Tag Archives: MTL

AQUIS STOCK EXCHANGE

Invinity Energy Systems (IES) has launched its next generation flow battery ENDURIUM. This has higher efficiency and is designed to be manufactured in Scotland in high volumes. This new product is likely to be the main source of orders from now on. There are already orders for ENDURIUM. Invinity Energy Systems is expected to move into profit in 2026.

Equipmake (EQIP) has launched a strategic review that could lead to the sale of the company. The company is still waiting for the final agreement for a $6m licence with a commercial vehicles manufacturer. It is running short of cash with £1.9m currently in the bank. That should last until March. A further share issue or a strategic partner will be required if Equipmake is to remain independent. VSA has been appointed as corporate adviser.

Vinanz Ltd (BTC) intends to move to the Main Market. This depends on the FCA approving the prospectus. Shares will be issued to all option and warrant holders.

Cooks Coffee (COOK) has entered an agreement with Dairygold Agri Business in Ireland to operate four Esquires cafes within Co-Op Superstores owned by Dairygold. The initial period is for 10 years and there are 24 other stores owned by Dairygold.

Ormonde Mining (ORM) investee company TRU Precious Metals has announced positive results of exploration in the Golden Rose project. Some of the samples showed high grades.

CRUSHMETRIC Group (CUSH) has raised £100,000 at 12.5p/share. China-based subsidiary Star Collaboration has reached a settlement with a distributor and it will pay £166,000.

Marula Mining (MARU) says contract mining should begin at the Blesberg lithium and tantalum mine in South Africa during February 2025. There is a planned leasing agreement for support vehicles.

Coinsilium (COIN) has appointed Oberon Capital as its joint broker. The company has entered a strategic advisory services agreement with TAND3M.io.

Cannabis-based medicines developer Ananda Developments (ANA) says its MRX1 drug candidate has passed through drug stability timepoints ahead of a phase 1 and two phase 2 studies.

Kondor AI (KNDR) had a cash outflow of just over £1m during the 12 months to September 2024. There is £611,000 in cash left in the balance sheet.

Fuel additives developer SulNOx Group (SNOX) has raised £1.875m via subscription at 46.6p/share and an exercise of warrants at 29p/share. A subsidiary of McQuilling has invested in the subscription and it is the preferred partner in the US market. Ora Technology (ORA) raised £255,000 at 8p each. Marallo Holdings has acquired a 27.6% stake.

EPE Special Opportunities (EO.P) is commencing a share buy back programme.

Silverwood Brands (SLWD) executive director Andrew Gerrie bought 26,572 shares at 22.556p each.

AIM

Warpaint London (W7L) is bidding 48p/share in cash for Brand Architekts (BAR), valuing the company at £13.9m. There is a share alternative. Warpaint London believes that its relationships with retailers will help to boost sales of the health and beauty brands, such as Skinny Tan and Super Facialist, owned by Brand Architekts, which has high overheads compared with its revenues. The acquisition should be earnings enhancing in 2025. Warpaint London is raising £14m at 510p/share with up to £1m more to come from a retail offer.

K3 Business Technology (KBT) is selling its UK SYSPRO business NexSys to SYSPRO owner Advent for £36m. This business generated 109% of group EBITDA and 28% of group revenues. K3 Business Technology intends to return cash to shareholders. The company’s remaining operations are K3 Fashion and Pebblestone, the IKEA software business and other retail software.

SDX Energy (SDX) plans to leave AIM because of the costs of the quotation and the greater flexibility as a private company. Potential investors would prefer to invest in an unquoted company. It is the intention to put in place a matched bargains facility. The strategy continues to be to become a vertically integrated gas and renewable energy producer in Morocco. If shareholders agree, then the quotation will be cancelled on 9 January. SDX Energy joined AIM in May 2016 at 18p/share.

Photonics company Gooch & Housego (GHH) had a better second half, but full year profit was still lower. In the year to September 2024, revenues were 1% ahead at £136m. A decline in industrial revenues, due to weak product sales for semiconductor manufacturing and other industrial uses, was offset by higher aerospace and defence and life sciences revenues. Underlying pre-tax profit slipped 22% to £8.1m. The total dividend was raised 1.5% to 13.2p, which is 1.9 times covered by earnings.

Technology company adviser and investor EMV Capital (EMVC) raised £1.5m at 50p/share, which was a 15% premium to the previous day’s closing price. The cash will fund investment in reporting infrastructure and hiring of additional staff. It will also provide money for additional investments. Management is targeting recurring annual fund management fees of more than £1m so that it can reach breakeven. In the ten months to October 2024, core income was £2m, up from £1.2m, including £500,000 of recurring fund management fees. This excludes subsidiary portfolio companies.

Condor Gold (CNR), which is developing the La India gold project in Nicaragua, says that Metals Exploration (MTL) and Calibre Mining Corp have made bid approaches and negotiations are at an advanced stage with Metals Exploration. Calibre Mining Corp says it will not make an offer. Metals Exploration has entered into a £5.5m bridging loan facility with Drachs Investments No. 3, which has a 18.4% shareholding. This is repayable at the end of January or when talks end. Galloway is lending £475,000 to Condor Gold. Metals Exploration owns the Runruno gold project in the northern Philippines.

Bigblu Broadband (BBB) is selling Australian broadband business to SKM Telecommunications for up to £25.7m, which values the business at more than double the total cost of investment. The initial cash payment is £15.4m and £6.8m in shares in SKM, with a further £3.5m in cash due in one year. This requires shareholder approval at a general meeting on 20 December. The company will still have operations in New Zealand and a subsidiary involved in the distribution of Starlink, plus a 2.8% stake in Quickline. Revenues are forecast to be £1m in 2024-25.

Bars and leisure operator XP Factory (XPF) continues to grow both of its brands. Escape Hunt interim revenues were 7% ahead at £6.5m and management believes that this part of the business could be bigger than originally anticipated. Boom Battle Bars revenues were 56% higher and more of the franchise outlets are being acquired. Group like-for-like revenues were 4% higher. There was a small underlying pre-tax profit before contract termination and other exceptional costs. Net debt was £1.3m at the end of September 2024. Medium-term targets have been set. The plan is to increase sales by 50% and double underlying EBITDA by March 2028. That means a revenue target of £90m with a March 2028 run-rate of £100m and EBITDA margins of 15%.

Construction disputes and property services provider Diales (DIAL), formerly Driver Group, has completed its rebranding and the benefits of cost cutting will show through in the current year. Interim revenues edged up from £42.6m to £43m. A decline in European and North American revenues was offset by growth in the other markets. The Middle East returned to profit and the Asia Pacific loss was lower. Overall pre-tax profit improved from £1.1m to £1.2m. The total dividend is maintained at 1.5p/share, although it is still not covered by earnings. The net cash of £4.3m (7.9p/share) enables Diales to add more fee earners, which might come from small acquisitions that may add to the range of services and sectors that can be addressed.

SRT Marine (SRT) reported revenues of £14.8m in the 15 months to June 2024. The loss was £13.8m. Transceivers generated most of the revenues with the major systems contracts with international coastguards potentially starting in the next few months, hopefully at last one of them by the end of 2024. New finance has been obtained since the end of the period.

Floorcoverings distributor Likewise (LIKE) in contrast with some companies had a strong October and November when sales were 11% ahead. Year-to-date growth is 7.5%, which represents an increase in market share. Margins are also improving. Zeus has maintained its 2024 pre-tax profit forecast at £2m, although sales are ahead of expectations.

Investment company Seed Innovations (SEED) says MAV was £10.6m at the end of September 2024, including £3.52m in cash. That is 5.5p/share. This NAV is after the £2m cash distribution to shareholders. The main quoted investment was Alaska-focused oil and gas company Pantheon Resources (PANR) and the share price subsequently rose from 16p to 22.91p. The company sold the shares, adding £101,000 to NAV.

Semiconductor designer EnSilica (ENSI) has won another long-term design and supply contract. The total contract value for the deal with an industrial test equipment provider will be more than $30m over ten years. This comes with an upfront payment to help the cash position.

Interim figures from telematics supplier Trakm8 (TRAK) show reduced revenues from £8.54m to £8.31m, following a reduction in recurring revenues from £5.23m to £4.51m. The pre-tax profit slumped from £119,000 to £15,000. Net debt was £6.66m at the end of September 2024. Full year expectations have been reduced. The insurance market remains tough. There could be some improvement next year, but the outlook is uncertain.

Fashion retailer Quiz (QUIZ) has been hit by falls in online and stores revenues, although there was an improvement in international revenues, in the four months to the end of November. There was a sharp decline in November. Overall revenues fell 6% to £24.9m. Annual costs will be increased by £1.7m as a consequence of the Budget. Net debt is £2.8m and the £4m of bank facilities could be fully utilised by early 2025 and additional funds will be required. The company’s founder has offered a £1m loan.

Rockwood Strategic has increased its stake in film vehicles and services provider Facilities by ADF (ADF) to 4.4% stake and related investment entities still have a further 7.6%, Chief executive Marsden Proctor has bought 79,947 shares at 31.6p each.

Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has finally received the balance of £150,000 from the May 2024 subscription at 105p/share.

MAIN MARKET

Compliance technology developer RegTech Open Project (RTOP) plans to leave the transition category of the Main Market. Trading should end on 31 December. A new chief executive is being sought and there are plans to raise cash. The company has also promised to find an exit opportunity for existing shareholders.

Tissue engineering company BSF Enterprise (BSFA) has raised £500,000 via an oversubscribed placing at 2.5p/share and each new share comes with a warrant exercisable at 5p. There should be enough cash for more than 12 months.

Publisher National World (NWOR) says it would be minded to recommend the enhanced 23p/share bid from Media Concierge. The offer is subject to due diligence.

R8 Capital Investments (MODE) is not going ahead with the acquisition of Redwood Partners. A fundraising is planned.

Andrew Hore