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Andrew Hore – Quoted Micro 10 December 2018
NEX EXCHANGE
TechFinancials Inc (TECH) is developing a blockchain-based sports ticketing business with Footies Tech Ltd. The new company will licence blockchain technology from TechFinancials, which will have a 75% stake in the company. TechFinancials will provide up to $500,000 to the company and this commitment is dependent on a client signing up within three months. The idea is to make the sports club take control of the initial sale and any secondary ticket transactions. Former Liverpool FC chairman Ian Ayre will be chairman of the new company.
Eight Capital Partners (ECP) has invested £60,000 in Pelican House (PHM) at 0.45p a share. Eight Capital will be issued 13.33 million warrants exercisable at 0.45p a share. Eight Capital is appointing John Treacy to the board of Pelican, which is changing its investment strategy from natural resources to sports and leisure.
Crossword Cybersecurity (CCS) has raised £2m at 290p a share and it will move to AIM on 14 December. The share price peaked at 430p in March. Crossword is valued at £13.6m at the placing price. Hargreave Hale AIM VCT has taken a 7.37% stake.
Early Equity (EEQP) is assessing additional investments that fit its strategy. There was £437,000 of cash in the balance sheet at the end of August 2018. The main investment is a 47.1% stake in healthcare products distributor Yicom Global.
Miton has increased its stake in Wheelsure Holdings (WHLP) from 15.5% to 17.8%. DXS International (DXSP) chief executive David Immelman has bought 20,002 shares at 9.9p each, taking his stake to 10.45%.
Welney (WENP) is considering a couple of proposals that can enable the company to move ahead. The loan note holders have agreed not to call in the loans for at least another 12 months. Net liabilities were £268,000 at the end of June 2018.
Block Commodities (BLCC) has launched the Farmer 3.0 (described as an integrated agri-business ecosystem) pilot project, which covers up to 1,000 Ugandan farmers. The plan is to expand the service to up 50,000 farmers.
AIM
Plastics Capital (PLA) has still to see the benefits of its investment in capacity and winning new business. In the six months to September 2018, revenues improved 11% to £40.6m and underlying pre-tax profit recovered from £1.2m to £2.1m. Net debt was £15.7m at the end of September 2018 to £14.5m by March 2019. Cenkos forecasts a 2018-19 profit of £5m, rising to £5.4m next year.
Broker finnCap (FCAP) joined AIM and completed the acquisition of Cavendish Corporate Finance last week. finnCap raised £3.75m at 28p a share.
The People’s Operator (TPOP) has the chance to receive an investment from the owner of LycaMobile. A share capital reorganisation is required before any shares can be issued. Every 2,000 shares will be consolidated into one share. An investment of £1.3m will be in shares (29.9%) and convertible loan notes – convertible at 10p a share.
Evgen Pharam (EVG) says that the final patient in the STEM:SFX-01 trial for metastatic breast cancer will take her last dose by the end of 2018. The final readout for the trial should be in March.
Ceres Power (CWR) has finalised its collaboration with Weichai Power. They will create a fuel cell manufacturing joint venture in China and technology will be licenced to the new venture, which could generate up to £30m in payments. There is also a £9m joint development agreement for range extenders for electric buses. Weichai will invest £28m at 164.5p a share.
Hagai Tal has resigned as chief executive of Taptica International Ltd (TAP) after he was criticised about his actions at a previous company. Rivi Bloch takes over as interim chief executive. The business appears to be changing with revenues not up to expectations but margins improving.
Panther Securities (PNS) is paying a special dividend of 15p a share after what it calls the best year it has experienced. Next year at least 12p a share will be paid.
Woodford has says that it will subscribe £8m in a fundraising for eve Sleep (EVE) and Channel 4 says that it will invest £900,000. Chairman Paul Pindar will invest £1m. Discussions continue with other investors in order to raise the £15m required.
Vianet (VNET) is growing its smart machines operations and it was responsible for the growth in revenues in the first half. The pubs market remains tough and smart zones revenues dipped, but there is the prospect of a large order in the US. Full year profit is expected to improve from £2.7m to £3m. The interim dividend is maintained and the total dividend for the year should be unchanged at 5.7p a share.
Versarien (VRS) has signed a supply agreement to supply a new graphene enhanced polymer range to AECOM. Interim revenues were 19% higher at £5.22m. There was cash of £6.07m at the end of September 2018. There was a £1.1m cash outflow in the six month period.
Omega Diagnostics (ODX) continues to lose money and net debt was £700,000 at the end of September 2018. The £2m overdraft facility should provide enough finance for the company’s needs. The commercialisation of Visitect CD4 is important to long-term progress for the company. CE marking for advance disease should be awarded soon. The timing of approvals and therefore revenues is difficult to predict.
Pebble Beach Systems (PEB) has resolved its dispute with xG Technology Inc over the disposal of its hardware business. No further liabilities are due by either party and the forecast cash balances for Pebble Beach will not be materially different.
Rose Petroleum (ROSE) has agreed an operational plan with the Utah authorities for its acreage in the Paradox Basin and this includes recently acquired acreage. A suitable drilling rig should be available in the first quarter of 2019. The plan is to secure funding for the drilling programme.
Zinc Media Group (ZIN) has appointed Mark Browning, who is currently boss of ITN Productions, as chief executive and he will start in the first half of 2019. He replaces former finance director David Galan, who became full-time chief executive in February.
Adam Formela has stepped down as chief executive of packaging manufacturer Robinson (RBN). Martin McGee has become interim chief executive.
Trading in the shares of MySQUAR (MYSQ) will end on 10 December. Additional cash is required and a sale of assets to a NEX-quoted company in return for shares could happen. The investigation of past financial transactions continues.
Fishing tackle retailer Fishing Republic (FISH) has appointed administrators.
MAIN MARKET
Cryptocurrency mining services provider Argo Blockchain (ARB) estimates that its current annualised revenues are $6.2m (£4.8m). Trading is ahead of expectations. Net cash was £15m at the end of November 2018.
Sand U (SUS) says trading is in line with expectations. There has been a reduction in demand for finance for used cars. This means that the loan portfolio is growing more slowly than expected.
Standard list shell Spinnaker Opportunities (SOP) is evaluating opportunities in the cannabis market.
Andrew Hore
Ian Pollard: Yourgene Health – Rapid Expansion in Asia, India, Middle East & Africa
Yourgene Health plc YGEN “We are making excellent commercial progress”, claims newly appointed CEO Lyn Rees after revenues for the six months to the 30th September climbed by 45% and gross profit was up by 49%. The implementation of a further £1m annualised cost reduction program helped to bring the loss before tax down by 35%. Significant commercial progress was achieved during the half year, including the addition of new laboratories in Africa and Asia and the signing of a 3-year agreement with one of India’s leading diagnostics groups to offer mass-population non-invasive prenatal testing (“NIPT”) screening. Existing markets in India, the Middle East, Africa and South East Asia are being rapidly expanded.
ULS Technology plc ULS continued to increase its market share and grow revenue and profits during the half year to the 30th September, despite housing market transactions being lower year-on-year. ULS continued to out perform the market. Revenue inceased by 3%, underlying profit before tax by 6% and adjusted basic earnings per share by 7%. The interim dividend is increased by 4%.
Plastics Capital PLA reports continued strong organic revenue growth across the Group for the half year to the 30th September. Profit before tax and earnings per share both grew strongly by 75.4% and 67.9% respectively on revenue up by 11.4%. The company is now feeling the full effect of Sterling’s devaluation in 2016. Order books are healthy and good sales growth is expcted to continue for the foreseeable future.
Egdon Resources plc EGD reports a production update from the Ceres field which represents a material step up in both production and cash flow for Egdon. Gas sales net to Egdon for November are expected to be in excess of £235,000. Gas production from Ceres averaged 1.16 million cubic feet of gas per day (193 barrels of oil equivalent per day). following the installation of a new flow meter.
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Fidessa Shareholders Benefit from Sterling Weakness
Fidessa Group FDSA claims solid growth for the year as a whole but then admits that most of it was due to the weakness of sterling rather than the success of the company and its management. At constant exchange rates revenue rose by 3% and profit before tax by a lowly 1% compared to the actual exchange rate figures of 12% and 25% respectively. The reality however is used to give shareholders a big present with an 11% rise in both the final and special dividends.
Firestone Diamonds FDI held its first diamond sale last week in Antwerp. All carats on offer, a total of 75,936, were sold at an average price of US$107 per carat, producing a total of US$8.14m. The highest price achieved for a single stone exceeded US$1m. The company describes the total as pleasing as the diamonds were recovered from lower quality ore areas. Over 90 companies viewed the diamonds and 38 were successful. A second auction is expected before the end of March.
Plastics Capital PLA Third quarter revenues were ahead of expectations following stronger than expected demand and trading condition remain generally good. Full year results however, are expected to be in line.
EG Solutions EGS Strong second half trading produced record revenues up by over 50% to £5.69m., compared to the first half total of £2.5m. The first half loss of £0.89m. was turned into positive EBITDA of over £2.m Several new contracts have been signed with major global companies in America, Asia and Europe.
Lok’nStore Group LOK First half trading in the self storage business remained solid with revenue up by 3.9% and self storage occupancy rose by 4.6%. Document storage revenue was up by 8%
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Quoted Micro 6 March 2016
ISDX
Brewer Shepherd Neame (SHEP) reported a lower brewing profit but this was made up for by a higher contribution from managed pubs in the six months to December 2015. However, the National Living Wage and other costs will increase by £1.1m in the next financial year and management is cautious about the prospects for consumer spending. Revenues were flat at £73.7m but underlying pre-tax profit improved from £4.73m to £5.07m, helped by lower interest costs. There was also a property disposal profit of £3.6m. Net debt was reduced to £61.4m thanks to disposal proceeds.
Electrical and control systems supplier Field Systems Design Holdings (FSD) had a much stronger six months to November 2015 thanks to additional work from the energy from waste incineration sector. Longer-term, demand from the water sector should build up. There was a jump in revenues from £5.51m to £8.31m, while pre-tax profit improved from £11,000 to £91,000. There was £1.1m in the bank at the end of November 2015. At 15.5p (14p/17p) a share, Field is valued at £900,000.
Energy efficiency products supplier Sandal (SAND) moved back into profit in the six months to November 2015. Overall revenues were flat at £1.66m, although there were much higher sales of Energenie products, while a loss of £129,000 was turned into a profit of £7,000 thanks to lower overheads. Sandal has completed its investment in the Energie MiHome range with ongoing investment focused on linking up with Hive and other smart devices for the home. There was £398,000 in the bank at the end of November 2015.
Leni Gas Cuba Ltd (CUBA) has made two new investments in Cuban businesses. The first is a 49% stake in entertainment consultancy Cuba Professionals Inc for an investment of €180,000 over nine months. A short-term working capital facility of €200,000 will also be prfinance ovided. This cash will go towards a larger office in Havana and recruiting additional staff. The other investment is a 15.8% stake in Australian company MEO Australia Ltd, which is focused on Cuban oil exploration. The £730,000 investment will be used to finance exploration in onshore block 9 in Cuba, where another one of the company’s investments, Petro Australis has and interest. Non-executive director Darren Smith has bought 250,000 shares at 0.8p each. That takes his stake to 4 million shares. Smith did not buy any shares in the subscription at 5p a share when the company joined ISDX. The share price has fallen back to 0.9p (0.8p/1p).
Via Developments (VIA1) has raised a total of £2.5m from ten placings of 7% debenture stock since joining ISDX. Two residential property acquisitions have been made in Manchester and Luton.
Ganapati (GANP) is still attempting to obtain a licence from the Gaming Commission and there have been further delays so the company will require additional cash. Ganapati also needs to further develop its BUZZPOP app and this means that there will be no revenues from the app until 2017. There will be a write-down of intangible assets as a consequence. The share price was unchanged at 60p (50p/70p).
Doriemus (DOR) plans to leave AIM and move to ISDX. This follows the decision to buy a further 60.56% of Greenland Oil & Gas. This means that a reverse takeover will not be completed by 14 March and the AIM quotation will be cancelled. The oil and gas-focused investment company should start trading on ISDX on 15 March.
Cyber security technology commercialisation company Crossword Cybersecurity (CCS) is linking up with the University of Surrey in order to explore opportunities for commercially exploiting technology for advanced information hiding. The university has developed a way of encoding information into the normal ebb and flow of computer systems. A patent has been filed for this research and the plan is to develop a platform that can use the technology.
AIM
Shell company 3Legs Resources (3LEG) has announced details of the reverse takeover of SalvaRx and plans to raise £1.95m at 35.5p a share – post a 100:1 share consolidation. SalvaRx is an immunotherapy business and it owns 60.5% of iOx, which is developing under lice compounds for cancer immunotherapy. The cash raised will help to finance the first human clinical trials, which are being sponsored by Oxford University, for iOx’s lead compound based on invariant natural killer T cells. SalvaRx has invested £510,000 in iOx and is committed to put in a further £1.33m. 3Legs had already acquired 11.1% of SalvaRx, at a cost of £215,000, last September. The rest of the shares will be swapped for 3Legs shares valuing them at £8.8m. New chairman Jim Mellon and his associates will end up with 73% of 3Legs, whose name will be changed to SalvaRx Group.
Property investor Palace Capital (PLA) has bought an office block in Milton Keynes, near to the railway station, for £7.2m. The near-fully let building generates net income of £550,000 a year. This deal will immediately enhance earnings per share and there is potential to increase rents in the short-term.
Sutton Harbour (SUH) has renewed and extended its bank facilities. A new £25m, three year facility with RNS will replace the £22.5m facility due to expire in October. Finance costs are not expected to change significantly. The enlarged facility plus the rolling £550,000 asset lease financing facility will provide more headroom for Sutton Harbour to push ahead with property developments and invest in the harbour infrastructure.
NWF (NWF) has boosted its agricultural business through the acquisition of ruminant feed manufacturer Jim Peet, which supplies 500,000 tonnes a year to cattle and sheep farmers in northern England and south west Scotland, where NWF wants to grow its exposure. There are two factories near Carlisle and Wigton and they fit well geographically with NWF’s existing facilities.
Advanced ultrasound training simulators developer Medaphor (MED) says that its US subsidiary has signed a long-term agreement with the American Board of Obstetrics and Gynecology (ABOG) for the use of its ScanTrainer as the simulator for its obstetrics and gynecology certification exams. ABOG undertakes 2,000 examinations each year. This provides additional confirmation of the usefulness of the technology.
MAIN MARKET
Investment company Athelney Trust (ATY) increased its net asset value by 7.5% to 245p a share last year. The final dividend is being increased by 18% to 7.9p a share on the back of this growth. During the year, Athelney acquired new stakes in two REITs, Safestyle UK, Samuel Heath and Low & Bonar amongst others, while also adding to existing holdings including Begbies Traynor, Juridica Investments and Quarto Group. The disposal of stakes in GLI Finance and Plus500 appears to have been well timed, while Catlin and Nationwide Accident Repair were taken over. There was a dip in the NAV to 235.8p a share by the end of January but that is not surprising given the weak stockmarket. Athelney says that it would not be surprised to see small caps outperforming larger companies again. The original investors in Athelney back in 1994 have enjoyed an annual return of 15.8% net of basic rate tax on their original investment.
Global Resources Investment Trust (GRIT) is changing its strategy to become a more direct investor in resources businesses. This is because it is in default for its 9% convertible loan notes. Prime Star Energy FZE is subscribing £3.9m at 2p a share and RDP Fund Management £1.5m at the same price. There is also an open offer raising up to £300,000 at 2p a share. However, the final proposals are still not agreed and the board is in discussions with the main parties. The company name will be changed to Global Resources International.
Education software and services provider Tribal Group (TRB) is selling its Synergy children;s services management information systems business to Servelec for £20.25m in cash. The business generated EBITDA of £2.3m in 2015. The disposal cash will be used to reduce the requirement for funds in the previously announced rights issue. The plan is to raise up to £21m and the terms will be announced later this month when the 2015 figures are announced. Ian Bowles took over as chief executive on 1 March. There had been plans to move back to AIM but no mention was made of this.
ANDREW HORE