AQUIS STOCK EXCHANGE

There has been profit-taking in The Smarter Web Company (SWC) with a three-fifths decline to 200p. This follows a £41.2m fundraising at 290p/share. The company owns 543.52 Bitcoin with a cost of £42.4m. Directors have been buying shares at below the fundraising price.

Marula Mining (MARU) says positive tests of copper grades by an offtake partner has led to negotiations about an initial three-year offtake agreement relating to Kinusi mine for up to 2,000t/month of copper concentrate and 1,000t/month of copper cathode. An initial shipment Is planned for July. Test work on lower grade material has been positive. Testing at Blesberg shows that ore comprises both microline and plagioclase feldspar material and comprises between 60% and 80% feldspar.

Brewer Adnams (ADB) says higher National Insurance rates will add £1m to costs in 2025 and the Extended Producer Responsibility Levy will add a further £1m. Price increases and productivity improvements will be used to recover these extra costs. Board costs will be reduced by one-third. By the end of June, debt should be £7m lower than the previous June.

Hong Kong-based frozen seafood wholesaler SuperSearch Plus (SSP) increased revenues by 4% to HK11.3m. The business moved into profit. There is HK$323,000 in the bank.

Evrima (EVA) says its most significant investee company Eastport Ventures Inc has entered into a merger agreement with TSX Venture Exchange shell company Penbar Capital. Eastport Ventures has minerals projects in Botswana. This should be completed in the second half of 2025.

Recycling business Majestic Corporation (MCJ) in revenues by two-thirds to $49.3m in 2024, Pre-tax profit was flat at $1m. There is $1.5m in the bank. Capacity has been expanded via acquisition.

In 2024, net liabilities at Globe Capital (GCAP) have increased from £432,000 to £550,000.

Vault Ventures (VULT) is broadening its treasury policy to include Solana. So far, Vault Ventures has bought 2.07606 Bitcoin and 437,843 Ethereum.

Vaultz Capital (V3TC), previously Helium Ventures, has initially purchase 10 Bitcoin for £774,570.

Hot Rocks Investments (HRIP) has subscribed for 7.5 million shares In Mendell Helium at 2p each. The fundraising totalled £515,000.

Coinsilium (COIN) reported an increase in loss from continuing operations from £580,000 to £988,000. Bitcoin holdings have increased to 58.3157 with a total value of £4.59m. Management is seeking shareholder approval for the issue of more shares.

NYCE International (NYCE) has established ClickSpin Media, which is a performance marketing agency for online casinos and sportsbooks, and Karim Abbassi is chief executive.

Spinal medical devices developer TruSpine Technologies (LON: TSP) is pursuing the implementation of a Bitcoin treasury policy. Fundraising opportunities are being assessed.

Investment company Gledhow Investments (LON: GDH) had cash of £217,000 out of net assets of £938,000 at the end of March 2025. This is before the acquisition of a portfolio of investments for £441,000 in shares and convertible loan notes. A general meeting is being held on 23 July to reduce the nominal value of the ordinary share price from 1p to 0.1p. This is so the loan notes can be converted at 0.425p/share.

Customer loans business Amazing AI (AAI) raised £123,000 at 0.5p/share at the beginning of the week. This is for working capital and preparing for the new Bitcoin treasury policy. There are talks with the world’s largest regulated custodian of Bitcoin to be the company’s custodian, which could provide finance of up to 50% of Bitcoin assets. A subsidiary is being set up in Mauritius to hold Bitcoin. Another fundraising is being explored. Bitcoin purchases could start in July. On Friday, the share price was suspended at 5.5p.

The Artha Global Opportunities Fund has raised its shareholding in Invinity Energy Systems (IES) from 4.25% to 5.09%. There is interest from UK battery developers who wish to use the company’s ENDURIUM batteries in projects. Bids are under review by Ofgem, and final assessment will be in the first half of 2026.

Ananda Developments (ANA) has manufactured 40 litres of MRX1 and 40 litres of a placebo. This will be used in the phase 2 trials for chemotherapy induced peripheral neuropathy and endometriosis-associated pain, as well as a separate phase 1 trial in Australia.

Tamar Minerals (TMR) has sold its 27.1 million shares in AIM-quoted Kazera Global Investments (KZG) for £352,000. This will be spent on exploration in Devon and Cornwall.

Investment company TechFinancials (TECH) had no revenues in 2024. There was $170,000 in cash at the end of 2024 after a cash outflow from operating activities of $189,000.

RentGuarantor (RGG) has converted £450,000 of convertible loan notes at 24.15p/share.

Thomas Grant Nominees has reduced its stake in Shortwave Life Sciences (PSY) from 4.75% to 3.53%. Daniel Thwaites (THW) bought 250,000 of its shares at 74p each. Director RAJ Bailey bought 50,000 shares at 74.01p each. He owns 1.43%.

Brewer Shepherd Neame (SHEP) has appointed Panmure Liberum as its corporate adviser and broker.

ASSET MATCH

Skybus, the airline subsidiary of Isles of Scilly Steamship (IOS), has secured a contract to supply two aircraft to Aurigny Air Services of Guernsey. They will fly between Alderney, Guernsey and Southampton. This is a multi-year agreement starting in November.

JP JENKINS

Brewer Powder Monkey (PMGL) has agreed terms for the potential acquisition of Akasha and Wayward Brewing’s Australian assets. The operations will be centralised in Five Dock. The Powder Monkey Taphouse due to open in Camden, New South Wales in October.

AIM

Digital and social media services provider Dotdigital (DOTD) is paying up to $35m acquisition of Social Snowball, which provides an influencer, affiliate and referral marketing platform. The service is available through Spotify. This will broaden the range of services offered by Dotdigital and help to enhance average revenues per user. The initial cash payment is $20m with performance related consideration of up to $15m. This means that there will still be cash in the bank after the acquisition.

Accoya wood supplier Accsys Technologies (AXS) reported flat revenues of €136.6m for the year to March 2025, but tight control of overheads meant that it moved from loss to an underlying profit. However, the start-up loss from the 60%-owned US manufacturing joint venture increased from €4.1m to €11.9m, so the pre-exceptional loss moved up from €7.67m to €9.88m. US manufacturing commenced in the second half and revenues were €10.8m, although they are not consolidated. There is plenty of spare capacity to grow into and the US could move towards profitability by next March.

Floorcoverings distributor Likewise (LIKE) is generating like-for-like growth in revenues of 10%. This means that it is gaining market share and benefiting from operational gearing. Additional warehouse capacity is being added.

Marketing services provider Brave Bison (BBSN) raised £13.5m at 2.45p/share to help fund the £19m acquisition of MiniMBA, which is an MBA level marketing skills and training platform. This fits well with the customer base of Brave Bison. MiniMBA founder Professor Mark Ritson is subscribing for £2m worth of shares. Cavendish has upgraded its 2025 earnings forecast by 9% to 0.31p/share. The pro forma figure for 2025 is 0.34p/share.

Roadside Real Estate (ROAD) has entered a put option agreement with CGV Ventures 1 that will enable Roadside Real Estate to realise at least £48m from the future from the future sale of the 48.2% stake in Cambridge Sleep Sciences. That would represent a gain on book value of £7m. The company can assess alternative opportunities to sell. The cash will be reinvested in the property operations.

Cavendish has upgraded its forecasts for Hargreaves Services (HSP) following a trading statement saying results will be better than expected. The 2024-25 pre-tax profit forecast has been raised from £16.4m to £17.4m. following a strong performance from the services division. The 2025-26 figure has been raised from £20.2m to £21.2m and that does not include the potential disposal gains from renewable energy assets. Net debt is higher than expected at £23.3m.

Musical instruments retailer Gear4Music (G4M) announced it has made a strong start to the new year when it reported it figures for the year to March 2025. The company is benefiting from market consolidation. Full year revenues edged up from £144.4m to £146.7m, while pre-tax profit recovered from £1.1m to £1.6m.

Labour supply services provider Hercules (HERC) is using its strong cash position to acquire Advantage NRG, which diversifies the group into the overhead electrical transmission lines market. The acquisition costs an initial £10.2m, plus deferred consideration of up to £5.5m, some of which is dependent on performance. Lancashire-based Advantage NRG made a pre-tax profit of £1.7m in the year to February 2025. A £6m loan will help to finance the deal.

Energy assurance and optimisation services provider Inspired (INSE) has recommended the 81p/share from HGGC managed funds. However, the final dividend of 1p/share will not be paid.

Digital marketing services provider Silver Bullet Data Services (SBDS) is raising up to £3.2m from an issue of convertibles, loan notes and shares, including a retail offer of up to £60,000 at 30p/share. Some of the cash will be used to repay previous convertible loan notes and for working capital. Other existing convertibles will be converted into the latest convertibles, which have a three -year term. Revenues in the period to May 2025 are 13% higher at £4.03m.

Palm oil supplier and cashew processor Dekel Agri-Vision (DKL) has raised £2.33m at 0.55p/share, which was more than expected, and launched a retail offer of up to £300,000. The €1.2m loan from chief executive Youval Rasin will be converted at the same share price. There are also revised terms for its lending facilities, which will delay repayments. Current debt is €26.4m.

Ariana Resources (AAU) says that the revised Dokwe North pre-feasibility study economic model shows a NPV10 of $354m. That is based on a gold price of $2,750/ounces. All-in sustaining cost is estimated at $1,144/ounce. When the project in Zimbabwe was acquired, it had an NPV10 of $69m. Annul production of up to 100,000 ounces of gold over a ten-year mine life is being targeted for the definitive feasibility study.

Acoustic insulation developer Autins Group (AUTG) generated revenues of £31.1m in the 18 months to March 2025, and the loss was £1.7m. There was a small profit in the final quarter following cost savings. Net debt was £1.1m at the end of March 2025.

Poland-based pizza stores operator DP Poland (DPP) increased 2024 revenues by one-fifth to £53.6m, while like-for-like growth was 17.9%. The loss was substantially reduced from £4.94m to £551,000. Cash generated from operations was £5.36m and that covered capital investment. Net cash was £11.3m at the end of 2024. Growth has continued in 2025.

A general meeting has been requisitioned at KCR Residential REIT (KCR) and it will be held on 14 July. The votes are to remove all the current board directors and replace them with four new directors. There is also a vote on a strategic review. Majority shareholder Torchlight Fund LP intends to vote against the resolutions.

MAIN MARKET

Shell company Pristine Capital (PRIS) has agreed terms for the acquisition of a £20m property portfolio. This will not be enough to return to the Main Market, so there will be a switch to AIM. The plan is to offer a dividend yield of at least 8%.

US cybersecurity company Narf Industries (NARF) has launched the RANGER SaaS-based platform identifying and protecting users from threats in open source software.

New Frontier Minerals (NFM) has identified high priority targets for drill testing at the Harts Range project. Quotes are being obtained for the drilling. A $59,000 government grant has been received.

Andrew Hore