Aquis weekly movers: Ananda Developments set for cannabis oil launch

Andrew Hore
-
1
Aquis weekly movers: Ananda Developments set for cannabis oil launch

Ananda Developments (LON: ANA) says that MRX1 cannabidiol based medical oil is on track for a commercial launch in July. The latest season of medical cannabis flowers trials are exceeding expectations. The share price jumped 35.2% to 0.595p.

Invinity Energy Systems (LON: IES) reduced its full year loss from £21.3m to £19m and expects a jump in revenues this year. There was £15.3m in the bank at the end of May 2023 and the Riverfort loan facility has been repaid. The revenues backlog is £23.7m. The share price moved ahead by 32.9% to 48.5p, which is the highest level this year.

Dan Bower purchased 25,000 shares in SuperSeed Capital (LON: WWW) at 94p each. SuperSeed Capital has issued 100,000 investor warrants to VSA Capital exercisable over six months at 112p each in order to help liquidity.The share price improved by 9.09p to 90p.

KR1 (LON: KR1) reported a 62% fall in net assets to £70m at the end of 2022, which is 39.47p/share. The share price rose 6.12% to 52p.

Boru Ltd has made a £500,000 investment in EDX Medical (LON: EDX) at 8p/share. The share price edged up 3.85% to 3.375p.

==========

Fallers

There was £787,000 of cash used in operations at Wishbone Gold (LON: WSBN) in 2022. There was still £1.23m in the bank at the end of the year. The share price slumped 20.9% to 1.7p.

Probiotix Health (LON: PBX), which was spun out of AIM-quoted OptiBiotix Health (LON: OPTI), grew full year revenues by 19% to £1.3m. Confirmed orders for 2023 have already reached £1.1m. Plans for line extensions should help to grow sales. There was £1.74m in the bank at the end of 2022.  The share price slipped by one-fifth to 4p.

Global Connectivity (LON: GCON) reported a 2022 profit of £360,000 because of a £616,000 write back of an intercompany loan. There was £75,000 in cash on 16 June and £550,000 will be received in repayments of intercompany loans over 18 months. Management is seeking opportunities to invest in. The share price dipped 18.5% to 1.1p.

TruSpine Technologies (LON: TSP) has repaid a £100,000 loan from Annabel Schild out of a £200,000 R&D tax credit payment. The share price fell 14.3% to 0.9p.

Adnams (LON: ADB) says trading improved in June, but the outlook for the rest of the year is uncertain. The share price declined 7.52% to 6150p.

Guanajuato Silver Company (LON: GSVR) reported an upgraded mineral resource for the El Cubo mines complex and there are 5.8 million ounces equivalent of silver indicated and nearly 20 million ounces inferred. A resource estimate for the San Ignacio mine will be completed later in the year. The share price slipped 5.56% to 25.5p.

In the year to March 2023, VSA Capital (LON: VSA) turnover improved from £3.61m to £4.36m and the pre-tax profit increased from £281,000 to £612,000. That profit is after an increased loss on investments from £443,000 to £860,000. The intangible assets will be fully amortised by March 2026. There was a £540,000 cash outflow from operating activities, compared with a cash inflow of £229,000 in the previous year. The reason for the cash outflow is that £2.28m of revenues were settled in shares. This is due to the payment in shares for advice relating to the Aquis-quoted Silverwood Brands acquisition of a 19.8% stake in skincare products supplier Lush. This transaction has run into problems with the registration of the shares and that hit the Silverwood brands share price. Net cash was £740,000 at the end of March 2023, while the value of investments rose from £692,000 to £2.14m. NAV was £4.37m at the year end. VSA Capital chief executive Andrew Monk bought 514,200 shares at 5p each. The share price fell 5% to 9.5p.

Cadence Minerals (LON: KDNC) reported a dip in net assets from £22.2m to £21.3m. There was an unrealised loss on investments of £4.59m in 2022, but that was partly offset by the money raised in a share issue. The share price slipped 3.66% to 7.9p.

Valereum (LON: VLRM) is still waiting for regulatory permission for the acquisition of the Gibraltar Stock Exchange. The plan is to focus on growth companies in the Middle East, Africa and India. The share price edged lower by 1.02% to 4.85p.

Medica not paying dividend ahead of takeover

Andrew Hore
-
0
Medica not paying dividend ahead of takeover

Radiology services provider Medica Group (LON: MGP) withdrew the final dividend resolution at its AGM. That means that it will not pay the 1.88p/share final dividend, which would have affected the bid price. Medica Group recommended a 212p a share cash bid from private equity firm IK Partners, which would have been reduced by the dividend amount. That was nearly one-third higher than the share price prior to the bid.

The share price has not been at this level since the end of 2017. The offer values premium-listed Medica at £269m. There is net debt of nearly £1m. Medica was expected to make a 2023 pre-tax profit of £15.2m and the bid represents 21 times prospective earnings.

IK Partners, which has focused on healthcare businesses, will be able to provide the funding to further invest in technology. Investee companies include Germany-based LAP Group, which provides laser positioning systems and quality assurance software and hardware used during radiotherapy.

Hastings-based Medica has operations in the UK, Ireland and the US. The backing of IK Partners will also help Medica to growth through acquisition in existing and new territories.

The bid scheme is set to become effective this month.

AIM weekly movers: Revolution Beauty returns

Andrew Hore
-
0
AIM weekly movers: Revolution Beauty returns

On Thursday, Revolution Beauty (LON: REVB) shares recommenced trading following the AGM. It was suspended on 1 September 2022 because of the inability to publish accounts and concerns about the previous financial reporting. The AGM was eventful with an attempt to adjourn the meeting until the general meeting requisitioned by 27% shareholder boohoo failing. The three directors that boohoo (LON: BOO) wanted to remove, including chief executive Bob Holt, were not re-elected with most of the votes against re-election coming from boohoo. That left the company with one director, and he reappointed the three directors plus two new non-executive directors. The share suspension would not have ended if there were only one director. This upset boohoo, but trading would not have recommenced without directors being appointed. The Revolution Beauty share price recovered 64.2% to 31.2p. This is the highest it has been for eleven months.  

Forestry company Woodbois (LON: WBI) has raised £6m at 0.5p/share from two Monaco-based British investors to replace the $6m working capital facility withdrawn in April. There is also a £1.75m debt for equity swap. This should reduce debt by two-thirds to $5m. Chief executive Paul Dolan will step down, although he bought six million shares at an average of 0.0073p each. The share price rebounded 37.6% to 0.805p.

The FDA has granted De Novo marketing authorisation for KidneyIntelX.dkd, the AI-enabled test for patients with Type 2 diabetes and kidney disease that has been developed by Renalytix (LON: RENX). This will help to accelerate revenues. The test stratifies patients based on the risk of progressive kidney function decline over five years. Renalytix estimates that 14 million people could be eligible for testing. The share price moved up 36.4% to 112.5p.

MC Mining (LON: MCM) is making steady progress with critical early works at the Makhado coking coal project. The mine life has increased by 27%, while production should be one-quarter higher. The proved and probable coal reserves increased from 69 million tonnes to 106 million tonnes. The share price is 24.1% higher at 9p.

==========

Fallers

Video games producer tinyBuild (LON: TBLD) expects 2023 to be a financial low point with the first half performance below expectations. New games have underperformed and the values of some of the back catalogue titles may be impaired. Higher amortisation of development costs and increased royalties mean that EBITDA will fall more sharply than revenues. The cash position is much weaker than expected and it could fall below $10m by the end of the year. Finance director Tony Assenza has left the board. The share price dived 72.4% to 9.25p.

Microsaic Systems (LON: MSYS) needs more cash because of the £1.35m in overdue payments from DeepVerge (LON: DVRG) and a slow start to the year. A further trading statement will be issued later this week. Microsaic Systems assumes no more payments from DeepVerge. There was £650,000 in cash at the end of May. The share price slumped 71.1% to 0.0125p and trading will be suspended on 3 July because the 2022 accounts have not been published.

Trackwise Designs (LON: TWD) has not published 2022 accounts and trading in the shares will be suspended on 3 July. A 2022 operating loss of £2.95m is anticipated. The electric vehicle contract is still delayed. Trackwise Designs has received a purchase order from an aerospace company for qualification test samples. The share price slipped 58.8% to 0.175p.

Unbound Group (LON: UBG) is still trying to raise cash. It has terminated the formal sales process – no offers were received – although the strategic review continues and there could be offers for subsidiaries. The alternative is to raise up to £2m through a placing and open offer. Costs have been reduced and Unbound has returned to profitability in recent months. The share price fell 54.2% to 1.375p.

Renalytix receives FDA authorisation for kidney prognostic test

UK Investor Magazine
-
0
Renalytix receives FDA authorisation for kidney prognostic test

Renalytix has received FDA authorisation for their KidneyIntelX.dkd kidney prognostic test which will open the doors to further clinical testing and insurance coverage.

The device utilises AI to provide care management for people with kidney disease brought on by diabetes.

“Meeting the rigorous safety, clinical and analytical validation, and scientific data requirements of an FDA review, from Breakthrough Device designation to De Novo marketing authorization, is a landmark event for health care providers and patients with diabetic kidney disease,” said James McCullough, CEO of Renalytix. 

“With this approval, a new class, Prognostic Test for Assessment of Chronic Kidney Disease Progression, has been established by the FDA, providing a roadmap for future expansion of KidneyIntelX into new indications and products.” 

Caspian Sunrise scraps dividend as Ukraine conflict hits operations

UK Investor Magazine
-
0
Caspian Sunrise scraps dividend as Ukraine conflict hits operations

Caspian Sunrise’s ability to generate revenue has been severely disrupted by the Ukraine conflict to the extent they are pausing their dividend until the end of the year.

Caspian are required to transport their oil through Russian pipelines, and although they are not subject to sanctions, there is now a discount attached to their product.

The company say they are missing out on $18 million revenue each year as a result.

The company said in a statement:

“Accordingly, and with reluctance, the board has decided to suspend further dividend payments until either the end of the year or following a significant increase in production from Wells 141, 142 or 802 or the receipt of the $22.5 million proceeds from the sale of 50% of the Caspian Explorer.”

UK avoids recession with 0.1% GDP growth in Q1

UK Investor Magazine
-
0
UK avoids recession with 0.1% GDP growth in Q1

The UK has avoided recession with 0.1% GDP growth in Q1 despite woes about the cost of living crisis and soaring rates of inflation.

“There’s nothing particularly surprising to be learnt from this set of figures. The UK has limped through the first few months of the year thanks to a surprisingly resilient consumer market and what is likely to have been a rush by businesses to make the most of generous tax breaks on investment before they came to an end,” said Danni Hewson, head of financial analysis at AJ Bell.

“But warning signs are already flashing madly, with household disposable income further eroded by the constant pain of price rises and fewer people with the ability to put a bit away for a rainy day or take advantage of the interest rate hikes which are causing such misery for so many.

“With hundreds of thousands of mortgage holders about to be clobbered by increased monthly payments there’s little doubt the service sector is in for a rough ride.”

UK housing prices surpisinginlgy rose in the month to June according to data from Nationwide.

FTSE 100 helped higher by housebuilders and UK banks

UK Investor Magazine
-
0
FTSE 100 helped higher by housebuilders and UK banks

The FTSE 100 was heading into the second half of 2023 on the front foot with a rally driven by housebuilders, UK banks and financials.

The FTSE 100 was trading 0.7% higher on the day at the time of writing and is up 1% so far in 2023. This compares to a 14.5% gain in the S&P 500 and a 15% rise in the German DAX.

“As we conclude the first half of 2023, investors are taking stock of markets and what might happen next. Essentially last year’s losers have become this year’s winners, with the US market bouncing back fast. The S&P 500 is on track to record a 15% first-half improvement thanks to a handful of tech stocks which account for most of the gains,” said Russ Mould, investment director at AJ Bell.

“In contrast, the UK has not been able to keep its crown following last year’s decent showing. In the first six months of 2023, it’s done zilch for investors’ portfolios excluding dividends.

“One might think this is a confusing turn of events. After all, recession fears have been focussed on the US while the UK has proved to be more robust than previously thought. Yet if you exclude the handful of mega cap winners in the US, performance hasn’t been as good.”

UK housing data

On Friday, much better-than-expected UK house price data sparked a wave of optimism in UK assets, with UK banks and housebuilders among the top risers.

According to data released by Nationwide, UK house prices rose 0.1% in the month to June, smashing economist estimates of a 0.3% decline.

Persimmon shares were 1.8% higher, and Berkeley Group Holdings rose 1.6%. NatWest was up 2.5%.

Despite the better-than-expected house price data for June, some analysts warned the outlook for the UK housing market was not as rosy as last month’s data suggests.

“A toxic cocktail of ruinous property prices and devastating mortgage rates could kill off any lingering optimism over house prices. The market held it together in June, but this was before mortgage rate hikes took their toll,” said Sarah Coles, head of personal finance at Hargreaves Lansdown.

“At the end of May, the average 2-year fix was 5.38% and the average five-year deal was 5.05%, according to Moneyfacts. In June, house-hunters with this kind of mortgage in their back pocket were treated to a bumper array of homes for sale and sellers who were desperate to do a deal. It’s these buyers who were prepared to pay house prices up 0.1% from a month earlier.

“By the end of June, things look very different. With the average two-year fix at 6.37% and the average five-year deal at 5.94%, it puts an enormous dent in affordability, and may well drive a huge number of buyers out of the market.”

Ocado

Ocado was again the FTSE 100’s top riser amidst ongoing takeover speculation and stakebuilding by a major fund.

At the time of writing, 86 of the FTSE 100’s constituents were trading in positive territory.

Tekcapital’s Innovative Eyewear to hit the runway at Miami Swim Fashion week

UK Investor Magazine
-
0
Tekcapital’s Innovative Eyewear to hit the runway at Miami Swim Fashion week

Tekcapital’s Innovative Eyewear are set to showcase its new Lucyd Lyte smart eyewear at the Miami Swim Fashion Show.

Their presence at the Miami show will coincide with the launch of a limited edition range of ChatGPT-enabled Lucyd Lyte smart eyewear.

“A big part of what makes Lucyd Eyewear unique among smartglasses is that our frames align closely with current trends in the traditional optical and sunglass markets,” said Harrison Gross, CEO of Innovative Eyewear.

“Not only do some of our new Lyte 2.0 frames offer styling similar to some of the most popular “analog frames” of 2023, we believe our new Sundrop lens collection brings the freshest trends in lens tints to our best-in-class smart eyewear.”

“We are thrilled to exhibit our exciting new collection at Miami Swim Week, one of the largest swim, resort and beach product shows worldwide.”

Tekcapital currently owns approximately 40% of Innovative Eyewear, Inc.

AIM movers: Renalytix FDA approval and share suspensions on the cards

Andrew Hore
-
0
AIM movers: Renalytix FDA approval and share suspensions on the cards

Renalytix (LON: RENX) has been granted US FDA marketing authorisation for KidneyIntelX prognostic testing platform for kidney disease. This will lead to greater use in testing and insurance coverage. The share price jumped 50% to 112.5p.

AMTE Power (LON: AMTE) was awarded a £389,000 grant by the UK Battery Industrialisation Centre yesterday. The company anticipates UN certification of its Ultra High Power Cells in the third quarter of 2023. This has perked up the share price by 16.7% to 7p, but the future of the company remains uncertain.

Revolution Beauty (LON: REVB) has hit back at boohoo (LON: BOO) which it says has failed to engage in discussions. The cosmetics supplier criticises boohoo’s failure to set out a strategy and points out that the online retailer has a patchy corporate governance record. The share price continues to improve following the return from suspension. It is off the high for the day but still 15.8% ahead at 31.85p.

Shares in tinyBuild (LON: TBLD) recovered 16.4% to 8.5p after yesterday’s slump because the first half trading performance was below expectations. New video games have underperformed. Higher amortisation of development costs and increased royalties mean that EBITDA will fall more sharply than revenues.

Trackwise Designs (LON: TWD) still has not published 2022 accounts and trading in the shares will be suspended on 3 July. A 2022 operating loss of £2.95m is anticipated. The electric vehicle contract is still delayed. Trackwise Designs has received a purchase order from an aerospace company for qualification test samples. The share price slumped 51.3% to 0.195p.

Phosphate producer Kropz (LON: KRPZ) is another company heading for a share suspension on Monday because the audit of its accounts has not finished. A further 33,000 tonnes of phosphate was sold in June, taking the total for the year to 130,000 tonnes. The share price is 35.5% lower at 2p.

Harvest Minerals (LON: HMI) increased fertiliser revenues from $4.86m to $8.63m in 2022 and it moved into profit. However, the Brazil-based company says fertiliser sales invoiced and delivered total 27,000 tonnes, which is well below the budget of 60,000 tonnes. Farmers are expecting the price to drop and delaying purchases. There are 33,000 tonnes invoiced last year that will be included in revenues. Full year invoiced sales guidance has been cut from 200,000 tonnes to 120,000 tonnes.  This knocked the share price by 33.5% to 3.125p.

Caspian Sunrise (LON: CASP) says that it hopes to publish 2022 accounts next week, but trading in the shares could be suspended on 3 July prior to publication. The company is selling oil on the domestic market because of the knock-on effect of sanctions on Russia. That means that Caspian Sunrise is losing an estimated $18m in annual revenues. The $22.5m payment for the sale of 50% of Caspian Explorer is yet to be received and dividend payments have been suspended. The share price fell 21.3% to 3.15p.

Kodal Minerals shares sink on further delays to their Bougouni lithium project

UK Investor Magazine
-
0
Kodal Minerals shares sink on further delays to their Bougouni lithium project

On Friday, Kodal Minerals shares were struck down by more delays to their Bougouni lithium project in Mali as the long stop date for receiving funding from their Chinese partners was again extended.

Kodal Minerals are struggling to meet the conditions set out by their Chinese funding partner Hainan Mining Co and today’s extension is the third in as many months.

Kodal Minerals said they were in regular contact with the government in Mali and are working towards meeting the required conditions.

Kodal Minerals shares were down around 12% to 0.47p at the time of writing on Friday and are now worth circa 50% less than their April 2023 high.

“Kodal and Hainan remain firmly committed to completing the transaction and are working together towards the completion of all condition precedents,” said Bernard Aylward, CEO of Kodal Minerals.

“Kodal has continued to work with Hainan and its team in the review and planning of the proposed development of the Company’s Bougouni Lithium Project located in southern Mali and are preparing for the rapid development of the project following completion of the transaction.”

1...464465466...1,784Page 465 of 1,784