Tag Archives: SAV

ISDX

Demand for the latest share issue from Good Energy (GOOD) was better than expected and the maximum size of the offer as raised from £3.1m to £3.8m. The company can only raise up to €5m without a prospectus and the movement in the exchange rate has helped Good Energy to raise more. Around 2,000 investors applied for shares at 208p each via the offer. The cash will be invested in the operational platform and to increase the portfolio of generating capacity. At the company’s AGM on 23 June, shareholders failed to pass the special resolutions on the directors’ authority to issue more shares and for the dis-application of pre-emption rights. Good Energy says that it will consult with shareholders if there is the need to issue more shares.

Leni Gas Cuba Ltd (CUBA) has taken a 10% stake in UK-based The Cuba Mountain Coffee Company for £27,300. The focus of the business is the promotion of coffee from the Guantanamo region of Cuba and it is in talks with the Cuban government about additional investment in capital to improve processing efficiency. This will enable Cuba Mountain Coffee to obtain the rights to a greater proportion of production so that it can be marketed internationally. The company’s own coffee brand is Alma de Cuba and the ecommerce platform is www.almacuba.com.

Nordic Energy (NORP) plans to appoint Turpin Baker Armstrong as liquidator and it has called a general meeting for the 30 June.

AIM

Professional services firm Sweett Group (CSG) is recommending a rival cash offer to the existing WSP bid. The 42p a share bid by asset management and construction consultancy services provider Currie & Brown is 20% higher than the previously recommended WSP offer and values Sweett at £29m. However, the Sweett directors cannot withdraw their acceptances for the WSP bid and the same is true for the Cyril Sweett Trustee Company. The meeting to vote on the WSP bid will be adjourned. Currie & Brown is part of The Dar Group international network of professional services and it has previously acquired parts of Sweett in Asia. The new bidder has offered a £9.45m debt facility to cover Sweett’s debt requirements when the existing borrowing facilities expire on 8 July.

Verona Pharma (VRP) has raised enough cash to fund up to phase III trials for its RPL554 COPD treatment for patients with chronic respiratory diseases and announced plans to obtain a Nasdaq listing. Verona raised £44.7m at 2.87p a share and £36m should be left in the bank by the end of 2016 and that is expected to fall to £14.5m by the end of 2017. In fact, further cash is likely to be raised from a Nasdaq listing, which could happen before the end of the year. Vivo Capital, OrbiMed and Abingworth have taken shares in the placing and they will each have a director on the board. The phase IIb study is due to start in the first half of 2017 and a partner could be signed up during 2018 if things go to plan.

Hornby (HRN) is raising up to £8m via a placing and one-for-6.77524 open offer at 27p a share in order to finance its turnaround plan. Banking facilities have also been renegotiated. One year ago, the toys and hobbies supplier raised £15m at 95p a share. Hornby plans to focus on its existing profitable and cash generative products and geographies and reduce its cost base. In the year to March 2016, Hornby lost £13.5m and net debt was £7.2m.

Malaysia-based cloud services provider RapidCloud International (RCI) says that it is adopting a more conservative accounting policy and it means that 2015 profit, due to be reported this week, will be lower than expected. House broker WH Ireland had forecast a 2015 profit equivalent to £320,000 according to Morningstar.co.uk, and it was expecting £570,000 in 2016. There will be changes to depreciation and amortisation charges, recognition of deferred revenues and deferred tax.

BDO has been appointed to liquidate shell company NBNK Investments (NBNK) following its inability to find a suitable bank or financial business acquisition. The AIM quotation was cancelled on 22 June. An initial distribution to shareholders is expected early in August. There was £19.7m in the bank at the end of 2015 – equivalent to just over 36p a share – but there will be liquidation costs.

Patent attorney Murgitroyd (MUR) is paying $2.43m for trade and assets of a Dallas-based IP software and services business with operations in the US and Nicaragua. This business had gross revenues of $860,000 in the 12 months to May 2016. Murgitroyd expects to report full year revenues of more than £42m, while pre-tax profit should be in line with expectations at around £4.3m.

NWF (NWF) says that its feeds division improved its profitability in the year to May 2016 even though the dairy market remains tough. Market share has increased, helped by acquisitions. The food distribution division continues to work at capacity and operating efficiency has improved. Fuels increased volumes even though the warm winter reduced demand. Overall trading is in line with expectations and the pre-tax profit should be around £8.25m. Net debt is lower than expected. The full year results will be published on 3 August.

Savannah Resources (SAV) has been granted reservation permits over the Somero and Erajarvi lithium projects in Finland. Savannah will start to compile data, map and undertake surface sampling in order to identify drill targets by the end of the year.

On Tuesday, rebel shareholders will attempt to unseat Jason Drummond, Nilesh Jagatia and Oliver Fattal from the board of former AIM company Teathers Financial. Matthew Turney, David Kipling and Stuart Langelaan have put themselves up for election to the board. Teathers, which was originally known as CA Sperati, left AIM on 6 June having failed to implement its investing policy. It says that there is an investor willing to invest £1m in the company so that it can finance further development of the Teathers app.

MAIN MARKET

Papillon Holdings (PPHP) is the latest standard list shell. Papillon, which was incorporated on 19 October 2015 and re-registered as a public company on 25 April, has raised £824,000 at 1p a share. Previously 50 million shares were issued at 0.1p a share. The share price ended the first day of trading on 24 June at 1.25p but the bid/offer spread is 1p/1.5p. Papillon directors Charles Tatnall and James Longley are also directors of Plutus PowerGen. Papillon is seeking to acquire an industrial or services business focused on the UK.

Engineer and plastic products supplier Tex Holdings (TXH) says that parts of the business have found it increasingly difficult to turn enquiries into orders but there are other businesses that are doing well this year. The plastics business is coming under pressure although the Derby site has improved its previously poor performance. Tex has secured a £2m loan repayable over five years and £2.5m of short-term facilities.

In the tender offer at 200p a share, Bioquell (BQE) shareholders tendered 20.4 million shares, which is 47% of the life sciences company’s share capital. Bioquell will acquire these shares for a total of £40.8m. It was willing to return up to £44m to shareholders.

ANDREW HORE