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Quoted Micro 1 January 2024
AQUIS STOCK EXCHANGE
Oberon Investments (OBE) increased interim revenues by 28% to £3.4m, even though capital market revenues fell by one-third. The loss was reduced from £1.67m to £1.59m. Management believes the company could move into profit during 2024. There are plans to add funds management teams. Oberon Investments has a 69.1% stake in Logic and is planning to float Logic on AIM at a valuation of £11m in the first half of 2024.
Broker VSA Capital (VSA) improved interim revenues from £846,000 to £1.05m and the loss jumped from £841,000 to £1.82m with the loss on investments jumping from £355,000 to £1.33m. VSA Capital is unhappy how Silverwood Brands handled the deal to buy a stake in Lush and this has led to a reduction in the value of the stake VSA Capital owns in the company. Deals have been delayed.
Western Selection (WESP) has sold its liquid investments, and it has £14.55m in the bank. It has illiquid investments in Industrial and Commercial Holdings and City Group are in the books for £46,000. The investment company is returning 80.5p/share in cash to shareholders and withdrawing from the Aquis Stock Exchange. The other investments will eventually be sold. Shareholders will be given the option to retain shares until the other investments are sold.
TruSpine Technologies (TSP) reported an interim cash outflow from operating activities of £80,000, down from £508,000 in the corresponding period. There was net debt of £277,000 at the end of September 2023. Discussions continue with Spartan Medical concerning a new redistribution contract.
Marula Mining (MARU) has completed phase 1 exploration activities at Nyorinyori and NyoriGreen projects. An initial report will be received in January. This, combined with assay results, will help to plan phase 2 of the exploration in the first quarter of 2024.
KR1 (KR1) had net assets of 76.56p/share at the end of November 2023. The income from digital assets during the month was £939,000. The share price is 92p.
Tap Global Group (TAP) generated trading revenues of £1.68m, based on trading payment volumes of £181.6m, taking total revenues to £2.02m in the year to June 2023. Revenues for the most recent five-month period were £1m. The company is still losing money. There was £2.3m in the bank at the end of June 2023. Tap Global plans to launch its cryptocurrency app in the US in the first quarter of 2024.
Substrate Artificial Intelligence (SAI.B) increased its 2023 revenues forecast from Euro8.19m to Euro10.5m, while the operating loss has been raised from Euro4m to Euro6.3m. Operating expenditure is much higher than original estimated, partly due to higher development spending.
Gunsynd (GUN) has invested in £200,000 in 1911 Gold Corporation, which is listed on the TSX Venture Exchange. At C$0.06/share. Each share comes with a warrant exercisable at C$0.10/share. Gunsynd has a 4.3% stake. 1911 Gold Corporation has interest in 63,000 hectares of land adjacent to the Archean Rice Lake greenstone belt in Manitoba.
Hot Rocks Investments (HRIP) had £18,415 in the bank at the end of September 2023. Net assets fell from £526,000 to £433,000.
AIM
Shares in fabless semiconductor developer Sondrel (SND) were hit by a trading warning that flagged delays in development and payments and a subsequent shortage of cash. Sondrel expected a £1.7m payment from an automotive component manufacturer, but this will not be received until next year. Additional resources will be required to complete the project. Directors and staff have agreed to defer salaries because Sondrel cannot afford to pay them. More capital will be required by the end of March or earlier if the delayed payments are not made as early as expected.
Autonomous drilling rig developer Tribe Technology (TRYB) has not completed the latest drill rig due to technical issues and it will be delayed until the first quarter of 2024. It should be shipped to the customer by the summer. This means that revenues may be delayed until the next financial year. A field trial of the sample potting and handling system has been postponed. The 5 September placing price was 10p and the share price has declined to 8.25p. There is £3.34m in cash left.
Harland & Wolff (HARL) is advancing negotiation concerning a proposed £200m guaranteed loan facility with UK Export Finance. In January, an independent party will assess an appropriate interest charge. The bank syndicate is being firmed up. There is enough cash until the facility is secured.
AIM broker WH Ireland (WHI) is seeing signs of improvement with underlying monthly profitability achieved in November 2023 thanks to cost cutting and there was cash of £6.8m. Annualised cost savings of £3.8m have been made. The underlying interim loss doubled to £1.8m with revenues dropping from £14.3m to £10.7m.
Horizonte Minerals (HZM) has secured a $20m interim funding package provided by major shareholders Orion, Glencore and La Mancha. Interest payments are being deferred by existing senior lenders. Management is reviewing the long-term project funding requirements for the Arafuaia nickel project. Full funding is targeted for the middle of 2024.
Oil and gas company Reabold Resources (RBD) is holding the requisitioned general meeting on 10 January to appoint four directors and remove two others. Requisitioner Kamran Sattar and related parties have a 40% stake in Daybreak Oil & Gas, where Reabold Resources has a 42% holding. Fully listed Zenith Energy (ZEN) boss Andrea Cattaneo is proposed as chief executive, and another proposed director is Zenith Energy chairman. Nominated adviser Strand Hanson is undertaking due diligence on the proposed directors. If they are appointed before this is complete, Strand Hanson says that it would have to resign. That would spark a share suspension and then one month to find a replacement or the quotation would be cancelled.
Shares in coal miner Bens Creek (BEN) has fallen to 11p, just above the original placing price of 10p. The net sales price has declined over the past year, but higher production meant that interim revenues increased from $17.4m to $23.5m although the loss rose from $11.7m to $13.7m. Net debt, including deferred consideration, is more than $38m.
Team (TEAM) is acquiring Homebuyer Financial Services for £2.4m, dependent on approval by the Jersey Financial Services Commission. The company has assets under advice of £135m. The deal will boost Team’s scale in the Channel Islands. The proposed acquisition of Thornton has been cancelled.
Executive vice chairman Dominic Redfern has been suspended by Eco Buildings Group (ECOB). He was one of the vendors and co-founders of the Eco Buildings business that was reversed into the AIM shell Fox Marble seven months ago, so he is important to the business.
MAIN MARKET
Pendragon (PDG) says the takeover of its motor dealer and related finance businesses have been approved by the FCA. The disposal should be completed at the end of January, when Pendragon will be left with its software business. A 24.5p/share dividend will be paid in the first half of 2024.
One Heritage Group (LON: OHG) says that the contract for the sale of Churchgate, Leicester has been rescinded while a claim against the development is sorted out. The Oscar House development in Manchester has been refinanced.
Andrew Hore
Quoted Micro 27 June 2022
good,
AQUIS STOCK EXCHANGE
Resolutions 8-12 were not passed at the Good Energy (GOOD) AGM, which were mainly enabling the company to issue new shares or buy back existing shares. Resolution 12 would have amended the articles of association to permit hybrid meetings.
Cadence Minerals (KDNC) has agreed to sell its 30% working interest in the Yangibana project tenements for £5.1m in shares of the ASX-listed operator Hastings Technology Metals. Cadence reported an outflow of cash from operating activities of £751,000 in 2021, down from £1.36m the previous year.
Blockchain and cryptocurrency investor Coinsilium Group Ltd (COIN) increased 2021 revenues by 130% to £530,000. Net fair value loss on financial assets was £407,000, compared with a gain of £566,000, but realised gains increased from £199,000 to £1.52m. Overall pre-tax profit fell from £310,000 to £14,000. There is £1.51m in the bank at the end of 2021, while NAV is £5.84m. Coinsilium has entered a simple agreement for future tokens (SAFT) with potential Latin America- focused blockchain gaming hub GGs.io for $100,000 of its future tokens and is a strategic adviser.
Pluto Digital has repaid the loan, plus interest, of £5.18m owed to NFT Investments (NFT).
All Star Minerals (ASMO) is raising £200,000 at 0.02p a share and every two shares come with a warrant to subscribe for a share at 0.04p. The cash will be used to finance investment in the company’s exploration projects. A further share issue at 0.02p pays £102,000 owed to GMI, where the All Star Minerals chief executive is a substantial shareholder. Management says that it is planning a much bigger cash raise.
Gunsynd (GUN) has agreed binding heads of terms with Metals One to farm into the Black Schist nickel zinc copper cobalt projects in Finland. In return for £1m, Gunsynd will earn 25% of the company owning the projects.
In 2021, Startup Giants (SUG) moved from a loss of £188,000 to a profit of £44,000. Current trading is in line with expectations.
Gowin New Energy (GWIN) had cash of RMB2.33m at the end of 2021, but it also had net liabilities. There are plans to trade agarwood products.
Wishbone Gold (WSBN) says that drilling at the Halo project in north Queensland has discovered copper mineralisation in the majority of holes drilled. The 21 hole is apparently the most promising.
Western Selection (WESP) has taken advantage of the Northbridge Industrial Services share price rise to sell 35,500 shares at 200.87p a share. It retains a 3.86% stake in the loadbanks manufacturer and renter, which changed its name to Crestchic (LOAD) later in the week.
Bondholders have approved the plan by Eight Capital Partners (ECP) to modify the terms and conditions of its 7% bonds.
Vulcan Industries (VULC) has raised £74,000 at 1p a share and issued additional shares for the acquisition of Aftech Ltd.
The wife of DXS International (DXSP) chief executive David Immelman has acquired 845,000 shares at 10p each, taking their interests to 11.85%.
Mark Horrocks has increased his stake in Quetzal Capital (QTZ) from below 3% to 5.3%. Chris Akers has raised his shareholding in Oscillate (MUSH) from 11.4% to 12.45%. Dowgate Wealth has a 4.9% stake in Silverwood Brands (SLWD).
AIM
Springfield Properties (SPR) has acquired the housebuilding business of Mactaggart and Mickel Group for a total cost of £46.3m. The initial payment is £10.5m and the rest will be paid over the next five years as homes are built on the sites acquired and sold. This way the deal should be self-financing. Six existing sites are being acquired as part of the deal and eleven will transfer as more payments are made. These sites have a gross development value of £230m.
Springfield is also acquiring a timber frame factory as part of the deal. It already owns a timber frame factory and 90% of the homes it builds have timber frames. Springfield’s capacity will double to 2,000 timber frames a year, which is more than enough for existing building plans, so outside suppliers will not be required any more.
In the six months to March 2022, Team (TEAM) revenues improved from £610,000 to £999,000, although there was an increased loss. The wealth management and financial services company acquired financial adviser Omega Financial Services in the first half and bought investment consulting business Concentric after the period end. There are other acquisition opportunities. There are opportunities to win new clients, but weak markets are holding back growth. Executive chairman Mark Clubb bought 5,004 shares at 63.9p each.
Property investor and fund manager First Property (FPO) returned to profit last year. In the year to March 2022, revenues reduced from £12.1m to £8.65m. That was mainly down to the loss of rental income from the Gdynia property. Asset management fees edged up from £3.35m to £3.46m and performance related fees jumped from £40,000 to £578,000.
There was a reduction of £7.81m in the amount owed to ING Bank, relating to the Gdynia property, and this was taken as a gain. Last year, there was a £7m write down on the property. That is why a loss of £5.09m was turned into a £7.98m profit. First Property is set to sell its properties in Romania and its supermarket properties in Poland. That will reduce net debt, which was £17.2m at the end of March 2022.
Insolvency litigation funder Manolete Partners (MANO) expects that the rising level of insolvencies will provide additional potential cases. In the year to March 2022, revenues declined from £27.8m to £20.4m. The realised revenues fell more sharply from £24.4m to £15.2m, with the main reason behind this being the large case with realised revenues of £9.3m in the previous year. Unrealised revenues increased from £3.41m to £5.2m. Pre-tax profit fell from £6.99m to £4.51m. Cash generated from operations before tax and investment in cases increased from £2.79m to £4.42m, due to a small reduction working capital. Investment in cases moved up from £5.89m to £6.47m. Peel Hunt has reduced its pre-tax profit forecast for this year from £7m to £5m.
Restaurants operator Tasty (TAST) has repaid its £1.1m bank loan, leaving it with net cash of £8.6m. Annualised interest rate savings will be £57,000 and there was no early repayment penalty. There are plans to open five or six more restaurants this year.
Premier African Minerals (PREM) has signed a deal that can get the Zulu lithium project pilot plant up and running. The pilot plant has target annual production of 50,000-ton SC6 and there are binding heads of terms with Suzhou TA&A Ultra Clean Technology to take all of this production starting from the first quarter of 2023.
Shares in 4D Pharma (DDDD) declined 28.5% to 16.66p before trading was suspended ahead of administrators being appointed. 4d Pharma says Oxford Finance has demanded immediate repayment of the $13.86m it is owed. The company cannot afford this.
Paper and specialist fibres maker James Cropper (CRPR) reported a full year, underlying pre-tax profit of £4m. The paper making business is cyclical and it made an increased loss. The TFP Hydrogen division, which makes products for fuel cells, accounts for around 30% of revenues and its operating profit before group overheads increased from £6.48m to £8.68m. James Cropper has reinstated the dividend this year with a 7.5p a share final dividend taking the total to 10p a share.
Cancer diagnostics developer ANGLE (AGL) has signed another contract with its first large pharma services customer. The Parsortix system will be used to monitor patients with unresectable solid tumours in a new phase Ib dose escalation study using the pharma company’s drug in combination with immuno-oncology agents.
Provexis (PXS) has signed two agreements with DSM relating to Fruitflow, an ingredient that helps normal blood flow and circulation. DSM customers for Fruitflow will become direct customers of Provexis at the beginning of 2023. DSM will still receive a royalty on the gross profit of Fruitflow sales to customers it transfers to Provexis for four years. The deal means that, assuming like-for-like sales and margins, Provexis would make a higher net profit in 2023 and it would increase in subsequent years. There should also be new direct customers. Provexis is also partnering with DSM on a gut microbiome patent.
Investment management company Forward Partners (FWD) says that weak stockmarkets have hit the valuations of technology companies and thereby the valuations of its investments. This means that there is likely to be a mid-to-high teens percentage decline from the interim NAV of £108m.
Argentina-focused oil and gas company Phoenix Global Resources (PGR) says that it is in discussions with 84% shareholder Mercuria Energy Group concerning a cancellation of its AIM quotation and a cash offer to purchase shares from independent shareholders at 7.5p each.
Asia-focused investment company Jade Road Investments (JADE) is selling part of its stake in China-based wind turbine blade manufacturer Meize Energy Industries. It has a 7.2% stake and will receive $1.2m in cash in three tranches, leaving it with a 6.3% stake valued at $10m. The company has already received $400,000 with the rest due for payment in July and August.
Solid State (SOLI) has been awarded a contract by Transport for London for a new one person operation CCTV system for the Piccadilly line upgrade.
MAIN MARKET
Oil services provider Lamprell (LAM) has received a non-binding indicative cash offer from 25.1% shareholder Blofeld Investment Management. Lamprell requires funding of $75m over the next two months and that is making the board seriously consider the offer even though it is at a large discount to the previous closing price. Financing opportunities are being explored. An attempt to raise $150m via a share issue did not meet with approval by all the institutional shareholders.
Roquefort Therapeutics (ROQ) has announced its second acquisition in seven months. Cancer medicines company Oncogeni Ltd is being acquired for the issue of 50 million shares and there is a placing to raise £1.01m at 14p a share. Two pre-clinical families of innovative cell and RNA oncology medicines come with Oncogeni, as well as a laboratory facility in Stratford-upon-Avon
CYBA (CYBA) is changing its name to NARF Industries. Steve Bassi will become chief executive.
Fackelmann Gmbh has increased its stake in cookware retailer Procook (PROC) from 3.83% to 4.63%.
Slovenia-based Graft Polymer (GPL) has reached cash flow positive in its core business. New equipment has been ordered in order to double capacity.
OTHER MARKETS
Pacific Road Resources Fund II is making a 0.01p a share cash bid for former AIM company Firestone Diamonds (FDI), which values the company at £79,000. Pacific Road also owns all the Firestone bonds and hopes to restart production at the Liqhobong open cast diamond mine. Firestone originally joined AIM in August 1998 at 114p a share. Since 2020, the shares have been traded by JP Jenkins and the latest price is 0.2p. The bidder owns 30.4% with a further 4.25% owned by affiliated funds. Resource Capital, which owns 34.7%, intends to accept.
Andrew Hore
Andrew Hore – Quoted Micro 26 April 2021
AQUIS STOCK EXCHANGE
Shepherd Neame (SHEP) in common with other brewers and pub companies has been hard hit by the closure of pubs. Monthly cash burn during pub closures is £1.5m-£2m. Unsurprisingly, interim revenues slumped from £79m to £55.3m, while an underlying pre-tax profit of £4.88m was turned into an underlying loss of £4.81m. Bottled beer sales were one-quarter higher as people bought the bottles for home consumption. Net debt was £92.4m at the end of December 2020 and had reached £96.5m by the end of March. More than 200 pubs with gardens have reopened and all 316 will be open by 17 May.
Revenues fell by one-third to £50.7m at brewer Adnams (ADB) in 2020. Online sales were 245% higher. This led to a loss of £4.3m. Beer volumes fell by 23% and spirits volumes by 31%. There is no dividend and reduced investment meant that net debt was reduced.
Gunsynd (GUN) has invested £50,000 in the unquoted Media Tech SPAC at 4p a share. The SPAC raised £1.64m and it plans to float in the second half of 2021. Riverfort Global Capital and Sure Valley Ventures are involved in the SPAC, which is focused on media and technology investments, and the latter might want to reverse one of its investments into the company. The sale of shares in Empress Royalty and Eagle Mountain raised £218,000 for Gunsynd.
John Mahtani, who is chief executive of Media Tech SPAC, has increased his stake in Quetzal Capital (QTZ) to 6.08%, while Chris Akers has raised his stake to 15%.
NFT Investments (NFT) has made its first investment. A $1m investment has been made in AEON International, which develops technology for the luxury fashion industry. Hong Kong-based AEON has a customer base that includes Gucci and Louis Vuitton. The AUTHENTIQUE subsidiary offers NFT-based verification technology in order to combat counterfeit goods. A product is being developed that would use unique fashion NFTs and smart contracts to enable fashion brands to earn royalties when a product is resold. NFT is paying its board and management in cryptocurrency.
NQ Minerals (NQMI) says the Hellyer mine generated gross revenues of $17.9m and net profit of $4.8m in the first quarter of 2021.
Interim sales of Wheelsure Holdings (WHLP) more than halved from £116,000 to £56,000, although management expects the second half to be stronger. The interim loss increased from £75,000 to £117,000. Since the end of the interim period, a further £50,000 has been raised and a government loan of the same amount secured. Management is seeking new markets for its rail safety equipment.
Chapel Down Group (CDGP) has completed the disposal of Curious Drinks and each of the minority shareholders will receive 1.57 Chapel Down shares for each Curious share they owned. This has resulted in 1.26 million additional shares being issued.
Watchstone Group (WTG) is seeking to switch from AIM to the Apex segment of Aquis. This should happen on 30 April. Watchstone is classified as a cash shell and trading in the shares would be suspended on AIM on 4 May if no acquisition had been made. The board is pursuing litigation relating to past businesses. This could result in cash being returned to shareholders. Watchstone is also seeking new investments.
Valereum Blockchain (VLRM) has purchased bitcoin mining hardware and they should be up and running in the US within one month. The plan is to have mining operations in a range of geographies.
Indorse, in which Coinsilium (COIN) has a 10% stake, has released a digital analysis tool, which scans the data on NFTs and their underlying assets. Coinsilium also owns 14.12% of the IND tokens in circulation.
Wishbone Gold (WSBN) has filed its drilling plans for the Red Setter project in the Pilbara region of Western Australia. There could be up to 30,000 metres of drilling over four years.
Tyndall Investment Management has taken a 6.85% stake Oncology treatments developer Incanthera (INC) and directors and employees have also added to their stakes at process between 13p a share and 13.5p a share.
Arbuthnot Banking (ARBB) has generated £3m from the sale of shares in Secure Trust Bank (STB) at £12 a share. The stake has been reduced to 4.4%.
Veni Vidi Vici (VVV) has raised £220,000 at 50p a share. Vulcan Industries (VULC) has raised an additional £30,000 at 3.9p a share. A subscription at 85p a share has provided Startup Giants (SUG) with £190,000.
SulNOx Group (SNOX) has moved to the Apex segment of the market.
AIM
Grease management services provider Filta (FLTA) has been hit by the closure of restaurants and venues, particularly in the US. Revenues fell by one-third last year and the company fell into loss. Trading levels are moving back to previous levels, but the progress depends on the reopening of some of the larger US venues and stadia. There should be a return to profit this year, but it will take until 2022 for a profit to exceed past levels.
The was another positive trading statement from telecoms billing and customer relationship management software provider Cerillion (CER) following a first half of record orders.
Nu-Oil and Gas (NUOG) will lose its AIM-quotation on 5 May because it has not completed a takeover. There is a proposed acquisition of Guardian Barriers IP and Guardian Maritime, but if this goes ahead the plan is to obtain a standard listing. Guardian has developed a product that can be retrofitted to ships in order to prevent pirates from boarding vessels.
Churchill China (CHH) was still profitable in 2020, but pre-tax profit slumped from £11.2m to £800,000. There was £1.8m of cash generated from operations and net cash was £14m at the end of 2020. There is no dividend. Sales of hospitality ceramics halved during the year.
Cora Gold Ltd (CORA) has announced results from its latest drilling campaign at the Sanankoro gold project in southern Mali. The initial results suggest that there could be a significant increase in the DCF valuation of the project, which was £37.8m. The drilling should be completed by the end of July and there will be continuing news flow over the coming months.
MobilityOne (MBO) is not going ahead with the proposed acquisition of Tanjung Pinang Resources.
Team (TEAM) has decided not to make an offer for Tavistock Investments (TAVI).
MAIN MARKET
MGC Pharmaceuticals (MXC) is acquiring Israeli clinical research company MediCaNL in shares for up to A$6m and it will be used to run the company’s clinical trials. That will reduce costs and lead times. Three clinical trials are planned for cannabis-based treatments in 2021.
Town Centre Securities (TOWN) has collected or deferred 92% of the due rent of £5.1m in the latest quarter. The deferred element is £600,000. The other £400,000 remains due and discussions with tenants are ongoing. Since last March, there is £1.8m of rents that remain due. The company has sold the Thornton’s Chambers property in Leeds.
Interim revenues of J Smart Contractors (SMJ) declined from £9.25m to £5.75m, but costs declined at a higher rate so pre-tax profit improved from £265,000 to £890,000. Net cash was £11.1m at the end of January 2021. The interim dividend is unchanged at 0.95p a share. Building materials costs are rising and a lull in contracting work will hit profit. Management believes that property assets should have retained their value even though a valuation will not take place until the end of the year. NAV is £99.6m, while the market capitalisation is £52m.
Standard list shell Marwyn Acquisition Company III (MAC3) has raised £12m from an issue of A shares and is considering a £200m fundraising.
Tirupati Graphite (TGR) has opened its second mine at the Vatomina project in Madagascar. The processing plant will be commissioned in the second quarter of 2021. Last week. £10m in and oversubscribed placing at 90p a share. That is double last year’s flotation price.
Wildcat Petroleum (WCAT) has signed two memoranda of understanding. The first is with Crown Energy for its participation in a future initial coin operation by Wildcat. A model to monetise hydrocarbon blocks based on blockchain technology. Crown has blocks in Madagascar, South Africa and Iraq. Nabirm Global has a Namibian exploration licence and the deal is the same as with Crown.
Andrew Hore
Andrew Hore – Quoted Micro 6 April 2021
AQUIS STOCK EXCHANGE
Good Energy (GOOD) says that customer numbers have remained stable since September. The 2020 figures will be published on 13 April. There was £18.1m in the bank at the end of 2020. Good has restructured its two renewable generation debts into one debt facility of £39.8m.
Arbuthnot Banking Group (ARBB) has completed the acquisition of vehicle finance provider Asset Alliance Group for £10.1m, which is 50% of the estimated fair value of £20.2m. Arbuthnot raised £8.6m by selling shares in Secure Trust, in which it retains a 5.74% stake.
Greencare Capital (GRE) is investing £100,000 in Clearly Supplements in the form of a 5% convertible loan. The conversion price is a 30% discount to a listing price. Clearly has developed a range of products and is establishing distribution in Asia.
Gunsynd (GUN) has sold three million shares in Rogue Baron (SHNJ) and raised £120,000. Gunsynd still owns 25% of the spirits brands developer and Chris Akers has taken a 3.48% stake. It also has £111,464 of convertible loan notes in Rogue Baron.
TruSpine Technologies (TSP) has raised £585,000 at 10p a share with each share coming with a warrant exercisable at 15p a share. A further £165,000 may be raised. The cash will fund the FDA application and commercial launch for Cervi-LOK.
Interim revenues of Love Hemp Group (LIFE) jumped from £426,000 to £2.38m. There was a loss of £962,000. There was net cash of £79,000 at the end of 2020. The company is moving into new facilities in south London in the middle of this year. Capacity will increase to 500,000 units of cannabidiol CBD products each month.
Tectonic Gold (TTAU) did not generate any revenues in the six months to December 2020. There was a £60,000 loss, although cash used in operating activities was £141,000.
Altona Rare Earths (ANR) can acquire a 71% interest in the owner of the Nankoma rare earths project in Uganda. There is an option to acquire a 51% stake for £1 by the end of June. The option fee is £25,000 in cash and 250,000 ordinary shares. The stake can be increased to 71% by the issue of £15,000 worth of shares.
S-Ventures (SVEN) has reported figures for the period from its formation on 6 July 2020 to the end of January 2021. There was a £60,000 cash outflow from operations and the company made two investments with another one made since January.
Optiva Securities has been approved as a corporate adviser.
AIM
Parsley Box (MEAL) has got off to a disappointing start on AIM after raising £5m at 200p a share. The shares ended the first day of trading at 185p, before recovering to 187.5p. Parsley Box has a strong brand position in its market niche and Covid-19 lockdowns have helped it to grow its customer base. The company has a range of more than 60 single portion meals, that can be stored in a cupboard and do not have to put in a fridge or freezer. Parsley Box makes more than 900,000 deliveries per month and demand has increased due to Covid-19. There are more than 500,000 registered users and 154,000 of these active customers at the beginning of this year.
ActiveOps (AOM) is a supplier of management process automation software and it got off to a good start after it floated on AIM. The share price has risen from the placing price of 168p to 190p. No new money was raised in the float and there is £8m in the bank. ActiveOps is losing money but its is generating cash. Once customers are gained, they increase their spending over a number of years and this will be supplemented by new customer wins.
Destiny Pharma (DEST) announced positive results of the phase 2b clinical study on the use of XF-73 nasal gel for the prevention of post-surgical infections. The next step will be the design of a phase III study. Discussions are being arranged with the FDA in the US.
Gfinity (GFIN) has completed its strategic review and has decided to continue with its existing strategy of focusing on higher margin revenues. Interim revenues more than trebled and the operating loss fell by nearly three-quarters to £900,000. There is £1.8m in the bank.
Arena Events (ARE) has raised a further £11m at 14p a share, having raised £9.5m at 10p a share one year earlier. The cash will enable management to bid for strategic assets, including Aztec Shaffer, a US company in Chapter 11.
K3 Business Technology (KBT) has written £16.9m off its intangible assets. Ongoing revenues dipped from £50.1m to £48.8m and the software provider made a small profit in the year to November 2020. Recurring revenues are three-quarters of the total.
Itaconix (ITX) increased revenues from $1.29m to $3.29m in 2020. Increased use of its sustainable polymers in detergents, odour control and personal care products is enabling revenues to grow and they will rise further this year. Itaconix is still losing money but it has the cash it requires for the medium-term.
Lawyer Ince Group (INCE) has agreed a £17m, three-year financing arrangement with Investec which replaces the £10m facility with Barclays.
Recent AIM admission TEAM (TEAM) is proposing an all-share offer for Tavistock Investments (TAVI) and shareholders owning 14% of Tavistock have indicated support for the offer from the investment manager.
Energy supplier Yu Group (YU.) generated better than expected 2020 revenues of £101.5m and the loss was reduced. Net cash was £11.7m at the end of 2020. This leaves management in a strong position to increase the scale of the business. This year there will be full contributions from customer books acquired last year. Average monthly new bookings were £10.3m in the second half of 2020.
Time Out (TMO) has raised £17m at 35p a share. This should supply working capital until November 2022.
MAIN MARKET
Macfarlane Group (MACF) is paying up to £4.5m for Cornwall-based protective packaging supplier Carters Packaging. In the year to March 2020, Carters made a pre-tax profit of £500,000 on revenues of £4.2m.
MasMovil has launched a bid for Euskatel, in which Zegona Communications (ZEG) has a 21.4% stake. This values the target at €2bn and the Zegona shareholding at €428m. That puts a value of 170p a share on Zegona.
InnovaDerma (IDP) reported a one-fifth decline in interim revenues to £4.1mand a more than trebled loss of £1m. Management expects trading to be uncertain for the rest of the financial year. The recent fundraising will help to keep the business on a sound footing while it waits for a more substantial recovery.
Andrew Hore