News blog

Quoted Micro 14 February 2022

  • BY: Andrew Hore |
  • POSTED: 14/02/2022 |

AQUIS STOCK EXCHANGE

Good Energy (GOOD) has repelled the latest attempt by major shareholder Ecotricity to influence decisions. It wanted to remove the chairman and stop the sale of generation assets without shareholder approval. Both resolutions were defeated.

Dominique Einhorn has resigned as chief executive of ChallengerX (CXS) following his arrest in France for tax and other offences. ChallengerX joined Aquis in December after it acquired SportsX, which provides marketing services to rugby and football clubs. Sarlat Rugby, which is 100%-owned by Dominique Einhorn, is one of the first clients. The share price was unchanged at 2.4p (2.2p/2.6p).

Hydro Hotel Eastbourne (HYDP) increased revenues from £2.23m to £2.79m in the year to October 2021 and that enabled it to move from a loss of £174,000 to £457,000. This was helped by government assistance. Trading is still not back to pre-pandemic levels. There is £1.33m in the bank.

EPE Special Opportunities (ESO) had net assets of 455.66p a share at the end of January 2022. There was £27.6m of available funds at the end of January. Directors and managing partners bought shares, but more were sold by others.

Cadence Minerals (KDNC) has completed the purchase of a 20% stake in the Amapa iron ore project.

Gowin New Energy (GWIN) is considering trading in agarwood products, including incense and oils in Taiwan. A trial is being launched ahead of the Quingming festival.

Quantum Exponential (QBIT) investee company Arqit Quantum has signed a research and development agreement with the United States Air Force. This could lead to a quantum encryption service for the Department of Defense.

SulNOx (SNOX) plans to gain an OTC quotation in the US so that Americans can invest.

SuperSeed Capital Ltd (WWW) managing director Mads Jensen has bought 3,000 shares at an average price of 83.9p. SuperSeed raised £2m at 100p a share at the end of January. The share price ended the first week at 70p (65p/75p) and it remained at that quoted price last week with limited trading volumes.

Samarkand (SMK) non-exec Phil Smiley acquired 28,777 shares at 139p a share. Daniel Thwaites (THW) director RAJ Bailey bought 15,000 shares at 102.25p a share. Chris Akers has increased his stake in Quetzal Capital (QTZ) from 17.2% to 18.3%.

Alfred Henry has resigned as corporate adviser to Lombard Capital (LCAP).

AIM

Building products supplier Alumasc (ALU) reported that interim pre-tax profit fell 12% to £5.1m on revenues 2% ahead at £46.3m. The profit fell because shading business Levolux fell back into a loss of £1m. Roofing did well but the Levolux business held that division back. The water management division sales were nearly one-fifth higher, and profit improved. Housebuilding product sales increased but margins fell. However, the second half should be stronger.

Self-storage sites operator Lok’nStore (LOK) says that first half trading was strong. Interim revenues are one-third higher, helped by higher occupancy and prices.

Orchard Funding Group (ORCH) has launched a bond offer and it is guaranteeing 10% of face value of outstanding bonds. The Orchard Bond Finance bond offers an annual interest rate of 6.25% payable twice a year. The repayment date is 2027. The cash from the bonds will help to finance growth. The offer is open until 23 February. The offer is available through PriamryBid and intermediaries, such as Interactive Investor and AJ Bell. The minimum subscription is £2,000. The bonds will be issued on 2 March and trade on the Official List.

Sustainable investments company i(x) Net Zero (IX.) raised £10.7m at 76p a share. The share price ended the week at 77p, which is a premium to pro forma net assets.

ASX-listed Artemis Resources (ARV) joined AIM and raised £5m at 3.75p a share on 7 February. It owns 100% of the Greater Carlow gold copper cobalt project and the Paterson Central gold copper exploration project in Western Australia. Exploration commenced at Paterson Central in November 2021, and it is expected to resume in March. The Paterson Central project is adjacent to the Havieron project that is being developed by Newcrest Mining and Greatland Gold (GGP). Greater Carlow has a JORC complied mineral resources estimate for its Carlow Castle deposit of 14.3Mt @ 0.7g/t gold, 0.4% copper and 0.05% cobalt. An update is expected by the summer. The share price ended the week at 3.875p.

Filtronic (FTC) grew ongoing interim revenues by 12% to £8m and the telecoms components manufacturer moved back into profit. The full year pre-tax profit forecast is being maintained at £1m even though revenues have been edged up to £18m because the improvement is from lower margin products. Defence spending is boosting demand.

Omega Diagnostics (ODX) is raising £5m and could raise a further £2m from an open offer. It is also selling its manufacturing facility in Alva for £1m after it failed to win a Covid diagnostics contract. Even so, Omega is expected to continue to lose money. The CD4 diagnostics operations will be transferred to the Ely site and sales are building up, Health and nutrition business continues to grow.

Kitwave (KITW) has acquired West Country-based MJ Baker, which distributes ambient, chilled and frozen food. This is the first acquisition since flotation and Kitwave is paying £24.5m in cash. This deal includes own branded Bakers Best Buy products and should be earnings enhancing.

Recent new admission Facilities by ADF (ADF) has already sparked a forecast upgrade from a trading statement. The film and TV hire services provider is expected to make earnings of 4.5p a share for 2021.

Dekel Agri-Vision (DKL) continues to generate increasing revenues from crude palm oil, but it is taking longer than expected for cashew revenues to grow. January was a record month for production and extraction rates improved, while prices rising. The cashew plant is using 15% of capacity and waiting for additional components.

Mergers and tax adviser K3 Capital (K3C) increased interim revenues from £17.6m to £31.2m providing a significant boost to profitability. The interim dividend is 4p a share. K3 is on course for a full year pre-tax profit of £17.7m, up from £13.6m, providing the ability to potentially pay a total dividend of 12.1p a share.

MAIN MARKET

S and U (SUS) is paying a second interim dividend of 36p a share. Group debt is £114m out of possible facilities of £180m. There was a reduced level of bad debts in the year to January 2022 and pre-tax profit will be more than double last year’s £17.2m. Advantage has started to finance electric vehicles. Net loan advances are £140m. Property bridging has a loan book of £64m.

Anglesey Mining (AYM) plans to move to AIM. A general meeting will be held on 8 March to gain shareholder approval.

Sure Ventures (SURE) has net assets of 118.34p a share.

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