MrC's Smallcap Sweeps for Dec 2023

[MrContrarian]

Smallcap Sweep. 04-Dec-23
Cashaholics Anonynmous

600 Group (SIXH) cash crisis worsens as potential disposal of a majority interest in the TYKMA Electrox and Control Micro Systems industrial laser businesses falter. Only laser biz may be sold to the US counterparty. FY-Mar accounts further delayed to end Feb. Trading conditions have remained difficult. Still in talks on extending $5.5m debt facility. [SP=2.76 Cap=3m]
Titon (TON) warns FY-Sep pretax loss worse than mgmt expectations due to worseninng at South Korean biz. UK and Europe above exp. Current trading in UK and Europe in line but guides pretax loss for those regions due to decline in new build activity in the construction market in Q1. Expects to return to profitability in Q2. How is trading in line then? [SP=81.38 Cap=9m]
Verditek (VDTK) GM motion to hose existing holders with dilution. Motion to "approve authority to allot up to 100% of share capital on a non-pre-emptive basis". [SP=0.22 Cap=1m]
Petrofac (PFC) warns won't meet FY FCF target. Blames delays in securing advance payment guarantees. Co has "as continued to maintain liquidity above its financial covenant...considering the sale of non-core assets, and is actively engaged in discussions with financial investors to take a non-controlling position in certain other components of the business portfolio". Having trouble getting Performance Guarantees for EPC contracts. Talks with credit providers to secure the guarantees. [SP=17 Cap=89m]
Oxford Biomedica (OXB) signs agreement to acquire ABL Europe for €15m (including €10m of pre-completion cash funding from Institut Mérieux in ABL Europe for, amongst other things, development capex). [SP=166.6 Cap=161m]
Arecor (AREC) co-development and exclusive licence option agreement with a leading global medical products company for a high-value, ready-to-dilute oncology product. "Arestat enabled product is potentially first ready-to-dilute liquid formulation of a high-value oncology therapy." [SP=191.54 Cap=59m]
Deltex Medical (DEMG) initial orders for new TrueVue monitors. Co expects strong start to the new year as larger quantities are shipped. [SP=0.16 Cap=3m]
AFC Energy (AFC) world first modular ammonia cracker system as co commences largest ammonia to hydrogen modular cracker demonstration in operation worldwide. Engineering will start in 2024 to containerise the ammonia cracker platform. [SP=13.88 Cap=104m]
ITM Power (ITM) guides H1-Oct rev £7.5m, in line. Net cash £253.7m (FY guidance £175-200m). [SP=51.48 Cap=318m]
Cornerstone FS (CSFS) guides FY-Dec rev and adj EBITDA materially ahead of market expectations. [SP=11.48 Cap=7m]
Spectra Systems (SPSY) buys Cartor Holdings, a leader in the security printing industry, for £10.5m max. £5.5m cash and rest in shares. Takes on up £4.5m of Cartor's external debt [SP=177 Cap=82m]


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-Dec-23
Decked by dreck

Peel Hunt (PEEL) H1-Sept. Headline trumpets rev in line but rest is a let down. Pretax -£0.8m "reflecting the challenging macroeconomic environment and inflationary increases". Outlook - H1 trading broadly in line with H1 with market activity relatively subdued. "IPO and private fundraising activity continues to be muted." [SP=91.63 Cap=113m]
tinyBuild (TBLD) warns FY23 rev only $40-50m and net cash only $5.7m after unusually weak trading in October. Looking at fundraise of up to $10m. Rev mix remains tilted towards lower-margin third-party games, Co settles legal case, will pay $3.5m. [SP=6.25 Cap=13m]
Various Eateries (VARE) re: speculation - planned fundraising of up to £12m at 25p, and a potential debt for equity conversion. [SP=27 Cap=24m]
Gfinity (GFIN) has disposed of the remaining business and assets of its former Esports Solutions Division for £15k. [SP=0.06 Cap=2m]
Water Intelligence (WATR) Jan-Oct rev up 6%, adj pretax (before non-cash expenses of amortisation and share-based payments; and non-core costs) up 14%. Confident. [SP=410 Cap=71m]
Ethernity Networks (ENET) guides FY-Dec rev $3.6-3.8m ($2.97m) and EBITDA loss $3.8m max ($6.4m). Considering options to raise additional funding. Outlook - "we are hopeful that 2024 will be a transformative year for Ethernity and, with our careful cost control on the reduced operating cost base, our goal is to generate positive cashflow". [SP=1.93 Cap=4m]
Taylor Maritime Investments (TMIP) sells Handysize vessel for $7.8m gross. [SP=63 Cap=267m]
Aferian (AFRN) guides FY-Nov rev c.$47-48m and adj EBITDA c.$1.6-2.6m. Some sales delayed into FY24. [SP=10.05 Cap=11m]
DP Eurasia (DPEU) 85p offer fundamentally undervalues co. Feedback from a significant proportion of shareholders concurs. [SP=88 Cap=128m]
Cohort (CHRT) wins 5 yr follow-on contract for €16m from ELAC. [SP=510 Cap=212m]
AdvancedAdvT (ADVT) update on move to AIM. Biz uodate and general boasting. [SP=83.8 Cap=109m]
Porvair (PRV) guides FY-Nov earnings ahead of market expectations with higher margin on revenues likely to be similar to those of 2022. Buys EFC, a Belgian filtration business, for undisclosed sum. Expected to be earnings enhancing in its first year. [SP=608 Cap=282m]
CML Microsystems (CML) H1-Sept in line. Guides FY rev slightly ahead of market expectations, with the majority of the growth due to the addition of MwT biz. Profit in line. [SP=389.78 Cap=63m]
Quiz (QUIZ) H1-Sept rev down 14% and pretax -£1.5m (+£1.8m). Online rev down 22%. Warns FY rev 6-8% and pretax below mkt exp. Review of the strategic options. [SP=6.6 Cap=8m]
Learning Technologies (LTG) sells Lorien $21.4m or 5.2x EBITDA. [SP=72 Cap=569m]

In line: SOLI, TPX
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-Dec-23
Reverting to hype

Ilika (IKA) Goliath battery prototype achieves lithium-ion energy density parity of 250 Wh/kg. CEO coughs up cliches: "This key achievement in our cutting-edge Goliath battery re-emphasizes [sic] the strength of our solution and further demonstrates Ilika's differentiation as we strive for a more sustainable future". Shame he can't spell. [SP=42.8 Cap=68m]
Ten Entertainment (TEG) 412.5p rec offer, a 33% premium. [SP=310 Cap=212m]
Various Eateries (VARE) £10m placing at 25p, a 4% discount (but 9% on SP before co proposed it yesterday), for working cap and expansion. Also d4e at 25p. [SP=25.77 Cap=23m]
Quadrise (QED) yet another update on test results. [SP=2.49 Cap=39m]
Mirriad Advertising (MIRI) two new master service agreements including a prominent US TV network. "In-content sales proactively generated by Mirriad's partners in the ten months to October 2023 have grown by 53%." [SP=2.11 Cap=10m]
Kakuzi (KAKU) the Kenyan agrico refreshingly offers a "Profit Warning Announcement". FY23 net earnings may be at least 25% down YoY. Blames weak Macadamia demand. [SP=0 Cap=NA]
System1 (SYS1) H1-Sep in line. Outlook - "H1 has started well, and at this stage we expect H2 revenue to exceed H1. Gross profit margin to date remains close to that achieved in H1, and well above recent historic levels". [SP=175 Cap=22m]
Redde Northgate (REDD) H1-Oct. Guides FY modestly ahead of market consensus. [SP=358 Cap=821m]

In line: LIKE
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. 12-Dec-23
The Price is Ripe

SmartSpace Software (SMRT) bidder has made several approaches, recently at 82p/sh, a 145% premium, seemingly rebuffed. [SP=34 Cap=10m]
MaxCyte (MXCT) guides FY23 rev $38-40m or more as SPL program-related bests expectations. [SP=392 Cap=521m]
Headlam (HEAD) warns FY-Dec only broadly in line with expectations. First 11 months flat. "Gross margin and costs remain well controlled and good progress has been made in the mitigating actions set out in H1." [SP=210 Cap=170m]
S&U (SUS) vague update as co makes "steady, if more cautious, progress" in H2. Receivables £446m (end H1 £417m). "Nevertheless, caution is necessary. Those burdens weighing on business are reflected in a lack of consumer confidence, cost-of-living pressures, persistently higher rates of interest, and a new raft of regulation, all of which inevitably affect profitability." [SP=2290 Cap=278m]
PCI-PAL (PCIP) AGM stmt: "New business sales are ahead of the prior year, with several highlight enterprise customer wins now in deployment phase." Rose 7% yesterday in (well informed?) anticipation. [SP=50.65 Cap=33m]
Acuity RM (ACRM) wins its largest contract worth £561k for the use of Acuity's software platform, STREAM over 5 yrs. [SP=4.6 Cap=6m]
MS International (MSI) H1-Oct rev up 36%, pretax up 125%. Outlook positive. [SP=865 Cap=141m]
Character Group (CCT) FY-Aug. Outlook - "Christmas demand has been later than usual and is clearly very sensitive to discounting." [SP=281.6 Cap=55m]

In line: VNET, IGE, SOS
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-Dec-23
Tandem fails to find brakes for downward cycle

Impellam (IPEL) agreement reached on offer of 557.2p cash + 392.8 loan note + divs. Total 1084.4p, a 67% premium. [SP=659 Cap=294m]
Smartspace Software (SMRT) is considering and consulting on the 82p mooted offer. [SP=71.5 Cap=21m]
Tandem (TND) warns FY-Dec rev only £22-23m and pretax loss £0.9-1.3m, dependent on expected FOB orders being shipped in December. Blames weak toy and FOB sales. Bicycle sales, including electric bikes, remain significantly ahead YoY. Brave face: "While the Board is disappointed by the recent adverse change in current trading and the outlook for the remainder of FY2023, the Group retains a strong balance sheet, a well-managed current stock position, and we expect to see a positive impact on pension fund valuations as at 31 Dec". [SP=131.21 Cap=7m]
Oxford Biomedica (OXB) cuts LTIP sizes and previous bonus in one case after 20% vote against remuneration at AGM. [SP=191.4 Cap=185m]
Westminster (WSG) extends FY by 6 month to June to "better align the Group's reporting periods with the financial dynamics of the long-term contracts signed blah blah blah". Also has now received US$500k in settlement of its dispute with Scanport. [SP=1.27 Cap=4m]
hVIVO (HVO) wins £16.8m full-service respiratory syncytial virus. contract. Majority will be booked in 2024. Guides FY23 rev slightly ahead of market expectations and EBITDA ahead due to improved operational efficiencies. [SP=20 Cap=136m]
ProCook (PROC) H1-Oct rev down 4%, U/L pretax -1.7m (-£2.8m). Recent 8 weeks rev up 1.5%. "Having solved the majority of the new website teething issues by the beginning of the Black Friday period, we delivered a robust Black Friday campaign with revenue growth of 3.5% YoY." [SP=27.65 Cap=29m]

In line: NWF, CHRT
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. 14-Dec-23
The death-watch beetle of bulletins

EnSilica (ENSI) £1.56m placing at 40p, a 16% discount, to finance sales opps (or keep the lights on by the sound of it). Warrants at 55p. [SP=47 Cap=37m]
Microsaic Systems (MSYS) evaluating a significant acquisition which would need a placing. No other real info. [SP=0.01 Cap=m]
abrdn Diversified Income and Growth (ADIG) proposes managed wind-down. expects that approximately £115 million would be returned to shareholders in H1 2024, at, or close to NAV. Further returns to follow from private markets portfolio. [SP=76.2 Cap=230m]
musicMagpie (MMAG) guides FY-Nov rev down 4%. Consumer technology rev in H2 up 7.5%. EBITDA up 15% at £7.5m. Co "remains confident in the Group's strategy and in its medium-term prospects". Hmm. Opinions vary. [SP=11.5 Cap=12m]
Aptamer (APTA) wins £553k max order to supply optimer binders. [SP=1.16 Cap=5m]
Driver (DRV) FY-Sep rev down 5%, pretax-cont £0.13m (-£2.2m). U/L pretax -£0.02m. Sept trading stmt guided underlying pretax "at a slightly lower level than the £0.7m reported in H1". Didn't say continuing. Either a miss or presentation is confusing. [SP=26.94 Cap=15m]

In line: RM.
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. 15-Dec-23
In the Bleak Midwinter Outlook Statement

XLMedia (XLM) warns FY-Dec rev only $50-52m an adj EBITDA $12-14m. "While there is still opportunity to generate significant revenues in the remainder of the year now that December acquisition budgets have been confirmed, it is now unlikely that this will fully compensate for mid-period shortfalls and, consequently, North American revenues will now fall below previous forecasts." [SP=7.36 Cap=19m]
Getech (GTC) warns FY-Dec rev £4-4.4m due to a number of projects delayed to FY24. [SP=7.25 Cap=5m]
Naked Wines (WINE) H1-Oct headlined "Doing what we said we would". Which is continuing to shrink and lose money. Huzzah! Rev down 20%, pretax -£9.7m (-£0.2m). In line it seems. "We are moving towards a period of sustained cash generation....Our mission is to change the way the whole wine industry works for the better. In the last financial year we served more than 792,000 Angels..." Hark The Herald Angels Swig. [SP=41.45 Cap=31m]
Leeds (LDSG) proposes selling its trading subsidiary, Hemmers-Itex Textil Import Export for £657k. Blames years of losses. Leeds will retain three properties worth £5.2m. Becomes cash shell. Holders will vote. [SP=8 Cap=3m]
Chamberlin (CMH) Co's Scunthorpe foundry winning orders after focussing on supplying the renewable offshore energy market. Nov order intake over £1.85m for the first time. No change to FY24 exp. [SP=2.4 Cap=3m]
Abingdon Health (ABDX) AGM stmt: guides H1 rev up. In line? Details in Jan. [SP=8.53 Cap=10m]


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-Dec-23
Convex concaved

RBG Holdings (RBGP) warns FY-Dec rev c.£42m (£50m), slightly lower than market expectations mainly due to Convex Capital fee income of £2.19m vs £4.5m expected. This was very likely following last week's RNS about Convex. Adj EBITDA c.£4m (15.8m). FY24 guidance modest: "There are early signs of recovery in some of the key areas of legal services that were badly impacted in 2023 but we will be presenting a more conservative budget for 2024, with revenue and profit expected to be slightly higher than 2023." [SP=17 Cap=16m]
Games Workshop (GAW) as mooted, agreement with Amazon for prospective development of Warhammer 40,000 universe into films and television. [SP=9790 Cap=3226m]
Invinity Energy Systems (IES) guides FY23 rev £21.6m, broadly in line with expectations. Outlook: "qualified pipeline includes multiple new opportunities in the 200 - 500 MWh size range across North America, Australasia and Europe". [SP=26.73 Cap=51m]
Nuformix (NFX) receives second NXP001 milestone payment from Oxilio. [SP=0.35 Cap=2m]
CAP-XX (CPX) patent action against Maxwell Technologies - US jury has affirmed that CAP-XX patents were invalid. [SP=1.7 Cap=12m]
NARF Industries (NARF) will collaborate with with MITRE and Red Balloon Security "to develop a new threat model for embedded software and hardware solutions that mitigate cyber threats to critical infrastructure". [SP=0.76 Cap=13m]
Eden Research (EDEN) Ecovelex 2023 has been granted temporary approval in Italy for use as a bird repellent seed treatment in corn for 2024. [SP=4.12 Cap=22m]
N4 Pharma (N4P) successful two dose oral administration in vivo trial of Nuvec loaded with a DNA plasmid for ovalbumin. [SP=0.78 Cap=2m]

In line: OMIP
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-Dec-23
SONG valuations out of tune.

Feedback (FDBK) wins £300k grant. Trading in line [SP=74 Cap=10m]
Filtronic (FTC) wins £4.5m with product qualification starting in Jan and delivery of final production units over 12 mths starting Q4 CY2024. [SP=19.5 Cap=42m]
Hipgnosis (SONG) unsure what its catalogue is worth after independent valuation was much higher than valuation implied by proposed and recent transactions in the sector, in particular, the proposed sale of assets to Hipgnosis Songs Capital. Additional advice from Hipgnosis Song Management Ltd, its investment adviser, was heavily caveated so is delaying H1 results. [SP=69 Cap=840m]
Superdry (SDRY) warns FY24 rev and profit significantly below management exp. H1 rev retail sales down 13% and wholesale, 41% partly due to exiting US wholesale. Recent 6 weeks down 6% LFL. [SP=41.8 Cap=41m]
Engage XR (EXR) warns FY-Dec rev only €3.6-3.8m due to some contracts slipping into FY24 and also no rev from Lenovo VRX all-in-one virtual reality headset until FY24 CEO "can see a clear path to profitability". WIth his VR headset on I guess. "We now have a clear and visible customer base who are growing with us." Airlines have the same problem. [SP=2.62 Cap=14m]
Tristel (TSTL) AGM stmt - guides H1-Dec rev up 18% with gross margin in line. Medium-term outlook remains unchanged. So is H1 rev in line? [SP=448 Cap=212m]

In line: TIME, NET, CYAN, 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. 20-Dec-23
BELL ends year with warning.

Directa Plus (DCTA) to acquire 'groundbreaking' technology for G+ graphene compounds for application initially in Batteries and Polymers. "The acquisition marks a strategic leap for Directa Plus' positioning in the value chain." Did I mention the groundbreaking technology I recently acquired at Screwfix? A forge steel fork and spade set. Only £14.99. [SP=26 Cap=17m]
Home REIT (HOME) Aug portfolio valuation £412.9m, 42% of acquisition cost. It's £10m down on Feb figure. [SP=38.05 Cap=301m]
Chill Brands (CHLL) Chill ZERO nicotine-free vapour products to sell in a top five UK supermarket from Q1 2024. [SP=5.1 Cap=23m]
Seeing Machines (SEE) wins $30m automotive program for new European OEM customer. Production starts 2026. [SP=5.1 Cap=213m]
Belluscura (BELL) warns FY23 EBITDA marginally below management expectations. Chinese approval for X-PLOR Portable Oxygen Concentrator. [SP=21.15 Cap=29m]
Location Sciences (LSAI) expects to publish an admission document for the acquisition of Sorted Holdings by the end of January 2024 at the latest. Remains suspended pending that. [SP=0.14 Cap=4m]
PCI-PAL (PCIP) awarded £1.06m as an an interim payment of costs in patent trial. [SP=61.4 Cap=40m]
Tortilla Mexican Grill (MEX) warns FY-Dec rev up 13.8%, slightly behind mgmt expectations. Adj EBITDA £4.5-4.6m, in line. [SP=55 Cap=21m]
LBG Media (LBG) guides FY-Dec rev up 7% and adj EBITDA up 8%+. Profit in Oz down, which they plan to reverse with "a number of positive changes". They are the best kind. [SP=87.5 Cap=181m]
K3 Business Technology (KBT) guides FY-Nov adj op profit at least in line with market expectations. Cash balance £8.3m, ahead of market expectations. [SP=111.02 Cap=50m]
RUA Life Sciences (RUA) computer modelling of the RUA leaflet composite heart valve material suggests that its mechanical properties would be ideal. Seeking to commercialise the composite material as an alternative to animal tissue. [SP=11 Cap=2m]
Filtronic (FTC) yet another order, for $6m initially to be booked in calendar 2024. [SP=21 Cap=45m]
t42 IoT Tracking Solutions (TRAC) gets £925k 12 month convert at 8%. Strike 15p. Hopes to extend period. [SP=2.5 Cap=1m]
Petrofac (PFC) gets second contract award under the Framework Agreement with TenneT. Worth $1.4bn to co. Net debt at year-end is expected to be modestly higher than at H1. "Near-term focus remains on strengthening the balance sheet with ongoing review of strategic and financial options." [SP=21.84 Cap=114m]


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. 21-Dec-23
Xmas cracker #1: What's green and swallows anything? An AIM IPO buyer

SRT Marine Systems (SRT) yet another placing and retail offer at 35p, a 16% discount, for working cap and growth. SHOW ME THE JAM! [SP=41.9 Cap=81m]
tinyBuild (TBLD) $14m (max) placing and OO at 5p, a 100% premium!. Cash need for claims settlement, dev and working cap. Guides FY23 rev $40-50m. [SP=2.6 Cap=5m]
Hargreaves Services (HSP) guides H1-Nov trading mixed. Raw Material Services weak, land sales slow but Services ahead of mgmt exp. Hikes FY div target to 36p, up over 70%. Expects to divest pension scheme for £9m max, £7m less than guided. [SP=435 Cap=142m]
Guild Esports (GILD) partnership with eNDX, an esports player-focused virtual trading platform, to add players from the GILD's Counter-Strike rosters into eNDX's tradable pool. GILD to get commission. [SP=0.8 Cap=6m]
Water Intelligence (WATR) $5m hike to credit facility, for acquisitions. [SP=415 Cap=72m]
Novacyt (NCYT) disposal of its laboratory in Taiwan is delayed beyond 2023 due to slow approvals process. [SP=64.12 Cap=52m]
CAP-XX (CPX) guides H1-Dec rev up 35%. In line? Order intake up 30%. [SP=0.78 Cap=6m]
LifeSafe (LIFS) £400k placing at 16p, a 22% discount, for working cap and additional resource for the new wholesale and industrial products. [SP=19.56 Cap=5m]
Concurrent Technologies (CNC) wins £2.2m five yr contract from a European defence Prime Contractor. [SP=77.3 Cap=66m]
Capital (CAPD) wins c.$140m 5 yr laboratory services contract. [SP=78 Cap=151m]
Jaywing (JWNG) H1-Sep rev down 0.5%. Pretax -£1.4m (+£200k). U/L adj EBITDA is great though. Outlook confident but "caution given the backdrop of ongoing economic and geopolitical uncertainty". Hope that's clear. [SP=3.9 Cap=4m]
Hipgnosis Songs Fund (SONG) H1-Sept NAV 142.49p/sh and 136.53p at 19 Dec. Investment advisor has refused to allow for correspondence on its heavily caveated valuation to be published. It initially refused to provide an opinion! [SP=70 Cap=841m]


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. 22-Dec-23
Xmas cracker #2: What pie always leaves you hungry? Versarien's one in the sky.

Graft Polymer (GPL) £500k placing at 0.6p, a 'Happy Xmas' 45% discount, to keep the Christmas tree lights on. [SP=1.1 Cap=1m]
R&Q Insurance (RQIH) Bermuda Monetary Authority has requested an independent review of the reserves of the remaining Group post the sale of R&Q Legacy. It must pause redemption of Tier 2 $20m floating rate subordinated notes and put on hold the approval of any new external legacy transactions to R&Q Re (Bermuda). [SP=11 Cap=41m]
Bidstack (BIDS) dispute with Azerion settled. Azerion to pay €3m. Companies will enter a new commercial partnership. [SP=0.32 Cap=4m]
EnSilica (ENSI) binding LoI for a telecoms ASIC. Exoected worth over $35m over 10 yrs. Contract terms to be agreed. [SP=37.9 Cap=31m]
M&C Saatchi (SAA) sells some loss making overseas subsidiaries for nominal sum. [SP=157.5 Cap=193m]
Plexus (POS) AGM stmt: "outlook is positive with a number of positive tender opportunities underway in relation to our recently re-entered wellhead rental for exploration drilling from Jack-up rigs." Sounds in line. [SP=21.39 Cap=23m]
EJF Investments (EJFI) EJF Capital currently voluntarily absorbs 60% of the recurring operating expenses of co. Will reduce to 10% from 1 Jan. [SP=105 Cap=88m]
Lords Group Trading (LORD) amended schedule for completion of property near Heathrow: only £0.9m of remaining sum to be paid on 1 Jan, rest on completion in January 2025. [SP=49 Cap=81m]
Guild Esports (GILD) one-year renewal of UK sponsorship agreement with Subway. [SP=0.75 Cap=6m]
Webis Holdings (WEB) renewed agreement to accept wagers on all Monarch-operated racetracks in 2024. Also enewal of WatchandWager's major regulatory licenses in the United States and the Isle of Man. [SP=1.09 Cap=4m]
Chill Brands (CHLL) sale of Chill ZERO vapes to a prominent operator of UK petrol stations, trading under major brands including Shell, Esso and BP. "Substantial initial purchase order." [SP=4.7 Cap=21m]


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. 27-Dec-23
Clowns to the left of me, brokers to the right...

WH Ireland (WHI) H1-Sept poor as expected.. Current trading and outlook: U/L monthly profitability achieved in Nov. £3.8m annualised cost savings. FY in line? [SP=3.75 Cap=8m]
LMS Capital (LMS) sells minority interest in Medhost for $8.6m inc $1.6m deferred. $1.6m over book. [SP=23.93 Cap=19m]
Eco Buildings (ECOB) Dominic Redfern has been suspended as Executive Vice Chairman pending further investigation. [SP=13.07 Cap=9m]
Mobile Streams (MOS) FY-June.rev £1.8m (£1m). Pretax -£3.8m (-£2.5m). Could not find current trading. Material uncertainty going concern stmt. [SP=0.07 Cap=4m]


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