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Quoted Micro 11 September 2023
AQUIS STOCK EXCHANGE
Ormonde Mining (ORM) has switched from AIM to the Access segment of the Aquis Stock Exchange. Ormonde Mining owns 36.2% of gold and copper explorer. TRU Precious Metals Corp and 20% of battery metals explorer Peak Nickel.
SulNOx Group (SNOX) increased revenues from £34,000 to £203,000 in 2022-23, while the loss was slightly lower at £1.91m. The net cash outflow was £1.2m. Note 3 of the accounts points out the financial position, but management believes that sales will come through to generate cash to fund the business after a reduction in costs. If not, a share issue will be the alternative way of obtaining the cash required. Stephen Bamford and Constantine Logothetis have increased their stakes to 8% and 22.5% respectively.
Aquis Stock Exchange owner Aquis Exchange (AQX) has appointed Investec as nominated adviser and joint broker alongside Canaccord Genuity. It replaces Liberum. The company, which is also quoted on AIM, will report interims on 21 September.
Ananda Developments (ANA) has issued £600,000 of convertibles at 100p each. Two existing shareholders have invested a total of £300,000 and Charles Morgan has converted £300,000 of debt. Unsecured debt will fall to £709,000 and Charles Morgan has agreed not to task for repayment until the end of January 2025. The interest rate is 15% and the conversion price is the lower of a 20% discount to the share price of the next capital raising of at least £1m of 0.4p/share, with a minimum of 0.2p/share. The loans will automatically be converted on 30 November 2025 or earlier.
Pharma C investments (PCIL) will hold the requisitioned general meeting on 27 September. The proposals are to remove Gavin Hilary Sathianathan and appoint Paul Ryan and Noel Lyons to the board.
Investment company Macaulay Capital (MCAP) has seven investments in its portfolio. The NAV dipped from £1.44m to £1.33m at the end of June 2023. There is £368,000.
Capital for Colleagues (CFCP) has received the second tranche of the disposal proceeds of investee company The Homebuilding Centre, which provides homebuilding advice. Successful trading means that the second tranche is £108,000 rather than the expected £50,000.
Cannabis-based products supplier Voyager Life (VOY) improved revenues from £178,000 to £284,000. There was cash of £990,000.
AIM
Controlled environmental agriculture technology developer Light Science Technologies (LST) is acquiring Tomtech for £500,000 with an initial cash payment of £75,000. Tomtech, which supplies and installs monitoring and control systems for greenhouses, has £284,000 in cash and there could be additional cash payments if it is above £185,000 on completion. This deal is immediately earnings enhancing – Tomtech reported a pre-tax profit of £79,000 on revenues of £680,000. There is a complementary product range and cross selling opportunities to Tomtech’s 160 customers.
AMTE Power (AMTE) is raising £2.1m at 1.7p/share at 1.7p/share, plus an additional retail offer to raise £250,000. The share price slumped 78.4% to 2.05p. The battery technology developer is raising the cash to keep going until the proposed cash injection of £2.5m is completed. Due diligence by the potential investor could continue until the end of October and it believes that it can introduce potential offtake customers to AMTE.
Molecular Energies (MEN) plans to sell its Argentinian oil and gas business for up to $40m to its chairman Peter Levine. Argentina is economically and politically volatile and exchange controls mean that the business is hampered. There is a lack of investor interest and there are capital investment requirements that need to be funded. There will be an initial payment of $2m plus repayment of $13m of debt. The rest of the purchase price is based on up to 20% of net free cash flow over the next five years. The Paraguay oil and gas assets and other operations are not included in the sale.
Software supplier GetBusy (GETB) made a slightly lower underlying loss in the first half as it continues to invest in sales and product development. Annual recurring revenues grew 14% to £20.1m. and there is £1.7m in the bank. finnCap maintains its expectation of a small 2023 loss.
Satellite communications equipment supplier Global Invacom (GINV) is seeking shareholder approval to leave AIM and maintain the listing on the Mainboard of the Singapore stock market. There is a lack of liquidity on AIM, and this makes it difficult to raise cash. There is also the cost and management time taken up with being on AIM and another market. A subsidiary signed a multi-year contract with Eutelsat Communications. The July 2014 placing price was 19.75p. The shares have been trading below that price for more than eight years.
Video editing technology developer Blackbird (BIRD) reported a 36% dip in interim revenues to £985,000 after the loss of a contract with A+E and additional development fees in the previous period. The cash outflow was £1.92m, but there is still £8.18m in the bank. Even so, investors want to see progress with the new product for creators and other new business to replace what has been lost.
Capital equipment supplier 600 Group (SIXH) has reconvened its AGM for 29 September. However, the audit for the accounts for the year to March 2023 will not be completed by the end of September. Trading in the shares will be suspended on 2 October. Trading conditions continue to be difficult and there will be a further interim loss. That will lead to impairment adjustments in the 2022-23 accounts. Debt facilities expire at the end of November 2023. Peter Gyllenhammar increased his stake from 9.88% to 10.2%.
Capital equipment manufacturer Mpac (MPAC) increased interim revenues by 4% to £52.8m and pre-tax recovered from £1.1m to £1.9m. Order intake soared in the period. Services generated one-third of revenues in the first half, but the mix will change as recent order wins are satisfied in the second quarter. The order book has risen 15% to £77.5m since the end of 2022 and includes higher margin healthcare machinery. This helps to underpin forecasts of a better second half. The battery cell assembly plant business remains a significant longer-term opportunity. Net cash is £2.2m. Shore forecasts a near doubling of underlying pre-tax profit to £6.9m in 2023.
Builders’ merchant Lords Group Trading (LORD) is outperforming its rivals. But trading is getting tougher because of higher interest rates and lower construction activity. Interim revenues improved 4% to £222.6m, helped by acquisitions, but pre-tax profit fell from £8.4m to £7.7m. The interim dividend is maintained at 0.67p/share. Cenkos has reduced its 2023 pre-tax profit forecast from £17.8m to £13.2m.
Infrastructure India (IIP) announced the conditional sale of the 99.99% stake in transportation company Distribution Logistics Infrastructure to Pristine Malwa Logistics Park, which is part of logistics group Pristine. The consideration will be $10m in cash and 33% of Pristine Malwa the purchaser. There are conditions that are required to be satisfied before the deal can go ahead and it will be subject to adjustment. The transaction could close before the end of the year. Infrastructure India is expected to exit the investment within three years. At the end of September 2022, net liabilities were £85.7m. It is difficult to assess how much of the Infrastructure India borrowings will go with the disposal.
STM Group (LON: STM) has reached agreement with PSF Capital GP II over a 67p a share cash bid for the pensions and financial services provider. The bidder is securing a new credit facility to fund the bid. Originally, it was stated the offer could be as high as 70p/share, but the share price shows that investors were not counting on it being that high. This is conditional on STM boss Alan Kentish acquiring the UK SIPP business and those related to the Master Trust.
Property bridging loans provider Vector Capital (VCAP) reported a decline in interim revenues and profit. The loan book has fallen from £53.2m to £48.8m over six months as management is cautious about new lending. The bad provision has been raised by £167,000 to £367,000, but it is still relatively low. Pre-tax profit fell 18% to £1.3m, partly due to the higher provision.
MAIN MARKET
Round Hill Music Royalty Fund (RHMP) is being acquired by Alchemy Copyrights for $1.15/share, which values the company at $468.8m. That was a premium of 67% to the previous market price. Shareholders will still receive the quarterly dividend of 1.125 cents/share and a special dividend of 0.5 cents/share.
Andrew Hore
Andrew Hore Quoted Micro 29 April 2019
NEX EXCHANGE
Adnams (ADB) says that beer volumes grew year-on-year in the first quarter, helped by low alcohol Ghost Ship and pubs are also doing well. Margins are coming under pressure and gin sales have been hit by increasing competition. A new IT system has gone live.
KR1 (KR1) has cashed inn some of its tokens. It has sold the remaining OmiseGo tokens for $206,000. They were bought for 27.38 cents each and sold for 205.4 cents each. KR1 has sold 50% of its tokens in the Nash Exchange product for nearly $51,000, at a more than doubled price per token, which means that the cost of the remaining 25,000 tokens have been covered.
High Growth Capital (HASH) has appointed Mark De Smedt as chief executive. He is a Belgian who previously worked for recruitment firm Adecco and already owns a 0.6% stake in High Growth Capital. He has been awarded options over 125 million shares at 1.75p each and further options over 150 million shares, which are exercisable at 3p a share, but only if the share price reaches at least 7.5p and stays there for a consecutive period of six months. Girod Equities has taken a 3.81% stake in the company, which is proposing a name change to MESH Holdings.
SG Recruitment (SGRL) has been appointed to recruit international nurses for more than 20 hospitals in England. This is under the Health Education England Global Learners Programme, which offers three year packages. Also, the Royal Berkshire NHS Foundation Trust has appointed SG to recruit 140 nurses. A contract has been gained with Thumbay Hospital in UAE to recruit at least 150 healthcare professionals each year.
Metal Tiger (MNRG) is holding a general meeting on 15 May in order to gain shareholder approval for the directors to issue new ordinary shares without the requirement to offer them to existing shareholders.
AIM
Franchise Brands (FRAN) says that Micro Rod had a record quarter in the first three months of 2019. System sales were 12.9% higher. The business to consumer franchises have also had a good start to the year.
International payments services provider FAIRFX (FFX) increased revenues by 69% to £26.1m, while pre-tax profit jumped from £900,000 to £6.79m. City Forex was acquired in February 2018 but there was like-for-like growth. In the first quarter of 2019, revenues are 43% ahead at £7m.
Tekcapital (TEK) says that investee company Salarius has secured the first commercial order for its low sodium MicroSalt from a snack food manufacturer. Investee company Belluscura has raised just over £500,000 from a crowdfunding offer, including further investment from Tekcapital. The cash will be used to market and further develop a portable oxygen concentrator called X-PLOR.
More good news from Eden Research (EDEN) as partner Eastman has received a 120 day emergency use authorisation for Cedroz, which is used to combat plant-parasitic nematodes, in Italy. This will enable sales while the Italian authorities process the application for authorisation.
Aviation services provider Gama Aviation (GMAA) has reported 2018 figures with the comparatives for 2017 restated. Pre-tax profit slumped from $16.6m to $11m. That is before more than $40m of exceptional charges, including a $27.7m impairment charge. A final dividend of 2p a share is being paid. Hutchison Capital Holdings has bought more shares to take its stake to 25.45% after a shareholding limitation was ended.
Software company WANdisco (WAND) reported a fall in revenues from $19.6m to $17m in 2018, but this was down to a change in the revenue model to subscription-based business. The loss increased from $14m to $19.4m, but this will fall sharply over the next two years as revenues grow rapidly.
ReNeuron (RENE) has positive news from the first three retinitis pigmentosa patients given its human retinal progenitor cell product. Vision has improved after 60 days and 120 days. Longer-term evidence is required, but this is a good start and three more patients are being provided with the treatment.
Kestrel has increased its stake in Pebble Beach Systems (PEB) from 23.1% to 24.2%.
Satellite communications equipment provider Global Invacom (GINV) has terminated the proposed acquisition of Tactilis and related fund raisings. The two companies will provide equal funding of the costs of the terminated deal. Group revenues were $122.3m in 2018. Electronic component shortages have eased, and pricing is normalising. Trading in Global Invacom shares resumed and the share price jumped from 4.5p to 7p.
Angling Direct (ANG) has opened its 27th store on a former Majestic Wine site in Nottingham. The fishing equipment retailer has started the new financial year strongly. Overall sales were 50.7% higher in February and March. Full year figures for the year to January 2019 will be reported on 13 May.
Piling company Van Elle (VANL) reported that its full year profit will be slightly worse than expected but the share price still bounced back from recent lows. Volumes have recovered in the fourth quarter, but full year sales are 3% below expectations. A new director of the piling division will join in June.
The microCHP boilers developer Inspirit Energy (INSP) is still developing its product and it still has to commercialise its boilers.
MAIN MARKET
Standard list shell Fandango Holdings (FHP) has ended discussions with Konnect Mobile Communications Inc because it could not raise the finance for the acquisition. Fandango has been making loans to another standard list shell, Stranger Holdings, where Charles Tatnall is also a director. There was £141,000 outstanding at the end of August 2018, plus accrued interest of £38,721, and this has been reduced to £108,000, excluding interest. There was cash of £53,000 in the balance sheet at the end of August 2018.
Zenith Energy (ZEN) chief executive Andrea Cattaneo has acquired 593,289 shares at 3.3p each, taking his stake in the Azerbaijan-focused oil and gas company to 8.46%.
Former finance director Michael Mousley has been appointed as a non-executive director of Quarto (QRT). A new finance director will join the company in July.
Andrew Hore