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Fastjet Slows & Warns
Fastjet (FJET) It seems only yesterday that Fastjet was rapidly extending its network and Sir Stelios had a wide beam on his face. Now, all that can be forgotten and rationalisation of the newly built network has become an urgent necessity. 2016 results will be materially below expectation, the year will not be cash flow positive and the company may need to raise further funds during the course of the year. The source of the problems is that the challenges facing the African aviation industry have been far more prolonged than management envisaged. The shares have been marked down 26% to 49p, prior to the start of trading this morning.
Seeing Machines (SEE) produced record revenue and profits for then half year to 31st December. sales and service revenue grew by 594% Last years loss of A$14.2m has been turned into a profit of A$11.2m. The partnership with Caterpillar proved to be a milestone event, producing a A$21m licence fee which helped to create the record profit.
Clarkson (CKN) has put in a robust performance in what it describes as an incredibly challenging year. Revenue for the year to the end of December and profit before tax both rose by some 25%. despite all the doom mongering in which the media engaged in 2015, overall sea born trade actually grew and the company continues to see signs of a healthier shipping market which is at least one indication that the world economy is perhaps not as bad as pundits proclaim.
Petroceltic (PCI) Oil woes spread as trading in shares of Petroceltic International has been suspended as from this morning pending clarification of the company’s financial position.
Villas & houses for sale in Greece; http://www.hiddengreece.net
Quoted Micro 29 February 2016
ISDX
Investment company Western Selection (WESP) reinvested part of the proceeds of its disposal of shares in marketing services firm Creston in gas maintenance services provider Bilby last July and it is already showing a significant gain. This helped offset a further decline in the value of the stake in Northbridge Investment Services. Net cash was £1.09m at the end of 2015. An unchanged interim dividend of 1.05p a share was declared. The NAV was 80p a share at the end of 2015, up from 75p a share six months earlier. The current share price is 47.5p (45p/50p) a share.
National Milk Records (NMRP) says that the move from the retail price index to the consumer price index for the calculation of inflation-related adjustments for the Milk Pension Fund should significantly reduce the overall deficit of the fund. More details will be announced with the results for the year to March 2016. The share price rose 5p to 78.5p (77p/80p). The pension liability was £8.4m at the end of September 2015.
Sutherland Health Group (SHGP) has decided to withdraw from ISDX, pending shareholder approval. Sutherland has been quoted on ISDX for eleven years and in recent years it has been hit by declining turnover. Leaving ISDX will help to reduce costs. Sutherland may seek to obtain a matched bargains quotation. The share price has already fallen significantly but it was unmoved following the withdrawal announcement. The market capitalisation is £700,000.
LED lighting supplier Gowin New Energy Group Ltd (GWIN) claims to have raised £400,000 at 0.2p a share but this is below the nominal value of 1p a share so it appears strange. The new shares equate to more than one-quarter of the enlarged share capital. The market price is 0.45p (0.35p/0.55p).
Ace Liberty & Stone (ALSP) raised the full amount of £3.5m from its open offer at 1p a share. This offer was at a significant discount to the market price. Shareholders applied for 439.6 million shares when there were 350 million offered. The share price rose to 4p (3p/5p) a share after the announcement. The cash will help to build up the property portfolio.
AIM
Solid State (SOLI) has lost its high profile Ministry of Justice tagging contract and the share price has fallen by one-third. Technical problems delayed the launch of the new tags and little was expected from the contract in the short-term but this is an embarrassment for the company. Solid State is in discussions on the terms of the termination of the contract. The underlying business and attractive yield should underpin the current share price level.
Disinfection and infection control products supplier Tristel (TSTL) reported slightly better than expected interim figures. The £4.3m cash pile and cash generative nature of the business provides scope for further special dividends in the future. The interim dividend was raised by 95% to 1.14p a share. In the six months to December 2015, underlying pre-tax profit rose from £1.1m to £1.5m as revenues edged up even though sales of lower margin products declined. International growth offset weakness in the UK. Four directors including the chief executive and finance director bought shares after the results announcement. Higher R&D spending will hold back profit growth with flat earnings per share of 5.2p expected this year rising to 5.6p next year.
Nostra Terra Oil & Gas (NTOG) has acquired a 60% working interest in producing assets in the Permian Basin, which straddles Texas and New Mexico, for $3m plus $300,000 in 12 months. Average production was 122 bopd gross – 92 bopd net – during last November and there are plenty of opportunities to increase this. Net proven reserves are 2.7 million boe. In the year to July 2015, the assets made a pre-tax profit of $250,000 on revenues of $1.8m.
CCTV and security systems supplier Synectics (SNX) returned to profit last year. In the year to November 2015, revenues were 6% higher at £68.5m and an underlying loss of £2.38m was turned into a profit of £1.55m. That was before further restructuring costs. The main reason behind the improvement was a swing from loss to profit of the integration and managed services division. The systems division increased its profit contribution despite exposure to the oil and gas sector. Costs have been reduced and the company has moved into a net cash position. The outlook is positive with new orders won in recent months, particularly in gaming. An operating margin of 8%-10% is an achievable longer-term target according to management.
Sunny Hill Ltd has launched a 3p a share cash bid for oil and gas explorer Petroceltic International (PCI). This values the Irish company at £6.42m. The bidder is owned by the Worldview Economic Recovery Fund and it is offering a significant discount to the previous market price because it believes that Petroceltic is in a precarious financial position. Net debt was $184m at the end of June 2015 and payments on the senior bank facility have been waived up until 4 March. This waiver may be extended. Worldview already owns 29.6% of Petroceltic and it has been in dispute with the board for some time.
MAIN MARKET
Immunotherapy technology developer Oxford BioMedica (OXB) has raised £8.1m at 6.3p a share. There was £9.4m in the bank at the end of 2015 although net debt was £17.9m. The cash is required for working capital for the development of treatments and the lentiviral vector manufacturing-related technology, where there are already out-licensing talks. The OXB-102 Parkinson’s disease treatment and corneal graft rejection treatment OXB-202 are set to start phase I/II clinical studies in the next 12 months.
Packaging and labels supplier Macfarlane Group (MACF) increased its pre-tax profit by one-fifth to £6.8m in 2015, helped by recent acquisitions. Revenues were 10% ahead at £169.1m and the dividend was also increased by 10% to 1.82p a share. Glasgow-based Macfarlane generated all of its revenue growth from its core packaging distribution division but profit growth came from both parts of the business. The manufacturing division improved its gross margin because there were higher sales of products with better margins. The market remains stable.
ANDREW HORE
Quoted Micro 25 January 2016
ISDX
Goldcrest Resources (GCRP) has secured the acquisition of Taoudeni Resources, which owns the Asheba gold project that is situated at the southern end of the Ashanti gold belt in Ghana. Goldcrest’s non-executive chairman Gavin Burnell is also a shareholder in Taoudeni, which has a non-JORC compliant resource of 176,000 ounces at 1.8g/t. Goldcrest has already conditionally acquired the nearby Akoko gold project, which has a JORC resource of 92,800 ounces at 1.9g/t. The company will seek to generate a JORC-based resource for the combined project. Goldcrest will issue 599.2 million shares for the initial consideration with deferred consideration of 617.7 million and 102.3 million warrants exercisable at 0.05p a share and lasting ten years. ISDX-quoted Hot Rocks Investments will receive 193.5 million of the initial consideration shares, taking its stake to 14.6%, plus 43.2 million of the warrants and is due to receive 320.8 million of the deferred consideration shares. AIM-quoted Sunrise Resources receives 116.6 million shares and 9.8 million warrants. Niall Tomlinson and Dr Ryan Long will join the Goldcrest board. At 0.06p (0.05p/0.07p) a share, Goldcrest is currently valued at £900,000.
A newly formed subsidiary of FT8 (GFT) has taken a 40% stake in BIPS Technologies in exchange for rights to use technology developed by FT8 to make payments and disbursements of employee benefits for healthcare providers and insurers and in this case specifically for the voluntary benefits market in the US. FT8 has also agreed to cover banking fees associated with the administration of a Supplemental Insurance Funds Transfer Program. BIPS will hold the contractual rights to this fund which will service the clients of Homeland HealthCare Inc. A minimum employee enrolment of 75,000 is projected by the end of 2016 and it is projected that it could reach a minimum of 350,000 by the end of 2018. Gross revenue per employee signed up should be just over $1/month. FT8 will not have to provide any additional finance for BIPS. At 0.65p (0.6p/0.7p) a share, FT8 is valued at £4.8m.
Blockchain technology companies investor Coinsilium Group (COIN) has invested an additional $50,000 in data management blockchain company Factom Inc. This takes the total invested to $200,000, which equates to 2% of the diluted share capital of Factom. The Coinsilium share price has recovered to 8p (6.5p/9.5p).
Ecovista (EVTP) is raising a further £252,000 at 0.06p a share. The current share price is 0.075p (0.07p/0.08p). Ecovista is also seeking shareholder approval at its AGM so that any breach of the directors duties caused by previously issuing more shares than they were allowed to will be waived.
Trading in the bonds of recruitment company Positive Healthcare (DOC) has been suspended because £1.75m of the £2m that the company claimed it had raised has not been received. The bond register needs to be rectified and then Positive Healthcare can try to issue more bonds.
Via Developments (VIA1) has raised an additional £206,000 (£204,000 after expenses) from a further issue of 7% debenture stock 2020. This takes the debentures in issue to £1.76m. Via joined ISDX on 5 November having issued £530,000 7% debenture stock 2020. The Manchester-based residential property development funder wants to raise up to £3.5m.
AIM
Empyrean Energy (EME) is selling its 3% interest in the Sugarloaf AMI development in Texas to Carrier Energy Partners II for $61.5m and this should enable a cash distribution to shareholders. If oil prices average more than $55/barrel this year then more could be payable – up to a maximum of $10m. Empyrean expects to pay $3.6m in tax plus $5.2m for outstanding bills owed to the Sugarloaf operator Marathon Oil and it will repay its debt facility of $21.6m. This will leave Empyrean with a 58.1% working interest in the Eagle Pool development project in California, a 7.5% working interest in two producing wells in Sugarloaf block A and a 10% working interest in Riverbend project in Texas. New opportunities will be sought.
Colin Porter is stepping down as chief executive of STM Group (STM) in order to take up a position in the US. He has a 12 month notice period so there is plenty of time to find a replacement. This led to a sharp drop in the share price even though it was confirmed that trading is in line with expectations for a 2015 profit of £2.7m. Alan Kentish will become interim chief executive.
Energy storage technology developer RedT Energy (RED) is raising £3.5m at 6.75p a share – a huge discount to the market price. The share price was just over 10.5p a share a few days before the placing was announced but it fell to 8.38p a share after the announcement – although that is still relatively high compared to the share price in the past three years. House broker finnCap has edged down its target price from 14.5p to 14p. RedT has received an initial $2m from the sale of its US biogas interests so it will have a cash pile to finance the commercialisation of its battery technology.
Big data services provider Fusionex International (FXI) reported revenue growth of 33% to RM70m last year. In the year to September 2015, pre-tax profit rose from RM19.5 to RM24.9m, while earnings per share were 28% higher at RM0.58 (9.4p). There has been criticism of cash generation levels and this led to a slump in the share price. Fusionex says that since September RM23.4m (£3.8m) of the year-end receivables of RM28.5m (£4.6m) has been collected.
Nasstar (NASA) says trading is in line with expectations following a strong second half, helped by the acquisition of VESK. The cloud-based services supplier has renewed the contract with its largest client – there had been some client losses earlier in the year. Net debt of £5.3m at the end of 2015 is slightly lower than expected.
Worldview Capital Management says that it is considering a cash offer for Petroceltic International (PCI). Worldview already owns 29.6% of the Irish oil and gas company, which launched a strategic review before Christmas. Advances have been received for some of Petroceltic’s remaining assets. Petroceltic has received a further waiver of repayments under its senior debt facility until 29 January so that it can continue with its strategic review. The debt facility amounted to $217.8m before Christmas.
Portfolio analytics software supplier StatPro (SOG) has paid an initial $10m for Investor Analytics, a US business that provides cloud-based risk analytics for hedge funds and asset managers. Up to $6m more could be payable depending on winning new contracts. The business has annualised recurring revenues of $4.85m (£3.3m) – out of total revenues of $5m – and should be earnings enhancing in 2016 following integration and annual cost savings of £700,000 – at a cost of up to £1m.
Tissue Regenix (TRX) says that DermaPure, which is used to treat wounds due to diabetes, has generated more than $1m in sales and it is available for reimbursement in 31 states of the US. Tissue Regenix has recruited 20 people for the OrthoPure XM clinical trial designed to gain a CE mark in Europe. OrthoPure XM is designed to repair damaged menisci, which is a condition that could lead to the onset of osteo-arthritis. The patients will be monitored for six months as part of the final information required for the CE mark submission later this year. Consort Medical boss Jonathan Glenn has been appointed a non-executive and Tissue Regenix will benefit from his medical devices expertise.
Condor Gold (CNR) has ended the strategic review it announced last September and it is no longer deemed to be in an offer period. The share price slumped by two-thirds over the period which meant that Condor was valued at $5/resource ounce so a realistic bid is unlikely at the moment. The average NPV of the La India project in Nicaragua is $196m. There are 1,544,000 ounces of inferred and indicated contained gold resources in total. Average annual gold production of 165,000 ounces is anticipated for the first five years and cash costs of production should be less than $700/ounce.
MAIN MARKET
Investment company Highway Capital (HWC) has appointed the chief executive of the Bucharest Stock Exchange as its new chairman. Ludwik Sobolewski was previously the boss of the Warsaw Stock Exchange. This follows the appointment of Dariusz Zych and Jacek Ślotała as directors in November. This suggests an eastern European focus to investments. Dominic Wheatley has stepped down as chairman but remains on the board. The other director, Maciej Szytko, has loaned £120,000 to Highway on top of a previous £30,000 loan. The loan lasts five years, from July 2015, and is convertible at 10p a share. Szytko already has a 29.99% shareholding. At the time of the loan the share price was 16p, while the current share price is 14.5p. Highway moved from a premium listing to the more lightly regulated standard listing in 2013.
Cash shell Falcon Acquisitions Ltd (FAL) has gone to a 70% premium following its flotation on the standard list on 18 January. An initial placing raised £1.6m at 10p, which capitalised the company at £2.04m, and the shares ended the week at 17p. This is based on just over one million shares traded during the week. There is a secondary fundraising that may raise up to £2m at a share price to be set between 10p and 30p. There was already £265,000 in the bank before the flotation so there is cash of £1.65m after costs of £220,000, compared with a market value of £3.47m. The focus is acquiring businesses involved in online, mobile and video broadcasting. Any target is likely to be worth up to £30m.
ANDREW HORE