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Alan Green covers Nostra Terra Oil & Gas #NTOG & Mobile Streams #MOS & Dan Flynn covers Coinsilium #COIN & Kefi Gold #KEFI on this week’s Stockbox Research Talks
Alan Green covers Nostra Terra Oil & Gas #NTOG & Mobile Streams #MOS & Dan Flynn covers Coinsilium #COIN & Kefi Gold #KEFI on this week’s Stockbox Research Talks
Andrew Hore – Quoted Micro 7 January 2019
NEX EXCHANGE
VI Mining (VIM) has not made the required $2.19m loan repayment to Tassili by the end of 2018. Tassili also has right of refusal over the first 24,000 ounces of gold production. The loan is secured by a charge over the VI subsidiary that owns the interest in the Ora Pesa concession. VI had to secure additional funding because it could not draw down from a facility provided by chief executive David Sumner the $7m required in August 2018. The lack of cash has held up bringing Ora Pesa in to production and recommencing mining at Minaspampa.
Angelfish Investments (ANGP) has converted its £150,000 loan to Wallet Ads into a 20% stake in the company, which can deliver more than ten million personalised updates per hour for a campaign. The terms of the £150,000 convertible loan to Rapid Nutrition have been amended. Rapid Nutrition is still set to float in London, but it has been further delayed. The loan will be repaid in nine equal monthly instalments of £16,667 starting at the end of January. Interest will be charged at an annual rate of 15%. Interest owed up until the end of February 2018 has been settled by the issue of 50,000 Rapid Nutrition shares at 13.4413p a share and a further 200,000 shares have been issued as a fee for the amended terms. Rapid Nutrition is quoted on the Zurich-based SIX Swiss Exchange and the last share trade was at €0.17. The share price was more than €1 in 2017.
MiLOC Group Ltd (ML.P) has secured an agreement with China Post Advertising, which will help it to promote Aaron Kwok’s AKFS+ hair care products and future celebrity branded products. China Post has more than 50,000 outlets.
Natural resources investor Hot Rocks Investments (HRIP) used £49,000 in cash in operating activities in the six months to September 2018. The NAV is £804,000 and that includes nearly £48,000 of cash.
AIM
Musical instruments retailer Gear4Music (G4M) continues to be hampered by pressure on margins although sales are increasing. Management had expected this pressure to have ended prior to Christmas but it has continued and on top of this were problems at the warehouse with the increased demand. In the four months to the end of December 2018, sales increased by 41%. Peel Hun has cut its 2018-19 pre-tax profit forecast from £2.6m to £800,000 and this took the shine off the premium rating of the shares.
Trading in the first quarter at Cambria Automobiles (CAMB) is ahead of the same period last year. The new car market was hit by changes in emissions regulations and new vehicle sales were one-quarter lower, but gross profit per unit was much higher because of new franchises with the likes of Bentley and McLaren. There will be more upmarket vehicle franchise openings in February. This offset the effect of lower new vehicle sales and there was a similar experience with used cars, although overall like-for-like profit improved. Aftersales profit also improved.
Digital music distribution technology developer 7digital (7DIG) could lose its contract with Juke GmbH for the Juke music service, which was expected to generate revenues of £4m this year. The service could be closed or reorganised so 7digital takes on more responsibility. 7digital also owes HMRC £417,000 and one of its subsidiaries has been served with a winding-up petition. This tax should be paid before the hearing of the petition on 16 January. 7digital has reduced its annualised cost base by £6.2m and it is winning new contracts.
Faroe Petroleum (FPM) continues to reject the bid from DNO. An independent report provides an estimated valuation of between 186p a share and 225p a share. This does not include the previously announced Equinor asset swap or utilisation of Norwegian tax losses. Cash flow of £90m is expected over the next two years. DNO has been buying shares in the market at between 147p a share and 152p a share and it has taken its stake to 30.6% so the 152p a share cash bid is mandatory. This stake plus acceptances takes total acceptances to 43.8%. DNO can improve its offer up until 27 January.
ReNeuron (RENE) has announced the first collaboration for its exosome nanomedicine platform. There is an initial feasibility stage, where no revenues will be generated. If it moves on to the preclinical safety and efficacy stage, then there will be evaluation payments.
Leaf Clean Energy (LEAF) is reducing directors’ fees by 70% and there have also been reductions for the administrator and employees. This is ahead of the hearing of Leaf’s appeal of damages awarded to it in its lawsuit with Invenergy Wind, where a decision is expected later this year. Invenergy is has already paid Leaf $36.4m and a further $14.2m is included in the Leaf balance sheet, but that will depend on the court decision.
Home automation technology developer LightwaveRF (LWRF) increased its first quarter revenues by 156% to £1.15m. That is nearly as much as in the first half of the previous financial year.
Shareholders have authorised the $25m subscription at $1.60 per ADS by Summit Therapeutics (SUMM). Robert W Duggan is subscribing for the shares. The cash will fund the initiation and commencement of patient enrolment for the phase 3 clinical trial of the potential treatment for C.diff.
Tracsis (TRCS) has won a major, multi million contract with a train operating company, covering all its individual franchises. The flow of revenues is difficult to predict.
Alpha FX (AFX) says that its 2018 figures will be ahead of expectations. The growth came in the UK and internationally.
WANdisco (WAND) has secured its first multi-cloud contract, valued at $565,000. The contract with the telecoms company was won with Amazon Web Services.
Richland Resources (RLD) is seeking to obtain investment to recommence mining at Capricorn Sapphire and it is in talks with one party about the sale of the project. The £400,000 convertible loan facility has been extended to the end of February.
Central Asia Metals (CAML) has consolidated borrowings into one facility of $151m, which is provided by offtake partner Traxys. The debt will be repaid monthly within a four year period.
ECR Minerals (ECR) has submitted nine exploration licence applications in the Yilgarn region of Western Australia.
Ethiopian authorities have reconfirmed their support for the development of the Tulu Kapi gold project and KEFI Minerals (KEFI) has taken the first steps for the community resettlement programme.
MAIN MARKET
Circassia Pharma (CIR) has gained shareholder approval for the move to AIM, which will happen on 4 February. Circassia has completed the acquisition of full US commercial rights to Tudorza and the FDA is expected to approve the transfer of the licence by the end of March. There was £41m in the bank at the end of 2018.
Nanoco (NANO) is partnering with Plessey Semiconductors to use quantum dots to shrink microLED pixels by 87%. This will lead to smaller, higher resolution displays.
Gresham Technologies (GHT) has won orders for Clareti software from two major, world banks. Revenues should start to be recognised this year. Over five years the contracts should be worth more than £7m, with £1.8m likely to be recognised in 2019. However, 2018 revenues will be lower than expected at £20m and profit will be below expectations.
Andrew Hore
Andrew Hore – Quoted Micro 27 August 2018
NEX EXCHANGE
Crossword Cybersecurity (CCS) has signed a memorandum of understanding with IP Group, covering the commercialising of cybersecurity intellectual property from universities.
Ananda Developments (ANA) says that investee company iCAN Israel-Cannabis Ltd has signed a memorandum of understanding with Yom Chai. The deal involves the development and validation of a cannabis-based treatment for Crohn’s Disease, Autism and other neurological and gastrointestinal diseases. The agreement will generate revenues for iCAN, as well as obtaining a stake and potential future royalties.
Supported housing developer Walls and Futures REIT (WAFR) ended March 2018 with a NAV of 92p a share. Full year revenues were 127% higher at £103,000 and the company moved into profit. The first supported housing property was completed during the period. The board wants shareholders to approve a new management incentive plan at the company’s AGM.
There was a £88,000 cash outflow for Lombard Capital (LCAP) in the year to March 2018, but the investment company has moved from net assets to net liabilities. There is £2,154 in the bank plus £112,500 in investments. Since the year end, £320,000 has been raised from subscriptions for 7.5% 2020 unsecured loan notes.
Primorus Investments (PRIM) and Gunsynd (GUN) are selling their direct interests in the Horse Hill prospect to UK Oil and Gas (UKOG) for cash and shares. Primorus will receive £375,000 in cash and £1m in UK Oil and Gas shares at 1.75p each for its 5% stake in Horse Hill Developments Ltd (HHDL), while Gunsynd will receive £50,000 in cash and £500,000 in shares for its 2% stake.
AIM
Tracsis (TRCS) says that full year revenues were ahead of expectations at around £40m and profit will be better than expected. There was £22m in the bank at the end of July 2018. The margins of the traffic and data division are improving.
Audio visual equipment distributor Midwich Group (MIDW) is acquiring Nuremberg-based Bauer und Trummer, which has annual revenues of €21m.
A potential partner has ended its interest in the Bahamas-based oil and gas prospects of Bahamas Petroleum (BPC) and that knocked two-thirds off the share price. BPC received $1m in exclusivity payments from the international oil and company and it has started talks with other third parties.
KEFI Minerals (KEFI) has signed heads of agreement with Ethiopian investors which are setting up a vehicle to make a $35m investment to finance the Tulu Kapi gold project. The first investment of $9m should be made in the current quarter.
Caledonia Mining Corp (CMCL) has agreed to acquire a further 15% of the Blanket gold mine in return for the cancellation of a $11.5m loan and 730,000 shares. That takes the Caledonia stake in Blanket to 64%. The dividend will be kept at 27.5 cents/share.
Waste gasification to energy technology provider EQTEC (EQT) has finished a strategic review following the appointment of a new chief executive. The focus will change to the delivery of customer requirements. Additional technological expertise will come from an alliance with CT3 Ingenieria.
AdEPT Telecom (ADT) is a paying an initial £5m for Shift F7 and this should be earnings enhancing. The two companies have worked together for more than a decade. AdEPT chief executive Ian Fishwick has bought 10,196 shares at 373p each.
Thor Mining (THR) has completed the definitive feasibility study for the Molyhil open pit tungsten project. The post-tax NPV is A$101 and project payback would be less than 18 months. Molyhil has opex costs of tungsten of $90/mtu, compared to an average of $157/mtu for other tungsten projects.
Data and analytics services provider D4T4 (D4T4) says that it has received the £19.5m of trade debtors in the balance sheet at the end of March 2018.
Restaurants operator Fulham Shore (FUL) says revenues generated by The Real Greek and Franco Manca have increased. New openings will be financed out of cash flow. Chief executive Nabil Mankarious has acquired 127,000 shares at 12p each, taking his stake to 19.9%.
Versarien (VRS) has signed two collaborations. A deal with AXIA Materials will lead to the development of graphene enhanced composite materials and smart graphene devices. The first two projects will be for smart buildings and electric vehicles. An agreement with AECOM will be focused on developing large-scale polymer structures for civil engineering infrastructure projects.
Broadcast software provider Pebble Beach Systems (PEB) has moved back into profit at the adjusted level in the first half of 2018, but that is after adjusting for £400,000 of amortisation of capitalised development costs. If that amortisation charge is not excluded the company would have been around breakeven. Net cash generated from operating activities was £126,000, but there is an outflow of £254,000 after capitalised investment. Most importantly, net debt is £10.5m. Debt repayments have started with £850,000 due to be repaid in the second half.
Facilities management services provider Mortice Ltd (MORT) reported a 29% decline in pre-tax profit to $3.9m. Net debt was $18.4m at the end of March 2018. The minority interest in Singapore-based Frontline Security has been acquired for $3.5m.
Wey Education (WEY) says it is planning for significant growth next year, having exceeded market expectations of revenues of £4.1m in the year to August 2018. The first sales from the Chinese joint venture should be in September. A general meeting is being held to enable the issue of more shares and to create distributable reserves to allow a dividend to be paid.
Tekmar Group (TGP) intends to acquire Subsea Innovations for up to £4m. Subsea is focused on the oil and gas sector and it is involved in back deck equipment and subsea pipeline repair clamps. The deal includes £3m of fixed assets.
Veltyco (VLTY) has trade receivables of €8.9m, higher than in July, with €5.4m owed by Celestial, €1.5m of which relates to 2017. The current cash balance is €1.3m. Veltyco will launch its own regulated online trading brand. Betsson Services has renewed its contract until May 2021.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) increased its interim pre-tax profit by 39% to £3.53m. The growth in profit came from the distribution division on the back of higher sales to internet retailers. Net debt was £11.1m at the end of June 2018. The interim dividend is increased by 8% to 0.65p a share.
London and Associated Properties (LAS) is broadening its investment remit to areas other than retail property. Diluted NAV was 54.5p a share at the end of June 2018.
Bisichi Mining (BISI) increased its pre-tax profit from £243,000 to £3.97m on the back of strong demand for coal.
Standard list shell daVictus (DVT) still has £431,000 in the bank. The board continues to look at food and beverage businesses.
Andrew Hore
Quoted Micro 6 June 2016
ISDX
Capital for Colleagues (CFCP) has invested £770,000 in employee owned businesses in the six months to February 2016. Interim revenues grew from £257,000 to £364,000 but admin costs increased significantly so, excluding unrealised gains, the pre-tax profit dipped from £41,000 to £34,000. Unrealised gains slumped from £47,000 to £6,000. At 62.5p (60p/65p) a share, Capital for Colleagues is valued at £6m. The net asset value was £4.2m at the end of February 2016 and £1.15m has been raised since then. There are still plenty of opportunities for new investments as well as additional investment in existing investee companies.
Blockchain technology investor Coinsilium Group Ltd (COIN) reported a loss of £2.42m in the first 15 months of its existence to December 2015. That includes an investment impairment of £1.31m for an investment in Hive Labs. The investments are all early-stage so it will take time for them to bear fruit. More recently the company has branched out into providing training. The NAV was £2.33m at the end of 2015. At 4.1p (3.6p/4.6p) a share, Coinsilium is valued at £2.9m. There were seven trades in Coinsilium shares last week at prices between 3.2p and 4.25p. Five of these trades were the day before the results were announced. The most recent trade was 100,000 shares at 3.2p each. Coinsillium is one of the more frequently traded ISDX companies and there were seven trades in the previous week.
Contemporary art collector and trader V22 (V22O) says an independent valuation of its collection at the end of 2015 said that it was worth £1.67m, which is triple the amount invested in the collection. V22 also has a property portfolio and in May it paid £250,000 for a 125 year licence on a Grade II listed building in Forest Hill, which will provide exhibition and event space. In 2015, revenues grew from £568,000 to £822,000 and the loss declined from £78,000 to £34,000. Since then, V22 has raised £225,000 from selling half of its option interest in a company that owns the freehold to a building in South Bermondsey. V2 has already received £150,000 with £75,000 payable by the end of June. V22 retains an option over 15% of the holding company that owns the building. At 0.9p (0.85p/0.95p) a share, V22 is valued at £300,000. The NAV including the valuation of the art portfolio is 4.49p a share.
Cairn has resigned as the corporate adviser to Nordic Energy (NORP), whose shares are already suspended because it is unable to bring out its interim figures within the required time. At the end of 2015, Nordic relinquished its Danish oil and gas exploration licence because it was unable to fund the required work programme. Nordic had £42,551 in the bank at the end of May 2015. Former director Rudolf Kleiber has been awarded £14,210 for unfair dismissal and disability discrimination.
Carbon credits adviser China CDM Exchange Centre Ltd (CCEP) reported flat revenues of £1m in 2015 but profit dipped from £29,000 to £6,000. There was a cash inflow of £575,000, taking cash in the bank to £1.59m. The NAV is £46.1m, which is mainly based on carbon-related investments. At 0.25p (0.2p/0.3p) a share, China CDM is valued at £300,000, which is a large discount to the cash pile. There was a small trade of 936 shares at 0.2p each the day after the results were announced.
China-based LED products supplier Gowin New Energy Group Ltd (GWIN) reported a large loss for 2015 because of write-offs relating to the termination of contracts with its former manufacturing partner. The plan is to keep design and sales in-house but outsource production. There may also be opportunities for joint production development with other companies. This will reduce the company’s working capital requirements. There was cash of RMB1.3m in the bank at the end of 2015 but there are also shareholder loans of RMB12.6m.
Diversified Gas & Oil (DOIL) has raised a further £420,000, which is part of the additional £3.5m it wants to raise from the issue of 8.5% unsecured bonds. In 2015, revenues fell from $7.36m to $6.3m due to the lower oil price and there was a cash outflow from operations of $3.93m. The company continues to acquire oil and gas assets.
AIM
Constellation Software Inc has made a bid approach to Bond International Software (BDI) following the ending of a standstill agreement late last year. The potential offer price is 105p a share and Bond is still considering its options. Last month, Bond sold Strictly Education for £11.3m – £7m paid immediately and £4.3m to be paid within six months. The cash will be used to pay off borrowings, which were £5.9m. Bond had cash in the bank so this will have gone up following the transaction and there were plans to distribute some of the cash to shareholders. It was after this disposal was announced that Constellation converted non-voting shares and this gave it 29.9% of Bond. Constellation appears to have made the bid approach at this time so that it can retain the cash.
Air filtration and clean air equipment supplier MayAir (MAYA) has secured new contracts worth a total of $22.8m. The majority of this work will come from the installation of clean room equipment for two customers. There is also a contract to supply air filtration equipment for office buildings. The majority of these revenues will be generated this year. This is good news because a large contract was coming to an end. In 2015, MayAir’s revenues were $63.6m. Former broker Mirabaud forecast 2016 revenues of $75.5m. Cantor Fitzgerald has been appointed broker to the company.
Life sciences software provider Instem (INS) has acquired regulatory information management systems supplier Samarind for up to £2.5m and this has led to a profit upgrade. House broker N+1 Singer has increased its 2016 earnings per share forecast by 5% to 10.4p and the 2017 figure by 14% to 13p. Samarind adds post-marketing services to Instem’s existing regulatory reporting software. Two-thirds of Samarind’s revenues of £1.2m are recurring and most of the customer base is new to Instem.
Daily Internet (DAIP) moved into profit in the year to March 2016. Revenues grew by 22% to £4.76m and a loss of £140,000 was turned into a profit of £250,000. The managed hosting and internet services provider has been reducing its cost base and the benefits are yet to show through. There was £650,000 generated from operating activities and net cash was £206,000, although there is still potential contingent consideration of £435,000.
Building services provider Northern Bear (NTBR) says its net debt fell in the year to March 2016 and it intends to increase its dividend. Last year, net debt was £4.5m and the dividend was 1.5p a share, which was well covered by earnings of 8.5p a share. Earnings are set to be flat this year despite problematic weather conditions but the increased dividend should still be well covered. Reduced finance costs offset the effect of lower revenues.
Kefi Minerals (KEFI) says that it has reduced the funding requirements for the Tulu Kapi gold project from $145m to $130m following further refinements to the project and reductions in interest costs. At a gold price of $1,250/ounce, Kefi expects to generate $173m of cash in the first three years of production. All-in sustaining costs are $746/ounce. This is based on contract open pit mining and total production of 980,000 ounces of gold over ten years.
MAIN MARKET
Specialist electronics supplier Acal (ACL) reported underlying revenue growth of 3% in the year to March 2016. Including acquisitions, revenues rose from £271.1m to £297.2m – it would have been higher at constant exchange rates – and improved margins meant that pre-tax profit jumped from £11.8m to £14.4m. Trading conditions are not easy and this is likely to continue to be true for the rest of the first half although an improvement is expected later in the year.
ANDREW HORE
Quoted Micro 30 November 2015
ISDX
Hearing and mobility products marketer and retailer DHAIS (DHAP) slipped into loss last year after operating costs rose faster than gross profit because revenues did not grow as fast as expected. In the year to June 2015, revenues grew from £9.65m to £10.6m, while a profit of £161,000 was turned into a loss of £83,000. The interim profit had been flat but there was a larger second half increase in costs. However, there was a cash inflow after capital expenditure of £133,000, which helped to pay down debt – although this is mainly an interest free loan from a hearing aid manufacturer. Hearing aid sales were 15% ahead and mobility sales were 12% higher. At 30.5p (28p/33p) a share, DHAIS is valued at £19m. In May, Spain-based GN Hearing Care acquired the 4.76% stake previously owned by Eurohearingaids.com Ltd.
The new board at Lombard Capital Group (LCAP) has written down two investments in its portfolio by £141,000. At 4.5p (4p/5p) a share, Lombard is valued at £86,400. The NAV is £99,000 or 5.19p a share and that includes £16,000 in cash. Russell Darvill and Charlotte Argyle stepped down from the board and Mark Jackson, Graham Jones and Nigel Fitzpatrick were appointed to replace them early in November.
Miton Group took up all of the 15 million shares issued at 1p each by Wheelsure Holdings (WHLP), which gives it a 9.25% stake in the rail track safety products developer. Daniel Stewart, which became Wheelsure’s corporate adviser and broker in August, handled the subscription and has been issued warrants to subscribe for 1.4 million shares at 1p each any time in the next five years. At 1.125p (1p/1.25p) a share, Wheelsure is valued at £1.8m.
Titania Internet Ventures (TITP) has raised £25,200 from an issue of convertible unsecured loan notes maturing in November 2020. There is no interest income. The conversion price is 0.56p a share compared with the current market price of 2.5p (2p/3p) a share, which values the current share capital of the investment company at £44,000. The holder of the loan notes will not be allowed to have a stake of 30% or more in Titania on conversion. Titania is being run on a care and maintenance basis. Alexander David Securities has replaced SVS as corporate adviser.
Trading in the shares of Gowin New Energy Group Ltd (GWIN) has been suspended “due to a change in circumstances with its operating subsidiaries in China”. The suspension price is 0.55p (0.4p/0.7p) a share, which values the LED lighting products supplier at £2.5m.
AIM
Playtech has pulled out of its bid for Plus500 (PLUS) because of its failure to gain regulatory approval in an appropriate time scale. An interim dividend of $0.2121 a share has been announced – the plan is it to pay 60% of retained profit in dividend – and a share buy back programme of up to $20m will be put in place. Plus500 says that it had cash of $95m at the end of June 2015 and more has been generated since then. The dividend will cost $24.4m. Plus500 has had problems with regulators but it states that it “is not subject to restrictions imposed by any of its regulators”. Overall profit will be lower in 2015. Two non-executive directors have been buying shares but JP Morgan Chase has reduced its stake to 6.8%.
Motor dealer Cambria Automobiles (CAMB) reported slightly better than expected results, even after recent upgrades, and this has led to upgrades for 2015-16 and 2016-17. Underlying pre-tax profit improved from £5.4m to £7.7m in the year to August 2015. Cambria sold more new cars and made more profit on each of them. Used car and servicing revenues also increased. The dividend increased from 0.6p a share to 0.75p a share. Net cash was £1m and there is a £37m, five year bank facility that can be used for acquisitions. N+1 Singer has upgraded its profit forecasts by around 5% to £9m this year and £9.3m next year.
Pure Wafer (PUR) has agreed to sell its US wafer reclaim plant for $16m (£10.5m) and it will return the cash to shareholders. Pure Wafer had already decided not to rebuild the Swansea plant so it also has cash from the insurance claim. A decision on how much will initially be distributed will be made in December. WH Ireland believes that a distribution of at least 175p a share is possible. The company will leave AIM and be liquidated.
ASX-listed Tlou Energy (TLOU) raised £1.2m at 6.5p a share and joins AIM on 30 November. There is already £1m in the bank and no debt. Tlou has a coal bed methane project in Botswana, which has contingent recoverable resources of 3.3 trillion cubic feet. The Lesedi project in south east Botswana is 100%-owned but the Botswana government has an option to take a 15% stake when the mining licence is granted. The government will have to pay its share of the previous costs if the option is taken up, which could be around £6m. Broker Brandon Hill has already written a note on Tlou (http://tlouenergy.com/wp-content/uploads/2015/07/150721-Brandon-Hill-UK-Initiating-Coverage.pdf). First commercial gas sales could be in the second half of 2016. Botswana has a power shortage and expensive diesel generation can be replaced by gas. Tlou has been in discussions with a number of potential partners for power generation projects. The initial project would be a 10MW gas-to-power plant and then further generation plants would be developed. Tlou still has to secure government permits and approvals.
Kefi Minerals (KEFI) has raised £2.64m at 0.3p a share in order to provide cash to progress with its Ethiopian gold project at Tulu Kapi. Odey Asset Management has increased its stake to 26%. This will provide enough cash until the middle of next year. Construction of the project should start in 2016 and Kefi has managed to substantially reduce the cost of the project. Gold production could start at the end of 2017.
MAIN MARKET
Waterman (WTM) says that its revenues were 8% higher in the first few months of the financial year and cash levels are better than expected. Public sector demand for infrastructure services is growing and property-based business is spread around the UK not just in London. The professional services business wants to reach an operating margin of 6% by 2018-19. Sanlam forecasts a rise in profit from £2.7m to £3.7m in the year to June 2016 and a 40% increase in dividend to 2.8p a share.
Bluebird Merchant Ventures Ltd plans to join the standard list in early December. Bluebird is involved in trading copper concentrate from the Philippines and has an option to acquire a 50.1% stake in Red Mountain Mining Singapore, which is developing a gold project. Clive Sinclair-Poulton, who has been a director of a number of AIM resources companies, is involved in Bluebird.
ANDREW HORE