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Quoted Micro 21 February 2022
AQUIS STOCK EXCHANGE
National Milk Records (NMRP) improved interim revenues by 6% to £11.4m, while pre-tax profit increased by 53% to £750,000. There was a £1m cash inflow from operations. Net debt was £1.1m at the end of December 2021. Genomics testing revenues were 17% higher. The interim dividend has been raised from 1.25p a share to 1.5p a share. Milk prices are strong, but costs are increasing.
Grid storage technology developer Invinity Energy Systems (IES) plans to gain a quotation on Aquis, while retaining its AIM quotation. This is so that it can also obtain an Aquis Access quotation for its warrants, which were issued in a fundraising at the end of last year. The short-term warrants are exercisable at 150p a share up until 15 September. The long-term warrants are exercisable at 225p a share up until 16 December 2024. The current share price is 77p.
Natural foods company S-Ventures (SVEN) has acquired the business of Livia’s Health Foods, which makes plant-based food treats. This includes Million Squares, Nugglets and Dunx. S-Ventures is paying £350,000 in cash and shares. The business has been loss making and generated revenues of £1.3m in the 12 months to January 2022. If revenues exceed £600,000 in the 10 months after acquisition than a further £100,000 is payable. VSA forecasts S-Ventures 2022 EBITDA of £1.8m.
Goodbody Health inc (GDBY) is launching blood testing through itkino, nbi, fire, shnj, coin, s network of clinics. More pharmacies are being added to the network. Covid tests are running at more than 500 a day even though UK testing requirements have been eased. The first clinic has been opened in Vancouver, Canada. Arden is forecasting a 2022 pre-tax profit of £5.1m, but this could depend on whether the level of Covid testing continues at these levels.
ChallengerX (CXS) has appointed John May as non-exec chairman and Brian Connell will take over as chief executive. Management is trying to unfreeze cash held in the accounts of its French subsidiary and says that they were mistakenly frozen after the former chief executive was arrested. There is still £550,000 of cash available for use by the company.
Western Selection (WESP) increased net assets to 68p a share at the end of 2021 thanks to gains on disposals and an uplift in the remaining stakes in Kinovo (KINO) and Northbridge Industrial Services (NBI). Net debt was £674,000 at the end of December 2021. There is no dividend.
IamFire (FIRE) has subscribed for a further £2m of convertible loan notes in WeShop. The conversion price is 75p a share. The beta version of the WeShop platform is on course.
Rogue Baron (SHNJ) is launching its Shinju whisky in the UK. This will be the first market with an 8-year old version of the whisky.
Coinsilium Group Ltd (COIN) is advising fashion brand Blvck Paris for the launch of the Blvck Genesis NFT collection.
Hydrogen Utopia International (HUI) says that talks with Mitsubishi Heavy Industries concerning the potential development of plastic waste to hydrogen facilities in Japan have ended.
SuperSeed Capital (WWW) managing director Mads Jensen has bought shares, while related party Capex Ventures sold 50,000 shares at 100p each, taking his interest to 81.9%. The shareholding of Anne Mette Horneman increased from 4.25% to 6.75%.
AIM
Franchise Brands (FRAN) has launched a recommended all share bid for kitchen services provider Filta Holdings (FLTA). The offer is 1.157 shares for each Filta share. Management and related parties own the majority of Filta. Shareholders owning more than 81% of Filta are backing the bid. Filta boss Jason Sayers will continue to run Filta, which provides cooking oil filtration and drain management services to restaurants and other venues in the UK and North America. Metro Rod, Metro Plumb and Willow Pumps are already owned by Franchise Brands and these services can be offered to Filta’s customer base in the UK.
Shield Therapeutics (STX) got off to a slow start with its Ferracu iron deficiency treatment launch in the US. Total 2021 revenues, including European income, were £1.5m. Forecasts are all over the place. The statement was in line with Peel Hunt’s forecast but well below the finnCap estimate. The 2022 revenues forecasts are the other way around with Peel Hunt (£27.9m) being much more optimistic than finnCap (£9.9m). They agree Shield will continue to lose money, though. This shows that management does not have any real idea what is going to happen, or it could have provided better guidance. Hopefully, there shall be better information when the full year results are published.
Circle Property (CRC) is selling one of its main properties and plans to return cash to shareholders. Circle Property is selling Kents Hill Park Conference Centre to LXI REIT for £34.5m – 1.5% ahead of book value. There are plans to sell other properties.
Domain name and online marketing services provider CentralNic (CNIC) is doing much better than initial expectations in 2022. Online marketing services is where the growth is coming from. Broker Zeus has upgraded its 2022 pre-tax profit forecast from $37.2m to $39m. CentralNic is acquiring Fireball Search and the .ruhr top level domain, which has around 10,000 domain registrations, for €600,000 in cash. A maiden dividend is likely to be announced with the 2021 figures.
Cloud-based conferencing services provider LoopUp (LOOP) says the 2021 trading outcome was in line with previously downgraded expectations, but lack of cash could become a problem. Last year’s revenues were £19.5m, down from £50.2m in 2020, which was a bumper year. It is also well below the £42.5m generated in 2019. The loss is expected to be more than £10m in 2021 and 2022. Net debt was £2.5m at the end of 2021 and it is forecast to rise to £5.7m at the end of 2022.
SkinBioTerapeutics (SBTX) is still optimistic about the prospects for the AxisBiotix-Ps food supplement treatment for psoriasis, but the second phase of the launch, which has just commenced, will be an important indicator of success. The first significant revenues will be in the second half of the year to June 2022. The SkinBiotix cosmetic ingredient is ready to be mass produced by Croda, which is talking to potential cosmetics customers.
Frontier IP (FIPP) has raised a further £3.2m from the sale of ADSs in AI-based drug discovery company Exscientia compared with a book value of £1.75m. Froniter IP has raised £6.1m in total and retains 1.17 million ADSs.
Ariana Resources (AAU) will pay a special dividend of 0.175p a share on 25 March with another payment of the same amount due later this year. Ariana says that drilling at the Kilrou deposit in Cyprus has confirmed the existence of gold at the site, as well as copper and zinc.
MAIN MARKET
Antimicrobial and textile odour control materials developer HeiQ (HEIQ) has secured a development partnership with Hugo Boss for HeiQ AeoniQ, a high-performance yarn. Hugo Boss is investing $5m in a subsidiary that holds the technology, which values that company at $200m. AeoniQ is designed as a sustainable alternative to oil-based nylon and polyester, which take up to 1,000 years to degrade and generate $135bn a year in fibre sales. HeiQ AeoniQ yarns are made from cellulosic biopolymers. The LYCRA Company will become the exclusive distributor of HeiQ AeoniQ yarns, and it will also make a financial contribution. The first product should be available in the second half of 2022.
Standard listed shell CYBA (CYBA) has agreed the acquisition of Narf Industries, which is a cyber security business, for $26.5m in cash and shares issued at 2p each. A placing will raise £6m at 2p a share. In 2020, Narf revenues were $2.78m and in the first half of 2021 they were $1.05m. SaaS subscriptions are generating an increasing proportion of revenues. Further acquisitions are planned.
BATM Advanced (BVC) says that its 2021 pre-tax profit figures will be slightly higher than expectations of $23m. The figures will be announced on 28 February.
Cizzle Biotechnology (CIZ) has agreed to acquire a 5% economic interest in AZD1656, a potential treatment for patients with Covid-19. This agreement was made with Conduit Pharmaceuticals and St George Street Capital and is in addition to previous agreements. Conduit has taken a 8.98% stake in Cizzle as part of the deal.
Studio Retail (STU) intends to appoint administrators.
Cash shell MAC Alpha Ltd (MACA) had £700,000 in cash at the end of 2021. Net assets are £369,000.
Andrew Hore
Andrew Hore – Quoted Micro 12 July 2021
AQUIS STOCK EXCHANGE
Helium Ventures (LON: HEV) is a shell seeking to acquire a business in the upstream natural gas sector, with a focus on helium. It raised £765,000, after expenses, at 10p a share. This followed placings at 1p a share and 5p a share. The underlying value of Helium Ventures cash is 4.9p a share. The share price jumped to 16p (14p/18p) on the first day of trading. That values the company at £2.69m.
Virgata Services did not receive the requisite acceptances for its bid for Walls & Futures REIT (WAFR) and the 10.2% of the share capital that accepted the offer are no longer bound by the acceptances.
KR1 (KR1) has made three new investments. There was a $100,000 investment in the iTrust seed round and it will receive iTrust tokens. A further $50,000 was invested in 625,000 Clover tokens. The largest of the investments was the $400,000 spent on nearly 20.7 million DIVER (Divergence) tokens.
Altona Rare Earths (ANR) has decided not to exercise its option to acquire 51% of the owner of the Nankoma mining project in Uganda because of its inability to carry out due diligence.
Newbury Racecourse (NYR) has signed a media rights agreement with Arena Leisure covering all fixtures until the end of 2028. This replaces existing rights agreements expiring in 2023.
EPE Special Opportunities Ltd (ESO) had an NAV of 582.13p a share at the end of June 2021.
AIM
Ilika (IKA) has raised £18m through a placing at 140p a share and a further £3m from a retail offer via PrimaryBid. An open offer could raise up to £3.7m. The share price was 200p before the fundraising. The cash will finance the development of Goliath battery pouch cells until they exceed the performance of lithium ion batteries and increase the capacity of the pre-pilot line.
Managed IT and networking services provider AdEPT Technology (ADT) will benefit from its earnings enhancing acquisition of Datrix in 2021-22. In the year to March 2021, revenues fell by 6% to £57.9m, while pre-tax profit fell from £7.7m to £6.2m. There was 9% growth in fourth quarter revenues. Management has taken advantage of the past year to restructure the business. . A three-year, £70m bank facility was agreed during March, so there is plenty of funding for other acquisitions.
CMO Group (CMO) is the largest online retailer of building materials in a market where pure online businesses still have a relatively small share. CMO raised £27.3m at 132p a share and existing shareholders raised £17.7m. Pro forma revenues, including Total Tiles which was acquired at the end of 2020, were £67m and pre-tax profit was £1.05m. The share price ended the week at 155.5p.
California-based LungLife AI (LLAI) is developing the LungLB lung cancer diagnostic test. The plan is to have a commercial test available in the US by 2023. It raised £17m at 176p a share and ended the week at 202.5p. LungLB is a blood-based test intended to identify cancerous and benign lung nodules that have been seen through a CT scan. Two-fifths of biopsies following the identification of nodules are not required and the test can stop them happening.
Saietta (SED) has raised nearly £32m, after expenses, at 120p a share to complete the development of its aerial flux motor technology and build a production facility for the motors. Liquid cooled aerial flux motor technology (AFT) has been developed for use with motorcycles and small vehicles. AFT motors are modular in design and highly efficient – reducing the need for additional batteries. There can be high or low voltage versions. The AFT 140 is the motor developed by Saietta. The share price was 121.5p at the end of the week.
Mercia Asset Management (MERC) made an underlying operating profit of £3.3m in the year to March 2021 and on top of that there were significant realised and unrealised gains. The NAV is 40p a share.
There were 97% of rents collected by Real Estate Investors (RLE) in the first half. Occupancy is lower at 83.4% because of the expected ends to certain tenancies, but management believes that the occupancy will recover by the end of the year as the space is rented out. NAV is expected to decline from 55.2p a share to 54.7p a share by the end of 2021.
Kinovo (KINO) is the new name for electrical and buildings services provider Bilby. In the year to March 2022, revenues declined from £65.4m to £60.2m and underlying pre-tax profit fell from £3.69m to £2.36m. The balance sheet is certainly stronger thanks to cash generated from operations. Net debt is down to £2.7m and combined with a recovering share price there may be chances to make acquisitions. There is a 0.5p a share dividend.
MAIN MARKET
Oxford Cannabinoid Technologies (OCTP) has signed an agreement with Evotec that should increase the development speed for the OCT461201. It will help to prove the tolerability and safety of the compound.
Tirupati Graphite (TGR) has signed a marketing agreement with Japan-based Hanwa, which will expand markets for flake and speciality graphite products to south east Asia. Hanwa is already a joint venture partner with Bacanora Lithium.
GC Hevron has proposed a reorganisation of Plaza Centres (PLAZ) and the board has decided to allow GC Hevron to conduct due diligence. The proposal will be put to bondholders on 13 July.
finnCap has downgraded its forecast for InnovaDerma (IDP). The forecast 2020-21 revenues have been cut by £700,000 to £10.2m, although better gross margins should mean that the loss will be similar to previously forecast. A small profit is still forecast for 2021-22.
Andrew Hore