Small cap news round-up
Shares in Telford Homes are up after the residential property developer forecast record revenues and profits for the year to 31 March.
It said pre-tax profit was seen slightly ahead of current market expectations. The company was also on track to exceed £40m of pre-tax profit for the year to 31 March 2018, and £50m for the year ending on 31 March 2019.
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AIM-listed Market Tech Holdings, which owns property and e-commerce businesses, is to buy the remaining 25% stake in Glispa, a Berlin-based mobile marketing business, that it does not already own for €15m.
In March 2015, the AIM-listed company bought a controlling stake in Glispa for €32m and committed to invest up to €20m to further Glispa’s future development.
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Coal of Africa's shares have risen more than 16% on news it has agreed to acquire all of the shares in and claims against Pan African Resources Coal Holdings Proprietary Ltd (PAR Coal) for R275m, which worked out at about $20.5m.
PAR Coal held a 91% shareholding in Uitkomst Colliery Proprietary Ltd. The balance was held by broad-based trusts and a strategic entrepreneur's trust.
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Investing company Limitless Earth announced on Wednesday that it has agreed to convert its investment in V-Nova International.
The AIM-traded firm had invested £0.5m in V-Nova, a London based leading provider of signal and data compression solutions, in a convertible loan note on 18 December 2015.
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Pan African Resources announced on Wednesday that it concluded an agreement with Coal of Africa to dispose of all its shares and loan accounts in its wholly-owned subsidiary PAR Coal - the holding company of Uitkomst - to CoAL for a total consideration of ZAR 275m.
The AIM-traded firm said Uitkomst is a high-grade thermal coal producer, situated in the Utrecht coalfields in KwaZulu-Natal, and the transaction would result in Pan African disposing of its entire interest, comprising ordinary shares and claims on loan account, in PAR Coal and Uitkomst.
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Shares in Taihua dived almost 40% on its proposal for cancelling its AIM listing and taking the company private.
The proposal required shareholder approval, which was being sought at a general meeting called for 21 April.
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BNN Technology noted the reaction in its share price over the past week and said it was not aware of any reason for the move, as it updated the market on its trading.
The group said gross transaction volumes through its platform have continued to progress well in recent weeks.
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Shares in Intercede are up almost 8% after it boosted its full-year revenue forecast following the receipt of several contracts before its year end on 31 March.
In early March, the software and service company specialising in identity, credential management and secure mobility said its revenue out-turn for the year would be about £8.0m, with a further £2.0m of new orders in the near-term pipeline.
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Castleton Technology's shares are up more than 3% as investors welcome news its revenue and profitability for the year are in line with market forecasts.
"Operating cash generation in the period was significantly better than market expectations, facilitating a continued reduction in the Company's net debt," the software and managed services provider to the public and not-for-profit sectors said.
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Shares in Dart Group are up more than 5% on the company saying it foresees full-year underlying pre-tax profit ahead of present market expectations.
It said this was due to lower than anticipated winter losses, the leisure travel and distribution & logistics group said.
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Mobile payment solutions provider Mi-Pay Group presented its final results for the 12 months to 31 December on Wednesday, reporting that £83.4m iin payment transaction value was processed during 2016, from 6.2 million processed transactions.
That compared to £64.7m and 5.2 million, respectively, in 2015.
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AIM-quoted food manufacturer Real Good Food is to buy a 84.33% stake in Wales-based Brighter Foods for up to £9m, on a cash and debt free basis.
The consideration will be paid in two instalments of 50% on completion of the deal and 50% on the finalisation of the company's 2017/18 audited accounts, to be paid from its existing debt facilities.
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Productivity and operational efficiency-focussed software provider BOS Global Holdings announced its interim results for the six months to 31 December on Wednesday, with revenue reducing to nil from $150,000 in the same period a year earlier, thanks to its reverse takeover maneuver.
The AIM-traded firm posted other income of $110,00, however, up from $10,000.
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Shares in Firestone Diamonds rose nearly 10% on Wednesday after the AIM-listed miner announced it had discovered its largest diamond to date, a 110 carat gem-quality yellow stone.
The diamond was discovered during a production ramp up phase at its Liqhobong mine in Lesotho.
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Integrated property services and project delivery specialist company Styles & Wood said it anticipated delivering strong underlying profit and margin performance for 2016 on Wednesday, with adjusted profit before tax in line with board expectations.
The AIM-traded firm said following a review of full year performance ahead of its 2016 results, the board expected group-reported revenues to be approximately 9% below those for 2015.
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AIM-listed investor FastForward Innovations has sold its stake in technology investor Blue Star Capital for £305,763.
The 268.21m Blue Star shares were bought as consideration for the sale of the FastForward’s stake in SatoshiPay, a nanopayments company, in March.
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AIM-listed Bushveld Minerals has partnered with Sinohydro Corp, a Chinese state-owned hydropower engineering and construction company, to develop a coal power plant in southern Madagascar.
The company’s subsidiary Lemur Holdings signed a memorandum of understanding with Sinohydro to develop an initial 60 megawatt independent power producer coal power plant and a 200km transmission line.
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Redstone Connect, a smart buildings technology provider, has extended its contract with UBM, an events and marketing firm, to roll-out its workspace management software to 10 new global locations.
Following the deployment of the OneSpace management software at UBM’s offices in London and New york, it has decided to expand the platform to 10 of its global offices, including Hong Kong, Amsterdam, Minnesota, Kansas and Manchester.
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Life science firm Abzena, which provides services and technologies for the manufacture of biopharmaceutical products, is planning to raise about £25m in order to expand its service offering to customers.
The AIM-listed company is planning to o raise the fund through an accelerated bookbuild on Wednesday from the issue of 75.75m shares at a price of 33p each.