Home » Posts tagged 'mrit'
Tag Archives: mrit
Quoted Micro 20 January 2025
AQUIS STOCK EXCHANGE
SulNOx Group (SNOX) has signed an agreement with Eastern Pacific Shipping, which will use the SulNOxEco additive on a minimum of 30 vessels for at least 18 months. The data from this evaluation could be used for marketing. Easten Pacific Shipping will introduce other potential shipping company clients, and it is subscribing for up to 11.7 million shares in tranches at 2p each. This will happen over the 18-month period. There will be a subscription of up to 4.72 million additional shares at 2p each, which will be over a three-year period. This could total up to 11.8% of the enlarged share capital.
Marula Mining (MARU) says that the Kinusi coper mine is selling a total of 1,000t to four commodity trading groups. The sales have been delayed but should be completed by the end of January. Metallurgical test work results are expected later in January. Management is seeking to secure offtake agreements and non-dilutive funding.
Kasei Digital Assets (KASH) is conducting a strategic review, which could include a departure from Aquis or return of cash to shareholders. Management believes that the outlook for the market for digital assets is positive. However, costs are negatively affecting performance. There is cash of £782,000 and digital assets of £4.26m.
Visum Technologies (VIS) has raised £100,000 from a convertible loan note issue. The conversion price is 0.5p/share. This will fund due diligence for potential acquisitions.
IntelliAM AI (INT) says David Richards is stepping down as chairman at the beginning of July.
Max Capital reduced its shareholding in WeCap (WCAP) from 8.09% to 7.94%. Brompton Asset Management has increased its stake in Global Connectivity (GCON) to 13.96%. RAJ Bailey bought 7,376 shares in Daniel Thwaites (THW) at 89p each.
AIM
Fortress Investment has raised its recommended bid for pubs and bars operators Loungers (LGRS) from 310p/share to 325p/share. Broker Singer did not believe that the original bid fully reflected the value of the business and argued that 375p/share would be a fairer value. Loungers at £338.3m was forecast to make a 2024-25 pre-tax profit of £18m, up from £13.9m last year, rising to £23.8m in 2025-26.
Fintech Fiinu (BANK) has signed heads of agreement for the first white-label deal for its Plugin Overdraft with a UK bank. It will provide a Banking-as-a-Service platform including Plugin Overdraft and requires regulatory approval and testing. The bank will have exclusivity in the UK for 12-months from launch, which could be in the fourth quarter of 2025. There will be royalty fees based on profit generated by the bank from the Plugin Overdraft.
Thor Explorations (THX) says that the Segilola mine in Nigeria produced 24,6000 ounces of gold, taking the total for 2024 to 85,000 ounces. Guidance for 2025 is 85,000 ounces-95,000 ounces. The all in sustaining costs are expected to be $808/ounce. Thor Explorations has moved into a net cash position. Exploration is focused on extending the life of the mine beyond 2028. Thee were positive results announced earlier in January. There should be news concerning the Nigerian federal authorities into the Osun state authorities allegations of underpayment of tax. The PFS for the Douta project in Senegal should be released in the first quarter of 2025.
Michael Ashcroft wants data and information publisher Merit Group (MRIT) to leave AIM. This follows his success in persuading Jaywing (JWNG) to back his AIM cancellation plan for the marketing services business. He owns 42% of Merit Group, so he has a high chance of success. A general meeting will be set within 21 days.
Deltex Medical Group (DEMG) also announced plans to leave AIM. This will save £200,000/year. Last year’s revenues from sales of heart monitoring systems improved from £1.8m to £2.1m and cash was £240,000 at the end of 2024. Andy Mears will be replaced as chief executive by Natalie Wettler.
Quantum Blockchain Technologies (QBT) has made a breakthrough for its Bitcoin Artificial Intelligence model mining tool. The Method C AI Oracle can skip calculations if it assesses that they will not be successful. This provides a 30% improved performance compared with other methods. The company is ready to demonstrate the technology and is seeking a chip manufacturing partner to produce a commercial product.
Gift wrap supplier IG Design (IGR) customers did not sell as much as expected over the Christmas period and this has hit orders. On top of the weak demand, there are US customers in financial difficulties. The fourth largest customer has re-entered Chapter 11 bankruptcy protection and total provisions will be around $15m.The American business is predominantly behind the 10% slump in revenues, although the international business revenues were 1% lower. IG Design is only expected to breakeven in the year to March 2025, compared with forecast pre-tax profit of $32m, and forecasts have been withdrawn by Canaccord Genuity.
Security technology supplier Thruvision (THRU) announced a strategic review. Management believes that additional funding will be required to scale up the business. There is currently cash of £1.5m, which will last until May unless potential orders are secured. The cost base will be assessed. Alternatives include bringing in a partner or selling the business.
Digital healthcare platform developer Trellus Health (TRLS) has entered an agreement with Johnson & Johnson Health Care Systems Inc for a US pilot programme for Trellus Elevate to support severe inflammatory bowel disease. Trellus Health will receive an upfront licence fee and a monthly fee. Net cash was $8m at the end of June 2024 and the additional income could help to extend the cash runway nearer to the end of 2025.
Pawnbroker Ramsdens (RFX) says improved performances from all divisions helped group revenues improve from £83.8m to £95.6m, while pre-tax profit rose from £10.1m to £11.4m. The dividend was raised from 10.4p/share to 11.2p/share. This year has started well. and management has decided to slow the new store opening programme. There will be more focus on the website.
Packaging equipment and automation provider Mpac Group (MPAC) confirms 2024 trading is in line with expectations. Pre-tax profit should recover from £7.1m to £10.5m. Net debt was £37m at the end of 2024. The order book is worth £111m and covers 53% of forecast 2025 revenues.
Telecoms infrastructure products developer Filtronic (FTC) has appointed David Marshall as director of programmes to ensure their efficient delivery. Sarah Shaw becomes General Counsel to manage commercial contracts and other legal affairs. This follows a positive trading statement that led to Cavendish upgrading its 2024-25 pre-tax profit forecast from £9.6m to £11.5m.
Construction recruitment services provider Hercules Site Services (HERC) has decided to sell its suction excavators business to focus on recruitment. The suction excavators were losing money and holding back performance. The disposal will also reduce borrowings. Labour supply revenues increased from £63.8m to £84.1m. Continuing pre-tax profit improved from £1.6m to £2.6m and further improvement to £3.4m is expected for this year.
Bars and leisure operator XP Factory (XPF) grew like-for-like revenues by 8.5% in the third quarter, which is well above the rate for the rest of the year. The figure for the year so far is 5.5%. Immersive escape rooms operator Escape Hunt was 14% ahead and Boom Battle Bars 17% higher over the Christmas period.
Cross-border payment services provider Finseta (FIN) says 2024 EBITDA will be £2m compared to a forecast of £1.9m. There was £2.2m of cash generated from operating activities. The benefits from investment in the business and new products will show through in 2025.
Premier African Minerals (PREM) has raised £1.2m from a placing at 0.0275p/share. A retail offer could raise up to £2.3m more. The cash will be invested in the Zulu project in Zimbabwe and to pay suppliers. The retail offer closes on 20 January. Some creditors may take shares for the money owed. If the cash raised in the placing and offer plus the capitalisation of debts does not get near to £3.5m the placing and offer will not proceed.
Cambridge Nutritional Sciences (CNSL) has settled its dispute with the UK DHSC with no admission of liability. The DHSC will not seek reimbursement of pre-production payments for Covid tests and Cambridge Nutritional Sciences will not claim for losses for failure to replace orders. The company will have legal costs of £200,000, but it will also release £2.5m from deferred income as exceptional income.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) says that the strategic collaboration with Valeos Pharma is contributing to its business. This will enable the acceleration of supply of pharmaceutical grade EU-GMP cannabis active pharmaceutical ingredient products. Valeos Pharma will provide up to three tonnes of annual cultivation capacity, which is equivalent to £8.7m of income/year.
Gaming machines hardware and displays supplier Nexteq (NXQ) had net cash of $29.1m at the end of 2024, which is more than 50% of market capitalisation. Trading problems had already been flagged and there was no additional surprise. There was destocking and delayed product launches by customers. Revenues were 24% lower at $86.7m, which was slightly better than forecast. The results will be published on 19 March.
Supercapacitors developer Cap-XX (LON: CPX) has made its first shipment of co-branded products to electronic components distributor SCHURTER’S warehouse in Switzerland. On delivery, an invoice will be raised.
Construction and property asset management software supplier Eleco (ELCO) has acquired maintenance and management software provider PEMAC for €6m in cash with up to €2.4m payable based on achieving performance targets. Clients include Coca Cola and Heineken. This fits well with the existing ShireSysem product.
Argo Group Ltd (ARGO) is making a tender offer at 5p/share as part of its plan to leave AIM. Shareholders owning 71.2% of the company will not tender shares, so everyone else can have their shares acquired in the tender. The tender closes on 14 February.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has acquired protective packaging manufacturer Pitreavie for £18m, with a net initial payable after debt movements of £10.6m. Pitreavie made a 2024 pre-tax profit of £1.3m. There should be cost savings from integrating the business.
Online travel hostel agency Hostelworld (HSW) says strong demand for Asian hostels helped 2024 net bookings rise 6% to 6.9 million, although there was a dip in average booking value. That meant that revenues were 1% lower at €92m. Lower marketing spend meant that margins improved. More bookings were made through the company’s app. Pre-tax profit is expected to jump to €17m. Net cash is €2m. There will be an update on strategy in the second quarter.
Bitcoin miner Vinanz (BTC) switched from Aquis to the Main Market on 13 January. The share price opened at 16.5p and rose to 22.5p before falling back to 16.5p at the end of the week.
Argo Blockchain (ARB) has been told it has until 15 July to regain compliance on Nasdaq with the minimum price requirement of $1 for its ADSs.
Andrew Hore
Quoted Micro 28 October 2024
AQUIS STOCK EXCHANGE
Electrification technology developer Equipmake (EQIP) has raised £3m at 3p/share. Chief executive Ian Foley has subscribed for 6.67 million shares, although his stake will be diluted to 34.1%. The cash should last for six months and move the business towards cash breakeven. There was £2.48m in the bank at the end of May 2024. In the year to May 2024, the cash outflow from operations was £6.3m. The company estimates a requirement of £5.5m for working capital over the next 12 months. A potential licensing agreement could bring in £4.6m over a two-year period. Equipmake could reach cash breakeven in 2025-26. The focus is on higher margin work and bus repowering range will be rationalised. Costs are also being reduced, but it is investing in its commercial team.
Igraine (KING) has secured right of first refusal on current and future battery storage projects developed by GEM Energia. AIM-quoted Vela Technologies (VELA) is providing a loan facility with a minimum commitment of £200,000. Igraine will issue 35.5 million shares, which is 29.1% of the company, to GEM in return for the rights. David Levis, the chief executive of GEM, is joining the Igraine board as an executive director. He founded GEM to develop battery energy storage projects in the UK. It develops the projects up to the point where it either sells them or proceeds with the development itself. Igraine will have the right to receive 8% of the sales proceeds of a disposal or be involved in their further development. Initial sites will be sold to generate cash for Igraine and strengthen the balance sheet. Each site requires £150,000-£250,000 to secure grid connections and get to the ready to build stage. Every MW of capacity is valued at £120,000. After costs, a 100MW site could generate cash of more than £7m. There are four sites which are already in progress.
Oscillate (MUSH) has started hydrogen operations in Minnesota. A hydrogen soil-gas sensor has been bought and pre-field work started, which will provide data to enable further progress. Igraine has been diluted from 10.2% to 5.05% following the recent share issue.
Lift Global Ventures (LFT) says investee company Trans-Africa Energy has not received the £12m it was waiting for from an African investor. It is talking to alternative sources of finance for the energy infrastructure project in Ghana. The redemption date on the loan notes held by Lift Global Ventures has been extended to the end of 2024 and in return the value will be increased from £1m to £1.25m.
Ananda Developments (ANA) says two of its potential medicines, MRX2 and MRX2T, will be used in National Institute for Health and Care Research and NHS co-funded phase IIIa epilepsy clinical trials involving up to 500 patients. This could support marketing authorisation applications if the trials are successful.
EDX Medical Group (EDX) has raised £300,000 from a Saudi Arabian investor at 11p/share, which was a 22% premium to the market price.
Corporate businesses developer Macaulay Capital (MCAP) managing director David Horner has doubled his shareholding to 500,000 shares by buying 250,000 shares at 20p each. His family has a 24.9% stake. Marula Mining (MARU) director Jason Brewer has increased his shareholding by 340,000 shares at 5.38p each. That takes his stake, held through Gathoni Muchai Investments to 9.13%. Mike Cass has increased his stake in BWA Group (BWAP) to 15.1%. James and Alexandra Pace have a 5% stake in Shepherd Neame (SHEP).
AIM
Footwear retailer Shoe Zone (SHOE) says that poor weather hit second half sales, but it has traded in line with expectations. Full year revenues were 3% lower at £161.3m with a second half decline wiping out the interim growth. Trading did improve in August and September. Zeus forecasts a fall in pre-tax profit from £16.5m to £9.5m. The full year dividend will slip from 17.4p/share to 6.2p/share.
Disinfection products supplier Tristel (TSTL) beat expectations in the year to June 2024. There were initial revenues from the US, but they will take time to build up. Sales grew in nearly every market, with small dips in Australasia and China. A price increase in the UK, combined with higher volumes, helped hospital medical device decontamination jump 38%. The main growth in sales is in the UK and Europe. In the year to June 2024, revenues improved from £36m to £41.9m, while pre-tax profit rose from £6.2m to £8.2m. There was a reallocation of costs from overheads to cost of sales, so this affected comparatives. The total dividend was raised 29% to 13.52p/share.
Telecoms enterprise software provider Cerillion (CER) continues to grow faster than its underlying market. Revenues were 14% higher in the second half, enabling profit to be better than expected. There are record new orders and this underpins further growth in the next couple of years. The €12.4m order from the previously unnamed Virgin Media Ireland is contributing to the growth. It probably generated £6m last year. This is the first contract with a tier-1 telecoms company and could help to win other contracts with this level of business. In the year to September 2024, revenues were 12% ahead at £43.8m.
Online marketing services provider XL Media (XLM) is selling its North American business for up to $30m in cash, with $20m payable on completion and up to $10m in April – based on revenues and gross profit in 2024. Some cash should be redistributed to shareholders by the end of the year. The company will effectively become a cash shell.
EnergyPathways (EPP) has been asked by the UK government to participate in the Hydrogen Storage Business Model. This will help to define the new investment support scheme. The first Hydrogen Storage Allocation Round should be in 2025.
Seascape Energy Asia (SEA) has been awarded a 28% participating interest in a production sharing contract over the DEWA complex cluster, offshore Sarawak, Malaysia. Enquest owns 42% and Petroleum Sarawak holds 30%. The area has 12 gas discoveries in shallow water near to the coast. Six will be focused on and these have 500bcf of gas in place. Seascape Energy Asia will commit $600,000 for a detailed resource assessment and field development plan.
Specialist recruitment firm Gattaca (GATC) reported an underlying 2023-24 pre-tax profit decline from £3.7m to £2.9m on 5% lower net fee income of £40.1m. There was a 3% increase in net fee income for contract work, but permanent income dropped by one-third. Despite the decline, Gattaca is gaining market share. Costs have been reduced and the US business has been sold. There could be a modest improvement in profit this year.
Prospex Energy (PXEN) recently acquired a 7.2365% working interest in the onshore Spain Viura gas field, which recommenced production last week. The Viura 1B development well has encountered significant gas shows in the Utrillas-A reservoir and a new gas bearing reservoir interval below that. The well, which cost Prospex Energy €375,000, could contribute to production in November Flow testing results for the deeper reservoir will be available next year. There should be a significant upgrade to recoverable reserves. The European gas price is rising.
Musical instruments retailer Gear4Music (G4M) continues to recover with growth in the second quarter nearly offsetting the decline in the first quarter and further improvement in October. In the six months to September 2024, UK sales grew 4%, but European sales declined. Total sales were 1% lower at £61.7m. Gross margin has fallen back, but the interim loss will be reduced. Full year revenues are expected to be higher and pre-tax profit could jump from £1.1m to £2.8m.
Information and data publisher Merit Group (MRIT) has been hit by the ending of project work and the lack of replacement work. Sales resource is being added, but that will take time to boost revenues. Canaccord Genuity has changed its 2024-25 forecast from a £900,000 profit to a loss of £800,000 after a 11% reduction in expected revenues to £18.5m, which is lower than the 2022-23 figure. A return to profit is forecast for next year. There are management changes that are flagged for next year.
Ariana Resources (AAU) has reviewed the data for the Dokwe gold project in Zimbabwe. There are several zones of potential extensions to mineralisation. There are also gold-in-soil anomalies to follow up and drilling is planned. The in-pit resource is 1.2moz in two open pits at Dokwe Central and Dokwe North. Measured and indicated resources are 30Mt at 1.3g/t gold. Ariana Resources believes there could be annual production of up to 100,000 ounces of gold for up to 15 years. A revision of the pre-feasibility study is underway.
At the end of the week, property developer and investor Caledonian Trust (CNN), which has been on AIM for more than 29 years, announced its proposed departure. The direct annual cost of the quotation is £100,000 and liquidity is poor. A general meeting to gain shareholder approval will be held on 18 November. There is already support from holders of 85.3% of the shares. The quotation could end on 26 November. NAV is 195.1p/share.
Adams (ADA) is proposing the cancellation of the AIM quotation and sell off the company’s investments, many of which are also quoted on AIM, to return the cash to shareholders. Prior to this Adams will be buying back shares at 4p each. The estimated NAV is 3.72p/share. Liquidity is limited because Richard Griffiths owns 94% of Adams. A general meeting will be held on 27 November and, if passed, the cancellation will be on 5 December.
MAIN MARKET
Advanced materials developer HeiQ (LON: HEIQ) has found growing its business difficult, particularly in textiles, flooring and antimicrobials and not recovery is expected until well into 2025. Another restructuring plan will cut costs and focus on certain facilities. Non-core operations will be scaled back. Some parts of the business may be sold, and outside finance is being sought for AeoniQ. Part of the cost cutting is giving up the listing. This should take effect on 19 November. Because the shares are on the transition category of the market since the restructuring of the Main Market, no shareholder vote is required. The shares will be traded by JP Jenkins. Daren Morecombe has increased his stake from 14.5% to 22%.
Bloomsbury Publishing (BMY) grew interim revenues by 32% to £179.8m, while pre-tax profit jumped from £17.7m to £26.6m. This is due to strong consumer division revenues due to strong sales of fantasy fiction and cookery books.
LED lighting and wiring accessories supplier Luceco (LUCE) increased third quarter revenues by 3% with residential EV charging the main growth area. However, excluding acquisitions, like-for-like revenues were 3.6% lower, partly due to phasing of orders so that there is a strong fourth quarter order book. Margins are improving. Net debt was £67m at the end of September 2024.
Andrew Hore
Quoted Micro 31 October 2022
AQUIS STOCK EXCHANGE
TECC Capital (TEC) has agreed terms for the acquisition of diagnostics business EDX Medical Ltd for £12m in shares, while a placing will raise £1.2m at 6p a share. The shares remain suspended. Trading in the enlargement group should commence on 14 November under the name EDX Medical Group. EDX Medical develops digital diagnostic products and services for cancer, heart disease, neurology and infectious diseases.
Guanajuato Silver Company Ltd (GSVR) joined the Apex segment of the Aquis Stock Exchange on 25 October. The Mexico-focused silver miner was already quoted on the TSX Venture Exchange. The share price started at 27.5p and it has stayed at that level. There were 884 shares traded on the first day and there were four trades during the week. Guanajuato Silver is targeting annualised production of 3.4 million ounces of silver-equivalent ounces by the end of 2022 and up to six million ounces by the end of 2023.
Coinsilium Group Ltd (COIN) says that the terms of the agreement for the IOV Labs Asia joint venture are being renegotiated. This could mean a different business model, but the outcome is uncertain. So far this year, Coinsilium has invested $575,000 of crypto currency in Web3 ventures. Chief executive Eddy Travia bought 250,000 Coinsilium shares at 1.95p each and chairman Malcolm Palle bought 250,000 at 1.9p each.
Gunsynd (GUN) has invested £50,000 in Omega Oil & Gas, which listed on ASX on 25 October. This is part of a $15.07m fundraising at €0.20 a share. Omega has two exploration permits in Queensland. A two well drilling programme is planned.
SulNOx Group (SNOX) increased interim revenues from £24,000 to £75,000, but the loss moved up from £724,000 to £965,000. There was £311,000 in the bank at the end of September 2022. There were delays to sales and at least £31,500 should be included in the third quarter.
Altona Rare Earths (ANR) is still on track to publish a maiden mineral resource estimate for the Monte Muambe rare earths project in the first quarter of 2023.
In the year to April 2021, IamFire (FIRE) reported a cash outflow from operating activities of £349,000. Management expects investee companies WeShop and 10%-owned Bio2Pure to make progress this year.
AQRU (AQRU) has launched a cryptocurrency-collateralised lending service called BlockLender.
Marula Mining (MARU) has raised £450,000 at 2p a share and plans to issue £265,000 secured convertible loan notes. There are talks with two Africa-focused mining investment funds that could invest up to £1m. A $5m lithium prepayment facility was secured for the Blesberg project in South Africa. Marula Mining will use $1.7m to take 100% ownership of Blesberg. Shareholders are being asked to approve the change in the investing strategy to allow the acquisition of majority interests in projects.
Sidney Sussex College reduced its stake in brewer Adnams (ADB) from 4.22% to 3.17%. Director Michael Heald increased his stake from 19.32% to 20.37% by buying 3,00 B shares at £89 each.
Ace Liberty & Stone (ALSP) chief executive Ismail Ghandour bought 15,000 shares at 55p each and finance director Ivan Minter acquired 20,000 shares at the same price. Last week, Ace Liberty & Stone launched a heavily discounted open offer to raise £4.56m at 25p a share. The open offer closes on 14 November
David Evans has increased his stake in Oberon Investments (OBE) from 8.74% to 9.36%. Mark Horrocks has raised his stake in Lift Global Ventures (LFT) to 7.1%. Chris Akers has increased his stake in Quetzal Capital (QTZ) from 23.4% to 24.1%. Phoenix Asset Management has a 16.5% stake in Silverwood Brands (SLWD).
AIM
Billing and charging software provider Cerillion (CER) says higher utilisation rates and beneficial exchange rate movements mean that pre-tax profit for the year to September 2022 will be much higher than the forecast £10.1m. Net cash is anticipated to be £20m. The pipeline of opportunities remains strong.
Vianet (VNET) says both divisions are increasing revenues. The smart machines division has increased vending connections by 24% to 52,490. Even though the pub sector is having a tough time, the smart zones division is growing revenues as the clients try to improve efficiency. Overall interim revenues are 13% ahead at £7.18m. However, there are cost pressures and Cenkos has reduced its 2022-23 forecast operating profit by £450,000 to £3.05m, with a bigger reduction of £950,000 to £4.04m next year.
Merit Group (MRIT) is selling its media, events and training operations to a business owned by Merit shareholder Lord Ashcroft for £4.5m. The cash will be used to pay off debt of £3.2m. Merit will focus on the Dods Political Intelligence and data businesses.
Building products supplier Alumasc (ALU) says volumes and margins improved in the first quarter. Transport and materials costs are stabilising, and exports are growing. Forecast full year pre-tax profit is £11.3m, down from £12.7m.
Franchise Brands (FRAN) says that Filta and Metro Rod are trading strongly, and full year group pre-tax profit will be better than expected. The consumer franchise businesses are finding it difficult to recruit franchisees. The 2022 pre-tax profit forecast has been raised by 5% to £12.4m.
Allergy Therapeutics (AGY) is able to restart production at its Worthing facility in the middle of November. The facility was shut down during peak production for does for the pollen season because of quality control problems.
ECR Minerals (ECR) has an option to purchase Placer Gold, which owns three mining tenements in Queensland. They are known as the Hurricane project, and it is prospective for gold and antimony. The option cost £144,000, while the total cost could be £3.8m, including a net smelter royalty capped at £3m.
Active investor Chris Akers has taken a 3.32% stake in Fiinu Group (BANK), which was formed in July when the Fiinu banking business reversed into the AIM shell Immediate Acquisition. Fiinu has developed the Plugin Overdraft, which provides customers with an overdraft facility without the requirement to switch banks.
Managed IT services provider CloudCoCo (CLCO) trebled revenues to £24m in the year to September 2022, while EBITDA improved from £745,000 to around £1m. There were four acquisitions in late 2021 so they contributed to the growth. Investment is sales is starting to pay off and there should be further growth in revenues and profit this year.
Secure payments technology provider PCI-Pal (PCIP) increased first quarter revenues by 29%, compared with a 20% forecast for the full year. An Open Banking payment service has been launched.
MAIN MARKET
MADE.com (MADE) says that the parties it invited to work towards making an offer for the company as part of the formal sale process will not be able to meet the necessary timetable. The company is running out of cash. There are no current funding proposals or possible offers. The main subsidiary is no longer taking orders. It appears there is little hope for shareholders unless something happens soon.
Eastinco Mining and Exploration (ATN) has acquired Aterian, and this sparked a move from the Aquis Stock Exchange to the standard list. The deal takes the business into Morocco, and it has existing projects in Rwanda. There was £854,000 raised in a placing at 1p a share. The share price ended the week at 0.95p. There are 15 different potential Moroccan prospects. They include the Agdz project, where there is a ten-year mining licence over a prospect with copper and gold deposits already identified.
Unicorn Mineral Resources (UMR) has exploration licences in two project areas in the Republic of Ireland. It is still early days in terms of exploration, but the licences in the Kilmallock area are reaching the point when drilling for zinc can commence, and the £930,000 raised at 10p a share in the flotation will finance that. The share price ended the week at 17.5p (15p/20p).
AIM-quoted Jangada Mines (JAN) has increased its holding in Blencowe Resources (BRES) from 2% to 9.5% by investing £610,000. The investment was part of a £750,000 placing at 4p a share where RAB Capital and JUB Capital also bought shares. Every two shares come with a warrant exercisable at 8p each. The cash will be invested in the Orom-Cross graphite project in Uganda, which has a net present value of $482m.
BSF Enterprise (BSFA) has received a £100,000 grant for further development of its serum-free media, City-mix. The grant is provided by EIT Food, which aims to commercialise cultivated meat. City-mix can be used to cultivate meat and leather. The company plans to unveil the first 100% lab-grown fillet in the next few months.
Andrew Hore