MrC's Smallcap Sweeps for Aug 2024

[MrContrarian]

Smallcap Sweep. 05-Aug-24
Back with a whimper

Cordel (CRDL) wins contract to provide a comprehensive assessment of Amtrak's Metro-North corridor. It will "leveraging state-of-the-art LiDAR technology". Is it disruptive AI though? No $$$. [SP=4.5 Cap=10m]
Guild Esports (GILD) LoI with DCB Sports for latter will acquire 100% of the assets of Guild Esports as well as assuming all disclosed liabilities. [SP=0.14 Cap=1m]
hVIVO (HVO) intends to cancel trading on Euronext Growth. [SP=29.7 Cap=202m]


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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 06-Aug-24
The Doomtown Rats

Orchard Funding (ORCH) largest customer Nukula has gone into administration affecting £16.7m of lending out of £66.8m. [SP=35 Cap=7m]
AIREA (AIEA) misleading headline "Solid trading in challenging market conditions and positive outlook". In fact warns that it has "moderated its full year sales growth and profit expectations" as Q2 rev down 5.6%. Confident in long-term natch'. [SP=29.8 Cap=12m]
Mincon (MCON) H1-June rev down 16%, op profit €0.2m (€7.8m). Challenging Q1 mkt continued but saw a recovery in order books towards the end of Q2. "Retains its confidence in a return to growth in revenues and margins in H2." [SP=33.5 Cap=74m]
Slingsby (SLNG) H1-June rev down 6%. Blames customers reducing or deferring spending following cost increases and uncertainty caused by the General Election. Passes div. Outlook catious. [SP=349 Cap=3m]
Hostmore (MORE) talks continue on acquisition of TGI Fridays with the aim that the combined business will transition to an "asset light" fully franchised model with no corporate stores. H1 LFL down 10%. Debt in Q3 likely to exceed borrowing capacity, discussions with various parties regarding additional financing. [SP=14.6 Cap=19m]
Ondine Biomedical (OBI) Leeds Teaching Hospitals NHS Trust will begin using Steriwave nasal decolonisation technology this month. [SP=7.75 Cap=22m]
Ramsdens (RFX) guides FY-Sept pretax at least £11m, ahead of expectations of £10.5m. Cites high gold price. FX only broadly in-line though. [SP=193.5 Cap=61m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 07-Aug-24
=10x record

Equals (EQLS) PUSU extended for an Olympic record tenth time. Due diligence substantially completed and The Consortium is talking to its preferred financier. [SP=109.75 Cap=208m]
SIMEC Atlantis Energy (SAE) takes full ownership of the Battery Energy Storage System project at Uskmouth for £300k plus £3.85m deferred. The estimated capital cost of the project is £65m, which includes the deferred consideration and transaction costs. [SP=2.24 Cap=16m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 08-Aug-24
JIM in a jam

Jarvis Securities (JIM) H1-June rev down 12%, pretax down 29%. Warns FY significantly below market expectations due to "subdued trading volumes; the increasing costs of the Skilled Person review; the costs of the associated remediation work and the ongoing impact of the VREQ on the Company's Model B clients". [SP=57.13 Cap=26m]
Celebrus Technologies (CLBS) wins three-year Celebrus Platform contract with a leading global airline. No £££. [SP=278.5 Cap=110m]
Concurrent Technologies (CNC) $1.5m contract extension with major US Defence and Aerospace contractor. [SP=118.12 Cap=101m]
Seeing Machines (SEE) Q4 KPIs. Production of new vehicles using Seeing Machines' DMS technology up 80%. [SP=4.68 Cap=194m]
Mears (MER) H1-June rev up 10%, pretax up 44%. Guides FY rev £1.1bn, with adjusted profit before tax in a range of £53m-£55m, ahead of market expectations. [SP=340 Cap=327m]
FIH (FIH) FY-Mar. Div 6.75p (6.5p) plus 10p special div (0p). [SP=245 Cap=31m]
Earnz (EARN) the cash shell plans £4m placing at 7.5p, a 9% discount, to fund RTO. [SP=8.3 Cap=5m]
Hermes Pacific Investments (HPAC) proposes delisting. Blames costs, large discount to NAV. [SP=59.7 Cap=1m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 09-Aug-24
Loan alone

Kazera Global (KZG) gets £500k total shareholder loans to fund the cash element of the consideration payable to Tectonic Gold. [SP=0.41 Cap=4m]
GETECH (GTC) £1.5m placing and £0.2m retail offer at 2p, an 11% premium, "to deliver further progress on sustainable growth" etc. [SP=1.89 Cap=1m]
Revolution Bars (RBG) Restructuring Plan approved by court. Guides FY-June EBITDA c.£3m. Expects to publish FY results in Oct. [SP=1.17 Cap=5m]
Kinovo (KINO) wins contracts worth £5.3m over 5 years from the National Housing Maintenance Forum framework. [SP=70.97 Cap=45m]
Oncimmune (ONC) wins $1.5m ImmunoINSIGHTS contract. [SP=9.55 Cap=7m]
CMO (CMO) improving sales trend and positive momentum through Q2 and July. Q2 LFL down 12.8% vs 21.3% for Q1. [SP=14.8 Cap=11m]
Tan Delta Systems (TAND) wins £200k non-exclusive new product development agreement with a global engine OEM. To be booked this FY. [SP=15.5 Cap=11m]


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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 12-Aug-24
Brats leaving the stinking ship

BiVictriX Therapeutics (BVX) yet another AIM delisting. Blames difficult fundraising environment, shares underpriced, liquidity, costs etc. [SP=12 Cap=11m]
Celadon Pharmaceuticals (CEL) ops in line. CO has only £48k cash at hand. £400k overdue from one subscriber to May's placing. Also £900k due from a £1m drawdown on a credit line, will now be paid on completion of a property transaction which has been delayed by a number of months. Talks on substantial longer term debt facilities. [SP=52.6 Cap=35m]
Argo Blockchain (ARB) has repaid $35m Galaxy high-interest rate loan four months ahead of the current schedule, and nearly 18 months ahead of the original repayment schedule. [SP=9.15 Cap=73m]
genedrive (GDR) first UK commercial sales of the Genedrive CYP2C19-ID Kit for use in stroke treatment. [SP=3.15 Cap=17m]
S&U (SUS) June-July trading. Aspen Bridging still doing well, Advantage Finance car financing worsening. Talks with FCA to end section 166 restriction are now nearing their conclusion. [SP=1885 Cap=229m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 14-Aug-24
Distil running on fumes

Distil (DIS) warns on FY-Mar25 but still guides a rev rise. First 4 months rev down 55%. Blames economic environment, weather. Co has increased promotional activity causing an immediate short-term funding need. [SP=0.41 Cap=4m]
IXICO (IXI) guides FY-Sep rev £5.5-5.9m and EBITDA -£2.1m, ahead of market expectations due to contract wins of £5.8m since March. [SP=6.96 Cap=3m]
Crossword Cybersecurity (CCS) £1.2m PA cost cuts. CFO scarpers. She is thanked. [SP=4.45 Cap=5m]
Beeks Financial Cloud (BKS) gets regulatory approval for the Exchange Cloud contract announced 6 Feb. Underpins FY25 exp. [SP=221.75 Cap=147m]
Silver Bullet Data Services (SBDS) wins contract to integrate its 4D AI technology with one of the world's largest programmatic self-service advertising buying platforms. Lots of jargon but no projected rev. [SP=78.4 Cap=14m]
Versarien (VRS) wins c.£200k contract for co to act as a 'print partner' to support Building For Humanity. [SP=0.07 Cap=2m]
Hellenic Dynamics (HELD) winding-up petition over £85k debt settled with repayment schedule. Two directors loan £5k and €11k. [SP=0.99 Cap=1m]
EQTEC (EQT) receipt of £2m owed by Logik Developments near after latter agrees deadline of 16 Aug for receipt of finds from delayed property sale. [SP=1.3 Cap=3m]
Secure Trust Bank (STB) H1-June. Warns FY profit slightly lightly below mgmt expectations. [SP=854 Cap=163m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 15-Aug-24
Unexpected item in bragging area

Quantum Blockchain Technologies (QBT) abandons attempt to port its Methods A, B & C to existing commercial ASIC-based mining hardware and software system, via CGMiner. Blames speed and power consumption inefficiencies created by the designers. Now targets the more recent AxeOS (ESP-miner). [SP=0.8 Cap=10m]
accesso Technology (ACSO) warns FY-Sep rev c.$150-153m (previously $160m+) due to weak trading and delays in new park openings. Cost cuts - targets FY cash EBITDA margin of 13-14%. [SP=700 Cap=292m]
Gooch & Housego (GHH) warns FY adj pretax may be c.£1.5m lower than expected due to supplier and customer delivery delays. FY25 exp unchanged. [SP=470 Cap=121m]
Kingswood (KWG) additional £6m debt facility at 12% PA deferred "to provide the Company with the capital required in the short term to satisfy upcoming deferred payment obligations". [SP=12.46 Cap=85m]
Gelion (GELN) has developed 1Ah semi-solid-state Lithium-Sulfur pouch cells using its GEN 3 tech. [SP=23 Cap=31m]
Rank (RNK) FY-June LFL underlying operating profit £46.5m, slightly ahead of analysts' consensus. Resumes div with final of 0.85p. FY25 started well. [SP=70.11 Cap=328m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 16-Aug-24
Drop-dead ugly

Biome Technologies (BIOM) £1030k placing and retail offer at 5p, a panic-stricken 77% discount, to avoid going bust in Sept. H1-June trading: rev £2.3m down 36% due to production and regulatory difficulties at two of the Bioplastics end-customers and delay of revenue from the four significant RF division projects. What, all four? Expects significant improvement in H2. What a crock. [SP=24.3 Cap=1m]
LungLife AI (LLAI) Medicare coverage for co's post-bronchoscopy indications test a step closer. [SP=12.74 Cap=9m]
Fletcher King (FLK) FY-Apr. Hikes final div to 2.25p from 0.75p. Outlook - "Markets are likely to remain cautious for a while longer, and it will be a challenge to maintain the same financial performance". [SP=49 Cap=5m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 19-Aug-24
Morning news light

Diaceutics (DXRX) agreement with a leading biotech to become its primary promotional partner for the launch of a breakthrough oncology precision medicine in the US using PMx (, a suite of data-driven services built for the promotion and commercialisation of precision medicines). It's not only a milestone but 'the start of a new era for Diaceutics'. [SP=123 Cap=105m]
Libertine (LIB) hasn't received first £110k tranche of the bridging loan by 16 Aug. Only has cash to end Aug. Seeking asset sale. [SP=1.17 Cap=2m]
RM Infrastructure Income (RMII) H1-June. Expects return of capital to accelerate in H2. [SP=74.4 Cap=87m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 20-Aug-24
The Merchant of Venom

Sosandar (SOS) signs lease for its third store. Are we going to have an RNS for every shop lease and opening? [SP=9 Cap=22m]
Kooth (KOO) begins delivery of its services as part of its initial one-year partnership with Aetna Better Health of Illinois. This is Kooth's first private sector engagement. [SP=312 Cap=113m]
Light Science Technologies (LST) Contract Electronics Manufacturing division has received a third order from its customer in the sports entertainment segment, worth £134k. This is a sign of 'strong trading' seemingly. [SP=3 Cap=10m]
Sabien Technology (SNT) gets funding facilities from exec Chmn. Tides it over for 12 months without the need for a placing, based on current sales forecasts. Two directors and co's broker to take shares in lieu of payment, at 9.175p/sh, a slight discount. [SP=9.75 Cap=2m]
OptiBiotix Health (OPTI) commercial update. It certainly reads like a commercial. Good progress in H1 on aims of securing a number of commercial agreements and direct to consumer sales. And something about tomato soup. [SP=24.8 Cap=24m]
Beeks Financial Cloud (BKS) significant extension of Johannesburg Stock Exchange contract. No £££. [SP=252.84 Cap=168m]
Renalytix (RENX) formal sale process terminated since there is no realistic prospect of an offer in the near term. Advanced discussions with key stakeholders for funding and a 'refreshed business plan'. Has cash till Q4 2023. [SP=14 Cap=33m]
Castings (CGS) warns at AGM that FY-Mar25 will be below market expectations. "Demand has remained at lower levels and our customers have now indicated that there is unlikely to be any improvement before at least early 2025." Surely it should not have waited till the AGM to inform holders. [SP=348 Cap=151m]
H&T (HAT) H1-June EPS 17.7p up 9%. Long outlook stmt is positive but no summary. Loan me a frickin' bone here. [SP=419.57 Cap=185m]
Empresaria (EMR) H1-June. Guides FY only broadly in line with market expectations. [SP=38 Cap=19m]
MobilityOne (MBO) FY-Dec out at last. Unsuspended. Outlook - "a challenging business environment and remains cautious about the outlook for the remainder of 2024". [SP=2.7 Cap=3m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 21-Aug-24
Cut & paste done in haste

Watkin Jones (WJG) warns FY-Sep adj op profit only £10m to £12m (£0.2m). Warns on FY25 as well. "Market activity through the summer has been slower than anticipated, principally due to the continued uncertainty over the pace of interest rate cuts, and as such we believe it is now unlikely that we will close any further transactions before the financial year end." [SP=50.9 Cap=131m]
Rosslyn Data Technologies (RDT) guides FY-Apr rev £2.9m, in line and adj EBITDA loss £2.5m (£2.0m) and EBITDA loss of £3.3m, ahead of management expectations. "Focused on achieving positive adjusted EBITDA and cash generation on a monthly basis by the end of FY25." Also wins £2m+ three year contract. [SP=9 Cap=2m]
Eco Buildings (ECOB) £450k placing at 10p, a 13% discount, to complete delivery on the previously announced 25,000 sqm order for wall panels. [SP=11.16 Cap=9m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 22-Aug-24
Dance of the seven fails

Cambridge Cognition (COG) H1-June rev down 7%. Pretax loss £1.1m (£3.4m). Outlook- "As a result of the actions taken during the year, combined with our clear growth strategy, we expect to deliver further success and value to our stakeholders". Further success? Last 2 years showed fall from profit to increasing losses! [SP=43.05 Cap=18m]
Benchmark (BMK) Q3-June rev down 10%. YTD rev down 17%. Outlook - "Trading well against backdrop of market headwinds in Advanced Nutrition and the restructuring in Health which have an impact on short term performance but support near and long term prospects". Is this a warning? Throw me a frickin' fish bone here! [SP=38 Cap=281m]
Macfarlane (MACF) guides FY-Dec only broadly in line with market expectations after H1 rev fell 8%. [SP=119.25 Cap=190m]
Proton Motor Power Systems (PPS) principal lender will support co's working capital requirements only until 31 Dec. Will hasten its talks on other sources of finance. [SP=1.5 Cap=25m]
Eckoh (ECK) response to recent SP rise: a highly conditional, non-binding revised indicative offer of 54p was received in July. [SP=48.53 Cap=141m]
Neometals (NMT) strategy update: will sell non-core assets, shrink company and proritise the progression of Primobius. This is in response to falling battery materials prices and market sentiment. [SP=4.78 Cap=52m]
Bank of Georgia (BGEO) share buyback. [SP=4320 Cap=1937m]
Ebiquity (EBQ) warns FY-Dec profit below mgmt expectations after H1-June rev fell 7% pushing adj EBIT down 61% to £2.3m. [SP=37.5 Cap=52m]
Mears (MER) £20m max share buyback. [SP=368.5 Cap=354m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 23-Aug-24
Damning with a faint raise

Dillistone (DSG) £60k placing at 8p. an 11% discount, for working cap in case the Group's markets continue to be challenging for an extended period. Also £300k convertible at 9.85%, funded by 7 directors. H1-June in line with mgmt exp; it warned in June though. [SP=8.51 Cap=2m]
Petrofac (PFC) extends forbearance for non-payment of the interest on its senior secured notes to Sep 20. [SP=15.77 Cap=83m]
MyCelx Technologies (MYX) £700k placing at 51.5p, a nil discount, for various purposes. Trading in line. [SP=51 Cap=12m]
accesso Technology (ACSO) £4m max buyback. [SP=541.12 Cap=226m]
Celadon Pharmaceuticals (CEL) funding saga update. maintains positive dialogue and the investor who has failed to pay £400k of £1m in a placing. Also gets a further £200k of the £1m requested under a loan agreement. The lender claims it is awaiting completion of a property sale. Talks on substantial longer term debt facility. Cash at hand £210k. [SP=23.68 Cap=16m]
Evoke (EVOK) buys 51% of a Romanian gaming biz WInner for €10m. Winner's gross gaming revenue c.€19m in recent half. [SP=69.05 Cap=302m]


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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 27-Aug-24
Old MacDonald had a pharm, EBITDA

Allergy Therapeutics (AGY) instos agree to further £5m loan so co has enough cash to late Sept. Co continues to explore further funding options . [SP=4.69 Cap=222m]
Faron Pharmaceuticals (FARN) FDA has granted Fast Track Designation for bexmarilimab for the treatment of relapsed or refractory myelodysplastic syndrome. [SP=173 Cap=181m]
RUA Life Sciences (RUA) AGM stmt - first 4 months trading ahead of management expectations with rev c.£800k. Guides FY-Mar in line. [SP=10.9 Cap=7m]
Shield Therapeutics (STX) Health Canada has approved ACCRUFeR for the treatment of adults with iron deficiency anemia. [SP=3.8 Cap=30m]
Malvern International (MLVN) guides H1-June rev (ex comissions) up c.22% but profit flat due to investment in people, travel and marketing activities. [SP=17 Cap=5m]
Narf Industries (NARF) wins $1.3m U.S. Air Force SaaS contract for AI powered social engineering threat intelligence solution. Blizzard of levaraged synergy blah follows. [SP=0.9 Cap=14m]
Belluscura (BELL) AGM stmt - record sales in July of $708k. Guides FY24 rev $8-10m "depending on timing of the full commercial launch of the DISCOV-R". [SP=10.95 Cap=18m]
Cambria Africa (CMB) intends to return 1c (c.0.77p) and delist. It remains suspended. [SP=0.21 Cap=1m]
Diaceutics (DXRX) significant enhancement of lab network which has facilitated a new rare-disease contract win. [SP=129.19 Cap=109m]
Time Finance (TIME) becomes an accredited lending partner under the UK Government's Growth Guarantee Scheme. [SP=52.9 Cap=49m]
St. James's Place (STJ) £32.9m max buyback. [SP=720.5 Cap=3953m]


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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 28-Aug-24
Cork's crew

Naked Wines (WINE) FY-Apr. Recent Q1 only broadly in line with mgmt expectations. [SP=51 Cap=38m]
Aquis Exchange (AQX) warns H2-Dec24 rev and pretax £1m below mgmt expectations due to a historical contract for a start-up exchange not being renewed.. [SP=477.5 Cap=131m]
Focusrite (TUNE) warns FY-Aug EBITDA c. £25m "due to the impact of shipping and logistics challenges as well as various pressures on product margins". Rev c.£157m, in line. [SP=348 Cap=206m]
CyanConnode (CYAN) gets Letter of Award for 6.5m Omnimesh Modules, together with Advanced Metering Infrastructure. Is this a firm contract? No £££. [SP=7.83 Cap=23m]
PCI-PAL (PCIP) warns FY-June rev c.£18m up 20%, a c.£0.7m miss due to deferral of booking the latter to FY25. Expects adj pretax loss c.£0.6m. C/F as expected since co has received the £0.7m. [SP=57 Cap=41m]
Graft Polymer (GPL) claims 'substantial' progress in Awakn collaboration. CEO trills that he's thrilled. [SP=0.2 Cap=4m]
Argo Blockchain (ARB) H1-June rev up 18% but loss $32.7m ($18.6m). $22m impairment on its mining machines. Material uncertainty going concern stmt. [SP=10.48 Cap=77m]

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

@MrContrarian

[MrContrarian]

Smallcap Sweep. 30-Aug-24
Blue sky in the morning, investor's warning

Nanoco (NANO) Warns FY-July25 rev 25% below consensus forecast of £9.5m. Following a customer says it won't order any more first generation sensing products, the customer has served notice on the two year Joint Development Agreement for second generation sensing materials. Customer cites own strategic priorities, not performance of the materials. Continues to work with an Asian customer second generation sensing materials. [SP=9.31 Cap=19m]
Zenova (ZED) a wet-blanket RNS from the fire safety tinpot as it warns H1-May rev only £51k (£108k) and post-tax loss £478k (£709k). Blames "delays in advanced product certification awards required to enter key market segments and weather-related delays at a major customer". Should have warned before now! Co believes it has sufficient working capital. Outlook - "Closing recently on additional major sales and distribution agreements further enhances my confidence in the ability of Zenova to scale up and deliver on the increased international interest". [SP=1.1 Cap=2m]
ReNeuron (RENE) hopes it can can exit Administration on a going concern basis. Little interest shown in a fundraise, proposes de-listing. [SP=3.28 Cap=2m]
Filtronic (FTC) wins $8.4m contract from SpaceX for delivery in calenday 2025. [SP=80.16 Cap=175m]

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

@MrContrarian