MrC's Smallcap Sweeps for Dec 2022

[MrContrarian]

Smallcap Sweep. 05-Dec-22
Lionfish flounders at RBGP

Faron Pharmaceuticals (FARN) BEXMAB Study Update: "We continue to be encouraged by the promising early data observed in this trial,..." [SP=278.92 Cap=169m]
RBG Holdings (RBGP) warns FY22 adj EBITDA materially behind market consensus and in a range £11m-£12m. Blames loss of 2 Lionfish cases and consequent write-downs. Reviewing Lionfish third party litigation funding with a view to reducing the Group's ongoing exposure. Professional services marginally ahead of mgmt exp. [SP=84 Cap=80m]
Journeo (JNEO) £0.7m order from a Northern Transport Partnership. Order was included in mgmt exp for this FY. [SP=107 Cap=9m]
Fulcrum Utility Services (FCRM) £6m 1 yr convertible at 20% PA and 20% fee on any sum prepaid. [SP=3 Cap=12m]
Bidstack (BIDS) adds two mobile titles to its in-game advertising with a leading, global game publisher. [SP=3.15 Cap=41m]
Versarien (VRS) repayment of £5m Innovate UK loan deferred a year. Will be repaid in stages from Aug 2025 now. [SP=18.2 Cap=34m]
Avon Protection (AVON) sells Armour's Lexington facility for a modest cash sum. "This facility is part of the armor business that was acquired through Avon Protection's acquisition of 3M's ballistic protection business in 2020." [SP=1070 Cap=323m]
Equals (EQLS) guides FY-Dec head of current market expectations. Jan-Nov rev up 61%. [SP=92.3 Cap=169m]
Oxford Cannabinoid Technologies (OCTP) CEO scarpers, immediate effect. He is thanked. [SP=0.54 Cap=5m]
Bigblu Broadband (BBB) its Skymesh biz buys Satellite operations of Harbour in Australia for AUD$5.2m (c.£2.9m). Board "continues to explore all options to realise value for BBB shareholders from SkyMesh, which could include a potential ASX listing of SkyMesh." [SP=40.34 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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 06-Dec-22
Pump up the Jam tomorrow

Gelion (GELN) half-cell sulphur cathode technology has now reached 300 usage cycles at less than 20% capacity degradation, proving the viability of Gelion's additives. [SP=51.5 Cap=56m]
Saietta (SED) £3.2m commercial agreement confirms appointment of Saietta for the product development and industrialisation of electric vehicle drive systems and associated electronics for one of the largest OEM's operating in the light duty mobility market in India. [SP=75.06 Cap=77m]
ADVFN (AFN) FY-June poor ad sales as guided. This Q1 also weak. £6.8m open offer (with warrants at 60p) at 33p, a 31% discount, to keeps the lights on. [SP=45.25 Cap=12m]
Croma Security Solutions (CSSG) trading in line. MBO talks for Vigilant guarding division. "Strategy of combining Locks and Systems with the Vigilant manned guarding division has not generated the opportunities for cross marketing and cross sales that had been expected." [SP=56.7 Cap=8m]
Novacyt (NCYT) genesig COVID-19 3G PCR test gets UK approval. It's designed to detect three separate SARS-CoV-2 gene targets [SP=71.24 Cap=59m]
ValiRx (VAL) drug development update. Finds outsourcing of testing of current evaluation and pre-clinical projects is non-optimal and is assessing options to acquire capabilities and infrastructure. Intends to lease a laboratory. [SP=15.4 Cap=14m]
LifeSafe (LIFS) hikes FY-Dec rev guidance to £3.5-3.8m. Guides EBITDA in line due to higher short term logistics and marketing costs. [SP=46 Cap=10m]

In line: HSP, VNET
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 07-Dec-22
Gullible's Travels

Camellia (CAM) warns FY adj pretax will be lower than announced on 22 Nov. Blames fall in fair value of investments at BF&M. [SP=4500 Cap=124m]
Topps Tiles (TPT) shareholder activism: AGM motions to remove chmn and add 2 NEDs. The Board unanimously rejects these proposals [SP=49.8 Cap=97m]
Chill Brands (CHLL) to launch disposable CBD vapes during Q1 2023. CEO gasses:"I am confident that Chill CBD vapour products have exceedingly strong sales potential." What's he smoking? [SP=1.9 Cap=5m]
First Property (FPO) sells 2 supermarkets in Poland for a 6% gain on book. [SP=23.38 Cap=26m]
Quiz (QUIZ) H1-Sep. Guides FY-Mar at least in line with market expectations. [SP=17.27 Cap=21m]
MS International (MSI) H1-Oct rev up 27%, pretax £3.46m (£0.77m). It confusingly states pretax as £3.46m (2021 -£0.77m) in the headlines. Outlook sounds in line. [SP=352 Cap=57m]
MGC Pharmaceuticals (MXC) has completed pre-clinical trial testing the efficacy of the CimetrA formulation on rodents exhibiting the cytokine storm. [SP=0.7 Cap=41m]

In line: MMAG, SDI
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 08-Dec-22
The corporate communications crushing wheels

STV (STVG) partnership with ITV "around content sharing and advertising sales that creates incremental digital value for both companies and aligns their interests in the streaming age". [SP=256 Cap=121m]
Allergy Therapeutics (AGY) updates on Grass MATA MPL and VLP Peanut clinical programmes [SP=13 Cap=88m]
BATM Advanced Communications (BVC) warns on FY-Dec rev and EBITDA due to a $25m contract delay. [SP=21.35 Cap=94m]
Tern (TERN) £1.5m placing at 10p, a 15% discount, for investment funding and to repay loan. [SP=11.76 Cap=44m]
In The Style Group (ITS) trading in line. Hoists For Sale flag. Bemoans SP and liquidity. [SP=13.25 Cap=7m]
Fiinu (BANK) needs an increased capital requirement of c.£35-40m before the regulator will lift its deposit-taking restrictions and commence unrestricted operations. Cites "a decision to run some processes in parallel to accelerate technology development during mobilisation and general cost inflation". [SP=12.5 Cap=33m]
S&U (SUS) trading is very good despite the enconomy. Receivables £404m (H1: £370m) with continued good collections and profitability. [SP=2100 Cap=255m]
Mears (MER) guides FY-Dec rev c.£950m and adj pretax c.£33.5m, both above the current range of market expectations. Cites continued elevated volumes within Management-led contracts. [SP=190 Cap=211m]
Dewhurst Group (DWHT) FY-Sep rev up 2%. Pretax £7.2m (£9.6m). No previous trading stmt! This Q1 rev flat. Outlook mixed. [SP=1190 Cap=74m]
Vertu Motors (VTU) big acquisition: buys Helston Garages for £117m, net of cash and cash equivalents of £65m, Post capex and incremental cost of debt, acquisition expected to deliver positive FCF from FY25. Should give double digit EPS boost. [SP=48.4 Cap=169m]
Seeen (SEEN) last night a £3.1m placing and OO at 6p, a 14% discount, to boost sales and marketing plus R&D. [SP=6.51 Cap=4m]

In line: MYX, AFRN, NET, BUMP
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 12-Dec-22
Round up the usual suspects

Velocys (VLS) gov't grant of up to £27m for the Altalto Immingham Sustainable Aviation Fuel ("SAF") project. Also £2.5m grant for new e-fuels project. [SP=4.5 Cap=61m]
Argentex (AGFX) guides FY-Dec ahead of market expectations. [SP=119.68 Cap=135m]
Poolbeg Pharma (POLB) POLB 001 LPS human challenge clinical trial completed with no serious adverse events reported. [SP=8 Cap=40m]
CentralNic (CNIC) guides FY at least in line with the upper end of market expectations of rev $701-709.6m, EBITDA $80-84.1m. Plans buyback. CFO becomes CEO. [SP=131 Cap=377m]
EnSilica (ENSI) $3.6m contract wins, to commence by Jan. [SP=75 Cap=56m]
K3 Capital (K3C) guides H1-Nov rev c.£42m and profit profits comfortably in line with the Board's expectations.. [SP=315 Cap=232m]
Metro Bank (MTRO) FCA fine of £10m for publishing incorrect information to investors in 2018. Former CEO & CFO also fined. [SP=106 Cap=183m]
Springfield Properties (SPR) guides FY 'good revenue growth' but pretax down on FY22. [SP=90.15 Cap=107m]
Kromek (KMK) wins £1.5m in nuclear security contracts. [SP=10.16 Cap=44m]
Duke Royalty (DUKE) new £100m credit line to replace existing £55m one. Margin over SONIA improved. [SP=37 Cap=154m]
Engage XR (EXR) warns FY-Dec rev €3.5-€4m and EBITDA loss of between €5.6m and €5.9m, both behind mkt exp. Blames contract delays and increased headcount. [SP=12.5 Cap=38m]
Totally (TLY) wins ontract worth up to c. £66m for the provision of two urgent treatment centres in Bromley. Contract will commence on 1 April and run for five years, with the option to extend by an additional three years. [SP=34.05 Cap=64m]
SigmaRoc (SRC) guides FY-Dec rev up 20% and EPS c.10% above mkt exp (rev £512m, underlying EBITDA £97.3m and underlying EPS 7p). [SP=55 Cap=351m]
Tristel (TSTL) guides H1 rev over £17m (£15m) and gross margin in line with expectations. [SP=362 Cap=170m]
Bigblu Broadband (BBB) guides FY-Nov rev up 15%, adj EBITDA £5m (£4.6m). In line? [SP=40.18 Cap=24m]
Chill Brands (CHLL) $20k sales to a new distribution partner and an expansion of its US retail store programme by 60 stores. [SP=2.2 Cap=6m]

In line: OCTP
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 13-Dec-22
Xmas stock infillers

Shield Therapeutics (STX) $18m placing + £3.9m OO at 6p, an 11% discount, Also ulti-year collaborative sales agreement with Viatris. [SP=7 Cap=18m]
REACT (REAT) especially strong Q4-Sept; has continued into this Q1. "This positive start underpins the Board's optimistic outlook for the current financial year." In line? [SP=1 Cap=11m]
Invinity Energy Systems (IES) sale of a 1.5 MWh VS3 flow battery system to Hyosung Heavy Industries. "Delivery and commissioning of all seven VS3s is expected towards end of H1 2023 with the remaining revenue associated with the project to be recognised in H2 2023." [SP=45.97 Cap=53m]
Morses "it's not a" Club (MCL) update on scheme of arrangement to limit liabilities to customers due compensation. Proposes placing with 95% dilution to fund it. [SP=2.32 Cap=3m]
Blackbird (BIRD) EVS Broadcast Equipment, its first technology licensee, has launched its web-based editing application. The €2m contract was RNSed in Sept. [SP=11.16 Cap=41m]
Gresham Technologies (GHT) guides FY-Dec rev at least £48m, adj EBITDA at least £10m, both slightly ahead of recently upgraded market expectations. Cites strong Clareti services and non-Clareti business. [SP=165 Cap=140m]
WANdisco (WAND) second follow-on agreement worth $13.2m with a large European automotive components supplier. Why isn't it in Euros? [SP=645.7 Cap=426m]
Dianomi (DNM) guides FY-Dec c. half of FY21, lower than market expectations. Blames new advertiser spend in H2 and investment in developing the talent base. [SP=126.5 Cap=38m]
Access Intelligence (ACC) guides FY-Nov adj EBITDA ahead of mkt expectations of £1.8m. Cites greater than expected synergies being delivered ahead of schedule. [SP=87 Cap=111m]
Synectics (SNX) guides FY-Nov rev in line and underlying profit slightly ahead of market expectations. [SP=106.55 Cap=19m]

In line: VCAP, 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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 14-Dec-22
Trackwise train wreck, ProCook half baked

Trackwise Designs (TWD) £3.65m placing and £1.5m OO at 1p, a 92% (yes!) discount, to keep the lights on. "Board believes it has now exhausted any potentially more attractive routes that could have been capable of delivering sufficient funds in time with sufficient certainty and has been left with no alternative but to proceed with the Fundraising at a very significant discount and with the issue of the Warrants" SP already down 96% on 24m high. [SP=12.8 Cap=5m]
ProCook (PROC) H1-Oct rev down 15%, U/L pretax -£2.8m (+£3.8m). Guides FY U/L pretax now only breakeven. [SP=27.1 Cap=30m]
SThree (STEM) guides FY net fees up 19% though Q4 up only 9%. "Materially ahead of initial expectations" but ahaead of current exp. Not helpful. [SP=398.5 Cap=534m]
Poolbeg Pharma (POLB) sogns exclusive licence "to use InsuCaps' patented microencapsulation and nanoencapsulation oral delivery technologies in metabolic syndrome related diseases including obesity, pre-diabetes and diabetes". [SP=6.5 Cap=33m]
Concurrent Technologies (CNC) partnership agreement with EIZO Rugged Solutions to resell its range of display and accelerator cards. Co's first third-party reseller agreement. [SP=77.07 Cap=57m]
LoopUp (LOOP) guides FY22 rev marginally above market expectations at £15.5m+ but EBITDA marginally below. Blames higher PGi Connect transition execution costs. "This rapid acceleration of revenue run rate leaves the Group in a materially stronger position to accelerate its primary Cloud Telephony growth line of business in 2023." [SP=4.53 Cap=8m]
Mirriad Advertising (MIR) warns FY-Dec rev £1.52m-£1.75m, slightly short of market expectations, pending a number of late deals which may be won and delivered before YE. EBITDA loss of £15.5m, in line with market expectations. "The challenges facing the advertising market are clear, and we are confident in Mirriad's unique ability to address these." [SP=NA Cap=NA]
Northcoders (CODE) wins £0.45m from Rolls Royce. [SP=300 Cap=23m]
Gulf Marine Services (GMS) to issue 111m warrants at 7.11p, pursuant to the terms of the 2021 common terms agreement. [SP=4.8 Cap=49m]
Billington (BILN) guides FY-Dec rev in line and adk pretax significantly ahead of mgmt expectations, Guides FY23 adj pretax also significantly ahead of mgmt expectations, [SP=233.5 Cap=30m]
GetBusy (GETB) guides FY-Dec rev up 24%, slightly ahead of market expectations. Adj loss 20-25% better than market expectations due to cost control. [SP=60 Cap=30m]
Fulcrum Utility Services (FCRM) H1-Sep rev down 16%, pretax loss £20.3m (£1.3m). In line? Outlook: cost cuts "whilst the benefits of these actions are yet to be fully realised and will take longer than expected to positively impact the Group's results, the Board is pleased that the series of multi-utility contracts won in the period have been under these revised contractual terms." Strategic review - a tipping point? [SP=1.6 Cap=6m]

In line: 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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 15-Dec-22
God Rest Ye Punch-drunk Gentlemen, Let nothing you dismay

Morses "it's not a" Club (MCL) lenders extend term-out clause to February 2023 on £25m facility and continue to grant a deferral of the testing of two covenants. The term-out clause provides assurance of the repayment of the facility within the last 6 months of the term [SP=1.04 Cap=1m]
Carclo (CAR) warns H2-Mar profit materially lower than expectations due to the cancelled contract announced 7 Dec. Talks on settlement continue. [SP=15 Cap=11m]
Zotefoams (ZTF) guides FY-Dec ahead of market expectations of £10.7m. Extent of the outperformance primarily dependent on the timing of customer shipments in the final weeks of FY. [SP=298 Cap=145m]
Science (SAG) guides FY22 rev and adj pretax slightly ahead of mgmt expectations. Expects acquisition of TP Group will be funded from cash and its finance facilities. [SP=372.25 Cap=169m]
Hunting (HTG) guides FY22 in line.Expects EBITDA c.$50m. Hikes FY23 EBITDA target to.$85m-$90m from c.$80m. [SP=262.52 Cap=430m]
STV (STVG) guides FY22 ad rev down only c.2% on 2021's record year. In line? STV Studios has £50-55m rev secured for FY23 vs target of £40m [SP=278 Cap=130m]
Actual Experience (ACT) unhelpful trading stmt. Guides FY-Sep rev £1.2m (£1.7m). "As previously announced, this decrease is attributable to legacy contracts that were not renewed during the year." In line then? [SP=1.45 Cap=3m]

In line: DX.
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 16-Dec-22
Here's looking at adieu, kid.

Dev Clever (DEV) intends cancellation of Listing in Jan. Shares have been suspended for 12 months. Co is unlikely to attract the necessary material investment from investors to execute its growth strategy in these current market conditions if it remains suspended. Will be rebranded as Veative. [SP=30 Cap=254m]
Global Ports Holding (GPH) preferred bidder status for Alicante Cruise Port awarded to to an 80:20 joint venture between GPH and local partner Sepcan. Parties will now work towards agreeing on the terms of the concession agreement. [SP=130 Cap=81m]
Time Finance (TIME) guides FY-May trading at least in line with market expectations. Gross lending-book up 27% in H1. [SP=18.55 Cap=18m]
Rank (RNK) guides FY-June LFL underlying p[ profit £10-20m, Recent 5 months LFL NGR growth in Mecca venues, Enracha venues and Digital was offset by a decline in Grosvenor venues. 'Customers' are spending less per visit. Cost cutting. [SP=80.56 Cap=377m]
Argo Blockchain (ARB) shares on Nasdq have gone below $1, the minimum allowed. Has 6 months to regain compliance. If co lasts that long. [SP=3.65 Cap=24m]
Iconic Labs (ICON) administration of Iconic Labs plc has ended and "control of Iconic has been returned to the directors who will continue to implement the terms agreed to in the CVA." Will work to get shares unsuspended. [SP=0.02 Cap=NA]
Real Good Food (RGD) H1-Sep rev down 20%, pretax loss £3.8m (£1.2m). "A radical reform programme has been launched to return the business to profitability...The simple truth, a crisis was needed to enable the required changes to be possible." Rebranding of Renshaw fondant to "Just roll with it" "to make products more inclusive". Uh? [SP=1.51 Cap=2m]
Fulham Shore (FUL) H1-Sep in line. Warns Q4 rev will be lower than any of Q1-3 due to consumer squeeze and train strikes. [SP=11.3 Cap=72m]


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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 19-Dec-22
Random acts of blindness

LBG Media (LBG) guides FY-Dec rev c. £63m and adj EBITDA c. £16m. H2 was 'robust'. In line? Throw me a friggkin' bone here. [SP=66.5 Cap=140m]
Midatech Pharma (MTPH) updates on proposed acquisition of Bioasis Technologies and associated financing. $9.9m placing of US shares at $1, plus warrants. Abandons AIM delisting vote. [SP=2.1 Cap=3m]
Gresham Technologies (GHT) $1.9m contract win for Control and Data Services in the cloud from a Tier 1 global asset manager. [SP=172.27 Cap=144m]
James Fisher (FSJ) sell Mimic and Strainstall for £13.6m plus £3.9m earn-out. They made rev £8.7m and pretax £0.8m in FY21. [SP=339.5 Cap=171m]
Kromek (KMK) distribution agreement with Smiths Detection for wearable radiation detection and identification solutions in the Middle East and certain key markets in Asia and Australasia. [SP=11 Cap=48m]
Learning Technologies (LTG) update on non-core asset disposal: will close UK apprenticeship business, in early 2023. The financial impact and closure costs will be non-material. Blames "nature of the customer relationships and quality of the offering in the business". "The other non-core asset is trading well, has an increased order book and is a candidate for disposal in 2023." [SP=114.52 Cap=904m]
Journeo (JNEO) wins £1.2m software and associated services contract from Network Rail. Contract is included in mgmt expectations for FY23 and FY24. [SP=108 Cap=9m]
Camellia (CAM) to sell interest in ACS&T to HSH Coldstores for £16.5m + £3.8m div. ACS&T rev was £13m and pretax £0.6m in H1. [SP=4500 Cap=124m]
Cizzle Biotechnology (CIZ) agrees put option with Conduit Pharmaceuticals to sell:its 5% interest in the commercialisation of the AZD 1656, plus royalty sharing agreement with St George Street Capital, for £3.25m in Conduit paper. [SP=1.58 Cap=5m]

In line: ABDX, FDBK
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 20-Dec-22
Peppering up the pre-open

Xpediator (XPD) possible 42p offer, a 39% premium. Co evaluating the proposal. [SP=29.5 Cap=42m]
WANdisco (WAND) $31m 'agreement' (contract?) with second global telco. Half will be paid in advance following the commencement of the project. [SP=794.55 Cap=533m]
Velocity Composites (VEL) 5 yr Work Package Agreement in US expected to be worth $100m+. Revs start Q1 FY23. Trading in line. [SP=28 Cap=10m]
Litigation Capital Management (LIT) £110m Comet Group judgement in favour of funded party. Defendant has obtained permission to appeal. Confident it will generate returns in line with management expectations. [SP=64.91 Cap=77m]
Goodwin (GDWN) H1-rev £89.3m, adj pretax up 18%. In line? Workload up 54% due to Mechanical Engineering Division contract wins. " It is fortunate that the Mechanical Engineering Division has diversified away from oil and gas into other business streams that will likely avoid the effects of a global recession." [SP=3200 Cap=246m]
Artisanal Spirits (ART) increases revolving credit facility to £21.5m. Term has extra 2 years. Changes 'partnership' in Malaysia to Drinks Alliance [SP=66.75 Cap=47m]

In line: GST
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 21-Dec-22
O Come All Ye Faithful, Lap up Some More flim-flam

Supply @ME Capital (SYME) update on its jump onto the blockchain NFT bandwagon including a planned Phase Two.. "Phase Two involves the creation of an "Inventory Monetisation Platform 3.0" with an expected roadmap of Web3 features, including the issuance of NFTs, digital ownership and business-to-business marketplaces, decentralised finance ("DeFi") and, overall, a governance protocol.". [SP=0.08 Cap=45m]
Xeros Technology (XSG) partner IFB confirms it will begin placing its new premium 11kg domestic washing machines, incorporating Xeros' Care technology, in its Indian retail stores by the end of Dec. Also IFB has commenced trials of a 90kg washing machine in Bangalore for Indian Railways. Financial guidance unchanged. [SP=4 Cap=6m]
Directa Plus (DCTA) significant contract with Pigmentsolution to support development and distribution of Grafyshield G+ product. Customer has ordered initial 200kg [SP=97 Cap=64m]
Infrastructure India (IIP) FY-Mar NAV -£46.8m (+ £93.3m). Accounts prepared on a basis other than going concern. Still begging for funds. Also H1-Sep NAV -£85.7m. [SP=0.4 Cap=3m]

In line: 4GBL
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 22-Dec-22
Last minute Xmas rush

Immupharma (IMM) two directors waive c.63% of remuneration due to slow progress. Do my eyes deceive me? [SP=1.67 Cap=6m]
Seeing Machines (SEE) appointed by an existing Tier-1 customer to deliver its FOVIO Driver and Occupant Monitoring System (DMS/OMS) for an additional program with an existing large European-based car mfr. Initial lifetime value of US$32M and is scheduled to start production in 2024. [SP=6.25 Cap=258m]
Instem (INS) contract extension worth c.$1.4m an existing leading global contract research organisation. Help to underpin management expectations for the current and future years. [SP=697.5 Cap=158m]
VPC Specialty Lending Investments (VSL) to propose a managed wind-down due to large discount to NAV. [SP=83 Cap=232m]
NWF (NWF) guides H1 trading ahead of mgmt exp but keeps FY exp unchanged. Buys Sweetfuels for £10m. It made £1.2m pretax in FY21. [SP=259.18 Cap=128m]
Clean Power Hydrogen (CPH2) development agreement with New Zealand based Fabrum Solutions , one of the world's leading cryogenic systems manufacturers for gas separation and hydrogen liquefaction. Fabrum will work with CPH2, and its existing industry partner Kenera Energy Solutions ("Kenera"), to provide engineering expertise in support of design reviews, systems documentation and safety cases. [SP=32 Cap=86m]
WANdisco (WAND) guides FY22 rev $19m+, significantly ahead of market expectations. Bookings over $116m. Wins $12.7m contact with c. 80% to be recognised in FY22. [SP=870 Cap=581m]
Deltex Medical (DEMG) YTD rev ahead of all of FY21 but shipping of New Monitor delayed into FY23. Blames "strains in global supply chains that delayed the start of the approval process". Has sold one New Monitor at a price significantly above current model. Chmn leands another £0.25m at 8%. [SP=0.79 Cap=5m]
Hardide (HDD) raises c.£0.5m from purchase, sale and leaseback of its Martinsville facility. Also "implemented a series of working capital efficiency and cost reduction initiatives...expected to generate a further £0.3m to £0.4m of cash over the next six months, Guides FY-Sept in line. [SP=13.25 Cap=8m]
Palace Capital (PCA) property sales cut gross debt by 10.6% from 30 Sept. LTV now 29.6%. [SP=215 Cap=95m]
PipeHawk (PIP) AGM stmt. Order intake £4.3m YTD. Wins contract for pilot phase of a semi-automated low‑cost, high‑throughput, near-patient Molecular Diagnostic Test System. [SP=13.01 Cap=5m]

In line: MPL
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 23-Dec-22
Xmas pudding

Gfinity (GFIN) e-sports co super-slow to produce FY-June figs. Rev down 8%, pretax loss £4.2m (£4.2m). Can't find any trading stmt for the period. What contempt for holders. Co talking to strategic partners to identify the best way to support the business. Could be begging in the street for all we know. [SP=1.03 Cap=14m]
Symphony Environmental Technologies (SYM) guides FY-Dec rev only c.£6.5m (£9.2m) and post-tax loss c.£2.5m (£1.4m). Blames "Middle East destocking issue has still not been resolved mainly due to delays in receiving the requisite government certifications for our partner's new factory in the UAE, which finally became fully operational in December." Expects Q1 profit though. [SP=10.25 Cap=19m]
SkinBioTherapeutics (SBTX) audited FY-June op loss increased £266k from prelims due to writedown of £266k on inventories. [SP=15.88 Cap=25m]
Journeo (JNEO) wins £0.5m order, included in management's expectations of performance for FY23. [SP=127.45 Cap=11m]
Crystal Amber Fund (CRS) attempting to remove 6 directors of Hurricane Energy in which it has a large holding. [SP=96 Cap=80m]
Plexus (POS) AGM stmt brimming with hope, as ever. [SP=1.76 Cap=2m]
Webis (WEB) WatchandWager biz gains access to ll Monarch-operated racetracks in North America. [SP=1.29 Cap=5m]
Curtis Banks (CBP) PUSU offer deadline extended to Jan 9. [SP=295 Cap=197m]
MS International (MSI) first sales of its new land based mobile gun systems, "which are aptly named MSI-DS TERRAHAWK VSHORAD". I suppose if you like hyperbolic names and know that VSHORAD = very short-range air-defence/ Worth £22.4m in 2023. [SP=472 Cap=76m]


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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 28-Dec-22
They've made them an offer they can't refuse

Argo Blockchain (ARB) avoids imminent cash crunch by selling Helios mining facility to Galaxy for $65m and taking $35m loan with Galaxy. Cuts debt by $41m. Argo will maintain ownership of all mining machines, and Galaxy will host Argo's fleet of Bitmain S19J Pros at Helios. [SP=3.6 Cap=23m]
RM (RM.) agrees sale of some IP address for $10.2m. [SP=51.5 Cap=43m]
Polarean Imaging (POLX) FDA Approves Polarean's XENOVIEW (xenon Xe 129 hyperpolarized) for use with MRI for the evaluation of lung ventilation. XENOVIEW has not been evaluated for use with lung perfusion imaging. [SP=49 Cap=107m]
GSTechnologies (GST) takes $1.6m convertible loan. Looks like a death spiral loan. [SP=0.95 Cap=14m]
James Fisher (FSI) sells its Subtech Swordfish Dive Support Vessel for $24m. [SP=NA Cap=NA]
DP Eurasia (DPEU) re speculation regarding an exit by the Group from its Russian operations. Co considering various options which may include divestment of its Russian operations. [SP=52.2 Cap=79m]
Applied Graphene Materials (AGM) re formal sale processs: non-binding indicative proposals have now been received for the its trade and assets or the shares in the main operating subsidiary. Cash crunch at end Jan as stated. [SP=5 Cap=3m]


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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 29-Dec-22
Austerity diet

Allergy Therapeutics (AGY) FY-June audit not ready. Shares will be suspended on Jan 3. Co "not aware of any material change that will be required to be made" to the prelims. Co " reviewing all funding options" (as announced) so probably a going concern issue. [SP=11.34 Cap=77m]


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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 30-Dec-22
Breakfast plate of dissapointment

Harland & Wolff (HARL) FY-Dec monster miss. Surely it knew before today? Guides rev £29-31m vs £65-75m guided in sept. Blames contract delays, operational delay in M55 Regeneration Programme, Terminates fabrication of four wind turbine generator jackets for Saipem, by mutual agreement due to " issues with payments, delays and defective materials, with resultant cost escalations".Outlook "we will see a robust 2023 with deferred revenue from 2022 which will start getting booked during the course of H1". [SP=20.15 Cap=35m]
Mobile Streams (MOS) delayed FY as promised by yr end. Rev £1m (£100k less than prev guided) and prtax losss £2.8m (£1.0m). [SP=0.11 Cap=5m]


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/index.aspx?limit=-1

@MrContrarian