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Quoted Micro 5 February 2018

  • BY: Andrew Hore |
  • POSTED: 12/02/2018 |

NEX EXCHANGE

Health and community care property developer Ashley House (ASH) reported a decline in interim revenues from £10.7m to £7m and the company fell into loss. A second half recovery should mean that full year revenues will be flat at £18.7m but there will be a full year profit of £1.8m. The new joint venture with Morgan Sindall has a pipeline valued at £203m but the revenues of the joint venture will no longer be consolidated in the Ashley House revenues.

Property construction and development company Formation Group (FRM) increased revenues from £29.4m to £37m in the year to August 2017, but there was a swing from a pre-tax profit of £2.16m, thanks to the benefit of the Norwich House profit share agreement, to a loss of £152,000. The cash position has improved significantly. There was net debt of £3m but this became net cash of £4.23m at the end of August 2017. The NAV of £10.2m is four times the market capitalisation.

Gledhow Investments (GDH) increased its NAV from £486,000 to £714,000 in he year to September 2017. There was £103,000 in the bank. Since the balance sheet date, Gledhow has sold 6,500 shares in Coinsilium Ltd (COIN) and this generated a profit on the original investment of £115,000. Gledhow still owns 1.8 million Coinsilium shares. The share price has fallen back from its high but the value of the stake is still around £180,000.

Kryptonite 1 (KR1) has invested $443,000 in 4.72 million tokens in the Bluzelle project. Bluzelle is a scalable database service for decentralised applications. A further €167,000 has been invested in 2.2 million Rock tokens for the Gibraltar Blockchain Exchange (GBX) platform. Kryptonite 1 will become a sponsor for token-based projects listing on the GBX. Kryptonite 1 has also invested $174,000 in 12,800 tokens in the Elastos project, which is developing a virtual, digital smart economic zone.

Botswana-based coal mine developer Minergy, where Hot Rocks Investments (HRIP) invested $260,000 in March 2011, plans to join AIM later this year.

Property investor Ace Liberty and Stone (ALSP) has committed to property purchases totalling £20.1m. In the six months to October 2017, revenues were 24% higher at £1.47m but the pre-tax profit dipped from £598,000 to £352,000. That was because there was a £500,000 disposal project in the comparative period. After this period, Ace raised the £4.85m it was seeking from the issue of convertibles.

Healthcare information and clinical support systems provider DXS International (DXSP) continues to be hampered by the lack of NHS spending. In the six months to October 2017, revenues fell from £1.78m to £1.61m and there was a swing from profit to loss. Tax credits more than covered the loss.

Gunsynd (GUN) is assisting analytics software developer FastBase with its proposed AIM flotation in the second quarter and in return it will receive a consultancy fee of 0.75% of the market capitalisation of FastBase after admission. This fee will be paid in FastBase ordinary shares.

IMC Exploration Group (IMCP) has raised £75,000 at 1p a share. Each share comes with a warrant exercised at 2p a share. The cash will be used to finance the feasibility study for PL3850 in Avoca, County Wicklow.

First Sentinel (FSEN) is planning to raise up to £4m from a bond issue. The secured bonds have a 7% coupon and are repayable at a 5% premium on 28 February 2023. These bonds will be traded on NEX. The investment is partly protected by a credit insurance policy provided by Equinox Global. The cash will be invested in Perennial Enterprise, which will use it to fund its invoice discounting business.

Angelfish Investments (ANGP) is loaning £150,000 to YBOO Ltd, which operates a mobile app that enables customers to find the best mobile network deal. The loan is repayable in three years or convertible into 15% of YBOO. The conversion could be triggered by a flotation, fundraising or disposal.

EcoVista (EVTP) has written down its holding in Italian property business Cignella by £482,000, leaving it valued at £152,000.

Karoo Energy (KEP) has reported positive exploration news for its oil and gas assets in Botswana. In the six months to October 2017, the loss increased from £127,000 to £425,000, but most of the increase is due to the costs of trying to gain an AIM quotation. There is £187,000 in cash.

BWA Group (BWAP) says that its investee company Prego International is migrating from Guernsey to Norway and restructuring its shareholder base. Once this is completed there is a plan to apply for a Norwegian matched bargain dealing facility.

Doriemus (DOR) is leaving NEX Exchange and concentrating on the ASX listing it gained on 29 December 2017.

Via Developments (VIA1) has raised £175,000 from a further issue of 7% debenture stock 2020.

AIM

Frontier IP (FIPP) investee company MolEndoTech has secured a subsidiary of fully listed Halma as its partner for a test for faecal matter in marine bathing water. Frontier IP has a 19.6% stake in MolEndoTech with a book value of £10,000.

Trading in the shares of Utilitywise (UTW) has been suspended because it has been unable to complete its annual report and accounts by the end of January. The main problem is the change in the revenue recognition policy.

Mike McAuliffe surprised the market by resigning as chief executive of Seeing Machines (SEE) a matter of weeks after £35m was raised. Executive chairman Ken Kroeger will take control.

PCI-PAL (PCIP) has raised £4.95m at 45p a share. The cash will be used to grow the North American operations of the secure contact centre payments provider. There will also be higher marketing spending and investment in other markets.

PCG Entertainment (PCGE) has raised £675,000 from a share issue at 0.2p each. A company related to PCGE chairman Richard Poulden invested £125,000 of this money. This follows a settlement with the former chief executive that cost £286,350.

Veltyco Group (VLTY) will potentially acquire Ruleo Alpenland, which operates the BTTY sportsbook brand, for €6.5m. An exclusivity period lasts until 15 March. This would provide an opportunity to grow in Germany and Austria.

Tracsis (TRCS) has acquired Travel Compensation Services, which provides software for delay repay solutions on the railways, and Delay Repay Sniper, which runs a web portal for rail delay compensation. The combined businesses are profitable.

Fishing Republic (FISH) has raised £1.3m at 10p a share, the original placing price when the fishing tackle retailer floated. The cash will be invested in the e-commerce operations.

ASX-listed Newfield Resources is planning a potential all-share bid for Stellar Diamonds (STEL) which values the diamonds company at 12.7p a share. The offer is likely to be 0.76 of a Newfield share for each Stellar share. Newfield has diamond licences in Sierra Leone. This deal would provide access to the finance to develop the Tongo-Tonguma diamonds project. Newfield is undertaking a placing and non-renounceable rights issue and has loaned Stellar $3m.

Altus Strategies (ALS) has completed the acquisition of gold assets from TSX-V-listed Legend Gold in return for shares. These Altus shares will be distributed to Legend shareholders and this will provide a shareholder base when Altus achieves its TSX-V listing. The deal gives Altus six gold projects in western and southern Mali.

MAIN MARKET

Book publisher Quarto Group (QRT) says that full year profit will be in line with expectations. Net debt has risen by $2.1m to $64m but this is still a £11.8m reduction on the June 2017 figure. The full year figures will be published on 29 March.

Sportech (SPO) has extended the timetable for seeking valid offers for the company.

SQN Asset Finance Income Fund (SQN) was involved in the purchase and onward sale of the business of the former AIM-quoted Snoozebox. The new owner is involved in modular accommodation for the oil and gas sector.

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