News blog

Quoted Micro 7 July 2025

BY: Andrew Hore |
POSTED: 07/07/2025 |

AQUIS STOCK EXCHANGE

Dermatology treatments developer Incanthera (INC) has raised £508,000 at 3.5p/share, which was similar to the previous closing price. The investors include Incanthera directors and subsidiary Skin + CELL director Stuart Robertson. The cash will fund the direct to consumer launch of the Skin + CELL skin care range. There is an agreement with a global direct to consumer and it will launch the Skin + CELL product range in return for royalties on sales. The launch should be in early August.
Prize draw operator Good Life Plus (GDLF) plans to ask shareholders for approval to leave Aquis because it says there is limited liquidity, and it is getting funding outside of the market. Monthly recurring revenues are £420,000. In the year to January 2025, revenues were £3.8m and the operating loss was £4.2m.
Cooks Coffee Company (COOK) says first quarter system store sales increased 28% to £10.2m. UK like-for-like system sales were 2.8% higher, while Ireland like-for-like sales were 6.6% ahead. There are 95 stores in the UK and Ireland.
Equipmake (EQIP) has won a £550,000 order from Seahorse Amphibious Vehicles. It will supply electric drive systems between October 2025 and the end of 2026.
Crushmetric Group (CUSH) is changing its year end to 31 March. The company is in discussions with multinational companies about distribution agreements and co-branding. There are plans to open retail stores.
EPE Special Opportunities (EO.P) has acquired a majority stake in the LSA International band of glassware, tableware and interior accessories.
Hot Rocks Investments (HRIP) has raised £375,000 at 1.125p/share. It has subscribed £100,000 in the Hamak Gold (HAMA) fundraising that generated £2.5m at 0.8p/share. It also invested £100,000 in Cel AI.
IntelliAM AI (INT) has received a software order from a food manufacturer in the US. The deal covers three sites. A strategic partnership has been entered into with hardware Connection Technology Center Inc for the co-development of sensing products. This will be used for predictive maintenance and asset performance analysis.
The Smarter Web Company (SWC) currently owns 773.58 Bitcoin at a total cost of £60.4m.
Wishbone Gold (WSBN) reported a cash outflow from operations of £1.49m in 2024. There was £125,000 of cash left.
Spinal medical devices developer TruSpine Technologies (TSP) has engaged fintech adviser Alnistar to provide advice on the implementation of a Bitcoin treasury policy.
Coinsilium (COIN) raised £2.78m at 18p/share. A subsidiary currently holds 73.7 Bitcoin at a total value of £5.79m.
Mendell Helium (MDH) has published its Bitcoin treasury management policy. It intends to invest up to 50% of free cash flow in Bitcoin. Also, up to 50% of any surplus cash could also be invested in Bitcoin. There is discretion for some investment in other cryptocurrencies. Chief executive Nick Tulloch has been paid £22,500 of accrued remuneration in shares at 2p each.
Shares in consumer loans provider Amazing AI (AAI) returned to trading on 1 July. The company is in the process of appointing a custodian for its Bitcoin holdings.
Vault Ventures (VULT) has acquired AI development agency System7 Ventures, and it will become the in-house development and incubation arm in the AI and crypto sectors. The all-share deal should be worth £1m, depending on the achievement of the earn-out. A placing raised £1m at 0.02p/share and a WRAP offer could raise up to £300,000 more. There have been 881.1 Solana purchased for an average price of £109.60 each.
Cryptocurrency investor Phoenix Digital (PNIX) had net assets of £29.1m at the end of 2024.
Valereum (VLRM) had net assets of £2.97m at the end of 2024. It made a £3,222 profit after a revaluation gain of £1.98m. Matthew Ripperger and Grant Gischen are joining the board as Non-Executive Directors. Karl Moss and Pete Sekhon are stepping down.
KR1 (KR1) had net assets of 47.5p/share at the end of May 2025. There was nearly £459,000 of income generated from digital assets.
Vaultz Capital (V3TC) raised £1m at 15.5p/share.. The funds will be spent on operations and the Bitcoin treasury strategy. So far, 50 Bitcoin have been purchased at a cost of just over £4m.
Global Connectivity (GCON) invested £25,000 in PLUG Group, taking it stake to 7%.
Lift Global Ventures (LFT) investee company Trans-Africa Energy hopes to finalise a cash injection this month and the loan from Lift Global Ventures has been extended by a further month to the end of July.
Trading in Marula Mining (MARU), Eight Capital Partners (ECP) and Clean Invest Africa (CIA) shares has been suspended because they have not published 2024 accounts.
Video technology services provider Visum Technologies (VIS) is changing its financial year end from June to December.

ASSET MATCH

HeiQ (HEIQ) is selling a majority stake in AeoniQ to Altri, a Portugal-based sustainable cellulosic pulp producer. AeoniQ has developed biodegradable cellulosic filament yarn that can replace nylon and polyester. Altri will produce the yarn.
Marshall of Cambridge (MCH) has completed the sale of Slingsby Advanced Composites.

JP JENKINS

Gold miner Kadoma Mining (KAD) has joined JP Jenkins on 4 July. It produces gold at the Blue Duck Mine in the Chegtu greenstone belt of Zimbabwe.

AIM

Mkango Resources (MKA) is planning to combine its Songwe Hill rare earths project in Malawi with the Pulawy rare earth separation project in Poland and list them on Nasdaq as Mkango Rare Earths. This creates a vertically integrated rare earths business. The pro forma value of Mkango Resources’ shareholding would be $400m before any fundraising and transaction costs.
ActiveOps (AOM) is buying fellow workforce optimisation software provider Enlighten Operational Excellence for £6m, plus two further payments of up to £6m and £4m respectively depending on customer renewals. ActiveOps has net cash of £21m. Annual sales of the Australian company were $15.3m. This deal will double US revenues, which has been a focus of growth, and should enhance 2026-27 earnings by 15% to nearly 3.5p/share. In the year to March 2025, ActiveOps revenues rose from £26.8m to £30.5m, while pre-tax profit improved from £987,000 to £1.33m.
MS International (MSI) reported a record pre-tax profit of £20.1m in the year to April 2025, up from £15.7m the previous year. Cash has fallen by around one-third to £27.8m. Delays in contracts in the defence sector mean that the order book has fallen slightly. Defence accounts for 70% of revenues, but delays will hamper this year. Demand for forgings improved in the second half of last year, while the petrol station superstructures business will benefit from redevelopment programmes. The plan is to focus on defence and buyers were sought for the other businesses, but no realistic offer was made.
One Health Group (OHGR) has been granted the planning application for its first surgical hub in Scunthorpe, Lincolnshire. The opening should be late summer in 2026. The planning award is well within the expected period. The region has a shortage of operating capacity and there should be significant demand. More surgical hubs are planned in the North and Midlands.
Synthetic binders developer Aptamer (APTA) is raising £2m at 0.3p/share. This will accelerate the commercialisation of Optimer technology. The stronger balance sheet will help with negotiations over licences. Manufacturing will be done in-house. A new service is being launched to offer biomarker identification. Some of the cash will fund the validation of the molecular target to deliver siRNA to hepatic stellate cells (HSCs) in liver fibrosis.
Capital equipment supplier Mpac (MPAC) has suffered from uncertainty surrounding tariffs in the US and that has stemmed the flow of orders coming through. The first half held up because of the order book at the start of the year, but there will be a slump in the second half because of a lack of new orders coming through. Outside of the US, trading is not as bad. There will be one-off costs of restructuring the North American operations. A pension scheme buy in has been agreed with Aviva, although it will take two years to complete. The pension scheme will come out of the balance sheet at the end of June 2025.
Mercia Asset Management (MERC) did better than expected in the year to March 2025. Assets under management increased to £1.82bn as capital inflows were larger than expected. Revenues were 16% higher at £35.2m and the company returned to profit, although that was down to the fair value reductions in the previous period. Cash was £40.1m at the end of March 2025. The dividend is 6% higher at 0.95p/share, while there is a new annual buyback policy of up to £3m. NAV is 43.6p/share.
Software provider K3 Business Technology (KBT) is planning a tender offer to acquire £29m worth of shares at 85p each. This is equivalent to 74.3% of the shares in issue. Shareholders will also be asked to agree the departure of the company from AIM.
Ariana Resources (AAU) has identified a gold/arsenic in soil anomaly in another part of the Dokwe project area along strike of the Dokwe North pit rim. This is another step on the progress towards a multi-million ounce resource.
Better news from digital loyalty and promotions platform operator Eagle Eye (EYE) which is acquiring Dublin-based Promotional Payments Solutions for €5.5m, which is 1.4 times revenues. This should be immediately earnings enhancing. The acquired business includes PromoBase, which is a coupon and voucher database.
Online video editing technology developer Blackbird (BIRD) has raised £2m from a placing and subscription at 3p/share and could raise up to £200,000 more from a retail offer. The cash will finance further development of the elevate.io platform and help to grow sales. There were 325 paid users at the end of May 2025 and the cost of adding each new user has more than halved to £115. The cost for signing up a free user is £2.14 each. Usage is increasing.
Viaro Energy is offering 7.48p/share for Deltic Energy (DELT). It is also providing a bridging loan of up to £2.7m. The bidder entered the oil and gas production sector in 2020 and has operations in the UK and Netherlands. Deltic Energy has the Selene discovery in the North Sea and this requires funding.

MAIN MARKET

New Frontier Minerals (NFM) has revealed encouraging initial metallurgical results from bulk samples from stockpiles at the Big One Deposit at the NWQ copper project in Queensland. Indicative copper recoveries from acid leaching range from 83% to 99%.

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