News blog

Quoted Micro 22 August 2022

  • BY: Andrew Hore |
  • POSTED: 21/08/2022 |

AQUIS STOCK EXCHANGE

Invinity Energy Systems (IES) has signed a memorandum of understanding with US Vanadium to create a US-based 50/50 joint venture to build and sell vanadium flow batteries. Arkansas-based US Vanadium produces high-purity vanadium pentoxide and electrolyte for vanadium flow batteries. Invinity Energy Systems has also delivered and installed a 1.8MWh VS3 flow battery system at the European Marine Energy Centre hydrogen R&D facility in the Orkney Islands.

Valereum (VLRM) is swapping its 20 bitcoin miners in the US for a 24% stake in new company Vinanz, which is conditional on the company listing on a recognised stock exchange. The final stake will depend on the money raised at the time of the listing. This will enable Valereum to concentrate on the Gibraltar Stock Exchange when the deal gets regulatory approval.

CBD and hemp products supplier Voyager Life (VOY) generated revenues of £178,000 in the period to March 2022. There is £1.43m in the bank.

DXS International (DXSP) has entered a licence and services agreement with Deontics, which is a clinical AI company. The technology will be integrated into the DXS clinical software.

Shares in TECC Capital (TEC) remain suspended ahead of a readmission document for the proposed EDX Medical acquisition. There was £1.03m in the bank at the end of March 2022.

Goodbody Healthcare (GDBY) increased revenues by £2.55m to £7.4m in the first half of 2022. This was driven by revenues from the testing clinics. The loss grew from £1.27m to £1.41m. There is cash in the bank of £3.74m.

Psych Capital (PSY) investee company Awakn Life Sciences, where Psych Capital owns 426,000 shares, has entered the US addiction treatment and relapse prevention market through a licensing partnership with Revitalist Lifestyle and Wellness Ltd, a ketamine wellness clinic chain. Awakn has a treatment that was validated in a phase II a/b trial, which delivered 86% abstinence for six months after treatment versus 2% before the trial. Revitalist will pay an annual fee and a revenue share per treatment.

Ingraine (KING) says AZD1656, which is being developed as a treatment for people with diabetes suffering from Covid-19, has shown evidence that it activates T-regs that might suppress the inflammation that is the prime cause of tissue damage in autoimmune disease. LANCET eClinicalMedicine is publishing the results of the phase II clinical trial. Ingraine owns 2% of Excalibur Medicines Ltd, which has exclusive rights to AZD1656.

Wishbone Gold (WSBN) has a second drill rig is on site at the Red Setter gold copper project in the Patersons Range area in Western Australia. The drilling has shown the intersection of multiple zones of quartz veining, carbonate and chalcopyrite and pyrrhotite.

Premium Nickel Resources Ltd, where Evrima (EVA) owns 1.11 million shares, has been readmitted to TSX-V after the reverse takeover of North American Nickel Inc. The first assay results from the Selebi nickel copper cobalt sulphide mine in Botswana have been published. There was a positive update for the Molopo Farms complex project in Botswana, where Evrima has an 8.93% project-level interest.

Hydrogen Utopia International (HUI) is starting a US roadshow from 22 August, following the start of trading of the shares on OTCQB Venture Market. Recent US legislation could increase investor interest in the clean energy market.

Altona Rare Earths (ANR) is raising £1.1m at 8p a share ahead of the planned move to the Main Market at the end of September.

Chris Akers has increased his stake in Oscillate (MUSH) from 13.1% to 14.25%. The share price fell 11%.

AIM

Fashion brand Joules (LON: JOUL) was the worst performer of the week, falling by more than one-third. Trading has deteriorated in recent weeks, although wholesale sales are higher. This means that it will not make a profit this year, even if second half trading improves. Peel Hunt has downgraded its forecast for 20222-23 from a profit of £4m to a loss of £4.2m. Jonathan Brown becomes Joules chief executive at the end of September. Talks with NEXT about a cash injection continue.

Agricultural products supplier and retailer Wynnstay Group (WYN) raised £10.5m in a placing at 560p a share, which was above the minimum price indicated of 550p a share. The plan is to redevelop the Calne feeds site that came with an acquisition earlier this year. This can be developed into a feed mill with a 185,000 metric tonne capacity that produces poultry and ruminant feed. There are also opportunities for further acquisitions.

Online fashion retailer boohoo (BOO) has made a strategic investment in cosmetics supplier Revolution Beauty (REVB), which recently announced a profit warning. boohoo has bought a 7.13% shareholding. Revolution Beauty products are sold through several of boohoo’s websites.

Frasers Group (FRAS) has bid 2p a share for MySale Group (MYSL), which values the retailer at £13.6m. The bid is not recommended.

Newcrest Mining is not taking up the option to acquire a further 5% stake in the Havieron asset, so Greatland Gold (GGP) will retain a 30% stake. The price for the 5% stake had been set at $60m and much of that cash was earmarked to pay off loans from Newcrest. Greatland Gold management says that it is happy to retain the larger stake. The latest mineral resource for the Havieron deposit announced by Newcrest is 5.5 million ounces of gold and 223,000 tonnes of copper.

AI product revenues at Intelligent Ultrasound (IUG) reached £300,000 in the first half. There were royalties from the GE deal and direct product sales. Full year revenues are expected to be £600,000. In the six months to June 2022, group revenues grew 62% to £5.9m, although that includes £1.4m of one-off ultrasound simulation orders from an NHS training initiative. There was a 13% decline in US revenues to £1.1m, but they should recover in the second half. The group remains loss-making and there is cash of £3.5m, which is expected to decline to £1.8m by the end of 2022.

MTI Wireless Edge (MWE) has been winning contracts that should benefit the second half. In the six months to June 2022, revenues improved from $21.3m to $22.7m, while pre-tax profit barely changed from $2.05m to $2.04m, due to a higher interest charge and amortisation related to the recent acquisition of communication and monitoring systems developer PSK WIND Technologies. Russia accounted for 6% of revenues and 5% of profit in 2021.

Full year revenues of digital services provider Made Tech Group (MTEC) were 120% higher at £29.3m and it moved into profit. There was cash of £12.3m at the end of May 2022. The contracted order book is worth £38.2m.

Flexible electrical connectors manufacturer Strip Tinning (STG) shocked the market when it revealed that a Croatian customer wants to terminate a contract from 1 October. This contract for cell management systems for electric vehicles was supposed to be worth €2m a year once peak volumes were hit in a couple of years.

Fishing equipment retailer Angling Direct (ANG) increased interim revenues by 1% to £38.9m, but they weakened in the second quarter and management says that full year revenues will be lower than previous guidance of £82m. That will lead to a sharp reduction in expected EBITDA to between £3m and £3.4m.

In-game advertising services provider Bidstack Group (BIDS) has extended its contract with Sports Interactive, which created the Football Manager game. This is a multi-year renewal of a contract that initially began in 2017.

Specialist recruitment firm Gattaca (GATC) says net fee income grew by 4% to £44m in the year to July 2022. There was an increase in permanent recruitment income offsetting a decline in contract income. There is good demand but a shortage of candidates for the roles.

Frontier IP Group (FIPP) has sold 391,200 ADSs in Exscientia at an average price of $11.97 each. This raised £3.88m. That is £1.85m below book value. Frontier IP still holds 782,400 shares in Exscientia. So far, sales have raised £9.96m compared with a cash cost of less than £2,000.

Property services provider Kinovo (KINO) nearly doubled its operating profit in the year to March 2022. Net debt was reduced to £340,000. First quarter revenues have risen by 28% to £14m and Kinovo has moved into a net cash position. The latest estimate for the liability for DCB, which has gone into administration, is that it will cost £4m plus expenses to complete work, which is lower than previous estimates.

Sustainable energy projects developer SIMEC Atlantis Energy (SAE) finance boss Andrew Dagley was voted off the board at the AGM on Thursday. There were 53.5% of the votes against his re-election. There were also 45% of votes against the audited financial statements for 2021 and 27% against the directors’ remuneration report.

MAIN MARKET

Private equity firm Thoma Bravo LP has made a preliminary approach to artificial intelligence (AI)-based cybersecurity services provider Darktrace (DARK) concerning a possible cash bid. Discussions are at an early stage.

Plant hire company Vp (VP.) has ended its formal sales process after the board unanimously decided to conclude the process.

Flavouring ingredients supplier Treatt (TET) says that profit will be below expectations in the year to September 2022. Restrictions in China have hampered progress, while costs have increased, and sales of iced and leaf tea in the US have been lower than expected. Currency movements have made things worse. The order book is ahead of this time last year.

Mears (MER) has acquired IRT Surveys, which provides data-led services focused on addressing fuel poverty and energy efficiency, for up to £4.1m. The initial payment is £3m, with the rest payable depending on performance over a two-year period. There should be a £200,000 profit contribution this year.

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