 convertible loan to Gowin New Energy Group Ltd (GWIN). Chen Chih Lung paid face vale for the loan which is convertible at 0.2p a share.
Energy efficient products supplier Sandal (SAND) has cancelled 130,000 shares that were issued at the time of its flotation because the buyer did not come up with the cash.
AIM
Omega Diagnostics (ODX) says that its Allersys diagnostic instrument is nearing commercial launch with 41 allergens available. The current operations put in a mixed performance in the year to March 2016. Food intolerance sales grew and helped group revenues improve from £12.1m to £12.7m. Pre-tax profit dipped from £1.4m to £1.3m and there is likely to be a further fall to £800,000 this year as the cost base is increased for product launches. Management believes that it has enough cash in the bank for its requirements but it will have to choose what opportunities it focuses on.
Surgical Innovations (SUN) says that sales are growing and it is manufacturing more of the equipment sold. Interim revenues should be at least 10% ahead, suggesting they will be around £2.9m. Growth is coming from the US. That is helping to improve gross margins to more than 25% – they were 8.4% in the first half of 2015 but they had reached 47.3% at the interim stage in 2014. New product ranges will be launched in the second half. At the same time inventory levels are likely to reduce by £500,000 in the first half. Net debt was £2.26m at the end of 2015 and this will reduce further.
Servoca (SVCA) is paying up to £3.1m for Classic Education in a deal that should be earnings enhancing. The initial payment for the Gravesend-based education recruitment business is £1.2m and Servoca believes that the sustainable level of pre-tax profit is more than £400,000. In the year to September 2016, pre-tax profit is forecast to improve from £3m to £3.5m.
Fishing Republic (FISH) has raised an additional £3.75m at more than double the share price at which it floated just over one year ago. Fishing Republic floated at 15p a share and subsequently raised more cash at 16p a share but the latest fundraising was at 35p a share. The cash will help to expand the retail chain and fund further development of the online operation. The share issue does initially dilute earnings but this should change when the cash is invested. The subscribers to the share issue include former Tesco boss Sir Terry Leahy and associates, who will have a combined stake of 15.9% in the company.
Corporation tax software provider Tax Computer Systems is reversing into Eco City Vehicles (ECV) in a deal that places an enterprise value of £73m on the transaction. A placing will raise £45m at 67p a share – after a 50-for-one share consolidation – and MXC Capital is subscribing £8.7m for 20% of the enlarged group, which will be renamed Tax Systems. There are plans for international expansion and a broadening of the product range.
DJI Holdings (DJI) is raising £29m at 95p a share in order to pursue new revenue opportunities. DJI has struck a deal with Xinhuatong, which provides content to the Xinhua News App owned by China’s national news agency, and this provides exposure to mobile. DJI sees itself as an internet technology provider having originally positioned itself as a developer of online lottery products. The share price has strengthened in the past three months but it has only just gone back above the July 2014 flotation price of 100p a share.
Mariana Resources (MARL) should have an updated mineral resource estimate for its 30%-owned Hot Maden gold copper project in Turkey. The current estimate is 3 million ounces of gold equivalent at a grade of 11.2g/t. The preliminary economic assessment should be completed before the end of the year.
Constellation Software has launched its 105p a share bid for recruitment software provider Bond International Software (BDI) but the target’s board has not recommended the bid. The deal vales Bond at £44.2m and Constellation already has a 29.6% stake and 100% of the convertible non-voting shares. In 2015, Bond reported a loss of £2m on revenues of £39.7m, while net assets were £34m. Bank debt has subsequently been repaid from the proceeds of the Strictly Education disposal. The other parts of the business are also up for sale.
Medical devices company Tissue Regenix (TRX) has secured a deal with a national US group purchasing organisation for hospitals and physician offices for the supply of wound care product DermaPure, the company‘s first commercial product. The three year contract covers 43 states.
Nostra Terra Oil & Gas (NTOG) is selling its 20% stake in assets operated by Ward Petroleum in the Chisholm Trail prospect in Oklahoma for $2.1m. The book value was $1.7m. These assets generated the majority of 2015 group revenues of £594,000. The cash can be used to acquire other oil and gas assets.
MAIN MARKET
Trading in shares of shell company Flying Brands Ltd (FBDU) has been suspended ahead of the potential purchase of medical technology business Stone Checker Software. The deal is still dependent on due diligence. The share price had halved to 3.25p since the beginning of June.
Global Resources Investment Trust (GRIT) is hoping to raise up to £2.5m through a subscription and open offer at 5p a share. RDP Fund Management is subscribing for £2m worth of shares while the terms and dates for the open offer have yet to be announced. The cash will be used to reduce gearing.
ANDREW HORE
Quoted Micro 6 March 2016
ISDX
Brewer Shepherd Neame (SHEP) reported a lower brewing profit but this was made up for by a higher contribution from managed pubs in the six months to December 2015. However, the National Living Wage and other costs will increase by £1.1m in the next financial year and management is cautious about the prospects for consumer spending. Revenues were flat at £73.7m but underlying pre-tax profit improved from £4.73m to £5.07m, helped by lower interest costs. There was also a property disposal profit of £3.6m. Net debt was reduced to £61.4m thanks to disposal proceeds.
Electrical and control systems supplier Field Systems Design Holdings (FSD) had a much stronger six months to November 2015 thanks to additional work from the energy from waste incineration sector. Longer-term, demand from the water sector should build up. There was a jump in revenues from £5.51m to £8.31m, while pre-tax profit improved from £11,000 to £91,000. There was £1.1m in the bank at the end of November 2015. At 15.5p (14p/17p) a share, Field is valued at £900,000.
Energy efficiency products supplier Sandal (SAND) moved back into profit in the six months to November 2015. Overall revenues were flat at £1.66m, although there were much higher sales of Energenie products, while a loss of £129,000 was turned into a profit of £7,000 thanks to lower overheads. Sandal has completed its investment in the Energie MiHome range with ongoing investment focused on linking up with Hive and other smart devices for the home. There was £398,000 in the bank at the end of November 2015.
Leni Gas Cuba Ltd (CUBA) has made two new investments in Cuban businesses. The first is a 49% stake in entertainment consultancy Cuba Professionals Inc for an investment of €180,000 over nine months. A short-term working capital facility of €200,000 will also be prfinance ovided. This cash will go towards a larger office in Havana and recruiting additional staff. The other investment is a 15.8% stake in Australian company MEO Australia Ltd, which is focused on Cuban oil exploration. The £730,000 investment will be used to finance exploration in onshore block 9 in Cuba, where another one of the company’s investments, Petro Australis has and interest. Non-executive director Darren Smith has bought 250,000 shares at 0.8p each. That takes his stake to 4 million shares. Smith did not buy any shares in the subscription at 5p a share when the company joined ISDX. The share price has fallen back to 0.9p (0.8p/1p).
Via Developments (VIA1) has raised a total of £2.5m from ten placings of 7% debenture stock since joining ISDX. Two residential property acquisitions have been made in Manchester and Luton.
Ganapati (GANP) is still attempting to obtain a licence from the Gaming Commission and there have been further delays so the company will require additional cash. Ganapati also needs to further develop its BUZZPOP app and this means that there will be no revenues from the app until 2017. There will be a write-down of intangible assets as a consequence. The share price was unchanged at 60p (50p/70p).
Doriemus (DOR) plans to leave AIM and move to ISDX. This follows the decision to buy a further 60.56% of Greenland Oil & Gas. This means that a reverse takeover will not be completed by 14 March and the AIM quotation will be cancelled. The oil and gas-focused investment company should start trading on ISDX on 15 March.
Cyber security technology commercialisation company Crossword Cybersecurity (CCS) is linking up with the University of Surrey in order to explore opportunities for commercially exploiting technology for advanced information hiding. The university has developed a way of encoding information into the normal ebb and flow of computer systems. A patent has been filed for this research and the plan is to develop a platform that can use the technology.
AIM
Shell company 3Legs Resources (3LEG) has announced details of the reverse takeover of SalvaRx and plans to raise £1.95m at 35.5p a share – post a 100:1 share consolidation. SalvaRx is an immunotherapy business and it owns 60.5% of iOx, which is developing under lice compounds for cancer immunotherapy. The cash raised will help to finance the first human clinical trials, which are being sponsored by Oxford University, for iOx’s lead compound based on invariant natural killer T cells. SalvaRx has invested £510,000 in iOx and is committed to put in a further £1.33m. 3Legs had already acquired 11.1% of SalvaRx, at a cost of £215,000, last September. The rest of the shares will be swapped for 3Legs shares valuing them at £8.8m. New chairman Jim Mellon and his associates will end up with 73% of 3Legs, whose name will be changed to SalvaRx Group.
Property investor Palace Capital (PLA) has bought an office block in Milton Keynes, near to the railway station, for £7.2m. The near-fully let building generates net income of £550,000 a year. This deal will immediately enhance earnings per share and there is potential to increase rents in the short-term.
Sutton Harbour (SUH) has renewed and extended its bank facilities. A new £25m, three year facility with RNS will replace the £22.5m facility due to expire in October. Finance costs are not expected to change significantly. The enlarged facility plus the rolling £550,000 asset lease financing facility will provide more headroom for Sutton Harbour to push ahead with property developments and invest in the harbour infrastructure.
NWF (NWF) has boosted its agricultural business through the acquisition of ruminant feed manufacturer Jim Peet, which supplies 500,000 tonnes a year to cattle and sheep farmers in northern England and south west Scotland, where NWF wants to grow its exposure. There are two factories near Carlisle and Wigton and they fit well geographically with NWF’s existing facilities.
Advanced ultrasound training simulators developer Medaphor (MED) says that its US subsidiary has signed a long-term agreement with the American Board of Obstetrics and Gynecology (ABOG) for the use of its ScanTrainer as the simulator for its obstetrics and gynecology certification exams. ABOG undertakes 2,000 examinations each year. This provides additional confirmation of the usefulness of the technology.
MAIN MARKET
Investment company Athelney Trust (ATY) increased its net asset value by 7.5% to 245p a share last year. The final dividend is being increased by 18% to 7.9p a share on the back of this growth. During the year, Athelney acquired new stakes in two REITs, Safestyle UK, Samuel Heath and Low & Bonar amongst others, while also adding to existing holdings including Begbies Traynor, Juridica Investments and Quarto Group. The disposal of stakes in GLI Finance and Plus500 appears to have been well timed, while Catlin and Nationwide Accident Repair were taken over. There was a dip in the NAV to 235.8p a share by the end of January but that is not surprising given the weak stockmarket. Athelney says that it would not be surprised to see small caps outperforming larger companies again. The original investors in Athelney back in 1994 have enjoyed an annual return of 15.8% net of basic rate tax on their original investment.
Global Resources Investment Trust (GRIT) is changing its strategy to become a more direct investor in resources businesses. This is because it is in default for its 9% convertible loan notes. Prime Star Energy FZE is subscribing £3.9m at 2p a share and RDP Fund Management £1.5m at the same price. There is also an open offer raising up to £300,000 at 2p a share. However, the final proposals are still not agreed and the board is in discussions with the main parties. The company name will be changed to Global Resources International.
Education software and services provider Tribal Group (TRB) is selling its Synergy children;s services management information systems business to Servelec for £20.25m in cash. The business generated EBITDA of £2.3m in 2015. The disposal cash will be used to reduce the requirement for funds in the previously announced rights issue. The plan is to raise up to £21m and the terms will be announced later this month when the 2015 figures are announced. Ian Bowles took over as chief executive on 1 March. There had been plans to move back to AIM but no mention was made of this.
ANDREW HORE