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Quoted Micro 23 January 2017
NEX / ISDX
Clinical decision support systems supplier DXS International (DXSP) increased its interim revenues by 17% to £1.78m and it has moved into profit. DXS has moved from a loss of £39,000 to a pre-tax profit of £64,000. DXS has won the tender for London Partnership Procurement, which has 100 members and is expected to spend £1.5bn over the four year contract period, and a new version of its software has been launched. There was £361,000 in the bank at the end of October 2016.
Based on the latest fundraising price, the value of the Coinsilium Group Ltd (COIN) stake in nano payments company SatoshiPay Ltd has grown in value from €200,000, mostly invested one year ago, to €725,220. Fellow NEX-quoted company Kryptonite 1 (KR1) has invested just over €59,000 as part of the €1m fundraising giving it 1% of SatoshiPay. AIM-quoted Blue Star Capital (BLU) is investing a further €640,000 at €340 a share and it is raising £700,000 from a share placing at 0.15p a share in order to finance the investment. AIM-quoted FastForward Innovations Ltd (FFWD) is another investor in SatoshiPay and the value of its investment has, since the original investment in September 2015, increased by 212.5% to €500,140.
Early Equity (EEQP) has increased its NAV from £209,000 to £706,000 at the end of August 2016 mainly thanks to the £607,500 raised at 0.45p a share last year. The full year loss was slightly lower at £110,000. Early Equity invested £450,000 in a 32.1% stake in Yicom Global, a healthcare products supplier primarily focused on China. This business started trading in February 2015 and is already profitable with revenues building up each month. Early Equity has received a dividend of nearly £26,000.
AIM
Eco (Atlantic) Oil & Gas plans to raise up to £3m ahead of its admission to AIM. Eco is already quoted on TSX-Venture market but it believes that the London market will take more account of the prospects for its exploration interests. Eco has offshore exploration interests in Guyana and Namibia. The Orinduik block in Guyana, where Eco has a working interest of 37.1%, is near to the Liza discovery by ExxonMobil and Eco’s partner is Tullow Oil. Part of the cash raised will go towards funding seismic exploration of the block. This will help to identify where the exploration well should be drilled next year. There are applications for other blocks in Guyana. Eco has stakes in four blocks in Namibia but the initial focus is Cooper (32.5% working interest) where an economic impact assessment needs to be carried out before any drilling.
Strategic Minerals (SML) moved into profit in 2016 thanks to strong sales of magnetite from the Cobre mine in New Mexico and it has enough cash to push ahead with the development of its other interests. Strategic Minerals has the rights to sell the magnetite which is a by-product of the mining. The rights to sell the stockpile of magnetite are coming up for renewal. They could be renewed for a further 12 months or even possibly for a number of years, which would provide more certainty about future revenues. Last year, there was a 24% increase in sales, taking revenues to $1.55m. The company has also received a $400,000 compensation settlement from the rail provider to the mine. This cash will go towards exercising the option to take a 50% stake in the Redmoor tin/tungsten project in Cornwall. The cash will fund the 2017 drilling programme for the joint venture. Strategic Minerals is also interested in the CARE nickel project in Australia.
Vislink (VLK) is still selling its hardware division to xG Technology Inc (XGTI) but surprise, surprise Vislink is not getting the full disposal proceeds of $16m upfront. This means that Vislink shareholders have to shoulder the costs of another general meeting to agree to the revised disposal already having agreed to the original terms at a previous general meeting on 9 January. Vislink is still likely to receive $16m for the business but only $6.5m of this is payable initially. On completion, secured loan notes of $9.5m will be issued and should be redeemed within 45 days. Vislink also retains the right to cash received from an outstanding debt up to a maximum of $2m. It is not clear if there is any chance of the debt being paid. The xG share price has bounced back since Christmas and a ten-for-one consolidation means that the share price complies with regulatory requirements for the Nasdaq Capital Market. The loss-making company raised $10m gross at the end of 2016.
Global Energy Development Ltd (GED) proposes to acquire subsea surface vessel businesses and change its name to Nautilus Marine Services. The deal covers 11 offshore subsea service vessels and one barge vessel, which provide services in the Gulf of Mexico. A convertible loan note issue is planned to raise $10.5m – the coupon is 8% and the conversion price 50p a share. The current share price is 16.25p. The loan note cash, plus the issue of two other loan notes valued at $6.1m and $15m and convertible at 160p a share and 225p a share respectively, will finance one transaction and the other transaction will be financed by forgiving $8m out of $12m of existing loan notes. Issued by the seller
Premier Technical Services Group (PTSG) has bought lightning protection and earthing systems installer Nimbus for £1m. This business made a pre-tax profit of £300,000 in 2015. Premier says that last year’s trading was in line with expectations.
First Property Group (FPO) has won a new investment mandate from three colleges in Oxford and Cambridge totalling £14.5m. A new fund has been set up called Fprop UK Special Opportunities LP and First Property is investing £725,000. Including debt, the fund can invest £30m. Fees will be dependent on the value of the properties under management. At the end of 2016, First Property had invested 95% of the funds it manages for the Shipbuilding Industries Pension Scheme.
Gold miner Orosur Mining Inc (OMI) reported a first half profit of $3.7m and generated cash of $7m from operations. The commencement of underground production from San Gregorio west in November will boosted the second half. Cash operating costs were $914/ounce but this figure should fall below $900/ounce for the full year. There was $5.4m in the bank at the end of November despite the heavy capital expenditure in the period. There will be more drilling at the Anza gold project in Colombia in order to define the potential mineralisation and provide a maiden resource figure.
Independent Oil & Gas (IOG) plans to acquire a gas pipeline in the southern North Sea. This unused pipeline, which has a capacity of 300,000mmcfd, could be used to transport gas from the Blythe hub and Vulcan satellite fields. There will be a lot of technical work required to get the pipeline up and running. Drilling at the Skipper field indicates that the oil is heavy making it difficult to produce.
SQS Software Quality Systems (SQS) continues to increase its higher margin managed services business and 2016 profit was in line with expectations despite the negative effect of currency movements (SQS reports in €). Net debt was €12m at the end of 2016. Significant new business continues to be won.
Arria NLG (NLG) has left AIM although it has not finalised its admission to ASX and the New Zealand Stock Exchange. Arria hopes to complete a $25m fundraise in the first quarter of 2017.
MAIN MARKET
Standard list cash shell Stranger Holdings (STHP) has raised a further £110,000 at 1p a share. Trading in the shares commenced on 13 January, following a £848,000 (£675,000 after costs) placing at 1p a share. The initial 50 million shares were issued at 0.1p each. The current share price is 1.25p (1p/1.5p). There is no guidance concerning a specific sector focus for any acquisition. The two directors are also directors of Plutus PowerGen and standard list shell Papillion Holdings. They were also directors of former AIM company BioProgress.
Hair and skin care products supplier InnovaDerma (IDP) says that its first half revenues are more than 80% ahead at £3m. The revenues have been boosted by UK sales of skin tan brand Skinny Tan, which tans and reduces the visibility of cellulite.
Andrew Hore
Quoted Micro 11 July
ISDX
Positive Healthcare (DOC) has made its initial acquisitions since floating its 7% secured bonds on the ISDX Growth Market. Positive bought 75% of each of two healthcare recruitment businesses, Capital Care and Fine Locums, for a total of £1.57m. Positive Healthcare chairman Gary Ashworth has loaned the company £570,000 to help fund the acquisitions. The two companies made total profits of £360,000 on revenues of £6.19m in the past financial year.
All Star Minerals (ASMO) is broadening its investing policy to include financial services, engineering, construction, renewable energy and technology, as well as natural resources. At the end of 2015, All Star’s main asset was a stake of 5.52 million shares in NQ Minerals (NQMI) valued at £704,000. All Star’s NAV was £385,000 at the end of 2015,compared with net liabilities of £199,000 at the end of 2014. All Star has extended the maturity date of its various convertible loan notes into 2017. All these convertibles have an interest charge of 20% a year and the conversion price is 0.14p a share. Additional shares have been issued at the conversion price o cover the recent interest payments for these convertibles.
Diversified Oil & Gas (DOIL) has completed the acquisition of 2,400 oil and gas wells in Pennsylvania from Seneca Resources and further acquisitions are likely in the rest of this year. This means that Diversified has more than 7,500 oil and gas wells in Pennsylvania, West Virginia and Ohio. They produce 23,000 mcf of gas and more than 500 barrels of oil each day. Diversified has raised a further £16,200, which takes the number of bonds in issue to 9.47 million.
TSX Venture Exchange-quoted Knowlton Capital’s shareholders have voted in favour of the reverse takeover of Leni Gas Cuba (CUBA). The British Virgin Islands High Court still has to approve the deal. The combined business will be called LGC Capital Ltd. (QBA) and its investments include a 15.8% stake in MEO Australia Ltd. Oil and gas explorer MEO has an interest in the onshore Block 9 production sharing contract in north Cuba and the first of three identified oil plays has an estimated prospective recoverable resource of 395 million barrels of light oil.
AIM
The Inland Homes (INL) share price has been hit by the leave vote in the EU referendum because of concerns about property prices. This appears overdone because management says that fundamentals are still strong. Inland has announced the purchase of the former Tesco head office in Cheshunt, Hertfordshire. Inland is buying the 13 acres with a 50/50 joint venture partner. Inland will inject £5m into the joint venture.
LXB Retail Properties (LXB) has decided not to sell the properties it had previously announced would provide a £4m gain on book value. It did not appear that the negotiations could be concluded satisfactorily. Shareholders voted in February to sell off properties and return cash to shareholders. The post-Brexit vote has hit the commercial property market so it may be more difficult to realise the valuations that management had hoped they could achieve.
Specialist services provider Premier Technical Services Group (PTSG) is acquiring UK Dry Risers and UK Dry Risers Maintenance, which install and maintain dry and wet riser systems, for a maximum of £5.1m. The total initial payment is £3m. The two businesses made a pre-tax profit of £1.1m last year.
Musical instruments retailer Gear4Music (G4M) says that its European like-for-like sales increased by 191% in the week after the EU referendum compared with a 120% increase in the week starting 13 June. Exchange rates have become more favourable and management has responded by adjusting Its prices to make them more attractive.
TechFinancials Inc (TECH) has started the financial year strongly and the new joint ventures are helping the B2C business perform much better this year. There was $3.9m in the bank at the end of June and this should increase to $4.5m by the end of the year. House broker Northland expects revenues to hit $20m this year and it is expected to move back into profit ($800,000). The dividend is likely to be reinstated.
Newmark Security (NWT) has warned that this year’s profit will be lower than for 2015-16 because trading conditions have become more difficult. The full 2015-16 figures will be published in August. New sales offices for the access control division are yet to generate meaningful revenues. Revenues for the workforce management software have been delayed. The asset protection business will have to replace revenues from the Post Office contract, which will not generate as much this year.
Arria NLG (NLG) is moving ahead with plans to float on the New Zealand, where the primary listing will be, and Australian Stock Exchanges and as part of this move the natural language generation company will switch from AIM to the standard list in London, where depositary interests will be traded. Cash will be raised as part of the flotations on the additional markets. Existing shareholders will receive one new Arria NLG Group share for each existing share and one warrant, with an exercise price of approximately 53p a share, for every ten existing shares.
Maxit Capital is subscribing / or procuring subscribers for $20m worth of shares in SolGold (SOLG), which will equate to up to 19.99% of the miner. The issue price has yet to be decided but SolGold says that it expects the price to be at a premium to the market price, which at the time was just over 3p – although it has risen to 4.28p. The subscription is expected to close in early October after due diligence and approvals are received. Maxit will also receive a success fee of 6% of the funds raised plus warrant equivalent to 6% of the shares placed – 50% exercisable at 14p a share and 50% at 28p a share. The cash will be invested in the Cascabel copper gold project in Ecuador.
MAIN MARKET
Tanzania-focused oil and gas explorer Aminex (AEX) is raising up to £19.5m at 1.3p a share – £16.9m from a placing and the rest via a one-for-ten open offer. Zubair Corporation will subscribe £12.8m in this fundraising. The cash will enable Aminex to finance further development of its oil and gas licences while seeking partners for these licences.