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Quoted Micro 21 October 2019

  • BY: Andrew Hore |
  • POSTED: 26/10/2019 |

NEX EXCHANGE

Third quarter trading at Arbuthnot Banking (ARBB) shows a one-third increase in loans to £1.6bn, while deposits are 17% ahead at £2bn. Impairments are rising, though. The private bank is adding 40 new clients each month.

Although Vox Markets has called off merger discussions with PCG Entertainment (PCGE) the latter’s shareholders will have preferential rights to participate in the flotation of Vox. Shareholders have to be on the register on 11 October to benefit. PCG has released any claims it may have against Vox, although Vox has the right to sue Align Research, the third party in the merger plans. PCG says nothing negative was found about Align in due diligence. First Sentinel has resigned as corporate adviser to PCG and trading in the shares has been suspended.

Good Energy (GOOD) has launched One Point to offer electric vehicle charging. The company has also been awarded he green classification and mark.
The Home Office has awarded Sativa Group (SATI) a controlled drug licence to grow medicinal cannabis. This covers cannabis with a THC content of greater than 0.2%. Sativa already has a low-THC industrial hemp licence.

AfriAg Global (AFRI) says that its investee company Apollon Formularies has received its third medical cannabis licence in Jamaica. This is for experimental research and development.

World Health Life (LIFE) has completed the acquisition of Love Hemp and a £2m convertible debenture fundraising. A second tranche of debentures should be issued in the next few weeks. Love Hemp has product distribution agreements with supermarkets and health food stores.

Triple Point Investment Management is providing a £20m loan facility for Rutherford Health (RUTH) and this will be drawn down in phases. The loan terms improve as patient numbers increase at the three proton beam therapy centres.

Tectonic Gold (TTAU) has received the first quarterly interest payment from Silverstream. The 12-month note matures in August 2020.

Primorus Investments (PRIM) will consolidate 20 shares into one new share and trading will commence on 22 October.

Secured Property Development (SPD) had £537,000 in the bank at the end of June 2019, but it is finding it difficult to find a suitable acquisition.

AIM

Immunodiagnostic Systems Holdings (IDH) is as consistent as ever. It has published a trading statement related to its interims at 4.35pm on Friday. The 2018-19 trading update was published at 4.35pm on Thursday 18 April – the last day before a long weekend. There was no particular reason to hide the latest statement. First half revenues were flat compared with a first quarter decline of 2%. Cash fell £300,000 to £28.1m over a three-month period.

Murgitroyd (MUR) is recommending a 675p a share bid from a company set up by Sovereign Capital Partners LLP. This values the patent and trademark attorney at £62.8m. Murgitroyd joined AIM 18 years ago at 121p a share and has been a consistent dividend payer.

Fully listed logistic services provider Wincanton (WIN) is considering a bid for Eddie Stobart Logistics (ESL) and DBAY Advisers is also still assessing whether to bid.

Disinfection products supplier Tristel (TSTL) plans to grow its revenues by up to 15% a year in each of the next three years. This follows an 18% increase to £26m in the year to June 2019, while pre-tax profit grew by one-fifth to £5.6m. The dividend was 21% higher at 5.54p a share. International markets account for 55% of revenues. Tristel is waiting for a response from the FDA, which should be forthcoming by the end of 2019.

Power projects developer Kibo Mining (KIBO) has raised £1.99m at 0.45p a share. This will be used to fund the development of power generation projects in Africa. The portfolio includes 1,055MW of power generation capacity with 355MW having heads of terms power purchase agreements. Each new share comes with a warrant exercisable at 0.8p a share.

Filtronic (FTC) has agreed to pay a warranty claim of $2m (£1.6m) and change a faulty component in antennas supplied in 2016-17. The fault relates to certain bandwidths in hot countries. The cash is payable in four instalments up until December 2020. On 23 October, Filtronic is set to report sales from continuing activities of £15.9m, down from £21.6m, and a small positive EBITDA. Filtronic has already received more than £10m of orders for its 5G backhaul transceivers due for delivery in 2019-20.

Woodford Investment Management has cut its stake in GYG (GYG) from 19.98% to less than 5%. That appears to have been a relief to the market because the share price of yacht painting services provider has recovered since the disposal. UBS has taken a 11.2% stake.

Kestrel Partners continues to build its stake in Pebble Beach Systems (PEB), taking its stake from 25% to 26.1%. Kestrel owns 23 million shares in Brady (BRY) and, even if it makes a loss, it will be having a cash inflow. Hanover Acquisitions is offering 10p a share for the risk management software company, which values it at £8.3m.

Construction consultancy services provider Driver (DRV) says it will report underlying pre-tax profit of £3m for the full year, after £400,000 of rationalisation costs. That represents a strong performance in the second half. Net cash was £5m at the year-end, after share buy backs.

Frontier IP (FIPP) has taken a 43% stake in Elute Intelligence Holdings, which is developing software to search complex documents and detect plagiarism. Frontier IP is providing some of its own IP to an existing business to form Elute with the rest of the stake coming from providing services to the company.

Blue Star Capital (BLU) is raising £900,000 at 0.1p a share and the cash will be equally split between six investments in esports companies.

Power transmission products manufacturer Renold (RNO) says that cost savings are offsetting a downturn in trading. It is still on track to report an underlying full year pre-tax profit improving from £10.1m to £10.4m. Order intake remains weak.

Rose Petroleum (ROSE) has announced a restructuring of the Paradox project. This will enable the oil and gas company to focus on the most prospective acreage.

MAIN MARKET

Quantum dots developer Nanoco (NANO) still has a cash buffer so that it can find a new manufacturing partner to replace the US one that has withdrawn from an agreement. There could still be net cash of £1.5m at the end of July 2020.

Zenith Energy (ZEN) is planning to raise cash at NOK0.35/share in Norway. That is equivalent to 2.95p/share, compared with a market price of 3.5p. The Azerbaijan-focused oil and gas company has a drilling rig that will be mobilised before the end of the month and well M-247 has been identified as a target. It was previously in production. Zenith has identified wells in the Muradkhani oilfield in which perforations of untapped intervals can generate additional production. This will happen in the next fortnight.

OTHER MARKETS

Former AIM company Getmapping has launched a strategic review and a formal sales process. Management of the believes that the geospatial services provider could grow faster with additional investment. A company taking a minority stake is another alternative. The process should be completed by the end of 2019. The shares are traded on the Britdaq matched bargains market.

Vienna-listed Fashion On Screen is moving into theatre by acquiring musicals producer Shaftesbury Avenue. The all-share purchase is valued at £2.5m. Fashion On Screen believes that some of the musicals could become film productions.

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