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Quoted Micro 4 November 2024
AQUIS STOCK EXCHANGE
Rebel shareholders failed to win any of their three resolutions, including the removal of the chief executive, at the requisitioned general meeting of ProBiotix Health (PBX). Broker Peterhouse said that major shareholder OptiBiotix Health (OPTI) was not allowed to vote its shares at the meeting because of the relationship agreement from the flotation of the probiotics developer. OptiBiotix Health owns 53.5 million shares, and the votes were lost by less than 36 million shares.
Surgical treatments provider One Health Group (OHGR) interim revenues were more than one-fifth higher at £13.4m. New patients increased by 29%. The second half is likely to better than expected. That means that full year EBITDA should be higher than £1.9bn. There was cash of £4.9m at the end of September 2024. A move to AIM is being considered.
Aquis Exchange (AQX) and Cboe Europe are assessing a joint bid to provide an EU consolidated tape of stock trades. The European Commission has decided to create a single entity to operate a real-time, trade consolidated tape. The European Securities and Market Authority will select the business to take on the role. The plan is for the two companies to set up a joint venture called SimpliCT, which will be based in the Netherlands, to bid for the role of equity consolidated tape provider.
Luxury prize draw organiser Good Life Plus (GDLF) has achieved £330,000 in monthly recurring revenues. There are more than 40,000 subscribers and churn has been reduced. In the six months to July 2024, revenues were £1.69m. There was a £2.21m cash outflow from operating activities. There was a fundraising after the balance sheet date. Richard Johnston has been appointed as finance director.
Macaulay Capital (MCAP) investee company Vale Foods has repaid a £125,000 loan and this has been reinvested in shares in the latest fundraising of £430,000. A £100,000 loan has been made to another investee company.
Health IT provider DXS International (DXSP) has won its first NHS commercial contract for its AI ExpertCare Clinical Decision Support product. In the year to April 2024, revenues were 2% ahead at £3.31m, There was an impairment charge of £4.38m. Even without that write-down the company fell into loss. Chairman Bob Sutcliffe bought 50,000 shares at 1p each and 133,333 shares at 1.5p each. He owns 1.74% of the company.
KR1 (KR1) had net assets of 62.15p/share at the end of September 2024. The income from digital assets was £592,000 during September.
Social commerce platform investor WeCap (WCAP) says WeShop is considering a listing. If its convertible loans are converted into shares WeCap would own 16% of WeShop. The investment in Bio2pure of £100,000 has been written down to nil. At the end of April cash was £49,000 and net assets were £7.39m.
Rogue Baron (SHNJ) says Sinju Japanese Whisky will be available in the US in the third week of November. The latest shipment of 800 cases has been presold.
Marula Mining (MARU) is stockpiling ore at the Kinusi copper mine. Samples have been sent to South Africa for test work and the results will help to design the first phase of the processing facilities. Three trial shipments are about to be sold.
Fenikso (FNK) is launching a share buyback of up to 49.3 million shares. A further $404,000 has been received in loan repayments. The remaining loan is worth nearly $39m.
Chris Akers’ stake in Oscillate (MUSH) has been reduced from 5.94% to less than 3%. Peterhouse Capital has also reduced its stake below 3%. Jonathan Neame has bought 7,000 Shepherd Neame (SHEP) shares at 569.5p each.
Investment Evolution Credit (IEC) raised £475,000 at 1p each and there is a broker option to issue up to three million more shares.
Unigel Group (UNX) is paying an interim dividend of 1.5p/share on 22 November.
First Sentinel has resigned as corporate adviser of Vulcan Industries (VULC).
AIM
Energy supplier and energy efficiency services provider Good Energy (GOOD) received an unsolicited bid from Dubai-based Esyasoft Holding Ltd. Esyasoft offers a range of products. They include the Smart Grid Suite, which is a cloud-based integration platform that manages workflow and communications between utilities and meters and an energy mobility business.
Payments technology developer Eckoh (ECK) is recommending a 54p/share bid from funds managed by Bridgepoint Advisers II. The bid values Eckoh at £169.3m. The share price has not been at that level since the end of 2022, but it is the price indicated back in August. The bid values Eckoh at 20 times prospective 2025-26 earnings.
Nexus Infrastructure (NEXS) is spending some of its cash pile on Coleman Construction & Utilities, which is involved in civil engineering for water and marine sectors. This diversifies the business away from housebuilding infrastructure. The purchase will cost up to £4.4m and be immediately earnings enhancing – EBITDA was £700,000 last year. Trading is in line with expectations and the loss should be halved to £2.4m in the year to September 2024. A small loss is still expected this year.
Emmerson (LON: EML) says it filed an appeal against the unfavourable recommendation for its ESIA application for the Moroccan potash project, but the regional authorities say that they cannot examine the ESIA submission again. Emmerson subsequently notified the Moroccan government of an investment dispute and argues that the government is violating an agreement between the UK and Morocco. The dispute can be submitted to the International Centre for the Settlement of Investment Disputes. Prior to this, the company is seeking cash compensation from the government. Emmerson is trying to reduce its cash burn, but that will mean that there will be no progress with the development of the project. Two non-executive directors are stepping down and the two remaining non-executives will take fees in shares, while the chief executives pay will be reduced by two-fifths.
Construction dispute and expert witness services provider Diales (DIAL) says that there will be a small improvement in revenues and profit in the year to September 2024. Pre-tax profit will be at least £1.1m, up from £1m. The cost base has been reduced. Net cash is £4.3m. Diales is pulling out of the US. It will still have a Canadian operation, and South America is handled from Spain.
MicroSalt (SALT) has received an initial purchase order for 50,000lbs of low-sodium salt from a major food and drink manufacturer for one of its product lines. Annualised volumes should be 200,000lbs and there could be orders for two other products. There is also a follow-on order from a B2B customer and the 63,860lbs will be delivered in January. Two other B2B orders have been won.
Tlou Energy (TLOU) is seeking shareholder approval at its AGM to leave AIM. The shares will still be traded on the ASX and the Botswana Stock Exchange. Interest in the company has dwindled and the departure will save money. UK shareholders are offered the chance to transfer their holding to the ASX depositary in exchange for ASX-listed shares at no cost. Tlou Energy released a first quarter update indicating progress with the Lesedi CBM gas-to-power project in Botswana. First electricity sales are expected in the middle of next year. There was an operating cash outflow of A$800,000, plus A$1.7m of capital investment in the period.
Cleaning services provider React (REAT) has made the earnings enhancing acquisition of 24hr Aquaflow Services for £5m plus contingent payments of up to £2.4m. It will still be enhancing after a £1.1m placing at 81p/share. 24hr Aquaflow Services is a drainage and plumbing services provider. This adds to group services.
Shield Therapeutics (STX) generated $7.2m from 43,500 ACCRUFeR prescriptions in the third quarter, which was slightly lower than forecast. The average net selling price is $167, and this could rise to $192 in the fourth quarter. Total nine-month revenues are $20m and the 2024 figure should hit $31.5m. Management admits that more cash will be required, and costs are being reduced. Sallyport is providing a $15m facility, up from $10m previously, and AOP Health has agreed to subscribe $10m for shares at 4p each.
Prospex Energy (PXEN) says third quarter gas production of its Italian interests, where it has a 37% stake, was 76,910scm/day. Prospex Energy’s net revenues for the quarter were €1m, which is a record. There should be a further increase in gas production in the fourth quarter.
Deltic Energy (DELT) says wireline logging and fluid sampling confirm the gas discovery at Selene in the North Sea, where it has a 25% working interest. The reservoir quality is better than expected, but it is deeper than anticipated which means that recoverable gas volumes of 131bcf are lower than previous estimates of 320bcf. This should still be economically viable. Further work is required, though.
Transport technology services provider Microlise Group (SAAS) has been hit by a cyber security incident. This has disrupted services, and they are currently inactive. Cyber security specialists have been appointed.
MAIN MARKET
Tin projects developer First Tin (1SN) has raised £8m at 6p/share. The cash will go towards the Taronga project in Australia and funding the enhancements highlighted in the definitive feasibility study. This could increase the project NPV to A$400m. The environmental impact statement will be completed so that initial project work can commence. There will also be cash to progress permitting at the Tellerhauser project in Germany.
Mears (MER) says trading is strong and margins are improving. The 2024 figures will be better than expected with revenues of £1.13bn and pre-tax profit of at least £60m.
A general meeting has been requisitioned at nanomaterials developer Nanoco (NANO) by Milwood Fund, which wants two of its employees to be given board seats. It appears Milkwood may want to sell assets and turn Nanoco into a shell.
Motor dealer Caffyns (CFYN) is selling its freehold premises in Lewis to Lidl for £4.65m, which is equal to book value. The pension fund will receive £2.4m and the rest will reduce debt. The Lotus dealership will be relocated.
Critical Minerals (CRTM) is making progress with the Molulu copper cobalt project in the DRC and is on course to start delivering ore. Two additional mineralised zones have been identified. Terms of a new offtake agreement have been secured with OM Metals following good copper grades from ore testing. Since the balance sheet there has been a £455,000 investment by NIU Invest.
Andrew Hore
Quoted Micro 23 September 2024
AQUIS STOCK EXCHANGE
Digital assets investor KR1 (KR1) reported interim revenues from those digital assets improving from £3.91m to £8.72m, although lower gains on disposals of assets meant that the pre-tax profit edged up from £10m to £10.3m. There was £1.5m in cash in the balance sheet at the end of June 2024. NAV was 82.01p/share at the end of June 2024 and this has fallen back to 71.92p/share at the end of July 2024.
Oscillate (MUSH) has signed an agreement to acquire Quantum Hydrogen for £1.4m in shares. The Minnesota exploration acreage has potential for hydrogen gas. There was £500,000 raised at 1p/share. Investee company Shortwave Life Sciences (PSY) announced positive safety results for its proprietary psilocybin-based drug combination.
Equipmake (EQIP) has received an order from Genco Energy, which is a supplier to Kiwi Bus Builders in New Zealand. This covers four zero emission drivetrains for trail electric buses. There are discussions for the supply of more drivetrains.
Food and beverages company Essentially (ESSN) has renegotiated supplier terms and its beverages are being sold in more stores. The Best of Latin was acquired in May. Interim revenues rose from £593,000 to £920,000. The loss was reduced from £400,000 to £236,000.
Macaulay Capital (MCAP) net assets declined from £1.36m to £1.17m in the six months to June 2024. The company has seven portfolio companies.
Mollyroe (MOY) had net assets of £267,000 at the end of June 2024 and that includes cash of £312,000. Management is seeking opportunities.
Telecom fibre optic cable components supplier Unigel (UNX) interim revenues declined from £18m to £14.8m, but higher gross margins mean that pre-tax profit improved from £630,000 to £930,000. Productivity improved and there were greater sales of higher margin products.
IntelliAM AI (INT) has won contracts with Hovis manufacturing sites, and they are worth £100,000 over 12 months.
Wishbone Gold (WSBN) has raised £360,000 at 0.375p. This will provide working capital. New 3D modelling at the Red Setter prospect owned by Wishbone Gold shows a high quality target, plus the structure of a dome target. The assessment of the Western Australia shows gold, some near the surface, and copper resource.
Probiotix Health (PBX) has secured an agreement with Greek consumer business Eifron, which will introduce YourBiotix tablets in early 2025 under its own brand. There will also be other products using Probiotix Health’s core ingredient launched.
Valereum (VLRM) says that its El Salvador subsidiary has obtained a Digital Asset Service Provider licence. This enables it to operate a real world asset ecosystem.
Marula Mining (MARU) reported a higher loss in 2023. There was a £913,000 cash outflow from operating activities. There was also a £1.67m outflow from investing activities. The first manganese export sales have been completed from the Larisoro manganese mine.
Watchstone Group (WTG) had net assets of £5.8m at the end of June 2024. That includes cash of £6.2m, but a return of capital has reduced the cash balance to £1.7m.
Adsure Services (ADS) has declared a final dividend of 0.99p/share. The ex-dividend date is 17 October.
Ananda Developments (ANA) raised £80,000 from a retail offer at 0.3p/share. This is on top of the £2.1m already raised.
Daniel Thwaites (THW) director RAJ Bailey bought 45,000 shares ate 85.05p each and 13,000 shares at 85.25p each. He owns 1.3%. Constantine Logothetis has acquired more shares in SulNOx Group (SNOX) taking his total to 25.1%. William Black and Armstrong Investments has increased its stake in EPE Special Opportunities (EO.P) from 5.1% to 6.02%.
AIM
Steel structures supplier Billington (BILN) was always going to have a tough time maintaining the 2023 figures and interim revenues fell 4% to £57.9m. Pre-tax profit was flat at £4.6m, although building safety products made a higher contribution offsetting a decline in structural steel. Net cash is still £21.9m even after the 33p/share dividend. The second half will not hold up as well. Cavendish has upgraded its 2024 forecast for the second time in six months. Pre-tax profit has been raised from £8.5m to £9.25m, still well down on the 2023 figure of £13.4m.
Digital coupons and loyalty technology provider Eagle Eye (EYE) continues to grow at an impressive rate as more retailers take up its technology with AI providing additional revenue opportunities. In the year to June 2024, revenues were 11% ahead at £47.7m, while pre-tax profit improved from £4.5m to £6.1m. Net cash is £9.1m and it will continue to build up. The five-year target is revenues of £100m.
Judges Scientific (JDG) had a tough first half. Organic revenues were 3% lower with China the weakest market. The international nature of the business helps to offset some of the downturns in specific markets. Pre-tax profit fell 16% to £10.8m. The order book covers 17 weeks of revenues. Panmure Liberum expects a dip in full year pre-tax profit from £31.7m to £30.7m. The recently announced Geotek contract will benefit the 2025 results.
Good Energy (GOOD) continues its transformation into an energy services business, but the real change will not be seen until next year when they start to make a positive contribution. The reduction in energy prices hit revenues of the supply business and profitability. The first half of the previous year was a beneficiary of high gas prices, so it is no surprise that revenues declined sharply from £156.1m to £97.4m. Pre-tax profit slumped from £13.1m to £4.4m.
There is a better outlook for kettle controls and water filtration products supplier Strix (KETL) following significant restructuring and cost cutting in the first half. This led to large exceptional charges. Interim revenues improved 2% to £66.1m and pre-tax profit rose from £6.9m to £7.8m. This excludes the Halopure business, which is up for sale. There were improved profit contributions from all three divisions. There is no interim dividend. Net debt has fallen to £68.8m.
Packaging equipment and automation provider Mpac Group (MPAC) is acquiring BCA Automation for £12.9m in cash and shares. The acquired business focuses on robotics and conveyor systems for food and other sectors, so it fits well with the existing business. The Boston-based business focuses on the packaging area, whereas Mpac is focused on earlier stages of production.
Ceramic and fragrance products supplier Portmeirion (PMP) had flagged the interim figures. Revenues fell 17% and there was a loss of £2m. Costs are being lowered and this has enabled full year estimates to be maintained with pre-tax profit expected to recover from £3m to £4.2m. This will come via cost savings and additional revenues. The dividend is being rebalanced from 3.5p/share to 1.5p/share, but the total dividend for 2024 should be higher than last year’s 5.5p/share.
There was yet another upgrade for Warpaint London (W7L) from Shore Capital following the interim figures today. There was strong growth in Europe and the UK. North America grew slightly but the focus is higher margin business. Gross margins continue to improve. Overall group sales were one-quarter ahead at £45.8m and pre-tax profit jumped from £6.3m to £11m. The full year pre-tax profit forecast has been raised 5% to £24.5m.
Kinovo (KINO) has won an 18-month contract with Hackney council. It is worth up to £12m and covers a range of decarbonisation works on 300 properties. The work should start in the fourth quarter of 2024. There is also another contract with Hackney worth £400,000. This work replaces another contract that is being retendered.
Intermediaries services provider Fintel (FNTL) grew interim revenues from £31.7m to £35.7m, helped by acquisitions. Zeus has updated its forecasts for the most recent acquisition ThreeSixty Services. The 2024 revenues have been raised from £74.3m to £77.5m, while pre-tax profit has been reduced from £18.4m to £17.2m.
DP Poland (DPP) generated like-for-like growth of 22% in the first half and the growth remains above 20% in the second half. Money raised this year is being invested in new Domino’s sites in Poland. There is also growth in franchising with four corporate stores sold to an overseas operator. The loss is reducing, and DP Poland could move into profit in 2025.
Phoenix Copper (PXC) has published the pre-feasibility study for the Empire open pit mine in Idaho. Discounted NPV at 7.5% discount is $87.9m and total cash costs are estimated at $2.44/copper equivalent pound. Over eight years the mine could generate net free cashflow of $153m. Further exploration planning is happening, and equipment is being purchased for the processing site.
Global Petroleum (GBP) has risen on the back of yesterday’s application two additional licences near to an existing Juno licence in Western Australia, where it increased its stake from 70% to 80%. This is near the Havieron project. Precious and base metals targets have been identified that have similar characteristics to the existing licence. The company has appointed Omar Alumad, who it says has a record of identifying early opportunities, as chief executive and Hamza Choudhry as finance director.
Software training services provider Northcoders (CODE) reported a 26% increase in interim revenues to £4.4m. Registrations for courses were at record levels. There was a small interim pre-tax profit. Net cash is £700,000. The corporate business has been rebranded Counter. Investment in the cloud and data analytics means that there will be continued demand for Northcoders’ training and services.
Digital media company Catenai (CTAI) reduced its loss from £196,000 to £13,000 in the six months to June 2024. That is down to the fees earned for the £450,000 convertible loan note investment in oil and gas-focused data analytics company Klarian and reduced costs. Catenai has also moved from net liabilities to net assets. The cash position has improved to £31,500.
Africa-focused energy company Chariot Ltd (CHAR) has completed the drilling of the Anchois-3 main hole. It encountered gas, but gas pays are thinner than pre-drill estimates. The well will be abandoned. The next step for the project is being discussed with joint venture partners.
Rockfire Resources (ROCK) raised £450,000 at 0.1p/share to continue the development of Molaoi zinc silver lead project in Greece. Earlier in the month, the JORC resource was raised by 500% to 1.09 million tonnes of zinc, 260,000 tonnes of lead and 19.1 million ounces of silver. A retail offer to existing shareholders of up to £250,000 managed to raise £82,000.
MAIN MARKET
Motor and property finance lender S and U (SUS) says that motor business remains challenging, although this could improve in the second half if FCA restrictions are removed. Property lending is still growing. The interims will be published on 8 October.
Trading in Hostmore (MORE) shares has been suspended and then cancelled because the company is being placed in administration.
Shipbroker Braemar (BMS) reassured investors about 2024-25 trading. Interim operating profit should be slightly higher than the £7.6m reported in the same period last year. There is £3.3m in cash. Management is confident about the rest of this year and next year despite continued volatility in shipping markets.
DG Innovate (DGI) raised £620,000 at 0.075p/share with management promising to subscribe £200,000 when the energy storage technology developer is not in a closed period. This will fund development of e-drives and energy storage products. It will also help to fund setting up a joint venture with EVage Automotive.
Becket Invest (TAB) has agreed to buy SMT Holdings, which will invest in strategic metals and rare earths used in technology and aerospace.
Andrew Hore
Quoted Micro 3 June 2024
AQUIS STOCK EXCHANGE
Time to ACT (TTA) has joined the Aquis Stock Exchange and plans to develop a group of engineering-based energy transition businesses. Middlesborough-based Time to ACT has two subsidiaries. Diffusion Alloys is a long-established diffusion coating business. The technology provides an intermetallic layer that protects metal components at high temperatures. GreenSpur is a much newer business that is developing direct drive generator technology for use in wind power that does not require rare earths for magnets. It uses axial flux technology that utilises ferrite magnets, which are less expensive. It is also copper-free and uses aluminium instead. The share price ended the week at 50p.
Arbuthnot Banking Group (ARBB) has decided to pay a special dividend of 20p/share on top of its interim dividend of 20p/share, up from 19p/share in 2023. The two dividends will be paid at the same time on 20 June.
Digital assets investor KR1 (KR1) had net assets of 95.43p/share at the end of April 2024. Celestia accounts for 34.2% of the portfolio and Polkadot for 14.3%. There was £1.16m of income generated from digital assets during the month.
Marula Mining (MARU) has signed an offtake agreement with Fujax UK for manganese ore production from the Larisoro mine in Kenya. The agreement covers an initial 2,000 tonnes of manganese ore with further minimum monthly deliveries of 5,000 tonnes, but nominal monthly sales of 20,000 tonnes/month for 12 months. Deliveries have started. Assay results from Larisoro show an average grade of 35.73% manganese.
Unigel Ltd (UNX) increased full year pre-tax profit from £442,000 to £815,000 on revenues improved from £18.8m to £28.5m. Although this is not like-for-like. There was a like-for-like decline in profit. The manufacturer of telecom fibre optic cables materials says its market declined last year. There are signs of recovery.
Valereum (VLRM) chairman James Formolli has subscribed £2m for shares at 3.6p each. Instead of warrants he will receive 15 million GATE tokens. Valereum has signed a strategic partnership with Securities Trading Technology Mauritius to improve Valereum’s core technology. The focus is Bridge Digital FMI, the company’s blockchain digital financial markets infrastructure.
Apollon Formularies (APOL) shares slumped 70% to 0.0075p after shareholders voted in favour of leaving Aquis.
Capital for Colleagues (CFCP) reported an interim pre-tax profit of £985,000, up from £933,000. NAV was 87.32p/share at the end of February 2024. A 2p/share dividend has been subsequently paid.
BrightGrow SSAS has a 7.08% stake in investment company Gledhow Investments (GDH), which reported a decline in net assets from £1.6m to £1.3m, including cash of £217,000, at the end of March 2024.
Cooks Coffee (COOK) increased full year group revenues by 19% to NZ$4.7m. Growth was in the South and eastern England. Four new stores have opened in UK and one in Ireland in April and May. In the past eight weeks, UK store sales were 27.3% higher.
Vinanz Ltd (BTC) is launching a new Bitcoin mining centre in Iowa, where 85% of electricity supply will come from renewables. An order for 20 Bitmain Antminer S19J Pro+ 120TH bitcoin miners. More will be ordered once these are up and running efficiently. Vinanz generated income of £200,000 in the six months to February 2024, while revaluation of assets and disposal gains enabled Vinanz to make a pre-tax profit of £175,000.
Super Seed Capital (WWW) improved NAV by 5p/share to 116p/share in the first quarter of 2024. The company expects to make up to three new investments in the second quarter.
Chairman Geoffrey Miller has increased his shareholding in TruSpine Technologies (TSP) from 7.24% to 9.03% after he acquired 2.5 million shares at 1.5p each from LCS. AIM-quoted Vela Technologies (VELA) has cut its stake from 9.9% to 4.3%. Constantine Logothetis has increased his stake in SulNOx Group (SNOX) to 24.1%.
S-Ventures (SVEN) has delayed the announcement of its figures for the 15 months to December 2023 because the audit will not be completed by the end of June.
AIM
Cancer treatments developer Extruded Pharmaceuticals reversed into Amur Minerals Corporation to form CRISM Therapeutics Corporation (CRTX) on 31 May. According to the admission document, the estimated value of the company after the acquisition would be £7.5m at 23p/share following a one-for-160 share consolidation. That valued the all-share acquisition of Extruded Pharmaceuticals at £5.5m. The opening price was 24p, but it ended the day at 11.5p.
Digitisation services provider TPXimpact (TPX) says 2023-24 revenues were slightly above expectations at £84m. EBITDA margin was in the middle of the 5%-6% range. Net debt has fallen to just over £7m. There was £139m of work won last year. There could be some short-term disruption from the General Election.
Cleaning services provider React (REAT) had a strong first half and it is well on the way to making the full year forecast. It continues to win new contracts and renew existing contracts at similar margins. Interim revenues grew from £9.3m to £10.3m, while pre-tax profit improved £800,000 to £1.1m. The integration and digitalisation of LaddersFree is progressing and that will improve efficiency. Net cash was £700,000 at the end of March 2024.
Video streaming technology provider Aferian (AFRN) reported a 21% decline in annual recurring revenues to $14.7m at the end of November 2023. Total 2022-23 revenues fell from $91.1m to $47.8m, although software sales improved, and Aferian moved from profit to loss. Underlying cash flow fell from $8.9m to $3.2m. Net debt was $6.1m at the end of 2023. Cost savings are being made. Chief executive Donald McGarva will leave in October.
Online building materials retailer CMO Group (CMO) reported a 14% drop in revenues to £71.5m with plumbing sales holding up better than other sectors. There was a swing from a pre-tax profit of £175,000 to a loss of £2.33m. Net debt was £600,000. The tiles market continues to decline, but there are signs of recovery in the overall market. Like-for-like sales orders were 18.2% lower, and the second quarter decline has slowed to 7.9%.
Oil and gas company Prospex Energy (PXEN) says current gross production of the PM-1 facility at the Selva Field – 37% interest – is 2.8mmcf/day. This is generating free cash flow of more than £6,000/day. The operator is Po Valley Energy. The Italian government has become more positive about oil and gas exploration. The permitting process for additional wells is progressing.
Revolution Bars (RBG) has moved its general meeting date to 14 June. This is to gain shareholder agreement to raise up to £12.5m via a placing and seven-for-eight open offer at 1p/share. The board does not believe that the approach from Nightcap (NGHT) can be delivered in a timely manner, so it is going ahead with its restructuring proposals.
Roebuck Food Group (RFG) has sold its dairy division for €1.3m net. This business is loss making. The remaining business is involved in milling and importation of food and ingredients.
Oil and gas producer Longboat Energy (LBE) says net production at the Statfjord satellites has been disappointing this year. Two out of five redevelopment wells are still not producing. Average production was 401boe/day in the first four months of 2024 rising to 544boe/day so far in May. Further capital expenditure is required. Longboat Energy is reducing costs and additional funds will be required. A share issue is an option.
Trading in Trafalgar Property (TRAF) shares was suspended after the company confirmed it is negotiating a reverse takeover of Ecap Esport. At the end of September 2023, Ecap Esport had net assets of £2.67m, including intangible assets of £3.94m, and its ultimate parent company was Esboz Ltd which sold the intangible assets to the company.
Insig AI (INSG) has taken a 5.45% stake in AI and blockchain company ImpactScope OU. Insig AI will sell its Greenwashing Identifiet technology to asset managers. The payment was 900,000 shares at 13.75p each and Insig Ai has an option to subscribe for more shares. New Insig AI executive chairman Richard Bernstein has subscribed £100,000 at 20p/share.
Premier African Minerals (PREM) has paused mining at the Zulu lithium and tantalum project in Zimbabwe. This will enable the installation of an additional conditioning cell and it should be completed by 10 July.
Low sodium salt developer MicroSalt (SALT) has made strong progress over the past year, including the flotation on AIM. The 2023 results announced today represent a period prior to flotation. MicroSalt was still in a period of building up its customer base and reported a loss of £3.5m.
MAIN MARKET
First Tin (1SN) has acquired exploration licence 9200 to broaden the area covered at Taronga in Australia. There has been tin production in the area in the past. Soil sampling results have extended the Pound Flat target area slightly.
Publisher National Word (NWOR) increased revenues by 18% in the first 21 weeks of the year. That includes contributions from Insider Media and Midland News Association that were acquired last year. There is net cash of £10m.
Andrew Hore
Quoted Micro 4 September 2023
AQUIS STOCK EXCHANGE
Valereum (VLRM) says the takeover of the Gibraltar Stock Exchange will go ahead in September. In the middle of September, a US fund is due to provide funding of £5m-£8m in two tranches. Trading in the shares has been suspended ahead of the publication of an admission document, which is likely to be in early October.
Fibre optic cables materials supplier Unigel Group (UNX) reported a dip in interim revenues from £18.8m to £18m, even so pre-tax profit jumped from £442,000 to £852,000 due to lower overheads. There was a £244,000 cash inflow from operating activities. The market declined by 3% during the period because of a slowdown in 5G investment.
Marula Mining (MARU) has acquired ore sorters to expand processing capacity at the Blesberg lithium and tantalum mine. Two ore sorters will cost £1.74m in total. The target production is up to 50 tonnes/day of lithium spodumene product from existing stockpiles. An agreement has been signed for an initial sale of 27.5 tonnes of high-grade material from Blesberg. The sale price is $3/000/tonne, based on a minimum grade of 6%. The company is negotiating to cancel a previous offtake agreement with Southern Jade Resources.
Cadence Minerals (KDNC) has warned that the Sonora lithium project licences, where it owns 30% of the entity that owns them, could be cancelled by the Mexican government because of minimum investment obligations between 2017 and 2021. Evidence of the spending may not have been submitted when required. This is subject to appeal. WH Ireland has already put a cautious value on the asset because of this uncertainty.
Psychedelic substances investment company Clarify Pharma (PSYC) had net assets of £1.1m at the end of May 2023. Cash had fallen to £183,000 at the end of August.
AQRU (AQRU) continues to reduce the number of employees and streamlined its investment pipeline. The main digital asset businesses have been injected into Langland Software Solutions in return for a 30% stake. Three directors are leaving the board, including Phil Blows who controls Langland. AQRU retains individual stakes, plus cash and crypto tokens.
KR1 (KR1) had net assets of 48.13p/share at the end of July 2023. There was income of £572,000 generated during the month.
Shareholders of Oscillate (MUSH) voted against voluntary liquidation. Net assets were £2.95m at the end of May 2023, including £1.17m in cash.
PanGenomic Health Inc (NARA) had net liabilities of $1.45m at the end of June 2023.
Clean Invest Africa (CIA) has received £200,000 from the convertible loan note issue. This will provide additional working capital. Pascal Portmann has become a non-exec director.
Black Sea Property (BSP) has raised €7.56m through a loan note issue.
Andrew Offit has taken a 4.8% stake in NFT Investments (NFT).
AIM
Pharma IT systems supplier Instem (INS) is recommending an 833p/share cash bid by Ichor Management, which is controlled by funds managed by Archimed SAS. The bid is still below the share price peak of 905p in September 2021. Instem is valued at £203m. The board believes that private ownership will provide greater access to capital to fund acquisitions and growth.
SailPoint Technologies UK is bidding 2.35p/share for Osirium Technologies (OSI), which may be nearly double the previous market price, which was an all-time low, but it is well below the share price peak of 201p during the 4 May 2016, less than one month after it joined AIM. The bid values the cyber security company at £3.11m. SailPoint Technologies believes that the business will fit well with the SailPoint Identity Security Platform. A unified platform will be developed for securing privileged and non-privileged identities for customers and there will be enhanced regional opportunities.
Frasers Group (FRAS) continues to build up its stake in online fashion retailer boohoo (BOO) from 9.1 to 10.4%. Frasers has also edged up its interest in ASOS (ASC) from 19.3% to 19.8%, although 9.2% is held through financial instruments.
Sustainable wood products supplier Accsys Technologies (AXS) made a strong start to the financial year, but it warns that demand from the construction market is declining. Sales volumes for the year to March 2024 will be worse than expected and profit will be much lower than anticipated. Operating costs are being reduced.
Revolution Beauty (REVB) has appointed Lauren Brinley as chief executive. The beauty and cosmetics products supplier also published its 2022-23 accounts. Lauren Brindley was until recently head of American retailer Walgreen’s beauty and personal care operations across its stores and online. Prior to that she worked at Boots and Tesco. Revolution Beauty has new distribution agreements with Walgreens and Boots. In the year to February 2023, revenues edged up 2% to £187.8m, while the loss reduced from £45.9m to £33.9m. That masks improved trading in the second half. First quarter sales were 60% higher, but there was destocking in the corresponding period last year. EBITDA was £3.5m in the period. Net debt increased to £21.5m.
Rosslyn Data Technologies (RDT) raised £2.7m from a placing and subscription at 0.5p/share and a retail offer to existing shareholders could raise up to £500,000 more. On top of the share issue, there is a proposed issue of 10% convertible loan notes to raise £600,000 from Hargrave Hale AIM VCT, Octopus AIM VCT and Octopus AIM VCT2. The conversion price is the lower of 0.5p or the issue price of another fundraise. There are also plans for a 50-for-one share consolidation. There will be a resolution at the general meeting on 18 September to gain shareholder approval.
Summary results for the phase II dose ranging study assessing Orenetide for hypoactive sexual desire disorder were disappointing and that has hit the Ovoca Bio (OVB) share price, which slumped 78.7% to an all-time low of 2.4p. The results of the study in Australia and New Zealand show that the treatment was not statistically significantly better than placebo. The ckinompany will have to decide how to move forward with the product and whether it should continue development. Ovoca Bio had €2.6m in the bank at the end of July.
Kinovo (KINO) says that it would not recommend a 56p/share bid from Rx3.
Linear Generator technology developer Libertine Holdings (LIB) says fees expected from Hyliion may not be recognised this year. This means that the loss would be higher than the £2.6m forecast. The first phase of development is complete and Hyliion has a six-month option period to negotiate IP rights. Work on the MAHLE powertrain was completed later than scheduled. There is £1.2m in the bank, which should last until May.
Application specific integrated circuits designer Sondrel Holdings (SND) has been hit by contract delays. Three major customers have delayed development for 6-12 months because of economic uncertainty and concerns about consumer confidence. Interim revenues will be 17% higher at £9.3m, but the full year forecast has been cut from £28.4m to £13m. Sondrel is likely to move into a net debt position by the end of 2023, but this should be temporary.
EnSilica (ENSI) has secured a $2.4m contract with an existing European customer for the development of an advanced networking ASIC. Most of this revenue will be recognised in the year to May 2024, which underpins forecasts. It has also won a €2.5m contract for its satellite broadband chip.
Pelatro (PTRO) will ask shareholders to vote to cancel the AIM quotation because of the cost and the inability to raise cash. The general meeting will be held on 21 September. Finance director Nic Hellyer is leaving the board. A matched bargain facility will be put in place.
Star Energy (STAR) is moving into geothermal project development in Croatia. This is part of the company’s move to refocus from gas to geothermal energy. A 51% interest in A14 Energy is being acquired for €1.3m in cash plus €300,000 back costs. A14 owns the Ernestinovo licence in the Pannonian Basin in Croatia. Bids have been placed for further licences. Up to €1.5m more is payable if the licences are granted.
MAIN MARKET
Networking and biomedical technology company BATM (BVC) grew interim revenues by 5% to $60.2m and gross margin improved. Pre-tax profit improved from $1m to $2.3m. Cash declined to $41.9m at the end of June 2023.
RegTech Open Project (RTOP) was the biggest riser in the Main Market last week. The share price rose 55.4% to 172.5p, having joined the market on 25 August at 100p. This values the business and operational resilience software company at £103.5m. The underlying business generated revenues of £1.1m in 2022, down from £1.31m in 2021, due to a fall in operational resilience fees. The operating loss increased from £930,000 to £2m. RegTech Italy, which is part of a group that owns 65% of RegTech Open Project, is providing a shareholder facility of up to £8m with an initial cash drawdown of £2m that will help to pay the expenses of the listing. The company estimates total directors’ remuneration of £505,000 over the next 12 months.
Andrew Hore
Quoted Micro 3 October 2022
AQUIS STOCK EXCHANGE
Kent brewer Shepherd Neame (LON: SHEP) returned to profit in the year to June 2022. The total dividend is 18.5p a share. Net assets increased from 1140p a share to 1194p a share, while net debt is back to pre-pandemic levels at £75.3m. Pubs and hotel revenues are still lower than in 2018-19. Beer volumes have more than recovered, although own beer volumes are 8% lower than three years ago. In the 13 weeks to 24 September 2022, like-for-like retail sales are 9% ahead, while own beer volumes were 1.2% higher – including a 14% improvement in own beer volumes.
Property investor Ace Liberty and Stone (ALSP) increased pre-tax profit by 49% to £2.07m in the year to April 2022. Net assets are 6% higher at £34m. Net debt has reduced from £54.8m to £44.6m. A dividend of 3.4p a share has been announced that will cost £2m.
VSA has downgraded its forecasts for battery storage technology developer Invinity Energy Systems (IES) following interim figures. First half revenues were £1.4m and the order book is worth £13m – mainly relating to the second half. However, 2022 revenues were downgraded from £14.1m to £11m. Next year’s revenues have been upgraded from £20.6m to £23.7m. Cash is likely to run out later next year.
All Things Considered (ATC) investee company Driift has acquired interactive live streaming events platform Dreamstage, which has been used by Driift for its own events. Deezer will invest a further £4m into the combined business. Music management business All Things Considered increased interim revenues by 19% to £6m and the loss was reduced. Net cash is £1.5m. A full year loss is expected compared with previous expectations of a £600,000 profit.
Wine maker Chapel Down Group (CDGP) increased interim revenues by 4% to £6.88m. Sparkling wine revenues were 35% higher. Pre-tax profit improved by 6% to £489,000. The company started harvesting in August and a strong yield is anticipated.
KR1 (KR1) is not immune to the decline in values of digital assets. The value of intangible assets fell by £155.5m in the period, which more than offset realised gains of £2.5m and income of £16.6m. Net assets have declined by nearly three-quarters and NAV is 30.6p a share.
St Mark Homes (SMAP) reported an increased interim loss and NAV fell from 120p a share to 116p a share. As current projects complete management will consider paying a dividend.
Coinsilium (LON: COIN) reported a net fair value gain on financial assets of £163,000 in the first half of 2022. However, the value of cryptocurrency assets has declined. Net assets have fallen from £5.84m to £4.57m.
ProBiotix Health (PBX) generated sales of £306,000, down £537,000 in the first half of 2022. Orders worth £1.12m have been received since the beginning of the year, so the second half revenues should be stronger, as well as higher than last year.
In the six months to June 2022, the value of the equity stakes held by Cadence Minerals (KDNC) fell from £12m to £5.75m. The main decline was in the value of the stake in AIM-quoted European Metals Holdings. There was £1.99m in the bank at the end of the period.
NFT Investments (NFT) has been hit by a reduction in the value of cryptocurrency, particularly Bitcoin. That means that NAV has fallen to £30.1m, including £20.4m in cash. There was a revaluation reduction of £265,000, but that was offset by exchange gains of £362,000, leaving the value of investments at £6.47m. At 0.91p, down 4.21% on the week, the share price is less than one-third of the NAV of 3p a share.
Thixotropic gels manufacturer Unigel Group (UNX) joined the Access segment of the Aquis Stock Exchange in August. There was £800,000 raised at 64p a share. The gels are used in the fibre optic industry. A maiden trading statement says that interim pre-tax profit was 94% ahead at £940,000. New products and higher selling prices boosted revenues and current trading is described as robust.
Clean Invest Africa (CIA) was the worst performer on the Aquis Stock Exchange last week. Loan notes have been converted into shares helping the company turn net liabilities into net assets of £1.72m at the end of June 2022. The company’s CoalTech technology is proven in palletising coal fines or coal waste and management believes that other materials could be palletised.
Hydrogen Utopia International (HUI) had £3.2m left in the bank at the end of June 2022. There were no revenues in the first half. There was progress with waste plastic to energy project developments.
Wishbone Gold (WSBN) had £2.38m in the bank at the end of June 2022. Drilling has commenced in Western Australia and Queensland in recent months.
Screwless spinal stabilisation systems developer TruSpine Technologies (TSP) had £3,471 in cash at the end of March 2022. There was a £390,000 cash outflow from operating activities and £1m of development spending capitalised. TruSpine subsequently entered into a funding agreement with Proffitt Brothers and $100,000 has been received.
Helium Ventures (HEV) is considering widening its investment strategy because of the lack of suitable helium investments. If a suitable acquisition is identified, then shareholders would be asked for their approval.
AIM
Investment in the medical imaging business is holding back short-term profit at engineer Avingtrans (AVG). In the year to May 2022, revenues were 2% ahead at 3100.4m and pre-tax profit rose from £7.6m to £8.3m. Demand from the nuclear sector is growing, but profit growth this year will be modest because of additional medical imaging costs. Net cash was £16.7m at the end of May 2022.
Online building and maintenance products retailer CMO Holdings (CMO) has been hit by softening demand for its products. There was still like-for-like revenue growth in first half of 2022, although Total Tiles sales fell because of tough comparatives. Even if the market gets tougher, there is still potential for growth because of the low share of online sales in the building materials sector.
Crownpeak Holdings is making an agreed 30p a share cash bid for omnichannel retail merchandising software provider Attraqt Group (ATQT). The plan is to combine Attraqt’s merchandising technology the Digital Experience Platform owned by Crownpeak. The share price has not been as high as the bid price since May, and it reached its all-time low of 17.5p prior to the bid.
Sustainable biopesticides developer Eden Research (EDEN) has obtained US EPA approval for its three active ingredients and two formulated products. Mevalone (a biofungicide) and Cedroz (a nematicide) sales should start next year via existing distribution partners. State approvals are required before launching in an individual state. Eden Research reduced its interim loss, but cash is still flowing out of the business. There was a cash outflow of £1.9m in the first half, including capitalised development costs and £1.85m was in the bank at the end of June 2020. R&D tax credits will help to replenish cash, but more will be required in the near future if Eden Research is going to take full advantage of the EPA approval.
Xeros Technology (XSG) has signed a joint development agreement with a global domestic washing machine component manufacturer for its XFilter microfibre filtration technology. A full licence dela could be agreed in six months. A placing raised £6m at 5p a share and a six-for-seven open offer could raise up to £1m more. In March 2021, a placing and open offer at 240p a share raised £9m. There was £2.6m of cash at the end of August 2022 and the cash outflow is £500.000 a month.
Digital transformation services TPXimpact (TPX) had a management overhaul last week because trading has been below expectations and there were complications with the integration of the businesses acquired. Chief executive Neal Gandhi and finance director Oliver Rigby. Bjorn Conway is the new chief executive. The order book is increasing in value, but revenue expectations have been cut from £97.4m to £90m. Operating costs are rising. and profit expectations have nearly halved.
musicMagpie (MMAG) has been hit be weak consumer spending with lower sales of technology. Rental income from pre-owned mobiles is growing, though, and that is good for longer-term revenues. The original pre-owned books and music operations are trading as expected. The second half should still be better than the first half, although a full year pre-tax loss is forecast on flat revenues. A small profit is forecast for 2023. Net debt is expected to be £8m at the end of the year.
Structural steel supplier Billington (BILN) increased interim revenues by 22% to £46.2m with nearly doubled pre-tax profit of £1.47m. finnCap has increased its 2022 earnings forecast by one-third to 26.4p a share.
Employee benefits services and insurance provider Personal Group (PGH) has increased revenues by 6%, but profit has declined due to higher insurance claims costs and investment in sales. The benefits of the investment will show through next year and insurance revenues will also recover.
MAIN MARKET
Shell company Milton Capital (MII) intends to float on the Main Market in the coming week. There will be £1m raised at 1p a share and the investors will get two warrants for each share and they are exercisable at 1.5p a share. Total flotation costs are capped at £50,000 and the first year’s operating costs will also be £50,000. The directors will not take salaries. Instead, they will receive a success fee on the completion of a reverse takeover. The initial focus is the technology sector.
Vehicle and property bridging loans both grew in the first half at S&U (SUS) and total net receivables were £370m at the end of July. Credit quality remains high. Pre-tax profit was 5% ahead at £20.9m. The first interim dividend was raised from 33p a share to 35p a share.
Rockwood Strategic (RKW) has transferred from AIM to the Main Market. Rockwood Strategic management believes that there are plenty of undervalued smaller companies that it can invest in and help to grow.
Hawkwing (HNG) is keeping up with the traditions of its previous incarnation TLA Worldwide and published its interim figures after the market closed at the end of the week. The standard list shell had cash of £2.03m at the end of June 2022. There are also more than £16m of convertible loan notes. It has loaned Internet Fusion Group £13.7m and plans a reverse takeover.
Andrew Hore
Quoted Micro 29 August 2022
AQUIS STOCK EXCHANGE
Thixotropic gels manufacturer Unigel Group (UNX) joined the Access segment of the Aquis Stock Exchange. The gels are used in the fibre optic industry. There was £800,000 raised at 64p a share. The share price ended the day at 65p.
Aquis Stock Exchange has issued a disciplinary notice to Love Hemp Group (LIFE) after omitting information in a fundraising announcement in February. It was not stated that not all the cash had been received and one investor did not pay the £1.2m it was supposed to for the shares. There was no update until May, thereby creating a false impression of the cash position. The £100,000 fine has been cut to £70,000 for early settlement. Trading in the shares remains suspended following the resignation of Peterhouse as corporate adviser. The board has been strengthened. A new corporate adviser is required for trading to recommence.
Hydrogen Utopia International (LON: HUI) is planning to enter a 50/50 joint venture with AIM-quoted Powerhouse Energy (LON: PHE) to develop a plant using non-recyclable waste plastic to produce hydrogen in Poland. Hydrogen Utopia International will be allowed to recover its costs of €250,000 with a €250,000 premium. This agreement is similar to the one between the companies for the proposed Tipperary plant, which will be built on a site leased by Trifol Resources. DXSP
British Honey Corporation (BHC) hopes to report its 2021 results before the end of September. This year’s trading has been tougher and the 2022 figures will be worse than expected with revenues of £6m.
Wishbone Gold (WSBN) has secured an option to acquire the Anketell gold copper project, which is north of the company’s Red Setter project in Western Australia. The option payment is £25,000. The consideration would be £50,000 in cash and 2.17 million shares at 14.75p each.
BWA Group (BWAP) has been granted a three-year licence for Nkoteng 2 at the Nkoteng heavy mineral sands project in Cameroon. This covers an additional 60km of strike length.
Evrima (EVA) has increased its holding in Eastport Ventures to 6.85%. Eastport also owns shares in another investee company, Premium Nickel, which has confirmed that saleable nickel and copper concentrates can be produced at the Selkirk mine in Botswana.
Capital for Colleagues (CFCP) has received an initial payment of £92,629 for the disposal of the stake in The Homebuilding Centre. This is higher than the £50,000 minimum payment because of strong trading.
Watchstone Group (WTG) had cash of £10.2m and £1.8m in escrow on 19 August.
Quetzal Capital (QTZ) says investee company Tap Global Ltd has launched a Crypto-as-a-Service product. This will enable regulated banks and financial service companies to offer cryptocurrency trading services to clients.
Diesel emission reduction additives supplier SulNOx Group (SNOX) increased revenues from £18,000 to £34,000 in the year to March 2022. There was £1.07m in cash in the balance sheet, although this fell to £604,000 by the end of June 2022.
Goodbody Health Inc has become Goodbody Health Ltd (GDBY) following the redomicile to Guernsey. Trading commenced in the new entity on Wednesday.
AIM
Rail and events software and services provider Tracsis (LON: TRCS) beat forecasts in the year to July 2022. finnCap has upgraded its earnings forecast from 33.2p a share to 34.5p a share. There was a sharp recovery in the events and traffic data business, while the other businesses continue to grow. Implementations of Tracsis software continue despite the rail strikes. The full year results will be published on 9 November.
Alumasc (ALU) is selling the poorly performing solar shading manufacturer and installer Levolux to Talrus Ltd, which is owned by Rcapital, for £1. Levolux has around £1.4m in cash and that is part of the disposal. There is deferred consideration of £1m which will be paid out of the proceeds of a disposal of the Levolux business. The impairment charge for Levolux will be £14.9m, while the £2m operating loss will be reported as a discontinued activity.
Corporate finance adviser Marechale Capital (MAC) increased pre-tax profit from £246,000 to £2.56m in the year to April 2022. That was mainly down to an increase in the value of investments and warrants. Fundraisings by Future Biogas, which postponed an AIM flotation, Chestnut Group and the Burgh Island Hotel were all at a premium to Marechale’s existing holdings. There was a cash outflow from operating activities of £131,000. NAV increased from £686,000 to £3.63m, or 3.8p a share.
First Property (FPO) has sold a property in Tureni, Romania for £3.05m, which is a book profit of £981,000. That leaves one fully owned property in Romania.
Rockwood Strategic (RKW) is planning to move to the Main Market in order to improve the tax efficiency by converting into an investment trust. The prospectus should be published by 6 September and the AIM cancellation could happen before the end of September.
Aquaculture products supplier Benchmark (BMK) increased third quarter revenues by 28% to £36.3m with a particularly strong performance by the genetics division. Sales of salmon eggs were 39% higher and shrimp sales were 164% ahead from a lower base. Investment in additional capacity in Iceland and the US is beginning to pay off. In the nine months to September 2022, underlying operating profit fell from £7.3m to £5.6m.
Australia-focused explorer Artemis Resources Ltd (ARV) says no significant nickel or copper mineralisation was shown from drilling samples at the Osborne nickel prospect. The approach to exploration will be reassessed. Two drill holes at its Greater Carlow project have not shown any sign of mineralisation, but that was not a surprise. A mineral resource estimate for Greater Carlow is expected in September and new targets have been identified. Two drill holes have been completed at the Apollo target at Paterson Central and it has re-entered a previous hole to drill deeper. This is near to the Greatland Gold (GGP) Havieron project.
Greatland Gold is raising £29.7m at 8.2p a share following Newcrest Mining’s decision not to take up the option to buy a further 5% stake in the Havieron gold project in Western Australia. Greatland Gold retains a 30% stake in Havieron. The price for the 5% stake had been set at $60m and much of that cash was earmarked to pay off loans from Newcrest Mining. The money raised will help to fund Greatland Gold’s share of further drilling and development expenses at Havieron, plus providing cash for other exploration activities in the Paterson region.
Alba Mineral Resources (LON: ALBA) has agreed to acquire the 10% minority interest in the company that owns the Clogau gold mine and plans to dewater the Llechfraith mine shaft. It is also buying back a 3% net smelter return royalty leaving a 1% net smelter royalty and £72,000 of loans held by the vendor. The total cost is £400,000 in the form of 200 million Alba shares at 0.2p each, which was a 25% premium to the closing price. There are also 81.9 million warrants exercisable at 0.4p each.
Haydale Graphene Industries (HAYD) is raising £5m at 2p a share and there is going to be an open offer at the same price that could raise up to £510,000.
Education provider Malvern International (MLVN) is benefiting from a recovery in student numbers following the easing of Covid restrictions. Interim revenues were 60% higher at £2.3m. Pre-booked and delivered revenues mean that full year revenues should be at least £5.3m.
Great Western Mining Corporation (GWMO) assay results for drilling at four prospects in Nevada. Results from the 2022 drill programme will start arriving in September. The drilling was completed under budget.
MAIN MARKET
Motor dealer Lookers (LOOK) generated a 4% increase in interim revenues to £2.23bn with lower used vehicle volumes offset by higher selling prices. Underlying pre-tax profit dipped from £50m to £47.2m, although that was higher than expected. Also, there was £12.7m of government support in the previous period. Full year pre-tax profit is expected to fall from £90.7m to £67m.
Oxford Cannabinoid Technologies (OCTP) is delaying the phase I trial of OCT130401 and concentrating on its first programme, OCT461201, where a phase I trial will start in January. This means that cash will last until the fourth quarter of 2023. There should be initial results from the phase I trial before then. Karen Lowe is stepping down as finance director.
BATM Advanced Communications (BVC) reported a decline in profit in the first half of 2022 after a sharp fall in diagnostics revenues because of Covid-boosted comparisons. Networking division revenues increased. Ongoing group revenues fell from £64.2m to £57.5m.
Packaging manufacturer and distributor Macfarlane Group (MACF) increased interim revenues by 14% to £139.2m, while pre-tax profit edged up from £8.59m to £8.86m. The growth in profit came from the manufacturing division. The interim dividend is 3% higher at 0.9p a share. Net debt is £9.7m.
Andrew Hore