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AQUIS STOCK EXCHANGE

Oberon Investments (OBE) increased interim revenues by 28% to £3.4m, even though capital market revenues fell by one-third. The loss was reduced from £1.67m to £1.59m. Management believes the company could move into profit during 2024. There are plans to add funds management teams. Oberon Investments has a 69.1% stake in Logic and is planning to float Logic on AIM at a valuation of £11m in the first half of 2024.

Broker VSA Capital (VSA) improved interim revenues from £846,000 to £1.05m and the loss jumped from £841,000 to £1.82m with the loss on investments jumping from £355,000 to £1.33m. VSA Capital is unhappy how Silverwood Brands handled the deal to buy a stake in Lush and this has led to a reduction in the value of the stake VSA Capital owns in the company. Deals have been delayed.

Western Selection (WESP) has sold its liquid investments, and it has £14.55m in the bank. It has illiquid investments in Industrial and Commercial Holdings and City Group are in the books for £46,000. The investment company is returning 80.5p/share in cash to shareholders and withdrawing from the Aquis Stock Exchange. The other investments will eventually be sold. Shareholders will be given the option to retain shares until the other investments are sold.

TruSpine Technologies (TSP) reported an interim cash outflow from operating activities of £80,000, down from £508,000 in the corresponding period. There was net debt of £277,000 at the end of September 2023. Discussions continue with Spartan Medical concerning a new redistribution contract.

Marula Mining (MARU) has completed phase 1 exploration activities at Nyorinyori and NyoriGreen projects. An initial report will be received in January. This, combined with assay results, will help to plan phase 2 of the exploration in the first quarter of 2024.

KR1 (KR1) had net assets of 76.56p/share at the end of November 2023. The income from digital assets during the month was £939,000. The share price is 92p.

Tap Global Group (TAP) generated trading revenues of £1.68m, based on trading payment volumes of £181.6m, taking total revenues to £2.02m in the year to June 2023. Revenues for the most recent five-month period were £1m. The company is still losing money. There was £2.3m in the bank at the end of June 2023. Tap Global plans to launch its cryptocurrency app in the US in the first quarter of 2024.

Substrate Artificial Intelligence (SAI.B) increased its 2023 revenues forecast from Euro8.19m to Euro10.5m, while the operating loss has been raised from Euro4m to Euro6.3m. Operating expenditure is much higher than original estimated, partly due to higher development spending.

Gunsynd (GUN) has invested in £200,000 in 1911 Gold Corporation, which is listed on the TSX Venture Exchange. At C$0.06/share. Each share comes with a warrant exercisable at C$0.10/share. Gunsynd has a 4.3% stake. 1911 Gold Corporation has interest in 63,000 hectares of land adjacent to the Archean Rice Lake greenstone belt in Manitoba.

Hot Rocks Investments (HRIP) had £18,415 in the bank at the end of September 2023. Net assets fell from £526,000 to £433,000.

AIM

Shares in fabless semiconductor developer Sondrel (SND) were hit by a trading warning that flagged delays in development and payments and a subsequent shortage of cash. Sondrel expected a £1.7m payment from an automotive component manufacturer, but this will not be received until next year. Additional resources will be required to complete the project. Directors and staff have agreed to defer salaries because Sondrel cannot afford to pay them. More capital will be required by the end of March or earlier if the delayed payments are not made as early as expected.

Autonomous drilling rig developer Tribe Technology (TRYB) has not completed the latest drill rig due to technical issues and it will be delayed until the first quarter of 2024. It should be shipped to the customer by the summer. This means that revenues may be delayed until the next financial year. A field trial of the sample potting and handling system has been postponed. The 5 September placing price was 10p and the share price has declined to 8.25p. There is £3.34m in cash left.

Harland & Wolff (HARL) is advancing negotiation concerning a proposed £200m guaranteed loan facility with UK Export Finance. In January, an independent party will assess an appropriate interest charge. The bank syndicate is being firmed up. There is enough cash until the facility is secured.

AIM broker WH Ireland (WHI) is seeing signs of improvement with underlying monthly profitability achieved in November 2023 thanks to cost cutting and there was cash of £6.8m. Annualised cost savings of £3.8m have been made. The underlying interim loss doubled to £1.8m with revenues dropping from £14.3m to £10.7m.

Horizonte Minerals (HZM) has secured a $20m interim funding package provided by major shareholders Orion, Glencore and La Mancha. Interest payments are being deferred by existing senior lenders. Management is reviewing the long-term project funding requirements for the Arafuaia nickel project. Full funding is targeted for the middle of 2024.

Oil and gas company Reabold Resources (RBD) is holding the requisitioned general meeting on 10 January to appoint four directors and remove two others. Requisitioner Kamran Sattar and related parties have a 40% stake in Daybreak Oil & Gas, where Reabold Resources has a 42% holding. Fully listed Zenith Energy (ZEN) boss Andrea Cattaneo is proposed as chief executive, and another proposed director is Zenith Energy chairman. Nominated adviser Strand Hanson is undertaking due diligence on the proposed directors. If they are appointed before this is complete, Strand Hanson says that it would have to resign. That would spark a share suspension and then one month to find a replacement or the quotation would be cancelled.

Shares in coal miner Bens Creek (BEN) has fallen to 11p, just above the original placing price of 10p. The net sales price has declined over the past year, but higher production meant that interim revenues increased from $17.4m to $23.5m although the loss rose from $11.7m to $13.7m. Net debt, including deferred consideration, is more than $38m.

Team (TEAM) is acquiring Homebuyer Financial Services for £2.4m, dependent on approval by the Jersey Financial Services Commission. The company has assets under advice of £135m. The deal will boost Team’s scale in the Channel Islands. The proposed acquisition of Thornton has been cancelled.

Executive vice chairman Dominic Redfern has been suspended by Eco Buildings Group (ECOB). He was one of the vendors and co-founders of the Eco Buildings business that was reversed into the AIM shell Fox Marble seven months ago, so he is important to the business.

MAIN MARKET

Pendragon (PDG) says the takeover of its motor dealer and related finance businesses have been approved by the FCA. The disposal should be completed at the end of January, when Pendragon will be left with its software business. A 24.5p/share dividend will be paid in the first half of 2024.

One Heritage Group (LON: OHG) says that the contract for the sale of Churchgate, Leicester has been rescinded while a claim against the development is sorted out. The Oscar House development in Manchester has been refinanced.

Andrew Hore