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Quoted Micro 9 September 2024
AQUIS STOCK EXCHANGE
Good Life Plus (GDLF) raised £275,000 from a convertible loan note issue that expires on 31 August 2025 when it can be repaid at a 10% premium or converted into shares at a 10% discount to the weighted average price over the previous month. If there is £2m raised in a share issue, then the loan notes are immediately convertible at a 10% discount to the issue price. The coupon is 10%. Following this issue, a partnership was announced with a major UK mobile operator. Good Life Plus will offer promotions to help with engagement with tens of millions of subscribers. This will provide access to potential subscribers to the Good Life Plus platform. There should be other partnerships in the coming months. The share price increased 3.28% to 3.15p. This is a new high for the shar price.
It is taking longer than anticipated Invinity Energy Systems (IES) even though the long duration energy storage market is growing. More time is required to develop the Mistral next-gen product to reduce costs. There is uncertainty about the timing of the recognition of revenues. The 2024 revenues were expected to be £36.3m, but it is likely to be lower. Jonathan Marren is replacing Larry Zulch as chief executive. There was £49.2m in the bank at the end of June 2024.
ProBiotix Health (PBX) is raising £1.2m at 3.36p/share. OptiBiotix Health (LON: OPTI) is unhappy with the latest fundraise by ProBiotix Health and claims a typo in the AGM notice means that it should not be allowed to issue more shares except on a pre-emptive basis. The company previously said that it had enough cash. ProBiotix Health believes that the error is not relevant. The underlying problem seems to be the high discount of the fundraising price to the market price.
EDX Medical (EDX) has signed a distribution agreement with Caris Life Sciences. They will work together to distribute Caris molecular profiling services in the UK and Nordic countries. The deal lasts for three years, and additional regions and products could be added.
Recycling services provider Majestic Corporation (MCJ) has agreed to acquire Deeside-based Telecycle Europe for up to £2m. The acquisition target already acts as a tolling agent for Majestic Corporation, and it is owned by Peter Lai, the 71.9% shareholder in Majestic Corporation. The deal will secure a steady supply of recyclable materials and should improve margins. In 2021, Telecycle Europe mad a post-tax profit of £175,000. The initial payment is £150,000 and then monthly of payments of £150,000. The full amount is dependent on volumes being met.
Peninsula Yacht Services is adopting SulNOx Group (SNOX) fuel additives for the fuel it supplies from its Gibraltar. The specialist pumping system is being installed following permission from the authorities.
Mortgage Chat has changed its name to Pitch Pit (PICH) and its strategy to become an artificial intelligence and technology accelerator. Chandila Fernando and Judith Hough will head up the new operations, who will join the board after background checks are completed. Brian Stockbridge of First Sentinel has already joined the board. The company plans to raise £500,000.
Oscillate (MUSH) is progressing the proposed acquisition of Quantum Hydrogen Inc. Regulatory approval of the documentation is being awaited and a general meeting should be announced this month.
SuperSeed Capital (WWW) had net assets of 114p/share at the end of June 2024.
Equipmake (EQIP) announced that the HTM-3500 heavy vehicle electric motor maintains its peak performance of 3,500Nm and 400kW, while its continuous power output has doubled to 200kW at 2,500rpm.
Time to ACT (TTA) subsidiary GreenSpur has won a design contract to develop an optimised wind turbine generator for XFlow Energy.
DXS International (DXSP) has changed its corporate adviser to Hybridan. Wishbone Gold (WSBN) has appointed Tavira Financial to replace SP Angel as corporate broker. A new investor relations strategy will be announced shortly. Tennyson Securities has published research on Tap Global Group (TAP). It is available via www.tennysonsecurities.co.uk.
AIM
Weak demand from independent restaurants and bars in the UK and internationally held back the interims of ceramic products manufacturer Churchill China (CHH). Independents are suffering from higher costs. Demand from national chains has held up better. Revenues fell from £44m to £40.6m, while the underlying pre-tax profit edged up from £4.7m to £4.8m. This is because capital investment has helped to improve margins. The interim dividend was raised 4.5% to 11.5p/share. The full year outcome is dependent on fourth quarter trading.
Agricultural products supplier Camellia (CAM) says trading conditions eased slightly in the first half of 2024, but they are still difficult. Revenues improved 7% to £105.1m and the loss was reduced from £15.1m to £9.7m. There is no interim dividend. The loss from tea fell, while nuts and fruits profit more than trebled to £3.2m. The engineering business returned to profit. Net cash is £24.1m and there is an investment portfolio worth £37.6m. The full year loss should be between £10m and £12m.
Signing up Donlim Group for a filtration technology licence did not offset the weaker trading news at laundry filtration technology developer Xeros Technology (XSG). Indian licensee IFB has delayed the launch of new 9kg washing machine until next year and French environmental standards for microplastics have not been clarified. Donlim owns the Morphy Richards brand, and it will manufacture the XF3 external filter under licence from the middle of next year. The 2024 pre-tax loss estimate has been raised from £2.7m to £4.3m. William Black and Armstrong Investments have increased their stake from 6.34% to 7.3%.
Rockfire Resources (ROCK) has increased the size of the resource at the Molaoi zinc lead silver germanium deposit in Greece by 500%. The JORC 2012 compliant mineral resource estimate is 15 million tonnes at an average grade of 9.96% zinc equivalent. Allenby estimates that it is one of the top 20 undeveloped zinc prospects. There is also 4.8mt of germanium. There are high recovery rates. Only 2.1km of the 7km potential strike has been tested so far. Allenby estimates a fair value of 2.6p/share.
Hostels operator Safestay (SSTY) improved interim revenues by 7% to £10.7m and the loss reduced from £947,000 to £113,000. Sales to the end of August were well ahead of last year and forward bookings are strong into next year. The lease of the loss making Venna hostel has been surrendered. Four new properties have been added this year. NAV increased by 17% to 49.8p/share.
Real-time financial data provider Arcontech (ARC) increased full year revenues by 7% to £2.9m and pre-tax profit improved from £1m to £1.1m. More than 90% of revenues are recurring. Net cash was £7.2m at the end of June 2024. The dividend has been raised to 3.75p/share. Pre-tax profit is set to fall this year because of investment in sales.
Andrew Carter has resigned as chief executive of wines producer Chapel Down Group (CDGP) and will become the boss of Timothy Taylor next year. Interim revenues fell 11% to £7.12m due to a slump in off-trade sales. There was not the expected restocking by retailers. Pre-tax profit slumped to £40,000. Net debt was £5.8m at the end of June 2024 after investment in further planting at the Buckwell vineyard.
Shield Therapeutics (STX) had $8.1m in gross cash at the end of June 2024 with a milestone payment of $5.7m expected in the second half. The first half cash outflow was $5.8m. Management believes that the business should be monthly cash flow positive during the second half of 2025. Iron deficiency treatment ACCRUFeR generated revenues of $11m in the US in the first half and total group revenues were $12.1m. Full year US revenues could be $27m.
A recovery in the Hercules Site Services (HERC) share price led to a decision to raise £8m via a subscription and placing at 49.5p/share. Morson chief executive Ged Mason subscribed for 9.5% of the enlarged share capital. Majority shareholder Brusk Korkmaz has sold 6.06 million shares to Wasdell Packaging, whose majority shareholder Martin Tedham has been appointed as a director.
First Property (FPO) has launched a one-for-three open offer to raise £2.96m at 8p/share. It is underwritten by directors Ben Habib and Alasdair Locke. The cash will settle the deferred payment for the Blue Tower property and finance the completion of the fit-out.
MAIN MARKET
Precision components supplier Carclo (CAR) says trading is in line with expectations with margins prioritised over volumes. The restructuring of US operations is ahead of schedule. Aerospace demand is strong, which has helped the speciality division.
Andrew Hore
Quoted Micro 2 September 2024
AQUIS STOCK EXCHANGE
VSA Capital (VSA) revealed a strategic partnership with Drakewood Capital Management. This covers commodities trading, fund management and investment banking. This should provide a broader service for junior mining companies. Drakewood is subscribing £405,000 for VSA shares at 9p each and that was a 50% premium over the market price. Mark Thompson has been appointed to the VSA board as its representative. He is a former director of First Tin and Tungsten West. Drake wood and VSA directors have been granted warrants. VSA boss Andrew Monk intends to enter into a deal with Drakewood that would give it an option to acquire his shares, warrants and options in VSA. If he leaves then Drakewood will be able to acquire his stake at NAV plus 20% for six months after he leaves.
ProBiotix Health (PBX) increased interim revenues by 84% to £1.01m and the loss has been halved to £262,000. The probiotics-based healthcare company is expanding sales in North America and Europe. A North American contract manufacturing deal is being discussed. Operational separation from OptiBiotix should be completed by the end of the year. There was £865,000 in the bank at the end of June 2024.
Skincare treatments developer Incanthera (INC) reported figures for the year to March 2024 showing a steady loss of £1.47m. There was a cash outflow from operating activities of £838,000 and £61,000 in cash at the end of March 2024. There were no revenues during this period. The deal with Cosmetics chain Marionnaud should be generating sales in the near future.
Exchange services provider Aquis Exchange (AQX), which is also quoted on AIM, has been hit by one technology contract not being renewed, because of the client’s trading problems. That will knock £1m off revenues and pre-tax profit in 2024. The other parts of the group all grew revenues in the first half with Aquis Stick Exchange trading volumes 44% ahead. Canaccord Genuity has cut its 2024 pre-tax profit forecast from £6.3m to £4.9m with the rest of the shortfall due to increased investment. The interims will be published on 12 September.
Helium Ventures (HEV) investee company Blue Star Helium has agreed to sell 50% of the Galactica-Pegasus project and other licences in Colorado. There are confirmed helium discoveries of an average of 3% helium. Gross resource estimates are 675 million cubic feet. Blue Star Helium will continue to be operator. Helium One Global (HE1) will pay $1.5m of past costs, plus up to $2.7m on six wells.
Marula Mining (MARU) has received assay results from samples of manganese ore that will be provided to the recently acquired Kilifi manganese processing plant in Kenya. They recorded high grades with an average of 61.95% manganese. The samples were from the Ganze region. The Kilifi plant could generate cash of up to $400,000/month from late 2024. Two further manganese ore supply agreements have been signed. Both are for grades of at least 24% manganese with one supplying 30,000 tonnes over six months and the other 5,000 tonnes over one year.
Higher impairment and fair value adjustments and an inventory write down led to Inqo Investments (INQO) making a loss of R6.3m in the year to February 2024, compared with the previous year’s pre-tax profit of R2.63m.
Hot Rocks Investments (HRIP) has sold its stake in Impact Oil and Gas to Africa Oil Corp at 56.9p/share raising £142,250. In June, £235,000 was generated through a tender offer by Phoenix Digital Assets.
CBD-based treatments developer Ananda Developments (ANA) made a £383,000 loss in the quarter to July 2024. Net assets were £723,000.
KR1 (KR1) had net assets of 71.92p/share at the end of July 2024. The income from digital assets during the month was £805,000.
Equipmake (EQIP) has received an initial order for five zero emission drivetrains from South American bus manufacturer Agrale. This follows the recent trial.
James and Alexandra Pace has a 4.1% stake in Shepherd Neame (SHEP).
AIM
Audio equipment supplier Focusrite (TUNE) says full year revenues will be around £157m, but EBITDA will be lower than expected at around £25m (£27.1m was previously expected) because of higher shipping and logistics costs. Shipping costs are continuing to rise, and promotional spending remains at high levels. New products have been launched, but a major distributor has been cutting stock levels. Net debt has fallen to £15m. The final results will be published in late November.
Antenna technology developer Filtronic (FTC) is trading ahead of expectations and has secured a follow-up order from SpaceX for E-band solid-state power amplifier modules for Starlink satellites. The new order is worth £6.4m and SpaceX has been issued 10.9 million warrants. Cavendish has raised its 2024-25 pre-tax profit forecast from £6.4m to £7.7m.
Helium One Global (HE1) is acquiring 50% of Blue Star Helium’s Galactica-Pegasus project and other licences in Colorado. There are confirmed helium discoveries of an average of 3% helium. Gross resource estimates are 675 million cubic feet. Blue Star Helium will continue to be operator. An initial six development wells are planned for later this year. They could generate an annual income of $2m. Cynosure Capital is subscribing £6.43m at 1.09p/share. That cash will fund $1.5m of past costs, plus up to $2.7m on the six wells. There will also be $2.55m required for capital investment. The extended well test at Itumbula West-1 in Tanzania has flowed at up to 7.6% helium. The well flowed an average of 786 barrels per day.
Audio equipment supplier Focusrite (TUNE) says full year revenues will be around £157m, but EBITDA will be lower than expected at around £25m (£27.1m was previously expected) because of higher shipping and logistics costs. Shipping costs are continuing to rise, and promotional spending remains at high levels. New products have been launched, but a major distributor has been cutting stock levels. Net debt has fallen to £15m. The final results will be published in late November.
Retailer Quiz (QUIZ) reported a 11% decline in revenues to £82m in the year to March 2024. There was a swing from a pre-tax profit of £2.3m to a loss of £6.7m after exceptional costs of £1.5m. Sheraz Ramzan was appointed chief executive at the end of the period. He is targeting the core customer based and updating the brand. He is also improving service. Talks are ongoing with founder Tarak Ramzan for the provision of a £1m loan. Revenues in the first four months of the current year are 11% lower at £27.3m. Trading remains difficult.
Oxygen enrichment technology developer Belluscura (BELL) is increasing sales, but it has reduced its 2024 guidance to $8m-$10m, depending on the timing of the launch of DISCOV-R in the second half. Dowgate had expected revenues of $16m and it has cut the estimate to $9m. It is sticking with $30m for 2025 revenues, which would be enough to be profitable, but this appears optimistic. More cash will be required in the second half, so that sales can ramp-up faster.
Shield Therapeutics (STX) iron deficiency treatment ACCRUFeR has been approved by the authorities in Canada. It is the only oral iron therapy approved as a prescription drug for adults with anaemia. This sparks a £250,000 milestone payment from Canadian partner Kye Pharmaceuticals.
Wine supplier Naked Wines (WINE) reported a 13% annualised dip in revenues to £290m, while underlying operating profit fell by two-thirds to £5m. That was before a £13m inventory provision. The company is still surplus stocks. Net cash was better than guidance and doubled to £19.6m. First quarter trading is in line with expectations. Guidance for 2024-25 indicates revenues of £240m-£270m and operating profit before inventory losses of £3m-£8m. Dominic Neary has been appointed finance director.
Primorus Investment (PRIM) is subscribing 18.1 million shares in Pri0r1ty AI for £300,460 to help fund a software roll out. Standard list shell Alteration Earth (ALTE) has non-binding heads of terms to acquire Pri0r1ty AI and move to AIM. Primorus Investment directors Rupert Labrum and Matthew Beardmore own 45.8% of Alteration Earth.
MAIN MARKET
Cybersecurity company Narf Industries (NARF) has gained a $1.3m contract for the implementation of social engineering threat intelligence for the US Air Force Platform One Iron Bank project. This is a repository of pre-approved software. A cash injection is required.
Cadmium-free quantum dots developer Nanoco (NANO) has suspended the joint development agreement with ST Microelectronics. There are also unlikely to be revenues from another sensing programme. The joint development agreement with STMicroelectronics involved a two-year programme to optimise a second-generation sensing material. Nanoco says that it met all the development milestones. The decision is apparently due to a strategy change and end of project terms with the customer. Nanoco will also try to remove any obstacles to use the expertise developed in other opportunities.
Andrew Hore
Quoted Micro 19 August 2024
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) has secured a commercial agreement for InstaMelt with DanCare Health. InstaMelt is a food supplement dosage format that offers innovative features for health brands. DanCare will launch the supplement in China in the fourth quarter under its own brand.
Samarkand (SMK) reported a dip in full year revenues from £17.5m to £16.9m and the loss was slightly higher at £4.88m, but that was after a £2.1m impairment charge after the ending of development of Nomad Checkout technology. Net debt was £600,000 at the end of March 2024. The weak Chinese ecommerce market hampered progress. Revenues from own-brands grew, while sales of third-party brands declined. The audit report in the accounts includes a material uncertainty in respect of going concern. Costs are being reduced and the focus is on core activities. Guild Financial Advisory has been appointed as corporate adviser.
Fenikso (FNK) has invested up to $250,000 in a six-month secured convertible loan note issued by AIM-quoted Coro Energy (CORO). This loan provides an annualised coupon of 40%. The loan is secured on the shares of Coro Asia Renewables, which owns renewable assets in the Philippines. Fenikso has more than $5m in cash left in the bank.
Capital for Colleagues (CFCP) had net assets of 87.87p/share at the end of May 2024, which is a small increase over the previous quarter. This was after paying a 2p/share dividend during the period.
Phoenix Digital Assets (PNIX) is buying back up to 140 million shares and it can spend up to £7.5m. The programme lasts until 23 July. So far, nearly £10,000 has been spent on 500,000 shares.
Valereum (VLRM) is using Fireblocks’ technology as part of its infrastructure. It will enable secure sending and storing of digital assets. The Fireblocks advanced wallet security technology will be integrated in the platform. A subsidiary has been set up in El Salvador.
Coinsilium Group (COIN) chief executive Eddy Travia bought 300,000 shares at 1.6p each and executive chairman Malcolm Palle has acquired 300,000 shares at 1.62p each.
Mark Horrocks has increased his stake in Lift Global Ventures (LFT) from 17.6% to 19.96%.
Mortgage Chat (MCAI) has changed corporate adviser to Alfred Henry Corporate Finance. JEAMP Hold Co has sold its 18.1% stake.
AIM
Global Petroleum (GBP) is setting up a joint venture with Callum Baxter, former chief technical officer of Greatland Gold (GGP), to diversify into mineral exploration in Western Australia. Global Petroleum will pay £200,000 for 70% of the joint venture and Callum Baxter will retain the other 30%, although this can be increased to 80% for an additional £50,000. Global Petroleum will spend a minimum of £750,000 over 12 months and fund 100% of spending until a decision to mine. Global Petroleum is raising £600,000 at 0.065p/share and existing shareholders can participate in a retail offer. This cash will finance the purchase of 80% of the exploration licence. Under a consultancy agreement Callum Baxter will receive 200 million Global Petroleum shares and 10% of the total number of new shares issued in the fundraising. The retail offer to existing shareholders via CMC closes on 16 August.
Artemis Resources (ARV) reports high grade gold in veins at the Titan prospect. As well as significant grades of copper. A 10.4 ounce gold bar has been produced from metal extracted from the Titan prospect. A tenement review of the Carlow project area has led to mapping of further gold veins. These are parts of the Karratha gold project in the Pilbara region of Western Australia. This could be a large scale regional discovery.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) continues to make progress, but it has not received all the cash from the fundraising earlier this year. An investor that was going to subscribe £1m in four tranches and it has only paid £600,000 so far. This leaves the company short of funds. The expiry date of the £7m committed credit facility provided by a high net worth investor has been extended to 30 November 2025, but an initial attempt to drawdown £1m has led to £100,000 being received and £900,000 being delayed until a property has been sold. Celadon Pharmaceuticals is in talks with other potential lenders. The company has £49,000 in cash.
Bluejay Mining (JAY) is the latest minerals explorer to evaluate possible deposits of hydrogen and helium. Historical drilling within the Outokumpu belt revealed substantial concentrations of hydrogen and helium. There are also signs of lithium. There will be sampling and testing.
Biome Technologies (BIOM) is raising £950,000 at 5p/share and offering retail shareholders the opportunity to invest up to £80,000 more. The same share price will be used for the conversion of £1.28m of convertible loan notes. The cash is required for short-term working capital for the RF division, plus the financing of additional stock for Bioplastics. Allenby expects revenues to improve from £6.98m to £7.82m in 2024, mainly due to Bioplastics, and a reduced loss of £862,000, from £1.2m.
Drug discovery company BiVictriX Therapeutics (BVX) believes leaving AIM is the best way of progressing the business. Management believes that the current valuation undervalues the company due to lack of liquidity and becoming a private company will help access to further funding. The share price is hampering partnership discussions. There are plans to appoint JP Jenkins to provide a matched bargains facility. This comes almost exactly three years since the company joined AIM and raised £7.5m at 20p/share. There were 2.72 million options granted to management at 13p each.
Energy services provider Inspired (INSE) is on course to meet full year forecasts, but it will need to win significant optimisation contracts. The timing of the contracts is uncertain and there should be more information about the progress when the interims are published. There will be no more deferred consideration payable by the end of the year. The ESG and software businesses continue to grow.
Jag Grewal has resigned as chief executive of Cambridge Nutritional Sciences (CNSL), which makes diagnostic tests for food sensitivity and other personalised health requirements, and James Cooper becomes interim chief executive. This follows the recent full year figures showing a reduced loss. In the year to March 2024, continuing operations generated revenues of £9.8m, up from £7.5m. However, this was affected by the timing of orders and this year’s revenues could be lower.
Lung cancer diagnostics developer LungLife AI (LLAI) says that the finalised Local Coverage Determination issued by the Medicare Administrative Contractor Noridian Healthcare Solutions, which has jurisdiction over the company’s California laboratory, enables it to apply for coverage to receive payment. A price of $2,030 has been fixed for each LungLB test. The next step is obtaining coverage from public and private payers.
Commercial property services provider Fletcher King (FLK) increased full year revenues from £3.08m to £3.83m, while pre-tax profit more than trebled to £504,000. The final dividend is trebled to 2.25p/share. There was £3.8m in cash at the end of April 2024. Working on rating appeals helped income to improve. Management says that there are signs of recovery in the commercial property market, particularly at the higher quality end.
Medical imaging technology developer IXICO (IXI) says figures for the year to September 2024 will be ahead of expectations. Revenues will be between £5.5m to £5.9m, compared with expectations of £5.2m. Cash levels will improve. A new contract has been won to provide imaging biomarker services for phase 1 / 2 clinical trial for patients with Huntington’s Disease.
Zephyr Energy (ZPHR) says production from the Williston Basin assets increased by around 10% to 1,226 barrels of oil equivalent/day in the second quarter. First half production was 1,189boepd. Last year’s average was 1,040boepd and it should average between 1,100boepd and 1,300boepd in 2024.
Recently floated medical technology company AOTI Inc (AOTI) says second quarter trading was strong. Interim revenues should grow by more than one-quarter to $26.3m. Full year revenues are expected to rise by at least 30%.
MAIN MARKET
S and U (SUS) says the trends of the first quarter continued in the second quarter. The motor finance provider is suffering from lower collection rates due to uncertainties around the FCA review outcome. The Aspen property finance business is doing well, and receivables grew by 13%. Edison is maintaining its 2024-25 pre-tax profit forecast at £29m, down from £33.6m. The total dividend should be unchanged at 120p/share. Berenberg cut its share price target from 2180p to 2100p.
Renewables-focused investment company JLEN Environmental Assets Group Ltd (JLEN) has launched a share buyback of up to £20m following the sale of assets. There is already authority to buy back up to 15% of the share capital. JLEN is selling a 51% interest in a portfolio of six gas-to-grid anaerobic digestion facilities for £68.1m, which is the June 2024 valuation. JLEN retains the other 49%. The buyer is Future Biogas, which has been the operator of the assets. The rest of the cash will reduce debt.
Andrew Hore
Quoted Micro 22 July 2024
AQUIS STOCK EXCHANGE
M3 Helium, where Voyager Life (VOY) has an option to acquire the company, says two samples from the Rost well at Fort Dodge in Kansas showed 5.1% helium. Two other samples were above 4.8% helium. These are highly commercial levels.
Marula Mining (MARU) is acquiring Northern Cape Lithium and Tungsten, which holds prospecting rights over land in the Northern Cape province in South Africa. This is north of the Blesburg lithium and tantalum mine.
Substrate AI (SAI) increased interim revenues by 256% to Euro9.09m and it moved from loss to positive EBITDA.The figures were slightly lower than forecast.
Hydro Hotel, Eastbourne (HYDP) increased interim revenues from £1.8m to £1.96m and reduced its loss from £171,000 to £77,000. There was a decrease in repair costs.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp says its exploration programme at the Golden Rose project in Newfoundland is underway. The programme will investigate copper, nickel and zinc.
ProBiotix Health (PBX) nearly doubled interim revenues to just above £1m and reduced the loss. A US partner has obtained positive clinical results for IBS and antibiotic recovery for a probiotic containing the company’s LP (LDL). The share price rose 7.14% to 3.75p.
Automotive electrification Equipmake (EQIP) revenues are improving, but the loss has increased. In the year to May 2024, revenues were 60% ahead at £8.1m. There was £2.5m in cash at the end of May 2024. There are plans to reduce costs and focus on higher margin technology. The share price increased 5.56% to 4.75p.
Inqo Investments (INQO) has invested in Flybox Budongo, which has developed a modular containerised system to produce Black Soldier Fly eggs and five-day old larvae that can convert organic waste into animal feed.
Valereum (VLRM) says blockchain consulting firm Antier will collaborate in the development of the V-Wallet that will form part of the VLRM Market’s ecosystem. This should be launched later this year and will enable uses to buy, sell and hold multiple cryptocurrencies. The share price fell 13.3% to 3.25p.
Gunsynd (GUN) says investee company Metals One has published a JORC inferred mineral resource of the P5 area of the Finland – Black Schist project of 29Mt. There is 1.8Mt attributable to Gunsynd, which owns 6.25% of a subsidiary of Metals One, and that company has an option to buy back the stake.
Christopher Potts reduced his stake in Shortwave Life Sciences (PSY) from 11.65% to less than 3%.
AIM
A new sensor contract for security technology provider Spectra Systems (SPSY) has led Zeus, the new broker following the takeover of WH Ireland’s broking business, to upgrade its forecasts. The contract is with an existing central bank customer. This was expected, but it is likely to be more profitable than anticipated. The 2024 pre-tax profit forecast is raised from $10m to $12m and the 2025 figure increased from $14m to $25.5m. However, the 2026 figure has been cut from $18m to $16m.
Building products manufacturer Alumasc (ALU) has done better than expected in the year to June 2024. Organic growth was more than 6%, even though the construction market fell 2%. Cavendish has raised its pre-tax profit estimate from £12m to £12.6m, it has also edged up the 2024-25 forecast from £13.1m to £13.5m. All three divisions have done better. Net debt is £6.9m and could halve by next June.
Chain and transmission equipment manufacturer Renold (RNO) beat upgraded full year expectations and there is another upgrade for the year to March 2025. Last year, pre-tax profit improved from £18.6m to £22.1m even though there was a small decline in revenues. Efficiency improvements are increasing margins. Net debt has fallen to £24.9m after acquisition payments and share buy backs. There was £36m in cash generated from operations. A 0.5p/share dividend has been declared. The 2024-25 pre-tax profit forecast is £22.8m.
Intelligent Ultrasound (IUG) rose on the back of the news that it is selling its Clinical AI operations to GE for £40.5m. The consideration is equivalent to 12.4p/share. So far, £12.2m has been invested in the development of AI. There are plans to return a substantial amount of this cash to investors. This deal does not include the NeedleTrainer and NeedleTrainer Plus products or the simulation business. The remaining business had annual revenues of £10m last year. Lower simulation sales meant that the latest interim revenues fell from £6.1m to £5.3m. That includes £1.5m from Clinical AI, compared with £2m for the whole of the previous year.
Vela Investments (VELA) has subscribed for £300,000 of convertible loan notes from fully listed Liberia-based gold explorer Hamak Gold (HAMA) by issuing 2.42 million shares at 0.012375p. This is an opportunistic, short-term investment because it does not fit the core investment policy. The loan notes are redeemable on 16 July and the annual interest rate is 10%. The conversion price is the lower of a 25% discount to the average market price for five days prior to conversion and 3p/share. The Hamak Gold share price is 1.075p. Hamak Gold hopes to take advantage of a narrowing of the share discount to the NAV of Vela Technologies, which is currently around two-thirds.
Maritime AI technology services provider Windward (WNWD) sparked a second upgrade of forecast revenues for this year following its interim trading statement. Interim revenues were 37% ahead at $17.6m. Net cash has fallen from $17.3m to $13.8m over the six-month period.
Caspian Sunrise (CASP) shares have returned from suspension following publication of 2023 accounts. Average oil production fell 16% to 1,800barrels/day last year. Current aggregate production is 2,300 barrels/day from the BNG contract area, which is being sold for up to $88m, which is above the previous expectation of $83m. Production is expected from Block 8 and West Shalva later this year. The board will consider special dividends and share buy backs.
Surface Transforms (SCE) has recovered from its recent all time low after it confirmed revenues guidance of £17.5m for 2024, although the figures will be second half weighted. Interim sales were £4.6m. Pre-production engineering revenues will be recognised in the second half. Capacity is being increased. The ceramic brakes technology company could become cash generative during 2025.
Kyrgyzstan miner Chaarat Gold Holdings (CGH) is the latest company to announce the intention to cancel its AIM quotation. This is a condition of a recapitalisation proposal that will more than halve existing liabilities to less than $20m. The maturity date of the convertible loan will be extended from July 2024 to December 2025. There will also be an additional facility of $5m that can be drawn down. The $550,000 of salary owed to former executive chairman Martin Andersson will be paid in shares. The AIM departure is expected to be on 16 August.
Destiny Pharma (DEST) is leaving AIM to make it easier to fund the XF-73 post-surgical infection prevention treatment through access to private capital. It has been difficult to secure a commercial partner for XF-73. Destiny Pharma needs to find funding for a phase 3 study.
Publishing software and services provider Ingenta (ING) has won three new contracts. Two of these are follow-on contracts with existing customers. These are multi-year contracts worth mor than £500,000. The largest contract is a three-year deal to migrate, host and support an existing customer’s Vista deployment onto Ingenta’s dedicated infrastructure. This worth £1.4m over three years.
MAIN MARKET
ACG Acquisition (ACG) has agreed the reverse takeover of the Gediktepe polymetallic mine in the Balikesir province of Turkey from conglomerate Calik Holding. The mine is producing gold and silver, and production of copper and zinc will start in 2026. The deal is valued at £290m in cash and shares.
Tertre Rouge Assets (TRA) has not been able to raise the funds for its planned acquisitions. The company plans to delist on 15 August.
Andrew Hore
Quoted Micro 4 March 2024
AQUIS STOCK EXCHANGE
Marula Mining (MARU) is investing in the established Larisoro manganese mining operation in Kenya by securing a 60% commercial interest with an option to increase it to 70%. There are three shallow open pits and there has been mining for 12 years. The purchase price is £300,000 satisfied by the issue of 2.4 million shares. Marula Mining will provide investment of $1.5m for equipment to enable increased production. Once there is a final agreement another £200,000 will be paid with £300,000 payable after the completion of an exploration programme. The final payment will be £750,000 when 50,000 tonnes of manganese ore is sold. A further £1.25m will be paid if the stake is raised to 70%.
Flow battery storage technology developer Invinity Energy Systems (IES) has secured a new deal with Taiwan-based Everdura, where it will supply the cell stacks and Everdura will handle manufacturing and sales. Performance testing of the first Mistral prototype has been successful and the agreement sets a target of 255MWh of Mistral sales over three years. Additional strategic partners could be announced within six weeks.
Aquis Exchange (AQX), the owner of the Aquis Stock Exchange, has launched conditional order functionality on the Aquis UK and Aquis EU platforms. This enables members to post the same liquidity on multiple venues without the risk of over-trading. This extends the Aquis dark pool, which was launched in 2022. The 2023 results will be published on 21 March. Pre-tax profit is expected to be 16% higher at £5.2m.
Ananda Developments (ANA) says that its subsidiary MRX Medical has signed a drug supply agreement with the University of Edinburgh and NHS Lothian for the provision of MRX1 cannabidiol oil. This will be used in an endometriosis clinical trial, ENDOCAN-1. MRX will have a licence over all IP generated from the trial for development purposes. It could also licence the IP for commercial purposes.
Digital diagnostic products developer EDX Medical Group (EDX) has raised £1.56m at 12p/share, taking the total raised in February to £5.7m. This will be spent on product development. A WRAP retail offer could raise up to £500,000. This closes on 5 March.
Field Systems Design Holdings (FSD) improved interim revenues from £6.7m to £8.8m, while pre-tax profit rose from £57,000 to £84,000. There has been additional work from the water sector and investment is accelerating. There are secured orders of more than £14m, but there is still pressure on margins. There is £2.18m in the bank.
Quantum technology investment company Quantum Exponential Group (QBIT) is seeking shareholder approval to leave the Aquis Stock Exchange. Apparently potential investors in a fund are not happy that the company is publicly traded. There will also be cost savings from leaving the market. Management is considering potential trading platforms for the shares.
KR1 (KR1) had a NAV of 122.97p/share at the end of January. There was £1.8m of income generated from digital assets during the month.
Gunsynd (GUN) investee company Low 6 has traded profitably in the past seven months and 2023-24 revenues are expected to be £4.5m, up from £855,000 the previous year. Debt is being paid off.
Substrate Artificial (SAI) has increased revenues but the loss has more than doubled due to AI development spending.
Silverwood Brands (SLWD) is acquiring Japanese beauty products manufacturer Cosme Science Corporation. It owns skincare brand Dr Baeltz. No purchase price is mentioned.
Mortgage Chat (MCAI) has entered into a software development agreement with Accru Finance. This is for the design of a web-based application for mortgage queries. The payment for development is £15,000 and 200,000 warrants with an exercise price of 5p. California Two Pizza Ventures Inc has cut its stake from 8.05% to 7.54%.
ProBiotix Health (PBX) has entered a partnership with SymbioPharm. The Germany-based microbiome research company and has an established distribution network. It will use ProBiotix Health’s CholBiome CH formulation in branded consumer products.
BWA Group (BWAP) says reconnaissance drilling at the Dehane 2 heavy mineral sands project in Cameroon has been encouraging. Heavy mineral sands have been observed and analysis is awaited. A further £50,000 has been raised.
Edison has initiated research on prize draw operator Good Life Plus (GDLF). Former Tote boss David Craven is chairman.
Investment company Asimilar Group (ASLR) is holding a general meeting on 27 March to gain shareholder approval to leave the Aquis Stock Exchange. Cost savings will help to prevent the need to sell investments.
Chris Akers has reduced his stake in Tap Global Group (TAP) from 3.7% to below 3%. Andrew Offit increased his shareholding in Supernova Digital (SOL) from 11.9% to 14.1%. Nigel Pope has raised his stake in Phoenix Digital Assets (PNIX) from 3.2% to 4.04%. Steven Bennett increased his stake in Oscillate (MUSH) from 4.75% to 7.12%.
AIM
Grocery distributor Kitwave Group (KITW) continues to grow organically, as well as via acquisition. In the year to October 2023, revenues grew from £503.1m to £602.2m, while underlying pre-tax profit moved up from £18.9m to £27.5m. The acquisition of Wilds of Oldham, where integration will be completed in April, came too late to make a contribution last year. Food service is becoming increasingly important with 30% of revenues last year, up from 25% the year before. It also contributed 43% of EBITDA before central overheads. The total dividend was increased by 21% to 11.2p/share.
eEnergy Group (EAAS) has secured a funding facility from National Westminster of up to £40m. This can be used to fund public sector energy transition projects and lasts 12 years. This will lower the cost of capital. Group continuing revenues were £46m in the 18 months to December 2023. EBITDA was between £5.1m to £5.3m.
Avacta (AVCT) initially wanted to raise £20m via a placing at 50p/share and raise a further £6.8m via a retail offer. The total fundraise has been increased from up to £26.8m to up to £32.5m. Even so, the share price slumped 36.6% to 54.5p. There is already £16.6m in the bank and the rate of cash outflow appears to be declining. The cash will fund further progress with dose expansion and the phase 2 efficacy studies for its main clinical programme AVA6000 and additional working capital up until late 2025 / early 2026. Anything raised in excess of £20m will be spent on AVA3996 and further potential Affimer drug development platforms. There are plans to sell the diagnostics division and for a possible Nasdaq listing.
Horizonte Minerals (HZM) says lenders have extended the deferral of interest payments to 29 March. Management is working with lenders and shareholders on full funding for its Araguaia project. The talks could be finalised by June, but additional funding will be required before that. The $24.8m in the bank should last until the middle of April, depending on any cost savings achieved. The Brazilian subsidiary may need to resort to protective measures to protect its cash position. Horizonte Minerals is a guarantor of the subsidiary’s debt, and it may also need to apply for protective measures if the refinancing is not agreed.
Retail software supplier itim Group (ITIM) has released a trading statement following its contract announcement earlier in the week. Revenues of £16.1m were in line with expectations and annualised recurring revenues were steady at £13.2m. Services revenues were higher. The 2023 loss forecast has been trimmed from £1.3m to £1.1m. itim has won a five-year, multi-million pound contract with fashion retailer QUIZ Clothing. This deal provides an opportunity to attract other fashion retailers. The Retail Suite product will be rebranded as UNIFY.
Semiconductors designer EnSilica (ENSI) reported interim revenues 11.5% ahead at £9.6m, but there was a higher pre-tax loss of £309,000. There has been a strong start to the second half and the latest contract with a US electronics manufacturer is worth $20m, which is fully funding engineering fees. Last December’s placing raised £1.56m at 40p/share. The latest placing raised £1.1m at 50p/share and it has received the R&D tax credit for 2023.
Renalytix (RENX) has broadened the US government coverage for kidneyintelX.dkd testing. This is a FDA de Novo marketing authorised test and the status has enabled it to be added to the 10-year Governmentwide acquisition contract for early stage kidney disease bioprognostic testing services. The fee is $950 per reportable result.
Sustainable polymers developer Itaconix (ITX) is continuing its positive momentum in the cleaning sector and developing more products that will fuel growth. Overall revenues were 41% higher at $7.9m, with strong growth in Europe. Cleaning sector revenues were $7.2m. There is $10m in the bank and that should last long enough to reach cash breakeven.
Video editing technology developer Blackbird (BIRD) is raising £1.05m at 6p/share. The cash will help fund the full launch of content creation tool elevate.io. There was £5.9m in cash prior to the fundraising and the company says that there was interest from investors wanting to buy shares.
Verditek (VDTK) has entered into a conditional sale agreement for its solar business for £528,340, which will be satisfied by the surrender of loan notes plus interest. Shareholder approval is required. Bob Holt and John Charlton are joining the board and the existing directors resigning. Both of them were involved in turning around Sureserve. There is £300,000 being raised at 0.075p/share and Bob Holt will loan the company up to £300,000, which is convertible at 0.075p/share. There are plans to raise a further £1.5m and change the name to Net Zero.
MAIN MARKET
Hydrogen Utopia International (HUI) has secured a reverse takeover candidate. British Virgin Islands based Helmond Holding Group, which is changing its name to Essential Energy Holding Group, is a bio-energy company. This expertise could be usefully combined with Hydrogen Utopia International’s waste plastic to hydrogen technology. The deal could be worth £500m.
Aircraft leasing company Avation (AVAP) increased underlying leasing revenues in the six months to December 2023, but operating profit halved from $35.4m to $17.5m, although the difference is mainly down to one-off gains and losses.
Andrew Hore
Quoted Micro 9 January 2023
AQUIS STOCK EXCHANGE
The pre-feasibility study for the Amapa iron ore project in Brazil, where Cadence Minerals (KDNC) has a 30% stake in a joint venture that can be increased to 49%, indicates a capital cost of $399m to bring the mine back into production. Based on the cost estimates in the study, WH Ireland believes that at full production the mine could generate a profit contribution of $292m a year – based on iron ore prices of $100/t and $120/t depending on the grade. It believes the project could breakeven at an iron price of $85/t. The price is currently around $115/t. Chief executive Kiran Morzaria bought 45,454 shares at 11p each.
Steen Andersen became chief executive of probiotics products developer ProBiotix Health (PBX) at the beginning of 2023. Revenues are improving and a trading statement will be published in the next few months. Product ranges are expanding and being launched in new countries. ProBiotix e-commerce revenues could be between £250,000 and £500,000 in 2023.
Hydrogen Utopia International (HUI) confirmed that the FCA has approved its admission to the standard list, and this is set to happen on 9 January.
Spinal stabilisation devices developer TruSpine Technologies (TSP) has secured a bridge loan of £200,000 at an 8% interest rate and has a letter of intent from a UK investment group to invest £2.4m. The first tranche of £800,000 will be issued at 4p a share with two other tranches issued at 6p a share and 8p a share respectively. One of the conditions is that Dr Timothy Evans takes on an executive role. Due diligence is being carried out. There was a £786,000 cash outflow from operations and investment in the six months to September 2022.
Inqo Investments (INQO) is collaborating with Belmont University, Nashville on its project to use enterprise to tackle environmental and social issues around the Budongo Forest in Uganda via $4m grant.
Fenikso Ltd (FNK), which was previously called Lekoil, has completed the settlement agreements with Lekoil Nigeria Ltd and its former chief executive, as well as terminating arrangements with Savannah Energy (SAVE). However, Lekoil Nigeria has been given additional time to surrender the 107.7 million shares it holds in Fenikso, which has no operating assets.
Guanajuato Silver Company Ltd (GSVR) has increased its proposed fundraising from C$7.5m to C$8.5m via an issue of units at C$0.425 each. The unit comprises one share and 0.5 of a warrant exercisable at C$0.60. A first tranche of C$6.8m has been issued and the rest should be issued by 10 January.
Mark Horrocks has acquired 5% of IamFire (FIRE). Saagar Ruaparell has taken a 3.21% stake in Quetzal Capital (QTZ).
AIM
One Media IP (OMIP) expects revenues to be £5.1m and EBITDA of £1.8m in the year to October 2022. Revenues are better than forecast, but EBITDA is in line. The music and video IP rights owner has net cash of around £1.4m. Anti-piracy subsidiary TCAT is winning new contracts and One Media IP is no longer considering outside funding for the subsidiary. The annual results will be published in March and the company says that it will pay a final dividend.
Embedded computer products developer Concurrent Technologies (CNC) says 2022 revenues will be 10% ahead of expectations, although pre-tax profit is maintained at around £100,000. Order intake was more than one-quarter ahead at £31m. Double shifts have commenced at the company’s factory. Pre-tax profit is expected to recover to £2.7m in 2023.
Helium One Global (HE1) will not be able to procure the Exalo drilling rig as it had expected because the current user has taken up a 12-month option on its operation. This will delay exploration drilling, which was due to start in the first quarter of 2023.
Cancer diagnostic test developer Angle (AGL) warned that revenues are lower than expected. Revenues will be just above £1m in 2022 after contract delays, while 2023 revenues have been downgraded from £5m to £3.9m. Market conditions have hampered the cancer diagnostics company in securing partnerships and building the commercial use of the Parsortix cancer cells capture technology.
hVIVO (HVO) has secured a £5.2m contract with an Asia Pacific-based biotech company to test a vaccine in a Phase IIa study. This uses the company’s respiratory syncytial virus human challenge study expertise, and the study will be conducted in Whitechapel from the third quarter of 2023.
Cleaning services provider React Group (REAT) has won a two-year contract with a high street fast food chain and it should generate revenues of £800,000 in the year to September 2023. It was an existing client of window cleaning business LaddersFree, which was bought last May.
DeepMatter (DMTR) left AIM on 5 January.
MAIN MARKET
Conversational gaming company Streaks Gaming (STK) has joined the standard list and raised £3m at 3p a share to develop its platform. The initial games will be knowledge-based and be played between AI-generated digital personalities. Initial income will be generated from introducing people to sports betting firms. Aquis-quoted AQRU (AQRU) invested £2.3m of that cash, which should last for two years even with limited revenues. Much of that cash will go on social media platform fees and directors pay. The share price ended the week at 3.5p (3p/4p). There were no shares traded on 5 January with four trades of 122,000 shares the following day.
Cadmium-free quantum dots developer Nanoco (NANO) has come to a settlement agreement in its litigation with Samsung relating to the infringement of Nanoco’s patents. The two companies have 30 days to secure a binding agreement. The US court proceedings were due to start on 6 January.
Funeral director Dignity (DTY) believes the latest offer from a consortium involving major shareholder Phoenix Asset Management could be acceptable. The initial offer was 475p a share, while the latest revised proposal is 525p a share in cash. Phoenix Asset Management owns 29.7% of Dignity. The bid vehicle is Yellow (SPC) Bidco Ltd, which is a joint venture between Phoenix Asset Management backed investment company Castelnau, which is managed by former Dignity chief executive Gary Channon, and a company established by Sir Peter Wood.
Antimicrobial and textile odour control materials developer HeiQ (HEIQ) says trading conditions have worsened because of weak consumer spending. There are also high levels of inventory in the market, which has hit reorder levels and customers are hesitant to invest in product innovation. HeiQ is acquiring Tarn-Pure for £850,000 in cash and shares. Tarn-Pure has IP relating to regulatory registrations to sell elemental copper and elemental silver for use in disinfecting hygiene applications.
Andrew Hore
Quoted Micro 3 October 2022
AQUIS STOCK EXCHANGE
Kent brewer Shepherd Neame (LON: SHEP) returned to profit in the year to June 2022. The total dividend is 18.5p a share. Net assets increased from 1140p a share to 1194p a share, while net debt is back to pre-pandemic levels at £75.3m. Pubs and hotel revenues are still lower than in 2018-19. Beer volumes have more than recovered, although own beer volumes are 8% lower than three years ago. In the 13 weeks to 24 September 2022, like-for-like retail sales are 9% ahead, while own beer volumes were 1.2% higher – including a 14% improvement in own beer volumes.
Property investor Ace Liberty and Stone (ALSP) increased pre-tax profit by 49% to £2.07m in the year to April 2022. Net assets are 6% higher at £34m. Net debt has reduced from £54.8m to £44.6m. A dividend of 3.4p a share has been announced that will cost £2m.
VSA has downgraded its forecasts for battery storage technology developer Invinity Energy Systems (IES) following interim figures. First half revenues were £1.4m and the order book is worth £13m – mainly relating to the second half. However, 2022 revenues were downgraded from £14.1m to £11m. Next year’s revenues have been upgraded from £20.6m to £23.7m. Cash is likely to run out later next year.
All Things Considered (ATC) investee company Driift has acquired interactive live streaming events platform Dreamstage, which has been used by Driift for its own events. Deezer will invest a further £4m into the combined business. Music management business All Things Considered increased interim revenues by 19% to £6m and the loss was reduced. Net cash is £1.5m. A full year loss is expected compared with previous expectations of a £600,000 profit.
Wine maker Chapel Down Group (CDGP) increased interim revenues by 4% to £6.88m. Sparkling wine revenues were 35% higher. Pre-tax profit improved by 6% to £489,000. The company started harvesting in August and a strong yield is anticipated.
KR1 (KR1) is not immune to the decline in values of digital assets. The value of intangible assets fell by £155.5m in the period, which more than offset realised gains of £2.5m and income of £16.6m. Net assets have declined by nearly three-quarters and NAV is 30.6p a share.
St Mark Homes (SMAP) reported an increased interim loss and NAV fell from 120p a share to 116p a share. As current projects complete management will consider paying a dividend.
Coinsilium (LON: COIN) reported a net fair value gain on financial assets of £163,000 in the first half of 2022. However, the value of cryptocurrency assets has declined. Net assets have fallen from £5.84m to £4.57m.
ProBiotix Health (PBX) generated sales of £306,000, down £537,000 in the first half of 2022. Orders worth £1.12m have been received since the beginning of the year, so the second half revenues should be stronger, as well as higher than last year.
In the six months to June 2022, the value of the equity stakes held by Cadence Minerals (KDNC) fell from £12m to £5.75m. The main decline was in the value of the stake in AIM-quoted European Metals Holdings. There was £1.99m in the bank at the end of the period.
NFT Investments (NFT) has been hit by a reduction in the value of cryptocurrency, particularly Bitcoin. That means that NAV has fallen to £30.1m, including £20.4m in cash. There was a revaluation reduction of £265,000, but that was offset by exchange gains of £362,000, leaving the value of investments at £6.47m. At 0.91p, down 4.21% on the week, the share price is less than one-third of the NAV of 3p a share.
Thixotropic gels manufacturer Unigel Group (UNX) joined the Access segment of the Aquis Stock Exchange in August. There was £800,000 raised at 64p a share. The gels are used in the fibre optic industry. A maiden trading statement says that interim pre-tax profit was 94% ahead at £940,000. New products and higher selling prices boosted revenues and current trading is described as robust.
Clean Invest Africa (CIA) was the worst performer on the Aquis Stock Exchange last week. Loan notes have been converted into shares helping the company turn net liabilities into net assets of £1.72m at the end of June 2022. The company’s CoalTech technology is proven in palletising coal fines or coal waste and management believes that other materials could be palletised.
Hydrogen Utopia International (HUI) had £3.2m left in the bank at the end of June 2022. There were no revenues in the first half. There was progress with waste plastic to energy project developments.
Wishbone Gold (WSBN) had £2.38m in the bank at the end of June 2022. Drilling has commenced in Western Australia and Queensland in recent months.
Screwless spinal stabilisation systems developer TruSpine Technologies (TSP) had £3,471 in cash at the end of March 2022. There was a £390,000 cash outflow from operating activities and £1m of development spending capitalised. TruSpine subsequently entered into a funding agreement with Proffitt Brothers and $100,000 has been received.
Helium Ventures (HEV) is considering widening its investment strategy because of the lack of suitable helium investments. If a suitable acquisition is identified, then shareholders would be asked for their approval.
AIM
Investment in the medical imaging business is holding back short-term profit at engineer Avingtrans (AVG). In the year to May 2022, revenues were 2% ahead at 3100.4m and pre-tax profit rose from £7.6m to £8.3m. Demand from the nuclear sector is growing, but profit growth this year will be modest because of additional medical imaging costs. Net cash was £16.7m at the end of May 2022.
Online building and maintenance products retailer CMO Holdings (CMO) has been hit by softening demand for its products. There was still like-for-like revenue growth in first half of 2022, although Total Tiles sales fell because of tough comparatives. Even if the market gets tougher, there is still potential for growth because of the low share of online sales in the building materials sector.
Crownpeak Holdings is making an agreed 30p a share cash bid for omnichannel retail merchandising software provider Attraqt Group (ATQT). The plan is to combine Attraqt’s merchandising technology the Digital Experience Platform owned by Crownpeak. The share price has not been as high as the bid price since May, and it reached its all-time low of 17.5p prior to the bid.
Sustainable biopesticides developer Eden Research (EDEN) has obtained US EPA approval for its three active ingredients and two formulated products. Mevalone (a biofungicide) and Cedroz (a nematicide) sales should start next year via existing distribution partners. State approvals are required before launching in an individual state. Eden Research reduced its interim loss, but cash is still flowing out of the business. There was a cash outflow of £1.9m in the first half, including capitalised development costs and £1.85m was in the bank at the end of June 2020. R&D tax credits will help to replenish cash, but more will be required in the near future if Eden Research is going to take full advantage of the EPA approval.
Xeros Technology (XSG) has signed a joint development agreement with a global domestic washing machine component manufacturer for its XFilter microfibre filtration technology. A full licence dela could be agreed in six months. A placing raised £6m at 5p a share and a six-for-seven open offer could raise up to £1m more. In March 2021, a placing and open offer at 240p a share raised £9m. There was £2.6m of cash at the end of August 2022 and the cash outflow is £500.000 a month.
Digital transformation services TPXimpact (TPX) had a management overhaul last week because trading has been below expectations and there were complications with the integration of the businesses acquired. Chief executive Neal Gandhi and finance director Oliver Rigby. Bjorn Conway is the new chief executive. The order book is increasing in value, but revenue expectations have been cut from £97.4m to £90m. Operating costs are rising. and profit expectations have nearly halved.
musicMagpie (MMAG) has been hit be weak consumer spending with lower sales of technology. Rental income from pre-owned mobiles is growing, though, and that is good for longer-term revenues. The original pre-owned books and music operations are trading as expected. The second half should still be better than the first half, although a full year pre-tax loss is forecast on flat revenues. A small profit is forecast for 2023. Net debt is expected to be £8m at the end of the year.
Structural steel supplier Billington (BILN) increased interim revenues by 22% to £46.2m with nearly doubled pre-tax profit of £1.47m. finnCap has increased its 2022 earnings forecast by one-third to 26.4p a share.
Employee benefits services and insurance provider Personal Group (PGH) has increased revenues by 6%, but profit has declined due to higher insurance claims costs and investment in sales. The benefits of the investment will show through next year and insurance revenues will also recover.
MAIN MARKET
Shell company Milton Capital (MII) intends to float on the Main Market in the coming week. There will be £1m raised at 1p a share and the investors will get two warrants for each share and they are exercisable at 1.5p a share. Total flotation costs are capped at £50,000 and the first year’s operating costs will also be £50,000. The directors will not take salaries. Instead, they will receive a success fee on the completion of a reverse takeover. The initial focus is the technology sector.
Vehicle and property bridging loans both grew in the first half at S&U (SUS) and total net receivables were £370m at the end of July. Credit quality remains high. Pre-tax profit was 5% ahead at £20.9m. The first interim dividend was raised from 33p a share to 35p a share.
Rockwood Strategic (RKW) has transferred from AIM to the Main Market. Rockwood Strategic management believes that there are plenty of undervalued smaller companies that it can invest in and help to grow.
Hawkwing (HNG) is keeping up with the traditions of its previous incarnation TLA Worldwide and published its interim figures after the market closed at the end of the week. The standard list shell had cash of £2.03m at the end of June 2022. There are also more than £16m of convertible loan notes. It has loaned Internet Fusion Group £13.7m and plans a reverse takeover.
Andrew Hore
Quoted Micro 19 September 2022
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) has secured a new commercial partner in Asia Pacific. Nutraceutical business Nutraconnect will develop and implement strategies for ProBiotix Health ingredients in Asia Pacific.
IamFire (FIRE) says investee company WeShop Holdings had 23,000 user downloads by the end of August. Transactions increased from 2,633 in July to 5,981 in August. Average spend per transaction has increased to £81. A US launch is planned.
Gunsynd (GUN) is making a further conditional investment of £100,000 in ASX-listed Rincon Resources. The investment is dependent on Rincon Resources shareholder approval.
Fintech investment company Eight Capital Partners (ECP) has generated £1m in fees from Zamaz (ZAMZ), which joined the standard list a fortnight ago. Zamaz believes that its technology platform can help to efficiently build direct to consumer brands via e-commerce. Other Eight Capital Partners revenue have been modest.
Evrima (EVA) says investee company Premium Nickel Resources has created a new metals division.
Spirits brand Rogue Baron (SHNJ) says that a third party has been contacting investor saying it is raising cash for the company, which is not true. Rogue Baron is considering ways of raising further funds.
SulNOx Group (SNOX) has won a new order from Ghana for SulNOxEco fuel conditioner. There is enough to treat six million litres of diesel, which is a larger order than the previous one. New agreements are being discussed in other African countries.
Site works have commenced at the Blesberg lithium and tantalum project in South Africa. Marula Mining (MARU) says mining permits have been applied for.
A company associated with Asimilar Group (ASLR) non-exec director Mark Horrocks has acquired 750,000 shares at 4.1p each, which takes his share interest to 5.27%.
Engineering company Vulcan Industries (VULC) has raised £132,000 at 0.92p a share. Superseed Capital Ltd (WWW) has issued £1m of convertible loan notes to SuperSeed Venture LLP, which is its investment manager. The conversion price is 130p a share.
Barry Hersh is a 9.98% shareholder in Rural Broadband Solutions (RBBS). PEU SA has a 7.56% stake in Eastinco Mining and Exploration (EM.P).
AIM
Churchill China (CHH) had an extremely strong first half in 2022 because of demand for hospitality products. Sales of plates and other products to restaurants and hotels were behind the 73% growth in revenues to £41.4m. Sales of retail products declined as production focused on hospitality products. Churchill China is gaining market share in the UK and internationally. The interim dividend is 57% ahead at 10.5p a share. A full year pre-tax profit of £8.8m is forecast.
New admission Aurrigo International (AURR) has risen a further 9.52% to 57.5p. The transport technology products supplier raised £8m at 48p a share when it joined AIM. The cash will be invested in the aviation technology division and to develop new products.
Broker and administrator Jarvis Securities (JIM) has appointed Ocreus to review systems and controls at its main subsidiary after it ran into trouble with the FCA. This will take between three and six months. Jarvis has voluntarily agreed not to take on new clients from certain existing Model B corporate clients until the systems have been reviewed. The restrictions should not hamper forecast revenues and profit, although the costs of the review could hamper shareholder dividends from Jarvis Securities. This news was announced late on Friday and the share price nearly halved.
Retail brand Joules (JOUL) has ended its talks with retailer NEXT (NEXT) about a cash injection, leaving it with the need to find another source of funding. That is likely to require a share issue.
Baby products retailer Mothercare (MTC) reported revenues falling from £85.8m to £82.8m, but it returned to profit. The figures were at the top end of expectations and the company was cash generative. finnCap forecasts a fall in pre-tax profit from £8m to £1.9m this year. The pension deficit is declining.
TV and film production services provider Facilities by ADF (ADF) had tough comparisons for its interim figures and reported pre-tax profit was lower. Revenues improved from £11.5m to £12.6m, but the lack of large productions and higher overheads since flotation mean that profit was lower. There will be more, and higher value, productions in the second half, so some of the profit shortfall should be offset. Flotation funds are being used to increase the size of the vehicle fleet.
Artisanal Spirits Company (ART) increased membership by 24% in the first half of 2022. This growth was international, and the current membership is around 36,000. Full year revenues are expected to increase from £18.2m to £21.6m. The value of the casks of whisky in stock has increased from £430m to £455m in the latest six month period.
Cyber security services provider Corero Network Security (CNS) improved sales in the first half and growth could accelerate in the second half. Full year revenues are forecast to increase by one-third to $27.9m. Demand for cyber security continues to increase. Corero should breakeven this year.
Strong growth in first half revenues at plant-based polymers developer Itaconix (ITX) means that it is set to double full year revenues to $5.2m. Revenues trebled from cleaning applications. There was $900,000 of net cash at the end of June 2022.
The Property Franchise Group (TPFG) increased interim revenues by 18% to £13.1m and pre-tax profit was 9% higher at £3.8m. The interim dividend was increased by 11% to 4.2p a share. Trading remains strong even though house buying incentives were ended last year.
Building and architecture software supplier Eleco (ELCO) did not surprise the market with the 3% decline in interim revenues to £13.4m, although recurring revenues were 9% higher at £8.2m. This reflects the change to a SaaS model. Pre-tax profit was 23% down at £2.1m due to higher costs.
Ncondezi Energy Ltd (NCCL) has replaced a working capital facility with a convertible loan and more cash is being made available. The shareholder loan repayment cannot be demanded before 30 November 2023.
Shell company Advance Energy (ADV) raised £425,000 at 0.085p a share. There are warrants attached to each new share that are exercisable at 0.13p a share. The cash will enable management to investigate a suitable reverse takeover candidate and fund due diligence. Management is in talks with the majority owner of a European oil and gas company and trading in the shares is suspended. Any deal will be funded with shares and via an earn-out based on production. The suspension will continue until a prospectus is published or the deal does not happen.
Tertiary Minerals (TYM) has signed a technical co-operation agreement with First Quantum Minerals for two copper projects in Zambia – Mukai and Mushima North. Mukai is next door to First Quantum’s Trident project. First Quantum also has interests in the same region as Mushima North. First Quantum will supply historical exploration date for the areas. First Quantum does not have first right of refusal over the projects.
MAIN MARKET
Fintech Asia Ltd (FINA) is seeking fintech acquisitions. This includes mobile banking, digital payments and blockchain. It raised £1.46m at 50p a share, before expenses of £613,000. The cash should finance the operating of the company and investigating potential acquisitions for more than one year. Further share issues will be required when any targets are identified, and deals secured. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).
Ikigai Ventures Ltd (IKIV) is looking to acquire businesses with a positive social impact strategy, particularly those based in Asia. It has a similar shareholder base to Fintech Asia. Ikigai Ventures raised £2.09m at 50p a share, before expenses of £714,000. That cash should last more than one year. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).
Innovative materials developer HeiQ (HEIQ) increased interim revenues by 17% to $30.3m and it is making progress with newer products, such as AeoniQ and GrapheneX. Hygiene products generated 43% of total revenues. Service and licence revenues more than trebled. There was $9.5m in the bank at the end of June 2022. Cenkos expects revenues to grow from $57.9m to $69.4m in the full year and grow by a further 10% next year. The 2022 pre-tax profit is expected to be $4.8m.
Andrew Hore
Quoted Micro 20 June 2022
AQUIS STOCK EXCHANGE
A fall in market capitalisation to below £10m means that Coinsilium Group Ltd (COIN) will move from the Apex segment to the Access segment on 20 June.
Visum Technologies, which operates an on-ride photo camera system used by theme parks and other leisure operators, plans to join Aquis on 30 June.
Revenues recovered from £32.2m to £96m at brewer Daniel Thwaites (THW) and it also returned to profit. A loss of £12.4m was turned into a pre-tax profit of £12.7m. The pension deficit has become a pension asset worth £10.1m. A final dividend of 2.2p a share is recommended. Staffing pubs remains a problem. Prices have been increased and are set to be raised again because of rising costs. There has been a disjointed recovery this year. but sales are growing year-on-year.
Valereum (VLRM) intends to launch a global open marketplace platform for Non-Fungible tokens (NFTs). It has also appointed Z/Yen Group Ltd as strategic adviser to review the business plans for the Gibraltar Stock Exchange and help prepare a prospectus for a listing for Valereum on a major stock exchange.
All Star Minerals (ASMO) is proceeding with investments in advanced battery metals projects. Due diligence has been completed on the Blesberg lithium and tantalum project in South Africa and the Nkombwa Hill tantalum, rare earths and phosphate project in Zambia. An initial 30% stake in Blesberg can be acquired by the issue of £337,500 of shares and £237,500 in cash. An initial 25% stake in Nkombwa Hill can be purchase for a staged cash investment of $150,000. A general meeting will be held to approve a name change to Marula Mining and a proposed 100-for-one share consolidation.
Silverwood Brands (SLWD) has been readmitted to Aquis following the acquisition of Balmonds Skincare.
Gunsynd (GUN) says ASX-listed investee company Pacific Nickel Mines Ltd has secured an offtake agreement for all the production of Kolosori, as well as a $22m pre-export finance facility, with Glencore.
Triad Endeavour Sports and Entertainment has signed up with the platform run by ChallengerX (CXS). Triad is an event promoter and talent manager involved in the Ultimate Fight League.
Lekoil Ltd (LEK) has successfully challenged the jurisdiction of the New Jersey court in litigation undertaken by its former chief executive. The Otakikpo field oil production was 4,230 bopd during May.
MiLOC Group (ML.P) is restructuring its business and focusing on the distribution of designer products with partner, CRUSHMETRIC Ltd.
Wishbone Gold (WSBN) says initial tests confirm copper is present in the drilling at the Halo copper gold project in northern Queensland. Drilling is underway at the Red Setter project in Western Australia.
The Care Quality Commission has granted registration to the diagnostic and screening services offered by Goodbody Health Inc (GDBY).
ProBiotix Health (PBX) has appointed Steen Andersen as chief executive. He has more than three decades of experience in the probiotics sector.
S-Ventures (SVEN) has capped future consideration for plant-based products supplier Pulsin at £400,000 and effectively lowered the total cost from £6.7m to £5.5m.
Chris Akers took a 4.96% stake in Recent Aquis admission Psych Capital (PSY). He has also increased his stake in Quetzal Capital (QTZ) from 20.1% to 21%.
Ananda Developments (ANA) has raised £38,000 from the exercise of warrants at 0.45p each.
AIM
IDOX (IDOX) increased revenues by 7% to £33.2m in the six months to April 2022 and recurring revenues account for three-fifths of the total. Public sector software sales were 10% ahead, while engineering information management revenues declined although they should recover in the second half. Net debt was reduced by 54% to £3.8m, which leaves plenty of funds to make acquisitions.
Tatton Asset Management (TAM) is growing assets under management at more than £100m a month and they reached £11.3bn at the end of March 2022. In the year to March 2022, group revenues improved from £23.4m to £29.4m, while pre-tax profit grew from £11.2m to £14.5m. The dividend is 13% higher at 12.5p a share. Higher mortgage activity meant that there was growth in the Paradigm division and, although new mortgage activity is lower, management believes that revenues can be maintained this year. Weaker financial markets could affect this year’s group performance, but the inflow of funds should offset that.
Xeros Technology Group (XSG) was the best AIM performer last week with a 46.2% gain to 47.5p. Germany-based washing machine pumps and drives manufacturer Hanning has signed a ten-year global licence to manufacture and sell the XFilter washing machine filter technology developed by Xeros. XFilter enables microfibres and microplastics released during washing to be captured and safely disposed of. Hanning is estimated to supply components for 8.5 million washing machines each year – around one-third of those made in Europe. The royalty is undisclosed, but it could be around £1 per filter.
Subsea cable protection services provider Tekmar Group (TGP) lost more than three-quarters of its value last week after it announced that it was seeking a strategic partner or bidder. Interim revenues fell from £13.9m to £13m and Tekmar remains loss making. The order book has improved from £9.7m to £20.1m over the six months to March 2022.
Shares in US-based video game publisher Devolver Digital Inc (LON: DEVO) more than halved after it lowered its revenues and profit guidance for this year. Revenues are expected to between $130m and $140m. Zeus has cut its earnings forecast from 7.2 cents a share to 6 cents a share.
The M&C Saatchi (SAA) board has withdrawn its recommendation of the bid by the marketing services company Next Fifteen Communications (NFC), the value of which has fallen due to the slump in the share price of the bidder.
Revolution Bars Group (RBG) trading is strong and a trading statement sparked a forecast upgrade by finnCap for the vodka bars operator. Refurbished bars have done particularly well, and two new bars should open by the end of June. Forecast pre-tax profit for 2021-22 has been raised from £500,000 to £2.7m.
Oil and gas explorer Rockhopper Exploration (RKH) announced a £5.75m placing and subscription at 7p a unit (one share and of a warrant exercisable at 9p a share). The Sea Lion project in the Falkland Islands is the main focus of Rockhopper.
Wynnstay Properties (WSP) is planning to obtain shareholder approval for buying back shares. NAV increased by 19% to 1090p a share in 2021-22. The total dividend was raised from 21p a share to 22.5p a share.
Actual Experience (ACT) says that due to a change in requirements a channel partner has terminated a contract that generated £200,000 out of group revenues of £1.74m in 2020-21.
Competitions organiser Best of the Best (BOTB) reported better than forecast figures and a 66.7p a share return of capital via a tender offer. Net cash was £10.8m at the end of April 2022 and there is a 6p a share final dividend on top of the tender offer. The total cash cost of these payments is £6.84m.
In the year to April 2022, the pre-tax profit fell from £14.1m, for what was an unusually strong year due to Covid restrictions, to £5.1m.
Hong Kong-based CCTV technology company UniVision Engineering Ltd (UVEL) has received notice of the termination of a contract with MTR Corporation for the replacement of CCTV systems on Hong Kong railway lines.
MAIN MARKET
Castings (CGS) generated a 29.5% increase in full year revenues to £148.6m. Profit and margins are still improving and there is more to go for as business levels get back to the pre-Covid position. Zeus forecasts a further improvement in underlying pre-tax profit from £12.1m to £15.5m in 2022-23.
Structural steel supplier Severfield (SFR) continues to win new business and higher steel prices are being passed onto clients. In the year to March 2022, revenues increased from £363.3m to £403.6m, while pre-tax profit improved £24.3m to £27.1m. The final dividend is increased from 1.8p a share to 1.9p a share, taking the total to the year to 3.1p a share. Severfield has a record order book worth £486m.
Palace Capital (PCA) has increased its NAV to 390p a share and the loan-to-value declined from 42% to 28% following property sales at a premium to book value. The total dividend is 13.3p a share.
Graft Polymer (UK) (GPL) says that MGC Pharmaceuticals (MXC) is using its IP for the nano delivery system in the pre-clinical research study for the use of cannabinoids to treat Glioblastoma multiforme cells (a form of brain cancer).
Contango Holdings (CGO) has agreed to acquire 10,000 tonnes of washed coking coal from Lubu each month. The current market price is $120/tonne. Up to $10m of earnings could be generated from this deal each year.
Funeral directors Dignity (DTY) says FCA has confirmed it is intending to authorise Dignity Funerals LTD as a regulated entity under the new regulations for pre-paid funeral plans.
Andrew Hore
Quoted Micro 6 June 2022
AQUIS STOCK EXCHANGE
VSA Capital (VSA) has launched the AQSE Apex Index, which has a base of 1,000 at the beginning of 2021. There are 21 constituents of the Apex segment of the Aquis Stock Exchange, including its owner Aquis Exchange. The index is weighted by market capitalisation and the total market capitalisation is around £1bn. New admissions to the Apex segment and companies moving from the Access segment to Apex are eligible for inclusion in the index at the next quarterly review. The index was 835.16 on 26 May 2022.
Gledhow Investments (GDH) made an interim loss of £293,000, due to a net unrealised loss of £435,000 offsetting realised gains. Net assets ware £2.37m at the end of March 2022. One-third of the current portfolio is invested in Aquis companies.
Interim revenues of rail track fastening technology supplier Wheelsure Holdings (WHLP) recovered from £56,000 to £93,000, while the loss was reduced from £117,000 to £105,000. The first order was received from the Barcelona Metro. The product range has been broadened and this will provide additional growth opportunities.
Probiotix Health (PBX) says that its partner in Uruguay is launching a probiotic yoghurt called Yo-Life, which includes the company’s cholesterol-reducing ingredient. There were more then t3wo years of product development prior to the launch.
First quarter revenues generated by Yooma Wellness Inc (YOOM) increased from $604,000 to $3.2m, partly tanks to acquisitions. There was a small rise in pre-tax loss from $2.38m to $2.5m. Yooma is reviewing its strategy.
There was a $367,000 cash outflow from operating activities at medicinal psychedelics investment company Oscillate (MUSH) in the year to March 2022. Net assets were $3.12m. Investments include Psych Capital, which is about to join Aquis. There are still resources and technology companies in the portfolio.
Eight Capital Partners (ECP) is holding a bondholder’ meeting to gain approval to extend the life of the bonds until 3 September 2026 and to set an annual interest rate of 4.8%. If approved bondholders will be issued warrants equal to the par value of their bond holding at a strike price of 0.05p a share.
Quetzal Capital (QTZ) is extending the deadline exercise date for a subscription of £500,000 of convertible loan notes in TAP Global to 30 June.
TruSpine Technologies (TSP) has raised £700,000 at 5p a share and issued shares at the same price to pay creditors of £77,500. Directors’ fees of £97,200 were converted into shares at 15p each. Rhe cash will be used to finance the FDA approval process.
AIM
Coral Products (CRU) is using some of its cash to acquire Runcorn-based Alma Products for an initial £1.5m in cash with additional consideration depending on the EBITDA for the year to April 2023. The maximum earn-out payment is £1.5m, which would mean that EBITDA had reached at least £600,000. Alma produces sheet extrusion, volume vacuum forming and container printed products for the food packaging and personal care markets. Alma owns the freehold of its factory, and it has up to date capital equipment.
Cancer diagnostics developer ANGLE (AGL) has signed a deal with MidLantic Urology, which will evaluate the Parsortix system for use in prostate cancer studies. There is also a master clinical study agreement with Solaris Health Holdings. MidLantic Urology is an affiliate of Solaris, and it is one of the largest providers of specialist urology services in the US. Initial results are expected in 2023.
Digital media company Digitalbox (DBOX) is acquiring the web and mobile assets of TVGuide.co.uk for £550,000, which includes payment for £180,000 of transitional services. This is an immediately earnings enhancing deal and it fits with the company’s Entertainment Daily brand. In 2021, the assets generated an operating profit of £150,000 on revenues of £490,000.
Escape room company XP Factory (XPF) increased revenues by 163% to £7m in 2021, which includes an initial contribution from Boom Battle Bar, which is a more food and drink-focused activity venue operator. The loss was sharply reduced. This year the venues will be operating from the start of the year and more outlets are being added. There are some combined Escape Hunt and Boom sites that are operated by the company, while other boom sites are franchised. There was £6.9m in the bank at the end of April 2022 and that will help to finance site opening plans. Management is able to find suitable locations at attractive rents. Current trading is ahead of expectations.
Technology investment companies Tern (TERN) and Pires Investments (PIRI) are merging to create a larger, more attractive investment proposition. Tern is offering 0.51613 of one share for each Pires share.
Data driven digital services provider Silver Bullet Data Services (SBDS) increased full year revenues from £2.79m to £3.81m, but growth is slower than previously thought. The company has developed a product that can replace the use of cookies, but the take-up has been slow. The loss remains significant. Silver Bullet is raising £2.39m at 100p a share and £2.11m through convertible loan notes, which are convertible at 110p a share.
MAIN MARKET
Cloudbreak Discovery (CDL) is providing a $2m debenture to G2 to help finance the Masten Unit energy project in Texas in exchange for a 3.25% overriding royalty interest. There is a 12% interest rate which can be paid quarterly in cash or shares. G2 has issued 6.5 million warrants exercisable at 30 cents each.
Hawkwing (HNG) has £2.3m in cash and an investment in Internet Fusion Group valued at £14.4m. The potential reverse takeover of that company is not going ahead and Hawkwing wants to unwind the loan. After taking account of the convertible loan notes in issue, net assets were £2.51m at the end of 2021. Hawkwing is seeking acquisitions in digital marketing or medical or business services.
Mining, Minerals and Metals (MMM) has £200,000 in the bank at the end of January 2022. This will be used to help fund the due diligence on the proposed acquisition of Narnia Mauritius Gas, which owns a gas exploration licence in South Africa.
Toople (TOOP) founder Andrew Hollingworth and Greg Bryce is taking over as chief executive.
First Tin (1SN) has £2.5m in the bank prior to raising £20m in its standard list flotation. Arlington Partners Fund has acquired 808,228 shares at 19.055p each.
Andrew Hore