MrC's Smallcap Sweeps for Oct 2023

[MrContrarian]

Smallcap Sweep. 02-Oct-23
The Stung Ones

Peel Hunt (PEEL) guides H1-Sept rev up 3.2%, in line. Costs have increased broadly in line with inflation, so profit down I guess. [SP=81.2 Cap=102m]
Thruvision (THRU) H1-Sep rev up 27% but warns FY rev unlikely to meet market expectations. Expected order from US Customs and Border Protection did not get placed in September, due to US Federal Government and Departmental budget challenges. [SP=29 Cap=43m]
EFG Holding (EFGD) Valu (Buy-Now, Pay-Later service) to launch in Jordan in Early 2024. [SP=NA Cap=NA]
Versarien (VRS) throws holders some straws to clutch at. [SP=1.17 Cap=4m]
XP Power (XPP) warns FY-Dec below expectations with op profit broadly flat. Q3 rev c.£75 down 2% due to weak Chinese demand. Expects covenant breach in the near-term. Exploring options to strengthen the balance sheet. No further divs. [SP=2360 Cap=466m]
Beeks Financial Cloud (BKS) FY-June rev up 22% and U/L pretax up 13%, better than guided.. Guides FY24 in line with mgmt expectations. [SP=90 Cap=59m]
Taylor Maritime Investments (TMIP) to get $32.44m from subsidiary reduce debt and for general corporate purposes. [SP=73 Cap=297m]
Proteome Sciences (PRM) launches SysQuant SCP, a commercial service for single cell proteomics. It "can identify more than 1,000 proteins in each study of 576 single cells and provides novel insights into individual cell biology and heterogeneity". [SP=6 Cap=19m]
Arecor Therapeutics (AREC) increases the number of subjects in its Phase I clinical study of ultra-rapid, ultra-concentrated insulin candidate AT278. [SP=195 Cap=59m]
Futura Medical (FUM) European patent for MED3000 aka Eroxon to 2040. [SP=42.5 Cap=128m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian
read it first on Twitter

[MrContrarian]

Smallcap Sweep. 03-Oct-23
Raiding the financial fridge

boohoo (BOO) H1-Aug rev in core brands down 10%, consistent with guidance of 10-15% for total rev. "More significant declines in our labels following the successful decision taken to target more profitable sales, which contributed to improved Group profitability." Stock down £94m. Identified over £125m PA cost savings to be delivered across FY24 & FY25. Guides FY rev down 12% to 17%. Blames slower volume recovery than expected. [SP=31.58 Cap=401m]
Safestyle (SFE) not seeking a placing but has talks on an alternative financing structure. Likely to breach covenants in revolving credit facility in Nov. [SP=4.5 Cap=6m]
Renalytix (RENX) US Medicare & Medicaid price for kidneyintelX.dkd test set at $950. [SP=60.13 Cap=70m]
PCI-PAL (PCIP) will be a hearing on Sycurio case in Dec where a number of administrative and outstanding matters will be resolved by the Judge. Guides FY24 rev up 28-30% and an adj pretax profit. In line? [SP=54.3 Cap=36m]
Nexus (NEXS) warns FY-Sep rev c.£85m and op loss £6-7m, missing mgmt exp. Blames "lack of new order activity due to difficult market-wide conditions, up-front costs in relation to rightsizing the Group's resources and a prudent approach on aged customer debt where a significant portion has been written off". Cost cuts. [SP=112.08 Cap=10m]
Pressure Technologies (PRES) guides FY-Sep rev up c.28% and adj EBITDA £2m (-£0.9m). In line? Expects FY24 rev and profitability to increase slightly. [SP=30.5 Cap=12m]
Gooch & Housego (GHH) guides FY23 rev marginally above and adj pretax above market expectations. [SP=500 Cap=129m]
Oxford BioDynamics (OBD) gets Medicare, Medicaid and private health reimbursement code for EpiSwitch Prostate Screening [SP=33.4 Cap=68m]
Inspiration Healthcare (IHC) H1-July in line. "The headwinds seen in H1 are dissipating and with a strong pipeline of opportunities we are confident of returning to growth in the second half." [SP=42.84 Cap=29m]

In line: CCT
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 04-Oct-23
London's Ultra Low Bullshit Zone

WANdisco (WAND) completes rebrand as Cirata. Ticker CRTA (not pronounced 'crater') from tomorrow. Remember "Cirata reflects the updated vision for the Company, its values and future growth plans." IE forget about all that WANdisco unpleasantness. [SP=63 Cap=73m]
Superdry (SDRY) sell brand IP into JV with Reliance Brands in India, Sri Lanka, and Bangladesh. SDRY will hold 24% of JV. SDRY will net £28.3m after fees and taxes. Reliance will continue to oversee brand operations in the Territories. [SP=41.9 Cap=41m]
Renewi (RWI) guides FY-Mar broadly in line with mgmt expectations. "Increasing contribution from cost actions anticipated to largely offset current demand conditions persisting during H2." YE cash €10-15m better than previous guided. [SP=715.5 Cap=574m]
Sabien Technology (SNT) rollout of its M2G Cloud-enabled gas boiler energy saving solution in US. Expects additional rev at least £100k in the current FY. [SP=8 Cap=2m]
Topps Tiles (TPT) guides FY-Sep rev c.£262m, up 6% but only 3% in Q4. Strong increase in mkt share. Adj pretax in line with mkt exp of £11.3-12.3m. [SP=48.1 Cap=95m]
CAP-XX (CPX) hires first direct sales reps in North America, adding to distributors. [SP=1.54 Cap=11m]
Smiths News (SNWS) guides FY-Aug adj op profit at least in line with market expectations of £38.3m. Rev flat. Final div 2.7p. [SP=40.8 Cap=101m]

In line: VTU
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 05-Oct-23
Blood, sweat and jeers

Motorpoint (MOTR) guides H1-Sep U/L pretax loss £3.7m with Q2 much improved on Q1. No rev figure! Rev counter an optional extra I suppose. "We anticipate used values will gradually align to historic levels." [SP=88 Cap=79m]
Crimson Tide (TIDE) 100:1 consolidation. It will "enhance the perception of the Company and its prospects". Won't look so tinpot with a SP over a quid will it? [SP=1.4 Cap=9m]
Eden Research (EDEN) finally completes placing announced on 28 July. [SP=4.66 Cap=19m]
MaxCyte (MXCY) guides Q3 rev down 25-27% "due to continued reduced customer activity". Warns FY-Dec rev only $34-36m. F/C on Stocko' $45.1m Still expects YE cash c. $200m. [SP=NA Cap=NA]
Ramsdens (RFX) guides FY-Sep pretax over £10m (£8.4m). In line? Throw me a frickin' bone here. [SP=195 Cap=62m]
Tavistock Investments (TAVI) first 5 months gross rev up 19%. EBITDA £1.6m (-£0.14m), apparently a 13 fold rise. How daft to divide one metric by a small negative comnparator. [SP=4.62 Cap=26m]
RM (RM.) sells an additional portion of Internet Protocol v4 to Hilco Streambank for $2.2m. [SP=59 Cap=49m]
TruFin (TRU) has completed the announced sale of holding in Vertus Capital for £3.2m. [SP=65 Cap=69m]

In line: VIC, CYAN
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 06-Oct-23
Jam tomorrow again? I predict a diet.

SRT Marine Systems (SRT) guides H1-Sep rev only £5.5m solely from transceivers business. Pretax loss £4.5m. " H1 was largely focused on the necessary preparatory and planning work for these [system sales] revenue generating milestones." Order book £160m. [SP=44.09 Cap=85m]
Quartix Technologies (QTX) warns FY23 rev miss of c.£0.9m, and £2.6m in FY24. Blames weak UK and US sales. Also will spend c.£4.1m over 3 yrs to move French trackers from 2G to 4G. [SP=198.06 Cap=96m]
600 Group (SIXH) letter of intent for sale of 80% interest in US TYKMA Electrox and Control Micro Systems for $9.5m. Will more than pay off debt. [SP=2.76 Cap=3m]
Renalytix (RENX) US Patent Office issues a new notice of 'allowance of claims' surrounding the biomarkers sTNFR1 and sTNFR2 used in the kidneyintelX.dkd test. This further strengthen the core IP. [SP=52.5 Cap=59m]
XP Power (XPP) cash-strapped co cancels Q2 div of 19p, following consultations. [SP=815 Cap=161m]

In line: DLAR
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 09-Oct-23
holders exercised by Mind Gym warning

Chill Brands (CHLL) Chill ZERO products enter an initial 150 of WHSmith's. Total UK retailer orders £350k. [SP=5.15 Cap=15m]
Volex (VLX) certain IT systems and data at some international sites have been hacked. All sites remain operational.Financial impact expected to be minimal. [SP=306.75 Cap=554m]
IQ-AI (IQAI) FDA grants orphan status to Gallium Maltolate for treating atypical teratoid rhabdoid tumour. [SP=3.73 Cap=7m]
BATM Advanced Communications (BVC) does not expect attacks in Israel to have a material impact on trading. [SP=25.9 Cap=112m]
Graft Polymer (GPL) agreement within European consortium to explore scope for addressing electromagnetic wave pollution. Co will prepare samples of shielding for testing. The project is due to last until autumn 2025. [SP=1.5 Cap=2m]
Narf Industries (NARF) wins $1.8m US gov't contract to work on the Digital Health Security programme. [SP=0.7 Cap=12m]
DX (DX.) PUSU Deadline extended to 6 Nov. [SP=42.49 Cap=256m]
Mind Gym (MIND) warns FY-Mar rev and profit significantly lower than market expectations despite improvement in market activity reflected in increased bookings for Q3. Blames clients deferring orders. [SP=56.25 Cap=56m]
Ilika (IKA) to get £400k grant to scale-up its Goliath pilot production. [SP=30 Cap=48m]
Hercules Site Services (HERC) get 5 yr contract to provide Balfour Beatty with contingent labour resource. [SP=25.4 Cap=16m]
Assura (AGR) confident trading stmt for H1-Sept. [SP=41.86 Cap=1241m]
Mincon (MCON) guides FY-Dec EBITDA only c. €20m. Q1-3 rev down 7%. Two large scale construction projects in North America expected in Q4 will no longer take place as planned although the larger will commence in 2024. [SP=72 Cap=158m]
ScS (SCS) FY results delayed 2 weeks to 25 Oct. Will be in line. "Apart from the short delay, the year-end process has been as expected and the Board has no concerns whatsoever in this regard." [SP=167 Cap=56m]

In line: SRE
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 10-Oct-23
Punnet of fruity RNSs

STM (STM) offer agreed at last at 60p + up to 7p deferred. [SP=46.65 Cap=31m]
Foresight (FSG) H1-Sep trading stmt - core EBITDA (pre-Share Based Payments) 20-25%. Outlook - "In comparison to retail fundraising, the market for institutional fundraising remains challenging and this has necessarily slowed the pace but not the size or scope of our institutional fundraising activities. Indications are that this should start to improve in the first half of 2024." [SP=400 Cap=465m]
CyanConnode (CYAN) another 300k modules ordered under 3m unit Framework Agreement. [SP=10.38 Cap=28m]
Image Scan (IGE) guides FY-Sep rev up c.50% and pretax £0.1m (-£0.35m). Co 'very pleased'. "The uplift in market activity as mentioned in the Interim Results has continued and government opportunities which were suppressed or delayed, by COVID and its aftermath, are now actively progressing." [SP=1.72 Cap=2m]
React (REAT) get £3.8m PA 3 yr contract extension. [SP=1.59 Cap=17m]
Oxford Cannabinoid Technologies (OCTP) Phase I, single ascending dose study for OCT461201 has been successfully completed. [SP=0.76 Cap=7m]
Crimson Tide (TIDE) contract extensions. [SP=1.81 Cap=12m]

In line: SDY, CARR, TET, IGP, RCH, RWA, WIN, CGS, AFM, SPA, YOU
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 11-Oct-23
Hitting a low and hitting the roof

Eneraqua Technologies (ETP) H1-July. Warns FY rev and profit substantially below market expectations due to clients delaying projects. Prudent to expect rev and profit miss in FY25 as well. [SP=90 Cap=30m]
Cellular Goods (CBX) formalises agreement with Springtide Seaweed to form kelp farming carbon removal JV. [SP=0.44 Cap=3m]
Cambridge Cognition (COG) wins £1m 2 yr contract for a sizeable later stage clinical trial. Potential for a further contract of slightly higher value. [SP=70 Cap=24m]
Forterra (FORT) warns FY-Dec EBITDA below exp dut o weak demand in July and Aug. [SP=143.8 Cap=306m]
Watkin Jones (WJG) warns FY-Sep PBIT only breakeven due to additional costs. Net cash c. £43m. No change to the FY24 guidance. [SP=34.85 Cap=89m]
Vp (VP.) guides H1-Sep 'solid'. No numbers! We continue to closely monitor the impact of weaker markets in housebuilding and general construction; however, we remain confident that the Group will continue to provide shareholders with an attractive level of returns." [SP=490 Cap=197m]
Avingtrans (AVG) wins £14.5m of contracts. [SP=393 Cap=129m]

In line: TEP, DSCV, SDG
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 13-Oct-23
ChartyMcChartFace

Instem (INS) offerer say 833p rec offer will not be raised. [SP=820.49 Cap=188m]
Christie (CTG) warns FY23 op profit only 0 to £1m. Expects some transaction delays. [SP=96 Cap=25m]
Celadon Pharmaceuticals (CEL) £1m placing and subscription at 125p, a 2% discount, for working cap. Also seeking issue of converts. [SP=128 Cap=79m]
Loungers (LGRS) 24 week trading: rev up 22%, LFL rev up 7.7% from 5.7% in first 12 weeks. "Inflationary pressures continue to diminish in line with our expectations." CEO 'delighted'. In line? [SP=187 Cap=194m]

In line: AVON
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 16-Oct-23
Quizzing questionable communication

Cerillion (CER) guides FY-Sep rev c.£39m and adj pretax meaningfully ahead of the consensus of £14.3m. Outlook - "new customer sales pipeline grew again in the second half and includes some large opportunities". [SP=1060 Cap=313m]
Surface Transforms (SCE) wins estimated £100m+ 7 yr order from OEM10. Will need expanded factory capacity. [SP=24.63 Cap=60m]
TPXimpact (TPX) guides H1 and FY in line. Sells TPXimpact Norway for £1 since it is unlikely to contribute to targets for revenue growth and margin improvement, [SP=38.04 Cap=36m]
Manx Financial (MFX) Conister Bank obtains a UK Branch Banking Licence. "We will deploy this additional liquidity to build upon our record lending for the first half of this year in anticipation of achieving a total loan book of £0.4 billion for 2023." [SP=15.51 Cap=18m]
Audioboom (BOOM) Q3 rev down 20% due to "loss of the Morbid podcast which left the network in May 2022 and a weak advertising market". Q`1-3 adj EBITDA loss $1.7m. Expects adj EBITDA profit in Q4. Not clear if FY in line. Guides FY24 in line. [SP=180 Cap=29m]
BATM Advanced Communications (BVC) wins 5 yr Edgility order for US Emergency Services. No $$$. [SP=21.4 Cap=93m]
Seeing Machines (SEE) begins development of aviation fatigue detection solution with RTX. Follows signing of exclusive license agreement to jointly develop pioneering eye-tracking solutions for the Aviation industry. See to get $2.65m. [SP=5.45 Cap=227m]
Tristel (TSTL) claims FY-June rev £36m and adj pretax of £6m, "ahead of consensus forecasts", but it this is just as June trading stmt. Why is Stockopedia still showing lower numbers? Outlook - "The growth possibilities for the Company are stronger than ever" but no current trading figs. [SP=398 Cap=189m]
Burning Rock Biotech (BNR) gets Breakthrough Device Designation from China for OverC Multi-Cancer Detection Blood Test. [SP=NA Cap=NA]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 17-Oct-23
Peeling the fruits of avarice

i-nexus (INX) a major legacy customer decides not to renew at end 2023. Will lose £54k pcm. Board believes it has sufficient working capital for at least 12 months. Trading: Monthly Recurring Revenue up 16% to £289k in Sept. [SP=4.69 Cap=1m]
Frontier Developments (FDEV) guides FY24 in line with f/.c of rev £108c and adj EBITDA loss of £9m. Review to lead to op cost cuts of up to 20%. "The Organisational Review and resulting actions are expected to conclude by early 2024." [SP=193 Cap=76m]
Vanquis Banking (VANQ) guides FY23 adj pretax £25-30m. Retirned to profit in Q3. Guides H2 div only 1p max. Co has " taken immediate action to return the Group to a path to sustainable, profitable growth." Strategy review will complete by the end of Jan. [SP=115.6 Cap=288m]
Zinc Media (ZIN) wins $9m contract, its largest ever in the US. Will be filmed towards the end of FY23 and throughout FY24, with final delivery in FY25. [SP=85.06 Cap=19m]
XPS Pensions (XPS) guides FY-Mar ahead of its previous expectations. H1 rev rose 23%. [SP=199.5 Cap=414m]
Hercules Site Services (HERC) guides FY-Sep rev £80m+ up c.60%. F/C is £73.1m. Expects adj EBITDA to beat F/C of £3.4m. Outlook - ""Further new revenue streams will also be delivered through our new Labour Supply specialisms, which are well aligned with industry trends. For our Civils business, we are working with our clients in the water space to upgrade sewage and water treatment works". [SP=25.4 Cap=16m]
Shoe Zone (SHOE) guides FY-Sep rev up 6% and adj pretax £16m+ (£11.2m). Product margin increased to c.62.1% as container prices fell. In line? [SP=211.36 Cap=98m]
4GLOBAL (4GBL) wins contracts worth $290k and $250k for delivery this FY. [SP=60 Cap=16m]
Abingdon Health (ABDX) FY-June. No current requirement for additional funding. Cash £3.2m and FY end.. [SP=13 Cap=16m]
Smiths News (SNWS) News UK contract (to 2029) extended to London. [SP=41.7 Cap=103m]
Grafenia (GRA) becomes Software Circle (SFT) tomorrow. [SP=10.54 Cap=41m]

In line: THG, SMRT, NANO, BPM
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 18-Oct-23
Sosander pivot

Supreme (SUP) H1-Sept trading in line. Will make changes to reduce appeal of its vapes to children eg plain packaging, name changes and selling only to retailers with age robust verification. [SP=107.5 Cap=126m]
Let's Explore (LETS) becomes Huddled (HUD) today. [SP=2.05 Cap=4m]
Redx Pharma (REDX) c.£14.1m subscription at 26p, a nil discount, to continue to progress its pipeline. [SP=25.2 Cap=84m]
Sosandar (SOS) to reduce discounting and open shops. That sounds risky. To operate "reduced promotional proposition across all sales channels by the time the stores launch in spring 2024". Will hit rev but boost margins. Targets pre-tax profit margins of at least 10% in the medium-term. Guides FY24 rev up 10% and to remain in profit. Guides FY25 rev up 17%. Signed agreements with The Iconic in Australia and The Bay in Canada to begin selling online in Q4 (Jan-Mar 24). [SP=17.9 Cap=44m]
Oxford BioDynamics (OBD) Bupa UK to cover EpiSwitch CiRT smart blood test for customers with cancer. [SP=34.6 Cap=70m]
PipeHawk (PIP) wins £0.8m order for delivery this FY. [SP=10.58 Cap=4m]
Manolete Partners (MANO) guides H1-Sept profit marginally down due to the reduction in average case sizes and investment in new staff and business development. A warning? Barclays will extend the Bounce Back Loan Recovery Pilot due to Manolete's exceptional results on the initial cases. Another bank to start similar programme with Manolete. [SP=134 Cap=59m]
Hostelworld (HSW) hikes FY23 adj EBITDA guidance to €17.5-18m from €16.5-17.0m. Year to Sept rev up 38% and bookings up 43%. [SP=118 Cap=146m]
Hardide (HDD) guides FY-Sep rev £5.5m up 10% and EBITDA close to break even (-£0.9m). In line? [SP=14.81 Cap=9m]

In line: AOM, CBOX, CRTA, SRC, CAPD
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 19-Oct-23
Brags to riches

OnTheMarket (OTMP) 110p rec offer, a 56% premium. [SP=68.68 Cap=55m]
McBride (MCB) Q1 vol up 8% and EBITDA c.£8m ahead of internal forecasts. Bemoans cost inflation, as if we weren't aware. [SP=32.84 Cap=57m]
AEW UK REIT (AEWU) NAV at end Sept 106p/sh. NAV total return of 0.91% for the quarter. "Further gains in EPS are expected in the coming quarters as the ongoing programme of new lettings should provide a boost to income streams and a reduction in void costs." [SP=99.6 Cap=158m]
Hollywood Bowl (BOWL) guides FY-Sep rev up 11% and EBITDA ahead of market expectations. Final div at least 7p. [SP=233.5 Cap=401m]
MediaZest (MDZ) guides H2-Sep progress 'as expected'. However "some additional one-off costs associated with ongoing efforts to acquire businesses and expand the Group were incurred...These costs offset the improvement in operational results at a Group level." [SP=0.04 Cap=1m]
Saietta (SED) delayed FY-Mar out, allowing unsuspension. Co "has resolved the frustrating technical accountancy issues around accounting for the post balance sheet event of the new agreements with Consolidated Metco". Outlook - "As Saietta has now secured contracts from a leading OEM, the Board has high confidence that a significant proportion of the material items in our sales pipeline will mature into commercial contracts within the current financial year". [SP=35 Cap=39m]
SkinBioTherapeutics (SBTX) 1 yr extension to the collaboration contract with Sederma "to enable Sederma to complete and assess additional studies on SkinBiotix to investigate previously unseen beneficial properties". [SP=21.99 Cap=38m]
Oxford Nanopore Technologies (ONT) multi-year joint development collaboration with Mayo Clinic to develop new clinical tests for diseases and improve patient care. [SP=190.2 Cap=1577m]

In line: G4M
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 23-Oct-23
unpleasant emission from Mission. HeiQ accounts stink.

Mission Group (TMG) warns FY23 rev up 8-9% but headline pretax only £3.1m max, inc £1.2m from business expected to be classified as discontinued at year end. Blames clients deferring work and loss of clients. Expects covenant breach at yr end. Cancels announced interim div. [SP=35 Cap=31m]
Northern Bear (NTBR) 62p tender offer for 27% of cap. Tradng in line. [SP=45.9 Cap=8m]
Advanced Oncotherapy (AVO) c.$80m non-binding term sheet for debt and equity funding. Gets £150k short-term funds under its secured convertible loan note agreement. Co remains in discussions under the Formal Sale Process [SP=1.75 Cap=9m]
HeiQ (HEIQ) FY-Dec accounts and H1-June will be published this week, leading to unsuspension. Will defer $4m revs over 4 yrs that were originally recognised in H1 2022 and H2 2022 from certain milestone partnership agreements. Co "continues to have adequate resources". [SP=19.28 Cap=28m]
Nuformix (NFX) gets NXP002 Patent in Japan. [SP=0.25 Cap=2m]
AFC Energy (AFC) next generation ammonia cracker technology achieves 99.99% hydrogen from single reactor testing by the National Physical Laboratory. [SP=13.42 Cap=100m]
OptiBiotix Health (OPTI) license agreement with Tata Chemicals to incorporate its proprietary Fossence into SlimBiome and LeanBiome for the Indian market. [SP=27.5 Cap=24m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 24-Oct-23
Furnishing a result for holders

ScS (SCS) 280p rec offer: 270p _ 10p div. 68% premium. [SP=165.52 Cap=56m]
Cordel (CRDL) contract for data capture and analysis with Network Rail. No £££. [SP=3.8 Cap=8m]
Belluscura (BELL) direct to consumer program has exceeded co's initial expectations. [SP=27.5 Cap=38m]
Volex (VLX) trading in line. Cyber incident: all manufacturing sites are operational, and delivering full production output. Estimates $2m of costs. [SP=281 Cap=509m]
LPA Group (LPA) guides FY-Sep rev up 11%. Orders up 30%. Co expected "an increase in H2 activity to offset the challenges faced in H1. We delivered strong trading in H2, leading to an underlying position of breakeven for the full year." In line then? Will pay divs again. [SP=75 Cap=10m]
System1 (SYS1) guides H1-Sep rev up 27% and pretax just below £1m (zero). In line? "The sales momentum in the platform business continues, with platform revenue up 55% in Q2, 44% in H1 and all at an improved profit margin". [SP=181.2 Cap=23m]
Cornerstone FS (CSFS) guides FY-Dec at least £8m up 66%, above mgmt exp. Adj EBITDA also above. [SP=13.82 Cap=8m]
Cambridge Cognition (COG) launches AQUA, an automated quality assurance solution for central nervous system clinical trials. "AQUA is an entirely new solution for the clinical trials market providing a level of quality assurance that was not possible before, from a cost or time perspective, with traditional reviews by medical experts." [SP=70 Cap=24m]
Pressure Technologies (PRES) agreement in principle with shareholders for £1.5m 5 yr loan facility. Will be used to refinance the existing debt and additional working capital. Fee 3% and interest 14.25% PA. Ow!. Also will sell Precision Machined Components division. [SP=25.75 Cap=10m]
Eco Animal Health (EAH) FDA approves US and Canadian label claim indication for Aivlosin Water Soluble Granules in pigs. [SP=105.75 Cap=72m]
Gore Street Energy Storage Fund (GSF) gets initial $60m loan financing for 200MW / 400MWh Big Rock project in California. [SP=67.8 Cap=326m]
Leeds (LDSG) FY-May rev down 7%, pretax -£0.9m (-£3.2m). Material uncertainty going concern stmt. Also auditors "unable to obtain sufficient audit evidence in respect of the [discontinued] subsidiary KMR." [SP=14.55 Cap=4m]

In line: TRI, ANG, GATC
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 25-Oct-23
Losing the will to spiv

Oxford Metrics (OMG) guides FY-Sep rev £44m and adj pretax £6.3m, both ahead of market expectations of £39.00m and £5.83m. Engineering and Life Sciences segments strong. [SP=81.1 Cap=106m]
Belluscura (BELL) possible offer revised to 4 TMT Acquisition shares per 3 BELL. Implies value of 20.25p. "Both companies have completed confirmatory due diligence and expect to be in a position to announce a firm offer shortly, and by not later than 5.00 p.m. on 31 Oct." TMT cap only £4.7m! [SP=27.4 Cap=37m]
Creo Medical (CREO) EU regulatory pathway now allows launch of Speedboat UltraSlim device c. 18 months ahead of schedule ie early 2024. [SP=33.16 Cap=120m]
ScS (SCS) FY-July. Outlook: Q1 weakening: order intake up 2.7% in Aug, 0.3% in Sep and down 4.4% in Oct. Net cash £57m end Oct. [SP=271 Cap=92m]

In line: IGR, FRAN, HSP
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 26-Oct-23
Extra topping for RTN offer?

Argentex (AGFX) CEO scarpers. He is not thanked. [SP=94.2 Cap=107m]
Safestyle (SFE) lenders slam the UPVC door in company's face. Talks continue on sale of some or all of the Group's business and assets. [SP=1.69 Cap=2m]
Kromek (KMK) $5.9m 4 yr contract from the US Department of Homeland Security. [SP=4.1 Cap=25m]
Restaurant Group (RTN) PizzaExpress requests due dil but no indication of possible offer price. [SP=66.5 Cap=512m]
Hellenic Dynamics (HELD) $3m unsecured convertible Loan facility with RiverFort. 15% PA with warrants. Strike 9.884p, a 40% premium. [SP=0.07 Cap=9m]
Sutton Harbour (SUH) extends full repayment of £1.6m loan to 13 Dec but will pay £900k of it on time. [SP=15 Cap=21m]
International Personal Finance (IPF) Q3 has continued to perform ahead of internal plans. [SP=128.5 Cap=288m]
Next 15 (NFG) £30m max buyback. [SP=625 Cap=633m]
Haydale Graphene Industries (HAYD) FY-June. Outlook: "remains confident that the Company will be able to take advantage of the traction it is now seeing." If it can't get additional debt it is very likely that it would need additional equity funding. [SP=0.44 Cap=8m]

In line: MTW, FTC, FOXT, BMS, ALU
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 30-Oct-23
Laughing stocks

RBG Holdings (RBGP) settles £1.2m claim for comp for being sacked from its former CEO. Co pays £200k comp + obscene £300k legal costs. RBG has withdrawn the allegations of breach of fiduciary duty. [SP=20.84 Cap=20m]
Starcrest Education (OBOR) cancels acquisition of Fairview IB World Schools. [SP=0 Cap=11m]
Powerhouse Energy (PHE) further progress towards JV with Hydrogen Utopia. Co "has a number of potential projects in its pipeline and needs to prioritise amongst them and assess the impact each of those will have on the Company's existing cash resources". [SP=0.38 Cap=16m]
Pineapple Power (PNPL) terminates proposed RTO of Element 2, Co actively considering another RTO opportunity in the renewables sector sp shares remain suspended. [SP=2.74 Cap=2m]
Versarien (VRS) GM stmt - "turnaround continues to progress in line with its stated strategy". IP and plant bought from Hanwha Aerospace in 2020 continue to be marketed for sale. Applying for grants. [SP=0.7 Cap=2m]
Guild Esports (GILD) £1m (max) subscription by strategic investor (an international esports, content creation and media brand) at 0.5p, a 10% premium, "to implement Guild's strategic drive for its brand and services more deeply into the industry eco-system as well as to facilitate international expansion". [SP=0.46 Cap=3m]
Electric Guitar (ELEG) £250k loan 6 mth loan to be repaid mostly in shares. 10% fee + 10% fee on drawdowns! Down to £95k cash. Will be used to fund RTO of 3radical. [SP=2 Cap=1m]
RC365 (RCGH) MoU with with Malasian co (Koperasi Usaha Maju Kuala Lumpur Berhad) to establish a collaborative platform for offering co-branded international and domestic fintech solutions. [SP=15.75 Cap=20m]
Northern Bear (NTBR) guides H1-Sep op profit £1.7-1.8m (prior to amortisation and one-off costs), a significant improvement on the very strong prior period. Refers to Sept's in line RNS so suspect this is still in line. [SP=59.6 Cap=11m]
BATM Advanced Communications (BVC) $3m cyber security order. Delivery of most of the order within six months. [SP=19.5 Cap=85m]
Infrastructure India (IIP) extension to the maturity dates of all its debt facilities, but only to Dec. [SP=0.56 Cap=3m]
Frasers (FRAS) sells IP of Missguided to SHEIN. FRAS will retain Missguided's real estate and employees. [SP=795 Cap=3605m]
Solid State (SOLI) guides FY-Mar rev and adj pretax marginally ahead of forecasts. H1 rev-organic up 35% in constant currency. [SP=1090 Cap=123m]
Tissue Regenix (TRX) approval to set up a logistics hub in Ireland for the distribution of its allograft products in EU. Appoints distributor for allograft products in Spain. [SP=54 Cap=38m]
Avation (AVAP) sells one ATR 72-500 aircraft to Nepal. [SP=122.5 Cap=87m]
Quantum Blockchain (QBT) £2m placing at 1.5p, a 17% discount, for R&D, ongoing legal claims and working cap. [SP=1.83 Cap=21m]
Heiq (HEIQ) FY-Dec22 at last. Also H1-June. Outlook - "expect the trading conditions for our commercialized product range to continue to be challenging into 2024, we have significantly reduced our cost base...re-assess strategy and resource allocation...we are seeing increasingly positive trends within our markets." Expects to get unsuspension. [SP=19.28 Cap=28m]

In line: D4T4, SPEC
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 31-Oct-23
Tricks or treats?

Barkby (BARK) JV with Meadow Partners to acquire and develop a portfolio of UK-based Roadside Real Estate assets funded by up to £100m of equity with an intention to add appropriate levels of leverage. Barkby will initially fund 3%. [SP=5.3 Cap=7m]
Velocys (VLS) re convertibles: "It has become clear that any investment into the Company resulting from these discussions is unlikely to be on the same terms as the previously announced CLN, accordingly there will be no further extension to the CLN longstop date. There are no binding arrangements for funding at this stage". Desperate for cash before YE. [SP=0.97 Cap=16m]
Zotefoams (ZTF) Nike supply extended to the recently launched Nike Ultrafly, the "pinnacle trail racing shoe". A snip at £230. They'll certainly see you coming. Nike did. [SP=277 Cap=135m]
Kromek (KMK) wins three further orders totalling over $1m in the CBRN detection segment. [SP=4.5 Cap=27m]
Brooks Macdonald (BRK) palns c.55 redubndancies saving c.£4m PA. [SP=1770 Cap=291m]
Real Good Food (RGD) AGM stmt: after expected slow start to year it's trading well. H1 rev up 2%. EBITDA loss £0.7m (£2.3m loss). Remain on track to deliver circa £8m of price resets, efficiency gains and cost savings for FY24 with FY EBITDA c.£1m. Must be the 25th turnaround promised. [SP=1.35 Cap=1m]
Newmark Security (NWT) AGM stmt - expects H2 weighting due to the timing of new contracts and orders. It has adequate financial resources in place to deliver on plans.. [SP=48.95 Cap=5m]
Esken (ESKN) re:press speculation regarding sale of Esken Renewables. advanced discussions with Pioneer Point Partners. "The net proceeds would be used to: repay the committed funding drawn under the Group's facilities agreement with the specialty lender and associated costs; further contribute to the Group's defined benefit pension scheme; and provide additional working capital in the short term." [SP=2.7 Cap=28m]

In line: UPGS
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 01-Nov-23
Your gas mask for noxious nonsense

ASOS (ASC) FY-Sep. in line with rev down 10% and pretax -£296.7m (-£31.9m). guides FY24 rev down 5 to 15%, adj EBITDA positive, positive cash generation. Will hike marketing by £30m and "prioritise a shift 'Back to Fashion', leveraging ASOS' strengths to offer the best and most relevant product, styled the ASOS way, with an exciting and seamless customer experience geared around fashion and excitement." Its stylists better be an improve on its PR stylist. [SP=392.18 Cap=468m]
OptiBiotix Health (OPTI) commercial update - lots of positivity but Show Me The Money. [SP=32.5 Cap=30m]
SysGroup (SYS) guides H1-Sep rev down 3% and adj EBITDA £1.56m down 7%, Saw "growth in high value Managed IT services revenue...offset by lower Value-Added Resale sales". Co will be "leveraging our existing capabilities". Vacuous. [SP=43.5 Cap=21m]
Creo Medical (CREO) FDA clears Speedboat UltraSlim improved endoscope device for sale in US. [SP=32.38 Cap=117m]
Next (NXT) the bellweather's Q3 full price sales up 4%, 2% better than guided. Hikes FY pretax guidance by £10m (1%). [SP=6896 Cap=8795m]
Hercules Site Services (HERC) hikes invoice discounting debt facility by £4m to £15m. [SP=25.88 Cap=16m]
Cellular Goods (CBX) products now available in France and Germany. [SP=0.54 Cap=3m]
Gulf Marine Services (GMS) wins two contract extensions for four years in total and one new contract for two years. "Improved day rates" but no $$$. [SP=11 Cap=112m]

In line: VNET, VARE, ECK
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian