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Ian Pollard – Sports Direct #SPD splashing the cash
Sports Direct Intl. plc SPD has confirmed that it is considering making a firm offer to Debenhams of 5p in cash per ordinary share valuing Debenhams current issued share capital at approximately £61.4 million. This would represent a premium of approximately 127 % to the closing price of Debenhams shares on 26 March.
Imperial Brands plc IMB updates that it is on track to meet constant currency net revenue and earnings expectations for the full year. Group net revenue growth is at, or above, the upper end of its 1-4% revenue growth range and earnings per share growth is within its 4-8% guidance range. Even tobacco is on track to deliver modest revenue growth.
Bellway plc BWY claims a robust performance for the six months to the 31st January with revenue rising by 12.4%, profit before tax by 8.7% and earnings per share by 8.3%. The interim dividend is to be raised by 5% but even more important than that is a sign which makes it appear that old fashioned boom times may be returning. The average selling price during the half year has risen by 6.5% which makes a number of the other housebuilders look quite pedestrian by comparison, unless they are about to play catch up when they release their latest figures. No wonder the much subsidised industry remains the governmments friend.
Hilton Food Group plc HFG saw revenue on a constant currency basis rise by 21.9% during the year to the end of December, whilst volume was up by 13.5%. After rises of 23.3% in adjusted profit before tax and 14.3% in adjusted basic earnings per share of 14.3%, the increase in the final dividend brings the total increases for the year to 12.6%.
Goals Soccer Centres GOAL has requested that its shares be suspended from trading on AIM. after announcing that there has been a substantial misdeclaration of VAT, going back over several years. The value currently stands at approximately £12.0 m.but the final figure has still to be established. Future profitability may be impacted by the accounting policies which the company intends to adopt and it remains in discussions with its lenders about new facilities.These may lead to a material change in the overall financial position of the company and it is currently unable to provide clarity as to the extent of that impact without the receipt of further information.
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Andrew Hore: Quoted Micro 22 October 2018
NEX EXCHANGE
Sativa Investments (SATI) has signed heads of terms for an option on a lease for a 7.53 acre site in Wiltshire that would be used for medicinal cannabis production. There will be a 25-year lease. The cost of the development could be more than £10m. Sativa has already raised £3.75m at 6p a share.
AfriAg Global (AFRI) has made its first medicinal cannabis investment. A £61,000 investment has been made at $146.439 a share in 546 Tilray Inc.
Chapel Down Group (CDGP) chairman John Dunsmore has sold one million shares at 60p each, which has reduced his stake by one-quarter to 2.17%, and finance director Richard Woodhouse has sold 150,000 shares, which were options exercised at 10p each, for 60p a share. Michael Spencer has bought nearly 1.3 million shares, taking his stake to 27.4%.
Training services provider Milamber Ventures (MLVP) has decided to expense, rather than capitalise, development costs. In the year to March 2018, revenues increased from £449,000 to £755,000, while the loss jumped from £1.26m to £2.14m. The outflow from operating activities increased from £973,000 to £1.17m. Milamber is planning to acquire health and social care training provider Orchard Rock.
Wishbone Gold (WSBN) has raised £567,000 at 0.1p each. This is part of the process of terminating the equity sharing agreement with D-Beta, which sold 88.2 million shares. The final payment for the termination could be around £120,000. Directors have capitalised £233,000 of fees and expenses into 212.2 million shares issued at 0.11p each. Turner Pope has been appointed as joint broker.
Angelfish Investments (ANGP) has issued 2.35 million, 7.1% preference shares at 100p each. That means that there are 4.6 million preference shares in issue and due for redemption on 31 March 2021. Ken Hillen has been appointed as a non-executive director.
Tectonic Gold (TTAU) has completed the drilling of nine holes at the Specimen Hill gold prospect in Queensland. The first six holes intersected sulphide mineralisation. Drilling will be completed in the next few days.
VI Mining (VIM) has completed 1,150 metres of drilling out of a planned 6,000 metres at Rosario. Negotiations continue concerning the acquisition of the mining assets from the sellers. A company controlled by chief executive David Sumner and two other VI Mining directors has acquired 6.1 million shares at 257p each, taking the stake to 75.8%. Perko Ltd has reduced its stake to below 3%.
AIM
Immunodiagnostic Systems Holdings (IDH) has put out its latest trading statement at 5.15pm on Friday. No surprise there. Interim revenues continue to decline. Gross margins are also falling.
Futura Medical (FUM) has raised £5.6m at 7p a share (a 27.5% discount to the market price) via a placing and offer through PrimaryBid. Up to £1m more could be raised via an open offer to existing shareholders. The cash will finance further phase III clinical trials for the MED2002 topical gel for erectile dysfunction. Data from the first European phase III study is expected early next year.
Construction consultancy Driver Group (DRV) expects to report a 2017-18 pre-tax profit well above the forecast of £3.8m. Overall utilisation levels have been 80%. Net cash was £6.9m at the end of September 2018.
Juniper Networks has made a $2m (£1.5m) investment in Corero Network Security (CNS) and this will provide cash to get the cyber security software supplier nearer to breakeven. The subscription price is 8.9p a share.
Frontier IP (FIPP) says that investee company Molendotech (14.1% stake) has signed a collaboration agreement with fresh produce company G’s Group. Molendotech will create tests for bacteria in produce and water that could reduce the test time from two days to less than one hour. Molendotech already has a deal with Halma for faecal matter in bathing water.
Although the interims from musical instruments retailer Gear4Music (G4M) appear disappointing, the second half should be much stronger and the profit shortfall will be more than made up. Revenues grew by 36% to £45.5m, but there was a first half loss. Margins were reduced on branded instruments in order to win market share. Full year pre-tax profit is expected to increase from £2.4m to £3.8m on a similar rate of growth in revenues.
Disinfection products Tristel (TSTL) generated nearly all its growth in international markets. Revenues improved from £20.3m to £22.2m in the year to June 2018, while pre-tax profit increased from £4m to £4.7m. The dividend was raised by 14% to 4.58p a share. Net cash is £6.7m. FDA approvals in the US have been delayed further, although there could be a small contribution from some disinfectants the US this year.
Summerway Capital (SWC) raised £5.73m net at 100p a share. The shares ended the week at 102.5p. The shell is seeking a UK business in the household and consumer goods sector.
Trading in the shares of Fishing Republic (FISH) has been suspended and the proposed chief executive is not taking up the role. Some major shareholders are no longer willing to provide financial assistance. Rivals are taking advantage of the weakness of the group and it is suffering from strong competition.
Payment data collector PCI-PAL (PCIP) has won a five year contract with a Canadian client worth an initial C$280,000.
Trading in the shares of satellite communications equipment provider Global Invacom Group (GINV) has been suspended ahead of a potential reverse takeover.
ClearStar Inc (CLSU) will integrate its mobile background screening services with Virtual Badge, which has developed a smartphone ID badging system. The new services will be launched by the end of the year.
Vianet (VNET) says the improvement in operating profit in the first half will be in line with expectations. This is thanks to a good performance from the smart machines division. The interim dividend will be maintained at 1.7p a share.
Kape Technologies (KAPE) has acquired ZenMate for €4.8m. Berlin-based ZenMate has 50,000 subscribers for its security software. There should be a small uplift to earnings per share next year.
Customer engagement services provider Netcall (NET) reported a flat underlying pre-tax profit of £3.4m in the year to June 2018. That includes 11 months from MatsSoft and this helped cloud revenues to more than quadruple to £4.8m. There will be higher investment in product development and marketing this year so pre-tax profit is expected to decline to £2.1m.
AssetCo (ASTO) has been told by the Abu Dhabi customer for firefighting services that it will withdraw from the contract in three months. This is the only contract the company has.
MAIN MARKET
French Connection (FCCN) is carrying out a strategic review that could lead to the sale of the company. Four interested parties are in initial discussions. Sports Direct International (SPD) holds a 26.2% stake in the fashion retailer.
Hemogenyx Pharma (HEMO) has entered a collaboration agreement with US biopharma company Orgenesis Inc. The deal involves the development and commercialisation of the advanced hematopoietic chimeras (AHC) mouse model. This could be used to test the safety and efficacy of drug candidates. Orgenesis will provide a convertible loan of $1m and this can be converted into shares in the Hemogenyx subsidiary that owns the technology. Orgenesis will have a non-exclusive licence for the technology and will pay a 12% royalty on net revenues generated by the technology. There is a separate collaboration with a Johnson and Johnson subsidiary t develop a mouse model for lupus.
Cadmium-free quantum dots producer Nanoco (NANO) reduced its full year loss from £9.1m to £6m. There was £10.7m in the bank at the end of July 2018. Commercial production revenues could start to be generated in 2019-20.
Standard list shell Spinnaker Opportunities (SOP) says that it has terminated discussions for the purchase of a supplier of cannabidiol oils from industrial hemp. Other potential cannabis-focused acquisitions are being considered. Existing shareholders have sold 4.2 million shares at 5p each.
Andrew Hore