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Andrew Hore Quoted Micro 17 June 2019
NEX EXCHANGE
Renewable energy supplier Good Energy (GOOD) says that holding back on operating expenditure has offset the downturn in demand due to warmer weather. Profit will be weighted to the first half. Good is investing in electric vehicle platform Zap-Map.
Brewer Daniel Thwaites (THW) reported a more than halved pre-tax profit from £9.8m to £4.5m. Turnover improved from £92.2m to £96.9m and the profit decline was mainly due to a non-cash swing from gain to loss on swaps and a pension adjustment. Operating profit was flat at £12.9m. The Inns business improved its profit and individual pubs are making a higher profit contribution, but hotels profit declined. The total dividend was maintained at 3.36p a share. Net debt was £69.7m at the end of March 2019, while NAV was £180.7m. The pension liability has fallen from £34.9m to £24.8m.
KR1 (KR1) has sold 70,079 tokens in the Cosmos Network for $361,000. The average cost of the tokens was $0.10 each and they were sold for $5.14 each. KR1 has also generate a further 7,008 tokens from staking activities and these were sold for $6.93 each.
There was a sharp rise in the share price of TechFinancials Inc (TECH) but much of this gain was lost by the end of the week. There does not appear to be a reason for the rise. Full year results should be published this week. There will be an operating loss. There was $1.1m in the bank at the end of May 2019. The company is still waiting for approval from the Seychelles authorities for the €100,000 disposal of MarketFinancials. There will be write-downs of the value of diamond trading blockchain developer CEDEX and MarketFinancials.
EPE Special Opportunities Ltd (ESO) had a NAV of 272.02p a share at the end of May 2019. The company intends to start buying back shares and these purchases could exceed 25% of the average daily volume of ordinary shares.
Shareholders have approved the plan of Oyster Oil and Gas to distribute the shares of its main subsidiary to settle indebtedness and certain creditors. These include Gunsynd (GUN) although the exact shareholding has yet to be announced. Production sharing contracts in Madagascar and Djibouti are owned by the subsidiary. Gunsynd has raised £500,000 at 0.037p a share.
Trading in Via Developments (VIA1) debentures has recommenced following the publication of figures for 18 months to September 2018. The company has net liabilities of £329,000 with long-term debt of £5.68m offset by cash of £91,000. A subsidiary is securing debt and equity for a project that will generate management fees fir Via, but that won’t happen until September.
Clean Invest Africa (CIA) is holding a general meeting on 3 July in order to gain shareholder approval for the acquisition of the 97.5% of Coal Tech and its related business that it does not own for £27.2m in shares at 2.75p each. CoalTech transforms discarded coal into coal pellets.
Lombard Odier sold 1.65 million shares in Chapel Down Group (CDGP) at 75p a share, reducing its stake to 11.5%. Chief executive Frazer Thompson exercised 2.39 million options at 12.5p a share and finance director Richard Woodhouse exercised 200,000 options at 10p a share and all these shares were sold at 75p each.
AIM
Frontier Smart Technologies (FST) has received another bid approach. Previous potential bidder Science Group (SAG) has built up a 28.3% stake in Frontier so it is in a strong position. It says that it does not intend to sell the shares to another bidder and could block any move to cancel the AIM quotation.
Park Group (PARK) increased investment in the business last year and this knocked underlying pre-tax profit progress which was flat at £12.5m, before asset write-downs. The dividend was increased by 5% to 3.2p a share. There was a smaller contribution from Christmas savings, but growth from corporate promotions and incentives offset that. Increasingly, business is card-based. There was £36.9m of the company’s own cash at the end of March 2019. There will be a dip in profit this year due to higher overheads and profit growth should resume in 2020-21. Chief executive Ian O’Doherty has bought 30,000 shares at 69.5p each.
Stanley Gibbons (SGB) has resolved claims against former management at antique dealer Mallett and this will result in a cash inflow of £850,000 over 12 months.
Safestyle (SSTY) has acquired the freehold of a 161 bed hostel in Pisa for €3.25m. This takes the company’s portfolio to 14 hostels, including the Paris site that is under construction.
Last year was about OnTheMarket (OTMP) building up the number of agencies on its property portal and increasing the number of homebuyers looking at the properties advertised. The rival to Rightmove and Zoopla needs to convert these agencies into fee payers and that process has just started. OnTheMarket will continue to be loss-making this year with higher marketing spending likely to offset higher revenues. Cash is expected to fall from £15.7m to £6.6m at the end of January 2019.
NWF (NWF) did better than expected in the year to May 2019. The feeds business was slightly behind the previous year, but new business helped the food warehouse business to significantly improve its performance and fuels did better than expected despite the milder winter, although behind the previous year. The results will be published on 30 July.
Industrial equipment distributor HC Slingsby (SLNG) says that pressure on margin means that operating profit in the four months to April 2019 is lower, even though revenues are slightly higher. Uncertainty over Brexit is affecting levels of demand in the first half of 2019. Net debt was £1.3m at the end of May 2019.
The actuarial deficit on the Molins UK Pension Fund has been cut from £69.9m to £35.2m over a three-year period. Mpac (MPAC) believes the deficit should be eliminated by July 2024. That is based on maintained payments into the scheme.
Filta (FLTA) says that its figures will be more skewed towards the second half. This is partly down to the integration of the Watbio grease management business. There has been growth in the FiltaSeal business and the North American FiltaFry fryer management franchise business.
Avingtrans (AVG) has acquired the Booth Industries specialist door manufacturing business from the administrator of Redhall (RHL) for £1.8m in cash. Booth made a pre-tax profit of £300,000 last year.
MAIN MARKET
Full year results from fasteners supplier Trifast (TRI) were slightly better than expected. Revenues were 6% ahead at £209m, while re-tax profit was a similar percentage higher at £23.5m. The dividend was increased by 10% to 4.25p a share. Trading remains tough.
Aquila Services (AQSG) has acquired education and sports consultancy Oaks Consultancy for up to £1.7m in cash and shares. In the year to March 2019, Oaks made a pre-tax profit of £254,000 on revenues of £909,000.
Bluebird Merchant Ventures Ltd (BMV) is converting $2.89m of loans into 121.5 million shares. Management made most of the loans and chief executive Colin Patterson will end up with 19.1% of Bluebird. Bluebird is debt-free.
Standard list shell Safe Harbour Holdings (SHH) lost £2.3m in 2018 due to overheads and due diligence costs. There is still £26.9m in the bank.
Andrew Hore
Quoted Micro 18 June 2018
Small cap award winners 2018
Company of the year
ZOO Digital (ZOO)
The ZOO Digital share price is ten times the level it was one year ago. ZOO localises film and television content and it has been investing in upgrading its technology and services over the past few years. This investment is paying off and the ability to offer cloud-based services is helping the business to grow and move into profit. Hollywood studios have been customers for many years and ZOO is winning market share. Newer entrants to the market such as Netflix have grown the demand for localisation of content. ZOO is expected to report an underlying pre-tax profit of £500,000 for the year to March 2018.
NEX company of the year
Crossword Cybersecurity (CCS)
Cyber security technology developer Crossword Cybersecurity originally floated on GXG and then switched to NEX. It was one of the youngest companies that was on the shortlist for this award. Crossword is generating modest revenues and it is developing cyber security products with partners. The real potential for the business will not be realised for a few years.
Impact company of the year
Walls and Futures REIT (WAFR)
Walls & Futures REIT is an ethical housing REIT that develops new housing for people with learning and physical disabilities or requiring extra care. In 2017, Walls and Futures achieved a total return on its portfolio of 11.5%, ahead of its benchmark total return of 7%.
IPO of the year
K3 Capital (K3C)
Business sales and corporate finance company K3 Capital Group joined AIM at 95p a share in April 2017 and the share price has more than trebled. Bolton-based K3 helps owners to sell their businesses and it gains clients through a direct marketing strategy. The AIM quotation and the related higher profile appears to have helped to accelerate growth. A move up the Thomson Reuters deal rankings is also helping. Last year, revenues rose by 26% to £10.8m, while pre-tax profit improved 18% to £3.6m. In the six months to November 2017, revenues were 34% ahead at £7.5m and pre-tax profit moved from £2.48m to £3.21m.
Fintech company of the year
FAIRFX Group (FFX)
Foreign exchange and e-banking services provider FAIRFX has a low cost model while offering an improved experience to the more established rivals. Turnover was £1.1bn last year, while revenues were £15.5m and this enable the company to move into profit. Corporate turnover was 52.3% of the total, up from 45.5%. The company recently moved its international payments book onto the City Forex platform following its acquisition. The focus is increasing scale to improve efficiency combined with the rolling out of new products.
Transaction of the year
Proactis (PHD) – merger with Perfect Commerce
Spend control software provider Proactis merged with Perfect Commerce in August 2017. The deal significantly increased the scope of the business and added to the management team. The integration of the businesses appears to be going well but the loss of a couple of large customers has held back progress in the year to July 2018. Even so, annualised contracted revenues are still £45.5m. Progressive Equity Research still expects a near-doubling of this year’s pre-tax profit to £10.2m, rising to £13.2m next year. That means that earnings per share growth is modest this year because of the additional shares in issue.
Executive director of the year
Bobby Kalar – Yu Group (YU.)
Electricity and gas supplier Yu Group floated on AIM in March 2016 at 185p a share. The current share price is more than four times that level. The focus is on commercial customers. Yu increased its revenues from £16.3m to £47m last year and annualised bookings continue to grow. Underlying pre-tax profit jumped from £195,000 to £3.08m. The dividend was increased from 2.25p to 3p a share. Trading continues to be strong and average annualised bookings per month were £6.6m. The cash pile has increased to £18.6m at the end of April 2018. Yu has obtained a licence to supply water.
Journalist of the year
Paul Scott – Stockopedia
Fund manager of the year
Nick Williamson – Old Mutual
Microcap fund manager of the year
Guy Feld – Canaccord Genuity
Analyst of the year
Kevin Ashton – Cantor Fitzgerald
Lifetime achievement award
Katie Potts – Herald Investment Management
Special services to small caps
John Jenkins (Founder of Ofex/NEX)
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NEX EXCHANGE
Daniel Thwaites (THW) increased its 2017-18 by 9% to £92.2m, while operating profit improved by 7% to £12.9m. There was a 79% increase in earnings per share to 13.8p, mainly due to a swing from a loss on interest swaps to a profit. The total dividend is unchanged at 4.46p a share. Investment in the pubs and hotels operations and in the new craft brewery at Mellor Brook has led to a rise in net debt from £47.6m to £63.7m. The old brewery will be demolished and the land will eventually be sold or developed. Poor weather means that the new financial year has started more slowly than last year.
Hellenic Capital has changed its name to Pelican House Mining (PHM) and is focusing on investing in early-stage resources projects in Africa. The focus is making capital gains on the investments. Pelican is trying to supplement its cash resources by selling a commercial property in Leeds, but the buyer withdrew. Pelican has retained the deposit. The investment property in Leeds is in the books at £204,000. Two directors, Simon Grant-Rennick and Mark Jackson, have been granted options over a total of seven million shares exercisable at 0.55p each.
Newbury Racecourse (NYR) says that its conference and events division is 22% ahead of the same time last year and the revenues of the hotel have risen by the same percentage. There has been a 17% rise in revenues for the nursery business on the back of occupancy rates rising by six percentage points. There are longer-term worries about the financial ability of bookies to provide sponsorship and other revenues. Management says it will not be paying any dividends until 2022 at the earliest after the current development projects are completed.
PCG Entertainment (PCGE) has raised £303,000 at 0.15p a share and around £119,000 will go towards paying the £119,000 settlement with D-Beta, which provided an equity sharing facility. D-Beta has sold its existing stake. PCG is talking to Cavitation Solutions Ltd about distributing cavitation technology, which deals with oil and other water pollutants, in China. It is also talking to ChainZy about distributing its blockchain-based technology in Asia. There is interest from third parties concerning the use of PCG’s media and gambling licences in China.
IMC Exploration (IMCP) has raised £250,000 at 0.7p a share and the cash will be used to develop the company’s three main gold and zinc projects.
South Africa-focused investment company Inqo Investments Ltd (INQO) has made a second investment in Uganda-based Four-One Financial Services, which manages the Mazima micro-pension scheme. This is the second tranche of the original investment and is in the form of a $100,000 convertible loan.
AIM
NWF (NWF) says that last year’s trading was much better than expected and net debt is lower than forecast. The feeds business improved its performance and trading of the fuels division was strong. The food distribution operations wee hit by reorganisation requirements and did not perform as well as expected.
Diversified Gas and Oil (DGOC) has got another large deal on the blocks and trading in the shares has been suspended. The Appalachian Basin oil and gas producing assets will be acquired for $575m and it will more than double the group’s daily production. This should be an earnings enhancing deal. A $225m share placing is required to help finance the deal.
RedstoneConnect (REDS) chief executive Mark Braund intends to leave the smart buildings technology company. Frank Beechinor will move from chairman to chief executive. The disposal of the systems integration and managed services divisions has been completed and the group can focus on its software business.
Ilika (IKA) has gained government funding of £4.1m for two battery technology projects in the automotive sector. The PowerDriveLine project is developing a solid state battery for hybrid and electric vehicles. The other project is headed by McLaren Automotive and is developing a battery for performance cars.
Secure payment products provider Eckoh (ECK) increased its full year revenues by 3% to £30m but pre-tax profit was 61% higher at £2.4m thanks to an improvement in operating margin. Growth in the US made up for a weaker contribution in the UK.
Redhall Group (RHL) slumped back into loss in the first half due to a delayed contract. However, it is still on course to make an improved profit in the full year. Interim revenues were 22% lower at £14.7m. There is strong demand for the company’s specialist doors from the nuclear and transport sectors.
Evgen Pharma (EVG) has enough cash to get to the end of 2018. There should be further positive news about the two ongoing clinical trials prior to the end of the year. Interim analysis of phase II trial of SFX-01 as a treatment for breast cancer show that six out of 20 patients, who had tumours that had initially responded to treatment but had become resistant, saw some benefit from the treatment of their tumours. The treatment has also been shown to be safe. The final results of the trial should be published before the end of the year.
Life sciences company Abzena (ABZA) has decided to focus on monetising its technology rather than raising money via a share issue. A non-binding heads of agreement with a third party would involve the sale of an interest in future royalties. If this deal is completed there would be enough working capital for the short-term.
Active Energy Group (AEG) has signed a memorandum of understanding with Young Living Farms for the sale of a PeatSwitch plant, which makes environmentally friendly peat replacements. The first plant is in Mona, Utah and the client is paying $3.4m in cash. There could subsequently be other plants at the client’s other sites.
Trading has resumed in the shares of Audioboom (BOOM) following publication of its accounts. The share price fell from 3.6p to 2.18p. The podcasts publisher has raised £4.5m from a placing at 3p a share.
MAIN MARKET
WideCells Group (WDC) managed to raise £513,000 at 3p a share via a bookbuild on the Teathers app. That includes £183,000 from directors. The total amount raised by the stem cell services provider is £2.04m, including conversion of debt of £165,000. Shareholder approval is required for the share issue.Trading in the shares has resumed and the share price has fallen below the placing price. WideCells is using £615,000 of its £624,500 overdraft, which will be reviewed at the end of June. Shareholders have loaned £120,000.
China-based Gamfook Jewellery is planning to join the standard list. The online retailer customised jewellery wants to raise £5m in order to invest in retail sites. Gamfook has managed to generate cash from operating activities in the past few years, although next year there will be a significant working capital outflow according to forecasts. Gamfook is offering an 8.5% yield on its potential placing price of 15p a share and that would rise to 12.5% in 2019.
Air Partner (AIR) has completed its accounting review and the net assets overstatement of £4m net of tax is in line with indications. There were accounting errors and subsequent attempts to cover up the problems going back to 2010. The review has cost £1.3m. Air Partner still intends to pay a final dividend of 3.8p a share.
BATM (BVC) has won a $3m follow-on cyber security for a government department. The total contract value will be $7m.
Falcon Media House (FAL) has raised £500,000 via a convertible loan note issue. The conversion price is 1.5p a share.
Cash shell AIQ Ltd (AIQ) has raised £250,000 from an oversubscribed open offer at 20p a share but there was a delay of one day before the shares were admitted to trading on 14 June. The share price has slumped from a high of 160p to 24.5p over the past month.
Dukemount Capital (DKE) has agreed a 30-year lease on a second property in north west England. Housing association Inclusion Housing is paying £168,740 a year for the lease subject to planning permission for extra rooms. The property needs to be refurbished.
Bluebird Merchant Ventures Ltd (BMV) has executed the 50/50 joint venture agreement with Southern Gold for the Kochang mine and the feasibility report is expected before the end of September. The required $500,000 investment has nearly been completed by Bluebird and it is on course to invest the required $250,000 in Southern Gold. First gold is expected before the end of 2019.
Andrew Hore
Ian Pollard – Gloom & Despondency As UK plc Whinges About Its Own Incompetence
Mulberry Group plc MUL Revenue in the year to 31st March rose by 1% and retail sales by 3%. On the international front sales were good with a rise of 20% but the UK was flat and has gone even flatter since the year end with a drop of 9% and leading to a 7% fall in like for like goup retail sales for the 10 weeks to the 2nd June. Mulberry tries to put a brave face on the dismal news but can a fall of 9% in UK like for like retail sales over10 weeks be passed off as significant progress. New subsidiaries have been opened in China, Hong Kong, Taiwan and Japan but that has not been able to offset the lame excuse of a fall in UK footfall. Mulberry has a problem ad it seems to be getting worse.
Redhall Group plc RHL Despite a strongly growing order book, a strong tender pipeline and major contract awards in nuclear new build Redhalls first half performance has been impacted by programe delays. An adjusted operating profit of £0.2m has been turned into an operating loss of £1.9m. and a net cash position of £0.1m has been turned into debt of £4.5m Never mind, it has a transformation strategy underway.
Dewhurst plc DWHT did not have good first half. Sales and profits fell and group revenue declined by 5%. Profit before tax was down by 4% and operating profit collapsed by 19%. The strength of sterling had a 5% negative impact – presumably they must have found a part of the UK which had a different exchange rate to he rest of the country.. The interim dividend remains unchanged at 3.5p. per share. The business climate is seen as being reasonably positive, except of course for the UK., so presumably there my be a good chance of them getting a positive impact from the continuing fall of the pound.
Eckoh ECK at least brings some cheer into what is otherwise a gloomy day for UK plc. A strong performance in the US saw revenue there rise by 16% for the year to the 31st March and the UK order book grew strongly in the second half. Profit before tax increased by 61% and the final dividend is being increased from 0.48p to 0.55p, a rise of 15%. It is good to see that there some companies with management whose eye is on the ball and is not content to just sit back and whinge about the results of its own incompetence.
Find beachfront villas & houses for sale in Greece; http://www.hiddengreece.net
Andrew Hore – Quoted Micro 27 December 2017
NEX EXCHANGE
Good Energy (GOOD) has sold two operational 5MW solar farms in Devon and south Wales, plus further development rights, for £5.83m and £5.6m respectively. This should yield a profit of £750,000 on each solar farm. The south Wales site has additional land and development or sale of this land could yield an additional payment. Good will still acquire the energy from both sites.
OneLife Technologies Corp is acquiring One Media Enterprises Ltd, which has agreed to pay back the investment and loan made by Angelfish Investments (ANGP). There will also be management fees payable. This is dependent on the acquisition going ahead. In total, Angelfish will receive $1m in cash and 200,000 shares. Most of the investment has been written off, bar nearly $42,000, so the payment is nearly all profit.
BWA Group (BWAP) expects to be granted mining licences for the extraction of rutile sands in Cameroon. It would then enter an agreement with investee company Mineralfields Group, which would operate the mining concessions. BWA would increase its stake from 12% to 25%. BWA and its directors would own the majority of the shares. BWA has issued 8.37 million shares at 0.5p each in order to pay creditors of Mineralfields. BWA is also issuing £300,000 of 14% convertible unsecured loan stock 2020. The cash interest payment is 4% and the rest will be rolled up and the total loan converted into 36 million shares at 0.5p each.
Malcolm Burne has taken advantage of the sharp rise in the Coinsilium Group Ltd (COIN) share price to reduce his stake to below 3%. He owned 5.7 million shares in April. The share price reached 20p and has fallen back to 15p. Earlier this month, Coinsilium raised £720,000 at 9p a share.
AIM-quoted, spread betting business London Capital Group (LCG) has announced its intention to leave AIM having joined the NEX Exchange Growth Market on 15 December. Glio Holdings Ltd owns 78.1% of London Capital and it will vote in favour of the cancellation of the quotation.
Capital for Colleagues (CFCP) had an NAV of 42.12p a share at the end of November 2017. The provider of capital to employee-owned businesses is switching its investments from debt to equity.
Wheelsure Holdings (WHLP) reported an increased loss in the year to August 2017. Revenues declined from £290,000 to £226,000 and the loss rose from £262,000 to £330,000. An order from Italy was delayed and there were lower orders from London Underground. There was nearly £304,000 in cash at the end of August 2017. Wheelsure raised £630,000 last year. There have been initial orders for high speed rail infrastructure.
EPE Special Opportunities (ESO) has invested in David Phillips Holdings, which supplies furniture and furnishing services to the UK property sector. The business is benefiting from the growth of the private rental sector.
Gunsynd (GUN) has invested £130,000 in a 9% convertible loan note in Human Brands, which supplies Copa Imperial Tequila and Shinju Whiskey. US-based Human Brands made a pre-tax profit of $90,000 on revenues of $1.04m.
Trading in the shares of China CDM Exchange Centre Ltd (CCEP) has been suspended because of issues with the annual returns for the Jersey Registry.
Black Sea Property (BSP) has raised €3.53m at €0.01 a share. This will help to finance the acquisition of a property on the Black Sea coast. Via Developments (VIA1) has issued a further £70,000 of debenture stock.
AIM
The TLA Worldwide Award for contempt for investors goes this year to Real Good Food (RGD) after it announced it requires substantially more cash at 1.04pm on 22 December. That is the last half day of trading before Christmas. The three main shareholders will subscribe for £3m of loan notes with an annual interest of 10%. This should be refinanced via a share or convertible issue. Net debt was £35.8m at the end of September 2017. Hugh Cawley will become an executive director. The interim loss was £6.66m. Food ingredients returned to profit, helped by the acquisition of Brighter Foods, but the performance of the other parts of the business slumped.
Golden Saint Resources (GSR) intends to change its business by acquiring EMS Wiring Systems for shares and selling the mining assets. Trading in the shares is suspended ahead of due diligence and a share consolidation. EMS is a profitable supplier and installer of cabling, WiFi, CCTV, displays and building management systems in Asia and it intends to expand in Africa and South America. The new name would be Golden Saint Technologies Ltd.
Cradle Arc has a 60% stake in a producing copper mine in Botswana and a gold development project in Zambia. The expected admission date to AIM is 10 January.
Mirriad Advertising (MIRI) was valued at £63.2m at its placing price of 62p. The in-video advertising technology company raised £24.2m net of expenses. Potential customers are expressing interest in the technology and the cash will finance an increasing rate of growth. In 2016, revenues were £700,000.
Antibody development services provider Fusion Antibodies (FAB) raised £5.5m at 82p a share and by the end of the week the share price had doubled. Belfast-based Fusion will invest in the expansion of laboratory space and additional sales and marketing.
Close-ended investment company CIP Merchant Capital Ltd (CIP) raised £55m at 100p a share prior to Christmas. CIP will focus on quoted companies with a market value of less than £500m that have good fundamentals, which need help to improve operational effectiveness or management support to enhance growth. There should also be potential for a future exit. No more than 20% of funds will be invested in an individual company.
Software supplier Pelatro (PTRO) raised £3.8m at 62.5p a share when it joined AIM on 19 December. That valued the company at £15.2m. The company’s mViva software is developed in India and used for marketing by telecommunications companies.
An introduction at 20p a share valued Panthera Resources (PAT) at £12.4m. The main asset is a 70% stake in the Bhukia gold project in India. The company’s share of the JORC inferred resource is 1.22 million ounces. There are also gold exploration assets in Burkina Faso and Mali.
Video games development services provider Sumo Group (SUMO) floated on 21 December at 100p a share and ended the week at 113.5p a share. Sumo raised £38.5m and it was valued at £145m at the placing price.
Fletcher King (FLK) reported a dip in revenues from £1.68m to £1.49m, while pre-tax profit declined from £163,000 to £148,000. The interim dividend is unchanged at 1p a share. There were lower revenues from rating appeals and valuations but one or two SHIPS properties should be fully-let and sold by the end of the financial year.
NWF Group (NWF) says that its feeds division is benefiting from the recovery in the milk price and past capital investment. The fuels division continues to make progress but food distribution performance has been below the first half of last year. The interims will be published on 30 January.
Online gaming firm Nektan (NKTN) is raising £1.76m at 21p a share. That was a one-fifth discount to the market price. There are £10m convertible loan notes 2020, where the conversion price is a 25% premium to the previous placing, so it is currently 26.25p a share. The cash will be invested in technology and geographic expansion. In the year to June 2017, Nektan more than doubled its net gaming revenues to £13.3m.
Telecoms infrastructure equipment supplier Filtronic (FTC) expects a sharp fall in interim revenues from £21.6m to £12.8m and operating profit halved to £900,000. There have been delays in defence orders. Net cash was £2.9m at the end of November 2017. The interims will be published on 30 January.
Kodal Minerals (KOD) says that initial results from its drill programme at the Bougouni lithium project are expected very shortly. There was £4.09m of cash at the end of September 2017.
Tlou Energy Ltd (TLOU) has completed core-hole drilling at two locations at the Lesedi project and a third hole will be completed early next year. Coal samples are being assessed. The results will help to plan the first phase of development drilling. The Botswana Public Officers Pension Fund has taken a 5.84% stake.
Tri-Star Resources (TSTR) is raising up to £4.42m via a 2.250106-for-one open offer at 0.01p a share. That is a 92% discount to the market price and excess applications can be made. The cash is required for part pre-payment of $6m of loan notes issued to Odey Asset Management that carry an annual interest rate of 25%. That cash was used to finance a $6m mezzanine loan to the Oman antimony roaster project. First production should be in the second quarter of 2018. The cost of the project has increased from $96m to $110m. There should be £250,000 left for working capital for Tri-Star and $740,000 of loan notes still in issue. The first dividend from the Oman antimony roaster is expected for the year to December 2020.
Legendary Investments (LEG) has acquired a 9.7% stake in Crowd for Angels in return for 248.3 million Legendary shares at 0.145p each. Crowd for Angels intends to launch a £50m Liquid Crypto Bond. Legendary is swapping its interest in Manas Resources for a 2% stake in Circle Oil Tunisia, formerly a subsidiary of AIM-quoted Circle Oil, which has been liquidated. The stake in Manas was valued at £100,000.
Ambrian (AMBR) has failed to secure short-term financing or defer payment of interest on its convertible loan notes. Grant Thornton will be appointed as administrator. In October, a general meeting removed former chief executive Jean-Pierre Conrad as a director, having been given three months notice in August by subsidiary Ambrian Metals because he had lost the confidence of the board. Conrad was a large holder of convertibles. Ambrian has cement interests in Mozambique and there have been problems in moving cash.
Kromek (KRK) is on course to achieve full year revenues of £12.5m. This is without any contribution from the framework contract from the US authorities for radiation detector systems, which could be important in the future. There should be £14m of cash left by the end of the financial year.
Uranium Resources (URA) has sold its mining assets and is changing its name to URA Holdings. Melissa Sturgess and Peter Redmond have joined the board and £900,000 raised at 0.45p a share.
Redhall Group (RHL) says that its subsidiary Jordan Manufacturing has won business for specialist handling and containment systems for nuclear material at Sellafield. This could be worth £18m over three years.
Prospex Oil and Gas (PXOG) is acquiring up to 49.9% of the Tesorillo gas project in southern Spain. The purchase is in three stages and will cost €2.05m in total.
Problems with labelling in China have held up the fulfilment of demand by Concepta (CPT) for its fertility products. This means that 2017 revenues will be around £100,000 and sales delayed until the first quarter of 2018.
Integumen (SKIN) has raised £500,000 at 1.5p a share. This will help to fund the recently acquired Stoer range of male cosmetics and the commercialisation of the Visible Youth cosmeceutical range. Management is assessing all the group product lines because some are taking longer to generate significant revenues. Integumen intends to set up a joint venture to distribute Champion Shave products in the UK and Ireland.
The One Media iP (OMIP) share price more than doubled to 10p following the news that Lord Michael Grade and former Pinewood boss Ivan Dunleavy are joining the board as non-executives. They are also investing £375,000 at 2.5p a share.
Cross-border payments technology provider Earthport (EPO) says that 2017-18 revenues could be up to 15% lower than expected due to contract delays and a change in strategy by a client. Cash flow breakeven is still achievable during 2018-19. Hank Uberoi is moving from chief executive to executive chairman and a permanent replacement as chief executive has yet to be found.
Escape the Room experiences provider Escape Hunt (ESC) is adapting its strategy to focus on city centre sites. Five leases have been signed and three are being negotiated.
The People’s Operator (TPOP) has successfully raised £2.82m at 0.1p a share. Aidan O’Hara acquired an 8.78% stake prior to the placing. Trading in the shares has been suspended because of concerns over trading prior to the completion of the placing.
A €51 a share cash bid has been recommended by Taliesin Property Fund Ltd (TPF) and this values the company at €260m. The bid enables investors to liquidate their holding in the Berlin property investor at a premium to NAV. Taliesin floated in 2006 at €10 a share.
West African Mineral (WAFM) is disposing of its iron assets through a share distribution of the company holding the assets to its shareholders. They will receive one share in Ferrum Resources Ltd for each West African Mineral share they own. A general meeting will be held on 18 January to agree to the plan. Loans to Ferrum have already been written off but a sale of the assets could spark all or part of the repayment of the $4m loan. West African Minerals will have £2.1m in the bank and it wants to move to the standard list and seek life sciences acquisitions. The company will change its name to OKYO Pharma Corporation.
Property investor Caledonian Trust (CNN) increased its NAV from 152.9p a share to 161.7p a share in the year to June 2017.
TechFinancials Inc (TECH) will receive a total of $1.46m in dividends from two subsidiaries. One of these subsidiaries is part of the previously announced disposals that should generate $400,000.
All bar one of the directors of BOS Global Holdings (BOS) has left the board. Trading in BOS shares has been suspended because of the uncertainty of its financial position and because the annual report has not been published.
MAIN MARKET
Contango Holdings (CGO) is moving ahead with the possible acquisition of Consolidated Growth Holdings’ interest in a near-term producing mining asset in Zimbabwe. The purchase would be funded at 5p a share, which is a 33% premium to the suspension price. Contango hopes to complete the reverse takeover by the first quarter of 2018. Contango floated on the standard list on 1 December.
Shefa Yamim (SEFA) has joined the standard list. The Israel-based gemstones explorer raised £4.15m at 110p a share and was valued at £15.3m on flotation. The cash will be used to fund further exploration of the Kishon Mid Reach project and production could commence within 24 months.
Dukemount Capital (DKE) reported an interim loss of £113,000 due to the costs of being a listed company. There was £230,000 in the bank at the end of October 2017. Supported living property developer Dukemount has completed a 50-year agreement to lease on the first property it acquired with a supported living housing association. This should generate £234,000 a year and is linked to CPI. It will take 18 months to complete the development but institutions may acquire the lease before then. A second project has also been secured with more under negotiation.
Spinnaker Opportunities (SOP) has raised a further £170,000 at 5p a unit. The unit is one ordinary share and 0.5 of a warrant exercisable at 7.5p a share. The current NAV is 4.2p a share. SI Capital has been appointed as joint broker.
Standard list shell Fandango Holdings (FHP) still had £468,000 in the bank at the end of August 2017. There is currently no industrial or services acquisition under consideration.
Avocet Mining (AVM) has agreed the sale of its Burkina Faso assets for $5m. There will be $2.5m paid on completion and the rest will be deferred over seven years. Avocet will have no trading business. Given Avocet’s debt, if it is wound up there will be little or nothing for shareholders.
Bluebird Merchant Ventures Ltd (BMV) has returned from suspension following publication of its annual report. Chief executive Colin Patterson says he will fund the Gubong gold project through to the completion of the report on feasibility. He and fellow director Aidan Bishop are taking their remuneration in shares.
Andrew Hore
Andrew Hore – Quoted Micro 11 December 2017
NEX EXCHANGE
First Sentinel (FSEN) has bought a 80% stake in Perennial Enterprises in Australia in an all share deal. Perennial is a profitable debtor finance business and it is purchasing A$5m of invoices each month. Shane Perry of Perennial will join the First Sentinel board.
Primorus Investments (PRIM) has sold its investment in Gold Mines of Wales to Alba Mineral Resources (ALBA) in return for 83.3 million shares in Alba (3.6% of the company). That was worth £317,000 at an Alba share price of 0.38p.
NHS-focused software systems supplier DXS International (DXSP) has been hit by budget cuts but management is hopeful that NHS restructuring will have a positive effect. A tender has been won for a pilot of a new product range. The NHS will launch the GPSOC3 tendering in 2018 and this could provide opportunities for DXS.
Block Energy (BLOK) has delayed its move to AIM until mid-January. It was originally expected to make the move on 7 December.
Etaireia Investments (ETIP) had net assets of £1.88m at the end of September 2017. Since then, two buildings in Peterlee have been acquired and more acquisitions are promised in the near future.
Early Equity (EEQP) impaired two investments in the year to August 2017. The full year loss was £139,000. Further cash has been raised since the year end.
Commercial property investor Ace Liberty and Stone (ALSP) has completed the purchase of the New Majestic Bingo Hall, Middlesbrough for £4.15m and it generates rent of £313,000 a year.
All Star Minerals (ASMO) has raised £30,000 at 0.075p a share.
Sula Iron and Gold (SULA) is acquiring a controlling interest in a cobalt licence in the Democratic Republic of the Congo (DRC) for $100,000. This is near to existing cobalt and copper mines. A holding company will be 70% owned by Sula and 30% owned by the vendor. A placing is raising £1.75m at 0.05p a share. This will provide cash for the exploration of the new licence and finance the development of the assets in Sierra Leone. Sula will assess other opportunities in the DRC. The Riverfort facility will be terminated and shares bought back from D-Beta. The company is changing its name to African Battery Materials.
Evgen Pharma (EVG) has raised the cash to finance the completion of the phase II studies for SFX-01, which uses its synthetic sulforaphane called Sulforadex. There is a phase II trial assessing the treatment of metastatic breast cancer and there should be an interim reading in the first half of 2018 and it will report fully before the end of the year. There is also a phase II trial for subarachnoid haemorrhage stroke, which should also report by the end of 2018. Evgen has raised £2.3m at 12p a share. Hardman says that cash burn is £300,000 a month.
Mirriad Advertising (MIRI) has reset its flotation date to 19 December and it is raising £25.4m, before costs of £1.2m, at 62p a share. Numis is nominated adviser and broker, while Baden Hill is joint bookrunner. Mirriad, which has developed technology to enable product placement in existing TV and film content, will be valued at £63.2m. Management is raising £800,000 from the sale of existing shares. IP Group is a major shareholder and is investing a further £3.7m, leaving it with a 27.2% stake. Amati VCT, Amati VCT 2, Edge Performance VCT and Oxford Technology 4 VCT, which acquired its shareholding around a decade ago, also have stakes, although it does not appear that the VCTs will generate much of an increase in the value of their holdings at the placing price.
Brighton Pier Group (PIER) has agreed to buy mini golf site operator Paradise Island Adventure Golf for an initial £10.5m. The business made an EBITDA of £1.21m on revenues of £3.49m in the most recent financial year. Six sites are being operated with two to be added. This is less seasonal than Brighton Pier. A placing raised £3m at 95p a share, with executive chairman Luke Johnson investing £850,000.
Delays with a project at Hinckley C hampered last year’s figures from Redhall (RHL) but the underlying business has been put on a much firmer footing. The order book is higher and so are the gross margins on the work.
Collagen Solutions (COS) has been hit by a delayed order from a major tissue customer which is launching a new product incorporating the tissue. This will hamper full year revenues. Interim revenues were flat at £1.86m and the full year revenues are expected to still rise from £3.95m to £4.31m but this is around £800,000 lower than previous forecasts. There should still be £6m in the bank at the end of March 2018. The long-term prospects for the ChondroMimetic cartilage repair product are positive.
Vianet Group (VNET) is switching its revenue model for its smart machines division to focus increasingly on regular recurring revenues from contactless payment technology sales. This held back interim revenues. Since the end of the first half, Vianet has completed the acquisition of Vendman and this should make a small profit contribution in the second half. Full year group revenues are expected to rise from £14.3m to £15.4m, while pre-tax profit should move from £2.5m to £2.8m. Vianet is changing its sector to telecommunication equipment.
Accounting software supplier FreeAgent Holdings (FREE) grew its interim revenues by 28% to £4.6m without any significant contribution from its partnership with Royal Bank of Scotland. Growth was slowed by regulation changes relating to public sector contractors. The policy of moving towards digital tax returns will provide a future boost to demand for the company’s software from small businesses. House broker N+1 Singer has trimmed its forecast revenues for the next two years and does not expect FreeAgent to make a full year pre-tax profit over that time scale.
Sovereign Mines of Africa (SMA) ran into regulatory and tax issues relating to its proposed reverse takeover of an Indian eyewear manufacturer. Trading in the shares was suspended on 21 July so it has until 27 January to find a potential acquisition.
Pennant International (PEN) is partnering with Capewell Aerial Systems, a producer of military and law enforcement equipment. The two companies will develop opportunities and an initial product is already under development. The news that BAE is selling Typhoon aircraft to Qatar is also good for Pennant.
Wind measurement technology developer Windar Photonics (WPHO) has received an order for 300 WindEYE LiDAR systems from a Chinese distributor. There will be 50 delivered this year and the rest in the first half of 2018.
Software supplier Pelatro plans to join AIM on 19 December. The mViva software is developed in India and used for marketing by telecommunications companies.
Video games developer Sumo Group plans to float by the end of December. Video games industry veteran Ian Livingstone is a non-executive director.
MAIN MARKET
Hemogenyx Pharmaceuticals (HEMO) has made good progress since it reversed into a standard list shell. Hemogenyx continues to work with contract research organisation LakePharma Inc, whose holding company invested £350,000 in Hemogenyx, to develop its therapies for bone marrow or blood stem cell transplants. This collaboration should help to progress the CDX technology towards clinical studies in 16 months time and preparatory work has started on a submission to the US FDA. The company has recently announced a collaboration with Oxford University that could generate work that will significantly improve the efficiency and safety of bone marrow transplants. A reliable supply of human tissue has been secured from a US research university.
Rainbow Rare Earths (RBW) has shipped the first load of rare earth mineral concentrate and it is currently on the road Mombasa. Production has commenced on time and within budget. Gasagwe is the only producing rare earths mine in Africa. Arden believes that Rainbow could make a profit of $3.4m in the year to June 2018, rising to $4.2m in 2018-19.
Deloitte has been appointed as administrator to Torotrak (TRK) because of a shortage of cash. Trading in the shares has been suspended.
Andrew Hore
Quoted Micro 9 October 2017
NEX EXCHANGE
National Milk Records (NMRP) has changed its year end to June and its latest figures are for the 15 months to June 2017. This is a period when the dairy information and data services provider sorted out its pension deficit problem and this removed significant, and volatile, liabilities from the balance sheet. The market has been tough for at least two years because of the weak milk price but it is starting to recover. In the 15 month period, revenues were £25.3m and operating profit before pension and one-off charges was £1.1m. The total loss before tax is £11.9m, which is after a pension related charge of £12.5m. Trading is improving.
WH Ireland believes that Ashley House (ASH) could report a pre-tax profit of £1.8m for the year to April 2018, although it is likely to be second half weighted. This follows a decline in underlying pre-tax profit to £53,000 last year because of uncertainty about government policy. The community care properties provider has a strong pipeline of potential developments. The acquisition of an off-site manufacturing business will help the group to win modular buildings business.
Energy efficiency products supplier Sandal (SAND) reported a 14% rise in full year revenues to £3.75m. The Energie MiHome range grew by 154%, albeit from a low base. The loss was halved to £135,000 but refunded tax reduced the cash outflow from operations. Development expenditure will broaden the product range in the smart home sector.
Ace Liberty & Stone (ALSP) reported a jump in pre-tax profit from £612,000 to £1.12m in the year to April 2017 and this is prior to the disposal of all the residential properties. The property investor made a £1.02m gain on disposals but this was offset by a £391,000 unrealised reduction in property values, compared with a £283,000 unrealised gain in the corresponding period. NAV was £18.1m at the end of April 2017.
Capital for Colleagues (CFCP) had a net asset value of 42.58p a share at the end of August 2017. Recent investment include £400,000 in timber frame buildings company Employee Owners Group and £150,000 follow-on investment in Computer Application Services.
London Nusantara Plantations (PALM) has £129,000 in the bank following the disposal of its initial land investment. There was a small gain on disposal but it was not enough to wipe out the interim loss. Management is assessing acquisition opportunities of plantations and mill capacity in Sumatra and Kalimantan, Indonesia. This will require additional funding.
Black Sea Property (BSP) has completed the €5.4m fundraising, at €0.01 a share, which it requires to progress the acquisition of the office building in Ivan Vazov Street in Sofia from UniCredit Bulbank. Debt funding of €7m still has to be secured from UniCredit Bulbank. Black Sea Property has paid a deposit of €1.04m out of the purchase price of €10.5m.
AIM
Bushveld Minerals Ltd (BMN) has published the circular for the demerger of its tin interests. Shareholders will receive one share in Afritin Mining Ltd, which will own the company’s Greenhills business, for each Bushveld share. Afritin will own the Mokopane tin project and Zaaiplaat tin tailings project in South Africa plus an interest in the Uis tin project in Namibia. Bushveld will still have coal assets but the main focus will be the vanadium assets and the potential value adding battery-related products.
Toilet tissue supplier Accrol Group Holdings (ACRL) has asked for trading in its shares to be suspended because of uncertainty about its financial position. It has been difficult to pass on extra raw materials costs and operational problems have also increased costs. There is also going to be a large fine relating to a health and safety incident.
Earthport (EPO) has raised £25m at 20p a share. This cash will be used to expand the corss-border payment services company’s market and global presence, develop further products and invest in the operating platform.
The requisitioner of the general meeting at Conroy Gold and Natural Resources (CGNR) failed to get any of its resolutions passed so there are no more changes to the board. Conroy raised €240,000 at €0.30 a share. The exercising of warrants raised €167,000. The cash will be used to develop the Clontibret deposit and pay for additional exploration at the Slieve Glah gold prospect.
Reabold Resources (RBD) is raising £1.76m at 0.5p a share. This follows a £3.96m subscription at the same share price. Reabold intends to change its focus to European oil and gas projects. Two former M&G analysts have joined the board.
City of London Group (CIN) has completed the reverse takeover of Milton Homes, which provides equity release products for residential property owners.
Stanley Gibbons (SGI) has found a new buyer for its interiors division. Gurr Johns is paying £1.25m with up to £400,000 deferred consideration. Stanley Gibbons is retaining £300,000 of inventory and the Mallett premises in New York. It has also retained the Mallett and Made by Meta brands. Millicent had agreed to pay £2.4m for the assets and brands and it has to pay a termination fee. Stanley Gibbons reported a £30.2m loss for the year to March 2017. Even taking out exceptionals the underlying loss was £11.1m. The NAV is £18m.
Kin Group (KIN) has raised £1m at 0.001p a share and every four shares come with a warrant to subscribe for a new share at 0.004p each. A CVA is proposed where unsecured creditors will swap their money owed of £2.27m for shares at 0.01p each. A capital reorganisation is required to reduce the nominal value of a share to below the placing price. John Taylor, who has been involved in the aerospace and military sectors, and Lindsay Mair, a corporate financier at SP Angel, are joining the board.
Redcentric (RCN) has appointed Chris Jagusz as chief executive. Net debt is falling but it is still £33.3m. Working capital management has improved. Profit should start to recover this year.
Orosur Mining Inc (OMI) has announced a drilling programme for the Anza gold project in Colombia. There will be 15,000 metres of diamond core drilling and the first results should be available by next February. The plan is to define a maiden resource and the potential for further mineralisation.
Avacta (AVCT) has announced a research collaboration with FIT Biotech in order to assess the effectiveness of is Affimer technology with FIT’s vector technology for delivering a gene.
The Environmental Protection Agency in the US has asked Tristel (TSTL) to resubmit its application for its Duo surface cleaner. This means that approval could be five months later than planned.
Northland has initiated coverage of Venture Life (VLG) and it expects the consumer healthcare firm to move into profit in 2018. Northland believes that Venture Life will benefit from growth in demand for self-care products because of the ageing global population. Venture Life already sells its products in more than 40 countries.
Angling Direct (ANG) is acquiring Fosters Fishing for £3m in cash. Fosters have a 17,000 square feet store in Birmingham and made an operating profit of £460,000 last year. When a new store in Slough opens Angling Direct will have 18 outlets.
SkinBioTherapeutics (SBTX) says that its technology has passed third party cytotoxicity tests. Phototoxicity and in vitro ocular toxicity tests are underway.
AdEPT Telecom (ADT) has declared a 13% increase in interim dividend to 4.25p a share. Recent acquisitions are performing well and are helping to focus the group on managed services.
Redhall Group (RHL) says delays on nuclear and infrastructure will hit its figures for the year to September 2017. The Hinckley Point C contract is expected to start in October 2017. The Chieftain facility is being closed. The 2016-17 profit forecast has been halved to £500,000. The 2017-18 profit forecast has been trimmed by £200,000 to £3.4m.
Adams (ADA) has taken its cash pile to £660,000 following the sale of £584,000 worth of shares in GVC.
Former AIM company Clinical Computing has sold its trading subsidiaries to TSX-listed Constellation Software.
MAIN MARKET
InnovaDerma (IDP) is raising £4.4m at 276p a share. The Skinny Tan brand owner needs the cash for working capital. Despite declaring a profit of more than £1m in the year to June 2017 there was a £607,000 cash outflow from operations as inventory levels soared.
Curzon Energy (CZN) raised £2.33m at 10p a share but the share price has declined to 9.25p. Curzon has acquired coalbed methane licences in Oregon. Curzon believes that gas could be produced before the end of the year.
Haynes Publishing (HYNS) has completed the acquisition of E3 Technical from Solera UK for £4.72m. This will expand the data-related operations of Haynes, as well as providing cross-selling opportunities. E3 provides repair and maintenance information and vehicle registration look-up services.
Andrew Hore
Walker Greenbank Hikes Interim Dividend by 25.5%
Walker Greenbank WGB benefited from three factors which helped sales to increase by 29% in the half year to the 31st July, enabling the interim dividend to be increased by 25.5%. The first was a strong contribution from Clarke & Clarke, acquired in October 2016 and which produced sales of £10.3m out of a total of £54 million. The second was a 17.9% increase in licensing income and the third was a strong export performance which helped to offset a weaker UK. Despite this, statutory operating profit fell by some 10% due to acquisition costs but underlying operating profit rose by 52.8% and adjusted earnings per share by 39.4%.
Gooch & Housego GHH ended its financial year on the 30th September with a record order book, up by 29% in constant currency terms and on a like for like basis. Strong demand was seen throughout the year in the industrial and telecommunications sectors. About a third of the company’s business now relates to Aerospace and Defence.
Image Scan Holdings IGE has had such a busy September that the update given at the end of August is already out of date. Completion of orders which were due for delivery later in the year has been accelerated as has factory acceptance of other orders. The result is that sales for the year to 30th September are now expected to be £5 million compared to August’s estimate of £4.5million whilst profit before tax is expected to be well up at £450,000 as against August’s estimate of £250,000. The year end order book is also said to be strong.
Lightwave RF plc. LWRF anticipates that revenue for the year to 30th September will have more than doubled from 2016’s £1.44m Gross margins are also expected to have materially increased from last years 32.5%. Even so losses before tax are expected to be broadly in line with the £0.84m. loss for 2016
Redhall Group RHL expects results for the year to 30th September will now be materially below expectations due to client delays, especially relating to work on Hinckley Point C. The delays are not anticipated to continue and a strong performance is expected for 2018.
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Carillon New Orders Weaken In Second Half
Carillon CLLN A full year trading update shows strong revenue growth and increased operating profits for 2016 and net borrowings down from the half year level. Margins in support services have also been strong. Despite this the new order intake slowed in the second half and current expectations are that the total value of new and probable orders will have fallen.
Numis Group NUM In a year where stock market performance was mixed, Numis produced the highest revenue in the the history of the group with a rise of 15% to £112m.. Profit before tax rose by 25% and earnings per share by 21%. At the year end in September cash balances and net assets both stood at record levels and the total edividend for the year is to be increased by 4%
Stagecoach Group SGC is increasing its interim dividend by 8.6% to 3.8p and says it is pleased with its performance in the midst of political and economic uncertainty. Statutory profit before tax for the half year to 29th October showed a very tiny fall from 90.8m to 89.5m but growth prospects for public transport in the UK and North America look good.
Redhall Group RHL saw its manufacturing order book rise by 109% in the year to the end of September and last years operating loss of £0.7m was turned into an operating profit of £0.9m. With a major reduction in losses from £12.2m to £1.7m the company’s turnaround prospects remain on track. No dividend is recommended.
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