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Andrew Hore – Quoted Micro 26 October 2020
AQUIS STOCK EXCHANGE
Truspine Technologies (TSP) says that the latest tests of Cervi-Lok, which is a spinal stabilisation device, have been positive. The tests used a computer-generated model and it showed that Cervi-Lok had a reduction in range of motion that was better than existing screw-based fixation systems. FDA clearance is expected early next year.
Vulcan Industries (VULC) is acquiring the business and assets of Romar Process Engineering for £550,000 in cash and shares. Romar is a metal fabrication business and in the nine-months to July 2020 it made a pre-tax profit of £202,000 on revenues of £732,000. The group will be able to undertake larger contracts and some production will be transferred to the Romar facility. The exclusivity period for the proposed acquisition of E Lowe has been extended.
Early Equity (EEQP) has bought a 1% stake in Lotto Studios for £50,000. Lotto licences entertainment and sports brands for lottery and casino games. Early Equity believes that it can help with opportunities in Asia.
Gunsynd (GUN) has sold its 600,000 shares in Bunker Hill Mining raising £164,000. The investment company has reinvested £146,000 in Empress Royalty Corp.
Graham Lyon has stepped down as non-executive chairman and Majken Korsgaard has resigned as non-executive director of SulNOx Group (SNOX) and this means that trading in the shares has been suspended because there is no independent director. Nicholas Nelson has been reappointed as a director. Shipleys has resigned as auditor. Resolutions allowing the company to issue more shares were not passed at the AGM.
Tectonic Gold (TTAU) says that it is progressing towards drilling at the Specimen Hill prospect in Queensland. Samples have returned assays of more than 3.5g/t gold and more than 45g/t silver.
Chairman Robert Sutcliffe has been buying shares in DXS International (DXSP).
Rural Broadband Solutions (RBBS) has started trading following the reverse takeover of Secure Web Services by SAPO. Chris Akers has a 3.29% stake.
Shares in Coinsilium Group Ltd (COIN) have started trading on OTCQB Venture Market in the US.
AIM
Vianet (VNET) says that interim trading was ahead of Covid-19 revised expectations. There has been a month-on-month improvement in cash and profit during the period. New restrictions on hospitality outlets could hamper progress. The interims will be published on 8 December.
Full year figures from Tristel (TSTL) were slightly better than anticipated. The disinfection products supplier increased revenues by 21% to £31.7m and a 27% rise in underlying pre-tax profit to £7.1m. Profit growth will be held back this year by additional investment in the US, where there should be positive news about FDA approval of products.
C4X Discovery (C4XD) has raised £15m at 14p a share. This has nearly doubled the number of shares in issue. The cash will provide a strong financial position for C4X when it is negotiating with potential partners and strategic collaborators. It will also fund the development of potential drugs. that The cash should last for at least 12 months. Indivior has started a phase I clinical trial for C4X_3256 for the treatment of opioid dependence. The trial will last until the end of the year and there will be data in 2021.
Judges Scientific (JDG) is acquiring Korvus Technology, which supplies vapour deposition systems, for an initial £2.64m. This has sparked a small upgrade to the 2021 pre-tax profit forecast taking it to £15.2m.
Gold recovery services company Goldplat (GDP) has increased profit from activities in South Africa and Ghana. The sale of the Kilmapesa mine should be completed by December.
Rare books supplier Scholium (SCH) made a small interim loss. Shapero Rare Books increased its online activity. There will be annual savings of more than £100,000 from moving to new premises.
Orchard Funding (ORCH) has decided to withdraw its application for a banking licence.
Seeing Machines (SEE) has signed a memorandum of understanding with L3 Harris Technologies that could take the company’s computer vision technology into the flight simulator market.
Immunodiagnostic Systems Holdings (IDH) released its normal interim trading statement at 4.35pm on Friday. Covid-19-related sales are still small.
MAIN MARKET
Strong third quarter trading has helped LED lighting and wiring accessories supplier Luceco (LUCE) to increase its guidance for full year operating profit from £23m to between £28m and £30m.
Contango Holdings (CGO) has raised £1.8m at 5p a share and acquired the Garalo gold project in southern Mali for $1m, with $100,000 paid and the rest due in February. The rest of the cash will finance the development of the project so that gold production can start before the end of 2021. Capital costs of $1.2m are expected with further finance of $4m being sought to build up production. Target production is 30,000 ounces per year. The non-independent resource is 320,000 ounces of gold at an average grade of 1.5g/t. Costs should be less than $1,000/ounce.
Aircraft lessor Avation (AVAP) increased revenues by 14% to $135.3m and there was a full year pre-tax profit of $14.6m after a net impairment charge. Mitigating lender agreements have been made with clients.
Edale Capital has sent a requisition notice to InnovaDerma (IDP) in order to force an AGM re-election vote for two existing directors and to propose a new director.
Property investor Town Centre Securities (TOWN) says that it collected 75% of rents in the latest quarter with 10% deferred. Since June, £41.2m has been raised from retail property disposals.
Andrew Hore
Andrew Hore – Quoted Micro 27 May 2019
NEX EXCHANGE
Ananda Developments (ANA) is amending its investing strategy and acquiring Tiamat Agriculture, which is applying for a UK controlled drug cannabis cultivation and supply licence. Anglia Salads and JEPCO will provide cannabis growing expertise. The new investing strategy will include the cultivation of medicinal cannabis. URA Holdings will subscribe £400,000 for shares at 0.45p each.
AfriAg Global (AFRI) has raised £1m at 0.1p a share and the cash will be used to acquire a 2.34% stake in Apollon Formularies Ltd. AfriAg hopes to gain first refusal to acquire the rest of Apollon in a transaction that would value the company at £40m.
Good Energy (GOOD) will redeem the first Good Energy Bond, which was launched in 2013, before the end of June. The outstanding principal is £3.6m and the cash for repayment will come from the disposals of Newton Downs and Brynwhilach solar farms to the local communities. The cash helped to develop nearly 150MW of renewable generation projects.
Wishbone Gold (WSBN) says that gold recoveries in Honduras have been low and it is considering whether to sell to the joint venture partner or take full control of the operations. Gold trading volumes are increasing but the contribution to overheads is modest.
Panther Minerals (PALM) has applied for an exploration licence for the Marrakai gold project in Northern Territory, Australia. Panther has also acquired additional ground surrounding the former Little Bear mine in Ontario, Canada.
Formation Group (FORM) reported a reduced loss in the six months to February 2019. There is £3.05m in cash in the balance sheet.
Angelfish Investments (ANGP) is investing up to £150,000 in convertible loan notes in ASSIF, which is developing a digital product to improve mental health. The first tranche has been drawn down and the rest will be invested when design work is completed. The loan notes are convertible into up to 35% of ASSIF, depending on the milestones achieved prior to conversion.
NQ Minerals (NQMI) has shipped 34,500 tonnes of precious metal pyrite concentrate from the Hellyer gold mine in Tasmania.
Proton Partners International Ltd (PPI) has started offering high energy proton beam therapy in Bomarsund in Northumberland.
Newbury Racecourse (NYR) non-executive director Dominic Burke has nearly doubled his shareholding to 2.8%. Tim Syder increased his stake to 3.1%.
V22 (V22O) will leave NEX at the close of business on 31 May.
AIM
SafeCharge International (SCH) is recommending a $5.55 (436p) a share cash offer from a subsidiary of fellow payment services provider Nuvei Corporation, valuing the company at £699m. The final dividend of 7.22p a share will be paid. The international payments processor joined AIM five years ago at 162p a share. Nuvei has a strong market position in North America and SafeCharge provides scale in Europe.
Trading in the shares of LXB Retail Properties (LXB) has been suspended following court approval of the dissolution of the company and a return of capital of 1.2p a share. The cancellation of the quotation will happen on 31 May.
Volvere (VLE) has sold its oldest subsidiary Sira Defence and Security for £3m, although management bonuses of £320,000 will be paid out of the proceeds. Sira cost a nominal amount and has contributed cash to the group. This leaves 80%-owned frozen pies maker Shire Foods, which increased its full year pre-tax profit from £635,000 to £854,000. Even stripping out incentive payments relating to the sale of the Impetus business, Shire hardly makes enough profit to cover central overheads.
Lawyer Gateley (GTLY) has confirmed that its full year revenues will be at least £102m and EBITDA at least £19m, an increase of 15%. The growth is a combination of acquisitive and organic. Knights Group (KGH) says that its full year revenues will be not less than £52.4m and underlying pre-tax profit will be ahead of expectations at £9.7m.
Argentina-focused oil and gas producer President Energy (PPC) increased revenues by 160% to $47.2m in 2018 and this enabled it to move into profit. This year pre-tax profit is set to improve from $3.5m to $17.3m as last year’s acquisition makes a more significant contribution and capital investment starts to pay back. Average production is expected to be 3,800 barrels of oil equivalent per day in 2019.
Science Group (SAG) has taken a 9% stake in digital radio technology developer Frontier Smart Technologies (FST) at 12.5p a share. Science offered to acquire the whole company via a cash bid of 30p a share but the proposal met with a negative response from the target’s board and the offer has been withdrawn.
Caledonian Trust (CNN) has renegotiated the conditions of the proposed sale of St Margaret’s House in Edinburgh, which was announced in February 2018. The buyer is still in the process of applying for planning consent and it has three months in which to submit the application, plus 12 months to secure consent. A further three months will be allowed to find a pre-let and Caledonia will vacate the property six months after that. This means that it could be two years before the transaction is completed. The consideration is still £15m, compared with a book value of £8m.
Rose Petroleum (ROSE) has received a £300,000 investment at 1.2p a share and appointed Colin Harrington to the board as executive chairman. Origin Creek Energy has a 14.8% shareholding following the share issue. This replaces the previously announced subscription at a lower share price and Robert Bensh has left the board because of that.
Kibo Energy (KIBO) says that 60%-owned flexible power generation development subsidiary MAST Energy Developments is acquiring Bordersley Power Ltd, which is developing a 5MW gas-fuelled power generation plant and relevant grid connections. The deal is dependent on certain conditions.
Cellcast (CLTV) is owed £453,000 by a Kenyan client of its gaming and lottery consultancy activities, which generated revenues of £395,000 in 2018. The government in Kenya is cracking down on advertising of gambling and it had previously raised taxation rates. Cellcast had £698,000 in the bank at the end of 2018.
Trading in the shares of Dublin-based Amryt Pharma (AMYT) has been suspended ahead of the proposed all share acquisition of the larger Aegerion Pharmaceuticals, which is a subsidiary of Nasdaq-listed Novelion Therapeutics Inc. Amryt plans to raise $60m from a share issue.
MAIN MARKET
Blockchain Worldwide (BLOC) has made a non-binding offer for Entertainment AI Inc although it is still subject to due diligence on the artificial intelligence and machine learning company. Trading in the shares has been suspended.
LED lighting supplier Luceco (LUCE) says trading continues to improve even though sales to UK professional customers are subdued. The overseas market is stronger. Margins are improving.
Motor finance provider S and U (SUS) says that profit from its core business has improved so far this year. The property bridging lending business has increased its loan book to £22m.
Andrew Hore
Ian Pollard: Morrisons Smashes Competition With 132% Dividend Rise
Morrison W. Sprmkts MRW which many still regard as that upstart from Bradford has taught the high streets major retailers, the biggest lesson they have had in decades. Forget your Tescos, your M&S and your snooty Sainsbury’s. Morrisons has just smashed the high street competition into little bits and is raising its interim dividend by a record amount. With second quarter like for like sales at a nine year high it has increased its ordinary dividend by 11.4% on top of which it is paying a special dividend of 2p per share making a total increase of 132%. Group like for like sales for the half year to the 5th August rose by 4.9% up from last years 3%. Underlying profit before tax rose by 9% and earnings per share by 8.5%.
The future is seen as containing many opportunities for meaningful and sustainable sales and profit growth. David Potts the Chief Executive, sees Morrisons continuing to become broader and stronger and a more popular brand whilst the Chairman looks forward to “more and more customers trying Morrisons.” Proof if ever proof was needed that the high street is alive and kicking and can be rescued from the damage caused to famous names by sclerotic management and placemen.
Ricardo plc RCDO saw solid revenue growth of 8% during the year to the 30th June with the order book rising by 14% to end the year at record levels. Despite falls in statutory profit before tax and basic earnings per share of 14% and 27% respectively, the final dividend is to be raised by 6% to 20.46p per share. On an underlying basis profit before tax fell by 1% and earnings per share rose by 1%
Amerisur Resources AMER saw strong revenue growth of 93% in the half year to the 30th June and last years first half loss of $2.3m was turned into a profit after tax of $10.8m. The turn round was helped by a rise of 33% in average production and a jump in the oil price from $47.2 to $64.2 per barrel.
SafeCharge Int. Grp SCH enjoyed strong revenue growth of 26% in the half year to the 30th June. Adjusted EBITDA was up by 15% and the interim dividend is also being increased by 15%. The CEO says that the strong set of results has been followed by a good start to the second half and it is anticipated that revenue for the year will be at the top end of market expectations.
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