Tekcapital’s MicroSalt gains further commercial traction in the snack food market

UK Investor Magazine
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Tekcapital’s MicroSalt gains further commercial traction in the snack food market

UK intellectual property investment group Tekcapital Plc (LON:TEK) has announced that its portfolio company Microsalt Ltd has formed a new partnership with Weijohn Farms Group. Weijohn Farms produces Sorbatto Fresh and Washington Organic Hazelnuts.

Through the partnership, Weijohn will use Microsalt’s proprietary technology to enhance the Sorbatto Fresh line of hazelnuts.

Tekcapital focuses on creating and commercialising technologies that can improve people’s lives.

Microsalt’s salt microparticle technology aims to allow for salt reduction without sacrificing taste. The partnership with Weijohn indicates growing commercial interest in Microsalt’s innovative approach to sodium reduction.

“We are very excited about our partnership with the Weijohn Farms Group and their Sorbatto Fresh brand. Excess sodium consumption is one of the leading contributors to hypertension and heart disease.  Partnerships like this are the best way to provide consumers with great tasting, healthy products with less sodium,” said Rick Guiney, CEO of MicroSalt®.

Not only has MicroSalt gained further commercial traction, but they have also earned a glowing endorsement of its operational processes from Weijohn Farms Group.

“The integration of MicroSalt into our salted product lines has been beneficial on multiple fronts. Not only does it offer our consumers a low-sodium yet flavorful option, but from an operational standpoint, MicroSalt has proven its ability to improve product adherence and general housekeeping,” said Jeff Weijohn, owner of the Weijohn Farms Group.

Tekcapital recently said in a statement that the MicroSalt was making good progress and are hopeful it will be completed by the end of the year.

FTSE 100 dips ahead of crucial week of central bank action

UK Investor Magazine
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FTSE 100 dips ahead of crucial week of central bank action

The FTSE 100 dipped on Monday as traders geared up for a busy week of central bank action including rate decisions from the Federal Reserve, Bank of England, and Bank of Japan.

The FTSE 100 booked the best week of gains for some months last week as the European Central Bank hiked rates but suggested they were done with the current hiking cycle.

“Last week’s positive sentiment on the markets failed to extend to the new trading week. All the major European indices were in the red on Monday, albeit only by a small margin. The FTSE 100 slipped 0.15% to 7,699, dragged down by utilities and real estate,” said Russ Mould, investment director at AJ Bell.

“It’s a big week ahead for central bank interest rate decisions, which can understandably make investors a bit jittery. The Fed reports its decision on Wednesday, with the Bank of England following the next day.

“There are mixed opinions regarding what the Fed will do. Some experts believe it will pause and make no change to US interest rates; others believe a quarter point rise is coming. Despite companies starting to discuss weakness in US consumer spending, the economy is still looking resilient. Therefore, the Fed might wish to continue its rate hike path in the fight against inflation.

“As for the Bank of England, the consensus forecast is a quarter point rise to 5.5%. The big question is whether that would be the final rate hike of the current cycle.”

Markets are pricing an 80% chance the Bank of England will hike rates on Thursday.

The UK property market is under immense pressure as a result of the BoE’s hiking cycle which was evident in Monday’s trade with investors selling FTSE 100 housebuilders before this week’s rate decision.

Barratt Developments, Taylor Wimpey, and Persimmon were down between 2%-3%.

Real Estate Investment Trusts were also out of favour with Land Securities dropping 2.8%.

FTSE 100 gainers were few and far between on Monday. Ocado was the top gainer after analysts at Jefferies increased their price target to 750p.

Pendragon set to transform into high growth business

Andrew Hore
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Pendragon set to transform into high growth business

Motor dealer Pendragon (LON: PDG) is selling its entire core business to North American automotive retailer Lithia Motors for £250m. This will turn Pendragon into a software business and there could be a £240m payout to shareholders, which is not much less than the market capitalisation at the end of last week. The share price jumped 26% to 23.275p.
The acquiror will take on all debt in the business, as well as pension obligations. The deal is subject to shareholder approval.  
Lithia Motors is also subscribing £30m for 279.4 million shares and will roll out Pendragon’s Pinewood dealer ma...

AIM movers: Potential Orcadian Energy farm out deal and parcel delay for Vast Resources

Andrew Hore
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AIM movers: Potential Orcadian Energy farm out deal and parcel delay for Vast Resources

Shares in Orcadian Energy (LON: ORCA) jumped 78.6% to 6.25p following the announcement that it has entered non-binding heads of agreement with a North Sea operator to farm out the Pilot project for a full carry until first oil. Orcadian Energy would retain a 18.75% working interest. The agreement includes the drilling of five subsea wells. Orcadian Energy will receive $100,000 when the agreement is completed, plus $100,000 if it is awarded an additional licence. Field development plan approval would trigger a payment of $3m. The company joined AIM in July 2021 at a placing price of 40p.

Remote site services provider RA International (LON: RAI) has recovered 58.8% from its all-time low to 13.5p following the minimum two-year global framework with the Foreign, Commonwealth and Development Office. The value and timing of orders is uncertain.

Shares in oil and gas company Afentra (LON: AET) have returned from suspension up 21% to 29.475p after it published its circular for the acquisition of the Azule assets in Angola and the readmission of shares to AIM.

Following management changes at the end of last week, ECR Minerals (LON: ECR) is raising £580,000 at 0.175p/share. The share price rose 17.4% to 0.27p. The cash will be invested in existing projects in Queensland and new opportunities. Andrew Haythorpe has stepped down as chief executive and Nick Tulloch has become managing director. Nick Tulloch is chief executive of Aquis-quoted cannabidiol products supplier Voyager Life (LON: VOY) and has experience in the cannabis and resources sectors.

FALLERS

Vast Resources (LON: VAST) says elections have delayed its receipt of a historic parcel of 129,400 carats of rough diamonds held by the Reserve Bank of Zimbabwe. The shares declined 16% to 0.21p.

Alba Mineral Resources (LON: ALBA) has failed to gain permission to remove greater amounts of water from the Clogau gold mine in Wales, although it has commenced emergency abstraction of water to safeguard the mine. Airborne geophysical survey plans are being delayed as CAA approval is sought. The share price slipped 12.8% to 0.085p.

Haydale Graphene Industries (LON: HAYD) has raised £5m from a placing and subscription at 0.5p/share and a retail offer could raise up to £1m more. The par value of the shares will have to be changed from 2p to 0.1p in order for the share issue to happen. The latest cash raising will fund working capital, while the company puts together partnerships to build up revenues, although more cash will be required before cash is generated from operations to fund the business. The share price had already fallen on Friday, and it has moved nearer to the placing price with a 12.5% fall to 0.525p.

Christie Group (LON: CTG) reported slightly lower interim revenues of £33.1m and this meant that the professional services provider moved into loss. Shore still expects a small full year pre-tax profit as transactional volumes are set to improve, although the net cash estimated is reduced to £2m from £5m. The interim dividend has been cut from 1.25p/share to 0.5p/share. The share price is 11.4% lower at 97.5p.

ECR Minerals shares surge as investors cheer leadership shake-up

UK Investor Magazine
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ECR Minerals shares surge as investors cheer leadership shake-up

ECR Minerals shares marched higher on Monday as investors cheered a shake-up in the junior explorer’s leadership team while the company raised £580,000 to fund growth plans.

Nick Tulloch and Mike Whitlow have joined the leadership team at ECR Minerals as the gold exploration company aims to advance operations across its Australian assets. Tulloch has been appointed Executive Director and Managing Director, while Whitlow takes on the role of Chief Operating Officer.

The appointments come as former CEO Andrew Haythorpe steps down to pursue other interests. Haythorpe oversaw ECR’s development during a challenging period and worked to advance the company’s Queensland assets.

Tulloch brings over 20 years of experience advising companies on capital markets, with expertise in international resources. He was previously CEO of CBD company Zoetic International.

Whitlow has a track record of successfully investing in and financing startups and small caps. He assembled resource projects through his company Axies Ventures.

The new leaders aim to address ECR’s opportunities and are expected to update shareholders soon. Their appointments coincide with a pivotal time for ECR’s exploration and development work across Australia.

“I am hugely excited to be joining the ECR board at such an important time for the Company. Having known and worked with Mike Whitlow for a number of years, I know he is equally excited at the scale of the opportunity, and at the same time, both he and I wish to be fully aligned with all shareholders as we embark on this journey,” said Managing Director Nick Tulloch.

“We look forward to working with the ECR board to help realise the potential of the Company asset portfolio and deliver shareholder value.”

ECR Minerals shares were 23% higher at the time of writing.

Orcadian Energy shares soar on proposed Pilot Project farm-out

UK Investor Magazine
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Orcadian Energy shares soar on proposed Pilot Project farm-out

Orcadian Energy shares surged in the first hour of trading on Monday after announcing a potential farm-out of the Pilot development project.

Orcadian Energy has reached a major milestone that could enable the development of the massive Pilot oil field in the North Sea, according to an announcement Monday.

Orcadian Energy shares were over 70% higher at the time of writing.

The Edinburgh-based company revealed it has signed a provisional agreement with a major operator to acquire an 81.25% stake in the Pilot project, located in the Central North Sea about 150 miles east of Aberdeen.

If finalised, the farm-out deal would bring the expertise and financial backing of an established player to bear on extracting oil from the large but challenging Pilot discovery. Orcadian retains a carried 18.75% interest in the development.

The companies aim to submit a field development plan to UK regulators featuring a polymer flood, an enhanced recovery technique viewed as more environmentally friendly than alternatives. Success could allow upward revision of Pilot’s reserve estimates.

Completing the transaction requires due diligence, further negotiations, and various approvals. Still, the agreement represents meaningful progress for Orcadian after financial constraints forced it to relinquish the adjoining license earlier this year.

“We are delighted to have reached this agreement, which sets out a potential pathway to production for the Company’s Pilot field,” said Steve Brown, Orcadian’s CEO.

“The Pilot field has a substantial proven reserve base with material upside potential in the surrounding area. We are delighted this transaction could enable Orcadian to retain a significant interest in the project and to enjoy the long-term benefits of producing oil for the UK.

“Developing energy in our own backyard contributes to the UK’s Energy Security and balance of payments; delivers long-term high-quality jobs; and minimises emissions associated with satisfying the UK’s need for energy.

“We look forward to progressing the next stages of this proposed transaction and providing further updates.”

Haydale Graphene Industries secures cash to move towards breakeven

Andrew Hore
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Haydale Graphene Industries secures cash to move towards breakeven

Haydale Graphene Industries (LON: HAYD) has raised £5m from a placing and subscription at 0.5p/share and providing a retail offer of up to £1m for individual investors.

The directors have subscribed for eight million shares in total. The share price slumped 22.6% to 0.6p. The par value of the shares will have to be changed from 2p to 0.1p in order for the share issue to happen.

Just over one year ago, Haydale Graphene Industries raised £5m at 2p a share and an open offer at the same price was oversubscribed and raised £510,000.

That fundraising helped to finance additional manufacturing capacity, which should be enough to get to breakeven once the efficiency of the reactor is optimised. Cash was £1.38m at the end of June 2023.

The latest cash raising will fund working capital, while the company puts together partnerships to build up revenues, although more cash will be required before cash is generated from operations to fund the business. Additional debt or equity will be needed.

Retail offer

The retail offer opened on 15 September and closes at 12pm on 22 September.

Authorised intermediaries include AJ Bell, Redmayne Bentley and Shore Capital, while others including Interactive Investor are awaiting confirmation. Thebookbuild is being handled by Cavendish and the website showing intermediaries is HAYDALE GRAPHENE INDUSTRIES PLC Authorised Brokers – BookBuild.

Strategy

Haydale Graphene Industries has focused on five markets: functionalised nanomaterials for third party applications, heating inks and fluids; sensor devices, composites and silicon carbide tooling. 

Deals have been made but projects have been delayed. Cash outflow from operating activities is estimated at £4.7m in the year to June 2023 and it could be similar this year. That is before any tax credits. There should still be a small net cash position at the end of June 2024.

The company is still a long way away from breakeven. The forecast for the year to June 2025 is revenues of £9.9m, EBITDA loss of £1m and a pre-tax loss of £2.4m.

If revenues are better than expected then breakeven could be achieved earlier, but it is in the nature of these things that there are delays. Operational gearing means that when breakeven is achieved a significant proportion of revenues should fall through to profit.

This is still a highly speculative investment and the requirement for further funds should make potential applicants for the retail offer cautious.  

Aquis movers: Positive new from Brazil for Cadence Minerals

Andrew Hore
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Aquis movers: Positive new from Brazil for Cadence Minerals

An update on the Amapa iron ore project in Brazil from Cadence Minerals (LON: KDNC) helped the share price improve 18.7% to 8.25p. Permitting times for the mine and related logistics has been reduced to 12-16 months. An environmental control plan is required to obtain the permits. This will enable a funding decision for the project. Investee company Hastings Technology Metals has expanded its offtake agreement with thyssenkrupp Materials Trading, which will take two-thirds of production from the Yangibana rare earths project.

Financial services company Eight Capital Partners (LON: ECP) says its2021 figures have been restated because of a change in the accounting treatment of the bonds. Non-cash transactions have been removed from the cash flow statement. The book value of the bonds has been changed to fair value and a modified loss recognised on loan liabilities. Net liabilities were £11.4m. The 2022 results show net assets of £25.3m after a debt conversion to equity. A partial reversal of previous fair value adjustments also helped. The share price rose 2.97% to 0.026p.

FALLERS

Gathoni Muchai Investments has trimmed its stake in Marula Mining (LON: MARU) from 12.2% to 11.26%. A warrants subscription at 4p each raised £30,500. The share price fell 14.3% to 11.25p.

Invinity Energy Systems (LON: IES) has converted an existing order from Taiwan to its next generation Mistral flow battery. This is a higher margin product targeted at large wind and solar applications. Management is securing additional production capacity with Taiwan partner Everdura. The share price declined 9.2% to 39.5p.

Wine maker Chapel Down Group (LON: CDGP) slipped 7.07% to 46p ahead of the interim results on 27 September.

Coinsilium Group Ltd (LON: COIN) is providing a convertible loan of $50,000 and has a 12-month option to subscribe for $500,000 for shares in Silta at a pre-money valuation of $7.5m. This means that it could end up with 6.7% of Silta. Last year, Coinsilium entered into an early contribution agreement to buy $75,000 of SILTA tokens. Silta is developing an advanced AI platform for sustainable infrastructure financing. The share price dipped 3.7% to 1.3p.

Nigel Pope has taken a 3% stake in NFT Investments (LON: NFT). The share price edged up 1.59% to 1.55p.  

AIM movers: Barkby considers Cambridge Sleep sale

Andrew Hore
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AIM movers: Barkby considers Cambridge Sleep sale

Barkby Group (LON: BARK) is considering the sale of sleep technology business Cambridge Sleep Sciences, which is set to generate revenues of more than £10m from recent licensing deals over the next three years. Management first said it intended to sell non-core investments back in July 2022 and the progress made by Cambridge Sleep Sciences makes this a good time to seek offers. The share price jumped 158% to 7.75p – it has fallen back from 8p, which was the high since the beginning of the year.

Shares in Silver Bullet Data Services (LON: SBDS) recovered 107% to 77.5p ahead of the interims later this month. A trading statement has already said that revenues will be 76% higher at £4.1m.

Cloud communications company LoopUp Group (LON: LOOP) sharply reduced its loss in the first half of 2023 and it generated £4m of cash from operations, partly thanks to a fall in trade receivables. Net debt has fallen to £5.6m and bank facilities renewed until September 2024. Annualised recurring revenues are £2.7m. The share price increased 50.7% to 3.24p. Last September’s fundraising was at 5p.

Seed Innovations (LON: SEED) has sold 56.4% of Avextra, formerly Eurox, for around €2.9m (£2.45m), while maintaining a 3% shareholding. This represents a 62% return on the original investment and takes cash to £4.6m with a further £2.5m coming in from the disposal of Leap Gaming. This is available for further investments, including short-term ones. The share price is 41.7% higher at 3.4p, valuing the company at £7.2m. Lloyd Leckerman has taken a 3.73% stake in Seed Innovations.

FALLERS

AMTE Power (LON: AMTE) sent out its placing circular at the beginning of the week and then trading in the shares was suspended on Wednesday morning due to a deterioration in settlement performance. The share price had fallen by 75.8% to 2.24p. The battery technology developer is raising £2.1m at 1.7p/share.

Tungsten West (LON: TUN) says that by January 2024 it plans to have obtained the necessary permits for the Hemerdon mine, but that depends on raising enough cash. The board says that there is currently no demand for tranche C of the company’s convertible loan notes. If there continues to be no demand for them then Tungsten West will not be able to meet its liabilities during November. Alternative sources of finance are being sought.  The share price slumped by 45.3% to 2.05p.

North Sea oil and gas producer IOG (LON: IOG) has been told by the authorities that the Nailsworth P2342 and P130 licences are not going to be extended and this could have a negative commercial impact on the potential for the Elland licence. Bondholder discussions continue and the waiver lasts until 29 September. There was £14.5m in cash at the end of August, including £7.3m of restricted cash. There was stable production from Blythe H2, but the realised gas price was lower. The share price slumped 45.3% to 0.93p, which is a new low.

Shares in Beacon Energy (LON: BCE) have declined 40.7% to 0.16p/share following the oversubscribed £4.3m placing and offer at 0.15p/share that was announced on Thursday evening. The share price had been falling ahead of the fundraising, but it is still higher than one month ago. The cash will help to bring the Schwarzbach-2 well in Germany into production. This is an excellent oil-bearing reservoir, and the well could materially increase the company’s production.

Key Trends in Fine Wine Investing with WineCap

UK Investor Magazine
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Key Trends in Fine Wine Investing with WineCap

The UK Investor Magazine was delighted to invite Martin Pruszynski to the Podcast to explore the world of fine wine investing.

Explore Fine Wines with WineCap’s Wine Track

Martin provides deep insight into the history of fine wine investing and the key trends investors should be taking note of in 2023. Fine Wine has evolved dramatically over the past decade and we delve into the wine regions gaining investors attention.

Fine Wine investing has gone beyond Bordeaux and Martin outlines some of his favourite regions.

We look at the factors driving fine wine prices including climate changes and growing demand from countries such as India.

Martin explains how investors can make their first investment in wine and the most important things to consider when doing so.

Download WineCap’s Fine Wine Investment Guide here.

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