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Andrew Hore – Quoted Micro 22 March 2021
AQUIS STOCK EXCHANGE
Rogue Baron (SHNJ) has sold a shipment of 857 cases of Shinju Japanese whisky in the US. Each case of six bottles sells for up to $150. There was a total of 9,000 bottles of Shinju sold in 2020. US sales are growing so quickly that the company has decided to focus on the market and delay moves into other markets.
KR1 (KR1) has invested a further $150,000 in Vega Protocol in exchange for 194,999.17 VEGA tokens and made an initial $200,000 investment in the Starks Network. KR1 has also generated a further 77,542.92 Polkadot tokens and they were sold for $1.85m. KR1 still has nearly 3.5 million Polkadot tokens. Mona Elisa has been appointed as a non-executive director.
Block Commodities (BLCC) and Century Cobalt Corporation have entered an option agreement to acquire a 70% interest in a medicinal cannabis licence granted to Magnus Cannabis Group in Zimbabwe. Each of the buyers will hold a 35% interest. The option fee is £50,000. The payment for the interest will be £1.5m in Block shares at 0.07p each and £1.5m of Century Cobalt shares. Block no longer intends to acquire Sierra Leone-based Greenbelt Company.
Chris Akers has increased his stake in Quetzal Capital (WENP) from 9.4% to 15.2%.
Love Hemp (LIFE) has signed a five-year sponsorship agreement with UFC.
David Rigoli is joining the board of Veni Vidi Vici (VVV) and he has an interest in electric vehicle commodities.
AfriAg Global (AFRI) is holding a general meeting on 12 April to gain shareholder approval for the reverse takeover of Apollon Formularies Ltd. AfriAg will change its name to Apollon Formularies.
Wheelsure Holdings (WHLP) has raised £25,000 at 13.5p a share.
AIM
Online fashion retailer In The Style (ITS) joined AIM last week. The share price increased from the 200p placing price to 235p. Existing shareholders raised £46.8m from share sales, while there was £9.1m net raised by the company. There will be more investment in the technology platform and there are plans for an international version of the company’s app.
Underlying 2020 revenues at digital payments business Boku (BOKU) were one-fifth higher at $56.4m helped by a six-month contribution from Fortumo. Profit grew even though there was a higher loss from the identity division. There was net cash of more than $50m at the end of 2020, although that includes cash held on behalf of others. In 2021, there should be further growth in digital payments and an improved performance by the identity division.
Trading at document management and technology recycling business Restore (REST) has continued to improve since the second quarter of last year. In 2020, revenues fell from £216m to 3183m, while pre-tax profit dipped from £36m to £23m. This year pre-tax profit should be getting back towards the 2019 level. There are opportunities for further add-on acquisitions.
Futura Medical (FUM) says that erectile dysfunction topical gel formulation MED3000 should be certified as a class 2B medical device which can be obtained without a prescription. This could happen by May. US approval is also progressing.
Diagnostic data provider and analyser Diaceutics (DXRX) was able to launch its DXRX platform at the end of 2020 and it is already winning projects and building up recurring revenues. In 2020, revenues declined from £13.4m to £12.7m and Diaceutics fell into loss. It should return to profit this year.
Renewable energy company Bion (BION) has opened an office in the UK in order to expand in Europe. Two biogas plants in Malaysia are selling electricity generated from biogas produced from palm oil mill effluent. Another two plants will be generating electricity in the next few months.
Trans-Siberian Gold (TSG) has recommended a 118p a share mandatory cash offer from Horvik, which has already agreed to acquire a 51.2% stake.
Telit Communications (TCM) is releasing DBAY Advisers from its restriction on making a bid within six months of previously ending bid talks.
Waterford Finance and Investment is making a mandatory offer for former AIM company Gulfsands Petroleum having bought the stake previously owned by ME Investments for £3.43m. Waterford is also taking ownership of the convertible loan notes owned by ME. Waterford had a 37.3% stake in Gulfsands and it is deemed to be acting in concert with Blake Holdings, owned by Richard Griffiths and James Ede-Golightly. The Waterford stake in the Syria-focused oil and gas company has increased to 52.45% and the combined stake is 83.93%. The bid is 4.035p a share.
CEPS (CEPS) subsidiary Hickton Group has acquired gas and electrical safety consultancy Millington Lord for up to £1.1m.
Dye and Durham no longer intends to bid for IDOX (IDOX), which has sold its Netherlands grants consultancy.
Tremor International (TRMR) has made a filing with the SEC ahead of a potential US listing. Tremor believes it would get a rating more in line with US Ad Tech companies.
Kodal Minerals (KOD) has raised £3.5m at 0.125p a share. This will be used to develop the Bougouni lithium project in Mali and to fund exploration of three gold projects.
MAIN MARKET
Caerus Mineral Resources (CMRS) joined the standard list last Friday after raising £1.92m net at 10p a share. The share price rose to 13p. Caerus is exploring for copper, gold and silver in Cyprus, having acquired New Cyprus Copper, which owns 70% of a company with 12 exploration licences in four project areas in Cyprus. Completion of a work programme will earn a further 20% stake in the subsidiary with the opportunity to acquire the other 10% within 12 months of the work programme for A$2m.
Supply@ME (SYME) has signed heads of agreement to acquire Singapore-based commodities trade enabler TradeFlow Capital Management.
Standard list shell Marwyn Acquisitions Company 1 (MAC1) is raising £130m at 100p a share. Vin Murria has joined the board and she will be investing £17.5m for a 13.1% stake. Murria is likely to seek a large international software acquisition for this vehicle.
Sanofi is terminating its licence agreement with Oxford Biomedica (OXB) but there should not be any significant impact on medium-term revenues.
Toople (TOOP) continues to reduce monthly cash burn. The proceeds of a sale of 1.05 million shares at 0.06p each by the wife of the boss of a subsidiary will be used to repay a £462,000 loan.
OTAQ (OTAQ) has invested $150,000 and converted its loan notes in Minnowtech, which has developed an imaging product using OTAQ sonar technology. This gives OTAQ a 15.2% stake.
CML Microsystems (CML) says shareholders should receive 50p a share in cash by 26 March. Net cash will be more than £30m after this payment, which comes out of the proceeds of the disposal of the storage division. The continuing communications business generated slightly higher revenues in the second half than in the first half. Orders are improving.
Antimicrobial materials technology developer HeiQ (HEIQ) has signed a five-year contract with ICP, which develops thin film coatings for packaging. ICP will use HeiQ Viroblock in its coatings. This could be worth $8m in the first two years. Over five years the royalty revenues should be $30m. This follows a deal with Berger Paints, which could generate $600,000 over one year.
BATM Advanced Communications (BVC) has received around $29m for the completed disposal of NGSoft. The cash will be reinvested in network function virtualisation and molecular diagnostics.
Andrew Hore
Andrew Hore – Quoted Micro 4 January 2021
AQUIS STOCK EXCHANGE
BWA (BWAP) has been unable to sell Kings of The North Corp (KOTN) back to St Georges Eco-Mining and there are problems with the title to claims held by KOTN. It appears that two licences had not been renewed by St Georges. Three more licence areas are being reviewed. St Georges has claimed C$200,000 for work it is claimed that has not been done. There is already a claim for cash from a KOTN director and there could be further claims against directors of KOTN and St Georges.
Gunsynd (GUN) says trading in investee company Empress Royalty commenced on the TSX Venture Exchange. Gunsynd invested £146,000 in October and owns 1.4% of Empress.
MiLOC Group Ltd (ML.P) has terminated its endorsement agreement with BrandKing Worldwide and First Strong Workshop for AKFS+ haircare products and also ended the commission agreement with CN Workshop. In the recent interims, inventories increased in part due to AKFS+ haircare products.
Vulcan Industries (VULC) generated revenues of £5.74m and lost £2.96m in the period between 24 October 2018 and March 2020. This was before Vulcan raised £2.2m. The subsequent quarter trading was poor, but the second quarter was ahead of expectations. Further acquisitions have been identified.
TruSpine Technologies (TSP) lost £448,000 in the six months to September 2020. There was £567,000 in the bank.
Evrima (EVA) has sold a commercial property in Leeds for £200,000, which after costs is slightly below its purchase price in 2017. The cash will be reinvested in Kalahari Key Mineral Exploration.
AIM
Small business finance provider Vector Capital (VCAP) joined AIM on 29 December. It raised £3.1m at 38p a share and ended the week at 39.5p. In the six months to June 2020, revenues increased from £1.59m to £2.13m, while pre-tax profit jumped from £954,000 to £1.26m, even though new loans were not issued in the second quarter. The business has been profitable for the past four years. The loan book was worth £34.7m at the end of September 2020. The Jain family owns 80.85% of Vector Capital. Prior to flotation the original shareholders received a total dividend of £400,000.
Xpediator (XPD) has sold its online shopping logistics business in order to concentrate on the core freight business. EshopWedrop Holdings was losing money and the total consideration is £300,000 paid in equal instalments over three years. The book value was £700,000. Xpediator will achieve annual cost savings of £350,000 following the disposal.
MJ Hudson (MJH) is acquiring fund performance analytics business PERACS and this will widen the services it can provide to the asset management sector. The initial payment is 586,016 shares and there is deferred consideration in cash and shares over a three-year period.
Shareholders voted against the reappointment of Ian Visagie as a director of Goldplat (GDP).
Cyber security services provider Shearwater Group (SWG) says that October and November revenues were 39% ahead of the same period last year and the momentum continued into December.
UFG Asset Management has a total shareholding in Trans-Siberian Gold (TSG) of 54.9%.
DBAY Advisers has sold more of its stake in Wynnstay Group (WYN) and it has fallen to 3.7%.
MAIN MARKET
National World (NWOR) is paying £10.2m for the former Johnstone Press group of newspapers. No debt is being taken on. JPI Media Publishing is the third largest local news group in the UK and includes titles, such as Yorkshire Post, Portsmouth News and the Scotsman. JPI is estimated to have generated revenues of £85m and EBITDA of £6m in the past year. National World will use the assets to build a local online news publishing model. There is an initial cash payment of £5.2m with two further instalments. National World is issuing £8.425m of 10% loan notes and plans to issue more. Trading in the shares remains suspended until a prospectus is published and it may not resume until April.
Oil-focused shell Wildcat Petroleum (WCAT) joined the standard list on 30 December. It raised £600,000 at 0.1p a share and was capitalised at £2.4m.
Argo Blockchain (ARB) is investing $100,000 in hashrate management platform Luxor Technologies. The technology can help cryptocurrency miners to increase their returns.
Standard list shell Rockpool Acquisitions (ROC) is still talking to Greenview Gas in its attempt to find a Northern Ireland-based acquisition. Greenview has downgraded its 2020-21 pre-tax profit expectation from £1.4m to £1m. Rockpool had loaned more than £1m, including interest, to Greenview. The initial loan agreement was three years ago. In November, this was repaid out of new borrowings.
Marwyn Acquisition Co I Ltd (MAC1), one of three shells floated by Marwyn during December, has appointed Vin Murria as chairman. She has built up two software companies on AIM and then sold them. The appointment means that the focus of this shell will be the software sector, with the first acquisition likely to be worth more than £100m. Last month, Vin Murria joined the board of AIM shell Summerway Capital (SWC) and it is also seeking software and digital acquisitions, but it is likely to be assessing smaller acquisitions.
Andrew Hore
Andrew Hore – Quoted Micro 7 December 2020
AQUIS STOCK EXCHANGE
Newbury Racecourse (NYR) has completed the sale of 1.2 acres of land on the northern perimeter of the racecourse for £1.5m. That is equal to book value.
NQ Minerals (NQMI) is able to draw down from its recently arranged $55m loan facility between its subsidiary Hellyer Gold Mines with ING. The cash is being used to pay off previous debt.
Wheelsure Holdings (WHLP) improved revenues from £178,000 to £235,000 in the year to August 2020, but there remain potential delays to sales. That is particularly true of Transport for London because of its financial problems. The loss was slightly reduced from £224,000 to £203,000. Wheelsure has moved from net liabilities to net assets of £7,000.
Four new directors have been appointed to the board of SulNOx (SNOX) following a general meeting and they have replaced the previous directors. Radu Florescu had previously been a director of the company. Shareholders have also given them permission to issue shares.
Trading has recommenced in Altona Energy (ANR) shares after £138,000 was raised at 6.5p a share. Further cash will be required in the next four months. Indications have been received from investors that a move to AIM or the standard list could enable Altona to raise £1m. Due diligence is being completed on the two rare earth acquisition targets in Malawi and Uganda. Christian Taylor-Wilkinson has been appointed chief executive.
Quetzal Capital (WENP) made a pre-tax profit of £276,000 in the year to June 2020. That was due to creditors accepting 7.5p in each £1 they were owed. Business opportunities are being assessed.
Wishbone Gold (WSBN) has applied for a new exploration licence in northern Queensland, which is 15km north west of the Ravenswood gold mine.
IOV Labs Ltd is investing £330,000 in Coinsilium Group (COIN) at 3p a share. One warrant will be issued for each two shares and the exercise price is 4.5p a share. IOV can appoint a director to the board, having increased its stake to 13.9%. Coinsilium says that it has enough cash until January 2022.
BWA (BWAP) reported an interim loss of £2.91m, which reduced net assets to £2.43m. The Cameroon business has marked out two licence areas and the first sampling has been undertaken with the lab results expected. BWA had written off its stake in the Prego prepaid debit card business, but there is a potential takeover by a Canadian listed company.
Belvedere Leisure (BELV) has issued £872,000 of 6.25% secured bonds, September 2025. This takes the number in issue to £979,000.
AIM
Floorcoverings manufacturer Victoria (VCP) produced better than expected interims. Peel Hunt increased its full year pre-tax profit forecast from £9.4m to £28.7m, while earnings are set to improve from 5.6p a share to 17.4p a share. There should be further significant recovery next year, but by then further acquisitions will have been made so the group will be different.
Springfield Properties (SPR) has gained planning approval for its first private rental development in Scotland. It is for 75 family homes at the company’s Bertha Park Village. Springfield will build the homes under a fixed cost contract and hand them to the PRS provider. This provides additional, predictable cash flow.
Online fashion retailer Sosandar (SOS) increased interim revenues by 52% to £4.3m even though marketing spending was reduced. Conversion rates are improving. Sales through John Lewis and Next started in August. The loss was reduced from £2.79m to £1.1m. Marketing has been stepped up and there has been further growth in revenues during the autumn. There was still £4m in the bank at the end of November 2020.
Digital TV software Mirada (MIRA) reported a 5% reduction in interim revenues to $5.5m due to Covid-19 related delays. Allenby forecasts a decline in full year revenues from $13.2m to $11.5m and the loss is expected to increase from $1.42m to $3.26m. Net debt could rise to $8.45m by the end of March 2021. Next year, the loss should be lower and Mirada should be cash generative so net debt would reduce by March 2022.
AssetCo (ASTO) has launched a tender offer for 6.53 million shares at 411p each. That will return £26.9m to shareholders. Following payment from former auditor Grant Thornton, AssetCo should have cash of around £55m.
Tavistock Investments (TAVI) has postponed a general meeting designed to pass a new long-term incentive plan for executive directors Brian Raven and Oliver Cooke. There has been unfavourable feedback from shareholders.
The Property Franchise Group (TPFG) has made a bid approach to fellow residential lettings business Hunters Property (HUNT).
Nucleus Financial (NUC) has received a bid approach from IntegraFin Holdings (IHP) and the offer is likely to be in cash. Aquiline Capital and Allfunds (UK) are also considering offers. Sanlam UK owns 52% of Nucleus.
DBAY Advisers has acquired shares in Telit Communications (TCM) at 194.8p each, so any potential bid will have to be at least at this price.
Invinity Energy Systems (IES) is raising £20.5m via a placing at 175p a share and up to £2m more could be raised through a one-for-64 open offer. The cash will help to scale up production of its vanadium flow batteries.
Pires Investments (PIRI) is subscribing for a 15% stake in decentralised finance company DeTech Studio and it will also be issued four million YOP tokens. YOP is the decentralised finance platform that DeTech is developing. The plan is to make it easier for non-experts to use. The yop token will facilitate engagement with smart contracts on the Ethereum network.
MAIN MARKET
Tirupati Graphite has launched its fundraising ahead of a standard listing on 11 December. It is raising £6m at 45p a share, which would capitalise the company at £33.6m. The cash will be invested in mining and processing of graphite.
Marwyn has launched three new shells on the standard list. Marwyn Acquisition Co I Ltd (MAC1), Marwyn Acquisition Co II Ltd (MAC2) and Marwyn Acquisition Co III Ltd (MAC3) are all seeking acquisition targets in media, technology and healthcare that can take advantage of digitalisation. Directors of past Marwyn shells are investors in the new shells. Each company has issued 700,000 shares at 100p each.
Standard list shell Mining Minerals (MMM) is in discussions with a potential strategic investor.
Andrew Hore