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Quoted Micro 30 December 2024
AQUIS STOCK EXCHANGE
Valereum (VLRM) is making strategic enhancements to the GATE token strategy. It has brought in a tokenomics expert who will help to refine and enhance options. The changes could include a community voting mechanism for participatory decision making, interactive feedback sessions and transparent decision-making processes. There will be further information in the first quarter of 2025.
WeCap (WCAP) investee company WeShop Holdings has submitted a draft registration statement to the SEC. This is part of the process of obtaining a US listing, which will help the retailer app to be launched in the US and other markets. WeShop has 1,500 retailers signed up and testing in the UK has generated gross sales of £100m. WeCap owns 16% of WeShop.
Vinanz Ltd (BTC) has published the prospectus for its proposed move to the Main Market, which is planned for 13 January. This will be on the Transition Category. The cancellation of the Aquis Stock Exchange will be on 10 January. The bitcoin miner has received commitments totalling £1.5m at 14.5p/share conditional on the market switch.
Broker VSA Capital (VSA) increased interim revenues from £1.05m to £1.68m, which enabled a swing from a loss of £1.82m to a pre-tax profit of £298,000. The £57m fundraising for Invinity Energy Systems (IES) helped. The number of employees has reduced. NAV was 10.4p/share at the end of September 2024, although this does include intangible assets. Cash in the bank improved to £939,000. There are 29 retained clients. The deal pipeline is apparently growing, but timing is uncertain.
Mendell Helium (MDH) is continuing to make progress with an admission document for when it takes up its option to acquire M3 Helium. Production from the Nilson well has reached 127Mcf/day. The cost of bringing Rost into production could be reduced to $300,000. There is funding interest from local oil and gas companies in Kansas and this could be non-dilutive. This could fund further development of wells in Hugoton.
Lift Global Ventures (LFT) investee company Trans-Africa Energy is in talks with a Southern African state investor and the redemption date of the loan to the company has been extended to 31 January 2025.
Mental health treatments developer Shortwave Life Sciences (PSY) announced the pre-launch of a crowdfunding campaign on Crowdcube. The company has a psilocybin-based combination drug and proprietary buccal film delivery platform to improve outcomes for anorexia nervosa patients.
TruSpine Technologies (TSP) hopes for more news on the FDA submission for its medical devices for spinal care. The interim loss increased from £363,000 to £410,000. There was £51,000 in the bank at the end of September 2024. Finance options are being reviewed.
Adsure Services (ADS) director Peter Hammond has bought 65,000 shares at 21p each. He owns 7.17%. Coinsilium (COIN) has raised £65,250 through the exercise of warrants at 3p each. Chief executive Eddy Travia exercised 1.675 million shares taking his stake to 7.44%.
AIM
Maritime tracking technology developer Windward (WNWD) is recommending a 215p/share bid from an acquisition company formed by FTV VIII. The offer values the marine tracking technology company at £216m. The bidder wants to gain greater exposure to the maritime compliance market and believes it can help to accelerate growth. The management team will be retained. Windward joined AIM on 6 December at 155p/share.
Logistics Development Group (LDG) says Nash Squared has sold its NashTech division, which means that the AIM company’s investment of £10m in February 2024 has been redeemed for £13.1m. Logistics Development Group has £44m in cash. A tender offer at 19p/share is contemplated. That will distribute up to £21m. The plan is to distribute 50% of any further realisations and NAV will be published every quarter. The share price moved up 30.2% to 14p, which values the company at £73.4m. NAV was £99m at the end of May 2024.
Retailer Quiz (QUIZ) announced on Friday evening that it intends to leave AIM. The general meeting to gain shareholder approval will take place on 23 January. This is part of plans to reduce costs. Tarak Ramzan, who owns 20.4%, has offered a £1m loan facility and more cash will be needed next year. JP Jenkins may offer a matched bargain facility. Following the announcement, Amraj Gill’s stake has risen from 8.17% to 10.1% and Tajveer Gill’s stake has increased from 8.1% to 10.3%. Interim results show a tripled pre-tax loss of £4.7m, or £4.1m before exceptionals. Revenues continue to decline. National Insurance and living wage changes will add an annualised £1.7m from April. Net debt has reached £3.5m.
Michael Ashcroft has launched a requisition bid for a general meeting at data and marketing services provider Jaywing (JWNG). Michael Ashcroft wants Jaywing to leave AIM by 1 March 2025. He owns 29.5% of Jaywing and Lombard Odier is the next biggest shareholder with 18.9%. The directors own less than 6%. DSC Investment, which is associated with Michael Ashcroft, and Lombard Odier have jointly lent £11.9m to Jaywing. Net debt was £14.8m at the end of September 2024, which was before the latest £1.1m increase in the facility.
Premier African Minerals (PREM) announced an amended offtake and prepayment agreement with Canmax Technologies for the Zulu lithium and tantalum project after trading ended on Christmas Eve. The settlement options for Canmax Technologies have been adjusted in respect of prepayment amounts that are outstanding on 1 April 2025. If Premier African Minerals does not deliver the required product of provide cash settlement, Canmax Technologies is entitled to a direct stake in Zulu lithium at a valuation of $100m. The alternative is settlement in Premier African Minerals shares.
Maritime surveillance systems developer and installer SRT Marine (SRT) has signed the $9m Middle East coast guard contract and implementation has commenced. The is a ten-year contract for an upgrade to a 2016 installation. There should be $7m of revenues recognised in the year to June 2025 and the following year combined. There could be further upside from the contract. This contract adds to the $213m Kuwait coast guard contract, where implementation has also begun. Two other contracts totalling around $250m are near to signing and could start their implementations before June 2025. Management says that 2025-26 should be “significantly profitable”, but Cavendish has yet to reinstate forecasts.
Sunrise Resources (SRES) says Tolsa USA Inc has decided not to exercise its option to acquire the Pioche Sepiolite project in Nevada. There was no agreement on the terms of a continuing royalty for Sunrise Resources. Tolsa says it was difficult to correlate specific grades from holes drilled.
Orosur Mining Inc (OMI) has received assays from the fourth hole at the Pepas prospect in the north of the Anza project. There was a composite intersection of 40.2 metres @ 3.75g/t from 23.5 metres. Including 6.8 metres @ 9.02g/t. The results are good, but there are complexities. Part of the plan for the drilling is to resolve the complexities. Pepas has exceeded expectations.
Digital mental health company Kooth (KOO) has won a pilot contract in New Jersey and launched a share buyback programme of up to £1.5m to cover share-based rewards. The New Jersey contract is worth $1.45m in the pilot year. It covers 50,000 students between 13 and 18 years old. There are talks for a second US pilot.
Gemfields (GEM) says recent emerald and ruby auctions were disappointing. There is an oversupply of Zambian emeralds and emerald mining is being suspended by Gemfields. There is also civil unrest in Mozambique following elections. Ruby mining operations at Montepuez Ruby Mining have not been hampered, but risks have increased. There has been lower production of premium rubies. The focus is constructing a second ruby processing plant and other capital investment has been suspended, including the gold project. Options for the Faberge brand are being assessed.
Mitsubishi Electric is investing £26.2m in Seeing Machines (SEE) for a 15% stake and the companies will collaborate on opportunities in the design and manufacture of automotive technologies, particularly in Japan. There will also be access to the Mitsubishi distribution channel. The investment is at a 12% premium to the 30-day weighted average price. Mitsubishi intends to take its stake to 19.9%.
Property services provider Fletcher King (LON: FLK) improved interim pre-tax profit from £50,000 to £85,000 on revenues up from £1.33m to £1.6m. There is no interim dividend. Net cash was £3.77m at the end of October 2024. The second half tends to be more profitable, but the markets remain uncertain.
MAIN MARKET
Cash shell Pineapple Power Corporation (PNPL) has found another potential reverse takeover candidate. Hamburg-based FUSE-AI develops medical artificial intelligence products. It has developed Prostate.Carcinoma.ai software that enables radiologists to save time analysing MRI images and reduces the error rate. Distributors are being signed up. FUSE-AI is an investee company of Xlife Sciences. FUSE-AI would be acquired in an all-share transaction. This is still subject to due diligence. The deal to acquire Ilios Hydrogen is not going ahead.
Harworth Group (HWG) has completed the sale of 278 acres of land at Ansty, Warwickshire for £53.5m. Contracts were exchanged three years ago and planning permission has been granted.
Andrew Hore
Quoted Micro 24 October 2022
AQUIS STOCK EXCHANGE
Chapel Down Group (CDGP) had a bumper grape crop in terms of quality and yield. Chapel Down has 750 acres of vines and the harvest was more than 2,000 tonnes, up from 1,400 tonnes last year, with a particularly good crop for sparkling wines. The English sparkling wine market grew by 29% in 2021More than two million bottles of many types of wine can be made from the harvest. A further 38 acres of vines were planted this year with 118 acres planned. More land is being sought. Management wants to double the size of the business by 2026.
Property investor Ace Liberty & Stone (ALSP) launched an open offer to raise £4.56m at 25p a share, which is a big discount to the market price. The share price fell 25.8% to 47.5p. The open offer closes on 14 November and enables existing shareholders to finance the strategy to buy additional properties. Management believes that economic uncertainty will provide opportunities to acquire high yielding properties.
Ananda Developments (ANA) has changed the acquisition terms for the 50% not owned in DJT Plants. The purchase price has been cut from £7.3m to £3.2m, which is payable in shares at 0.925p a share giving the seller Anglia Salads 29.9% of the enlarged share capital. That is double the current share price. The chairman’s £2.3m loan to Ananda will be swapped for convertible loan notes and warrants. DJT is analysing its 2022 field trial crops to determine the amounts of cannabinoids and terpenes contained in the cannabis flowers. This will help the company to decide which cultivars to use. There are international growers interested in purchasing seeds from DJT.
Love Hemp (LIFE) says it will sell all LH Botanicals products and LH Botanicals Ltd, which is owned by Love Hemp chief executive Tony Calamita, does not sell these products and has never traded. An application has been filed to strike the company off the company register.
Hydrogen Utopia International (HUI) has secured a convertible loan facility with Conrad Griffiths, owner of 9.45% of the company. The €650,000 facility is interest free until the beginning of 2023 when the annual interest charge is 5%. The repayment date is 31 December 2025. The conversion price is 20p – based on the exchange rate of €1.14/£.
Invinity Energy Systems (IES) has secured the sales contract for a 10MWh VS3 flow battery system for a solar microgrid in southern California.
Goodbody Health Ltd (GDBY) has signed an agreement with Allied Pharmacies that will add 17 clinics to its network offering diagnostic testing and adds services such as ear wax micro suction.
SulNOx Group (SNOX) has signed up South Africa-based bus company Lowveld Bus Service, which will use SulNOxEco fuel conditioner in its fleet of more than 170 buses.
VVV Resources (LON: VVV) has appointed Jim Williams as an executive director. He was previously a chief executive of AIM-quoted Arian Silver Corporation, which is now known as Alien Metals (UFO). David Rigoll and Simon Clarke have left the board.
Chris Akers has upped his stake in Quetzal Capital (QTZ) from 22% to 23.4%. Investee company Tap Global has added GBPT stablecoin to its cryptocurrency trading platform.
Harry Hyman has increased his stake in Oberon Investments Group (OBE) from 3.08% to 4.15%. Phoenix Asset Management Partners has taken a 16.5% stake in Silverwood Brands (SLWD).
AIM
Semiconductors designer EnSilica (ENSI) generated more than 50% of its revenues from its design and supply division for the first time last year. Revenues increased from £8.61m to £15.3m with design and supply’s contribution jumping from £2.82m to £8.02m. This is down to contracts starting to move from the design to supply stage. A loss was turned into a pre-exceptional profit of £165,000. That is before R&D tax credits of £683,000. EnSilica capitalised £2.2m of development spending last year.
Latest new AIM admission Sondrel (SND) raised £20m at 55p a share and the price rose to 58p in early dealings. The semiconductor designer will spend the money on employing more engineers and accelerate sales. There are more than £300m of revenue opportunities for designing semiconductors. If selected, Sondrel can expect to supply the semiconductor for five years plus. The medium-term target revenues are in excess of £100m.
Revolution Bars (RBG) is acquiring Peach Pubs for £16.5m. Peach Pubs has 21 food-led pubs in the south of England and the Midlands. There should be £1.5m of cost savings from combining the businesses at a minimal cost, but they will not be fully achieved until 2024-25. finnCap has adjusted its 2022-23 forecast for Revolution Bars due to higher energy costs, so the earnings estimate has been reduced by 69% to 0.5p.
Affimer technology developer Avacta (AVCT) is acquiring in vitro diagnostics distributor Launch Diagnostics for £24m, plus up to £13m in performance related earn outs. This acquisition is part of the strategy to build up a European distribution business. Kent-based Launch Diagnostics is a profitable business that supplies diagnostic reagents and instrumentation for pathology applications. A placing at 95p a share will raise £7m and a three-for-365 open offer could raise up to £2m more. A £55m convertible bond issued at 95% of par could raise £52.5m and it is convertible at a 25% premium to the 95p a share placing price.
Gear4Music (G4M) edged up interim revenues by 2% with the growth coming from Europe and the rest of the world. The musical instruments retailer is upgrading its websites and trading is improving, although gross margins are lower.
Tatton Asset Management (TAM) generated inflows of £907m in the six months to September 2022. Assets under management have reached £11.3bn, with a further £1bn of assets under influence. There was an 11% improvement in earnings to 9.8p a share and the interim dividend 10% ahead at 4.4p a share. Inflows are expected to slow and full year expectations have been trimmed, but earnings should improve from 18.6p a share to 19.8p a share.
Logistics Development Group (LDG) has raised its stake in cakes maker Finsbury Food (FIF) from 4.4% to 6.77%. A further £4.17 has been invested at an average of 81p a share. The previous investment was at 69.5p a share, which was just above the low for 2022. Richard Griffiths increased his stake in Logistics Development Group from 7.04% to 8.71%. Logistics Development Group should have received more than £31m for its stake in CareTech.
Learning and development products and services provider Mind Gym (MIND) generated interim revenues 11% ahead at £26.8m with the majority coming from the US. Net cash is £4.5m. The interims will be published on 2 December. A full year pre-tax profit of £2.87m is forecast.
Advanced Oncotherapy (AVO) has raised £6m at 25p a share from Odey Asset Management. The subscription was at a 12% premium to the market price.
Mattress supplier eve Sleep (EVE) has appointed an administrator.
Anthony Laiker has left the Vela Technologies (VELA) board and sold his 6% stake. He was reappointed to the board in July having been a director between 2013 and 2020.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) says revenues continued to decline in the second quarter, but the rate slowed and there has been growth in early October. Freight costs are falling offsetting the change in exchange rates. Fackelmann Gmbh owns a 9% stake.
LED lighting and wiring accessories supplier Luceco (LUCE) says destocking has happened faster than expected, so the 2022 profit outcome will be lower than anticipated. Underlying operating profit is expected to be £20m-£22m in 2022. Net debt was £46.5m at the end of September 2022.
Carclo (CAR) says interim sales were ahead of the same period last year and slightly better than expectations. However, operating profit is slightly lower than previously. The life sciences division has grown even though two product launches were delayed. There was also increased demand from the aerospace sector.
Motor dealer Lookers (LOOK) outperformed the UK car market in the third quarter and pre-tax guidance has been increased to no less than £75m. Last year’s pre-tax profit was £90.7m, but that benefited from government assistance and a strong used vehicle market. However, a lack of available new cars to sell is holding back the performance of all motor dealers.
An administrator has been appointed to Toople (TOOP) after it failed to secure financing for a proposed acquisition.
Andrew Hore
Alan Green on Open Orphan #ORPH, Blencowe Resourses #BRES & Logistics Development Group #LDG
Alan Green CEO of Brand Communications talks about: Open Orphan #ORPH, Blencowe Resources #BRES & Logistics Development Group #LDG
Alan Green talks Smart Metering Systems #SMS, Logistics Development Grp #LDG & Non-Fungible Tokens on Vox Markets podcast
Alan Green discusses Smart Metering Systems #SMS, Logistics Development Grp #LDG & Non-Fungible Tokens with Justin Waite on the Vox Markets podcast. Interview starts at 14 minutes 12 seconds
