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Quoted Micro 22 July 2024
AQUIS STOCK EXCHANGE
M3 Helium, where Voyager Life (VOY) has an option to acquire the company, says two samples from the Rost well at Fort Dodge in Kansas showed 5.1% helium. Two other samples were above 4.8% helium. These are highly commercial levels.
Marula Mining (MARU) is acquiring Northern Cape Lithium and Tungsten, which holds prospecting rights over land in the Northern Cape province in South Africa. This is north of the Blesburg lithium and tantalum mine.
Substrate AI (SAI) increased interim revenues by 256% to Euro9.09m and it moved from loss to positive EBITDA.The figures were slightly lower than forecast.
Hydro Hotel, Eastbourne (HYDP) increased interim revenues from £1.8m to £1.96m and reduced its loss from £171,000 to £77,000. There was a decrease in repair costs.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp says its exploration programme at the Golden Rose project in Newfoundland is underway. The programme will investigate copper, nickel and zinc.
ProBiotix Health (PBX) nearly doubled interim revenues to just above £1m and reduced the loss. A US partner has obtained positive clinical results for IBS and antibiotic recovery for a probiotic containing the company’s LP (LDL). The share price rose 7.14% to 3.75p.
Automotive electrification Equipmake (EQIP) revenues are improving, but the loss has increased. In the year to May 2024, revenues were 60% ahead at £8.1m. There was £2.5m in cash at the end of May 2024. There are plans to reduce costs and focus on higher margin technology. The share price increased 5.56% to 4.75p.
Inqo Investments (INQO) has invested in Flybox Budongo, which has developed a modular containerised system to produce Black Soldier Fly eggs and five-day old larvae that can convert organic waste into animal feed.
Valereum (VLRM) says blockchain consulting firm Antier will collaborate in the development of the V-Wallet that will form part of the VLRM Market’s ecosystem. This should be launched later this year and will enable uses to buy, sell and hold multiple cryptocurrencies. The share price fell 13.3% to 3.25p.
Gunsynd (GUN) says investee company Metals One has published a JORC inferred mineral resource of the P5 area of the Finland – Black Schist project of 29Mt. There is 1.8Mt attributable to Gunsynd, which owns 6.25% of a subsidiary of Metals One, and that company has an option to buy back the stake.
Christopher Potts reduced his stake in Shortwave Life Sciences (PSY) from 11.65% to less than 3%.
AIM
A new sensor contract for security technology provider Spectra Systems (SPSY) has led Zeus, the new broker following the takeover of WH Ireland’s broking business, to upgrade its forecasts. The contract is with an existing central bank customer. This was expected, but it is likely to be more profitable than anticipated. The 2024 pre-tax profit forecast is raised from $10m to $12m and the 2025 figure increased from $14m to $25.5m. However, the 2026 figure has been cut from $18m to $16m.
Building products manufacturer Alumasc (ALU) has done better than expected in the year to June 2024. Organic growth was more than 6%, even though the construction market fell 2%. Cavendish has raised its pre-tax profit estimate from £12m to £12.6m, it has also edged up the 2024-25 forecast from £13.1m to £13.5m. All three divisions have done better. Net debt is £6.9m and could halve by next June.
Chain and transmission equipment manufacturer Renold (RNO) beat upgraded full year expectations and there is another upgrade for the year to March 2025. Last year, pre-tax profit improved from £18.6m to £22.1m even though there was a small decline in revenues. Efficiency improvements are increasing margins. Net debt has fallen to £24.9m after acquisition payments and share buy backs. There was £36m in cash generated from operations. A 0.5p/share dividend has been declared. The 2024-25 pre-tax profit forecast is £22.8m.
Intelligent Ultrasound (IUG) rose on the back of the news that it is selling its Clinical AI operations to GE for £40.5m. The consideration is equivalent to 12.4p/share. So far, £12.2m has been invested in the development of AI. There are plans to return a substantial amount of this cash to investors. This deal does not include the NeedleTrainer and NeedleTrainer Plus products or the simulation business. The remaining business had annual revenues of £10m last year. Lower simulation sales meant that the latest interim revenues fell from £6.1m to £5.3m. That includes £1.5m from Clinical AI, compared with £2m for the whole of the previous year.
Vela Investments (VELA) has subscribed for £300,000 of convertible loan notes from fully listed Liberia-based gold explorer Hamak Gold (HAMA) by issuing 2.42 million shares at 0.012375p. This is an opportunistic, short-term investment because it does not fit the core investment policy. The loan notes are redeemable on 16 July and the annual interest rate is 10%. The conversion price is the lower of a 25% discount to the average market price for five days prior to conversion and 3p/share. The Hamak Gold share price is 1.075p. Hamak Gold hopes to take advantage of a narrowing of the share discount to the NAV of Vela Technologies, which is currently around two-thirds.
Maritime AI technology services provider Windward (WNWD) sparked a second upgrade of forecast revenues for this year following its interim trading statement. Interim revenues were 37% ahead at $17.6m. Net cash has fallen from $17.3m to $13.8m over the six-month period.
Caspian Sunrise (CASP) shares have returned from suspension following publication of 2023 accounts. Average oil production fell 16% to 1,800barrels/day last year. Current aggregate production is 2,300 barrels/day from the BNG contract area, which is being sold for up to $88m, which is above the previous expectation of $83m. Production is expected from Block 8 and West Shalva later this year. The board will consider special dividends and share buy backs.
Surface Transforms (SCE) has recovered from its recent all time low after it confirmed revenues guidance of £17.5m for 2024, although the figures will be second half weighted. Interim sales were £4.6m. Pre-production engineering revenues will be recognised in the second half. Capacity is being increased. The ceramic brakes technology company could become cash generative during 2025.
Kyrgyzstan miner Chaarat Gold Holdings (CGH) is the latest company to announce the intention to cancel its AIM quotation. This is a condition of a recapitalisation proposal that will more than halve existing liabilities to less than $20m. The maturity date of the convertible loan will be extended from July 2024 to December 2025. There will also be an additional facility of $5m that can be drawn down. The $550,000 of salary owed to former executive chairman Martin Andersson will be paid in shares. The AIM departure is expected to be on 16 August.
Destiny Pharma (DEST) is leaving AIM to make it easier to fund the XF-73 post-surgical infection prevention treatment through access to private capital. It has been difficult to secure a commercial partner for XF-73. Destiny Pharma needs to find funding for a phase 3 study.
Publishing software and services provider Ingenta (ING) has won three new contracts. Two of these are follow-on contracts with existing customers. These are multi-year contracts worth mor than £500,000. The largest contract is a three-year deal to migrate, host and support an existing customer’s Vista deployment onto Ingenta’s dedicated infrastructure. This worth £1.4m over three years.
MAIN MARKET
ACG Acquisition (ACG) has agreed the reverse takeover of the Gediktepe polymetallic mine in the Balikesir province of Turkey from conglomerate Calik Holding. The mine is producing gold and silver, and production of copper and zinc will start in 2026. The deal is valued at £290m in cash and shares.
Tertre Rouge Assets (TRA) has not been able to raise the funds for its planned acquisitions. The company plans to delist on 15 August.
Andrew Hore
Ian Pollard – Winter Of Discontent Impacts Begbies’ Business.
Begbies Traynor BEG claims that a winter of discontent has impacted business with 481,000 now in significant financial distress. Those in ‘critical’ financial distress increased by 25% year on year as the year came to a slow end and stand at 2,183. Real estate was the hardest hit sector in quarter 4 with a 9% increase. The retail industry should, it forecasts, be braced for a tough start to 2019 after poor Christmas trading from M&S and Debenhams. Link here to a detailed article by Begbies Traynor Regional Partner Julie Palmer
Wizz Air Holdings WIZZ describes its third quarter performance to the 31st December as solid, with profits for the quarter collapsing by 87.6%. Fear not however as full year profit guidance is maintained. Passenger growth during the quarter was 15% and revenue 21%. A new carry on bag policy saw revenue per passenger rise by 7% and means that passengers now get the injured backs instead of the baggage handlers. Like all low cost airlines it is having to face the challenging industry-wide operating environment
Ingenta ING is now leaner and focussed on delivering first class services to all its customers claims the CEO, meaning it is significantly better placed to propel the business through the next stage of its growth. The Board confirms its intention to pay a dividend of 1.5 pence per ordinary share for the 2018 financial year.
Staffline Group STAF announces that publication of the results for the year ended 31 December 2018 has been delayed and a further update will be provided as soon as possible.
Rhythm One plc RTHM confirms that it is in advanced discussions with Taptica International Limited (“Taptica”) regarding a potential all-share offer for RhythmOne by Taptica.
Inspired Energy INSE expects to announce another strong set of results, delivering good growth in revenue, profits and cash for the year to the end of December. Group revenues are expected to be approximately 21 per cent ahead of 2017 with revenue growth expected to be approximately 29% ahead
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Ian Pollard – DX Group Begins To Deliver
DX (Group) plc DX The half year results for the six months to the 31st December reflected what the company describes as ” another challenging period” but the new management team has set the business on the road to recovery and long term profitable growth. Net new business in the last two months has been at a higher level than at any point in the last 12 months. The reported loss for the half year more than halved from £29.3m to £14.1m
RPC Group RPC updates that the positive trend experienced in quarter 3 has continued and full year revenue since 1st April 2017 is expected to have grown significantly, both organically and by acquisition and with the help of foreign exchange tailwinds. The financial position remains robust.
3i Infrastructure plc 3IN claims that in the period from 1st October to 28th March its investment advisor has delivered outstanding value to shareholders. Stakes in Elenia and Anglian Water have been disposed of generating £1,120,000m. and enabling £425m to be returned to shareholders in cash by way of a special dividend. Four new investments have been made totalling £345m.
Ingenta plc ING proposes to increase its dividend for the year to 31st December by 50% taking it from 1p to 1.5p per share, after further progress was made in 2017, following on the successes of 2016.Operating profit rose by 29% and adjusted EBITDA by 8%. In the second half of the year results from the joint venture in China, showed considerable improvement.
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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