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Andrew Hore – Quoted Micro 23 August 2021
AQUIS STOCK EXCHANGE
Adnams (ADB) says that trading has improved since 17 May with strong demand for hotel accommodation. Interim revenues were flat at £20.5m, while the loss dipped from £3.87m to £3.34m. Net bank debt was £13.4m at the end of June 2021.
GP software provider DXS International (DXSP) increased its full year revenues from £3.28m to £3.61m, while pre-tax profit improved from £239,000 to £254,000 even though the amortisation charge was significantly higher. There was £1.24m of cash generated from operations, although that is less than the £1.5m of capitalised research and development spending.
Good Energy (GOOD) continues to reject the 340p a share bid by Ecotricity because it undervalues the company. Management believes that the company can grow significantly as an independent entity. They also point out that Ecotricity is loss-making.
Oscillate (MUSH) has made a pre-IPO investment in Psych Capital, which would be one of first quoted psychedelic healthcare companies. Oscillate has acquired a 10.4% stake for £300,000. The Oscillate finance director is also finance director of Psych Capital. Richard and Charlotte Edwards have increased their stake in Oscillate from 5.94% to 8.31%. Oscillate has a 24.6% stake in Igraine (KING) which says that the report on the ARCADIA trial – relating to a potential treatment for people with diabetes suffering from Covid-19 – will be published by Excalibur Medicines on 6 September. Igraine has a 2% stake in Excalibur Medicines and also a co-investment agreement.
Yooma Wellness Inc (YOOM) is making the first of its promised acquisitions. It is paying up to £10.2m in cash and shares for Birmingham-based Vitality CBD, which sells its products through Boots, Tesco and Asda. Revenues were £1.6m in the first half of 2021.
Clarify Pharma (PSYC) has also made its first acquisition since joining Aquis. It has contributed $700,000 to a fundraising by Beckley Psytech. This gives Clarify a 0.26% stake. Beckley is developing psychedelic compounds to treat neurological and psychiatric disorders.
Dispersion Holdings (DEFI) has invested $200,000 in Blimp Technologies Inc, which has a platform that rewards homebuyers and sellers for contributing value to a tokenised network established by Home Network Foundation. Dispersion has made a second investment in Defi Yield Technologies Inc. The C$800,000 investment follows an initial investment of C$200,000, which was at a lower share price. This takes the shareholding to 2.24 million shares.
Watchstone Group (WTG) reduced its underlying admin expenses but there was still a £2.31m cash outflow in the first half of 2021. NAV was £15.4m at the end of June 2021. Watchstone has £14.1m in the bank and £1.8m more in escrow. The focus is on continuing litigation.
Eastinco Mining (EM.P) had a £528,000 outflow from operating activities in 2020. There was £52,000 of cash at the end of 2020.
SulNOx Group (SNOX) reduced its loss from £1.81m to £856,000 in the year to March 2021. SulNOx intends to move to AIM.
Coinsilium (COIN) has invested £300,000 in shares in financial services firm Greengage Global and is subscribing for up to £200,000 in convertible loan notes.
Evrima (EVA) has completed its investment in Eastport Ventures Inc, which is planning a flotation.
Abdelatif Lachab has increased his stake in Helium Ventures (HEV) from 5.94% to 6.23%.
AIM
Floorcoverings distributor Likewise (LIKE) switched from The International Stock Exchange to AIM last week and raised £10m at 25p a share. The cash raised will provide working capital for growth and cash for acquisitions. There will also be investment in further distribution centres, including a larger site in Manchester. Likewise chief executive Tony Brewer joined Headlam in 1991 and became chief executive in 2000. He left the company in 2016. The plan is to be a national distributor with revenues of more than £200m and an operating margin of more than 5% are targeted. Trading has been ahead of budget in the first half of 2021. Daily revenues exceeded £250,000 in each of May and June. The share price has risen to 31p.
Interim figures from plastic packaging manufacturer Robinson (RBN) led to a sharp downgrading of the 2021 pre-tax profit forecast. Raw material prices have soared, and volumes have not grown as fast as expected. Interim revenues were 19% higher at £21.2m – there was modest like-for-like growth excluding the Schela acquisition. A slump in gross margins meant that the business fell into loss. An interim dividend of 2.5p a share has been announced.
Piling contractor Van Elle (VANL) lost money last year, but it should return to profit this year. In the year to April 2021, revenues were flat at £84.4m, which was a good outcome because revenues were sharply lower in the first quarter due to lockdown. The underlying loss was one-third higher at £1.2m. The cold winter also held back progress. Van Elle plans to pay a dividend next year if trading goes to plan.
SkinBioTerapeutics (SBTX) had more cash than expected at the year end and it has set the price for its AxisBiotix-Ps food supplement. In the UK, the psoriasis treatment will cost £1.50 per sachet, which is higher than expected. There was £4.6m in the bank at the end of June, compared with expectations of £3.4m.
Intelligent Ultrasound (IUG) AI technology has yet to make a significant contribution to revenues. GE is offering ScanNav Assist as an option on its SWIFT ultrasound machine, but first half revenues were minimal because of Covid-19 restrictions holding back marketing. Even so, interim revenues increased by 36% to £3.6m due to higher sales of training simulators. That growth is continuing and AI revenues will build up over the longer-term.
MTI Wireless Edge (LON: MWE) has continued to grow its profit and demand is improving for its antennas with new contracts from space and naval customers. In the first half of 2021, revenues improved from $19.6m to $21.3m, while pre-tax profit rose from $1.83m to $2.05m.
Engineer Tricorn (TCN) has appointed administrators because it is running out of money and the board is trying to sell the trading operations. Trading in the shares has been suspended and Arden has resigned as nominated adviser.
DBAY Advisors has decided not to bid for credit hire and legal services firm Anexo (ANX). Trading has been ahead of expectations at Anexo.
MAIN MARKET
Trading in standard list shell Pineapple Power Corp (PNPL) shares has been suspended following the announcement of the reverse takeover of BVP Investments and its sustainability-focused investment portfolio.
Canadian Overseas Petroleum (COPL) has completed the reverse takeover of Atomic Oil and Gas. This adds producing assets. Oil production is expected to continue to increase. Other potential asset acquisitions are being assessed.
Tirupati Graphite (TGR) is acquiring Suni Resources SA, which has a portfolio of graphite interests in Mozambique. They include the Montepuez graphite project which is already under construction. The acquisition will cost £6.6m.
Andrew Hore
Andrew Hore – Quoted Micro 9 August 2021
AQUIS STOCK EXCHANGE
Chapel Down (CDGP) has announced Andrew Carter as successor to chief executive Frazer Thompson in September 2021.
National Milk Records (NMRP) increased its fourth quarter revenues by 7% to £5.72m. Milk recording revenues grew by 9%. The corresponding period did cover the initial lockdown. Milk prices are holding up at levels where dairy farmers will be profitable. The first phase of IT investment will be up and running later this year.
Boanerges Ltd (BNRG) has paid £25,000 for an option to invest £2m for a 14.3% stake in Fintech Digital Platforms, which owns property search internet portals.
Samarkand (SMK) has secured an extension to its distribution contract with skincare brand 111SKIN until the end of July 2023. Non-exec Keith Higgins has bought 21,739 shares at 146p a share.
Inqo Investments (INQO) had significant write-offs and bad debt provisions in the year to February 2021. This contributed to the more than doubled loss of R13.4m as revenues slumped from R24.4m to R4.2m. The total cash outflow was R14.7m and cash fell below R1m. Kuzuko Private Game Reserve will reopen in September. Uganda-based Four One Financial Services and Kenya-based South Lake Medical Centre both made higher interest payments to Inqo.
S-Ventures (SVEN) has taken a 50% stake in Vegan Punk Ventures and invested up to £100,000 in loans. The brand is PlantPunk and it has a range of ZeroBeef meat alternatives. Dave Ahern will be managing director and third-party investors will provide loans of up to £50,000.
Altona Rare Earths (ANR) had cash of £436,000 at the end of June 2021.
Helium Ventures (HEV) continues to trade at a premium to its 10p placing price. The share price is currently 32.5p (31p/34p). James Sheehan has increased his stake from 8,5% to 9.47%.
Eight Capital Partners (ECP) has sold its stake in Finance Partners Group for €2.15m and €1.57m of this has been received. The original cost was €1.9m. The investment focus will be fintech.
Vulcan Industries (VULC) has raised £223,000 at 1.46p a share and issued £48,000 worth of shares at 2p each.
Veni Vid Vici has changed its name to VVV Resources (VVV). Angelfish Investments has changed its name to Igraine (KING). DicovORE has changed its name to Oscillate (MUSH).
Trading in First Sentinel, which has changed its name to Omni Egis (OMNI) and NQ Minerals (NQMI) shares has been suspended ahead of publication of their respective accounts. Freyherr International (FRYR) has withdrawn from Aquis.
AIM
In 2020-21, NWF (NWF) did not manage to match the previous year’s profit performance of the fuels division, but the cold winter and home working meant that the performance was better than expected. Management is keen to make further acquisitions to broaden the geographic spread of the fuels business. Overall, group pre-tax profit was 10% lower at £11.9m. The efficiency improvement in the food warehousing division meant that its profit contribution was higher. The feeds division reported a lower profit but with milk prices over 30p per litre the outlook is positive for dairy feed.
Higher second half sales and improved efficiency helped Filtronic (FTC) maintain profitability at £200,000 even though full year revenues fell 9% to £15.6m. The telecoms and RF components and equipment supplier generated cash and net cash improved to £2.8m at the end of May 2021. 5G investment and moves into newer markets, such as space, provide a positive outlook for the future and profit should build from now on. Revenues are expected to grow by 16% this year and pre-tax profit of £500,000 is forecast.
The latest trading statement from Belvoir (BLV) confirms a strong first half with revenues growing by two-fifths, due to buoyant house sales. The steadier lettings income has grown by 13% – 10% organically, which is much faster than the market.
Maestrano (MNO) has secured a five-month proof of concept contract with Network Rail for HS1, the high speed line that goes to the channel tunnel. This will monitor overhead lines, vegetation, track and passing clearances. HS1 is the same specification as European tracks so it could provide a way into the European market.
Microbiome-based products developer Optibiotix Health (OPTI) generated a 44% increase in interim revenues to £1.07m with LP LDL probiotic cholesterol-reducing products and Slimbiome products accounting for most of the revenues.
Seeing Machines (SEE) 2020-21 revenues were 2% ahead of expectations at A$47.3m. There was $47.7m in the bank at the end of June.
Xpediator (XPD) has formed a strategic partnership with e-commerce fulfilment company Synergy Retail Support and is providing space at its Braintree warehouse.
MAIN MARKET
Argo Blockchain (ARB) generated July revenues of £5.6m, up from £4.36m in June, even though the average bitcoin price fell. A Nasdaq listing is being considered.
Challenger Acquisitions has changed its name to Cindrigo Holdings (CINH) following the completion of the acquisition of the renewable energy products business.
Kanabo (KNB) has a stake in medical cannabis cultivation company Hellenic Dynamics, which is being acquired by AIM-quoted UK SPAC (SPC) for £45.2m in shares at a minimum price of 0.472p a share. The £750,000 investment in Hellenic will be converted into shares at a minimum 30% discount to the prospective. UK SPAC intends to move to the standard list.
Starcrest Education (OBOR) has signed heads of terms to acquire 80% of National Training Company. Starcrest is not going ahead with the acquisition of The London School of Science and Technology and costs of £1.2m have been written off. There was £700,000 in cash left at the end of June 2021.
Andrew Hore
Andrew Hore – Quoted Micro 14 June 2021
AQUIS STOCK EXCHANGE
Clarify Pharma (PSYC) joined the Access segment on 11 June and raised £1.96m at 2.5p a share. Prior to flotation, Clarify Pharma raised £100,000 at 0.1p a share and £1.19m at 1p a share. Pro forma NAV, after flotation expenses, is £2.97m. That is equivalent to 1p a share. Management includes Michael Edwards and Jonathan Bixby from NFT Investments (NFT) and other recent Aquis new admissions. Clarify Pharma will focus on investing in psychedelic medicine businesses and products in the UK and Canada. The share price ended the day at 2.875p (2.75p/3p).
Angelfish Investments (ANGP) is changing its Igraine (KING) and DiscovOre (ORE) is subscribing £2m at 2.5807p a share (post consolidation) for a 24.6% stake. Burns Singh Tennent-Bhohi is a director of both companies. Angelfish will become a biotech and medtech investor and it will have co-investment rights with Excalibur Healthcare Services, which is run by Professor Sir Chris Evans. He will also become an Angelfish director. Angelfish will take a 2% stake in Excalibur Medicines Ltd, which has the rights to a potential drug for diabetics suffering from Covid-19. Angelfish will pay £600,000 in cash plus issue £500,000 of deferred shares at 5p each, which could be converted into ordinary shares is the trial of the potential Covid-19 treatment is successful. Every 1,000 existing shares will be consolidated into one new share.
Ananda Developments (ANA) plans to acquire 100% of cannabis grower DJT Plants Ltd. Ananda already owns 50% and it will issue 790.5 million shares, equivalent to £7.3m, to Anglia Salads for the other 50%. Stuart Piccaver will become joint chief executive of Ananda.
KR1 (KR1) has invested the equivalent of $4.45m in KSM tokens in Shiden Network, a smart contract platform on Kusama. Once the parachain auction is completed the KSM will be returned and KR1 will receive Shiden tokens. KR1 made a similar investment in the Karura crowdloan.
Rural Broadband (RBBS) has 2,571 monthly fee-paying clients for its broadband services. Annual run rate revenues are £820,000.
Veni Vidi Vici (VVV) had £272,000 in cash and NAV of £359,000 at the end of 2020. The company has since raised £220,000 at 50p a share. This will help finance the A$300,000 that the company has to spend over the next three years on the 51% owned Shangri La gold, copper and silver project.
Vulcan Industries (VULC) raised £100,000 at 1.675p a share.
Virgata Services has extended its bid for Walls & Futures REIT (WAFR) until 21 June. Acceptances currently total 9.3% of the share capital.
UK SPAC (SPC) has withdrawn its application for a move from AIM to Aquis.
AIM
NWF (NWF) is trading ahead of expectations and net debt will be lower than anticipated at the end of May 2021. The fuels division has a strong year thanks to the cold winter. The food distribution business improved its trading, but the unstable patterns of demand are hampering profit. Feed margins were under pressure.
AB Traction has increased its stake in construction dispute and property services provider Driver Group (DRV) from 17.32% to 18.27%. That was after Driver reported a 11% decline in revenues to £25m, while underlying pre-tax profit fell from £1.3m to £1m. The comparatives were tough, but gross margins were maintained at 25.6%. Europe and the Americas performed strongly, but the other regions lost money. Net cash was £7.2m at the end of March 2021. A full year pre-tax profit of £2m, down from £2.5m, is forecast.
Cambria Automotive (CAMB) is recommending an 80p a share cash bid, which values the motor dealer at £80m.
Mind Gym (MIND) is increasing its development spending on digital assets, but the benefits are yet to show through. Even so, the learning and development services company returned to profit in the second half. Revenues began growing again in the fourth quarter. In the year to March 2021, revenues were 18% lower at £39.4m, while underlying pre-tax profit slumped from £6.6m to £300,000. Even so, there was £5.9m of cash generated from operations. This level of cash generation will not be repeated, but advance payments mean that cash generation is impressive. There is £16.8m in the bank, after spending £2.8m on new digital products. Two of these products will launch later this year. The first quarter is well ahead of the same period last year.
Drug discovery company Redx Pharma (REDX) plans to move its main cancer treatment, RXC004, into phase 2 studies later this year after the phase 1 safety study is completed. This treatment is designed to prevent tumour growth. The main focus is colorectal, pancreatic and biliary cancer. Lung fibrosis treatment RXC007, the ROCK2 selective inhibitor, has started clinical trials. Redx still had £39.9m at the end of March 2021 and this cash should last until the end of 2022.
MAIN MARKET
JLEN Environmental Assets Group Ltd (JLEN) started investing in battery storage projects in the year to March 2021. JLEN generated £39.5m in cash from operations, up from £36.2m the year before. The proposed increase in UK corporation tax from 19% to 25% has reduced the NAV by around £20m due to its effect on deferred tax provisions. NAV was cut from 97.5p a share to 92.2p a share. The total dividend was 6.76p a share in 2020-21.
Associated British Engineering (ASBE) lost £49,000 in the six months to March 2021. NAV is £1.06m, including £383,000 in cash.
Sure Ventures (SURE) has raised £662,500 at 100p a share. The NAV was 92.06p a share at the end of March 2021.
Cellular Goods (CBX) has secured a supply agreement with Willow Biosciences, which will supply ultra-pure, biosynthetically-produced cannabigerol for use in the company’s cannabinoid-based skin care products.
Aircraft leasing firm Avation (AVAP) generated revenues of $91m in the nine months to March 2021. Key customers are starting to run more flights.
Andrew Hore