MrC's Smallcap Sweeps for Dec 2023
Posted: December 4th, 2023, 7:54 am
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
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