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Quoted Micro 20 January 2025
AQUIS STOCK EXCHANGE
SulNOx Group (SNOX) has signed an agreement with Eastern Pacific Shipping, which will use the SulNOxEco additive on a minimum of 30 vessels for at least 18 months. The data from this evaluation could be used for marketing. Easten Pacific Shipping will introduce other potential shipping company clients, and it is subscribing for up to 11.7 million shares in tranches at 2p each. This will happen over the 18-month period. There will be a subscription of up to 4.72 million additional shares at 2p each, which will be over a three-year period. This could total up to 11.8% of the enlarged share capital.
Marula Mining (MARU) says that the Kinusi coper mine is selling a total of 1,000t to four commodity trading groups. The sales have been delayed but should be completed by the end of January. Metallurgical test work results are expected later in January. Management is seeking to secure offtake agreements and non-dilutive funding.
Kasei Digital Assets (KASH) is conducting a strategic review, which could include a departure from Aquis or return of cash to shareholders. Management believes that the outlook for the market for digital assets is positive. However, costs are negatively affecting performance. There is cash of £782,000 and digital assets of £4.26m.
Visum Technologies (VIS) has raised £100,000 from a convertible loan note issue. The conversion price is 0.5p/share. This will fund due diligence for potential acquisitions.
IntelliAM AI (INT) says David Richards is stepping down as chairman at the beginning of July.
Max Capital reduced its shareholding in WeCap (WCAP) from 8.09% to 7.94%. Brompton Asset Management has increased its stake in Global Connectivity (GCON) to 13.96%. RAJ Bailey bought 7,376 shares in Daniel Thwaites (THW) at 89p each.
AIM
Fortress Investment has raised its recommended bid for pubs and bars operators Loungers (LGRS) from 310p/share to 325p/share. Broker Singer did not believe that the original bid fully reflected the value of the business and argued that 375p/share would be a fairer value. Loungers at £338.3m was forecast to make a 2024-25 pre-tax profit of £18m, up from £13.9m last year, rising to £23.8m in 2025-26.
Fintech Fiinu (BANK) has signed heads of agreement for the first white-label deal for its Plugin Overdraft with a UK bank. It will provide a Banking-as-a-Service platform including Plugin Overdraft and requires regulatory approval and testing. The bank will have exclusivity in the UK for 12-months from launch, which could be in the fourth quarter of 2025. There will be royalty fees based on profit generated by the bank from the Plugin Overdraft.
Thor Explorations (THX) says that the Segilola mine in Nigeria produced 24,6000 ounces of gold, taking the total for 2024 to 85,000 ounces. Guidance for 2025 is 85,000 ounces-95,000 ounces. The all in sustaining costs are expected to be $808/ounce. Thor Explorations has moved into a net cash position. Exploration is focused on extending the life of the mine beyond 2028. Thee were positive results announced earlier in January. There should be news concerning the Nigerian federal authorities into the Osun state authorities allegations of underpayment of tax. The PFS for the Douta project in Senegal should be released in the first quarter of 2025.
Michael Ashcroft wants data and information publisher Merit Group (MRIT) to leave AIM. This follows his success in persuading Jaywing (JWNG) to back his AIM cancellation plan for the marketing services business. He owns 42% of Merit Group, so he has a high chance of success. A general meeting will be set within 21 days.
Deltex Medical Group (DEMG) also announced plans to leave AIM. This will save £200,000/year. Last year’s revenues from sales of heart monitoring systems improved from £1.8m to £2.1m and cash was £240,000 at the end of 2024. Andy Mears will be replaced as chief executive by Natalie Wettler.
Quantum Blockchain Technologies (QBT) has made a breakthrough for its Bitcoin Artificial Intelligence model mining tool. The Method C AI Oracle can skip calculations if it assesses that they will not be successful. This provides a 30% improved performance compared with other methods. The company is ready to demonstrate the technology and is seeking a chip manufacturing partner to produce a commercial product.
Gift wrap supplier IG Design (IGR) customers did not sell as much as expected over the Christmas period and this has hit orders. On top of the weak demand, there are US customers in financial difficulties. The fourth largest customer has re-entered Chapter 11 bankruptcy protection and total provisions will be around $15m.The American business is predominantly behind the 10% slump in revenues, although the international business revenues were 1% lower. IG Design is only expected to breakeven in the year to March 2025, compared with forecast pre-tax profit of $32m, and forecasts have been withdrawn by Canaccord Genuity.
Security technology supplier Thruvision (THRU) announced a strategic review. Management believes that additional funding will be required to scale up the business. There is currently cash of £1.5m, which will last until May unless potential orders are secured. The cost base will be assessed. Alternatives include bringing in a partner or selling the business.
Digital healthcare platform developer Trellus Health (TRLS) has entered an agreement with Johnson & Johnson Health Care Systems Inc for a US pilot programme for Trellus Elevate to support severe inflammatory bowel disease. Trellus Health will receive an upfront licence fee and a monthly fee. Net cash was $8m at the end of June 2024 and the additional income could help to extend the cash runway nearer to the end of 2025.
Pawnbroker Ramsdens (RFX) says improved performances from all divisions helped group revenues improve from £83.8m to £95.6m, while pre-tax profit rose from £10.1m to £11.4m. The dividend was raised from 10.4p/share to 11.2p/share. This year has started well. and management has decided to slow the new store opening programme. There will be more focus on the website.
Packaging equipment and automation provider Mpac Group (MPAC) confirms 2024 trading is in line with expectations. Pre-tax profit should recover from £7.1m to £10.5m. Net debt was £37m at the end of 2024. The order book is worth £111m and covers 53% of forecast 2025 revenues.
Telecoms infrastructure products developer Filtronic (FTC) has appointed David Marshall as director of programmes to ensure their efficient delivery. Sarah Shaw becomes General Counsel to manage commercial contracts and other legal affairs. This follows a positive trading statement that led to Cavendish upgrading its 2024-25 pre-tax profit forecast from £9.6m to £11.5m.
Construction recruitment services provider Hercules Site Services (HERC) has decided to sell its suction excavators business to focus on recruitment. The suction excavators were losing money and holding back performance. The disposal will also reduce borrowings. Labour supply revenues increased from £63.8m to £84.1m. Continuing pre-tax profit improved from £1.6m to £2.6m and further improvement to £3.4m is expected for this year.
Bars and leisure operator XP Factory (XPF) grew like-for-like revenues by 8.5% in the third quarter, which is well above the rate for the rest of the year. The figure for the year so far is 5.5%. Immersive escape rooms operator Escape Hunt was 14% ahead and Boom Battle Bars 17% higher over the Christmas period.
Cross-border payment services provider Finseta (FIN) says 2024 EBITDA will be £2m compared to a forecast of £1.9m. There was £2.2m of cash generated from operating activities. The benefits from investment in the business and new products will show through in 2025.
Premier African Minerals (PREM) has raised £1.2m from a placing at 0.0275p/share. A retail offer could raise up to £2.3m more. The cash will be invested in the Zulu project in Zimbabwe and to pay suppliers. The retail offer closes on 20 January. Some creditors may take shares for the money owed. If the cash raised in the placing and offer plus the capitalisation of debts does not get near to £3.5m the placing and offer will not proceed.
Cambridge Nutritional Sciences (CNSL) has settled its dispute with the UK DHSC with no admission of liability. The DHSC will not seek reimbursement of pre-production payments for Covid tests and Cambridge Nutritional Sciences will not claim for losses for failure to replace orders. The company will have legal costs of £200,000, but it will also release £2.5m from deferred income as exceptional income.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) says that the strategic collaboration with Valeos Pharma is contributing to its business. This will enable the acceleration of supply of pharmaceutical grade EU-GMP cannabis active pharmaceutical ingredient products. Valeos Pharma will provide up to three tonnes of annual cultivation capacity, which is equivalent to £8.7m of income/year.
Gaming machines hardware and displays supplier Nexteq (NXQ) had net cash of $29.1m at the end of 2024, which is more than 50% of market capitalisation. Trading problems had already been flagged and there was no additional surprise. There was destocking and delayed product launches by customers. Revenues were 24% lower at $86.7m, which was slightly better than forecast. The results will be published on 19 March.
Supercapacitors developer Cap-XX (LON: CPX) has made its first shipment of co-branded products to electronic components distributor SCHURTER’S warehouse in Switzerland. On delivery, an invoice will be raised.
Construction and property asset management software supplier Eleco (ELCO) has acquired maintenance and management software provider PEMAC for €6m in cash with up to €2.4m payable based on achieving performance targets. Clients include Coca Cola and Heineken. This fits well with the existing ShireSysem product.
Argo Group Ltd (ARGO) is making a tender offer at 5p/share as part of its plan to leave AIM. Shareholders owning 71.2% of the company will not tender shares, so everyone else can have their shares acquired in the tender. The tender closes on 14 February.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has acquired protective packaging manufacturer Pitreavie for £18m, with a net initial payable after debt movements of £10.6m. Pitreavie made a 2024 pre-tax profit of £1.3m. There should be cost savings from integrating the business.
Online travel hostel agency Hostelworld (HSW) says strong demand for Asian hostels helped 2024 net bookings rise 6% to 6.9 million, although there was a dip in average booking value. That meant that revenues were 1% lower at €92m. Lower marketing spend meant that margins improved. More bookings were made through the company’s app. Pre-tax profit is expected to jump to €17m. Net cash is €2m. There will be an update on strategy in the second quarter.
Bitcoin miner Vinanz (BTC) switched from Aquis to the Main Market on 13 January. The share price opened at 16.5p and rose to 22.5p before falling back to 16.5p at the end of the week.
Argo Blockchain (ARB) has been told it has until 15 July to regain compliance on Nasdaq with the minimum price requirement of $1 for its ADSs.
Andrew Hore
Quoted Micro 23 December 2024
AQUIS STOCK EXCHANGE
Surgical procedures provider One Health Group (OHGR) increased revenues 22% to £13.3m, while pre-tax profit improved from £560,000 to £845,000. The interim dividend was raised 2% to 2.07p/share. Cash in the bank was £4.89m at the end of September 2024. There have been record referrals by the NHS since the end of the period and it wants the company to increase its capacity. A retrospective increase in the NHS tariff should boost profit by £250,000 this year. A planning application will be submitted for a surgical hub.
Business assurance provider Adsure Services (ADS) increased revenues 19% to £5.06m and it moved from a loss of £30,000 to a pre-tax profit of £330,000. The latest dividend is 0.786p/share.
Marula Mining (MARU) is planning a strategic partnership with the Mining Engineers Society of Kenya, which will provide expertise to the company. Marula Mining will provide annual financial support. Gathoni Muchai Investments bought 250,000 shares at 4.65p each and 500,000 shares at 4.56p each, taking the stake to 8.85%.
Skincare technology developer Incanthera (INC) reported a flat interim loss of £620,000. There was cash of £1.06m at the end of September 2024. There is no additional news on the litigation that prevented the launch of the Skin + CELL skincare product range. There is £1.24m of inventory and work in progress in the balance sheet that was built up for the launch.
Valereum (VLRM) has signed non-binding heads of terms for raising £13m at 10p/share with DMC Markets Inc. Valereum has also signed a binding option with an investor for raising £2m at 10p/share. This investor is building its own digital asset ecosystem, which could fit with Valereum’s interests. The additional cash will help to accelerate growth.
Healthcare IT provider DXS International (DXSP) wants to expand into a new territory in the EU or elsewhere in 2025. There are 22% of NHS Integrated Care Boards using the new Aios SMART Referrals software and more will be converted. The first commercial sale of ExpertCare therapeutic management software was in October.
Broking and wealth management business Oberon Investments (OBE) grew revenues by 74% to £4.8m in the six months to September 2024. The loss was reduced from £1.59m to £1.24m. There was £2.26m in the bank at the end of September 2024. Corporate broking increased revenues by 124% to £1.54m. There are 21 retained clients and there are private capital fundraisings expected in 2025. The launch of the Oberon AIM VCT is expected in the summer of 2025.There are also plans to take on more experience staff.
In the year to June 2024, fintech company Tap Global Group (TAP) grew revenues 31% to £2.65m, although the core business was not part of the group for the whole of the previous year. Those revenues were 6% ahead. In the first five months of the new financial year revenues were 24% with the latest month 77% ahead. The company introduced its XTP token locking feature for UK customers. Tokens can be locked for 12 months.
Investment Evolution Credit (IEC) is appointing John van Kuffeler, who founded Non-Standard Finance, as executive chairman. Marc Howells will be appointed chief executive. Dr Richard Leaver is becoming a non-exec, and he will provide AI expertise. Investment Evolution Credit is assessing potential acquisitions that could provide it with a UK lending licence, as well as loan book purchases. There are plans to expand in the US and internationally. The 15% IEC bond is no longer being offered to investors and the focus will be institutional debt funding.
BWA Group (BWAP) recently completed exploration drilling at the Dehane 2 rutile sands permit in Cameroon. Total heavy minerals raw sample grades are up to 20.4% over two metres thickness. This has increased the confidence of management that there could be a commercial project. Geological modelling is planned.
Oscillate (MUSH) has started fieldwork on its Minnesota hydrogen interests, while land access permitting ongoing. There will be a detailed review of regional surface geology.
Igraine (KING) investee company Fixit Medical, where it owns 20%, has confirmed that it plans to pursue FDA approval and CE marking for its Cingo product, which prevents catheters from twisting. It is also launching three new medical device products. Two IP grants have been received.
EDX Medical (EDX) has launched a range of test for determining hereditary risk of cancer and heart disease. Revenues remain minimal and the interim loss rose from £1.34m to £1.7m. There was cash of £2.31m at the end of September 2024.
Crypto investor Kasei Digital Assets (KASH) realised £220,000 profit in the year to July 2024. NAV increased from £2.31m to £3.42m. There are investments in a range of Crypto currencies and tokens, including Bitcoin.
A person associated with IntelliAM AI (INT) chief executive Tom Clayton bought 8,660 shares at 80.763p each and 2,280 shares at 87.5p each. He owns 24.8% of the AI company. Chris Wragg, divisional head of lubrication and applied sciences, bought 1,668 shares at 87.5p and he owns 4.38% of the company.
Shepherd Neame (SHEP) has appointed Marion Sears and Meg Lustman as non-executive directors.
WeCap (WCAP) has raised £172,000 at 0.85p/share. Global Prime Partners increased it stake from 9.69% to 11.3%. Hot Rocks Investments (HRIP) raised £60,000 at 0.4p/share. A stake has been built up in Oscillate and there is a potential digital payments investment.
Ananda Developments has changed its name to Ananda Pharma (LON: ANA).
AIM
AIM newcomer Amcomri Group (AMCO) ended the week at 57.5p, having raised £12m at 55p/share. That valued the engineering business at £39.5m. Amcomri was set up to undertake a buy, improve, build strategy in the engineering and industrial sectors.
Retailer Shoe Zone (SHOE) says the recent National Insurance increase have increased costs, and it is closing stores are not considered viable. Consumer confidence is weak. The focus is bigger, more profitable stores. The company has halved its 2024-25 pre-tax profit guidance to net less than £5m. Although profit estimates for the year to September 2024 are unchanged at £9.5m there will be no final dividend.
Cavendish is raising its forecasts for Filtronic (FTC) following its latest trading update. Space and defence demand are propelling growth. Filtronic is providing E-band power amplifiers for ground stations to SpaceX and first half demand was particularly strong. The UK defence review could generate opportunities later in 2025. The 2024-25 pre-tax profit forecast has been raised from £7.7m to £9.6m.
Active Energy Group (AEG) shares returned from suspension following publication of interims and the potential for a resurrection of the business. Shareholders previously voted against liquidating the company and Zen Ventures provided a loan of £200,000 to enable the publication of 2023 accounts earlier in December and the subsequent interims have been released. Zen Ventures will appoint two directors. The plan is to commercialise the CoalSwitch technology.
Energy optimisation and assurance services provider Inspired (INSE) is improving its balance sheet via a placing raising £21.25m at 40p/share and a retail offer raised £410,000. There is also an issue of £5m of 12% convertible loan notes, which are convertible at 80p/share. The shares come with warrants exercisable at 80p each.
Surgical Science Sweden is bidding 13p/share to Intelligent Ultrasound (IUG), which values the ultrasound simulation company at £45.2m. The bid is recommended by the board. Intelligent Ultrasound will benefit from becoming part of a larger group and it enables the bidder to obtain a UK operation. Intelligent Ultrasound was going to return cash to shareholders following the sale of its clinical AI business. There was cash of £39.6m in November, which covers most of the bid value.
Tribe Technology (LTRYB) revealed that its accounts will be delayed, and it plans to leave AIM. The autonomous mining equipment developer is in talks with potential provider of finance, and it believes that leaving AIM will make it easier to raise money. Trading in the shares will be suspended on 2 January. Neometals (NMT) is cancelling its AIM quotation and concentrating on the ASX listing. It joined AIM in 2022, but it has been difficult to raise funds. Trading volumes on AIM have been low. The cancellation will be on 3 February. Retailer Quiz (QUIZ) is also planning to leave AIM. Shareholders approved plans for Webis (WEB) to lave AIM and this will happen on 3 January.
Synairgen (SNG) wants to raise up to £19m at 2p/share to fund a phase II study for respiratory drug treatment SNG001. The largest shareholder TFG Asset Management has conditionally underwritten £18m of this. However, there is a placing and open offer to raise £6m and the TFG subscription will be reduced by the amount raised over £1m. However, if the placing and open offer does not raise at least £2.9m the AIM quotation will be cancelled.
Tiger Royalties and Investments (TIR) is changing strategy to become a technology incubator. It is acquiring Bixby Technology Inc, which is run by Jonathan Bixby, for £325,000. A fundraising at 0.1p/share will raise £3m. New shareholders include Premier Miton, Zeus and Jupiter. Toro is subscribing £325,000 worth of shares. The company is retaining its core resources investments, and it will consider other natural resources investments.
There was a reassuring update from Feedback (FDBK) concerning first half trading, but more was generated by the Bleepa medical imaging communications product. There are talks with Integrated Care Boards about further contracts. Net cash was £7.3m at the end of November 2024 and there were £500,000 of retail offer proceeds to be received. That compares with a market capitalisation of £7.3m.
Duke Capital (DUKE) increased recurring interim revenues by 4% to £12.7m. Fewer exit premia meant that total revenues dipped to £13.5m, from £14.1m. There have been £15m of follow-on investments in the period. Despite the £3.5m fundraising at 27.5p/share, the debt level is still significant with £69.1m forecast for the end of March 2024. Duke Capital provides important financial backing for small businesses through a combination of debt and equity and generates a steady income stream from those investments with longer-term upside.
Electronic and electro-mechanical components supplier LPA Group (LPA) has won three major contracts worth £4m. They are with French rail operator SNCF Voyageurs for interior LED lighting, Siemens Mobility, also for LED lighting, and seating manufacturer Grammer for eat electronics and lighting for trains in France. The SNCF contract last five years while the others are deliverable in 2025 and 2026.
Provexis (PXS) is purchasing a further batch of Fruitflow heart-health functional food ingredient inventory from dsm-firmnech to satisfy increasing demand for Fruitflow. The royalty based on gross profit will be paid to dsm-firmnech in shares. The total payment for inventory and royalty is 82.95 million shares at 0.68p each. DSM Venturing owns 10.9%.
Scholium Group (SCHO) managed to gain enough shareholder support for the plan to leave AIM. It required 75% of votes and it got 79.3%.
Digital media publisher Digitalbox (DBOX) has bought EastEnders for £50,000. It has 475,000 followers on the associated Walford East Facebook page. This adds to the recently launched Emmerdale Insider.
Nioko Resources is making a recommended offer of 2.68p/share for Hummingbird Resources (HUM). This is the same as the price of the debt-to-equity swap previously announced.
MAIN MARKET
Rockpool Acquisitions (ROC) revealed the potential acquisition of European Lingerie. The exclusivity period lasts until the end of June 2025.
Media Concierge has launched a recommended bid for National World (LON: NWOR). The 23p/share offer values the company at £65.1m.
London Finance and Investment Group (LFI) plans to wind itself up and return cash to shareholders. This could be 70p/share.
Acceler8 Ventures (AC8) is planning to acquire Verifyyed Inc, which has developed a royalty platform providing rights holders with greater transparency to drive revenues. California-based Verifyyed Inc has operations in Europe, and it will cost £96.8m in shares. A placing to raise up to £20m is anticipated.
The 79th GRP plans to invest £2.18m in First Class Metals (FCM) in two stages. It will end up with 51.2% of the enlarged share capital. The cash will be invested in projects in Ontario and there are potential synergies for project acquisitions.
Andrew Hore
Quoted Micro 16 December 2024
AQUIS STOCK EXCHANGE
Manchester-based Zentra (ZNT) switched from the Main Market to the Access Segment of Aquis on Wednesday. The former One Heritage Group has discontinued its co-living and in-house construction services. The focus is high quality apartments and housing, as well as work for local authorities and housing associations. A portfolio of properties was sold for £7m after the end of June 2024. There is a conditional contract to sell land for £400,000. So far, £3m has been reinvested in a 30% stake in One Victoria, a residential and commercial development, in Manchester. It is scheduled for completion in the summer. Prior to the move Zentra director Jason Upton bought 141,806 shares at 3.5p each.
AI software developer IntelliAM (INT) has signed a letter of intent with SKF Lubrication System so the two companies can sell each other’s products. IntelliAM’s machine learning platform will be included in the latter’s products. If the acquisition of 53 Degrees North Engineering had been made at the beginning of the six months to September 2024, revenues would have been £1.61m and EBITDA £140,000. Annualised recurring revenues are £149,000. Chairman David Richards bought 7,142 shares at 70p each.
Vinanz Ltd (BTC) has received commitments totalling £1.5m at 14.5p/share conditional on a move to the London Stock Exchange. This will fund the purchase of more Bitcoin mining machines. The share price edged up 0.82% to 15.375p.
Time to ACT (TTA) subsidiary GreenSpur has developed a preliminary 15MW generator design that outperforms power density and space benchmarks. It is 30% lighter and 70%-80% smaller. Further improvements are possible.
Intelliqo (IQO), which provides marketing services to technology businesses, lost £145,000 in the six months to September 2024. Revenues declined from $558,000 to $224,000. The focus is the Langaroo App. Building up sales will stop the cash outflow. Cash has fallen to less than £12,000.
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire, has increased production to 100Mcf/day and is rising by 2Mcf each day. This enhances the potential value of the farm-in to Scout Energy’s acreage in the Hugoton field. The option has been extended to the end of March 2025.
In the year to April 2024, Helium Ventures (HEV) had net assets of £24,000, including £56,000 in cash plus £250,000 long-term investment and £30,000 in short-term investments. Since then, the company has been issued a 19.4% stake in Trackimo following the £250,000 subscription. Creditors include deferred payments to directors of £130,000.
Capital for Colleagues (CFCP) has received the third tranche of consideration for the sale of shares in investee company The Homebuilding Centre to the company so that it can expand employee ownership. There was £114,000 received, which was above the minimum of £50,000, due to strong trading.
Igraine (KING) has formalised its investment rights with GEM and its battery storage project development subsidiary BES3. The first site has been chosen.
Marula Mining (MARU) is withdrawing from planned projects in Zimbabwe. It is also relinquishing its interest in the Nkombwa Hill project in Zambia. This enables focus to be placed on the Blesberg lithium and tantalum project and other core interests.
Ananda Developments (ANA) has raised £150,000 at 0.35p/share following positive results for cannabis-based treatment MRX1. There was a significant reduction in blood plasma levels of NT-proBNP (N-terminal pro-B-type natriuretic peptide) levels. This biomarker is used in diagnosis and management of heart failure.
SulNOx Group (SNOX) has raised a further £300,000 at 52.5p/share with a warrant attached. Unicorn AIM VCT has taken its stake to 5.39%. Wishbone Gold (WSBN) has raised £250,000 at 0.2p/share. Meme Vault (MEME) raised £271,000 at 0.02p/share. The shares come with two warrants each and the exercise price is 0.02p/share.
Inqo Investments (INQO) has declared a dividend of R0.07/share.
OTAQ has left Aquis.
AIM
Sports consultancy and data analysis business 4GLOBAL (4GBL) is refocusing its strategy. The new focus is North America. In the six months to September 2024, revenues fell 3% to £1.7m. The loss increased from £1m to £1.08m after a much higher foreign exchange loss. Annualised recurring revenues are steady at £1m. North American revenues rose by 161% in the period. There was cash of £287,000 at the end of September 2024, but also borrowings of £583,000 following the securing of an additional borrowing facility of £500,000 during the period. Management believes it has enough cash for its requirements, including continuing to spend on developing the data analysis technology.
Equals Group (EQLS) is recommending a bid from a bid vehicle owned a consortium comprising TowerBrook Funds, JC Flowers Funds and Railsr shareholders. The 140p/share cash offer values the multi-currency payments company at £283m. The bid is 135p/share in cash with a special dividend payment of 5p/share.
NWF (NWF) offset the decline in the food distribution by stronger trading in fuels and feed. Fuels margins improved despite flat volumes. Overall operating profit improved, but higher interest costs mean that pre-tax profit will be lower. Feeds volumes improved due to a higher milk price. Lower throughput and costs of relocating stock to the Lymedale site mean that its profit contribution fell. The winter is important to the full year outcome.
Automotive connection systems supplier Strip Tinning (STG) says that the lifetime value of nominations has risen 12% to £107m. That is mainly due to the major battery technology contract for cell contact systems from £43m to £56.8m. Higher National Insurance costs will be offset by cost savings. Capex spending will be lower than expected over the next two years, so net debt will not rise as rapidly, although it could be £9.3m by the end of 2026. A £3.7m loss is forecast for 2024. Although the 2026 forecast has been lowered, Strip Tinning is set to move into profit in 2027. There is 80% visibility of forecast 2027 revenues of £27m.
Ceramic and fragrance products supplier Portmeirion (PMP) trading has been weaker than expected and the 2024 pre-tax profit forecast has been cut from £4.5m to £1m. South Korea and the US have been weak markets. Christmas stock was delivered late to the US and there were order withdrawals. Net debt is expected to be £7.4m. An unchanged dividend of 5.5p/share is anticipated. The fragrance business is the bright spot.
Electric Guitar (ELEG) subsidiary 3radical is being liquidated and Electric Guitar has become a shell. The uncertain financial position means that trading in the shares remains suspended.
Roebuck Food Group (RFG) intends to raise up to £8.5m via a bookbuild to finance the purchase between 35% and 38.7% in GlasPort Bio, which is developing technology to reduce greenhouse gas emissions, with an option to raise this stake to 94.5%. The company is also buying a 13% to 16.7% stake in GlaspOrt Rumen Tech, which has developed ruminate feed additive RumenGlas, that reduces carbon dioxide emissions.
Autonomous vehicles developer Aurrigo International (AURR) raised £5.25m at 44p/share. The retail offer raised an additional £68,000. The cash will fund an increase in production capacity, as well as engineering.
Helix Exploration (HEX) has made a commercial helium discovery at the Darwin#1 well at the Rudyard field. It is 1.1% helium with the rest primarily nitrogen and the flow is sustainable. The Rudyard field could support multiple production wells, and each could generate $4m in cash/year. The company could begin to be cash generative in 2025.
Trading in Aura Energy (AURA) shares has been halted pending a capital raising. An assessment of future capacity expansion at the Tiris uranium project in Mauritania. The production target update in September increased the mine life from 17 to 25 years. Options to expand production capacity in the third year of operations from the initial plan to produce to produce 2MIbspa U3O8 to produce up to 4MIbspa U3O8. At 3MIbspa U3O8 NPV8 would be $544m, while at 4MIbspa U3O8 it is $521m. Tamesis has been AIM appointed broker.
Orosur Mining Inc (OMI) has received assays from the second and third holes of the current drill programme at the Anza project in Colombia. There was a composite intersection of 77.3 metres @ 7.68g/t gold from surface at the second hole and 75 metres at 5.6g/t from surface at the third hole. This shows a continuing trend to the North West. The fourth hole is completed.
Orcadian Energy (ORCA) has revealed heads of agreement for a farm out deal for the 145bcf Earlham/Orwell project in the North Sea. A joint venture led by Independent Power Corporation is earning a 50% stake and Orcadian Energy is fully carried to first gas. The joint venture, which has also acquired the $1.5m Shell loan, will be repaid this free carry spending through an additional 30% share of project revenues until the cost is covered. Orcadian Energy is also selling 50% of HALO Offshore UK to Independent Power Corporation, which is securing £5m of acquisition finance for gas field buy outs. Orcadian Energy has a 50% interest in the P2634 licence in the North Sea that has been acquired by Serica Energy (SQZ) from Parkmead (PMG).
Kazera Global (KZG) 70%-owned subsidiary Whale Head Minerals has secured an offtake agreement with Fujax South Africa for an initial 100,000 dry tonnes of heavy mineral sands from the Walviskop project in return for 80% of the anticipated final sales price less certain costs. Production recently started. Fujax will make a prepayment of $600,000 in two tranches in December and January.
Industrial monitoring and maintenance systems supplier Tan Delta Systems (TAND) says delays in orders mean that 2024 revenues will be lower than expected at £1.2m, down from £1.5m last year. The loss will be £1.2m. Net cash will be £3m.
Business recovery services provider Begbies Traynor (BEG) is benefiting from relatively high levels of insolvencies. In the six months to October 2024, revenues were 16% ahead at £76.3m, including organic growth of 11%. Underlying pre-tax profit was 16% higher at £11.5m, while earnings were 12% ahead at 5.1p/share. The interim dividend is raised 8% to £1.4m.
Seed Innovations (SEED) investee company Inveniam Capital has secured a strategic partnership with UAE-based AI company G42 to develop a platform for the financial markets. Seed Innovations owns less than 0.2% of Inveniam Capital.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) reports an increased underlying interim loss of £2.8m after a small dip in gross margins. Like-for-like revenues were 4% ahead with ecommerce growth faster than that of high street stores. There were 315,000 new customers buying in the period. Net debt is £4.2m due to deliberately increased stock levels. Management admits pre-Budget spending was subdued, but he business is second half weighted and there should be an improved full year outcome.
Investment company Thalassa Holdings (THAL) intends to raise cash to finance acquisitions. It believes this is an ideal time to pick up businesses at attractive valuations. The final price is being decided via a Dutch auction.
Alteration Earth (ALTE) has gained shareholder approval for the acquisition of Pri0r1ty AI. The company has developed a platform called Priority Adviser, which collects customer data for use in PR/investor relations. The enlarged company will move to AIM late in December.
Aura Renewable Acquisitions (ARA) is proposing the all-share acquisition of Zero Carbon Technologies, which plans to develop lead-acid and lithium-ion battery recycling operations in Europe. It is acquiring land in Spain. The target is raising at least £10m ahead of the acquisition, while Aura Renewable Acquisitions intends to raise up to £2m.
Nanoco (NANO) shareholders overwhelmingly voted against the appointment of two additional directors.
Andrew Hore
Quoted Micro 30 September 2024
AQUIS STOCK EXCHANGE
Seneca Partners has requisitioned a general meeting at ProBiotix Health (PBX) to remove chief executive Steen Andersen and Frederik Bruhn-Petersen, whose family office recently subscribed for shares, from the board. Seneca was an early backer of OptiBiotix (OPTI), which spun off ProBiotix Health and whose boss Stephen O’Hara is on the board. OptiBiotix was unhappy with the share subscription and concern about the increase of the number of employees in Denmark.
Brewer Adnams (ADB) interim revenues improved from £30m to £31.9m and the loss was reduced from £4m to £2.55m. NAV fell to £19.9m at the end of June 2024. The funding review is continuing. Proposals for additional funding have not been at suitable cost, so non-core assets will be sold to reduce debt. Adnams improved market share in the off-trade, but sales to pubs and bars declined faster than the market.
Music artist talent management services provider All Things Considered (ATC) increased interim revenues from £3.4m to £19.6m, helped by a sharp increase in services revenues and an initial contribution from the live events division. The loss rose from £1.14m to £1.26m. Net cash is £1.68m. The first major production for the ATC Experience division is Hamlet Hail to the Thief, which combines Shakespeare and Radiohead.
Skin treatments developer Incanthera (INC) says the initial launch of the SKIN + Cell is being expanded and the products will be in the European retail network of Marionnaud sooner than originally planned. That is 1,200 outlets and this should be enough to move Incanthera into profit. Full timing of the launch is still being discussed. There are also plans for additional products.
Trading in Essentially (ESSN) shares has been suspended pending an investigation.
Cleantech engineering company Time to ACT (TTA) reported a loss of £1.1m on revenues of £1.89min the year to March 2024, which was prior to flotation. There was a profit the previous year, but that was due to a one-off payment of £1.5m. Oberon forecasts revenues of £2.2m this year but points out the lumpy nature of revenues. There would still mean the company would be loss making.
Invinity Energy Systems (IES) joint venture development partner Gamesa Electric has ordered a 1.2MWh Mistral battery for a solar and wind generating site in Spain. This was announced at the same time as the interims, which were already well flagged. Interim revenues were £1.6m and the cash outflow from activities was £12.4m.
Bad debts of €1.09m were recovered by Black Sea Property (BSP) helped it move into profit in the six months to June 2024. Net assets are €50.6m.
Cadence Minerals (KDNC) made an interim loss of £2.5m, while net assets were £17.8m at the end of June 2024. The net cash outflow from activities was £300,000 and net cash was £100,000.
IntelliAM (INT) generated revenues of £106,000 between July 2023 and March 2024 and lost money.This is the period before the acquisition of 53 Degrees North Engineering. There was cash of £91,000 at the end of March 2024.
Equipmake (EQIP) has received an additional order from South American bus manufacturer Agrale. Equipmake will supply parts for the MA11 light bus platform, which is an electric/ethanol hybrid.
Hot Rocks Investments (HRIP) is investment in the Oscillate (MUSH) placing to help it finance the acquisition of Quantum Hydrogen. The investment company is buying shares in Oscillate at 1p each and they come with a warrant exercisable at 2p. The total fundraising is £700,000.
Coinsilium (COIN) reported that interim revenues slumped to £3,000, but the digital assets investor and services provider moved from loss to profit. That was due to a net fair value gain on financial assets of £336,000. Cash was £430,000 at the end of June 2024.
Igraine (KING) had £84,000 in the bank at the end of June 2024, following an interim loss of £67,000. The board is evaluating new opportunities.
Valerium (VLRM) has launched VLRM Capital Management in Gibraltar and it will act as director of VLRM Capital Management VSA Private Fund. The fund will use volume spread analysis to generate returns. Valerium chairman James Formolli has invested £1m in the fund.
Marula Mining (MARU) has updated its mine development plan for the Kinusi copper mine in Tanzania. The infrastructure is suitable to support open pit mining and two-phase copper processing operation to produce copper cathode.
Wishbone Gold (WSBN) is receiving A$55,000 from the Western Australian government towards exploration of the Nullagine tenements at Mosquito Creek.
Phoenix Digital Assets (PNIX) had net assets of 5.07p/share at the end of June.
Voyager Life (VOY) says that M3 Helium, which it has an option to acquire, plans a second frack on the Nilson well. This is a fully funded programme with investors providing $170,000 for a 25% interest in the well.
Ormonde Mining (ORM) says cash decreased by €769,000 in the first half of 2024. Net assets were €5.06m at the end of June 2024, with cash of €1.54m.
Globa Capital (GCAP) had net liabilities of £485,000 at the end of June 2024. There is support from shareholders and loan note holders to meet ongoing costs.
TechFinancials (TECH) had cash of $318,000 at the end of June 2024. Management is seeking investment opportunities.
Vinanz (BTC) raised £608,000 at 13p/share. This will fund the acquisition of more Bitcoin miners.
Lift Global Ventures (LFT) appointed Oberon as corporate adviser and broker.
RAJ Bailey acquired 10,000 shares in Daniel Thwaites (THW) at 85.25p each. It taks the director’s stake to 1.32%.
AIM
Floorcoverings supplier Airea (AIEA) had already flagged the weak second quarter trading. Interim revenues were 6% lower at £9.3m and there was a swing from a pre-tax profit of £620,000 to a loss of £68,000. Airea does not appear to be losing market share, and third quarter trading has been stronger. The investment in the manufacturing facility continues and should be completed in early 2025. There is still net cash even though inventories have increased.
Software and maintenance services provider Pennant International (PEN) says that the UK strategic defence review has led to delays in training contracts. This part of the business is being reviewed with plans to focus on a software-led model. Interim revenues were 4% higher at £7.4m despite a decline in North American revenues because of the splitting up of a large Canadian contract. There was a move back into a modest profit. A new software product will be launched in early 2025. Cavendish still expects a full year loss of £400,000, but it is reviewing its 2025 figures.
Telematics services provider Microlise (SAAS) has secured a five-year contract renewal with JC Bamford up until September 2029. The technology enhances connectivity and diagnostic capabilities to improve productivity. The relationship has lasted 14 years.
Graphene technology developer Directa Plus (DCTA) is taking a cautious approach to the environmental remediation tenders that it has been expecting to be awarded. These have been removed from forecasts and full year revenues are estimated at €7.3m, down from €10.5m, with a loss of €5.1m. The interim revenues declined 27% to €3.45m, although this was partly offset by the concentration on higher margin business. If Directa Plus wins one of the tenders, then revenues could rise significantly over the next year. There should still be net cash of €5.2m at the end of 2024, so Directa Plus can wait for the tenders to come through.
Shield Therapeutics (STX) has revealed phase 3 paediatric study results for ACCRUFeR, its iron deficiency anaemia treatment, that show highly clinically relevant effectiveness. This will support filings with the FDA and the European authorities for children older than one month. The FDA filing should be in the first quarter of 2025.
Ondine Biomedical Inc (OBI) has raised £2.8m at 12.5p/share, although the transaction is not expected to be completed until early November. This follows a partnership with Sweden-based Molnlycke Health Care that will take the Steriwave nasal antimicrobial treatment in the European and Middle East markets. The UK is the initial focus. The addressable market is $300m.
Cora Gold (CORA) says exploration work at the Sanankoro gold project in southern Mali has identified twenty new targets within eight gold bearing structures – four primary and four secondary structures. There are seven key targets. This provides potential to extend the existing gold resource of 920,000 ounces. There are signs that the Mali government may lift the moratorium on issuing permits. The existing DFS was based on a gold price of $1,750/ounce and even at this price level the project would generate $71.8m of free cash in the first year.
Clean Power Hydrogen (CPH2) has completed the final stage of the Factory Acceptance Test for the MFE110 electrolyser. The customer is Northern Ireland Water, and it will deploy one unit. This should help to spark more serious interest from other potential customers.
Fluid power products supplier Flowtech Fluidpower (FLO) had already pre-empted the interims in its July trading statement, but trading got tougher in the third quarter. Interim sales fell 6% to £55.7m with customers deferring orders. A recovery was expected in the second half, but revenues are likely to be flat leading to a 2% decline in revenues to £110m. Pre-tax profit is forecast to slump from £4.3m to £1.7m before recovering next year.
Emmerson (EML) is hopeful that it will receive the environmental permit for the Khemisset potash project in Morocco before the end of the year. There will also be the release of lab results from the second round of crop trials that examine the effectiveness of the potash providing phosphate to lettuces. Emmerson currently has $1.7m in cash. This should last well into 2025.
Hummingbird Resources (HUM) has launched an operational and strategic review and Dan Betts is moving from chief executive to chairman of the gold producer. A new boss is being sought. Lower than expected mining volumes mean that Kouroussa will take until the end of the year to reach commercial production. A $30m prepayment gold loan has been agreed with CIG. Gold will be delivered to CIG each month.
Energy services supplier Enteq Technologies (NTQ) has raised £1.5m from a placing and subscription at 5p/share. A retail offer could raise up to £500,000 and it closes on 30 September. The cash will help to finance the commercial launch of the SABER (Steer-at-Bit Enteq Rotary) tool. Testing with the first customer is ongoing. The fleet of SABER tools will be raised to ten.
Spirits supplier Distil (DIS) is raising £650,000 at 0.12p/share with non-exec Roland Grain subscribing £200,000 and Dr Graham Cooley £90,000. The shares come with placing warrants exercisable at 0.36p each. Allenby has been appointed as broker. The cash will fund promotion and production of stock.
MAIN MARKET
Highway Capital (HWC) has ceased discussions for the purchase of Guinevere Capital Esports and Entertainment. A capital restructuring is planned so that debt can be converted into equity and more cash raised via a share issue. The 2022-23 and 2023-24 accounts should be published by November. Trading in the shares was suspended in 2016.
Andrew Hore
Quoted Micro 23 September 2024
AQUIS STOCK EXCHANGE
Digital assets investor KR1 (KR1) reported interim revenues from those digital assets improving from £3.91m to £8.72m, although lower gains on disposals of assets meant that the pre-tax profit edged up from £10m to £10.3m. There was £1.5m in cash in the balance sheet at the end of June 2024. NAV was 82.01p/share at the end of June 2024 and this has fallen back to 71.92p/share at the end of July 2024.
Oscillate (MUSH) has signed an agreement to acquire Quantum Hydrogen for £1.4m in shares. The Minnesota exploration acreage has potential for hydrogen gas. There was £500,000 raised at 1p/share. Investee company Shortwave Life Sciences (PSY) announced positive safety results for its proprietary psilocybin-based drug combination.
Equipmake (EQIP) has received an order from Genco Energy, which is a supplier to Kiwi Bus Builders in New Zealand. This covers four zero emission drivetrains for trail electric buses. There are discussions for the supply of more drivetrains.
Food and beverages company Essentially (ESSN) has renegotiated supplier terms and its beverages are being sold in more stores. The Best of Latin was acquired in May. Interim revenues rose from £593,000 to £920,000. The loss was reduced from £400,000 to £236,000.
Macaulay Capital (MCAP) net assets declined from £1.36m to £1.17m in the six months to June 2024. The company has seven portfolio companies.
Mollyroe (MOY) had net assets of £267,000 at the end of June 2024 and that includes cash of £312,000. Management is seeking opportunities.
Telecom fibre optic cable components supplier Unigel (UNX) interim revenues declined from £18m to £14.8m, but higher gross margins mean that pre-tax profit improved from £630,000 to £930,000. Productivity improved and there were greater sales of higher margin products.
IntelliAM AI (INT) has won contracts with Hovis manufacturing sites, and they are worth £100,000 over 12 months.
Wishbone Gold (WSBN) has raised £360,000 at 0.375p. This will provide working capital. New 3D modelling at the Red Setter prospect owned by Wishbone Gold shows a high quality target, plus the structure of a dome target. The assessment of the Western Australia shows gold, some near the surface, and copper resource.
Probiotix Health (PBX) has secured an agreement with Greek consumer business Eifron, which will introduce YourBiotix tablets in early 2025 under its own brand. There will also be other products using Probiotix Health’s core ingredient launched.
Valereum (VLRM) says that its El Salvador subsidiary has obtained a Digital Asset Service Provider licence. This enables it to operate a real world asset ecosystem.
Marula Mining (MARU) reported a higher loss in 2023. There was a £913,000 cash outflow from operating activities. There was also a £1.67m outflow from investing activities. The first manganese export sales have been completed from the Larisoro manganese mine.
Watchstone Group (WTG) had net assets of £5.8m at the end of June 2024. That includes cash of £6.2m, but a return of capital has reduced the cash balance to £1.7m.
Adsure Services (ADS) has declared a final dividend of 0.99p/share. The ex-dividend date is 17 October.
Ananda Developments (ANA) raised £80,000 from a retail offer at 0.3p/share. This is on top of the £2.1m already raised.
Daniel Thwaites (THW) director RAJ Bailey bought 45,000 shares ate 85.05p each and 13,000 shares at 85.25p each. He owns 1.3%. Constantine Logothetis has acquired more shares in SulNOx Group (SNOX) taking his total to 25.1%. William Black and Armstrong Investments has increased its stake in EPE Special Opportunities (EO.P) from 5.1% to 6.02%.
AIM
Steel structures supplier Billington (BILN) was always going to have a tough time maintaining the 2023 figures and interim revenues fell 4% to £57.9m. Pre-tax profit was flat at £4.6m, although building safety products made a higher contribution offsetting a decline in structural steel. Net cash is still £21.9m even after the 33p/share dividend. The second half will not hold up as well. Cavendish has upgraded its 2024 forecast for the second time in six months. Pre-tax profit has been raised from £8.5m to £9.25m, still well down on the 2023 figure of £13.4m.
Digital coupons and loyalty technology provider Eagle Eye (EYE) continues to grow at an impressive rate as more retailers take up its technology with AI providing additional revenue opportunities. In the year to June 2024, revenues were 11% ahead at £47.7m, while pre-tax profit improved from £4.5m to £6.1m. Net cash is £9.1m and it will continue to build up. The five-year target is revenues of £100m.
Judges Scientific (JDG) had a tough first half. Organic revenues were 3% lower with China the weakest market. The international nature of the business helps to offset some of the downturns in specific markets. Pre-tax profit fell 16% to £10.8m. The order book covers 17 weeks of revenues. Panmure Liberum expects a dip in full year pre-tax profit from £31.7m to £30.7m. The recently announced Geotek contract will benefit the 2025 results.
Good Energy (GOOD) continues its transformation into an energy services business, but the real change will not be seen until next year when they start to make a positive contribution. The reduction in energy prices hit revenues of the supply business and profitability. The first half of the previous year was a beneficiary of high gas prices, so it is no surprise that revenues declined sharply from £156.1m to £97.4m. Pre-tax profit slumped from £13.1m to £4.4m.
There is a better outlook for kettle controls and water filtration products supplier Strix (KETL) following significant restructuring and cost cutting in the first half. This led to large exceptional charges. Interim revenues improved 2% to £66.1m and pre-tax profit rose from £6.9m to £7.8m. This excludes the Halopure business, which is up for sale. There were improved profit contributions from all three divisions. There is no interim dividend. Net debt has fallen to £68.8m.
Packaging equipment and automation provider Mpac Group (MPAC) is acquiring BCA Automation for £12.9m in cash and shares. The acquired business focuses on robotics and conveyor systems for food and other sectors, so it fits well with the existing business. The Boston-based business focuses on the packaging area, whereas Mpac is focused on earlier stages of production.
Ceramic and fragrance products supplier Portmeirion (PMP) had flagged the interim figures. Revenues fell 17% and there was a loss of £2m. Costs are being lowered and this has enabled full year estimates to be maintained with pre-tax profit expected to recover from £3m to £4.2m. This will come via cost savings and additional revenues. The dividend is being rebalanced from 3.5p/share to 1.5p/share, but the total dividend for 2024 should be higher than last year’s 5.5p/share.
There was yet another upgrade for Warpaint London (W7L) from Shore Capital following the interim figures today. There was strong growth in Europe and the UK. North America grew slightly but the focus is higher margin business. Gross margins continue to improve. Overall group sales were one-quarter ahead at £45.8m and pre-tax profit jumped from £6.3m to £11m. The full year pre-tax profit forecast has been raised 5% to £24.5m.
Kinovo (KINO) has won an 18-month contract with Hackney council. It is worth up to £12m and covers a range of decarbonisation works on 300 properties. The work should start in the fourth quarter of 2024. There is also another contract with Hackney worth £400,000. This work replaces another contract that is being retendered.
Intermediaries services provider Fintel (FNTL) grew interim revenues from £31.7m to £35.7m, helped by acquisitions. Zeus has updated its forecasts for the most recent acquisition ThreeSixty Services. The 2024 revenues have been raised from £74.3m to £77.5m, while pre-tax profit has been reduced from £18.4m to £17.2m.
DP Poland (DPP) generated like-for-like growth of 22% in the first half and the growth remains above 20% in the second half. Money raised this year is being invested in new Domino’s sites in Poland. There is also growth in franchising with four corporate stores sold to an overseas operator. The loss is reducing, and DP Poland could move into profit in 2025.
Phoenix Copper (PXC) has published the pre-feasibility study for the Empire open pit mine in Idaho. Discounted NPV at 7.5% discount is $87.9m and total cash costs are estimated at $2.44/copper equivalent pound. Over eight years the mine could generate net free cashflow of $153m. Further exploration planning is happening, and equipment is being purchased for the processing site.
Global Petroleum (GBP) has risen on the back of yesterday’s application two additional licences near to an existing Juno licence in Western Australia, where it increased its stake from 70% to 80%. This is near the Havieron project. Precious and base metals targets have been identified that have similar characteristics to the existing licence. The company has appointed Omar Alumad, who it says has a record of identifying early opportunities, as chief executive and Hamza Choudhry as finance director.
Software training services provider Northcoders (CODE) reported a 26% increase in interim revenues to £4.4m. Registrations for courses were at record levels. There was a small interim pre-tax profit. Net cash is £700,000. The corporate business has been rebranded Counter. Investment in the cloud and data analytics means that there will be continued demand for Northcoders’ training and services.
Digital media company Catenai (CTAI) reduced its loss from £196,000 to £13,000 in the six months to June 2024. That is down to the fees earned for the £450,000 convertible loan note investment in oil and gas-focused data analytics company Klarian and reduced costs. Catenai has also moved from net liabilities to net assets. The cash position has improved to £31,500.
Africa-focused energy company Chariot Ltd (CHAR) has completed the drilling of the Anchois-3 main hole. It encountered gas, but gas pays are thinner than pre-drill estimates. The well will be abandoned. The next step for the project is being discussed with joint venture partners.
Rockfire Resources (ROCK) raised £450,000 at 0.1p/share to continue the development of Molaoi zinc silver lead project in Greece. Earlier in the month, the JORC resource was raised by 500% to 1.09 million tonnes of zinc, 260,000 tonnes of lead and 19.1 million ounces of silver. A retail offer to existing shareholders of up to £250,000 managed to raise £82,000.
MAIN MARKET
Motor and property finance lender S and U (SUS) says that motor business remains challenging, although this could improve in the second half if FCA restrictions are removed. Property lending is still growing. The interims will be published on 8 October.
Trading in Hostmore (MORE) shares has been suspended and then cancelled because the company is being placed in administration.
Shipbroker Braemar (BMS) reassured investors about 2024-25 trading. Interim operating profit should be slightly higher than the £7.6m reported in the same period last year. There is £3.3m in cash. Management is confident about the rest of this year and next year despite continued volatility in shipping markets.
DG Innovate (DGI) raised £620,000 at 0.075p/share with management promising to subscribe £200,000 when the energy storage technology developer is not in a closed period. This will fund development of e-drives and energy storage products. It will also help to fund setting up a joint venture with EVage Automotive.
Becket Invest (TAB) has agreed to buy SMT Holdings, which will invest in strategic metals and rare earths used in technology and aerospace.
Andrew Hore
Quoted Micro 12 August 2024
AQUIS STOCK EXCHANGE
Quantum Exponential Group (QBIT) says potential investors have proposed a minimum investment of £1m at 1p/share. The investors have also agreed to pay the investment company £100,000 to cover costs since incurred since the proposed cancelation was announced. This will be repayable out of the proceeds of the investment when it is completed.
Marula Mining (MARU) is acquiring 80% of Kenyan mineral processing company Agarwal Metals and Ores, which owns the Kilifi manganese processing plant.
Flex Labs Inc (FLEX) is proposing to cancel its Aquis quotation and is holding a general meeting on 30 August. The plan is to seek a listing in Canada. The AI company joined Aquis last December at 6p/share. The share price halved to 0.75p last week.
Ormonde Mining (ORM) investee company TRU Precious Metals has appointed Ormonde Mining technical adviser Steve Nicol as chief executive. The 36.2%-owned TRU Precious Metals is exploring for gold and copper in Canada. Another investee company, Peak Nickel, has commenced a drill programme in Aberdeenshire. There will be a minimum of 1,000 metres drilled.
Gunsynd (GUN) remains on Aquis for a few more days and it has entered a farm-in agreement with Pinwheel Resources over acreage in Canada. It can earn 100% of Falcon Lake U-Co-Cu project and Bear Twit VMS project for a total outlay of £200,000 in cash and shares.
IntelliAM AI (INT) has secured a contract extension with a global alcohol company. The company’s consulting services will be broadened to 35 maltings sites in the UK. The contract value is a minimum of £100,000.
Walls and Futures REIT (WAFR) has been trying to attract institutional investors involved in infrastructure and property, but the General Election led to delays. The process will be restarted at the end of the summer holidays. The scale of any potential fundraising will be larger than previously expected.
Oberon Investments (OBE) raised £2.5m at 3.5p/share and that will help to accelerate growth. First quarter revenues increased by 90% to £2.54m and this came from all the divisions. Like-for-like growth of more than 30% is being targeted for the full year.
Tectonic Gold (TTAU) has sold its 10% stakes in diamond miner Deep Blue Minerals and heavy mineral sands miner Whale Head Minerals to AIM-quoted Kazera Global (KZG). A potential Western Australia gold acquisition opportunity is being assessed.
Investment Evolution Credit (IEC) has raised £100,000 at 20p/share.
Ananda Developments (ANA) has moved to the Apex segment of the Aquis Stock Exchange.
AIM
Hargreaves Services (HSP) reported a fall in full year pre-tax profit, but it was slightly higher than expected at £16.9m. Pre-tax profit was lower because of the reduced contribution from the German HRMS business, although it did have a much better second half. This recovery should continue into the current year. EU sanctions on Russian pig iron has helped prices improve, which is good for the HRMS recycling operations. The enhanced dividend will continue and should at least be maintained at 36p/share. NAV is 583p/share.
Customer engagement and intelligent automation systems supplier Netcall (NET) is spending an initial £9.6m for Govtech, which has a focus on the public sector, and this will be earnings enhancing this year. Govtech helps local authorities to automate council transactions so they can be done more quickly and efficiently. Netcall has local authority clients, and its coverage of UK councils will increase from 26% to 34%. Netcall had £33.7m of net cash at the end of June 2024. Even after the acquisition Netcall could still have £31m in cash at the end of June 2025.
Insurance premium finance and professional funding provider Orchard Funding (ORCH) says its largest customer has gone into administration. Orchard Funding has lent £16.7m to Insure That clients out of a total lending book of £66.8m at the end of June 2024. Management is assessing the recoverability of the Insure That loans. This comes six weeks after a positive trading statement.
Cash shell Earnz (EARN) is making its first acquisitions and raising up to £4m at 7.5p/share. It is buying energy services companies Cosgrove & Drew, which provides public sector project work and compliance services for heating and plumbing, and heating installation and maintenance services provider South West Heating Services. Earnz chair Bob Holt has a stake in Cosgrove & Drew, which will cost up to £196m. In 2023, it generated revenues of £9.1m and lost £832,000. South West Heating Services will cost up to £1.15m and it made revenues of £1.1m and a pre-tax profit of £275,000 in the nine months to March 2024. The focus is cross-selling of services and organic growth.
Ocean Harvest Technology (OHT) has published positive data from trials of OceanFeed Swine. Adding this feed ingredient to the diet of pregnant sows results in more piglets being born and improved milk quality in the sows. Revenues per sow increased by $24/year. More than $100bn/year is spent on swine feed.
Natural resources data analyser and provider Getech (GTC) has raised £1.5m at 2p/share and could generate up to £200,000 more from a retail offer. This will improve the balance sheet ahead of the planned sale of Nicholson House. The cost base is being reduced. There will be investment in the sales and business development teams, as well as in machine learning technology development.
Revolution Bars (RBG) has received court approval for its restructuring plan. This means that some bars can be closed, and others will have rent reductions. There will be 65 bars and pubs left in operation. This should improve annualised EBITDA by £3.8m.
Oil and gas company Prospex Energy (PXEN) raised £3.34m via a placing and subscription at 6p/share. There was also an oversubscribed retail offer that raised £859,000. Prospex Energy wants the cash to acquire an interest of 7.5% in the Vlura producing gas field that generates more than four-fifths of the Spain’s gas production.
Hermes Pacific Investment (HPAC) plans to leave AIM. The share price slumped to 40p. The investment company found it difficult to secure suitable investments in the financial services sector in south east Asia and changed into a property investor in 2022, but only one property has been acquired. There is a low free float, and the shares are trading at a large discount to the September 2023 NAV of 147p/share.
Oil and gas company Bowleven (BLVN) plans to leave AIM and 58.3% shareholder Crown Ocean Capital is offering shareholders the chance to sell shares at 0.225p each up until 11 September. This offer is dependent on the departure from AIM being agreed at a general meeting on 28 August. Management believes that being private will give the company more flexibility and reduce costs.
Floorcoverings manufacturer Airea (AIEA) was hit be a slowdown in second quarter sales. The decline of 5.6% was slightly better than for the market as a whole. Interim sales are lower with international revenues 22% lower. July has been stronger and new product launches are planned. There has been an increase in inventory because of the slow sales. The interims will be announced on 26 September. The full year expectations have been reduced.
Extended reality technology developer Engage XR (EXR) says interim revenues reached a record of €2.2m with the main growth coming from licence income. Net cash is €5.5m at the end of June 2024. Management still believes that Engage XR can move into profitability during 2025 without raising additional cash. Full year revenues of €5.3m and net cash of €3.7m are forecast.
EnergyPathways (EPP) says the retention of the decarbonisation investment allowance in the energy profits levy is a positive signal. This should be helpful for the company’s MESH Marram Energy Storage Hub) project. This part of the development of the Marram gas field in the UK Irish Sea.
Tan Delta Systems (TAND) has entered into a product agreement with an engine manufacturer to develop a sensor to monitor coolants and water-based hydraulic solutions. The initial value of the agreement is £200,000, but it could increase to £2m.
Seed Innovations (SEED) has used some of its cash to buy £250,000 of shares in the recent fundraising by AIM-quoted Pantheon Resources (PANR), which is exploring for oil and gas in Alaska. The placing was at 17p/share and the current share price is 18.18p. There is still £3.5m in cash left.
MAIN MARKET
Restaurants operator Hostmore (MORE) says interim like-for-like sales have declined 10% and this accelerated to a 23% decline in July. The first half loss has been reduced. Borrowings are likely to exceed the current debt facilities. Management continues to work on the acquisition of master franchise owner TGI Fridays Inc. The plan is to sell corporate stores to new franchisees and there are agreements to sell stores for more than $40m. A review of options if the acquisition does not happen is being undertaken.
Alkemy Capital Investments (ALK) has updated the market on progress with the Tees Valley Lithium refinery project. A collaboration with Geothermal Engineering intends to develop integrated supply chains in the UK. Project funding partners have been shortlisted, while overheads are being reduced.
Andrew Hore
Quoted Micro 15 July 2024
AQUIS STOCK EXCHANGE
Cadence Minerals (KDNC) is raising £750,000 at 2.5p so that it can provide funding for the Amapa iron ore project. This will be spent on testing the 67.6% green iron product flow sheet to pre-feasibility study level. The pre-feasibility study will then be revised. Earlier in the week, an updated study of the Amapa iron ore project, where Cadence Minerals owns 34.2%, shows process plant optimisation can be improved. The mine life of 15 years can have a throughput of 13Mt/year of iron ore. Cash cost is reduced to $33.50/t. The NPV10 for the project has increased by one-fifth to $1.1bn.
VSA Capital (VSA) reported a slump in full year revenues from £4.36m to £1.89m and there was a loss of £2.4m. There was a £1.67m loss on investments due to the reversal of a transaction with Silverwood Brands (SLWD). There was cash of £229,000 at the end of March 2024 and net cash of just over £12,000. Net assets are £1.66m. The £56m fundraising for Invinity Energy (IES) happened after the year end. The company is working on another large deal.
Oscillate (MUSH) has entered into non-binding heads of terms for the acquisition of Quantum Hydrogen Inc. The bid target has exploration rights over 60,000 acres in the state of Minnesota. There is a 60-day due diligence period. Richard and Charlott Edwards have reduced their stake in Oscillate from 8.31% to 7.6%.
Marula Mining (MARU) has acquired a 51% interest in the Kruisriver cobalt project in South Africa for an initial £100,000 in shares at 10p each and a further £100,000 on completion of due diligence. The mine used to produce cobalt. Marula Mining will fund an updated bankable feasibility study. A monthly management fee of £4,300 will be paid to the seller and after 12 months or less a further £200,000 in shares and $1.7m in cash will be payable. Marula Mining is also acquiring the Kilifi manganese processing plant in Kenya. It intends to buy mining operations to supply it.
Gunsynd (GUN) has decided to leave Aquis and it plans to acquire a 100% stake in the Falcon Lake uranium, copper and cobalt project and the Bear-Twit VMS project in Canada. The consideration is £200,000 in shares and cash. It will also commit £100,000 to work programmes. The last day of dealings on Aquis will be 9 August.
Skin treatments developer Incanthera (INC) has received a second Skin + CELL production order of 250,000 units from Marionnaud AG. This will be delivered before the end of March 2025. Total projected revenues for both orders are more than £10m.
Shortwave Life Sciences (PSY) has received a positive response from the PCT examining authority acknowledging its patent claims for its drug delivery platform for psychedelic-based drugs. More than nine million shares have been issued as deferred consideration for the acquisition of Shortwave Pharma Inc.
Quantum Exponential Group (QBIT) is still talking to a potential investor and there have been indications of interest from others. These discussions have been going on for weeks, but management believes that they have potential for a positive conclusion.
Software developer IntelliAM (INT) has secured a funding award of £263,000 from DIF Lighthouse Fund. This is for research into the application of AI in lubrication analysis. A machine learning model will be created. Gresham House Asset Management holds 23.5% of the company.
United General is investing €1m in Substrate AI (SAI). Jonathan Belliss has increased his stake in Hot Rock Investments (HRIP) from 3.4% to 15.5%. Coinsilium Group (COIN) chief executive Eddy Travia and chairman Malcolm Palle each bought 300,000 shares at 1.67p each. Shepherd Neame (SHEP) non-executive director George Barnes bought 1,000 shares at 666p each. Tap Global Group (TAP) chief executive Arsen Torosian bought 12.25 million shares at 0.5p each.
EPE Special Opportunities (EO.P) had net assets of 246.28p/share at the end of June 20204.
AIM
Rosebank Industries (ROSE), which was set up by founders and management of FTSE 100 index constituent Melrose Industries, joined AIM on Thursday 11 July. Just like Melrose Industries, Rosebank Industries has started out on AIM as an investment company seeking a large initial acquisition. The plan is to identify underperforming industrial and manufacturing companies, acquire them and improve their performance. Rosebank Industries raised £50m at 250p/share and the share price soared on the first day and the momentum continued on Friday. The share price jumped to 675p.
Trading is in line with expectations at production machinery supplier Mpac (MPAC). Sales are likely to increase by 16% in the first half of 2024 and operating profit could nearly double. That is partly due to a weak first half in 2023. The order book is valued at £71m. New customers are being won with the Americas doing well.
Market research firm System1 Group (SYS1) has provided a first quarter update one week after publishing 2023-24 results. All geographic regions are growing, and group sales are 53% ahead of the first quarter of the previous year. This is a record quarterly figure. The company appears well on course to improve full year pre-tax profit from £3.1m to £4.4m.
Property services provider Kinovo (KINO) has almost sorted out its problems with former subsidiary DCB following the collapse of the buyer. The total liability is £12.9m with the final site set to be completed within weeks. That is a figure before any cash that could be recoverable. This could reduce the figure by more than £2m. Most of the cash has already been paid and the final amount of £2.2m will be paid over 18 months. In the year to March 2024, Kinovo revenues improved from £62.7m to £64.1m even though a private sector renewables contract worth £3.6m/year was not renewed by choice. Free cash flow was £7.2m and the DCB outflow was £7.4m.
In the year to March 2024, TPXimpact (TPX) revenues increased from £69.7m to £84.3m, while pre-tax profit improved from £800,000 to £1.8m. Disposals and reduced working capital meant that net debt fell from £17.5m to £7.1m. There is no dividend and that is likely to continue to be the case. The debt facility is £25m and lasts until July 2026.
Driving safety technology developer Seeing Machines (SEE) has bought Asaphus Vision, a machine learning and AI technology developer, for up to $6m from automotive components supplier Valeo and secured a collaboration agreement. The deal adds IP to the group and three ongoing automotive programmes. There is also a new Berlin base that will help to boost European business.
Communications and power products supplier Solid State (SOLI) reported a jump in full year pre-tax profit from £10.8m to £15.6m, but this level of profit will not be maintained this year. There was strong demand in the systems division and a £10m order was delivered earlier than expected.
Legal services provider Knights Group Holdings (KGH) reported figures for the year to April 2024 showing pre-tax profit improving from £11.5m to £14.8m and the total dividend was raised to 4.4p/share. This year has started well with residential property business recovering and net debt should reduce.
Investment company Mindflair (MFAI) was given a boost by the acquisition of Landvault by AI company Infinite Reality. Landvault is valued at $450m in shares and is part of the portfolio of Sure Valley Ventures Fund, where MindFlair holds13%, plus a further 5.3% via its stake in full listed Sure Ventures (SURE). The fund owns 7% of Landvault and the valuation of the stake is $6m, which is a 470% increase on book value at the end of 2023. That suggests that MindFlair’s share is nearly $1.1m.
Biome Technologies (BIOM) is still suffering from delays in orders at its bioplastics division and technical validations may not be finalised until later in 2024. Also, the coffee packaging market has weakened. In contrast, there should be significant revenues from the RF Technologies division. Overall revenues will be well below expectations. A small loss is expected for 2024. Additional working capital may be required.
Business recovery services provider Begbies Traynor (BEG) reported an improvement in pre-tax profit from £20.7m to £22m in 2023-24 as expected. There is organic growth as well as contributions from acquisitions.
Employee benefits and insurance provider Personal Group Holdings (PGH) is selling Let’s Connect, which it acquired ten years ago, at well below the purchase price. In 2014, Let’s Connect was acquired for an initial £6m. The Perkbox Vivup Group is paying £2m for technology salary sacrifice business Let’s Connect.
Demand for fixed interest fund has pushed up the assets under the management of Premier Miton (PMI) by 8% to £10.6bn. There has also been a more recent recovery in funds inflows for international equity funds. Multi-asset funds are less appealing to investors.
TV programmes producer Zinc Media (ZIN) has secured 2024 revenues of £28m, which is lower than the same time last year. There have been delays to signing deals, so that could be a timing issue. Improving TV advertising revenues could reduce the constraints on budgets and increase activity in the second half. Singer is maintaining its 2024 forecast revenues at £41m. The corporate video and branded content business has been restructured and costs reduced.
Pit optimisations at the Dokwe gold project in Zimbabwe, recently acquired by Ariana Resources (AAU), have increased measured and indicated resources by 16%. Dokwe could produce 75,000-100,000 ounces of gold/year for more than a decade. A revised pre-feasibility study should be published in a few months. The previous study suggested a post-tax NPV10 of $160m.
Oracle Power (ORCP) says drilling results from the Northern Zone project in Western Australia has intersected gold mineralisation to the north and south of the maiden resource. There is shallower supergene gold mineralisation than anticipated. Further drilling is planned to the north east.
Crimson Tide (TIDE) shares declined after Ideagen decided not to bid.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has made another earnings enhancing acquisition. It In 2023, pre-tax profit was £1.3m. This deal will broaden the scope of the group’s protective packaging operations.
Creightons (CRL) has impaired the valuation of skincare company Emma Hardie, acquired for £6.2m, by £4.5m. Results will be published on 18 July.
Metals X has taken a 22.6% stake in First Tin (1SN), having acquired the shares from Clara Resources. Metals X will also subscribe for 11.5 million shares in the £2.1m fundraising at 4p/share.
Andrew Hore
Quoted Micro 8 July 2024
AQUIS STOCK EXCHANGE
Sheffield-based AI software company IntelliAM AI (INT) joined Aquis on 3 July. It raised £5.08m at 94p/share. The acquisition of 53 Degrees North was completed after admission. This adds a range of asset care consulting and management strategies for manufacturers to the group. Customers include food manufacturers, consumer and industrial businesses.
Voyager Life (VOY) says M3 Helium’ is drilling a vertical well at the Hugoton North Play project in Kansas. Voyager Life has an option to take a stake in M3 Helium.
Coinsilium (COIN) has been signed a collaboration agreement with Web3b developer Lifeflow Inc, which will have access to $1m of dedicated seed funding. Investee company Greengage is collaborating with global crypto currency exchange Coinbase. Coinsilium is purchasing $75,000 of future tokens in the early backers round of the Otomato Web3 automation protocol. There is an option for $150,150 future tokens.
Inqo Investments (INQO) has invested in Pabidi Lodge Budongo Ltd in Uganda. This lodge and ten luxury tents are expected to be open by the end of 2024.
Tap Global Group (TAP) has secured a commercial agreement with Tap N Go for the launch of the XTP cashback programme. XTP is a token for trading via Tap Global exchange services.
Eight Capital Partners (ECP) was hit by a £14.6m unrealised loss on its investments in 2023. That is predominantly down to a reduction in the value of a bond issue by 1AF2, which is due for repayment on 22 July. NAV has declined from £25.3m to £12.8m. Net debt is £862,000. Even so, the share price improved.
Valereum (VLRM) has completed the £2m raising from chairman James Formolli, while a warrant exercise has generated £9,458. Shares were issued at 0.36p each and on top of that he received 15 million GATE tokens. The cash will finance the growth of the business and development of the GATE token.
Shares in Watchstone Group (WTG) went ex-dividend on 4 July. It is returning 8p/share in cash.
Chris Potts reduced his stake in Shortwave Life Sciences (LON: PSY) from 15.2% to 11.65%. Jonathan Bellis has a 3.4% stake in Hot Rock Investments (HRIP).
Trading in Marula Mining (MARU) shares was suspended because the 2023 accounts have not been published.
AIM
Workflow efficiency software supplier ActiveOps (AOM) increased annualised recurring revenues by 14% to £25.1m by the end of March 2024 as existing clients continued to spend more on top of the new contract gains. There was cash of £17.6m at the year end. There was a jump in pre-tax profit to £1.9m, but further investment in the business means it could fall to £1.4m this year. The growth in recurring revenues is the most important thing, though.
Semiconductors designer CML Microsystems (CML) had a tough year to March 2024 and this year will also be difficult, but design wins mean that the longer-term outlook is more positive. Revenues grew from £20.6m to £22.9m, although that was due to a near-six month contribution from last year’s acquisition MwT. Underlying pre-tax profit dipped from £3.6m to £3.1m. Destocking by customers and a change in product mix hit profit. A further dip in profit is expected this year, but new contracts and a broader product range, including new digital radio technology DRM, will improve revenues in two to three years. The balance sheet remains strong with net cash of £18.2m.
Professional services network operator DSW Capital (DSW) reported full year revenues fell by one-fifth to £2.4m and pre-tax profit declined from £1.4m to £500,000. The total dividend was cut from 3.8p/share to 2p/share. That is not covered by earnings, but management eventually intends to return to paying up to 70% of distributable earnings in dividends. Net cash is £2.3m.
Bluejay Mining (JAY) says there are indications of potential helium and hydrogen accumulations at the Outokumpu licences in Finland. There is up to 5.6% helium and 46% hydrogen, plus other gases. Seismic data has been acquired to identify high potential areas. Helium and hydrogen is the new focus of the company. Non-exec Roderick McIllree bought six million shares at 0.35p each.
Helium One Global (HE1) is making progress at the Rukwa project. An extended well test will start later this month. The required equipment is being delivered. A feasibility study is underway.
Pipehawk (PIP) shares slumped 75.3% to 2.1p because of financial difficulties at QM Systems, which had moved to larger premises. Two large orders have not been obtained. QM Systems is likely to be put into administration. QM Systems accounted for 65% of group revenues last year and lost £970,000. The rest of the group should be able to continue as a going concern, although continuing activities made a loss in the year to June 2023.
Martin Andersson has stepped down as executive chairman Chaarat Gold Holdings (CGH) as the company is in restructuring discussions with Labro Investors, which he is associated with. He remains a non-exec. David Mackenzie is acting chief executive. The company has enough cash for the next few weeks but cannot fund the $1.2m repayment due on the Labro convertible loan in September. The restructuring discussions relate to this.
Linear generator technology developer Libertine Holdings (LIB) has entered into a conditional subscription agreement with equity investors based in India and Dubai. This could raise £2m at 1.5p/share. This would involve the issue of shares equivalent to 49% of the enlarged share capital. This would provide funds for working capital until June 2025, but Libertine is not likely to breakeven in that time frame.
Mercia Asset Management (MERC) assets under management have reached £1.8bn, helped by a new mandate from the British Business Bank. EBITDA was £5.6m in 2023-24 and the strategy is to double that figure in three years. NAV improved to 43p/share, including £47m in cash, despite the 2p/share write down of the investment in engineering firm Impression Technologies.
Retailer Shoe Zone (SHOE) has been hit by higher freight costs and weaker spring trading, which has led to a reduction in pre-tax profit estimates for the year to October 2024 from £13.8m to £10m. Last year’s pre-tax profit was £16.5m and revenues are likely to be 1% lower. A total dividend of 6.5p/share is forecast.
Fulcrum Metals (FMET) has exercised its option to acquire the Chariot-Neely Lake, South Pendleton and Snowbird uranium projects in Canada. Fulcrum Metals intends to sell these and the Fontaine Lake project to Vancouver-based Terra Balcanica for C$300,000 in cash and C$3.1m of shares when it has completed agreed exploration spending over the next four years. Fulcrum Metals will also retain a 1% net smelter return royalty.
MAIN MARKET
BATM Advanced Communications (BVC) has signed a strategic partnership with a global technology group to market its cyber encryption technology to the civil commercial markets around the world. The partner will pay at least $2.1m over two years to develop a combined hardware and software product off.
Filtration technology supplier Porvair (PRV) had a tough first half with destocking holding back progress. In the six months to May 2024, revenues grew from £90.6m to £94.6m, but higher interest charges meant that underlying pre-tax profit fell from £11.8m to £11.5m. This includes an initial contribution from mist elimination filters producer European Filter Corporation (EFC) of £1m to operating profit and it accounted for the growth in revenues of the aerospace and industrial division. The interim dividend was raised by 5% to 2.1p/share and the full year forecast is 6.3p/share. Net cash was £4.1m after the payment for EFC.
Andrew Hore