News blog

Quoted Micro 26 December 2022

  • BY: Andrew Hore |
  • POSTED: 26/12/2022 |

AQUIS STOCK EXCHANGE

Hydrogen Utopia International (HUI) will not be able to retain its Aquis quotation when it moves to the standard list. The move has been delayed until the publication of a supplementary prospectus.

Wishbone Gold (WSBN) has commenced a Magneto Tellurics survey on its interests in Western Australia. Once the survey is completed there will be a further six weeks before the data is analysed. This will help to choose where to drill next year.

British Honey Company (BHC) has published its 2021 accounts and the latest interim results, enabling trading in the shares of the craft spirits producer to recommence. The share price slumped by 44.4% to 19.75p. In 2021, revenues were £7.96m, but an impairment of the value of the United Distillers business, which is being integrated, meant that the loss was £11.9m. Interim revenues edged up from £2.99m to £3.04m, while the underlying operating loss increased from £1.31m to £1.96m, while there was an exceptional reorganisation cost of £396,000. Annualised cost savings of more than £1m are anticipated.

Coinsilium Group Ltd (COIN) investee company Greengage Global Ltd is launching an e-money account service in January. The company generated more than £1m in revenues this year.

AQRU (AQRU) has acquired an investment in LawBEAM Ltd, which is a legal practice focusing on digital assets. LawBEAM will offer tech-enabled advice to organisations around the world. A new platform is under development and will be launched in 2023.

Fuel consumption and emissions reduction additives developer SulNOx Group (SNOX) raised £7650,000 at 11.5p a share. Nistad AS increased its shareholding to 13.1%, and it will introduce SulNOx products to the Scandinavian shipping market.

Capital for Colleagues (CFCP) had net assets of 74.49p a share at the end of August 2022, up from 69.71p a share, having paid a 1.5p a share dividend. This through a combination of disposal gains and unrealised valuation increases.

Industrial engineering products company Wheelsure Holding (WHLP) says trading is recovering following the Covid pandemic. Revenues should be 30% ahead in the year to August 2022. Since then, the company has received its largest ever order. The working capital facility is fully drawn so further funding is required.

Gunsynd (GUN) investee company Pacific Nickel Mines has applied for a mining lease for the Jejevo nickel project in the Solomon Islands. Production will be ramped up at the Kolosori nickel project.

Exactly one year after joining Aquis, ChallengerX (CXS), which helps sports teams and organisations to generate revenues, reported a £1.1m cash outflow from operations in the period to June 2022. There was still £385,000 left in the bank. Figures for the first and second quarters of this financial year will be published by the end of January.

Guanajuato Silver Company Ltd (GSVR) has published drill results for the Topia mine in Mexico. They demonstrate the continuity of mineralisation. The first tranche of the equity financing has raised C$6.78m at C$0.425p a share.

Cooks Coffee Company (COOK) has raised £837,000 at 18p a share. These are shares not taken up in the recent rights issue. VVV Resources (VVV) raised £50,000 at 20p a share. There is one warrant exercisable at 50p a share with every four new shares.

Vengrove has taken a 6.66% stake in Walls and Futures REIT (WAFR) and it is a new strategic partner.

AIM

Focusrite (TUNE) has acquired Sonnox, a designer of audio processing software plug-ins, for £7m. Revenues were £2.4m in the year to March 2022. Eight of the top ten selling albums this century involved users of Sonnox software. A full contribution in the year to August 2024, is expected to add £2.8m to group revenues. That could add £1m to profit, offset by a higher interest charge.

Redx Pharma (REDX) had £53.9m in cash at the end of September 2022. Milestone payments have been received from Astra Zeneca and Jazz Pharmaceuticals. That should be enough cash to finance current clinical trials and last until the end of 2023. A clinical trial collaboration and supply agreement with Merck for KEYTRUDA for a combination trial with RXC004 for biliary cancer.

Composite aerospace parts kits supplier Velocity Composites (VEL) announced a $100m plus work package agreement with GKN Aerospace in Alabama, which provides a significant boost to its entry to the US market. The agreement with GKN, which is an existing client in the UK, covers five years. The new US production facility opens at the beginning of 2023. Once the US is fully up and running the company could move into profit in 2024.  Braveheart Investment took advantage of the sharp jump in the Velocity Composites share price to reduce its stake to below 3%.

City of London Group (CIN) is seeking shareholder approval for leaving AIM and winding up the company. As part of the liquidation, the Recognise Bank shareholding will be distributed to City of London shareholders on a pro rata basis. A cash injection to Recognise Bank provides a valuation of 30p/ City of London Group share for the stake. Shareholders owning three-quarters of the company support the proposals.

Molecular diagnostics company Yourgene Health (YGEN) is raising £6.4m in a placing and a retail offer of up to £1m has been launched at 0.3p a share – it closes on 6 January. The subsidiary in Taiwan is likely to be sold and a strategic investor is being sought. The cash raised should last until the third quarter of 2023. Finance director Barry Hextall bought 3.4 million shares at 0.344p each, taking his stake to four million shares.

Investment company Braveheart Investment Group (BRH) has taken a 2.37% stake in X-ray screening systems developer Image Scan (IGE) at 1p a share. Three Image Scan directors purchased shares following the stake announcement.

Egaming company Gfinity (LON: GFIN) reported a slightly lower underlying loss of £4.1m in the year to June 2022, down from £4.5m, if the gain on disposal is excluded. Revenues fell by 8% but costs were also reduced. There was a £2.57m cash outflow from operating activities. Gfinity has £2.14m in the bank. Potential deferred consideration is payable based on 30% of revenues generated by recent acquisitions over specific periods. Yet another fundraising appears likely in 2023.

Katoro Gold (KAT) says its nominated adviser RFC Ambrian is resigning and a replacement needs to be found by 11 January or trading in the shares will be suspended. The minerals explorer will need to raise cash early next year to fund its iron ore project in Namibia.

MAIN MARKET

Medcaw Investments (MCI) is a standard list shell seeking acquisitions in the life sciences sector, particularly those companies involved in medical technologies or therapies. There was £637,000 raised at 10p a share, valuing the company at £1.17m. The pre-IPO seed fundraisings were at 4p a share and after expenses there is pro forma cash of 4p a share. The share price ended the week at 10.5p (9p/12p). There were no reported trades.

Hamak Gold (HAMA) raised £296,000 at 8.75p a share. The share price was 7.5p prior to the positive results from the first drill hole at the Nimba licence in Liberia.

First Tin (1SN) says the initial results of the two drill holes at the Tellerhauser project in Germany confirm the results of previous drilling that there are potential resources of tin and zinc.

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