Tag Archives: #ROAD

AQUIS STOCK EXCHANGE

S-Ventures (SVEN) has agreed to sell its food and snacks business in return for shares in AIM-quoted RiverFort Global Opportunities worth £3.5m. That would leave S-Ventures as an investment company with shares in the acquirer. Sales for the 12 months to September 2023 were £17.4m, rising to the £21.6m in the 15 months to the end of 2023. Net debt was £7.1m at the end of September 2023. An additional £3m of loans have been agreed, including £1m from RiverFort Global Opportunities.

Marula Mining (MARU) has signed a long-term offtake agreement with Fujax UK for the Blesberg lithium and tantalum mine in South Africa. This an agreement for 100% of production until the end of 2026, with a minimum of 50,000 tonnes at a grade of 6% lithium. There is an option for a further three years. A mining right has been received from the authorities for the plans to expand the stockpile reprocessing operations.

Brewer Shepherd Neame (SHEP) improved like-for-like retail sales by 6.2%, although beer volumes fell 10.5% with own beer volumes down 16.7%. Overall, interim revenues grew 4% to £89m and underlying pre-tax profit was 10% ahead at £3.8m. The brewing division returned to profit. The interim dividend was 5% ahead at 4.2p/share. Beer volumes continue to decline, while the retail sales growth rate has slowed.

Gunsynd (GUN) shares rose 17.9% to 0.165p on the back of an institutional investor investing $1m ($750,000 in cash and $250,000 in support services) in the US spirits subsidiary of Rogue Baron (SHNJ), where it currently has a 17.45% stake. Rogue Baron has also raised £20,000 at 0.5p/share.

Aquis Stock Exchange owner Aquis Exchange (AQX) increased revenues from £19.9m to £23.7m, while pre-tax profit rose from £4.5m to £5.2m. The Aquis Stock Exchange revenues improved from £1.6m to £1.8m. The main growth came from technologies and data. Panmure Gordon forecasts 2024 pre-tax profit of £6.2m.

Macaulay Capital (MCAP) reported a fall in net assets from £1.44m to £1.36m at the end of 2023. There was an exit from the investment in Qualification Check which reduced the reported loss. There are seven portfolio companies. There is a pipeline of potential transactions.

Cadence Minerals (KDNC) says that the capital spending optimisation programme has been completed at the Amapa iron ore project. Savings of $63.2m have been identified and production could be 5% higher at 5.5 Mtpa of iron ore concentrate.

Supernova Digital Assets (SOL) has completed the acquisition of Hyperslot PTE for £225,000 in shares at 0.15p each. Andrew Offit increased his shareholding from 14.1% to 15.2%.

Arsen Torosian has replaced David Carr as chief executive of Tap Global Group (TAP). He is the largest shareholder and was previously chief strategy director. Steven Borg will become finance director.

KR1 (KR1) has invested $600,000 in Moondance Labs, which is building Tanssi, which helps appchain deployment.

Substrate Artificial Intelligence (SAI) has signed up FINRA-registered California-based bank GT Securities to identify potential partners for its Subgen AI subsidiary, which has launched Serenity Star, an ecosystem for scaling generative AI. The company has raised Euro500,000 from a convertible bond issue.

Secured Property Developments (SPD) is changing its name to Mollyroe and it is adopting s new investment strategy focused on the technology sector. There will also be a 20-for-one share consolidation.

Steve Hutchinson has taken his Oscillate (MUSH) stake above 3%. TruSpine Technologies (TSP) chairman Geoffrey Miller has increased his shareholding to 7.24%, while Oberon Investments raised its stake to 12.6%.

Good Life Plus (GDLF) has appointed Tennyson Securities as corporate broker.

AIM

Capital equipment manufacturer Mpac (MPAC) had a stronger second half and revenues improved from £98m to £114m, while pre-tax profit recovered from £3.5m to £7.1m. There was growth in parts and services revenues. The order book was worth £72.5m at the end of the year. The customer base is being broadened. There should be further recovery this year.

Educational software and services provider Tribal Group (TRB) is still hampered by its dispute with NTU, which is currently in mediation. The failed bid for the company also held back sales to potential clients. Even so, annualised recurring revenues grew 13% to £15.1m. Full year revenues moved from £83.6m to £85.8m, while pre-tax profit recovered from £3.7m to £10.7m.

Roadside Real Estate (ROAD) shares soared 129% to 8p after it sold part of its stake in Cambridge Sleep Sciences to CGV Ventures 1 for £6m. The total stake cost £2.7m and Roadside Real Estate still owns 65%, having sold a 10% stake, so it still has to be consolidated. Management is considering selling the rest or demerging the company so that it can concentrate on its core property interests.

Digital media company XLMedia (XLM) is selling European and Canadian gaming assets to Gambling.com for an initial $37.5m with potential deferred consideration of $5m. Some of this cash may be paid out to shareholders. These assets generated 2023 revenues $21.4m and underlying EBITDA of $6.6m out of estimated group 2023 revenues of $50m and EBITDA of $12m. Pro forma net cash is likely to be around $35m, after taking account of deferred consideration of $4m payable for past acquisitions. Cavendish estimates that XL Media is worth £48m, including the cash.

Biodegradable and antimicrobial plastic additives developer Symphony Environmental Technologies (SYM) has raised £1.4m at 3.5p/share and will raise up to £500,000 more through a PrimaryBid retail offer. The issue price was well above the market price. Chief executive Michael Laurier is subscribing £105,000. Net debt was £740,000 at the end of February. The additional cash will fund the scale-up of the business and provide working capital during trials by potential customers.

Blue Star Capital (BLU) reported a slump in NAV from £11.4m to £5.33m at the end of 2023. That includes cash of £63,000. Writing down the valuations of Dynasty Media & Gaming and Sthaler were a large part of the decline in NAV. Another investee company, SatoshiPay, is undertaking a formal sales process. This stake is valued at £4.65m.

Live Company Group (LVCG) returned from suspension following the announcement of a planned refinancing and sale of majority interest in StartArt. Creditors are being settled in shares and a £1.77m convertible loan provided by the chairman, as well as converting some of his loan notes. A placing raised £352,000 at 1p/share. There could be more cash to come from strategic investors.

Digital payments business Boku (BOKU) increased 2023 revenues by 30% to $82.7m and they are expected to increase to $95m this year. The wallets business grew 153%, albeit from a lower base. The local payments network is being built up and will be a major factor in growth, especially as margins are better. The direct carrier billings business continues to grow and remains the main generator revenues for the time being. The company has more than $70m in cash.

Employee benefits and insurance provider Personal Group Holdings (PGH) reported slightly better 2023 figures than expected with revenues of £49.7m and pre-tax profit recovering to £5.9m. The dividend was raised from 10.6p/share to 11.7p/share. That is well covered by cash generation. Cash was £20.1m at the end of 2023. The insurance business did particularly well.

Three rail clients delaying orders has hit prospects for LPA Group (LPA) and it is unlikely to do any better than breakeven this year – a pre-tax profit of £800,000 was previously forecast on a 6% reduction in forecast revenues.

Light Science Technologies (LST) has received a grant worth £188,000 for a project involving the company’s SensorGROW technology.

Saturn Resources has increased its bid for Shanta Gold (SHG) to 14.85p/share, up from 13.5p/share, valuing the miner at £156.1m. Eligible shareholders will receive a dividend of 0.15p/share on 26 April.

Stem cell-based treatments developer ReNeuron (RENE) has failed to come to an agreement with creditors and the financial uncertain means that it has appointed administrators from Cork Gully. Negotiations continue with creditors and potential providers of finance.

MAIN MARKET

Higher losses from the ReZorce recyclable packaging business masked progress at foams manufacturer Zotefoams (ZTF), where pre-tax profit moved up from £12.5m to £13.1m on flat revenues. That included an operating loss of £4.36m, up from £1.89m, from the MuCell Extrusion division that includes ReZorce. The total dividend is 7.18p/share.

Property investor Town Centre Securities (LSE: TOWN) managed to edge up its net tangible asset value to 286p/share at the end of 2023, due to the 150p/share tender offer last year. There was a 4% decline in property values. Loan to value has risen to 50.3%. The interim dividend is maintained at 2.5p/share.

TheWorks.co.uk (WRKS) is moving from the Main Market to AIM. The plan is to gain shareholder approval to move on 3 May. This should help to reduce costs.

Esken Ltd (ESKN) has appointed administrators from AlixPartners because its restructuring plan was no longer commercially viable. The restructuring of London Southend Airport will continue.

First Tin (1SN) says regional exploration confirmed upside potential at Pound Flat and Battery Hill prospects in the Taronga tin project.

Andrew Hore