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Back in the Markets – Doc Holliday talks to Alan Green
Doc Holliday is back in the markets. He talks today to Alan Green. Among other things, we discuss the macro backdrop, Russia and Ukraine, the big money, motorcycles, cars, hiking, hillwalking and stocks including Petra Diamonds #PDL Centamin Gold #CEY Contango Holdings #CGO Semper Fortis #SEMP Nostra Terra Oil and Gas #NTOG and Wickes #WIX
Quoted Micro 13 December 2021
AQUIS STOCK EXCHANGE
Gibraltar-based RentGuarantor (RGG) provides a rent guarantee service to tenants in the private rental sector. It has joined the Access segment having raised £125,000 at 200p a share. Chief executive Paul Foy has agreed to lend the company £200,000. The business is currently loss-making and has to grow much bigger to get to the point where it is breaking even. The share price ended the week at 210p, although there were no reported trades.
Incathera (INC) continues discussions with two global cosmetics companies about the commercialisation of the Sol skin cancer treatment and started talks with two more. There was £627,000 in the bank at the end of £627,000 and this should last well into next year.
Capital For Colleagues (CFCP) has raised £1.95m at 64p a share and all the directors are participating in the placing. This will provide additional cash for investment. The company had £1.91m in the bank at the end of August 2021. NAV was 69.71p a share at the end of August 2021. A final dividend of 1.5p a share is payable on 3 March.
Lombard Capital (LCAP) lost £228,000 in the quarter to September 2021. The company requires cash, and the Gaskell House waste and recycling property is up for sales. Those proceeds will not be enough to pay off the bonds when payment is due at the end of January 2022. The plan is to try to extend the redemption date.
TECC Capital (TEC) had £1.1m in the bank at the end of September 2021, which is the same as the NAV. Acquisitions are being evaluated.
Clean Invest Africa (CIA) more than halved its interim loss to £553,000. Net liabilities have increased to £3.22m. More cash is required to get the most from the CoalTech technology.
Coinsilium Group Ltd (COIN) says investee company Greengage is withdrawing the application for a Gibraltar banking licence. The plan is to pursue an e-money licence and then apply for a UK bank licence.
KR1 (KR1) has paid the performance fee of £4.15m to Reflexivity Research, which is owned by the executives of KR1. There will be £830,000 paid in cash and the rest in shares. KR1 contributed 350,000 Poldadot in the Astar, formerly Plasm, crowdloan.
Sativa Wellness Inc (SWEL) generated record revenues in one week and that takes revenues for the eleven months to November 2021 to £13.8m. The growth is coming from the testing clinics.
Kevin Soltani has stepped down as chieve executive of Semper Fortis Esports (SEMP) and Keith Harris will be interim executive chairman.
Chris Akers has raised his stake in Quetzal Capital (QTZ) to 17.2%. Burns Singh Tennent-Bhohi increased his stake in Gledhow Investments (GDH) to 8.26%. Scwiar Capital has raised its shareholding in Helium Ventures (HEV) to 10.9%.
EPE Special Opportunities (ESO) had net assets of 511.93p a share at the end of November 2021. Share buybacks are planned and 150,000 shares were acquired at 350p each.
Pioneer Media Inc (PNER) has raised a further C$400,000 at C$1 a unit (one share and one warrant). This takes the total raised to C$1.5m. Vulcan Industries (VULC) has raised £383,000 via placings at 1.6p a share and 1.5p a share.
NFT Investments (NFT) is applying to list on the NEO Exchange in Canada.
AIM
Cloud video editing platform developer Blackbird (BIRD) is raising £8m at 28p a share with chief executive Ian McDonough investing £380,000. This will finance further technology development and add to the technical staff. There will also be cash for market testing advancements and new products. The potential market is enormous, and Blackbird has only just started to exploit new areas.
Windward Ltd (WNWD) has developed AI-based software that enables real-time information about seafaring vessels to be transmitted to their owners. Israel-based Windward raised £26.3m at 155p a share and it ended the week at 204p. The market capitalisation of £166.5m is high considering the progress made. In the six months to June 2021, revenues improved from $7.11m to $8.09m, while the loss jumped from $1.53m to $4.04m. Annual contract value is $19.7m with 99% of revenues from subscriptions.
Ondine Biomedical Inc (OBI) has returned to AIM and raised £22.3m at 53.41p a share. The share price ended the week at 58.5p. Canada-based Ondine develops photodisinfection-based therapies for drug resistant infections. The light-based technology can reduce inflammation and eliminate pathogens. It originally floated on AIM on 9 August 2004, then focused on dental treatments, and left in 2011. In the six months to June 2021, revenues increased from C$213,000 to C$1.98m, while the loss fell from C$7.48m to C$4.58m.
Redx Pharma (REDX) has received another $10m milestone payment from Jazz Pharmaceuticals as the research collaboration reaches the two year mark.
Antimicrobial technology developer Byotrol (LSE: BYOT) fell back into loss following the Covid-19 boosted revenues in the corresponding interim period. Revenues more than halved from £6.7m to £3.2m. There was £1.9m of cash at the end of September 2021.
4GLOBAL (4GBL) provides sports consultancy services to governments and other organisations, as well as subscription data products. It raised £4m at 91p when it joined AIM.
Nexus Infrastructure (NEXS) returned to profit last year as revenues improved from £125.7m to £137m. Civil engineering services provider Tamdown continued to lose money but the eSmart Networks EV charging installation division moved into profit. Management is considering floating eSmart Networks on AIM or bringing in a strategic investor. The money that Nexus would raise can then be used to acquire a business to broaden the range of services offered by the TriConnex utilities connection division.
MAIN MARKET
Sivota (SIV) has found a potential reverse takeover candidate in the form of Israel-based Apester, which has an interactive digital platform. The plan is to pay $12m for a 53.9% stake in Apester. Sivota wants to raise £11m.
Urban Logistics REIT (SHED) has moved from AIM to the Main Market following a £250m fundraising.
MENA Land (MENA) has lost its listing, trading having been suspended since 2 November 2020.
Argo Blockchain (ARB) has resolved its litigation with Celsius by terminating the lease agreement and paying $6.32m to Celsius, which is handing over title to equipment and paying bitcoin to Argo. November revenues were £8.29m with Argo mining 185 bitcoin.
Andrew Hore
Quoted Micro 25 October 2021
AQUIS STOCK EXCHANGE
Lush co-founder Andrew Gerrie plans to float a new shell called Silverwood Brands on the Aquis Stock Exchange. The strategy is to acquire and develop consumer brands and pay with shares and cash. Hotel Chocolat (HOTC) founder Angus Thirlwell is an adviser. Silverwood Brands was formed in August. There are currently 100 shares, which were issued at par value of 1p. A pre-IPO subscription of £1m recently closed.
Boanerges (BNRG) has agreed to acquire the business and assets of digital ecommerce company WeShop, where AIM-quoted Brandshield Systems (BRSD), Vela Technologies (VELA), Primorus Investments (PRIM) and IamFire (FIRE) are shareholders. The payment will be 33.33 million shares at 75p each, compared with a market price of 77p, following a May flotation at 20p a share. Boanerges intends to leave Aquis and join the JP Jenkins matched bargain facility. Boanerges is offering to acquire any shares bought since the Aquis flotation at 75p each. Boanerges believes it has the cash it requires to develop the WeShop business, and it may seek a listing in the future.
Arbuthnot Banking (ARBB) says customer deposits have increased by 19% to £2.8bn so far this year, while loans have risen by one-quarter to £1.97bn. Assets under management are 14% higher at £1.3bn.
Capital for Colleagues (CFCP) has sold its investment in Office for Public Management for £469,000, having invested £250,000.
Dispersion Holdings (DEFI) has acquired Accru Finance for £8.75m in the form of 250 million shares. The vendors will own 29% of Dispersion and the founders Philip Blows and Digby Try will join the Dispersion board. The former will become chief executive. Accru is developing cryptocurrency trading platform, which is yet to get FCA approval.
Altona Rare Earths (ANR) has agreed to acquire a 51% interest in the Chambe rare earths project in Malawi and this new deal is likely to delay the move to the standard list. An initial payment of one million shares will be held in escrow until the exploration licence is transferred to a new company in which Altona can increase its interest to 70%.
Vulcan Industries (VULC) reported revenues of £5.23m in the year to March 2021. There was a loss of £3.42m. Net debt is £3.4m.
There was a £891,000 cash outflow at Semper Fortis Esports (SEMP) in the six months to July 2021. There is still £1.77m in the bank.
AIM
Bens Creek Group (BEN) has acquired coking coal mining assets in West Virginia, and it believes it can restart production before the end of 2021. The estimated coal resources are 17.2 million in-place tons with proven and probable reserves of 2.34 million tons. Bens Creek raised £5.8m, after expenses, at 10p a share when it joined AIM. Bens Creek announced an offtake agreement for washed Hi-Vol-B metallurgical coal with Integrity Coal Sales, which has agreed to take 22,000 US short ton of coal each month for a 12-month period. This deal starts in January and covers 50% of expected production volumes. The current market price is $277/short ton and the price paid will depend on the market price at the time. This deal sparked an uptick in the share price, which reached 13.25p by the end of the week.
Devon-based Tungsten West (TUN) is developing the Hemerdon tungsten and tine mine near Plymouth and it joined AIM during the week. The share price ended the week at 63p, up from the 60p at which £39m was raised before expenses. Hemerdon was previously owned by Wolf Minerals, which went into administration, and acquired by Tungsten West two years ago. There had previously been more than £170m invested in the mine. There is an estimated mineral resource of 325Mt at 0.12% tungsten. A bankable feasibility study was completed in March.
Disinfection products supplier Tristel (TSTL) reported lower revenues and profit but that was down to stockpiling in the comparative period. Revenues were 2% lower at £31m, while pre-tax profit fell by one-quarter to £5.4m, which is similar to the 2018-19 level. Profit growth should recommence this year, but it will take time to beat the 2019- 20 figure. Tristel is shedding non-core products, which will reduce costs. Progress continues with US product approvals.
ASX-listed Future Metals (FME) did not raise any cash when it gained a secondary quotation on AIM. The share price ended the first day of trading at 12.25p and then fell to 10.5p. The company was previously quoted on AIM as Red Emperor Resources and has returned following the acquisition of 100% of the Panton PGM project in Western Australia. There is definitely a resource. A bankable feasibility study was completed by previous owners in September 2003, and it was reviewed in 2011. There is a JORC mineral resource of 14.3Mt at 5.2g/t PGM and 2.4m ounces of gold. There is also nickel, cobalt and copper mineralisation.
Solid State (SOLI) has an order book at record levels. The order book has increased by 48% to £61.5m with orders stretching further ahead than in the past. Interim pre-tax profit is estimated to have risen from £2.6m to £3.3m. Operating margins benefited from a change in product mix.
Internet domain name registry and services provider CentralNic (CNIC) is continuing to perform ahead of expectations. Organic growth was 29% in first nine months of this year. CentralNic expects full year EBITDA of at least $32m, up from $22.1m in 2020.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) is trading in line with expectations of achieving a full year underlying operating profit of at least £39m. Revenues are 36% higher than the 2020 figure. Gross margins are slightly lower due to cost pressures.
Andrew Hore
Andrew Hore – Quoted Micro 3 May 2021
AQUIS STOCK EXCHANGE
Decentralised finance (DeFi) focused investment company Dispersion Holdings (DEFI) raised £9m at 3p a share. The share price closed at 4.15p (3.8p/4.5p) and there were just over one million shares traded on the first day. The market capitalisation is £25.4m. Shares were originally issued at below the placing price and the underlying NAV is 1.8p a share. Dispersion has already made two investments, although one of those is a £210,000 investment in NFT Investments, which has management in common, at the equivalent of 7p a share. NFT’s placing was at 5p a share and the investment was made after the shares commenced trading. Since then, the share price has fallen to 3.85p (3.7p/4p).
Semper Fortis Esports (SEMP) has the management experience to exploit the fast-growing esports sector. The board includes football adviser Keith Harris. Chief executive Kevin Soltani was a co-owner of an esports franchise in MENA and co-founded the GIMA Esports Agency with chief operating officer Jassem Osseiran. The Semper Fortis Esports shareholder register includes the likes of Chris Akers. Semper Fortis Esports raised £2.5m, after expenses, at 1p a share. Pro forma net assets are £2.13m, with £2.15m cash in the bank. The pro forma NAV is just over 0.5p a share. The share price ended the week at 3.95p (3.8p/4.1p).
Greencare Capital (GRE) has invested £100,000 in Voyager Life, as part of a £671,000 before an Aquis flotation. Voyager Life supplies CBD and hemp seed oil products. This follows the £100,000 investment in CBD products supplier Clearly Supplements in the form of a 5% convertible loan. The Covid-19 pandemic and legislation changes hampered the planned reverse takeover, and it did not go ahead. There should still be more than £1m in cash in the balance sheet after the investments.
Revenues fell 59% to £8.49m at Newbury Racecourse (NYR) and there was a loss of £2.27m. Only four race meetings had people attending last year. There were 20 race days last year and there will be ten by 17 May this year. There was £1.5m raised from the sale of surplus land. There was £5.53m in the bank at the end of 2020. Net assets were £48.9m, down from £51.4m.
Spirits maker British Honey (BHC) says that first quarter revenues, excluding hand sanitisers, increased by one-quarter to £1.33m. The integration of Union Distillers is nearly complete. A new bottling line will increase capacity to four million bottles a year by the end of 2021. A new bottling line for miniatures is also being installed.
Gunsynd (GUN) has made a £200,000 in DiscovOre (ORE) at 2p a share. DiscovOre is changing its investing strategy to focus on the medical psychedelic sector.
Supported housing provider Walls and Futures REIT (WAFR) says that NAV has fallen by 5% to 102p a share. John D Wood values the company’s properties at £3.2m. The company collected 100% of rents last year. Virgata Services has to publish an offer document by 6 May.
Primorus Investments (PRIM) has invested $2.5m in convertible loan notes in standard listed Mustang Energy (MUST) as part of a fundraising to pay for a 22.1% stake in VFFB-H, which owns 50% of Enerox, an Austria-based vanadium redox flow battery manufacturer. AIM-quoted Bushveld Minerals (BMN) is the majority shareholder in VFFB-H. Enerox plans to raise £30m. Trading has been suspended in Mustang Energy shares.
Altona Rare Earths (ANR) is proceeding with the acquisition of the Monte Muambe rare earths project. The contract is being finalised and then Altona will start the earn-in to progress towards a 70% stake in the project. Altona is still assessing other projects. An application has been filed for a standard listing.
Angelfish Investments (ANGP) has raised £42,000 at 0.00258065 a share, plus £90,000 via a convertible loan facility at the same conversion price as the placing. Simon Grant-Rennick has been appointed executive chairman and Burns Singh Tennent Bhohi, who has taken a 14.8% stake, as an executive director.
Two locations have shown strong gold intersection at surfaces at NQ Minerals (NQMI) 100%-owned Beaconsfield gold mine in Tasmania. The surface potential could add significant resources to Beaconsfield.
Positive results have been reported by BWA Group (BWAP) from the sampling at the Nkoteng rutile sands project in Cameroon. There are elevated intervals of rutile-ilmenite, zircon and kyanite over continuous zones.
SulNOx Group (SNOX) has signed an Africa-focused distribution agreement with Rigworld Solutions. This formalises and earlier agreement.
Watchstone Group (WTG) has made the switch from AIM to Aquis.
Coinsilium (COIN) has raised £18,500 from the sale of treasury shares at 18.5p each.
AIM
Hurricane Energy (HUR), which at one time was a constituent of the AIM 50, is restructuring its balance sheet. This would involve swapping $50m of the principal of the company’s convertible bonds into 95% of the enlarged share capital. The terms of the remaining $180m of bonds will be amended. The business will focus on extending the oil production case for the Lancaster 205/21a-6 well.
Construction services consultancy Driver (DRV) says that its latest underlying interim profit will be slightly lower than for the same period last year, which was £1.25m. That is a strong comparative period. Lockdowns have varied in the different operational countries. Driver also lost a team in Asia Pacific to a rival. The focus is higher margin work and activity levels are improving. Net cash was £7.2m at the end of March 2021. The interims will be published on 8 June.
Pennant International (PEN) fell into loss in 2020 and it should manage to return to profit this year. Forecast revenues of £16m are 90% covered by the order book. Pennant wants to win more business in the rail sector.
Pollen Street Capital is bidding 75p a share for spend control software supplier Proactis (PHD) and the board is recommending the offer, which values the company at £71.6m. Pollen Street has the finance to accelerate growth. The bid is at 24 times prospective 2020-21 earnings, falling to 19 next year.
Building software supplier Eleco (ELCO) says that first quarter revenues were 9% ahead at £7m, while year-on-year pre-tax profit was one-fifth higher. Net cash was £7.9m at the end of March 2021. A general meeting has been requisitioned so that shareholders can vote on the re-election of executive chairman Serena Lang and non-executive director Kevin Craig, a resolution to make it compulsory for all directors to come up for re-election at every AGM and a vote on the remuneration report in the 2020 accounts.
Cosmetics supplier Warpaint London (W7L) had an improved second half and momentum is continuing into next year. In 2020, revenues fell from £49.3m to £40.3m, but earnings halved from 6.3p a share to 3.1p a share.
President Energy (PPC) expects to bring the EV-1001 well on the Estancia Vieja gas field into production during May. The drill rig will be moved to the next location. President is expected to return to profit in 2020.
Amiad Water Systems (AFS) plans to transfer its quotation to the Tel Aviv Stock Exchange.
MAIN MARKET
In 2020, Argo Blockchain (ARB) increased revenues from £8.6m to £19m, but it made a small loss. Cash inflow from operating activities was £12.3m, according to finnCap. This year a pre-tax profit of £30m is forecast, although working capital will consume most of the cash generated even before significant capital expenditure.
Moulded plastic parts manufacturer Carclo (CAR) says that it has maintained its full year revenues for plastics, but there was a decline in aerospace revenues, and made a profit. Net debt has been reduced from £22.1m to £20m.
InnovaDerma (IDP) raised an additional £500,000 in an open offer and that took the total raised to £4.5m. This will fund ecommerce investment.
Andrew Hore