Western Selection (WESP) maintained its NAV at 95p a share at the end of the six month period of December 2017. Net debt was £1.13m. A sharp upturn in the value of the stake in Bilby (BILB) and offset declines in other investments. The interim dividend is unchanged at 1.1p a share. The shares go ex-dividend on 8 March.
Gledhow Investments (GDH) has granted six million options to its directors and company secretary. Guy Miller and Brett Miller will receive 2.5 million options each and Geoffrey Melamet receives 1 million. The exercise price is 1p a share. They last for five years and would equate to 10.9% of the enlarged share capital if taken up. The current share price is 1p (0.75p/1.25p). Gledhow had a NAV of £714,452 at the end of September 2017, which is equivalent to 1.45p a share. Since the year end, a gain of £115,000 was achieved on the sale of Coinsilium shares and Gledhow retains a significant stake which in Coinsilium, where the share price is more than three times the level at the end of September 2017. That could add more than £100,000 to the Gledhow NAV but the Coinsilium share price is volatile. Directors and company secretary remuneration was £21,514 last year. There are 4.9 million warrants exercisable at 1.5p each but these expire on 6 March 2017. Bruce Rowan and related parties own 83.37% of the current share capital.
IMC Exploration (IMCP) is continuing with its plans to move to the standard list. IMC has signed heads of agreement with Trove Metals Ltd and this should lead to a joint venture for the project at Avoca, County Wicklow. The current Koza/IMC joint venture has been set aside. IMC has decided to focus on the 12 most prospective of its 15 licences.
Crossword Cybersecurity (CCS) says that its revenues more than doubled to more than £700,000 in 2017. There is customer interest in the Rizikon cyber security product and the General Data Protection Regulations will provide momentum when they come into force in May. Full year figures should be published by the end of April.
Sandal (SAND) says that radiators supplier Pitacs will be a distributor of the Energie MiHome range. Pitacs is launching a new boiler in April and the Energie MiHome thermostats and radiator valves can be sold with this. Pitacs supplies more than 2,000 independent plumbers’ merchants as well as Plumb Nation.
Angelfish Investments (ANGP) says that its investee company Rapid Nutrition plans to gain a quotation in London. Rapid, which is already quoted on the SIX Swiss Exchange, has developed a nutraceutical product range. One of the terms of the £150,000 loan to Rapid was that it should be admitted to the London market by the end of February but this date has been extended to the end of April because of delays in the flotation process. If admission to the market happens by 1 March, then the principal and interest will convert into Rapid shares. If it takes longer than the interest after the end of February is payable in cash.
BWA Group (BWAP) has issued £220,000 of 4% convertible loan notes, with £120,000 taken up by Bath Group, which is owned by BWA chairman Richard Battersby. Bath has taken £70,000 of the loan notes in lieu of cash owed by BWA investee company Mineralfields Group.
Trevor Lloyd has succeeded Philip Kirkham as chairman of National Milk Records (NMR).
Kryptonite 1 (KR1) has changed its name to KR1.
SME news and commentary
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