News blog
Quoted Micro 28 April 2025
- BY: Andrew Hore |
- POSTED: 27/04/2025 |
AQUIS STOCK EXCHANGE
Smarter Web Company (SWC), which was formerly Uranium Energy Exploration, joined Aquis on Thursday and it raised £1m at 2.5p/share. Smarter Web Company provides web design, development and marketing services. It generates income from an initial fee, annual hosting and optional marketing charge. Bitcoin payments are accepted. There are plans to grow through acquisition.
Marula Mining (MARU) is acquiring up to 70% of the Boteti lithium brines project in Botswana. There are three licences within the Makgadikgadi Desert Salt Pan. Marula Mining will issue 250,000 shares at 4p each to acquire the initial 50% interest, plus £10,000 worth of shares once due diligence is completed. Marula Mining will finance 100% of spending up until production. Once a feasibility study is successfully completed a further £250,000 of shares will be issue and e is the option to increase the interest to 70% through a further issue of £100,000 worth of shares.
Fenikso (FNK) has renegotiated the $11.5m loan from Savannah Investments. It will be settled for $5.76m and $2.5m will be made when the deal is signed. The other $3.26m will be paid by the end of the year. There should still be cash left on the balance sheet after the payments.
Valereum (VLRM) is not going to receive the £19m investment by DMC Markets. VLRM Markets will commence operations, open its Real-World Asset (RWA) Platform and launch its V-Wallet. This operation has a licence in El Salvador. Management has been involved in a delegation to the SEC concerning proposals to regulate digital assets.
Wishbone Gold (WSBN) is preparing to drill the main undrilled gold target at Red Setter Dome, near the Telfer gold miner. A major dome-like structure is similar to Telfer.
Adsure Services (ADS) says there is strong demand for its audit and assurance services.
Mendell Helium (MDH) has increased the subscription from £796,000 to £834,000. The subscription price is 2p/share.
TruSpine Technologies (TRU) has issued shares at 1.5p each to pay creditors totalling £107,000.
Nicholas Fairfax sold 27,900 shares in SulNOx Group (SNOX) at 80p each.
ASSET MATCH
Greenshields Agri (GAH) says UK farmland values are holding steady. Current net asset value is 162p/share.
AIM
Major shareholder Regent Gas Holdings has set up a company to make an offer of 68.5p/share in cash for energy assurance and optimisation services provider Inspired (INSE). Gas supplier Regent is the second largest shareholder with 29.4% and it owns convertible loan notes and warrants. Regent would prefer the focus to be reducing debt, which has already been cut following the December fundraising. This includes ending dividend payments. A strategic review will be started, so that debt can be eliminated by the end of 2026. Gresham House owns 29.7% of Inspired plus convertibles and warrants. It says that it will not accept the offer.
Selkirk Group (SELK) has made an approach to THG to acquire its MyProtein business for £400m-£600m, subject to due diligence, payable in cash and shares. THG has rejected the offer because of the valuation and the structure of the offer. Talks are not ongoing, but Selkirk could return to the potential deal if circumstances change. Management is assessing other reverse takeovers.
Foreign exchange services provider Argentex (AGFX) ran into financial problems because of currency volatility. IFX Payments is offering 2.49p/share in cash and the board is recommending the bid. It is also providing a £6.5m bridging loan. IFX Payments is interested in the technology that Argentex has developed.
Payment services provider Finseta (FIN) performed as anticipated in 2024, but higher costs for start-ups have hit the share price in recent weeks. In 2024, revenues were18% higher at £11.4m and pre-tax profit improved from £1.4m to £1.5m. There was no contribution from Canada or UAE, which start trading this year. There have been concerns about the problems at Argentex, but Finseta is a different business and is not allowed to take the type of risks taken by Argentex.
Rail software and services provider Tracsis (TRCS) had already warned of tough trading conditions prior to the interim results. Pre-exceptional and share-based payments profit fell from £1.8m to £235,000. The data, analytics and events division fell into loss because costs were higher than anticipated when work was won. This will hamper the full year contribution, although the second half is always stronger. Action will be taken to improve margins. The main concern is the continued uncertainty surrounding GB Railways. This could hold up spending in software and there was a reduction in investment in remote condition monitoring equipment due to delays in the CP7 spending period.
Software company Celebrus Technologies (CLBS) says 2024-25 revenues will be lower than expected at $38.6m, down from $40.9m last year, but pre-tax profit was in line with expectations at $8.7m, up from $7.6m. Net cash was $31m at the end of March 2025, following a property sale generating $3.9m. Celebrus Technologies is changing its revenue recognition policies to a monthly basis, rather than annually in the month of signing the contract. Annual recurring revenues will rise by 14% to $18.8m this year.
Productivity efficiency software provider ActiveOps (AOM) generated higher than expected revenues for the year to March 2025. The estimate has been raised 4% to £30.4m. Net recurring revenues were 108%. Annualised recurring revenues were 15% ahead despite the loss of a major customer. Net cash was £20.6m at the end of March 2025, which is nearly one-third of the market capitalisation. Pre-tax profit will be flat at £2.1m, with £2.3m forecast for this year.
Concrete levelling equipment supplier Somero Enterprises (SOM) is cautious about this year because of global uncertainties affecting buying decisions and the starts of projects. It is cutting 15% of its workforce. Cavendish has cut its 2025 pre-tax profit estimate by 18% to $21.3m, down from $25.4m in 2024.
Marketing data analysis company Ebiquity (EBQ) did better than expected in the second half, but pre-tax profit still fell from £9.7m to £6.5m. The first quarter of 2025 was ahead of management expectations. A modest recovery in pre-tax profit to £7.1m is forecast for this year and there is potential for further outperformance.
Enteq Technologies (NTQ) says that there is no likelihood of a bid for the company, and it has ended its formal sales process. Management will still talk to potential buyers for parts of the business. Spending is being reduced, and the energy services equipment supplier is seeking additional finance. There is $602,000 in the bank and that will last until mid-May. SABER equipment has been prepared for further testing.
Software training services provider Northcoders (CODE) returned to profit in 2024, but it has revealed that the 18-month Department for Education contract, worth £10m, will not be renewed. There will be a move to a regional model. Management is ready for this and believes it will win business.
The board of credit hire company Anexo (ANX) advises no action should be taken by shareholders following the announcement of a potential bid by DBAY Advisers, Alan Sellers and Samantha Moss. These shareholders already own 63%. The offer could be in loan notes or shares in a new holding company.
Great Western Mining Corporation (GWMO) says the mill construction is substantially complete at the 50%-owned Western Milling joint venture in Nevada. Initial trial production should start soon. There are already plans to expand capacity. This will require some third-party finance, and a specialised mine engineering company will be brought in.
Vast Resources (VAST) says the historical diamond parcel has been released by the Reserve Bank of Zimbabwe, which held it for 15 years. The contents of the parcel exceeded expectations, and the sales process should start in one month. Vast Resources is in talks with third parties about an investment in the Baita Plai polymetallic mine. The diamond sale proceeds will help to pay off debt.
Premier African Minerals (LON: PREM) has raised £1.575m at 0.035p/share. This will be invested in plant at the Zulu lithium and tantalum project so that grades and tonnage can be improved. That will help in the attempt to reach a binding agreement for future development.
MAIN MARKET
Structural steel supplier Severfield (SFR) reassured investors that trading is in line with expectations, although trading conditions is likely to remain tough and margins are under pressure. The UK and Europe order book has risen to £440m, but that includes work at Fenchurch Street that will not contribute until 2026-27. Generally, decisions are slow. Management believes that there could be annual cost savings of up to £4m. Insurance will cover some of the costs for the bridge remediation. Chair Charlie Cornish bought 103,125 shares at 24p each.
Investors have reacted positively to the appointment of David Brown to the newly formed Investment Advisory Board of Fragrant Prosperity Holdings (FPP). He has experience in fintech and AI and could help to secure an acquisition for the shell. David Brown will work with directors Simon Retter and Richard Samuel to identify acquisition targets. He was a founder of AI-based supplier payments company Previse and payment platform Oxygen Finance.
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