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Andrew Hore – Quoted Micro 23 April 2018
NEX EXCHANGE
Sativa Investments (SATI) is acquiring a 51% stake in George Botanicals from Carbon Managers, where Sativa boss Geremy Thomas is 100% owner, for £200,000. Thomas was not involved in the decision making concerning this investment. He was the founder of former AIM company PNC Telecom and invested in George Botanicals before Sativa was set up. George Botanicals supplies cannabidiol (CBD) products, such as vape pens, balms and edible gels. Non-executive director Noel Lyons has sold 750,000 shares at 3p each. He still owns 2.25 million shares. This should have generated more cash than his initial investment, assuming he bought shares in the directors subscription at 0.5p each.
Mandicon (MECP) intends to return 250.125p a share in cash to investors via a solvent liquidation. An offer of £1.1m has been made for the remaining business, Nirvana Engineering, but the board believes it is worth £1.5m. Chairman Wilf Boardman will not receive the cash distribution and instead he will receive the balance of cash left after the liquidation costs and take control of Nirvana and have the right to potential deferred consideration of £400,000. Even taking Nirvana as being worth £1.5m, Boardman will receive the equivalent of slightly less than the cash distribution to the minority shareholders.
Primorus Investments (PRIM) says that investee company Sport:80 has commenced the preparation of documentation for a flotation that could happen in the third quarter. Non-executive chairman Jeremy Taylor-Firth has acquired an initial holding of 12.5 million Primorus shares at 0.1585p each.
Ganapati (GANP) says that iSoftBet will be integrating its Japanese-themed games to the Game Aggregation Platform. This means that these Ganapati games can be delivered to operators via the platform. Robert Dowling has been appointed as chief commercial officer.
All Star Minerals (ASMO) continues to review investment opportunities. The company owns 1.92% of NQ Minerals (NQMI).
National Milk Records (NMRP) chief executive Andy Warne has taken up the options for 85,000 shares at 28p each and then sold 27,200 shares at 87.5p a share. Two other managers, Jonathan Davies and Ben Bartlett, each took up 50,000 shares at 28p a share and each sold 16,000 shares at 87.5p a share.
Panther Metals (PALM) has changed the general meeting date to 11 May.
Etaireia Investments (ETIP) is investigating a number of transactions undertaken by Baron Bloom before his resignation as a director. These cover acquisitions totalling 16% of the company’s assets.
AIM
Immunodiagnostic Systems Holdings (IDH) is making a habit of putting out statements late in the day and sometimes at the end of the week. The latest is a trading statement released at 4.35pm last Friday. Full year revenues are 5% lower at £37.9m and also below the 2015-16 level, which was a previous low point when the reported loss was nearly as high as the revenues. There was around £28.5m in the bank at the end of March 2018, compared with cash of £29.7m (and debt of £1.33m) at the end of September 2017. The preliminary results are due to be announced on 20 June, possibly at an earlier time, although the interim figures were published at 4.30pm on Friday 24 November. Management will undoubtedly be bemused why the share price is so low, immune as they appear to be from a good sense of investor relations.
Aviva has sold its 3.92% stake in Vernalis (VER) and GAM cut its stake below 5%. Stockholm-based HealthInvest Partners has bought a 5.69% stake. Vernalis had £46m in the bank at the end of 2017. US commercial cough treatment activity should finish by the end of September and that will slow the rate of cash outflow. A formal sale process for the company has started.
Bad news from Immupharma (IMM) concerning the phase III trial of lupus treatment Lupuzor. The performance against the placebo was not good enough to meet the required target. There is still potential for a treatment targeted at specific sections of lupus sufferers. Lanstead Capital has sold its 5% stake and Aviva has cut its shareholding from 7.27% to 4.4%.
Integumen (SKIN) plans to acquire Cellulac via an all share reverse takeover. Cellulac provides the group with operations involved in biodegradable plastic ingredients and food supplements. The shares issued for the acquisition will account for 84% of the enlarged share capital. There are also plans to raise £7.5m. Gerard Brandon and Camillus Glover will become chief executive and chief operations officer respectively. Declan Service has resigned as chief executive. The current business will focus on existing products.
ClearStar, Inc (CLSU) is regaining the confidence of investors with further growth in revenues and progress towards profit. In 2017, revenues improved $16m to $17.8m and the loss was reduced from $2.11m to $1.95m. In 2018, the loss is expected to halve to $1m and it could breakeven in 2019. Net cash is $1.3m.
N4 Pharma (N4P) has commenced the proof of concept clinical trial for sildenafil, which should take eight to ten weeks. Initial results should be available in July with the final study at the end of August. This will show whether the reformulation is successful and how the performance compares to Viagra.
Connemara Mining (CON) says that the maiden mineral resource estimate for the Stonepark zinc lead project is 5.3mt at 8.55% zinc and 2.6% lead. The mineralisation is relatively shallow. Connemara has a 23.44% stake in the Stonepark project and Group Eleven Resources owns 76.56%.
SkinBioTherapeutics (SBTX) says that the cream formulation of its SkinBiotix technology has proved effective on skin models. Stability testing is underway.
Property fund manager First Property Group (FPO) says its full year pre-tax profit will be in line with expectations. Funds under management have reached £625m. The Universities Superannuation Fund has sold its 8.58% stake.
Production grades declined in the third quarter at the Uruguay mines of Orosur Mining Inc (OMI) and production was lower than expected at 6,859 ounces of gold. Full year production should be more than 27,000 ounces. Orosur generated $6.3m of cash from operations in the nine months to February 2018.
Filta Group Holdings (FLTA) reported growth in continuing revenues from £8.5m to £11.5m with the grease management business making an initial contribution. The figures exclude the refrigeration activities which have been sold. Underlying pre-tax profit improved from £831,000 to £1.73m. The main growth came in the North American franchised fryer management operation. Filta has bought the German master licence and this will provide a base from which to grow in Europe. The strategy is the same as in North America. The total dividend for the year is 1.3p a share.
Rose Peteroleum (ROSE) believes that the total cost of the first well on its project in the Paradox Basin in Utah will be in the range $7m-$8m, which is lower than previously thought, and it could be less than that.
Ascent Resources (AST) is reviewing its strategic options. A partner could be sought to help to exploit the existing gas assets. There is already interest from potential partners. Ascent still has cash of more than £1m.
Draper Esprit (GROW) has more than doubled its gross portfolio value to £244m in the year to March 2018 as it invests the cash it raised in the period. There is still £56m to invest and the funds managed by the group have a further £50m.
Profit has bounced back at Christie Group (CTG) thanks to a sharp recovery in the professional business services division. The stock and inventory systems division made a larger loss. Overall pre-tax profit improved from £1.8m to £3.15m, although the outcome as flat excluding the previous year’s exceptional pension-related charge.
In the six months to January 2018, Egdon Resources (EDR) produced 17,962 barrels of oil equivalent. That was higher than the previous year but revenues were flat at £513,000. There is £4.1m in the bank.
MAIN MARKET
Full year pre-tax profit fell from £908,000 to £730,000 at Tex Holdings (TXH) but NAV increased from 155p a share to 168p a share. The NAV improvement came from a reduction in the group pension deficit. Net debt increased from £3.75m to £4.87m. The plastics division improved its profit but the engineering division was hit by relocation costs. The dividend has been maintained at 8.5p a share. Chris Gray, who is in his seventies, is replacing Richard Burrows as chairman. David Redhead has switched from non-exec to executive director.
Sanity has not taken over when it comes to the share price of standard list shell AIQ Ltd (AIQ) following the return from suspension. The suspension price was 125p a share and it ended the week at 130p a share, having fallen to 92.5p a share the previous day. AIQ raised £115,000 at 20p a share in order to help to improve the limited liquidity of the shares. A one-for-40 open offer at the same share price could raise up to £253,000 more. In January, £4m was raised at 8p a share.
Sealand Capital Galaxy Ltd (SCGL) is selling SecureCom Media Holdings to Creative Alpha Ltd for £10,000, having acquired the business for £1m plus 10 million shares at 20p a share just over one year ago.
Boston International Holdings (BIH) had £811,000 left in the bank at the end of 2017. There was a £400,000 cash outflow during the year. Spinnaker Opportunities (SOP) had £1.18m in the bank on 13 April 2018.
Andrew Hore
Andrew Hore – Quoted Micro 27 November 2017
NEX EXCHANGE
Kryptonite 1 (KR1) has invested $986,000 in DOT tokens, which are related to the Polkadot Project. A total of $150m was raised to finance the development of a decentralised protocol that allows trust-free movement of tokens and data between blockchains., that will also be able to create new parachains instead of starting a new community. The project is expected to go live by the end of 2019. Kryptonite 1 has sold Melon, Omisego and FunFair tokens in order to raise just over £290,000. That is a gain of around £270,000.
Via Developments (VIA1) has agreed to sell Plymouth Grove, Manchester for £2.5m. A non-refundable deposit of £250,000 has been paid and the deal should go through by the end of November. The property was originally acquired in June 2016 for £1.625m, although there will have been additional investment in development since then. In March, Via Developments announced a previous exclusivity agreement to sell which was dependent on planning permission. There was a refundable deposit of £100,000 for that potential deal. It is unclear whether the deals are related.
Health and care properties developer Ashley House (ASH) has welcomed the increased funding for health and housing schemes announced in the Budget. News that the government will not cap rents in the supported living sector has improved sentiment. Financial closure is anticipated on two projects in the next few weeks. Management continues to seek additional finance.
Block Energy (BLOK) has published its Schedule 1 notice for its proposed move to AIM. This is expected by 7 December.
Sandal (SAND) says that trading is in line with expectations with Energie MiHome sales trebling. By the end of 2018 the energy efficiency products should be generate as much in revenues as the power connections division.
There were 300,000 shares taken up in the Hellenic Capital (HECP) open offer but £250,000 was raised because the rest of the shares were placed.
Primorus Investments (PRIM) has raised £1m at 0.2p a share, which was a small premium to the previous closing price. The cash will finance further pre-IPO investments. Turner Pope has been appointed broker.
Trading in the shares of Churchill Mining (CHL) should recommence when the figures for the year to June 2017 are published. That should be before the end of November. Pala Investments has subscribed for £500,000 of 10% convertible loan notes, which have a conversion price of 2.976p a share. Pala holds 21.3% of Churchill and full conversion of the loan notes would take the stake to 29.3%. Pala is also entitled to receive 25% of any proceeds from the claim for unlawful expropriation of the East Kutai coal project. Churchill is hopeful of overturning an unfavourable ruling on the case.
Etaireia Investments (ETIP) has issued shares valued at £21,750 at 0.09p a share in settlement of an outstanding loan from Blue Oak Assets. The deferred payment of £20,000 for the purchase of Pacha Cleator from Oliver Fattal has been satisfied by a share issue at the same price. That takes his stake to 9.96%.
Ken Riley is no longer finance director and company secretary of WMC Retail Partners (WELL) and Nigel Higgs has taken over as interim finance director.
AIM
Accrol Group Holdings (ACRL) is raising £18m at 50p a share, which should be enough to keep the toilet roll business going. A restructuring of the business is underway and health and safety procedures are being reviewed. The bank facility has been extended until 2021. The share price fell by more than two-thirds when the suspension was lifted and ended the week at 37.5p.
Immunodiagnostic Systems Holdings (IDH) published its interims at 4.30pm on Friday. That means that the share price reaction will be on Monday. There were no shares traded in the diagnostic services provider on Friday. Revenues were 4% lower at £18.7m. Growth in automated business revenues partly offset lower licensing revenues. Pre-tax profit excluding restructuring costs fell from £1.77m to £1.11m. Net cash is £28.3m. The average number of assays per instrument has increased from 3.8 to 4.3. Reg Duval stepped down as chief executive at the end of October after seven months in the job. Jaap Stuut took over the role. He talks about improving the sales team.
Sutton Harbour (SUH) has agreed a 29.5p a share bid for 70% of the shares of the harbour operator and property developer from FB Investors. That will cost £19.9m. A shareholder can accept for more than 70% of their shareholding but they could be scaled back. FB Investors is subscribing £2.75m for new shares at the same price.
Boku Inc (BOKU) had a successful first week on AIM with the share price rising from the 59p placing price to 81p. That values the developer of technology enabling payments via mobile at around £170m.
Contact centre services software provider Netcall (NET) says the integration of the MatsSoft acquisition is progressing well and trading is strong in the first four months of the financial year. The dividend will return to a normal level this year having been enhanced in the past few years. This year’s dividend is expected to be 1.2p a share.
Angle (AGL) is included in a €6.3m study to develop liquid biopsy services that is being headed by Philips. This is a four year research project.
Jon Fenton has stepped down as chief executive of Van Elle Holdings (VANL) ahead of a requisitioned general meeting on 15 December.
Amiad Water Systems (AFS) has been granted a licence by Dow Technologies to use its TEQUATIC PLUS filter. Amiad will take over the manufacturing of the product and pay Dow 3.75% of revenues generated.
First Property Group (FPO) has already invested £51m for the new Fprop Office LLP but there is more than £200m more to invest. Annualised management fees are £2.64m and full investment of the new vehicle will significantly increase that figure.
Audio equipment supplier Focusrite (TUNE) increased its full year pre-tax profit by one-third to £9.5m. There was particularly strong growth in the US.
Cambria Automobiles (CAMB) managed to edge up its pre-tax profit last year even though trading becoming tougher in the second half. The motor dealer is expected to report a lower profit of £9.5m this year but it has a strong balance sheet and it is investing heavily in new sites for upmarket brands that will not fully contribute until next year.
Premier African Minerals (PREM) raised £1m via PrimaryBid at 0.4p a share, which was double the amount it was originally asking for. The cash will be used to develop mining projects in Zimbabwe and Benin.
Professional services provider Progility (PGY) put out its full year figures late on Friday. There was still time for the share price to fall by 0.2p to 1.25p. Progility did move back into profit in the period but it was a modest one. There was a warning that progress may be held back this year by operational efficiency improvements.
TechFinancials Inc (TECH) is selling non-core businesses for $400,000 and reinvesting the cash in the development of technology to integrate blockchain-based currencies into its systems.
African Alliance is planning to invest £2.4m at 11p a share coal bed methane projects developer Tlou Energy Ltd (TLOU) conditional on a listing on the Botswana Stock Exchange before the end of the year.
Thor Mining (THR) is making a $125,000 (£95,000) payment to Pacific Gold and Royalty Corporation in settlement for the $1.5m (£1.13m) payment that would have had to have been made when the Pilot Mountain tungsten project in Nevada comes into production. Thor is still fully funded well into 2019. Metal Tiger has taken its stake in Thor to 9.77% after exercising 16 million warrants.
MAIN MARKET
Cash shell Landscape Acquisition Holdings (LAHL) raised $500m at $10 a share but the share price fell below the placing price when dealings commenced. The focus is hospitality, land-based gaming and real estate businesses in North America and Europe.
Rockpool Acquisitions (ROC) has secured a potential reverse takeover target. It is lending an initial £543,000 to Northern Ireland-based renewable energy firm Greenview Gas and this will be used to buy two companies. The deal includes an option for Rockpool to acquire Greenview paid for by a share issue.
Creightons (CRL) increased its pre-tax profit by one-fifth to £956,000, helped by an improvement in gross margin. An interim dividend of 0.15p a share is proposed.
IT services provider Triad Group (TRD) made further progress in the first half. In the six months to September 2017, revenues dipped from £14.8m to £14.2m, while pre-tax profit moved from £668,000 to £737,000. There is £2m in the bank. An interim dividend of 0.5p a share has been declared.
Andrew Hore
Quoted Micro 24 April 2017
NEX EXCHANGE
Chapel Down Group (CDGP) reported a one-quarter increase in group revenues to £10.2m in 2016, however, £3.44m of these revenues came from associate brewing company Curious Drinks, which is no longer consolidated following last year‘s fundraising. Chapel Down owns 49.79% of Curious Drinks voting shares but has a 90.2% economic share of the business. The continuing wine operations increased revenues from £5.56m to £6.79m, while the underlying pre-tax profit improved from £155,000 to £265,000. A further £1.6m of capital expenditure was mainly spent on additional vineyard acreage, which left cash of £1.2m. Wine exports to the US are growing.
African Potash Ltd (AFPO) is planning to acquire investment company Onshore Energy Ltd but it will still require more cash even if the deal goes ahead. Christopher Cleverly is a director of both companies. At the end of April 2016, Onshore Energy had shareholders funds of £1.16m and it has raised further cash since then. The most recent was on 6 April 2017 and the company has more than 100 shareholders. Trading in African Potash shares has been suspended.
NQ Minerals (NQMI) plans to buy the Hellyer gold mine in Tasmania for A$20m in cash and shares equivalent to 29.9% of NQ on a fully diluted basis. The deal will be financed by two loan notes totalling A$13m and a A$8.5m, three year secured loan facility with an interest rate of 12%. The facility provider gets options over 64.3 million shares at 8p each and can appoint a director the NQ board. There is still scope to raise secured loans of up to A$27.5m to repay the A$13m of loan notes and develop the mine. NQ director Roger Jackson is also a shareholder in the current owner of the Hellyer mine and he has a commission arrangement to help finance the project. The assets acquired include three tailings dams and a processing plant.
Goldcrest Resources (GCRP) is changing its name to Bloc Energy when it finalises the acquisition of Georgian oil and gas assets. The general meeting to gain shareholder agreement is being held on 5 May. There are plans to move to AIM in order to raise additional cash for the business and the development of the newly acquired assets. Goldcrest intends to sell its existing gold exploration assets.
Kryptonite 1 (KR1) has invested £100,000 for 1,279,840 Atom tokens. The total initial coin offering by the Cosmos project raised $16.8m within 30 minutes. Cosmos is a proposed network of interconnected blockchains and shouldbe the first bonded point-of-stake block chain in production. Atom is the cryptocurrency for Cosmos.
Ecovista (EVTP) chief executive Louise Stokely has bought 50 million shares – 1.39% of the property investment company.
First Sentinel (FSEN) director Tom Dignall has acquired a 3.85% stake at 11p a share – a total cost of £300,000.
AIM
Verona Pharma (VRP) has launched its public offering of ADSs and ordinary shares ahead of a listing on the Nasdaq Global Market. This followed news that the FDA had given authorisation to proceed with a clinical trial in the US for RPL554 in order to assess its safety and tolerance.
Veltyco (VLTY) is acquiring 51% stakes in two related businesses – Bet90 and www.tippen4you.com – for €2.5m. The same amount of cash has been raised at 39p a share. The acquisitions add further online betting brands to the group.
Motif Bio (MTFB) has announced positive phase III clinical trial data for Iclaprim when used for patients with acute bacterial skin and skin structure infections (ABSSSI). The REVIVE-1 data shows that the drug is reliable and safe. The drug was well tolerated with most adverse effects classed as mild.
FIH Group (FIH) has confirmed that second half trading was better than expected but the profit is still going to be at least one-fifth lower than the previous year. The underlying pre-tax profit will be between £2.3m and £2.5m. Trading in the Falkland Islands was below the record levels achieved the year before. Lower passenger numbers for the Gosport ferry were offset by price increases. Momart improved its profit. There was £15.1m in the bank at the end of March 2017 and this is likely to be used to help fund acquisitions in the UK – although a special dividend is still a possibility.
Immunodiagnostic Systems Holdings (IDH) has beaten expectations for 2016-17, helped by the movement in the sterling exchange rate. Revenues were approximately £40m, up 4%, but they would have been lower under constant currency rates. The full year figures will be published on 21 June.
ASX-listed Pharmanet Group has raised A$620,000 in order to provide cash to progress with the acquisition of the gold exploration assets that Keras Resources (KRS) intends to reverse into the company. The reversal is expected to happen by the summer and Pharmanet will change its name to Calidus Resources.
Power electronic systems supplier Turbo Power Systems (TPS) is holding a general meeting on 5 June to gain shareholder approval to cancel the AIM quotation. The management team controls 89.4% of the share capital so this is a foregone conclusion.
MAIN MARKET
Former AIM-quoted Camden Town property developer Market Tech Holdings (MKT) is being taken private by its majority shareholder after less than two and a half years as a quoted vehicle at a discount to its original placing price of 200p. That fundraising was done at a significant premium to NAV and made it easier to add further properties in Camden Town. In July 2015, a further £200m was raised at 223p a share. Management hoped that the combination of property in a fashionable area and an online division would continue to provide a premium to NAV. That has not been true following MarketTech’s move to the standard list. The offer is 188p a share, which values MarketTech at £892.5m. Two years ago, the stated NAV was 140.76p a share but the directors said that the adjusted NAV was 300p a share, although that assumed that all the proposed development of the properties was completed at expected capital investment levels. LabTech already owns 71% of Market Tech so the cash cost of the bid will be less than £300m.
Andrew Hore