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Quoted Micro 14 October 2024
AQUIS STOCK EXCHANGE
Cardio health probiotics products developer ProBiotix Health (PBX) increased sales by 39% to £1.53m and the gross profit margin is stable in the nine months to September 2024. This is due to a recent product launch on Amazon and in 2,000 Target stores. A commercial partnership with Mexico-based Raff should generate commercial sales of LP LDL as an ingredient in new products by late 2005/early 2006. There is no need for further funding. The company has appointed Frederik Bruhn-Petersen as a non-exec director. He represents the new 21% shareholder Holdingselskabet af 29. Juni 2010 Aps.
Invinity Energy Systems (IES) is pleased with the UK government’s announcement of a cap and floor regime for investment in new large-scale, long-duration electricity stage projects. This includes vanadium flow batteries, and this is a large increase in the opportunity for the business. The minimum project size is 300MWh.
Café chain Cooks Coffee Company (COOK) increased store sales by 26% to £16.4m in the first half. The UK store sales were 36% ahead and Ireland is 7% ahead. Like-for-like sales are 5.1% higher. There are 83 stores, and ten further outlets are expected to open before the end of March 2025. Katherine Scott has been appointed finance director.
Ananda Developments (ANA) has signed a contract with contract research organisation Southern Star Research to carry out a phase 1 clinical trial in Australia for the pharmacokinetic profile, tolerability and safety of lead asset MRX1. There is an R and D tax incentive of up to 43.5% of eligible costs.
Bitcoin mining company Vinanz (BTC) has added five Bitmain Antminer S21 Pro 234 Terahash (TH/s) machines to its fleet in Nebraska, which has attractive power costs.
Unicorn AIM VCT has taken a 7.39% stake in Good Life Plus (GDLF) following the recent fundraising. Winforton Investments increased its stake from 20.6% to 21.1%.
EPE Special Opportunities (EO.P) intends to buy back shares. It has acquired 48,000 shares at an average price of 150p each. The NAV was 316.09p/share at the end of September 2024.
Silverwood Brands (SLWD) executive director Andrew Gerrie bought 25,000 shares at 25p each. Newbury Racecourse (NYR) director Dominic Burke bought 16,000 shares at 540p/share, taking his stake to 7.03%. Marula Mining (MARU) director Jason Brewer has acquired one million shares, taking his stake to 8.78%. Kevin Hastings has a 3.375% stake.
California Two Pizza Ventures Inc has taken a 23.9% in Pitch Pit (PICH).
Trading in the shares of Mydecine Innovations Group (MYIG) has been suspended.
Majestic Corporation (MCJ) has appointed Oberon Capital as broker.
AIM
After the close on Friday, retailer and brand owner Frasers Group (FRAS) announced a revised proposed bid for Mulberry (MUL) of 150p/share in cash. This is well above the original proposal of 130p/share and the 100p subscription price.
Energy and water efficiency services provider Eneraqua Technologies (ETP) reported a rise in interim revenues from £26m to £29.9m. However, there is a greater proportion of lower margin energy services work, and the loss increased from £400,000 to £3.8m. The General Election delayed decisions on contracts, but the decisions are beginning to be made. The order book has improved to £114m. Two-fifths of this order book should be delivered in the second half and that would return the business to profit. Singer forecasts a pre-tax profit of £2.4m for the year to January 2025 and Eneraqua Technologies should move into a net cash position.
Cloud computing and connectivity infrastructure-as-a-service company Beeks Financial Cloud (BKS) reported figures in line with expectations and profit growth is set to accelerate this year. In the year to June 2024, revenues were 27% higher at £28.4m and annualised recurring revenues were 18% ahead at £28m. Underlying pre-tax profit improved from £2.3m to £3.9m. Net cash is £6.6m. Recurring revenues cover more than two-thirds of the 2024-25 forecast revenues. Canaccord Genuity has edged up its pre-tax profit forecast from £6m to £6.1m on revenues of £39.6m.
Smart sensing software developer Oxford Metrics (OMG) is acquiring The Sempre Group, a measurement technology business for up to £5.5m. Gloucester-based Sempre helps clients to improve productivity and efficiency through high precision metrology. This fits with the previous acquisition of Industrial Vision Systems, which will help geographic expansion, and provides further diversification from the entertainment and health sectors. In 2023, Sempre made a pre-tax profit of £700,000 on revenues of £6.5m and the performance is improving this year. The deal should be earnings enhancing. Following the post-trading statement slump in the share price, OMG is spending up to £6m on share buy backs.
Marine tracking technology developer Windward (WNWD) has won two new customers outside the US with a combined annual contract value of $1.9m. Renewals are as expected. Existing customers are taking up the AI technology when they are renewing. This year there should be 30% subscription/sales growth and Windward is heading towards breakeven.
Blue Star Capital (BLU) is continuing the strategy to seek an exit of its investments. The launch of the de-fi project to Pendulum and Nabla that is called Vortex is the key to the valuation of the SatoshiPay investment and the sale has been suspended. The funding of Vortex is not yet in place. Around 90% of the NAV is based on the 27.9% SatoshiPay stake and this valuation depends on the launch of Vortex and if SatoshiPay raises additional funds then this stake will be diluted.
Novacyt (NCYT) is closing its loss-making IT-IS International, which was acquired to produce Covid tests. This should add £1m to annual EBITDA. The restructuring charge will be £700,000. The IP infringement dispute with Roche Diagnostics will continue.
SkinBioTherapeutics (SBTX) is acquiring Bio-Tech Solutions for £1.25m. Bio-Tech is a manufacturer of personal care products. This will enable the group to manufacture its own products. The acquired business should generate £3m in 2024-25, up from £2.1m, and EBITDA could be £900,000. SkinBioTherapeutics should have enough cash to last until the summer of 2026.
Data analytics software provider Rosslyn Data Technologies (RDT) is raising £1.64m via placing at 5p/share and £250,000 from a retail offer that closes on 10 October. A convertible loan note will raise a further £1.2m and existing convertibles will be converted at 5p/share. This will fund growth and the development of technology. Rosslyn Data Technologies is trading ahead of previous expectations.
Cambria Africa (CMB) shares recommenced trading after 2022-23 accounts and subsequent interims were published. Early buying has flushed out some sellers later in the morning. The shares will be suspended again on Monday because there will be no nominated advisers. Shareholders have voted to cancel the AIM admission on 22 October.
John Gunn has acquired a 12.1% stake in SEEEN (SEEN). This makes him the second largest shareholder in the video sharing platform developer behind Gresham House.
Inspirit Energy (INSP) is returning to its previous existence as a shell (it was previously Kleenair Systems International) because the lead engineer of its subsidiary has to stop working for the company to care for a relative. This has put waste heat recovery engine development on hold. The company will preserve cash and become a shell and seek takeover opportunities.
Investment company Seed Innovations (SEED) says investee company Clean Food Group has partnered with cosmetics products developer THG LABS. The initial focus is developing a high-performance oil for use in beauty and personal care products. The sustainable oils and fats developer uses yeast strains and food waste as the source of its sustainable oils. Seed Innovations has a 4.76% stake.
MAIN MARKET
Fairview International (FIL) was set up to buy two international schools in Malaysia and it is seeking more acquisitions in Asia and the UK. New schools could also be developed. The global higher education market is expected to grow at an annual rate of 12%. Fairview raised £2.65m gross at 10p/share. The share price started at 11p and kept at this level for the whole of the first day of trading when 10,000 shares were traded. Pro forma net assets are £4.11m. Agodeus, whose shareholders include executive chairman Daniel Chian and his family, owns 89.9% of the company.
Online retailer ASOS (ASC) has completed its partnership with Heartland that will leave ASOS with 25% of Topshop and Topman brands.
Imaging technology company IQ-AI (IQAI) says Braveheart Investment (BRH) has acquired a 29.5% stake in the company for £720,000. IQ-AI chief executive and Braveheart Investment chief executive Trevor Brown sold the shares.
Shell company Milton Capital (MII) has a non-binding term sheet for the acquisition of certain subsidiaries of Horizon Energy Global Corporation, which wishes to separate European and North American assets. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 1 April 2024
AQUIS STOCK EXCHANGE
Incanthera (INC) has published an update on its distribution deal with Marionnaud. The first order for Skin + CELL products will generate revenues of £2m with 50,000 bottles of skin cream to be supplied for sale in Austria and Switzerland. A second order will be even bigger. The management projects revenues of £10m for the year to March 2025 and this would make it profitable. The range is being increased to five products and they are all part of the initial launch. Revenues could grow to £33m the following year. There is potential for licence deals in other countries.
Watchstone Group (WTG) says a subsidiary’s VAT appeal was dismissed even though it satisfied four out of five elements. A decision will be made on whether to appeal the judgement.
TruSpine Technologies (TSP) intends to issue a conversion notice to loan note holders. The conversion price is a 130% premium to the share price prior to the convertible loan note approval by the directors. A £200,000 debenture has been used to subscribe for convertible loan notes. Geoffrey Miller has increased his stake from 6.88% to 7.24%.
Quantum Exponential Group (QBIT) has announced a further adjournment of its a general meeting to gain shareholder approval for leaving Aquis. Investors have approached the quantum technology investment company and offered to make a substantial investment. Stuart Woods has stepped down from the board.
Cadence Minerals (KDNC) investee company European Metals Holdings (EMH) says that the Cinovec project in the Czech Republic is in the process of completing a definitive feasibility study, but it will not be completed in the first quarter. There is potential to improve the lithium processing. Cadence Minerals has increased its stake in the Amapa iron ore project in Brazil to 34%. A study should reduce costs and improve productivity of the proposed mine.
S-Ventures (SVEN) increased interim revenues from £8.4m to £9.6m but reported a higher loss from continuing operations. The bakery business was profitable, but this did not offset losses and impairment costs for other businesses. There is no further news on the proposed sale of operations to AIM-quoted Riverfort Global Opportunities.
KR1 (KR1) had net assets of 134.6p/share at the end of February 2024. There was income generated of £1.63m.
Arbuthnot Banking Group (ARBB) increased its pre-tax profit from £20m to £47.1m and the total dividend was raised from 42p/share to 46p/share. Bad debts were lower than forecast. NAV is 1547p/share. The profit is likely to fall this year.
Global Connectivity (GCON) is amending the terms of warrants issued when it floated and extending them by two years to 20 April 2026. The exercise price is being reduced to 1.5p. Management is exploring potential investments.
Marula Mining (MARU) has commenced exploration at the Larisoro manganese mine in Kenya.
Valereum (LON: VLRM) has raised £300,000 at 6p/share from its chairman and is planning a larger fundraising in the third quarter of 2024.
Jenny Hanlon has been appointed as chief executive of brewer Adnams (ADB). She is currently finance director.
Tap Global Group (TAP) generated trading payment volumes of £181.6m in 2023. That generated revenues of £2.02m, but the loss was still £1.07m.
EPE Special Opportunities (EO.P) had net assets of 324p/share at the end of January 2024. There was £15.3m in cash offset by £4m in loan notes repayable on 23 July.
Gunsynd (GUN) investee company Aberdeen Minerals is raising £3m at 8.5p/share from Central Asia Metals with a further £2m that could be raised from the exercise of warrants at 11p/share. This deal requires regulatory approval.
Lift Global Ventures (LFT) investee company Trans-Africa Energy has received funding of £12m from an African investor. The first energy infrastructure investment is in Ghana. Lift Global Ventures’ core investor relations business generated cash in the first half, although there was a cash outflow for the group as a whole.
Aiden Keegan has been appointed chief executive of Cooks Coffee Company (COOK).
Philip Blows reduced his stake in Supernova Digital Assets (SOL) from 10.6% to 7.98%. There was £68,000 in the bank and £1.95m in investments at the end of October 2023. NAV was £2.93m.
Daniel Thwaites (THW) director RAJ Bailey bought 15,000 shares at 71p each.
AIM
Marine technology developer Windward (WNWD) has cut its loss and is heading towards profitability. The 2023 revenues were $28.3m, up from $21.6m. Windward started 2023 with an annual contract value of $25.5m and that has risen to $34.5m, while the 2024 forecast revenues have been edged up from $34.5m to $35.1m. Requirements for tracking cargo and ensuring that sanctions are complied with are helping to increase demand, particularly from commercial clients. Commercial revenues increased to 30% of the total for 2023, but government revenues are also growing.
Grocery distributor Kitwave Group (KITW) has made its latest acquisition, and this will be earnings enhancing. Total Foodservice Solutions is a food wholesaler with two depots based in the north of England. The customer base includes pubs, restaurants, universities and care homes. The gross cost is £21m and that is reduced to £17m when cash in the business is taken into account.
Strong growth at the Billi filtration systems helped Strix (KETL) have a better second half, but the limited recovery in kettle controls and lower consumer goods sales meant that pre-tax profit was slightly lower at £21.9m. There is no dividend. There should be an improvement in profit this year, but it will still be well down on the 2021 figure. Net debt was £83.7m and could fall below £79m by the end of 2024.
Good Energy (GOOD) had a strong performance in 2023 due to high energy prices, but 2024 will not get that benefit and energy supply profit will fall sharply. In 2023, pre-tax profit doubled to £5.7m, but the 2024 forecast has been downgraded from £8.4m to £6.7m. The energy services business, including solar and heat pump installation, is being built up and it will become a more significant profit contributor over the next couple of years making the group performance less volatile.
Floorcoverings manufacturer Airea (AEIA) increased sales of its Burmatex-branded product by 14% to £21.1m. Pre-tax profit was flat at £1.4m, although it included a small valuation gain in the latest year. Higher finance costs relate to the pension scheme and operating profit increased. The net asset value is £14.9m, including net cash of £3.4m. Strong cash generation can cover the £5m investment in new capacity and a 10% increase in the dividend to 0.55p/share. The new capacity should be ready in early 2025 and will enable Airea to take advantage of own brand opportunities for clients.
Revolution Bars Group (RBG) is assessing its options that include restructuring the business or selling all or part of the operations. There are currently no bidders. Luke Johnson is involved in talks concerning a fundraising.
Semiconductor designer CML Microsystems (CML) is being hampered by lower than expected shipments as clients reduce stocks and this is continuing into the new financial year. In the year to March 2024, revenues will be slightly lower than expectations at £23m and underlying EBITDA will be £6.4m, compared with a forecast £6.8m, due to more sales of lower margin products. Full year pre-tax profit will be just under £3m. The balance sheet remains strong with net cash of nearly £18m. The full benefits of the Microwave Technology acquisition, which has performed well, will show through over the next couple of years.
Horizonte Minerals (HZM) published the latest financing estimate for the Araguaia nickel project. The cost to complete is $454m, but the full funding required is $567m-$592m, including pre-production and transaction costs. Existing liabilities are $418, and they require restructuring. More cash will be required by mid-April. Interest payments are being deferred. Existing shareholders are not in a strong position.
A more positive trading statement from film and video translation services provider ZOO Digital (ZOO) as management believes that demand should recover following the disruption of recent strikes in Hollywood. Revenues of $40m are now expected for the year to March 2024. A new film and TV distribution client has been won and there is greater visibility of work. The company still might not move back into profit in 2024-25, though. There is potential disruption from a craft workers strike in Hollywood.
Boilers developer Inspirit Energy (INSP) is near to completing the four electronic updates for its waste heat recovery system. The team is relocating back to the UK. The cash outflow was stemmed in the six months to December 2023.
Infrastructure India (IIP) shares returned from suspension when the interims to September 2023 were published. The board is proposing a winding-up of the company as it disposes of its assets and the share quotation will be cancelled if the proposals are passed at the AGM. Net liabilities are £217.4m.
Drug discovery company C4X Discovery (C4XD) also plans to cancel its AIM quotation and re-register as a private limited company if it gains shareholder approval at a general meeting on 15 April. Shareholders owning 57% of the shares are in favour. Management believes that it will be easier to raise funds as a private company and it will save money. C4X Discovery has raised £63m on AIM. In August 2022, £5.7m was raised at 25p/share. There is still £20.8m in the bank. In the six months to January 2024, revenues were £24.6m, due to milestone payments, compared with £1.7m in the first half of the previous year. The company is generally loss-making without substantial milestone payments.
Oil and gas producer Molecular Energies (MEN) is cancelling its AIM quotation because it does not believe it is worth the cost. The company should save £500,000/year. Chairman Peter Levine, who owns 29.2%, suggests that he may offer to buy shares of some other investors in the future, but there are no immediate plans to offer an exit prior to the cancellation. Green House Capital will no longer be spun off on AIM.
Infection protection technology developer Byotrol (BYOT) has been quoted for nearly 19 years and it has decided to leave AIM. Revenues from continuing products could improve from £3.7m to £3.9m this year. No further IP revenues are expected this year. Some IP was sold to Tristel (TSTL) and along with an early termination of another licence generated cash of £800,000, but minimum guaranteed royalties will be written down by £550,000 in the balance sheet. Even before that, there will be a higher loss in 2023-24. The business needs to be restructured and reduce costs and believes there will be more flexibility as a private company.
MAIN MARKET
Quantum dots developer Nanoco (NANO) generated interim revenues of £4m, including the recognition of £3m of Samsung licence income, up from £1.6m. Net cash was £54.5m at the end of January 2024. Second half non-Samsung revenues should be higher.
First Tin (1SN) had a cash outflow from operations of more than £2m in 2023. There was also £6.4m spent on exploration activities. There is £4.66m left in the bank.
Cizzle Biotechnology (CIZ) has raised £620,000 via a placing at 2p/share. This will fund the first proposed commercial test for its lung cancer test. The £500,000 loan facility with E3 Fund will be terminated.
Andrew Hore
Andrew Hore – Quoted Micro 3 January 2022
AQUIS STOCK EXCHANGE
Valereum Blockchain (VLRM) is planning to acquire trust management and funds administration company Juno Group. The Gibraltar-based company will cost £850,000 in cash and shares.
Chana Greenberg is no longer chief executive of Pharma C Investments (PCIL) and Tony Shilito will be acting chief executive.
Walls and Futures REIT (WAFR) reported a 6% decline in NAV to 96p a share at the end of September 2021. The unsuccessful bid by Virgata Services cost £169,000 and that was most of the decline in net assets.
Spinal stabilisation technology developer Truspine Technologies (TSP) says that the FDA has requested further testing for the Cervi-LOK. The interim loss increased from £448,000 to £483,000. Net cash was £277,000 at the end of September 2021.
British Honey (BHC) decided not to go ahead with the extended collaboration agreement with List Distillery in Florida. The focus is the UK market.
Forbes Ventures (FOR) lost $297,000 in 2020 and $158,000 in the first half of 2021, even though there were initial revenues of $29,000. Management is working on the first transaction for the securitisation platform.
SulNOx Group (SNOX) reported a small increase in interim revenues from £18,000 to £24,000. The interim loss increased from £378,000 to £724,000. There was £1.89m at the end of September 2021.
Cadence Minerals (KDNC) has entered into a binding settlement agreement with the bank creditors of the former owner of the Amapa iron ore project in Brazil. The joint venture in which Cadence has a 20% stake is undertaking pre-feasibility studies.
BWA Group (BWAP) has commenced legal action against St-Georges Eco-Mining Corp relating to the proposed acquisition of Kings of the North Corp. There have been 80.8 million shares issued in settlement of the outstanding convertible loan note liabilities of £404,000.
AIM
Shares in Atome Energy (ATOM) started trading on 30 December following the £6m fundraising at 80p a share. The share price ended the year at 83p. Leeds-based Atome Energy has been spun out of AIM-quoted President Energy (PPC) with its shareholders being distributed one share in Atome Energy for every 169 President Energy shares, while the oil and gas company retains part of its stake. There were some tiny share deals in early trading with smaller investors selling the stakes they received. The strategy is to develop projects that use renewable energy to produce ammonia, which can then in some cases be converted into hydrogen. Ammonia is mainly used in fertiliser, but it can also be used as a fuel. The first projects are in Iceland and Paraguay.
CCTV technology installer UniVision Energy Ltd (UVEL) improved interim revenues from £4.06m to £4.98m, with a bigger increase in HK dollars, even though maintenance income declined. However, pre-tax profit fell from £394,000 to £142,000. That was due to a £634,000 impairment loss.
Vela Technologies (VELA) had net assets of £8.06m at the end of September 2021, including £2.52m in cash. There are plans for a 50-for-one share consolidation. The investing strategy is being revised, but it remains broadly similar.
Catalyst Media (CMX) reported a £1.6m loss in the year to June 2021. The main asset is a 20.54% stake in Sports Information Services, and this is equity accounted. NAV is 52.3p a share. No dividend is declared.
Trading in Savannah Energy (SAVE) shares recommenced following the publication of the document for the acquisition of assets in Chad and Cameroon from Exxon and Petronas. Savannha Energy raised £48.7m at 19.35p a share to help finance the acquisitions.
Inspirit Energy Holdings (INSP) still has no revenues. The waste heat recovery system is still being developed with partners. There was £561,000 in the bank at the end of June 2021.
United Oil and Gas (UOG) announced that it made a commercial discovery with the Al Jahraa-13 development well in the Abu Sennan licence, onshore Egypt. Following testing the well will be brought onstream. United has a 22% working interest in the licence.
MAIN MARKET
Creightons (CRL) did not have a repeat of the £11.5m of one-off hygiene sales in the six months to September 2021, but the decline in revenues was limited to £2.37m leaving interim revenues of £30m. There was an initial contribution of £790,000 from acquisitions. Underlying pre-tax profit fell from £2.9m to £2.49m. Net debt is £7.5m at the end of September 2021. The interim dividend is maintained at 0.15p a 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