AIM movers: DSW Capital acquires legal business and Feedback discounted fundraising

Andrew Hore
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AIM movers: DSW Capital acquires legal business and Feedback discounted fundraising

Professional services provider DSW Capital (LON: DSW) is acquiring DR Solicitors for £6.1m in cash and shares, which will reduce dependence on M&A. DR Solicitors has a client base of doctors, consultants and primary care providers. The latest annual pre-tax profit was £1.2m. The deal should be hugely earnings enhancing. Shore has not changed its forecasts but expects to upgrade them significantly. Pre-tax profit could be doubled in 2025-26, although the additional shares mean that earnings will not rise by that much. The share price increase 18.2% to 65p, having been 67.5p earlier.

Fuel cell technology developer AFC Energy (LON: AFC) says full year revenues are slightly ahead of forecast at £4m and the joint venture with Speedy Hire is building up momentum. There was £15.4m in cash at the end of October 2024 and the monthly cash outflow was £1.3m. Cost savings will reduce this to £1.2m. The share price is 19.9% higher at 9.715p.

Membrane free electrolyser developer Clean Power Hydrogen (LON: CPH2) has entered into a licence agreement with Lisheen H2 Energy Park, trading as Hidrigin, for the rights to manufacture MFE220 electrolyser units for its own use up to 2GW. This could be worth multi-million Euros. Hidrigin owns the 122MW Lisheen solar park and has funding for other developments. The licence fee will be payable in stages. Separately, there is a sale of a 1MW MFE220 electrolyser unit. The share price rose 19.4% to 9.85p.

Croma Security Solutions Group (LON: CSSG) increased full year revenues by 9% to £8.7m, while pre-tax profit doubled to £860,000, helped by a higher interest contribution. Net cash is £2.1m with further cash payments for the disposal of Vigilant. This year’s pre-tax profit is forecast to be £920,000. The share price improved 14.8% to 77.5p.

FALLERS

Feedback (LON: FDBK) is raising £5.2m at 20p/share, which is a massive discount to the previous market price, and it slumped 43.8% to 25p.The share price has halved over the past week. There is also a WRAP retail offer of up to £1m – closing on 5 November. The cash will finance the rolling out of the Bleepa medical imaging communications product and take advantage of a collaboration with a provider of primary care IT services that will use Bleepa to streamline referrals between primary care, Community Diagnostic Centres and community care.

A trading update from Vianet (LON: VNET) shows interim revenues 7% ahead at £7.7m with 84% recurring. This underpins full year pre-tax profit expectations of £2.2m, up from £1m last year. Marstons signed a long-term contract renewal for beverage metrics services. The smart vending machines technology revenues have been held back because of delays in closing the 3G network. The share price is 4.9% lower at 116.5p.

Pulsar Helium Inc (LON: PLSR) has upgraded site infrastructure at the Topaz helium project site in northern Minnesota and signed a drilling contract with Capstar Drilling. The Jetstream #1 well will be deepened by 500 metres. This should significantly increase the size of the helium resource, which is already commercially viable. The company joined AIM on 18 October at 25p/share. The share price dipped 1.79% to 27.5p.

NextEnergy Solar Fund re-enters interactive investor’s top ten Investment Trust buys in October with other high yield trusts

UK Investor Magazine
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NextEnergy Solar Fund re-enters interactive investor’s top ten Investment Trust buys in October with other high yield trusts

NextEnergy Solar Fund has re-entered the trading platform interactive investor’s top ten Investment Trusts buys for October in 6th spot.

The list represents the most bought trusts by users of the interactive investor platform during October.

The solar-focused Investment Trust was last in interactive investor’s top ten Investment Trust buys in August and has once again entered the rankings with a number of other high-yielding trusts.

The NextEnergy Solar Fund has a 10% dividend supported by reliable cash flows from extensive solar operations across the UK. Other high-yield trusts in the list include the Supermarket Income REIT (8.7% yield) and BlackRock World Mining Trust (6.2% yield).

MOST BOUGHT INVESTMENTS ON INTERACTIVE INVESTOR (ii) IN OCTOBER 2024

RankInvestment Trust
1Greencoat UK Wind
2City of London
3Scottish Mortgage
4JP Morgan Global Growth & Income
5Alliance Witan
6NextEnergy Solar Fund
7Supermarket Income REIT
8F&C Investment Trust
93i Group
10BlackRock World Mining
Source: interactive investor

Higher-yielding trusts enter ii’s top ten trust buys at the expense of technology-focused portfolios as investors lean towards ‘safer’ trusts ahead of the US election.

“Allianz Technology has now joined Polar Capital Technology in dropping out of our top 10 most-bought investment trusts’ list. It shows how some investors are becoming slightly more cautious on the technology sector and are looking to cast their nets wider to take advantage of other opportunities,” said Kyle Caldwell, Funds and Investment Education Editor at interactive investor.

Share Tip: Aston Martin Lagonda Global – risk-tolerant Investors should now be taking a positive view

Mark Watson-Mitchell
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Share Tip: Aston Martin Lagonda Global – risk-tolerant Investors should now be taking a positive view

You don’t have to own an Aston Martin to realise its total style and performance ability. 
The last three to four years have been somewhat bumpy for the company, but I do believe that with its super-wealthy clique of investors clearly backing the group in its strategy, it has the potential to perform very well over the next two to three years. 
With the car maker’s shares bumping along the lower price range currently, I would suggest that risk-tolerant investors should be picking up a few along the way. 
The Business 
Founded in 1913 by Lionel Martin and Robert Bamford, Ast...

What impact could the US election have on stock markets?

UK Investor Magazine
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What impact could the US election have on stock markets?

The US will hit the polls tomorrow to vote in the 60th US election and end months of electoral razzmatazz and market uncertainty.

We have seen organisations, celebrities, and business leaders take sides as the election campaign heated up, but there is still no consensus on who will win on election day.

The Economist endorsed Kamala Harris, citing the untold risks of Trump winning a second term. Billionaire Elon Musk has become Trump’s chief cheerleader, presumably because Trump has promised tariffs that could increase Tesla’s competitiveness in the US.

There is a clear divide in opinion about who should win the election. This has been reflected in relatively benign market conditions in the run-up to the election. Traders have held off making big bets on financial markets, presumably because there isn’t a tradable indication of how it will go.

That said, traders will be all too aware of the potential market reaction as the election results are announced.

A Trump win will likely be bullish for the dollar due to his protectionist and inflationary policies. In contrast, a Harris win could spark a relief rally in stocks as investors cheer the removal of uncertainty around trade wars.

Who’s going to win the US election?

Calling which way this election will go is for either the very brave or very foolish. The polls have tightened over the past few weeks, putting Trump in the lead. However, shifts over the weekend could suggest Harris is now edging ahead. 

With an estimated 75 million people already thought to have cast their votes in the US, election watchers learned of possibly the most dramatic polling event of the election campaign over the weekend.

A poll by Des Moines Register showed Harris ahead of Trump in the critical state of Iowa, suggesting Harris could be set for a landslide.

Iowa is important because it’s historically been a stronghold for Trump, and he won the state even when he lost the overall election. It must be noted that it was a relatively small poll of over 800 people, but that hasn’t dampened the media or market reaction.

Polls tend to be more accurate in the US than in the UK, where polling companies have lost credibility since the Brexit vote. However, there is still a degree of variability across the most recent US polls, leaving the race too tight to call.

Expected market reaction

The market reaction to the Iowa poll on Monday provides further evidence that a Harris victory would be a positive for stocks. US equity futures picked up from their worst levels following a sell-off late on Friday, with the Iowa poll dominating headlines.

“As Republicans and Democrats embark on a last-minute surge of campaigning, some of the big Trump ‘plays’ on the markets have lost ground. Investors are reassessing Donald Trump’s chances of re-entering the White House, given polls which emerged over the weekend, indicating Kamala Harris may have gained ground in key battle ground states,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“The dollar has fallen back slightly, as the chances of Trump setting off a fresh tariff frenzy, pushing up inflation and interest rates, seem to have retreated a little. Bitcoin, which had also made strides of progress as markets priced in a Trump win, given his pro-crypto stance, has also continued to dip back. But this election is still far too close to call, so considerable swings in prices are likely as the results ebb in.”

A Harris win will likely create a bullish reaction for risk assets, primarily because it will alleviate risk around damaging trade policies promised by Trump.

Should there be any bullish reaction to the election, critical technical levels in the 5,773 regions must be overcome to open the doors back to all-time highs.

The level held after the Non-Farm Payrolls and the S&P 500 fell away from the level after the release on Friday.

However, overcoming this first barrier shouldn’t be difficult post-election, considering some analysts predict a 200-point swing for the S&P 500 after the election.

A Harris win could be a double-edged sword for UK large-cap stocks. Of course, the improvement in risk sentiment would be bullish for the FTSE 100; however, a weakening in the dollar and a strong pound may spark the inverse relationship between the FTSE 100 and the pound and cap any gains.

The FTSE 100 is dominated by dollar earners that are typically hit when the pound rallies.

Chemring announces contract wins, reaffirms profit guidance

UK Investor Magazine
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Chemring announces contract wins, reaffirms profit guidance

Chemring has announced two significant contracts for its Norwegian subsidiary, Chemring Nobel. The company has secured a substantial twelve-year framework agreement with Diehl Defence GmbH & Co. KG for the supply of MCX energetic material.

The initial purchase order under this agreement is valued at €231 million, with deliveries scheduled over five years beginning in late 2026.

“These significant contract wins illustrate the deep long-term relationships that we have built with our customers.  It is further evidence of the sustained and growing demand for our products and supports our investment decisions to increase the capacity of our three energetics businesses, and reinforces Chemring’s position as a key supplier to NATO,” said Michael Ord, Chief Executive of Chemring.

The agreement follows the successful collaboration between Diehl Defence and Nammo AS, who established an industrial working group in 2023 to supply 155mm munitions to the German Armed Forces and their allies.

In addition to the Diehl Defence deal, Chemring’s US subsidiary, Chemring Energetic Devices, has been awarded a significant contract worth $106 million to supply critical components for an undisclosed US missile programme. This five-year contract will commence deliveries in 2026.

Chemring took today’s contract win statement as an opportunity to reconfirm adjusted operating profit guidance for the year ended 31 October 2024, which is expected to be £70.9 million.

Helium One completes Galactica-Pegasus farm -in

UK Investor Magazine
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Helium One completes Galactica-Pegasus farm -in

Helium One Global has successfully completed the farm-in agreement with Blue Star Helium for the Galactica-Pegasus project in Colorado, USA. The arrangement sees Helium One securing a 50% stake in the promising helium development project for a cash consideration of $1.5 million, alongside a commitment to fund six development wells.

The Galactica-Pegasus field, initially discovered by Blue Star in 2022, has holds gas columns of up to 230 feet containing between 2% and 6% helium. Recent developments will be particularly encouraging for investors, with the State-16 development well drilled in June 2024, achieving a flow rate of 285 Mcf/d with 1.9% helium content.

Looking ahead, independent reservoir engineering suggests future development wells could achieve initial production flow rates ranging from 250 to 615 Mcf/d. The development programme is progressing well, having secured approval from the Colorado Energy and Carbon Management Commission for the oil and gas development plan. Drilling operations are scheduled to commence in Q4 2024, with first helium production anticipated in the first half of 2025.

“We’re very pleased to have completed this agreement with Blue Star and anticipate positive results from the upcoming development wells as the project advances into the production phase. This project provides Helium One with the opportunity to diversify its helium portfolio and benefit from production and revenue from first helium gas in H1 2025,” said Lorna Blaisse, Chief Executive Officer, Helium One.

“In Tanzania we await the official approval from the Ministry of Minerals having submitted our comprehensive Mining Licence application for Helium One’s southern Rukwa Helium Project, encompassing the Itumbula and Tai areas for commercial development. We look forward to updating our shareholders and stake holders in due course.”

Is Jersey Oil and Gas share price rise warranted?

Andrew Hore
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Is Jersey Oil and Gas share price rise warranted?

Post-Budget, the share price of Jersey Oil and Gas (LON: JOG) bounced back because there were no nasty surprises in terms of North Sea taxation. The price fell back following the initial rise, but it was still 23.3% ahead on the week at 63.5p.
To put that in perspective, it is still two-thirds of the level it was at the beginning of the year. It is hoped that there will be stability in the tax regime and that could provide the conditions for the development of the Greater Buchan Area in the North Sea, where Jersey Oil and Gas has a 20% interest after framing out the rest to NEO Energy and Seri...

Directors deals: Gateley chairman buys on Budget day

Andrew Hore
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0
Directors deals: Gateley chairman buys on Budget day

Legal services provider Gateley (LON: GTLY) chairman Edward Knapp bought 11,586 shares at 125p each on the day of the Budget. He owns 41,519 shares. In 2019, he bought 14,992 shares at 167p each.
There had been share disposals by directors in early October, including 50,000 shares sold by chief executive Rod Waldie at 138p each. That is the same price as the other disposals. The shares were sold to the employee benefit trust. Six months earlier there were similar disposals at 126p each.
Business
Gateley was one of the first law partnerships to become an LLP and the second law firm to gain appr...

Aquis weekly movers: ProBiotix Health fights off rebels

Andrew Hore
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0
Aquis weekly movers: ProBiotix Health fights off rebels

Rebel shareholders failed to win any of their three resolutions, including the removal of the chief executive, at the requisitioned general meeting of ProBiotix Health (LON: PBX). Broker Peterhouse said that major shareholder OptiBiotix Health (LON: OPTI) was not allowed to vote its shares at the meeting because of the relationship agreement from the flotation of the probiotics developer. OptiBiotix Health owns 53.5 million shares, and the votes were lost by less than 36 million shares. The ProBiotix Health share price recovered 45% to 7.25p. The recent £1.23m fundraising was at 3.36p/share.

Mendell Helium (LON: MDH) has sent a circular seeking shareholder approval for the sale of its cannabis operations. The meeting will be held on 11 November. The plan is to take up the option to acquire M3 Helium and seek readmission. The share price rose 14% to 3.25p.

Surgical treatments provider One Health Group (LON: OHGR) interim revenues were more than one-fifth higher at £13.4m. New patients increased by 29%. The second half is likely to better than expected. That means that full year EBITDA should be higher than £1.9bn. There was cash of £4.9m at the end of September 2024. A move to AIM is being considered. The share price firmed 7.69% to 210p.

KR1 (LON: KR1) had net assets of 62.15p/share at the end of September 2024. The income from digital assets was £592,000 during September. The share price increased 5.15% to 51p.

Aquis Exchange (LON; AQX) and Cboe Europe are assessing a joint bid to provide an EU consolidated tape of stock trades. The European Commission has decided to create a single entity to operate a real-time, trade consolidated tape. The European Securities and Market Authority will select the business to take on the role. The plan is for the two companies to set up a joint venture called SimpliCT, which will be based in the Netherlands, to bid for the role of equity consolidated tape provider. The share price is 2.8% higher at 330p.

Luxury prize draw organiser Good Life Plus (LON: GDLF) has achieved £330,000 in monthly recurring revenues. There are more than 40,000 subscribers and churn has been reduced. In the six months to July 2024, revenues were £1.69m. There was a £2.21m cash outflow from operating activities. There was a fundraising after the balance sheet date. Richard Johnston has been appointed as finance director. The share price edged up 2.38% to 2.15p.

FALLERS

Investment Evolution Credit (LON: IEC) raised £475,000 at 1p each and there is a broker option to issue up to three million more shares. The share price declined 68.8% to 12.5p.

Incanthera (LON: INC) is still waiting on the launch date for Skin + CELL products.This delay knocked 13.4% off the share price to 14.5p. .

Health IT provider DXS International (LON: DXSP) has won its first NHS commercial contract for its AI ExpertCare Clinical Decision Support product. In the year to April 2024, revenues were 2% ahead at £3.31m, There was an impairment charge of £4.38m. Even without that write-down the company fell into loss. Chairman Bob Sutcliffe bought 50,000 shares at 1p each and 133,333 shares at 1.5p each. He owns 1.74% of the company. The share price dipped 11.1% to 1p.

Marula Mining (LON: MARU) is stockpiling ore at the Kinusi copper mine. Samples have been sent to South Africa for test work and the results will help to design the first phase of the processing facilities. Three trial shipments are about to be sold. The share price fell 10.6% to 5.25p.

Hannah Haxby has resigned as a non-executive director of Hydrogen Future Industries (LON: HFI). The share price slid 7.14% to 1.625p.

Macaulay Capital (LON: MCAP) investee company Vale Foods has repaid a £125,000 loan and this has been reinvested in shares in the latest fundraising of £430,000. A £100,000 loan has been made to another investee company. The share price declined 5.26% to 18p.

Chris Akers’ stake in Oscillate (LON: MUSH) has been reduced from 5.94% to less than 3%. Peterhouse Capital has also reduced its stake below 3%. The share price slipped 4.35% to 1.1p.

Fenikso (LON: FNK) is launching a share buyback of up to 49.3 million shares. A further $404,000 has been received in loan repayments. The remaining loan is worth nearly $39m. The share price fell 3.45% to 1.4p.

Ananda Developments (LON: ANA) lost £1.21m in the six months to July 2024 and has net liabilities due to convertible loans that mature in November 2025. The share price edged down 1.54% to 0.32p.

AIM weekly movers: MicroSalt gains new orders

Andrew Hore
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2
AIM weekly movers: MicroSalt gains new orders

MicroSalt (LON: SALT) has received an initial purchase order for 50,000lbs of low-sodium salt from a major food and drink manufacturer for one of its product lines. Annualised volumes should be 200,000lbs and there could be orders for two other products. There is also a follow-on order from a B2B customer and the 63,860lbs will be delivered in January. Two other B2B orders have been won. The share price soared 90% to 95p – the highest it has been since July. Tekcapital (LON: TEK) owns 69% of MicroSalt. Another investee company Innovative Eyewear has launched the first ANSI-certified smart safety glasses for all-day wear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands. The Tekcapital share price rose by one-quarter to 10p.

United Oil & Gas (LON: UOG) has completed its exit from Egypt, although it still requires government approval. The company should receive $620,000 from the disposal. The share price jumped 76.7% to 0.265p.

At the beginning of the week, Emmerson (LON: EML) said it had filed an appeal against the unfavourable recommendation for its ESIA application for the Moroccan potash project, but the regional authorities say that they cannot examine the ESIA submission again. Emmerson subsequently notified the Moroccan government of an investment dispute and argues that the government is violating an agreement between the UK and Morocco. The dispute can be submitted to the International Centre for the Settlement of Investment Disputes. Prior to this, the company is seeking cash compensation from the government. Emmerson is trying to reduce its cash burn, but that will mean that there will be no progress with the development of the project. Two non-executive directors are stepping down and the two remaining non-executives will take fees in shares, while the chief executives pay will be reduced by two-fifths. The share price bounced back 56.6% to 0.88p.

Red Rock Resources (LON: RRR) has been meeting with the Democratic Republic of Congo authorities concerning the court judgement in the company’s favour, as well as new opportunities. A framework agreement has been signed with Koto DRC for an equal joint venture once a suitable asset is secured. The share price improved 38.5% to 0.045p.

FALLERS

Tlou Energy (LON: TLOU) is seeking shareholder approval at its AGM to leave AIM. The shares will still be traded on the ASX and the Botswana Stock Exchange. Interest in the company has dwindled and the departure will save money. UK shareholders are offered the chance to transfer their holding to the ASX depositary in exchange for ASX-listed shares at no cost. Tlou Energy released a first quarter update indicating progress with the Lesedi CBM gas-to-power project in Botswana. First electricity sales are expected in the middle of next year. There was an operating cash outflow of A$800,000, plus A$1.7m of capital investment in the period. The share price slumped 44.9% to 0.875p.

Property developer and investor Caledonian Trust (LON: CNN), which has been on AIM for more than 29 years, also announced the proposed cancellation of the AIM quotation. The direct annual cost of the quotation is £100,000 and liquidity is poor. A general meeting to gain shareholder approval will be held on 18 November. The cancellation is expected to be on 26 November. The share priced dived 36.8% to 60p.

Armadale Capital (LON: ACP) is set to leave AIM on 13 November. The share price fell a further 44.4% to 0.075p.

Mosman Oil and Gas (LON: MSMN) generated revenues of A$186,000 in the year to June 2024.The outflow from operations was A$529,000. The company is focusing on helium activities.  The share price is one-quarter lower at 0.0375p.

Shield Therapeutics (LON: STX) generated $7.2m from 43,500 ACCRUFeR prescriptions in the third quarter, which was slightly lower than forecast. The average net selling price is $167, and this could rise to $192 in the fourth quarter. Total nine-month revenues are $20m and the 2024 figure should hit $31.5m. Management admits that more cash will be required, and costs are being reduced. Sallyport is providing a $15m facility, up from $10m previously, and AOP Health has agreed to subscribe $10m for shares at 4p each.  The share price slipped by one-quarter to 3p.

IQE (LON: IQE) chief executive Americo Lemos is leaving the semiconductor wafer manufacturer after three years in the role and Mark Cubitt becomes executive chair. Finance director Jutta Meier will become interim chief executive. The focus will be on cash generation and the proposed flotation of the business in Taiwan next year. The share price dipped 21% to 11.74p.

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