Pre-Christmas requisitions for Jaywing and RBG
Michael Ashcroft has launched a requisition bid for a general meeting at data and marketing services provider Jaywing (LON: JWNG), while Ian Rosenblatt has done the same at RBG Holdings (LON: RBGP), which owns the eponymous legal firm.
Michale Ashcroft wants Jaywing to leave AIM by 1 March 2025. He owns 29.5% of Jaywing and Lombard Odier is the next biggest shareholder with 18.9%. The directors own less than 6%.
DSC Investment, which is associated with Michael Ashcroft, and Lombard Odier have jointly lent £11.9m to Jaywing. Net debt was £14.8m at the end of September 2024, which was before the latest £1.1m increase in the facility. A general meeting date will be announced.
Performance has been poor. Jaywing recently announced interim revenues falling 15% to £9.45m. The loss increased to £2.54m. The main decline was in UK consulting. Cost savings and new business wins mean that the second half should be much better. Cash is tight, but there should be an improvement in cash generation.
Leaving AIM would save money. The share price has fallen 61% so far this year.
RBG
Legal services provider RBG Holdings got into financial problems, and it has closed its litigation funding operation and sold an M&A advisory business. This leaves the AIM-quoted company focused on the core legal firms of Rosenblatt and Memery Crystal.
In July 2023, Ian Rosenblatt was appointed to the board as executive vice chair. He was described as the largest individual revenue generator for the group. He is also the largest shareholder with 25.2%.
Ian Rosenblatt wants to remove chief executive Jon Divers and two non-execs. A new chief executive would then be appointed as well as a new non-exec.
Jon Divers became chief executive in March 2023 and Tania MacLeod joined the board at the same time. She left the board in October 2024 but remains with the company.
RBG Holdings is still suffering from delays in projects and Singer has withdrawn forecasts. There was an interim loss of £2.8m. The full year outcome will be below previous expectations. The £24m of debt facilities were fully used.
The share price is 2.85p and it has fallen by three-quarters this year, but it is one-third higher since the Budget.
Pineapple Power finds new reversal target
Cash shell Pineapple Power Corporation (LON: PNPL) has found another potential reverse takeover candidate. Hamburg-based FUSE-AI develops medical artificial intelligence products.
It has developed Prostate.Carcinoma.ai software that enables radiologists to save time analysing MRI images and reduces the error rate. Distributors are being signed up. FUSE-AI is an investee company of Xlife Sciences
The deal to acquire Ilios Hydrogen is not going ahead. Raising the funding and coming to n agreement on valuation was not possible. Previously, the purchase of hydrogen refuelling business Element 2 at a valuation of £120m fell through in 2023. In the previous year, the proposed acquisition of Ireland-based green-focused fund manager BVP Investments, did not go ahead.
FUSE-AI would be acquired in an all-share transaction. This is still subject to due diligence. A binding agreement has not been reached. The majority of the board will be from FUSE-AI.
Pineapple Power Corporation floated on the standard list and the share price is 2.74p, although trading has been suspended since 24 April. The plan is to be readmitted to the Equity Shares (Commercial Companies) segment of the Official List. The company would have to be valued at a minimum of £30m.
AIM movers: Mitsubishi Electric invests in Seeing Machines and Gemfields suspends emerald production
Goldstone Resources (LON: GRL) says it has agreed to assign the convertible loan notes to Devonport Capital and the redemption date has been extended to 31 January 2025. They will be converted into 85.9 million shares at 3.25p each – principal and interest will be £2.79m. This is reassuring for investors. The share price rose 54.1% to 1.425p.
Synairgen (LON: SNG) shares have rebounded after last week’s decline because of the proposed funding to raise up to £19m at 2p/share to fund a phase II study for respiratory drug treatment SNG001. The largest shareholder TFG Asset Management has conditionally underwritten £18m of this. However, there is a placing and open offer to raise £6m and the TFG subscription will be reduced by the amount raised over £1m. However, if the placing and open offer does not raise at least £2.9m the AIM quotation will be cancelled. The share price recovered 39.8% to 2.795p.
Contract pharma services provider Proteome Sciences (LON: PRM) has a growing order book and this will show through in 2025 revenues. There will be an improvement in the second half revenues. Vulpes Investment Management and Christopher Pearce are providing a total loan facility of £1m. This will finance the purchase of a new Exploris mass spectrometer. Chief executive Dr Mariola Soehngen is leaving, and Christopher Pearce will become executive chairman. The share price improved 28.4% to 3.57p.
Mitsubishi Electric is investing £26.2m in Seeing Machines (LON: SEE) for a 15% stake and the companies will collaborate on opportunities in the design and manufacture of automotive technologies, particularly in Japan. There will also be access to the Mitsubishi distribution channel. The investment is at a 12% premium to the 30-day weighted average price. Mitsubishi intends to take its stake to 19.9%. The share price increased 6.74% to 4.75p.
FALLERS
Retailer Quiz (LON: QUIZ) announced on Friday evening that it intends to leave AIM. The general meeting to gain shareholder approval will take place on 23 January. This is part of plans to reduce costs. Tarak Ramzan, who owns 20.4%, has offered a £1m loan facility and more cash will be needed next year. JP Jenkins may offer a matched bargain facility.
Gemfields (LON: GEM) says recent emerald and ruby auctions were disappointing. There is an oversupply of Zambian emeralds and emerald mining is being suspended by Gemfields. There is also civil unrest in Mozambique following elections. Ruby mining operations at Montepuez Ruby Mining have not been hampered, but risks have increased. There has been lower production of premium rubies. The focus is constructing a second ruby processing plant and other capital investment has been suspended, including the gold project. Options for the Faberge brand are being assessed. The share price dropped 12.6% to 6.25p.
Orosur Mining Inc (LON: OMI) has received assays from the fourth hole at the Pepas prospect in the north of the Anza project. There was a composite intersection of 40.2 metres @ 3.75g/t from 23.5 metres. Including 6.8 metres @ 9.02g/t. The results are good, but there are complexities. Part of the plan for the drilling its to resolve the complexities. Pepas has exceeded expectations. The share price fell 11.5% to 7.3p.
Nativo Resources (LON: NTVO) says 50% owned Peru joint venture Boku Resources has made its first mineral sale from the Tesoro gold mine. This had an average grade of 15.6g/t. The focus is the high-grade material. The share price dipped 9.09% to 0.002p.
The Guident IPO could make 2025 a year to remember for Tekcapital investors
Tekcapital’s Guident is preparing for an IPO that has the potential to make 2025 a year to remember for Tekcapital investors. Guident has every possibility of being worth many multiples of Tekcapital’s current market at, or very shortly after, its IPO.
The AV sector is starting to heat up. Elon Musk’s involvement in the new US administration will likely coincide with the rapid adoption of autonomous vehicle technology and integration into mainstream urban mobility.
Waymo already provides 150,000 paid AV trips weekly, whilst Tesla has announced plans to launch its robotaxi service in 2026. These developments signal a transition from experimental deployments to commercial-scale operations.
Regulatory Environment and Teleoperation Requirements
The regulatory landscape increasingly recognises teleoperation as a crucial component for AV deployment. Several American states have established mandatory requirements for remote monitoring and control of autonomous vehicles, including California, Florida, Michigan, Arizona, Nevada, and Louisiana. California’s recent legislation, passed in September 2024, particularly emphasises the necessity of remote monitoring capabilities.
This regulatory framework extends beyond the United States, with similar mandates implemented in European nations such as Germany and across major Asia-Pacific regions, including Japan.
The requirement for teleoperation stems from the inherent limitations of current autonomous systems. These systems occasionally encounter complex scenarios or edge cases where human intervention becomes necessary. Teleoperation provides a critical safety net, allowing human operators to monitor and intervene in situations where AI decision-making might be insufficient or require additional oversight.
Tesla is advertising for teleoperation staff to meet State laws for autonomous vehicles. It’s unlikely Tesla will achieve substantial market traction without utilising a similar type of remote monitoring and control capability that Guident has already built into its patented system.
The integration of teleoperation systems presents significant potential for reducing accidents and fatalities.
Advanced Driver Assistance Systems, which represent early-stage autonomous technology, are projected to prevent approximately 37 million crashes, 14 million injuries, and 250,000 deaths in the United States by 2050. The addition of teleoperation capabilities could further enhance these safety benefits by addressing scenarios where autonomous systems might struggle, such as ethical dilemmas or adverse weather conditions.
Guident’s Market Position and Growth Strategy
Guident has positioned itself strategically within this evolving landscape through its Remote Monitor and Control Center (RMCC) platform. The company has secured its first commercial placement with the Jacksonville Transportation Authority and is actively pursuing additional deployments at various institutions, including Michigan State University and the University at Buffalo.
The company’s addressable market is substantial, with the total market for AV safety and control solutions projected to exceed £25 billion by 2030. The more immediate serviceable obtainable market, focused on the U.S. autonomous shuttle sector, is estimated at £7 billion, encompassing 122,000 vehicles by 2027.
Market Valuations and Investment Activity
The autonomous vehicle sector has witnessed substantial investment activity at notable valuations. Recent developments include WeRide’s landmark Nasdaq IPO, demonstrating growing market confidence in AV technology.
Current enterprise valuations for leading companies in the sector are particularly noteworthy:
- Waymo commands an enterprise value of $45 billion, with annual revenue of $1.4 billion, yielding an EV/Revenue multiple of 32.1.
- WeRide’s enterprise value stands at $5.22 billion, with revenue of $55.3 million, resulting in a multiple of approximately 90.8.
- Pony.ai maintains an enterprise value of $4.07 billion, and EV/revenue multiple of 83x
- Aurora is valued at $3.5 billion with annual revenue of $42 million, representing an EV/Revenue multiple of approximately 83.3.
Another interesting comparison is to a company called Serve Robotics, which was listed earlier this year and set about expanding its autonomous vehicle delivery service.
Each of the examples above supports a Guident valuation well in excess of $100m. The US equity markets have the ability to price the opportunity in technology that is just not present in UK markets. Autonomous vehicles will change the world and the industry will be worth billions, if not trillions, in the coming decades. It is clear from the funding rounds above investors do not want to miss out. For Guident, the timing of the IPO is perfect.
With regulatory tailwinds, demonstrated market need, and strong industry partnerships, Guident appears well-positioned to capitalise on the growing demand for teleoperation services.
The company’s focus on safety and regulatory compliance and its scalable business model and strategic market position presents a compelling investment case as the autonomous vehicle sector transitions from nascent technology to widespread commercial deployment.
Helium One Global provides Galactica-Pegasus update, shares struggle to break 1p
Helium One Global has announced progress at its Galactica-Pegasus helium development project in Colorado, USA, where it holds a 50% working interest alongside operator Blue Star Helium.
In a brief announcement, Helium One outlined that construction work has begun on site access and well pad preparation at the Jackson #31 location, with similar work planned for Jackson #04 upon completion.
The company expects drilling operations to commence in January, starting with Jackson #31 followed by Jackson #04, with three additional approved wells scheduled for the campaign.
Shares rose on the news but failed to break through the 1p mark. Helium One has struggled to find any support above 1p since announcing the diversification of its portfolio into the US, with sellers stepping in each time shares approach the key level.
Helium One Global was primarily focused on Tanzania, where it holds significant prospecting licences across two project areas. The company’s flagship Rukwa Project, spanning 1,664km² in southwest Tanzania, has demonstrated promising results following its 2023/24 exploration drilling campaign, but investors have heard little since.
Aquis weekly movers: Incanthera builds up stocks ahead of delayed launch
Skincare technology developer Incanthera (LON: INC) reported a flat interim loss of £620,000. There was cash of £1.06m at the end of September 2024. There is no additional news on the litigation that prevented the launch of the Skin + CELL skincare product range. There is £1.24m of inventory and work in progress in the balance sheet that was built up for the launch. The share price recovered 23.5% to 5.25p.
Hot Rocks Investments (LON: HRIP) raised £60,000 at 0.4p/share. A stake has been built up in Oscillate and there is a potential digital payments investment. The share price improved 22.2% to 0.275p.
Valereum (LON: VLRM) has signed non-binding heads of terms for raising £13m at 10p/share with DMC Markets Inc. Valereum has also singed a binding option with an investor for raising £2m at 10p/share. This investor is building its own digital asset ecosystem, which could fit with Valereum’s interests. The additional cash will help to accelerate growth. The share price is 20.8% higher at 14.5p.
Healthcare IT provider DXS International (LON: DXSP) wants to expand into a new territory in the EU or elsewhere in 2025. There are 22% of NHS Integrated Care Boards using the new Aios SMART Referrals software and more will be converted. The first commercial sale of ExpertCare therapeutic management software was in October. The share price increased 12.9% to 1.75p.
Broking and wealth management business Oberon Investments (LON: OBE) grew revenues by 74% to £4.8m in the six months to September 2024. The loss was reduced from £1.59m to £1.24m. There was £2.26m in the bank at the end of September 2024. Corporate broking increased revenues by 124% to £1.54m. There are 21 retained clients and there are private capital fundraisings expected in 2025. The launch of the Oberon AIM VCT is expected in the summer of 2025.There are also plans to take on more experience staff. The share price is 7.79% ahead at 4.15p.
In the year to June 2024, fintech company Tap Global Group (LON: TAP) grew revenues 31% to £2.65m, although the core business was not part of the group for the whole of the previous year. Those revenues were 6% ahead. In the first five months of the new financial year revenues were 24% with the latest month 77% ahead. The company introduced its XTP token locking feature for UK customers. Tokens can be locked for 12 months. The share price rose 7.14% to 2.25p.
Shepherd Neame (LON: SHEP) has appointed Marion Sears and Meg Lustman as non-executive directors. The share price edged up 0.4% to 505p.
FALLERS
BWA Group (LON: BWAP) recently completed exploration drilling at the Dehane 2 rutile sands permit in Cameroon. Total heavy minerals raw sample grades are up to 20.4% over two metres thickness. This has increased the confidence of management that there could be a commercial project. Geological modelling is planned. The share price slumped 58.8% to 0.175p.
A person associated with IntelliAM AI (LON: INT) chief executive Tom Clayton bought 8,660 shares at 80.763p each and 2,280 shares at 87.5p each. He owns 24.8% of the AI company. Chris Wragg, divisional head of lubrication and applied sciences, bought 1,668 shares at 87.5p and he owns 4.38% of the company. The share price slipped 15.2% to 70p.
Oscillate (LON: MUSH) has started fieldwork on its Minnesota hydrogen interests, while land access permitting ongoing. There will be a detailed review of regional surface geology. The share price fell 14.8% to 0.575p.
Igraine (LON: KING) investee company Fixit Medical, where it owns 20%, has confirmed that it plans to pursue FDA approval and CE marking for its Cingo product, which prevents catheters from twisting. It is also launching three new medical device products. Two IP grants have been received. The share price declined 6.25% to 0.375p.
Marula Mining (LON: MARU) is planning a strategic partnership with the Mining Engineers Society of Kenya, which will provide expertise to the company. Marula Mining will provide annual financial support. Gathoni Muchai Investments bought 250,000 shares at 4.65p each, taking the stake to 8.85%. The share price is 5.26% lower at 4.5p.
EDX Medical (LON: EDX) has launched a range of test for determining hereditary risk of cancer and heart disease. Revenues remain minimal and the interim loss rose from £1.34m to £1.7m. There was cash of £2.31m at the end of September 2024. The share price slid 3.03% to 8p.
AIM weekly movers: Potential resurrection for Active Energy
Active Energy Group (LON: AEG) shares returned from suspension following publication of interims and the potential for a resurrection of the business. Shareholders previously voted against liquidating the company and Zen Ventures provided a loan of £200,000 to enable the publication of 2023 accounts earlier in December and the subsequent interims have been released. Zen Ventures will appoint two directors. The plan is to commercialise the CoalSwitch technology. The share price soared 309% to 0.225p.
Shares in i-nexus Global (LON: INX) rebounded 80% to 2.25p following the previous week’s approval by shareholders of the cancellation of the AIM quotation. The share price is still lower than before the proposal was announced.
Tiger Royalties and Investments (LON: TIR) is changing strategy to become a technology incubator. It is acquiring Bixby Technology Inc, which is run by Jonathan Bixby, for £325,000. A fundraising at 0.1p/share will raise £3m. New shareholders include Premier Miton, Zeus and Jupiter. Toro is subscribing £325,000 worth of shares. The company is retaining its core resources investments, and it will consider other natural resources investments. The share price jumped 50% to 0.15p.
Gfinity (LON: GFIN) says that it achieved monthly profitability in November. Accounts for the year to June 2024 have been delayed and will not be published by the end of 2024, so trading in the shares will be suspended on 2 January. The share price initially fell, but end the week 35.3% higher at 0.0575p.
Nioko Resources is making a recommended offer of 2.68p/share for Hummingbird Resources (LON: HUM). This is the same as the price of the debt-to-equity swap previously announced. That would take the Nioko Resources stake in Hummingbird Resources to 72%. The share price rose by one-third to 2.2p.
FALLERS
Tribe Technology (LON: TRYB) shares dived 93.4% to 0.115p after revealing that its accounts will be delayed and it plans to leave AIM. The autonomous mining equipment developer is in talks with potential provider of finance, and it believes that leaving AIM will make it easier to raise money. Trading in the shares will be suspended on 2 January.
Synairgen (LON: SNG) wants to raise up to £19m at 2p/share to fund a phase II study for respiratory drug treatment SNG001. The largest shareholder TFG Asset Management has conditionally underwritten £18m of this. However, there is a placing and open offer to raise £6m and the TFG subscription will be reduced by the amount raised over £1m. However, if the placing and open offer does not raise at least £2.9m the AIM quotation will be cancelled. The share price slumped 54.4% to 2p.
Cadence Minerals (LON: KDNC) has signed a letter of intent with Hesperian Metals to acquire tungsten antinomy gold licences for projects in Spain and Portugal. Both have old workings, and the main focus is tungsten. Cadence Minerals will acquire up to 40% of licences through a payment in cash and shares and commitment to spend €2.4m on exploration. The deal is subject to due diligence. A placing is raising £1m at 1.5p/share. The share price halved to 1.6p.
Shareholders approved plans for Webis (LON: WEB) to lave AIM and this will happen on 3 January. The share price fell by two-fifths to 0.075p. Neometals (LON: NMT) is cancelling its AIM quotation and concentrating on the ASX listing. It joined AIM in 2022, but it has been difficult to raise funds. Trading volumes on AIM have been low. The cancellation will be on 3 February. The share price slipped 35.3% to 2.75p.
AIM movers: Tiger technology move and Synairgen fundraising
Tiger Royalties and Investments (LON: TIR) is changing strategy to become a technology incubator. It is acquiring Bixby Technology Inc, which is run by Jonathan Bixby, for £325,000. A fundraising at 0.1p/share will raise £3m. New shareholders include Premier Miton, Zeus and Jupiter. Toro is subscribing £325,000 worth of shares. The company is retaining its core resources investments, and it will consider other natural resources investments. The share price jumped 50% to 0.15p.
Ascent Resources (LON: AST) has acquired 49% of American Helium’s acreage of helium rich oil and gas licences in Utah and Colorado for $2m in cash and shares. Management says that it will distribute 41% of its recent claim award in Slovenia to eligible shareholders. A placing raised $476,000 at treble the previous market price. The share price rose 21.2% to 2p.
OPG Power Ventures (LON: OPG) grew interim revenues by 24%. Increased utilisation of its generating plant and stable coal prices. Net cash was £22.3m at the end of September 2024. Interim pre-tax profit edged up from £4.1m to £4.3m. Full year pre-tax profit is expected to decline from £7.6m to £5.1m due to higher coal prices. The share price improved 16.5% to 6p.
Tekcapital (LON: TEK) portfolio company Guident has received a European Patent Grant for autonomous vehicle remote monitoring and control centre technology. One of these remote monitoring centres has been built in Florida. The share price increased 5.88% to 9p.
FALLERS
Tribe Technology (LON: TRYB) shares fell a further 77.3% to 0.125p after the autonomous mining equipment developer said is in talks with potential provider of finance, and it believes that leaving AIM will make it easier to raise money. Accounts will not be published by the end of 2024. Trading in the shares will be suspended on 2 January.
Synairgen (LON: SNG) wants to raise up to £19m at 2p/share to fund a phase II study for respiratory drug treatment SNG001. The largest shareholder TFG Asset Management has conditionally underwritten £18m of this. However, there is a placing and open offer to raise £6m and the TFG subscription will be reduced by the amount raised over £1m. However, if the placing and open offer does not raise at least £2.9m the AIM quotation will be cancelled. The share price slumped 33.9% to 2.475p.
Neometals (LON: NMT) is cancelling the AIM quotation and concentrating on the ASX listing. It joined AIM in 2022, but it has been difficult to raise funds. Trading volumes on AIM have been low. The cancellation will be on 3 February. The share price declined 28.2% to 3.05p.
The third quarter update from Andrada Mining (LON: ATM) shows a 15% increase in contained tin production to 232 tonnes from its mine in Namibia. The realised tin price was 26% higher in the quarter. The all-in sustaining cost rose. Management believes it can still meet the current guidance for full year costs. The share price slipped 20.6% to 0.675p.