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Alan Green discusses Mirriad #MIRI, i3 Energy #I3E, Polarean Imaging #POLX and Fair Oaks Income #FAIR on Vox Markets podcast
Alan Green and Justin Waite discusses Mirriad #MIRI, i3 Energy #I3E, Polarean Imaging #POLX & Fair Oaks Income #FAIR on the Vox Markets podcast. We also talk about: Open Orphan #ORPH & Vanguard’s FTSE U.K. Equity Income Index Fund – Accumulation.
Alan Green discusses Open Orphan #ORPH, Mirriad Advertising #MIRI and IXICO #IXI on Vox Markets podcast
Alan Green discusses Open Orphan #ORPH, Mirriad Advertising #MIRI and IXICO #IXI with Justin Waite on the Vox Markets podcast.
Netflix partnerships could become more attractive to marketers in a down economy, analysts predict
Article by Megan Graham, CNBC.
- A new report from Forrester Research predicts that marketers will double their spend on marketing partnerships with Netflix, like product placement and “other creative marketing integrations with brands.”
- This will come as marketers increasingly seek more natural and less intrusive ways to reach consumers, instead of bombarding them with traditional ads.
- Netflix steadfastly denies that it looks to paid product placement in shows as an important current or future source of revenue.
As marketers come up against economic uncertainty in 2020, they will increasingly turn to Netflix to help get their messages to consumers, according to Forrester Research. In a report shared with CNBC Tuesday, the firm predicts that marketers will double the amount of money spent for product placement or other creative marketing integrations with Netflix.
Although the analysts expect Netflix to remain ad-free in the traditional sense, they predict the company will “redefine advertising opportunity by doubling its investment in product placement and other creative marketing integrations with brands.” This would be one way of connecting with consumers in a memorable way “without the creepy personalization and annoying disruption plaguing today’s ads.”
Advertising insiders have often predicted that Netflix will eventually start showing ads, but the company has steadfastly insisted they’re wrong — in response to execs speculating on Netflix’s advertising plans at Cannes Lions, Netflix called comments “wishful thinking from an advertising conference.” Showing ads could deflect subscriber growth: A study earlier this year found23% of respondents would definitely or likely drop their Netflix subscriptions if the service added advertising at its current price point or a dollar cheaper.
A Netflix spokesperson said the prediction is inaccurate and that it’s not doubling its investment in the space, whether financially or in team size. The company said just because a brand is shown on a Netflix show doesn’t mean it has been paid, and said it’s rarely paid for these placements.
But Jim Nail, principal analyst for B2C Marketing at Forrester, believes marketers will keep knocking on Netflix’s door, as audiences are increasingly turning away from traditional TV.
“We know these people aren’t … meditating or playing with their kids. They’re watching stuff, they just happen to not be watching traditional television,” he said.
“The product placement stuff is a nice way for them to tap into some of that revenue without risking the customer relationship in the way that announcing an ad-supported option might,” Nail said.
An arm’s length relationship
Although product placement is all over Netflix, the company says that a lot of the placement is driven by show creators rather than Netflix, and that brands seldom pay Netflix directly for placement.
Forrester points to an estimated $15 million worth of product visibility from brands like Burger King and Coca-Cola in the third season of “Stranger Things…
Link here to read full CNBC article
New York Times – You See Pepsi, I See Coke: New Tricks for Product Placement
You See Pepsi, I See Coke: New Tricks for Product Placement 
…The streaming services have data on viewers’ spending habits and brand preferences, and they’re looking into new ways to use it.
First came product placement. In exchange for a payment, whether in cash, supplies or services, a TV show or a film would prominently display a brand-name product.
Then there was virtual product placement. Products or logos would be inserted into a show during editing, thanks to computer-generated imagery.
Now, with the rise of Netflix and other streaming platforms, the practice of working brands into shows and films is likely to get more sophisticated. In the near future, according to marketing executives who have had discussions with streaming companies, the products that appear onscreen may depend on who is watching.
In other words, a viewer known to be a whiskey drinker could see a billboard for a liquor brand in the background of a scene, while a teetotaler watching the same scene might see a billboard for a fizzy water company.
Streaming services could also drop in brand-name products based on when a show is being watched. Someone who watches a streaming show in the morning could see a carton of orange juice within a character’s reach, while a different viewer watching the same thing in the afternoon could see a can of soda.
It could start within a year, said Stephan Beringer, the chief executive of Mirriad, a virtual product placement company that has worked brands including Pepsi, Geico and Sherwin-Williams into ABC’s “Modern Family,” CBS’s “How I Met Your Mother” and the Univision program “El Dragón.”
Streaming services are more likely than traditional TV companies to pull off this specially targeted version of product placement because they have direct access to far more information on their customers. With every click of the remote, viewers tell the services something about themselves, information that can be used to determine which products might appeal to them.
This supercharged version of digital product placement is being developed at a time when the marketing business — which bet big on TV commercials for decades — needs new tricks to grab the attention of ad-hating cord-cutters.
Mr. Beringer, the head of Mirriad, said the current digital product placement technology has been successful enough to suggest that a bespoke version is a logical next step.“Viewers have been educated to look away from advertising,” he said. “But we’re putting something in that contextually makes sense. If you do it well, and it’s not annoying, it can work.”
Through digital video services like Hulu and YouTube, companies are already able to target viewers based on information about their ages, their locations, where they like to shop and other details. Some of the data is collected by the platforms themselves, others by outside data companies. And now streaming services are mulling how to make use of that information to create tailored product placements.
“Just like there’s no reason that all viewers of a program need to see the same advertisement, there’s no reason that they all need see the same brand integration or crossover campaign,” said David A. Schweidel, a marketing professor at Emory University……..
Link here to view the full article
Andrew Hore – Quoted Micro 8 July 2019
NEX EXCHANGE
AIM-quoted Aquis Exchange (AQX) is acquiring NEX Exchange from CME Group Inc, which bought it as part of its £3.9bn takeover of NEX Group. Aquis will pay £1, plus £2.7m for working capital requirements. The deal requires FCA approval so it is unlikely to complete before the autumn.
Arbuthnot Banking Group (ARBB) is purchasing a residential mortgage portfolio for £258m. The loan portfolio has £266m outstanding and the yield is 3.6%.
Equatorial Mining and Exploration (EM.P) is raising £1.3m via a share issue at 0.1p a share and loan notes worth £904,000, which are convertible at the same share price. The cash will be used to acquire Rwanda-based Eastinco.
MESH Holdings (MESH) has reached an early agreement to exercise the option to acquire Sentiance. MESH will issue 4,000 shares for each Sentiance share. Sentiance will have €19m in cash when the deal completes. More than 404 million MESH shares will be issued, which is nearly two-thirds of the enlarged share capital. Trading in the shares is suspended until a circular is published in order to gain shareholder approval.
The forecast 2018-19 loss for health and community care properties developer and modular buildings supplier Ashley House (ASH) has been increased from £1m to £1.6m following clarity about what deals were signed prior to the year end. A return to profit is expected this year.
Ace Liberty and Stone (ALSP) has announced a third interim dividend of 0.84p a share. The ex-dividend date is 11 July.
NQ Minerals (NQMI) has extended its A$4m loan facility to 5 September. The two month extension cost A$160,000.
Gunsynd (GUN) has invested a further $130,000 in Oyster Oil and Gas, taking its stake to 30%.
Trading in Ganapati (GANP) shares has been suspended because accounts for the year to January 2019 have not been published.
Wheelsure Holdings (WHLP) has appointed Cairn as its corporate adviser.
AIM
Science Group (SAG) has launched a 35p a share cash bid for Frontier Smart Technologies (FST) and that is higher than the indicative offer of 30p a share. Frontier advises that shareholders take no action and says that it has received approaches from other parties and there are discussions with one of them about the structure and pricing of any deal.
Independent directors of FFI Holdings (FFI) are recommending a bid of 25p a share, which values the film completion insurance provider at £39.5m. The mandatory offer comes two years after FFI floated at 150p a share.
IMImobile (IMO) continues to grow strongly in the Americas and Europe with 42% growth in revenues last year. The cloud and mobile services provider increased total revenues by 28% to £142.7m, with organic growth of 14% on a constant currency basis. Net debt was £7.5m at the end of March 2019 and cash generation is strong. Thee was £14.6m generated from operating activities last year.
Plastic components and packaging producer Synnovia (SYN) has refinanced its debt. The maximum amount available is £25.3m. The maturity has been extended from June 2021 to June 2023. The full year results will be published on 9 July.
Bango (BGO) has partnered with appScatter (APPS) in order to help the latter’s app development clients to grow in-app revenues.
Gfinity (GFIN) has generated better than expected revenues in the year to June 2019. The esports company expects to breakeven by 2021.
Mirriad Advertising (MIRI) is raising £14.18m via a placing at 15p a share, while an open offer could raise up to £3.94m. Revenues remain modest and the cash is required to cover continuing losses. Cash consumption is running at £1m a month and 2019 revenues of £1.1m are anticipated.
Churchill China (CHH) has generated higher than expected revenues in the hospitality sector, particularly in Europe. Full year trading will be ahead of expectations. The interims will be announced on 29 August.
Mirada (MIRA) is raising £2.1m from the sale of its Mirada Connect car park payment services business to part of VW. The business generated revenues of £633,000 and pre-tax profit of £122,000 in the year to March 2019. This will enable Mirada to concentrate on its digital TV business, where annual revenues are approaching $12m. Mirada had net debt of $4.9m at the end of March.
LightwaveRF (LWRF) has signed an agreement with Google to jointly market Lightwave compatible smart speakers that provide voice-controlled lighting.
Intelligent Ultrasound (MED) has secured its first OEM agreement for its AI-based imaging software and the share price nearly doubled on the back of the deal. The technology will be integrated into ultrasound systems. Initial royalties are expected in 2021.
Cellcast (CLTV) plans to sell its operating subsidiary to its management team, but it is unlikely to generate a good price because of its poor performance. The company will become a shell. Fraser Cropper of e-cigarette company Totally Wicked has taken a 3.7% stake.
MAIN MARKET
InnovaDerma (IDP) has reassured investors that it is on course to more than double pre-tax profit to £1.5m in the year to June 2019. The pharma and beauty products supplier had £1.7m in the bank at the end of June 2019, which is better than expected. It is still down from £1.9m one year earlier.
Associated British Engineering (ASBE) has appointed FRP Advisory to find a buyer for loss-making British Polar Engines Ltd. There is a deficit of £1.35m on the pension scheme.
Argo Blockchain (ARB) has announced further outperformance by its crypto mining activities as the bitcoin price continues to recover. The company had £3.07m of crypto assets in the balance sheet at the end of June 2019, which is more than £200,000 more than expected. Additional equipment is being acquired.
Rainbow Rare Earths (RBW) is raising £4.3m at 3p a share. The money will finance production growth at the Gakara rare earth project. There should be some cash left to pay for additional drilling.
Papillon Holdings (PPHP) has revised its 2018 accounts. The original version did not reflect two transactions with director James Longley.
Gulf Keystone Petroleum (GKP) has paid an initial dividend of 5.68p a share with a further dividend double that level (depending on exchange rates) due to be paid after the interim figures are published.
Boston International Holdings (BIH) has returned from suspension following the termination of the reverse takeover of Cornhill FX, which was first announced in August 2017. Boston could not raise the cash required. Management is assessing future strategy. The costs of the proposed transaction mean that cash is below £150,000, which is less than 50% of share capital.
Andrew Hore
Andrew Hore – Quoted Micro 27 December 2017
NEX EXCHANGE
Good Energy (GOOD) has sold two operational 5MW solar farms in Devon and south Wales, plus further development rights, for £5.83m and £5.6m respectively. This should yield a profit of £750,000 on each solar farm. The south Wales site has additional land and development or sale of this land could yield an additional payment. Good will still acquire the energy from both sites.
OneLife Technologies Corp is acquiring One Media Enterprises Ltd, which has agreed to pay back the investment and loan made by Angelfish Investments (ANGP). There will also be management fees payable. This is dependent on the acquisition going ahead. In total, Angelfish will receive $1m in cash and 200,000 shares. Most of the investment has been written off, bar nearly $42,000, so the payment is nearly all profit.
BWA Group (BWAP) expects to be granted mining licences for the extraction of rutile sands in Cameroon. It would then enter an agreement with investee company Mineralfields Group, which would operate the mining concessions. BWA would increase its stake from 12% to 25%. BWA and its directors would own the majority of the shares. BWA has issued 8.37 million shares at 0.5p each in order to pay creditors of Mineralfields. BWA is also issuing £300,000 of 14% convertible unsecured loan stock 2020. The cash interest payment is 4% and the rest will be rolled up and the total loan converted into 36 million shares at 0.5p each.
Malcolm Burne has taken advantage of the sharp rise in the Coinsilium Group Ltd (COIN) share price to reduce his stake to below 3%. He owned 5.7 million shares in April. The share price reached 20p and has fallen back to 15p. Earlier this month, Coinsilium raised £720,000 at 9p a share.
AIM-quoted, spread betting business London Capital Group (LCG) has announced its intention to leave AIM having joined the NEX Exchange Growth Market on 15 December. Glio Holdings Ltd owns 78.1% of London Capital and it will vote in favour of the cancellation of the quotation.
Capital for Colleagues (CFCP) had an NAV of 42.12p a share at the end of November 2017. The provider of capital to employee-owned businesses is switching its investments from debt to equity.
Wheelsure Holdings (WHLP) reported an increased loss in the year to August 2017. Revenues declined from £290,000 to £226,000 and the loss rose from £262,000 to £330,000. An order from Italy was delayed and there were lower orders from London Underground. There was nearly £304,000 in cash at the end of August 2017. Wheelsure raised £630,000 last year. There have been initial orders for high speed rail infrastructure.
EPE Special Opportunities (ESO) has invested in David Phillips Holdings, which supplies furniture and furnishing services to the UK property sector. The business is benefiting from the growth of the private rental sector.
Gunsynd (GUN) has invested £130,000 in a 9% convertible loan note in Human Brands, which supplies Copa Imperial Tequila and Shinju Whiskey. US-based Human Brands made a pre-tax profit of $90,000 on revenues of $1.04m.
Trading in the shares of China CDM Exchange Centre Ltd (CCEP) has been suspended because of issues with the annual returns for the Jersey Registry.
Black Sea Property (BSP) has raised €3.53m at €0.01 a share. This will help to finance the acquisition of a property on the Black Sea coast. Via Developments (VIA1) has issued a further £70,000 of debenture stock.
AIM
The TLA Worldwide Award for contempt for investors goes this year to Real Good Food (RGD) after it announced it requires substantially more cash at 1.04pm on 22 December. That is the last half day of trading before Christmas. The three main shareholders will subscribe for £3m of loan notes with an annual interest of 10%. This should be refinanced via a share or convertible issue. Net debt was £35.8m at the end of September 2017. Hugh Cawley will become an executive director. The interim loss was £6.66m. Food ingredients returned to profit, helped by the acquisition of Brighter Foods, but the performance of the other parts of the business slumped.
Golden Saint Resources (GSR) intends to change its business by acquiring EMS Wiring Systems for shares and selling the mining assets. Trading in the shares is suspended ahead of due diligence and a share consolidation. EMS is a profitable supplier and installer of cabling, WiFi, CCTV, displays and building management systems in Asia and it intends to expand in Africa and South America. The new name would be Golden Saint Technologies Ltd.
Cradle Arc has a 60% stake in a producing copper mine in Botswana and a gold development project in Zambia. The expected admission date to AIM is 10 January.
Mirriad Advertising (MIRI) was valued at £63.2m at its placing price of 62p. The in-video advertising technology company raised £24.2m net of expenses. Potential customers are expressing interest in the technology and the cash will finance an increasing rate of growth. In 2016, revenues were £700,000.
Antibody development services provider Fusion Antibodies (FAB) raised £5.5m at 82p a share and by the end of the week the share price had doubled. Belfast-based Fusion will invest in the expansion of laboratory space and additional sales and marketing.
Close-ended investment company CIP Merchant Capital Ltd (CIP) raised £55m at 100p a share prior to Christmas. CIP will focus on quoted companies with a market value of less than £500m that have good fundamentals, which need help to improve operational effectiveness or management support to enhance growth. There should also be potential for a future exit. No more than 20% of funds will be invested in an individual company.
Software supplier Pelatro (PTRO) raised £3.8m at 62.5p a share when it joined AIM on 19 December. That valued the company at £15.2m. The company’s mViva software is developed in India and used for marketing by telecommunications companies.
An introduction at 20p a share valued Panthera Resources (PAT) at £12.4m. The main asset is a 70% stake in the Bhukia gold project in India. The company’s share of the JORC inferred resource is 1.22 million ounces. There are also gold exploration assets in Burkina Faso and Mali.
Video games development services provider Sumo Group (SUMO) floated on 21 December at 100p a share and ended the week at 113.5p a share. Sumo raised £38.5m and it was valued at £145m at the placing price.
Fletcher King (FLK) reported a dip in revenues from £1.68m to £1.49m, while pre-tax profit declined from £163,000 to £148,000. The interim dividend is unchanged at 1p a share. There were lower revenues from rating appeals and valuations but one or two SHIPS properties should be fully-let and sold by the end of the financial year.
NWF Group (NWF) says that its feeds division is benefiting from the recovery in the milk price and past capital investment. The fuels division continues to make progress but food distribution performance has been below the first half of last year. The interims will be published on 30 January.
Online gaming firm Nektan (NKTN) is raising £1.76m at 21p a share. That was a one-fifth discount to the market price. There are £10m convertible loan notes 2020, where the conversion price is a 25% premium to the previous placing, so it is currently 26.25p a share. The cash will be invested in technology and geographic expansion. In the year to June 2017, Nektan more than doubled its net gaming revenues to £13.3m.
Telecoms infrastructure equipment supplier Filtronic (FTC) expects a sharp fall in interim revenues from £21.6m to £12.8m and operating profit halved to £900,000. There have been delays in defence orders. Net cash was £2.9m at the end of November 2017. The interims will be published on 30 January.
Kodal Minerals (KOD) says that initial results from its drill programme at the Bougouni lithium project are expected very shortly. There was £4.09m of cash at the end of September 2017.
Tlou Energy Ltd (TLOU) has completed core-hole drilling at two locations at the Lesedi project and a third hole will be completed early next year. Coal samples are being assessed. The results will help to plan the first phase of development drilling. The Botswana Public Officers Pension Fund has taken a 5.84% stake.
Tri-Star Resources (TSTR) is raising up to £4.42m via a 2.250106-for-one open offer at 0.01p a share. That is a 92% discount to the market price and excess applications can be made. The cash is required for part pre-payment of $6m of loan notes issued to Odey Asset Management that carry an annual interest rate of 25%. That cash was used to finance a $6m mezzanine loan to the Oman antimony roaster project. First production should be in the second quarter of 2018. The cost of the project has increased from $96m to $110m. There should be £250,000 left for working capital for Tri-Star and $740,000 of loan notes still in issue. The first dividend from the Oman antimony roaster is expected for the year to December 2020.
Legendary Investments (LEG) has acquired a 9.7% stake in Crowd for Angels in return for 248.3 million Legendary shares at 0.145p each. Crowd for Angels intends to launch a £50m Liquid Crypto Bond. Legendary is swapping its interest in Manas Resources for a 2% stake in Circle Oil Tunisia, formerly a subsidiary of AIM-quoted Circle Oil, which has been liquidated. The stake in Manas was valued at £100,000.
Ambrian (AMBR) has failed to secure short-term financing or defer payment of interest on its convertible loan notes. Grant Thornton will be appointed as administrator. In October, a general meeting removed former chief executive Jean-Pierre Conrad as a director, having been given three months notice in August by subsidiary Ambrian Metals because he had lost the confidence of the board. Conrad was a large holder of convertibles. Ambrian has cement interests in Mozambique and there have been problems in moving cash.
Kromek (KRK) is on course to achieve full year revenues of £12.5m. This is without any contribution from the framework contract from the US authorities for radiation detector systems, which could be important in the future. There should be £14m of cash left by the end of the financial year.
Uranium Resources (URA) has sold its mining assets and is changing its name to URA Holdings. Melissa Sturgess and Peter Redmond have joined the board and £900,000 raised at 0.45p a share.
Redhall Group (RHL) says that its subsidiary Jordan Manufacturing has won business for specialist handling and containment systems for nuclear material at Sellafield. This could be worth £18m over three years.
Prospex Oil and Gas (PXOG) is acquiring up to 49.9% of the Tesorillo gas project in southern Spain. The purchase is in three stages and will cost €2.05m in total.
Problems with labelling in China have held up the fulfilment of demand by Concepta (CPT) for its fertility products. This means that 2017 revenues will be around £100,000 and sales delayed until the first quarter of 2018.
Integumen (SKIN) has raised £500,000 at 1.5p a share. This will help to fund the recently acquired Stoer range of male cosmetics and the commercialisation of the Visible Youth cosmeceutical range. Management is assessing all the group product lines because some are taking longer to generate significant revenues. Integumen intends to set up a joint venture to distribute Champion Shave products in the UK and Ireland.
The One Media iP (OMIP) share price more than doubled to 10p following the news that Lord Michael Grade and former Pinewood boss Ivan Dunleavy are joining the board as non-executives. They are also investing £375,000 at 2.5p a share.
Cross-border payments technology provider Earthport (EPO) says that 2017-18 revenues could be up to 15% lower than expected due to contract delays and a change in strategy by a client. Cash flow breakeven is still achievable during 2018-19. Hank Uberoi is moving from chief executive to executive chairman and a permanent replacement as chief executive has yet to be found.
Escape the Room experiences provider Escape Hunt (ESC) is adapting its strategy to focus on city centre sites. Five leases have been signed and three are being negotiated.
The People’s Operator (TPOP) has successfully raised £2.82m at 0.1p a share. Aidan O’Hara acquired an 8.78% stake prior to the placing. Trading in the shares has been suspended because of concerns over trading prior to the completion of the placing.
A €51 a share cash bid has been recommended by Taliesin Property Fund Ltd (TPF) and this values the company at €260m. The bid enables investors to liquidate their holding in the Berlin property investor at a premium to NAV. Taliesin floated in 2006 at €10 a share.
West African Mineral (WAFM) is disposing of its iron assets through a share distribution of the company holding the assets to its shareholders. They will receive one share in Ferrum Resources Ltd for each West African Mineral share they own. A general meeting will be held on 18 January to agree to the plan. Loans to Ferrum have already been written off but a sale of the assets could spark all or part of the repayment of the $4m loan. West African Minerals will have £2.1m in the bank and it wants to move to the standard list and seek life sciences acquisitions. The company will change its name to OKYO Pharma Corporation.
Property investor Caledonian Trust (CNN) increased its NAV from 152.9p a share to 161.7p a share in the year to June 2017.
TechFinancials Inc (TECH) will receive a total of $1.46m in dividends from two subsidiaries. One of these subsidiaries is part of the previously announced disposals that should generate $400,000.
All bar one of the directors of BOS Global Holdings (BOS) has left the board. Trading in BOS shares has been suspended because of the uncertainty of its financial position and because the annual report has not been published.
MAIN MARKET
Contango Holdings (CGO) is moving ahead with the possible acquisition of Consolidated Growth Holdings’ interest in a near-term producing mining asset in Zimbabwe. The purchase would be funded at 5p a share, which is a 33% premium to the suspension price. Contango hopes to complete the reverse takeover by the first quarter of 2018. Contango floated on the standard list on 1 December.
Shefa Yamim (SEFA) has joined the standard list. The Israel-based gemstones explorer raised £4.15m at 110p a share and was valued at £15.3m on flotation. The cash will be used to fund further exploration of the Kishon Mid Reach project and production could commence within 24 months.
Dukemount Capital (DKE) reported an interim loss of £113,000 due to the costs of being a listed company. There was £230,000 in the bank at the end of October 2017. Supported living property developer Dukemount has completed a 50-year agreement to lease on the first property it acquired with a supported living housing association. This should generate £234,000 a year and is linked to CPI. It will take 18 months to complete the development but institutions may acquire the lease before then. A second project has also been secured with more under negotiation.
Spinnaker Opportunities (SOP) has raised a further £170,000 at 5p a unit. The unit is one ordinary share and 0.5 of a warrant exercisable at 7.5p a share. The current NAV is 4.2p a share. SI Capital has been appointed as joint broker.
Standard list shell Fandango Holdings (FHP) still had £468,000 in the bank at the end of August 2017. There is currently no industrial or services acquisition under consideration.
Avocet Mining (AVM) has agreed the sale of its Burkina Faso assets for $5m. There will be $2.5m paid on completion and the rest will be deferred over seven years. Avocet will have no trading business. Given Avocet’s debt, if it is wound up there will be little or nothing for shareholders.
Bluebird Merchant Ventures Ltd (BMV) has returned from suspension following publication of its annual report. Chief executive Colin Patterson says he will fund the Gubong gold project through to the completion of the report on feasibility. He and fellow director Aidan Bishop are taking their remuneration in shares.
Andrew Hore
Andrew Hore – Quoted Micro 11 December 2017
NEX EXCHANGE
First Sentinel (FSEN) has bought a 80% stake in Perennial Enterprises in Australia in an all share deal. Perennial is a profitable debtor finance business and it is purchasing A$5m of invoices each month. Shane Perry of Perennial will join the First Sentinel board.
Primorus Investments (PRIM) has sold its investment in Gold Mines of Wales to Alba Mineral Resources (ALBA) in return for 83.3 million shares in Alba (3.6% of the company). That was worth £317,000 at an Alba share price of 0.38p.
NHS-focused software systems supplier DXS International (DXSP) has been hit by budget cuts but management is hopeful that NHS restructuring will have a positive effect. A tender has been won for a pilot of a new product range. The NHS will launch the GPSOC3 tendering in 2018 and this could provide opportunities for DXS.
Block Energy (BLOK) has delayed its move to AIM until mid-January. It was originally expected to make the move on 7 December.
Etaireia Investments (ETIP) had net assets of £1.88m at the end of September 2017. Since then, two buildings in Peterlee have been acquired and more acquisitions are promised in the near future.
Early Equity (EEQP) impaired two investments in the year to August 2017. The full year loss was £139,000. Further cash has been raised since the year end.
Commercial property investor Ace Liberty and Stone (ALSP) has completed the purchase of the New Majestic Bingo Hall, Middlesbrough for £4.15m and it generates rent of £313,000 a year.
All Star Minerals (ASMO) has raised £30,000 at 0.075p a share.
Sula Iron and Gold (SULA) is acquiring a controlling interest in a cobalt licence in the Democratic Republic of the Congo (DRC) for $100,000. This is near to existing cobalt and copper mines. A holding company will be 70% owned by Sula and 30% owned by the vendor. A placing is raising £1.75m at 0.05p a share. This will provide cash for the exploration of the new licence and finance the development of the assets in Sierra Leone. Sula will assess other opportunities in the DRC. The Riverfort facility will be terminated and shares bought back from D-Beta. The company is changing its name to African Battery Materials.
Evgen Pharma (EVG) has raised the cash to finance the completion of the phase II studies for SFX-01, which uses its synthetic sulforaphane called Sulforadex. There is a phase II trial assessing the treatment of metastatic breast cancer and there should be an interim reading in the first half of 2018 and it will report fully before the end of the year. There is also a phase II trial for subarachnoid haemorrhage stroke, which should also report by the end of 2018. Evgen has raised £2.3m at 12p a share. Hardman says that cash burn is £300,000 a month.
Mirriad Advertising (MIRI) has reset its flotation date to 19 December and it is raising £25.4m, before costs of £1.2m, at 62p a share. Numis is nominated adviser and broker, while Baden Hill is joint bookrunner. Mirriad, which has developed technology to enable product placement in existing TV and film content, will be valued at £63.2m. Management is raising £800,000 from the sale of existing shares. IP Group is a major shareholder and is investing a further £3.7m, leaving it with a 27.2% stake. Amati VCT, Amati VCT 2, Edge Performance VCT and Oxford Technology 4 VCT, which acquired its shareholding around a decade ago, also have stakes, although it does not appear that the VCTs will generate much of an increase in the value of their holdings at the placing price.
Brighton Pier Group (PIER) has agreed to buy mini golf site operator Paradise Island Adventure Golf for an initial £10.5m. The business made an EBITDA of £1.21m on revenues of £3.49m in the most recent financial year. Six sites are being operated with two to be added. This is less seasonal than Brighton Pier. A placing raised £3m at 95p a share, with executive chairman Luke Johnson investing £850,000.
Delays with a project at Hinckley C hampered last year’s figures from Redhall (RHL) but the underlying business has been put on a much firmer footing. The order book is higher and so are the gross margins on the work.
Collagen Solutions (COS) has been hit by a delayed order from a major tissue customer which is launching a new product incorporating the tissue. This will hamper full year revenues. Interim revenues were flat at £1.86m and the full year revenues are expected to still rise from £3.95m to £4.31m but this is around £800,000 lower than previous forecasts. There should still be £6m in the bank at the end of March 2018. The long-term prospects for the ChondroMimetic cartilage repair product are positive.
Vianet Group (VNET) is switching its revenue model for its smart machines division to focus increasingly on regular recurring revenues from contactless payment technology sales. This held back interim revenues. Since the end of the first half, Vianet has completed the acquisition of Vendman and this should make a small profit contribution in the second half. Full year group revenues are expected to rise from £14.3m to £15.4m, while pre-tax profit should move from £2.5m to £2.8m. Vianet is changing its sector to telecommunication equipment.
Accounting software supplier FreeAgent Holdings (FREE) grew its interim revenues by 28% to £4.6m without any significant contribution from its partnership with Royal Bank of Scotland. Growth was slowed by regulation changes relating to public sector contractors. The policy of moving towards digital tax returns will provide a future boost to demand for the company’s software from small businesses. House broker N+1 Singer has trimmed its forecast revenues for the next two years and does not expect FreeAgent to make a full year pre-tax profit over that time scale.
Sovereign Mines of Africa (SMA) ran into regulatory and tax issues relating to its proposed reverse takeover of an Indian eyewear manufacturer. Trading in the shares was suspended on 21 July so it has until 27 January to find a potential acquisition.
Pennant International (PEN) is partnering with Capewell Aerial Systems, a producer of military and law enforcement equipment. The two companies will develop opportunities and an initial product is already under development. The news that BAE is selling Typhoon aircraft to Qatar is also good for Pennant.
Wind measurement technology developer Windar Photonics (WPHO) has received an order for 300 WindEYE LiDAR systems from a Chinese distributor. There will be 50 delivered this year and the rest in the first half of 2018.
Software supplier Pelatro plans to join AIM on 19 December. The mViva software is developed in India and used for marketing by telecommunications companies.
Video games developer Sumo Group plans to float by the end of December. Video games industry veteran Ian Livingstone is a non-executive director.
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Hemogenyx Pharmaceuticals (HEMO) has made good progress since it reversed into a standard list shell. Hemogenyx continues to work with contract research organisation LakePharma Inc, whose holding company invested £350,000 in Hemogenyx, to develop its therapies for bone marrow or blood stem cell transplants. This collaboration should help to progress the CDX technology towards clinical studies in 16 months time and preparatory work has started on a submission to the US FDA. The company has recently announced a collaboration with Oxford University that could generate work that will significantly improve the efficiency and safety of bone marrow transplants. A reliable supply of human tissue has been secured from a US research university.
Rainbow Rare Earths (RBW) has shipped the first load of rare earth mineral concentrate and it is currently on the road Mombasa. Production has commenced on time and within budget. Gasagwe is the only producing rare earths mine in Africa. Arden believes that Rainbow could make a profit of $3.4m in the year to June 2018, rising to $4.2m in 2018-19.
Deloitte has been appointed as administrator to Torotrak (TRK) because of a shortage of cash. Trading in the shares has been suspended.
Andrew Hore