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Quoted Micro 22 November 2021
AQUIS STOCK EXCHANGE
Globe Capital (GCAP) has reported its 2020 and latest interim results and undergone board changes. Simon Grant-Rennick becomes executive chairman and Burns Singh Tennent-Bhohi an executive director. They are advancing £100,000 via a convertible, which will convert at 0.04p a share following the upcoming AGM. More cash will be raised, and a new corporate strategy announced. There was £23,000 in the bank at the end of June 2021. There were net liabilities. Peterhouse has been appointed as corporate adviser.
Voyager Life (VOY) interim revenues were £59,000 and it remains loss making. There was £1.74m in cash at the middle of November 2021 and monthly overheads are below £50,000. The CBD products supplier is getting its products stocked in retailers and has opened its third store.
Helium Ventures (HEV) has made its maiden investment in Blue Star Helium, which has the Voyager prospect at Las Animas County Colorado. There are indications that it could have one of the highest helium concentrations in the US. A maiden well could be drilled in December.
Sativa Wellness Inc (SWEL) is offering a range of blood tests through 40 Superdrug sites.
Tectonic Gold (TTAU) has completed the Specimen Hill drilling campaign. Initial results for Goldsmith’s Reef, which was mined 100 years ago, has had some positive drilling results and there are more results to come. This will help to secure a partner.
Wishbone Gold (WSBN) is preparing to drill at Red Setter in Western Australia. Four high priority zones have been identified. Wishbone raised £126,000 at 14p a share.
EPE Special Opportunities Ltd (ESO) plans to issue up to 25 million zero dividend preference shares at 100p each.
Pioneer Media Holdings Inc (PNER) has raised C$1.1m at C$1 per unit (one share and one warrant exercisable at C$1.50). Investee company Leaf Mobile Inc is raising cash ahead of a proposed standard listing.
IamFire (FIRE) has an option to subscribe up to $4.5m into convertible loan notes of former Aquis company Boanerges. They convert into shares at 75p each.
Coinsilium Group Ltd (COIN) sold 4.58 million treasury shares at 10p each to raise £458,000.
Omni Egis (OMNI) is leaving Aquis on 24 November.
Scott Livingston has taken a 5.16% stake in Silverwood Brands (SLWD).
AIM
Acoustic and thermal insulation material manufacturer Autins Group (AUTG) has raised £3m at 20p a share, which was a significant discount to the market price. The cash will be used to develop the Neptune acoustic material manufacturing facilities and in product development for electric vehicles.
Steel structures supplier Billington (BILN) has been hit by short-term delays to contracts, which has knocked £3.5m off forecast 2021 revenues. That has led to a halving of the 2021 forecast pre-tax profit to £1.1m. The order book is still strong.
Microbiome-based products developer Optibiotix Health (OPTI) has sold 3.64 million shares in SkinBioTerapeutics (SBTX) at 55p each and raised £2m. Optibiotix still owns 20.7% of the company and that stake is valued at £18m.
Managed IT and networking services provider AdEPT Technology (ADT) increased interim revenues by one-fifth to £34.3m. Underlying pre-tax profit was 16% higher at £3.5m and earnings per share were 30% ahead at 13.2p due to a lower tax charge. Net debt was £31.2m at the end of September 2021, which was after spending £9m on acquiring Datrix.
Ilika (IKA) says that its Stereax and Goliath battery technologies remain on track. Commercial revenues from the smaller Stereax batteries should commence in 2022. Once lithium-ion equivalence is achieved Ilika will seek a partner for Goliath.
Health services provider Totally (TLY) had a strong interim period as insourcing and planned care revenues improved. Organic revenue growth was 14%, while the underlying pre-tax profit was £2.1m. There was £18.3m in cash at the end of September 2021, which provides plenty of fire power for making acquisitions in the out of hospital care sector. The urgent care business has been winning contracts and extensions to existing ones. Full year pre-tax profit could improve from £2.5m to £4.1m with more growth to come from the existing operations as demand returns to more normal levels.
Arden has updated its forecast for Dekel Agri-Vision (DKL) due to shipping delays holding up the start of production at the cashew plant. Palm oil production and revenues continue to grow. This means that the company will not make a pre-tax profit in 2021, but it should still make a substantial 2022 profit.
Trakm8 (TRAK) has not done well in recent years but the latest statement from the telemetry equipment and services provider has sparked an upgrade. The company should breakeven this year and make a significant profit in 2022-23.
MAIN MARKET
Technology-focused shell Red Capital (REDC) raised £4m at 10p a share and after expenses it has total cash of £725,000. The shares certainly jumped when trading commenced and closed at 25.5p. This is the latest vehicle floated by Marwyn Capital founder David Williams.
PYX Resources Ltd (PYX) was already quoted on the NSX in Australia before joining the standard list. PYX is in a strong position as the second largest resources of zircon in the world with zircon prices increasing and demand remaining strong. It has two mineral sands projects in Central Kalimantan in Indonesia with one already in production. No new money was raised. Trading started at 94p a share and ended the week at 92.8p a share. There was solid trading in the shares all week.
Technology Minerals (TM1) was set up as investment company after Stranger Holdings (STPH) decided not to proceed with the acquisition of Technology Minerals and related assets. It has acquired these assets and is building a business that covers the battery cycle from exploration and mining to recycling. The main focus is on the Emperium project in Idaho, where £100,000 will be spent over up to 18 months. The company raised £1.5m at 2.25p a share and issued 786.2 million shares to acquire the assets. The share price opened at 2.6p and ended the first day at 3.25p. It ended the week at 3.5875p.
A general meeting has been requisitioned at East Imperial (EISB) by Andrew Regan of Corvus Capital. He wants to remove two directors and replace them with his picks. The board criticises the experience of his choices.
Andrew Hore
Quoted Micro 1 November 2021
AQUIS STOCK EXCHANGE
Good Energy (GOOD) is partnering with Barrow Green Gas for gas shipping services. This should help the company to grow the amount of biomethane that it supplies to domestic customers. Founder Juliet Davenport has sold 50,000 shares at 317.6245p each, while finance director Rupert Sanderson has sold 17,680 at 341p each.
Decentralised finance investor Dispersion Holdings (DEFI) is acquiring platform developer Defi Yield Technologies Inc in return for 348.7 million shares. Dispersion already owned a 6.1% interest that cost C$1m.
Omni-Egis (OMNI), which was formerly known as First Sentinel, has decided to leave Aquis. Trading has already been suspended because of the lack of 2020 accounts and management believes it can save £200,000 a year. If shareholders agree the cancellation will happen on 24 November.
Valereum Blockchain (VLRM) has raised £2m at 40p a share with a warrant attached that is exercisable at 80p. Valereum has an option to acquire 80% of the Gibraltar Stock Exchange. No details have been revealed but the transaction will require the approval of the Gibraltar authorities. The idea is that the Gibraltar Stock Exchange will introduce mainstream trading in cryptocurrencies.
Pioneer Media Holdings (PNER) is raising C$1.5m at C$1 per unit, which is one share and one warrant exercisable at C$1.50. Pioneer Media has agreed to acquire Kodoku Studios, which is involved in NFT-gaming and developing a platform called The Pit, which will enable creators to host their own NFT arenas. The acquisition will cost C$850,000 in cash and eight million Pioneer Media shares at C$1 each. Pioneer Media says that it will be the only quoted investment company focused on NFT gaming.
Helium Ventures (HEV) is making its first investment since joining Aquis. Helium Ventures is investing A$400,000 in ASX-listed Blue Star Helium at A$0.056 cents a share. Blue Star has exploration projects in North America and the A$15m it has raised will be used to drill ten wells over the next 15 months.
In the year to April 2021, IamFire (FIRE) had net assets of £919,000, Since then £369,000 has been raised in a share issue.
Rutherford Health (RUTH) has treated the first prostate cancer patient with a combination of its technology and a treatment developed by Panthera. This is part of a phase II study to determine the optimum dose for the Panthera drug.
Black Sea Property (BSP) had net assets of €21.8m at the end of June 2021, down from €22.4m at the end of 2020. Net debt was €16.4m.
AIM
Smaller companies broker Arden Partners (ARDN) is being acquired by legal services firm Ince (INCE), one of its own clients, in an all-share offer. Ince is offering seven shares for every 12 Arden shares in a bid recommended by the board of the broker. Assuming an Ince share price of 53p, this values each Arden share at 31p and the total share capital at £10m. Arden shareholders will own just over one-fifth of the enlarged share capital of the group. Irrevocable acceptances equate to 44.5% of the Arden share capital. This merger will enable a full range of professional services to be offered to clients. The deal is expected to be earnings enhancing and there should be a continuation of Ince’s policy to distribute one-fifth of post-tax profit in dividends.
IG Design Group (IGR) is generating the expected revenues this year, but it its warning that margins are coming under pressure from increased costs and supply problems. Progressive Research has slashed its underlying operating margin forecast from last year’s figure of 4.8% to 2.8%. Previously, a 2021-22 operating margin of 6.1% was forecast. Forecast revenues are being maintained at $934.3m, compared with $873.2m last year. There will be a full 12-month contribution from the CSS acquisition. The slump in margin means that forecast underlying pre-tax profit has been more than halved to $21.3m, down from $37m last year.
Norish (NSH) has completed the sale of its cold stores and intends to pay a 166p a share dividend out of the cash. The company will be renamed Roebuck Food Group and will have food products sourcing and dairy farming operations.
Arrow Exploration (AXL) is traded on the TSX Venture Exchange and has gained a second quotation on AIM. Arrow raised £7.6m after expenses at 6.25p a share and this will be spent on the drilling of five wells on the Tapir block in Colombia. Arden partners forecasts 2022 sales of $20m and EBITDA of $10m, based on successful drilling. Management believes that if the wells are successful then production could average more than 2,000 barrels of oil equivalent/day, rising to 3,000 barrels/day by March 2023. The share price ended the week at 7.875p.
Specialist cleaning services provider React Group (REAT) admitted that its full year trading was disappointing, and the pre-tax profit forecast has been reduced by £100,000 to £684,000. Covid-19 decontamination work was not as buoyant later in the year and reactive work was also weak. New contract wins are building up the recurring revenues base.
MAIN MARKET
Building supplies retailer Wickes (WIX) says third quarter like-for-like sales fell by 1.6%. the 2021 pre-tax profit is expected to be between £67m and £75m. The share price has fallen since the demerger from Travis Perkins.
Dukemount Capital (DKE) improved full year revenues from £2.39m to £3.3m, but the loss increased from £332,000 to £914,000. That was mainly due to much higher professional fees. The revenues come form the property management business and the newer flexible power joint venture is still in development.
Digital transformation business Kin and Carta (KCT) increased full year revenues by 12.5% to £141.4m, while adjusted pre-tax profit improved from £8.1m to £13m, although that is before pension and acquisition charges. The order book is worth £70m. The plan is to organically double revenues over four years.
Andrew Hore
Andrew Hore – Quoted Micro 9 August 2021
AQUIS STOCK EXCHANGE
Chapel Down (CDGP) has announced Andrew Carter as successor to chief executive Frazer Thompson in September 2021.
National Milk Records (NMRP) increased its fourth quarter revenues by 7% to £5.72m. Milk recording revenues grew by 9%. The corresponding period did cover the initial lockdown. Milk prices are holding up at levels where dairy farmers will be profitable. The first phase of IT investment will be up and running later this year.
Boanerges Ltd (BNRG) has paid £25,000 for an option to invest £2m for a 14.3% stake in Fintech Digital Platforms, which owns property search internet portals.
Samarkand (SMK) has secured an extension to its distribution contract with skincare brand 111SKIN until the end of July 2023. Non-exec Keith Higgins has bought 21,739 shares at 146p a share.
Inqo Investments (INQO) had significant write-offs and bad debt provisions in the year to February 2021. This contributed to the more than doubled loss of R13.4m as revenues slumped from R24.4m to R4.2m. The total cash outflow was R14.7m and cash fell below R1m. Kuzuko Private Game Reserve will reopen in September. Uganda-based Four One Financial Services and Kenya-based South Lake Medical Centre both made higher interest payments to Inqo.
S-Ventures (SVEN) has taken a 50% stake in Vegan Punk Ventures and invested up to £100,000 in loans. The brand is PlantPunk and it has a range of ZeroBeef meat alternatives. Dave Ahern will be managing director and third-party investors will provide loans of up to £50,000.
Altona Rare Earths (ANR) had cash of £436,000 at the end of June 2021.
Helium Ventures (HEV) continues to trade at a premium to its 10p placing price. The share price is currently 32.5p (31p/34p). James Sheehan has increased his stake from 8,5% to 9.47%.
Eight Capital Partners (ECP) has sold its stake in Finance Partners Group for €2.15m and €1.57m of this has been received. The original cost was €1.9m. The investment focus will be fintech.
Vulcan Industries (VULC) has raised £223,000 at 1.46p a share and issued £48,000 worth of shares at 2p each.
Veni Vid Vici has changed its name to VVV Resources (VVV). Angelfish Investments has changed its name to Igraine (KING). DicovORE has changed its name to Oscillate (MUSH).
Trading in First Sentinel, which has changed its name to Omni Egis (OMNI) and NQ Minerals (NQMI) shares has been suspended ahead of publication of their respective accounts. Freyherr International (FRYR) has withdrawn from Aquis.
AIM
In 2020-21, NWF (NWF) did not manage to match the previous year’s profit performance of the fuels division, but the cold winter and home working meant that the performance was better than expected. Management is keen to make further acquisitions to broaden the geographic spread of the fuels business. Overall, group pre-tax profit was 10% lower at £11.9m. The efficiency improvement in the food warehousing division meant that its profit contribution was higher. The feeds division reported a lower profit but with milk prices over 30p per litre the outlook is positive for dairy feed.
Higher second half sales and improved efficiency helped Filtronic (FTC) maintain profitability at £200,000 even though full year revenues fell 9% to £15.6m. The telecoms and RF components and equipment supplier generated cash and net cash improved to £2.8m at the end of May 2021. 5G investment and moves into newer markets, such as space, provide a positive outlook for the future and profit should build from now on. Revenues are expected to grow by 16% this year and pre-tax profit of £500,000 is forecast.
The latest trading statement from Belvoir (BLV) confirms a strong first half with revenues growing by two-fifths, due to buoyant house sales. The steadier lettings income has grown by 13% – 10% organically, which is much faster than the market.
Maestrano (MNO) has secured a five-month proof of concept contract with Network Rail for HS1, the high speed line that goes to the channel tunnel. This will monitor overhead lines, vegetation, track and passing clearances. HS1 is the same specification as European tracks so it could provide a way into the European market.
Microbiome-based products developer Optibiotix Health (OPTI) generated a 44% increase in interim revenues to £1.07m with LP LDL probiotic cholesterol-reducing products and Slimbiome products accounting for most of the revenues.
Seeing Machines (SEE) 2020-21 revenues were 2% ahead of expectations at A$47.3m. There was $47.7m in the bank at the end of June.
Xpediator (XPD) has formed a strategic partnership with e-commerce fulfilment company Synergy Retail Support and is providing space at its Braintree warehouse.
MAIN MARKET
Argo Blockchain (ARB) generated July revenues of £5.6m, up from £4.36m in June, even though the average bitcoin price fell. A Nasdaq listing is being considered.
Challenger Acquisitions has changed its name to Cindrigo Holdings (CINH) following the completion of the acquisition of the renewable energy products business.
Kanabo (KNB) has a stake in medical cannabis cultivation company Hellenic Dynamics, which is being acquired by AIM-quoted UK SPAC (SPC) for £45.2m in shares at a minimum price of 0.472p a share. The £750,000 investment in Hellenic will be converted into shares at a minimum 30% discount to the prospective. UK SPAC intends to move to the standard list.
Starcrest Education (OBOR) has signed heads of terms to acquire 80% of National Training Company. Starcrest is not going ahead with the acquisition of The London School of Science and Technology and costs of £1.2m have been written off. There was £700,000 in cash left at the end of June 2021.
Andrew Hore