News blog

Quoted Micro 31 October 2022

  • BY: Andrew Hore |
  • POSTED: 31/10/2022 |

AQUIS STOCK EXCHANGE

TECC Capital (TEC) has agreed terms for the acquisition of diagnostics business EDX Medical Ltd for £12m in shares, while a placing will raise £1.2m at 6p a share. The shares remain suspended. Trading in the enlargement group should commence on 14 November under the name EDX Medical Group. EDX Medical develops digital diagnostic products and services for cancer, heart disease, neurology and infectious diseases.

Guanajuato Silver Company Ltd (GSVR) joined the Apex segment of the Aquis Stock Exchange on 25 October. The Mexico-focused silver miner was already quoted on the TSX Venture Exchange. The share price started at 27.5p and it has stayed at that level. There were 884 shares traded on the first day and there were four trades during the week. Guanajuato Silver is targeting annualised production of 3.4 million ounces of silver-equivalent ounces by the end of 2022 and up to six million ounces by the end of 2023.

Coinsilium Group Ltd (COIN) says that the terms of the agreement for the IOV Labs Asia joint venture are being renegotiated. This could mean a different business model, but the outcome is uncertain. So far this year, Coinsilium has invested $575,000 of crypto currency in Web3 ventures. Chief executive Eddy Travia bought 250,000 Coinsilium shares at 1.95p each and chairman Malcolm Palle bought 250,000 at 1.9p each.

Gunsynd (GUN) has invested £50,000 in Omega Oil & Gas, which listed on ASX on 25 October. This is part of a $15.07m fundraising at €0.20 a share. Omega has two exploration permits in Queensland. A two well drilling programme is planned.

SulNOx Group (SNOX) increased interim revenues from £24,000 to £75,000, but the loss moved up from £724,000 to £965,000. There was £311,000 in the bank at the end of September 2022. There were delays to sales and at least £31,500 should be included in the third quarter.

Altona Rare Earths (ANR) is still on track to publish a maiden mineral resource estimate for the Monte Muambe rare earths project in the first quarter of 2023.

In the year to April 2021, IamFire (FIRE) reported a cash outflow from operating activities of £349,000. Management expects investee companies WeShop and 10%-owned Bio2Pure to make progress this year.

AQRU (AQRU) has launched a cryptocurrency-collateralised lending service called BlockLender.

Marula Mining (MARU) has raised £450,000 at 2p a share and plans to issue £265,000 secured convertible loan notes. There are talks with two Africa-focused mining investment funds that could invest up to £1m. A $5m lithium prepayment facility was secured for the Blesberg project in South Africa. Marula Mining will use $1.7m to take 100% ownership of Blesberg. Shareholders are being asked to approve the change in the investing strategy to allow the acquisition of majority interests in projects.

Sidney Sussex College reduced its stake in brewer Adnams (ADB) from 4.22% to 3.17%. Director Michael Heald increased his stake from 19.32% to 20.37% by buying 3,00 B shares at £89 each.

Ace Liberty & Stone (ALSP) chief executive Ismail Ghandour bought 15,000 shares at 55p each and finance director Ivan Minter acquired 20,000 shares at the same price. Last week, Ace Liberty & Stone launched a heavily discounted open offer to raise £4.56m at 25p a share. The open offer closes on 14 November

David Evans has increased his stake in Oberon Investments (OBE) from 8.74% to 9.36%. Mark Horrocks has raised his stake in Lift Global Ventures (LFT) to 7.1%. Chris Akers has increased his stake in Quetzal Capital (QTZ) from 23.4% to 24.1%. Phoenix Asset Management has a 16.5% stake in Silverwood Brands (SLWD).

AIM

Billing and charging software provider Cerillion (CER) says higher utilisation rates and beneficial exchange rate movements mean that pre-tax profit for the year to September 2022 will be much higher than the forecast £10.1m. Net cash is anticipated to be £20m. The pipeline of opportunities remains strong.

Vianet (VNET) says both divisions are increasing revenues. The smart machines division has increased vending connections by 24% to 52,490. Even though the pub sector is having a tough time, the smart zones division is growing revenues as the clients try to improve efficiency. Overall interim revenues are 13% ahead at £7.18m. However, there are cost pressures and Cenkos has reduced its 2022-23 forecast operating profit by £450,000 to £3.05m, with a bigger reduction of £950,000 to £4.04m next year.

Merit Group (MRIT) is selling its media, events and training operations to a business owned by Merit shareholder Lord Ashcroft for £4.5m. The cash will be used to pay off debt of £3.2m. Merit will focus on the Dods Political Intelligence and data businesses.

Building products supplier Alumasc (ALU) says volumes and margins improved in the first quarter. Transport and materials costs are stabilising, and exports are growing. Forecast full year pre-tax profit is £11.3m, down from £12.7m.

Franchise Brands (FRAN) says that Filta and Metro Rod are trading strongly, and full year group pre-tax profit will be better than expected. The consumer franchise businesses are finding it difficult to recruit franchisees. The 2022 pre-tax profit forecast has been raised by 5% to £12.4m.

Allergy Therapeutics (AGY) is able to restart production at its Worthing facility in the middle of November. The facility was shut down during peak production for does for the pollen season because of quality control problems.

ECR Minerals (ECR) has an option to purchase Placer Gold, which owns three mining tenements in Queensland. They are known as the Hurricane project, and it is prospective for gold and antimony. The option cost £144,000, while the total cost could be £3.8m, including a net smelter royalty capped at £3m.

Active investor Chris Akers has taken a 3.32% stake in Fiinu Group (BANK), which was formed in July when the Fiinu banking business reversed into the AIM shell Immediate Acquisition. Fiinu has developed the Plugin Overdraft, which provides customers with an overdraft facility without the requirement to switch banks.

Managed IT services provider CloudCoCo (CLCO) trebled revenues to £24m in the year to September 2022, while EBITDA improved from £745,000 to around £1m. There were four acquisitions in late 2021 so they contributed to the growth. Investment is sales is starting to pay off and there should be further growth in revenues and profit this year.

Secure payments technology provider PCI-Pal (PCIP) increased first quarter revenues by 29%, compared with a 20% forecast for the full year. An Open Banking payment service has been launched.

MAIN MARKET

MADE.com (MADE) says that the parties it invited to work towards making an offer for the company as part of the formal sale process will not be able to meet the necessary timetable. The company is running out of cash. There are no current funding proposals or possible offers. The main subsidiary is no longer taking orders. It appears there is little hope for shareholders unless something happens soon.

Eastinco Mining and Exploration (ATN) has acquired Aterian, and this sparked a move from the Aquis Stock Exchange to the standard list. The deal takes the business into Morocco, and it has existing projects in Rwanda. There was £854,000 raised in a placing at 1p a share. The share price ended the week at 0.95p. There are 15 different potential Moroccan prospects. They include the Agdz project, where there is a ten-year mining licence over a prospect with copper and gold deposits already identified.

Unicorn Mineral Resources (UMR) has exploration licences in two project areas in the Republic of Ireland. It is still early days in terms of exploration, but the licences in the Kilmallock area are reaching the point when drilling for zinc can commence, and the £930,000 raised at 10p a share in the flotation will finance that. The share price ended the week at 17.5p (15p/20p).

AIM-quoted Jangada Mines (JAN) has increased its holding in Blencowe Resources (BRES) from 2% to 9.5% by investing £610,000. The investment was part of a £750,000 placing at 4p a share where RAB Capital and JUB Capital also bought shares. Every two shares come with a warrant exercisable at 8p each. The cash will be invested in the Orom-Cross graphite project in Uganda, which has a net present value of $482m.

BSF Enterprise (BSFA) has received a £100,000 grant for further development of its serum-free media, City-mix. The grant is provided by EIT Food, which aims to commercialise cultivated meat. City-mix can be used to cultivate meat and leather. The company plans to unveil the first 100% lab-grown fillet in the next few months.

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