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Andrew Hore – Quoted Micro 16 August 2021
AQUIS STOCK EXCHANGE
Yooma Wellness Inc (YOOM) has a dual quotation on the Canadian Securities Exchange and obtaining the Aquis quotation is part of the stated strategy to become the largest CBD business in the world. Acquisitions have been made this year and at least three more are lined up. Prior to joining Aquis, Yooma raised £7.46m at 52.32p a share. As well as the cash raised in the placing, there is an option granted to a strategic investor to subscribe £5m for 9.56 million shares. Administrative delays relating to the investor mean that the share issue has not been completed yet. Yooma Wellness says that annualised 2021 sales could be $32m if it makes the expected acquisitions.
Ecotricity has posted its offer document for Good Energy (GOOD), which continues to reject the approach.
Clean Invest Africa (CIA) is in discussions with a potential investor. A fundraising could be secured within weeks. There are also discussions concerning a joint venture. CIA has been hit by Covid-19 measures in South Africa.
Pioneer Media Holdings Inc (PNER) has made an additional investment in connected gaming platform developer Paidia eSports Inc and a new £200,000 investment in Streaks Gaming. Pioneer will own 40% of Paidia. London-based Streaks operates a conversational gaming platform. Users are matched with a personalised digital conversational partner generated by AI. Pioneer will own 16.1% of Streaks.
Sativa Wellness Group Inc (SWEL) increased revenues by 828% in the second quarter of 2021. Revenues in the six months to June 2021, revenues jumped from £733,000 to £4.86m, while the loss reduced from £2.37m to £1.27m. The business is being restructured into three divisions: Goodbody Botanicals, Phytovista and Goodbody Wellness.
Construction of the DJT Plants medical cannabis growing facility started on 4 July. Ananda Investments (ANA) continues to make progress with the purchase of the 50% of DJT it does not own.
Rutherford Health (RUTH) is partnering with genomic and theranostic company OncoDNA, which will enable its patients to obtain genomic testing that can help to secure the most appropriate cancer treatment.
Administrators have been appointed to NQ Minerals (NQMI).
Chris Akers has increased his stake in Oscillate (MUSH) from 3.1% to 9%. Thomas Grant Nominees owns 9.95%. Robert Johnson has a 3% stake in TECC Capital (TEC).
AIM
Drug developer BiVictriX Therapeutics (BVX) has a low capital cost model which outsources the main operations. It has a lead asset called BVX001, which is targeting adult leukaemia. BVX001 has already indicated an anti-tumour effect in animal models. No adverse effects were observed. The £7.5m raised at 20p a share will accelerate the optimisation of BVX001, so it reaches pre-clinical milestones. The share price ended the week at 23.5p.
Marlowe (MRL) has decided not to bid for Restore (RST), which has acquired PRM Green Technologies, which is an IT recycling business. This acquisition will be immediately earnings enhancing.
Crestchic revenues increased by 44% in the first half of 2021 and Northbridge Industrial Services (NBI) group revenues are 22% ahead at £19.6m. The 2021 pre-tax profit forecast was increased from £2.1m to £2.5m.
Self-storage sites operator Lok’nStore (LOK) is increasing occupancy rates and adding new sites. Self-storage revenues increased by 21% over the year to July 2021, which is well ahead of forecasts. The first half growth rate was 11%. Over the 12-month period, occupancy rates have increased from 69.6% to 85.8%.
Oil and gas producer Southern Energy Corp (SOUC) concentrates on areas with proven low-cost producing assets, with the current focus in Mississippi. The strategy is to grow production through acquisitions. Alberta-based Southern Energy plans to increase production to 25,000 barrels of oil per day over the next two year. This will require larger acquisitions than in the past. No cash was raised, and the shares will continue to be traded on the TSX Venture Exchange. The share price opened at 6.5p on the first day and stayed at that level until the end of the second day when it fell to 5p (4p/6p) and that price was maintained.
Science Group (SAG) has made a bid approach for TP Group (TPG). Science group has acquired a 10.2% stake in TPG, with the shares being acquired for 5p each.
Best of the Best (BOTB) says that there has been a 15% decline average weekly sales of competition entries. finnCap has cut its earnings forecast from 142.4p a share to 53.3p a share. There should still be £12m in cash at the end of April 2022.
Venture Life Group (VLG) says interim revenues were lower this year because of the lack of hand sanitiser sales and lower sales of Dentyl in China. Sales of other products grew. Forecasts have been updated for recent acquisitions. Share issues mean that earnings are expected to be flat at 2.5p a share. The full benefits of the acquisitions will come through in 2022 when earnings are expected to be 4.6p a share.
Verditek (VDTK) has raised £353,000 from its Crowd for Angels bond offering.
MAIN MARKET
Foams manufacturer Zotefoams (ZTF) improved its interim pre-tax profit by 49% to £4m even though it was reduced by currency movements. Footwear generates one-third of revenues. The new manufacturing site in Poland has opened.
Argo Blockchain (ARB) generated revenues of £31.1m from mining 883 bitcoin in the first half of 2021. Although revenues are improving, there will be higher than expected tax and finance charges this year. finnCap has reduced its 2021 earnings estimate from 7.6p a share to 5.6p a share.
Plaza Centers NV (PLAZ) has received a revised proposal from GC Hevron Capital. The company’s assets would be transferred to a trustee of managed for the benefit of bondholders. Hevron would be issued shares equivalent to 74.99% of the enlarged share capital. There will be a NIS 2 million payment to cover creditors. Hevron will then inject a new business, which is part of its investment portfolio, into the shell. The target is a nutritional food technology company.
Danakali (DNK) is cancelling its standard listing on 24 September and retaining its ASX listing.
Mast Energy Developments (MAST) has acquired Pyebridge Power, which owns a 9MW gas-powered standby generation facility, for £2.5m in cash. The site could generate EBITDA of £488,000 a year.
Hawkwing (HNG) is raising £16.5m through the issue of 8% convertible loan notes. They are convertible at 6p a share. The cash will be loaned to ecommerce aggregator Internet Fusion Group to finance two acquisitions – an outdoor lifestyle brand and an online fashion accessories retailer. Hawkwing plans to acquire Internet Fusion for an enterprise value of £115m through an issue of shares at 6p each. Trading in Hawkwing shares remains suspended.
Path Investments (PATH) has agreed to acquire DG Innovate for £32m in shares at 0.6p each. DG is developing electric motor technologies and energy storage systems. There is enhanced drive technology, which is being used to develop lightweight and cost-effective electric motors, and enhanced battery technology, which is developing fully-recyclable, sodium-ion batteries offering greater energy density than current technologies.
Andrew Hore
Andrew Hore – Quoted Micro 12 July 2021
AQUIS STOCK EXCHANGE
Helium Ventures (LON: HEV) is a shell seeking to acquire a business in the upstream natural gas sector, with a focus on helium. It raised £765,000, after expenses, at 10p a share. This followed placings at 1p a share and 5p a share. The underlying value of Helium Ventures cash is 4.9p a share. The share price jumped to 16p (14p/18p) on the first day of trading. That values the company at £2.69m.
Virgata Services did not receive the requisite acceptances for its bid for Walls & Futures REIT (WAFR) and the 10.2% of the share capital that accepted the offer are no longer bound by the acceptances.
KR1 (KR1) has made three new investments. There was a $100,000 investment in the iTrust seed round and it will receive iTrust tokens. A further $50,000 was invested in 625,000 Clover tokens. The largest of the investments was the $400,000 spent on nearly 20.7 million DIVER (Divergence) tokens.
Altona Rare Earths (ANR) has decided not to exercise its option to acquire 51% of the owner of the Nankoma mining project in Uganda because of its inability to carry out due diligence.
Newbury Racecourse (NYR) has signed a media rights agreement with Arena Leisure covering all fixtures until the end of 2028. This replaces existing rights agreements expiring in 2023.
EPE Special Opportunities Ltd (ESO) had an NAV of 582.13p a share at the end of June 2021.
AIM
Ilika (IKA) has raised £18m through a placing at 140p a share and a further £3m from a retail offer via PrimaryBid. An open offer could raise up to £3.7m. The share price was 200p before the fundraising. The cash will finance the development of Goliath battery pouch cells until they exceed the performance of lithium ion batteries and increase the capacity of the pre-pilot line.
Managed IT and networking services provider AdEPT Technology (ADT) will benefit from its earnings enhancing acquisition of Datrix in 2021-22. In the year to March 2021, revenues fell by 6% to £57.9m, while pre-tax profit fell from £7.7m to £6.2m. There was 9% growth in fourth quarter revenues. Management has taken advantage of the past year to restructure the business. . A three-year, £70m bank facility was agreed during March, so there is plenty of funding for other acquisitions.
CMO Group (CMO) is the largest online retailer of building materials in a market where pure online businesses still have a relatively small share. CMO raised £27.3m at 132p a share and existing shareholders raised £17.7m. Pro forma revenues, including Total Tiles which was acquired at the end of 2020, were £67m and pre-tax profit was £1.05m. The share price ended the week at 155.5p.
California-based LungLife AI (LLAI) is developing the LungLB lung cancer diagnostic test. The plan is to have a commercial test available in the US by 2023. It raised £17m at 176p a share and ended the week at 202.5p. LungLB is a blood-based test intended to identify cancerous and benign lung nodules that have been seen through a CT scan. Two-fifths of biopsies following the identification of nodules are not required and the test can stop them happening.
Saietta (SED) has raised nearly £32m, after expenses, at 120p a share to complete the development of its aerial flux motor technology and build a production facility for the motors. Liquid cooled aerial flux motor technology (AFT) has been developed for use with motorcycles and small vehicles. AFT motors are modular in design and highly efficient – reducing the need for additional batteries. There can be high or low voltage versions. The AFT 140 is the motor developed by Saietta. The share price was 121.5p at the end of the week.
Mercia Asset Management (MERC) made an underlying operating profit of £3.3m in the year to March 2021 and on top of that there were significant realised and unrealised gains. The NAV is 40p a share.
There were 97% of rents collected by Real Estate Investors (RLE) in the first half. Occupancy is lower at 83.4% because of the expected ends to certain tenancies, but management believes that the occupancy will recover by the end of the year as the space is rented out. NAV is expected to decline from 55.2p a share to 54.7p a share by the end of 2021.
Kinovo (KINO) is the new name for electrical and buildings services provider Bilby. In the year to March 2022, revenues declined from £65.4m to £60.2m and underlying pre-tax profit fell from £3.69m to £2.36m. The balance sheet is certainly stronger thanks to cash generated from operations. Net debt is down to £2.7m and combined with a recovering share price there may be chances to make acquisitions. There is a 0.5p a share dividend.
MAIN MARKET
Oxford Cannabinoid Technologies (OCTP) has signed an agreement with Evotec that should increase the development speed for the OCT461201. It will help to prove the tolerability and safety of the compound.
Tirupati Graphite (TGR) has signed a marketing agreement with Japan-based Hanwa, which will expand markets for flake and speciality graphite products to south east Asia. Hanwa is already a joint venture partner with Bacanora Lithium.
GC Hevron has proposed a reorganisation of Plaza Centres (PLAZ) and the board has decided to allow GC Hevron to conduct due diligence. The proposal will be put to bondholders on 13 July.
finnCap has downgraded its forecast for InnovaDerma (IDP). The forecast 2020-21 revenues have been cut by £700,000 to £10.2m, although better gross margins should mean that the loss will be similar to previously forecast. A small profit is still forecast for 2021-22.
Andrew Hore