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Quoted Micro 1 July 2024
AQUIS STOCK EXCHANGE
Voyager Life (VOY) has entered into an option to acquire M3 Helium Corp, which is a Kansas-based helium producer, for 57.6 million shares. Production is from one well and four other wells are being tested. There is also a processing plant. Voyager Life has raised £864,000 at 3p/share to finance the development of operations and fund the readmission document. M3 Helium is loss-making.
Ananda Developments (ANA) announced promising results from cardiac fibrosis studies with CBD-based therapy MRX1. It has potential as a treatment for heart failure with preserved ejection fraction. It mitigates cardiac fibrosis and improves heart health. Next steps are being assessed.
Tennyson Securities has published initial research on Good Life Plus (GDLF) the prize-based draw lottery. Investment in the business means that it will continue to lose money for the next two years before moving into profit in 2026-27 when earnings of 0.7p/share are forecast. The 12-month target price is 4.24p/share.
Time to ACT (TTA) subsidiary GreenSpur has received an award of £613,000 from the EU BEETHOVEN project for the development of advanced magnetic materials. This will be used for development of the rare earth-free magnet.
Valereum (VLRM) reported a reduction in loss from £4.25m to £353,000. There was a swing from net liabilities of £758,000 to net assets of £351,000 following an increase in the value of the investment in Vinanz (BTC). That was partly offset by an impairment charge on the GSX investment.
Brewer Adnams (ADB) expects to conclude its evaluation of future funding later in the summer.
Housebuilder St Mark Homes (SMAP) reported an increase in loss from £1.47m to £2.93m. Directors are halving their remuneration from the beginning of July. Because of the weakened financial position, the board will ask shareholders at the AGM to agree to the departure from the Aquis Stock Exchange.
Food company Essentially Group (ESSN) lost £960,000 on revenues of £1.59m in the 16 months to the end of 2023. There was £301,000 in the bank at the end of the year.
Ormonde Mining (ORM) had net assets of €10.5m at the end of 2023, including €2.3m in cash. Management is evaluating investment opportunities.
Wishbone Gold (WSBN) reported an increase in cash outflow from operations from £787,000 to £1.62m. Cash fell below £6,000 at the end of 2023. A share issue at 1.2p/share and exercise of warrants raised £550,000 this year.
Phoenix Digital Assets (PNIX) made a pre-tax profit of £20.1m in 2023 following a fair value gain of £25.3m. This is prior to the recent tender offer.
Marula Mining (MARU) believes that the Blesburg lithium and tantalum mine will generate positive cash flow in the second half of 2024. The company has confirmed delivery of manganese ore from the Larisoro manganese mine and they will increase in the second half.
SuperSeed Capital (WWW) has issued 100,000 investor warrants exercisable at 120p/share to VSA Capital. The convertible loan notes will be redeemable on 21 June 2026 instead of September 2024.
Invinity Energy Systems (IES) increased revenues from £2.94m to £22m in 2023. The loss rose from £18.5m to £23.2m.
KR1 (KR1) had net assets of 106.3p/share at the end of May 2024.
Startup Giants (SUG) left Aquis on 27 June.
AIM
PI Industries has launched a 9p/share bid for Plant Health Care (PHC) and this is recommended by the board. The bid values the natural crop enhancement products company at £32.8m. PI is involved in all areas of the agricultural inputs sector in India, and it would be able to provide the finance and distribution to grow the Plant Health Care operations. PI wants to expand into areas such as the US and Brazil where Plant Health Care is already active.
Pubs and bars operator Nightcap (NGHT) has decided to cancel the AIM quotation because of the weak share price and the difficulty to raise additional funds. Trading is challenging and this is expected to continue for the rest of the year. EBITDA for the year to June 2024 is below expectations. Integrating The Piano Works has been more costly than anticipated. A general meeting will be held on 17 July but there is already sufficient support to pass the resolution to leave AIM. The quotation is likely to be cancelled on 29 July. A matched bargain facility will be provided by Asset Match.
Renewables investment company I(X) Net Zero (IX.) also plans to cancel its AIM quotation. The share price has slumped since joining AIM, partly because of the timing. Renewables businesses were in favour, but there was a subsequent change in investor sentiment to companies that were not profitable. There has also been a lack of liquidity in the shares. Cash is flowing out of the company and more funds are likely to be required. There were $81.1m of unrealised gains in 2023, mainly due to a rise in valuation for WasteFuel after an investment by BP. NAV is $122.2m. There are plans to obtain a matched bargain facility though JP Jenkins.
Musical instruments retailer Gear4Music (G4M) reported full year figures in line with the recent trading statement. Revenues were 1% higher at £83.1m, while the company returned to profit. Founder Andrew Wass will focus on growth strategy and Gareth Bevan will take over as chief executive. The new strategy involves continued investment in the platform, enhancing the product range and diversifying channels to market. This year, pre-tax profit is expected to improve from £1.1m to £2.8m.
Renewable energy company SIMEC Atlantis Energy (SAE) generated cash in 2023 due the sale of the Uskmouth energy storage project and ongoing revenues from MeyGen tidal project. Net debt was reduced from £54.1m to £50.6m, with the majority of debt in the MeyGen project, which is set to be expanded. Core company debt was £13.7m, before the subsequent receipt of £7m from a land sale. This puts the company in a strong position make further energy storage project investments.
Giftware and stationery manufacturer IG Design (IGR) continues to improve margins. Revenues declined 11% to $00m, while pre-tax profit increased from $9.2m to $25.9m. The decline was in North America. Lower margin business was not continued, and progress was made despite the economic conditions. Net cash was $95.2m. The company is stopping manufacturing in China.
AIM-quoted investment company Braveheart Investment (BRH) increased its stake in thermal insulation and acoustic material manufacturer Autins Group (AUTG) from 26% to nearly 27%. Autins interim revenues improved slightly to £11.7m and cost savings reduced the loss, but it was still £466,000. Second half sales are likely to decline in the UK because of changes in customer order mix and there is a halt in production at a European EV manufacturer. Flooring sales are weak.
Battery technology developer Gelion (GELN) has signed a joint development agreement with natural resources company Glencore International. The two companies will assess the suitability of Gelion technologies for use in Glencore’s stationary or mobile applications and pilot any opportunities. There will also be an assessment of strategic supply of materials to Gelion and future recycling.
Sanderson Design (SDG) is still finding the UK consumer market tough. Brand revenues have declined, and UK sales are 14% lower in the initial five months of the financial year. Manufacturing revenues are flat. Singers has downgraded its 2024-25 pre-tax profit forecast from £12m to £7.8m, which is not much higher than the figure for 2020-21. Net cash could fall to £10m.
Duke Capital (DUKE) says some investee companies have not been paying the expected amounts to the company. This has led to a decline in valuations of investments in the balance sheet. This is particularly the consumer-related investments. Total cash revenues were £30.3m in the year to March 2024, helped by three exits from investments. However, the fourth quarter recurring cash revenues fell to £5.8m, from £6.3m in the previous quarter. NAV is 39.8p/share.
Cosmetics supplier Warpaint London (W7L) expects interim revenues to be £46m, up 26%. First quarter revenues were 28% higher. There is a second half weighting to trading and new customers have been added. Freight costs are rising.
Nasdaq has sent two written notices to Renalytix (RENX) because the ADS price has fallen below $1 for at least 30 consecutive days. It is also below the minimum market valuation of $50m. Renalytix will appeal the determination that trading in the ADSs will be suspended on 2 July and they will subsequently be kicked off Nasdaq. Management will present a plan to become compliant again.
R and Q Insurance Holdings (RQIH) has sold Accredited to Onex Partners for $420m. Prior to that Inceptum was sold for £11.25m. Teneo has been appointed as provisional liquidator of R and Q.
Live Company Group (LVCG) is continuing discussions with a cornerstone investor to provide cash required because of the shortfall at the Brick Live division. A KPOP event in Germany is being promoted alongside the cornerstone investor. The 2023 accounts will not be published by the end of June, so trading in the shares will be suspended 1 July.
Secure payments technology developer PCI-Pal (PCIP) has settled all its patent litigation with Sycurio in the UK and US. The settlement is confidential.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) has returned to profit. In the year to March 2024, revenues were flat at £62.6m, while a loss of £200,000 was turned into a pre-tax profit of £1m. The number of active customers increased from 991,000 to 1.05 million. Net debt was reduced £700,000. Like-for-like sales are 3.5% ahead in the latest quarter.
Harworth Group (HWG) is raising £106m from the sale of land at Skelton Grange, which is more than double book value.
IT services provider Triad (TRD) fell into loss in the year to March 2024. Staff were retained ahead of securing work for them. Cash fell to £2.1m. The total dividend was maintained at 6p/share.
Andrew Hore
Quoted Micro 13 March 2023
AQUIS STOCK EXCHANGE
Ananda Developments (ANA) is acquiring MRX Global, which has invented a method to formulate cannabis medicines, for £2.02m in shares at 0.3p each. The first formulation is MRX1, which will be used in two phase II randomised controlled trials to investigate the effectiveness of cannabidiol in chemotherapy induced peripheral neuropathy and in patients with endometriosis. These trials have £1.55m of grant funding. Directors of Ananda are shareholders in MRX, so the deal requires shareholder approval. These directors will a 3% royalty on net sales of any commercial products sold by MRX. Ananda has raised £326,000 through a subscription at 0.3p a share and there is a broker option that could lead to the issue of 33.3 million shares at the same price. Charles Morgan has converted convertible loan notes into 747.3 million shares at 0.3p each. Charles Morgan and Melissa Sturgess will own 53.8% of the company.
Altona Rare Earths (ANR) has raised £2m at 5p a share, which is more than the £1.25m it was initially seeking. This is part of the move to the standard list on 20 March. A maiden JORC compliant mineral resource estimate and a scoping study for the Monte Muambe rare earths project in Mozambique. Altona is increasing its stake in the project from 20% to 51%.
Vulcan Industries (LON: VULC) is acquiring Forepower Lincoln (250) Ltd, which has a 240MW lithium-ion battery storage project, for £2.6m in shares at 1p each. This means that Britt Foreman of Forepower Lincoln (250) Ltd has a 29.9% stake in Vulcan. The two companies have been working together for the past year and Vulcan can help to raise the finance for the project. There are plans to raise more cash to settle liabilities of £250,000 and continue to develop the project.
Invinity Energy Systems (IES) has sold a 220KWh VS3 flow battery to Dawsongroup, following a sale earlier in the year. STS Group and project partner Ideona have been appointed to deploy Invinity Energy batteries in Hungary, primarily for co-located solar and grid support projects.
Hot Rocks Investments (HRIP) published 2021-22 figures and interim figures to September 2022 and trading in the shares was restored. Net assets are £526,000. On 3 March, cash was £70,000. Optiva has been appointed as corporate adviser.
CBD products supplier Yooma Wellness Inc (YOOM) continues to restructure its operations, but it is still trying to find a way of moving the business forward. Following the exit from many businesses, the remaining businesses are in Europe. Yooma Wellness may have to sell other businesses if additional funds are not secured.
EPE Special Opportunities (EO.P) had an NAV of 334p a share at the end of January, which was a 27% decline. The decline in the Luceco (LUCE) share price was a major factor even though this stake has been reduced in recent years. Rayware was another poor performer. Quoted shell company Epic Acquisition Corp is reviewing acquisitions. An investment in dog snacks company Denzel’s was completed in October. Investments in Atlantic Credit Opportunities Fund and Prelude Structured Alternatives Master Fund.
Guanajuato Silver Company Ltd (GSVR) says a US institutional investor has acquired 24 million shares from Great Panther Mining and its other shares were bought by other investors.
Rogue Baron (SHNJ) says Shinju premium Japanese whisky won a gold medal at the 2023 LA Invitational Wine and Spirits Challenge.
Pioneer Media (PNER) has left the Aquis Stock Exchange.
Marula Mining (MARU) has appointed Peterhouse as broker, replacing OvalX.
Music artists and events company All Things Considered (ATC) won the agent of the year award at the International Live Music Conference Gala Dinner.
Begbies Traynor has been appointed administrator to Love Hemp.
AIM
A positive trading statement by NWF (NWF) has led to a forecast upgrade for 2022-23. Peel Hunt increased its pre-tax profit forecast by 42% to £17.5m, compared with £20.9m last year thanks to a bumper year for fuel distribution. The expected downturn in fuels profitability has not been as sharp as previously thought and the food distribution and feeds divisions are also doing better than expected. Net cash of £5.5m is anticipated at the end of May 2023 and there are borrowing facilities of £65m. This leaves plenty of scope for further add-on acquisitions of fuel businesses.
Franchise Brands (FRAN) reported better than expected 2022 pre-tax profit up from £6.5m and £12.8m and it plans to sell its B2C franchise businesses. The Filta business made a 10-month contribution last year. Net cash was £8m at the end of 2022 and the B2C businesses, which could be sold separately or in one disposal, will generate more cash. The next acquisition will be in the B2B area, and it is likely to be significant.
Gelion (GELN) is acquiring Johnson Matthey’s lithium sulfur and silicon anode patent portfolio for £4.25m. This will help Gelion to increase gravimetric energy density for its batteries and enable faster commercialisation of lithium sulfur technology. Gelion plans to sell the silicon anode patents and could receive around £1.25m for them.
Data analysis technology provider WANdisco (WAND) was considering a US listing, but it has discovered accounting problems leading to a suspension of share trading.
Steel structures supplier Billington (BILN) sparked a forecast upgrade with its trading statement. Not only were 2022 profit and cash better than expected, 2023 momentum is ahead of estimates. The 2022 pre-tax profit has been upgraded from £5.3m to £5.8m, while the 2023 figure is increased by £1m to £8m. The 2022 dividend is expected to be 15p a share.
In The Style (ITS) has completed a strategic review and is proposing the sale of its operating business for £1.2m and the cancellation of the AIM quotation. The online retailer is losing money and running out of cash. The purchaser is Baaj Capital, which has other fashion-related investments, including Officers Club. Chief executive and founder Adam Frisby will continue to run the business and take a stake. The company will change its name to Itsum.
Aferian (AFRN) says customer destocking of streaming devices has hit sales and they will be significantly lower than expected for this part of the business. Streaming video services provider 24i continues to grow. There should still be a positive EBITDA this year. The annualised cost base is being reduced by $5m. Annual results to November 2022 will be delayed while discussions with banks continue over future covenant compliance. At the end of 2021, Aferian secured a $50m loan facility from three banks, including Silicon Valley Bank, which lasts until 23 December 2024. BLOE
Gold explorer Panthera Resources (PAT) has entered into a conditional arbitration funding agreement with a subsidiary of Litigation Capital Management (LIT) for the damages claim against the Republic of India for breaches of its obligations under the Australia-India bilateral investment treaty. Up to $10.5m will be provided to cover the costs of the claim.
Amur Minerals (AMC) has completed the sale of the AO Kun-Manie project in Russia to Bering Metals. The $35m consideration should be received soon. A 1.8p a share dividend is planned, and Amur Minerals will become a cash shell.
Purplebricks (PURP) has received approaches for the acquisition of the company, or its businesses and the ongoing strategic review has been widened to include a formal sale process.
MAIN MARKET
Networking and biomedical company BATM (BVC) reported a dip in full year revenues from $132.8m to $116.1m, partly due to a slump in Covid-related diagnostics income. Operating profit slumped from $11.3m to $3.7m. This was slightly better than expected. The networking and cyber division made a lower loss in 2022. There should be a recovery in revenues and profit this year. Moti Nagar has become chief executive.
Lookers (LOOK) has acquired vehicle hire and brokerage business Fourways Vehicle Solutions, which had revenues of £3.8m last year. This business could provide Lookers own rental requirements at lower cost.
Bluebird Merchant Ventures (BMV) has raised £1.22m at 2p a share to finance proof-of-concept funding at the Kochang gold and silver mine in South Korea. That is the same price as the previous placing. Production could eventually reach 5,000 ounces per annum. SI Capital has been appointed broker.
Andrew Hore
Quoted Micro 6 December 2021
AQUIS STOCK EXCHANGE
Hydrogen Future Industries (HFI) was set up to make investments in the hydrogen sector. It raised £2.23m at 10p a share. This will finance the investigation of investment opportunities.
Field Systems Design Holdings (FSD) reported a lump in revenues from £19.8m to £9.98m in the year to May 2021, due to Covid-related problems. This meant that the mechanical and electrical design company moved into loss. The AMP7 water sector investment programme did not start as expected. Other projects have also been delayed, but power generation and transport infrastructure business held up better than the water business, which continues to be delayed. Field Systems Design is also being more selective about energy from waste projects. There was £6m in cash at the end of May 2021.
EPE Special Opportunities (ESO) is investing €10m in the €150m offer by new SPAC EPIC Acquisition Corp, which will be listed on Euronext Amsterdam. The target company would be involved in the consumer sector. EPE has published a prospectus for the issue of up to 20 million zero dividend preference shares at 100p each.
Capital for Colleagues (CFCP) has concluded a partial disposal of its investment in TPS Investment, which distributes pipes and valves. There was an initial £200,000 and £121,000 will be received from a share buyback about the company. That leaves a stake in TPS valued at £510,000.
Aquis Stock Exchange-quoted non-fungible tokens (NFTs) investor NFT Investments (NFT) has swapped its £500,000 investment in Kodoku Studios for a 3% stake in Pioneer Media (PNER) valued at £2m and £125,000 in cash. Mike Edwards is a director of NFT and Pioneer. NFT has invested $1m in NFT Studios Ltd in return for a 20% stake.
Watchstone Group (WTG) has filed a claim against KPMG totalling £13.73m plus interest. This relates to the audit of the 2013 accounts of the company, then known as Quindell. These accounts were restated and the FRC fined and reprimanded KPMG.
Quetzal Capital (QTZ) has invested £1.5m in a convertible loan to TAP Global Ltd and it has an option to acquire 100%. TAP Global is a regulated (by the Gibraltar Financial Services Commission) Crypto-Fiat exchange services provider, which plans to provide a bridge between traditional and crypto assets. TAP Global is already generating revenues.
Altona Rare Earths (ANR) has completed the 2021 drilling programme at the Mozambique Monte Muambe project. Chief executive Christian Taylor-Wilkinson bought 66,560 shares at 11.3p each and he owns 6.3% of the company.
South Africa-based social impact company Inqo Investments Ltd (INQO) raised cash from selling land and this has strengthened the balance sheet. Inqo continues to lose money.
Belvedere Leisure (BL03) has taken control of the 160 acre Barnsoul caravan park, which was near to full capacity during the peak season. Development of the park is continuing ahead of a reopening next spring.
Evrima (EVA) has elected to maintain its project level interest of between 8.86% and 9.26% in the Molopo Farms complex. Kavango Resources (KAV) is exercising its option to take a stake of more than 50%.
Dispersion Holdings (DEFI) has launched a new platform called AQRU, which is a platform that enables institutional investors simple access to crypto yields available in DeFi. Recently purchased Accru Finance developed AQRU, which will not be open to UK-based investors until it is approved by the FCA.
Fuel additives supplier SulNOx Group (SNOX) has signed a distribution agreement with LocoSoco Group.
MiLOC Group Ltd (ML.P) has raised £23,000 at 28.5p a share.
Slater Investments has increased its stake in Arbuthnot Banking (ARBB) from 3.05% to 5.15%.
Rogue Baron (SHNJ) managing director Ryan Dolder bought 32,477 shares at 12p each and 58.827 shares at 9.5p each, taking his stake to 10.5%.
Sativa Wellness (SWEL) has appointed Arden as corporate adviser. It hopes that the broker can help to improve the share price.
AIM
Battery technology developer Gelion (GELN) raised £16m at 145p a share when it joined AIM. The share price has soared to 265p. Australia-based Gelion is a zinc-bromide battery storage technology developer. It is also developing battery additives for use in lithium-ion and lithium-sulfur batteries. Gelion Endure zinc-bromide batteries are suited for harsh environments and the non-flow zinc-bromide technology means that they can be smaller than rival lithium-ion and lead-acid technologies and are recyclable. The cash will be used to accelerate development spending.
Skillcast Group (SKL) provides content and software to companies for their training and compliance requirements. Skillcast has joined AIM to raise further cash to invest in cloud technology and training content. It raised £3.5m in a placing at 37p a share and the share price ended the week at 43p. Revenues are generated from professional services and SaaS subscriptions and the main growth comes from the latter. There were annual recurring revenues of £5.06m at the end of June 2021. Clients include Schroders and GKN. The shares are tightly held.
A trading statement from franchised lettings and estate agency Belvoir Group (BLV) led to a 3% upgrade in forecast 2021 earnings to 20.3p a share.
IPTV technology developer Mirada (MIRA) grew interim revenues by 10% to $6m thanks to increasing installations for izzi Telecom. Mirada has buit up a 5% global share of the Android TV market. The increasing use of resellers in different regions of the world should help Mirada to grow more quickly than it could relying on direct sales. There was a recent partnership agreement with North America-focused Shift 2 Stream.
Vector Capital (VCAP) says 2021 revenues and pre-tax profit will be better than expected.
Interim revenues of Coral Products (CRU) were 58% ahead at £7.1m and pre-tax profit improved from £494,000 to £698,000. The interim dividend is 0.5p a share. Plastic lotion pumps supplier Global One-Pak was hit by the ill-health of its boss and problems importing from China, but trading is improving.
Human capital services provider Mind Gym (MIND) increased its interim revenues by two-thirds to £24.1m and it returned to profit. Revenues are back to the levels in the first half of 2019, although the profit is much lower. Digital revenues account for 81% of the latest revenues.
Online fashion retailer Sosandar (SOS) nearly trebled its interim revenues, helped by maintaining high stock levels following the fundraising earlier this year. Strong trading, both from the company’s website and through third parties, continues to be strong. October was a record month and November was even better. The full year revenues forecast has been raised by 11% to £27.1m. Sosandar could move into profit next year.
Cenkos has upgraded its free cash flow forecast for Duke Royalty (DUKE) following the latest interims. It is expected to be 2.3p a share, which will cover the forecast dividend of 2.2p a share. There is a record deal pipeline
Lekoil Nigeria is offering to acquire the 60% of Lekoil Ltd (LEK) that it does not own for double the suspension price of 0.95p or for a share exchange.
MAIN MARKET
Guernsey-registered technology shell Hambro Perks Acquisition Company Ltd (HPA1) raised £140m through a placing at 1000p per unit (one public share and 0.5 of one public warrant). The price went to premium and fell back to 1000p. An attractive market, innovative product or service, scalability and strong management will be required in any target. The target business would be valued at £800m or more. The Hambro Perks Ltd advisory business has expertise in investing in early-stage technology businesses and could have potential targets in its funds.
Town Centre Properties (TOWN) maintained its underlying NAV at 284p a share. Net debt was reduced to £145.6m and LTV is 51.3% at the end of June 2021. The full loss was significantly reduced, although there was cash generated from operations. The final dividend is 1.75p a share, taking the total for the year to 3.5p a share, down from 5p a share.
Telecoms services provider Toople (TOOP) is raising £380,000 at 0.045p a share. The previous placing was at 0.11p a share during October 2020.
Rebel shareholders in beverages supplier East Imperial (EISB) have withdrawn their general meeting requisition following the appointment of Alistair McGeorge as chairman and Colin Henry as a non-exec. Rabindra Lal Soni has resigned as chairman.
Andrew Hore
