ProBiotix Health plc (AQSE: PBX), the life sciences business developing probiotics to support cardiometabolic health is extremely disappointed to note the Requisition for a General Meeting which has been made by Platform Securities Nominees Limited, on behalf of Seneca Partners.
Comment: The good news for PBX is that in the recent past most requisitioners have failed to oust the board of companies, and the status quo prevails, even a painful one. However, there can always be the exception that proves the rule…
Technology Minerals (TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announced that its 48.35% owned battery recycling business, Recyclus Group Ltd has completed a 10-week programme with a leading engineering services and technology company, successfully recycling 4,000 end-of-life lithium-ion battery modules sourced from electric vehicles.
Comment: The chirpy newsflow continues at TM1. It is almost as if the company does not know or care that its share price is down 92% so far this year. Perhaps it does not matter?
Ovoca Bio (OVB), a biopharmaceutical company with a focus on women’s health, is announced its interim financial statements and report covering the six-months ending 30 June 2024. As of June 30, 2024 the Company was awaiting to receive certain cash refunds (of approximately A$0.65m) from the Australian authorities regarding expenditure made for the Orenetide Phase II trials. These refunds, and last payments to Australian service providers, are expected to be completed in Q4 2024. As at 30 June 2024, the Company had cash and cash equivalents amounting to €2.9 million ($3.1 million) and we will continue to carefully manage our financial resources.
Comment: The main issue biotechs have is cash constraints, and OVB being relatively flush in this respect puts it a cut above its peers.
Time Finance (TIME), the AIM listed independent specialist finance provider is pleased to announce the following update on the Group’s trading performance for the first quarter of the current financial year covering the three months to 31 August 2024. Revenue up 20% to £9.1m (Prior Year Q1: £7.6m). Profit before Tax up 46% to £1.9m (Prior Year Q1: £1.3m).
Comment: It is interesting that some of the best performing companies on AIM are those that no one has ever heard of / do not have any PR, or PR that works.
Water Intelligence (WATR), a provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water provided its unaudited Interim Results for the period ended 30 June 2024. Statutory EBITDA increased by 13% to $7.8 million (1H 2023: $7.0 million).
Comment: Another under the radar successful AIM company. Full marks for hiding its light under a bushel.
Electric Guitar (ELEG), the digital marketing and advertising company providing first-party data solutions, announced a significant development in its digital marketing and technology portfolio through a strategic collaboration between its primary operating subsidiary, 3radical Limited, its joint venture Marcomms.ai and financial technology innovator, Little Birdie. This partnership has resulted in the creation of a loyalty app that integrates Open Banking data, enhancing consumer engagement and providing personalised financial insights.
Comment: The company keeps on delivering newsflow to get the market onside. However, there is still work to be done in terms of explaining the significance of first party data, and ELEG’s position at the forefront of this space.
Predator O&G (PRD) revealed its Interim Results for the period ending 30 June 2024. PRD said it was fully funded to satisfy all commitments for the next twelve months. The outlook for the remainder of 2024 will see the initial Sandjet rigless testing programme in Morocco completed and longer term pressure monitoring of the MOU-3 well Ma Sand reservoir instigated. Depending on the data collected and analysed there may or may not be a requirement for additional work to demonstrate the production capabilities of the MOU-3 well. At this point in the future a partial divestment process of the CNG project may be initiated. Delivering the MOU-5 high impact drilling programme remains an absolute priority.
Comment: The key with PRD is that it is fully funded for the next year, something which should stand the shares in good stead given that we are in the run up to the key MOU-5 denouement.
Tekcapital (TEK), the UK intellectual property investment group, announced its results for the six-month period ended 30 June 2024. H1 2024 profit after tax US$19.5m (H1 2023 Loss: US$10.1m), primarily due to unrealised increase of US$20.5m in the fair value of its portfolio companies and successful IPO of Microsalt plc.
Comment: There is a rather wide disconnect between the market’s perception of TEK, and the way that it has attained its results via its portfolio and Microsalt. TEK deserves to be higher than the low end of its trading range, and should do more to communicate this fact.
OPG (OPG), the developer and operator of power generation assets in India, announces its final results for the year ended 31 March 2024. Adjusted EBITDA was £16.7m in FY 24 (FY 23: £16.5m). The comparable 2023 figure includes profit from opportunistic coal sales, and income from an insurance settlement. Excluding the effects of these EBITDA in 2024 increased 57%.
Comment: A great company in terms of performance, and one that would be far more highly rated if the market was perhaps not so fearful that the low rating here would tempt OPG to go private.
Arc Minerals (ARCM), an exploration company forging partnerships to discover and develop Tier 1 copper deposits, provided an update on drilling activities at its Virgo Project within the highly prospective Central Structural Corridor of the Kalahari Copper Belt in the Republic of Botswana. ARCM said it was very pleased with progress made at its Botswana licence and look forward to providing shareholders with a more comprehensive update once we receive the assay results. In line with its original plan it has now relocated drilling to its second license.
Comment: If there were prizes merely for speculation around a stock ARCM would probably be up there with the best of them. Today’s update perhaps reminds us that the day to day at ARCM is rather more mundane.
Rightmove (RMV) received a third unsolicited, non-binding and highly conditional proposal from REA Group Ltd regarding a possible cash and share offer to acquire Rightmove on 22 September 2024. The Increased Proposal was 341 pence in cash and 0.0422 new REA shares for each Rightmove ordinary share. Based on the closing price of REA on 24 September 20241, this revised proposal implied an offer value of 759 pence. From 30 August 2024 (the last business day before the offer period) to 24 September 2024, REA’s share price has fallen by c.12%. The Board considered the Increased Proposal, together with its financial advisers, and concluded that the Increased Proposal continues to be unattractive and materially undervalues the Company and its future prospects. Accordingly, the Board unanimously rejected the Increased Proposal on 24 September 2024.
Comment: Full marks for RMV in pretended to play hard ball with REA. However, in current stock market conditions the only thing worse than turkeys voting for Christmas is companies not wanting to be taken over.
Cirata (CRTA) announces that Ijoma Maluza has resigned as CFO and will step down from this position at the end of the current financial year on 31 December 2024, in addition to resigning as a director of the Company with immediate effect.
Comment: Given its recent history, the last person that CRTA would wish to lose would be its CFO. It will be interesting to see how long it takes to find 008 to replace Maluza.
ECR Minerals (ECR), the exploration and development company focused on gold in Australia, updated in relation to its forthcoming maiden diamond drilling program at its Tambo gold project in Victoria, Australia. ECR said it announced earlier this month that its focus for its projects in Victoria is firmly on drilling. It was pleased to report that site preparation at the Tambo Project is now well underway, and it has secured an approved drilling contractor ready to commence work. The continuity of gold results from its recent rock chip samples and soil analysis at the Tambo Project has significantly enhanced its confidence in the Tambo Project.
Comment: One can see that ECR is still huffing and puffing to get its share price back to the dizzy heights of 0.4p seen briefly earlier this year. However, in current market conditions the promise of drilling alone is not enough to move the dial.
Ondine Biomedical (OBI), the Canadian life sciences company at the forefront of light-activated antimicrobial treatments, announce a research collaboration with the Royal Columbian Hospital (RCH) Foundation’s Advancing Innovation in Medicine (AIM) division. OBI said its collaboration with Dr. Reynolds and his team at RCH is an important strategic initiative accelerating its ability to address the needs of the critical care market. Steriwave has the potential to revolutionize infection control in critical care settings globally, and this study is key to demonstrating its impact.
Comment: With a premium placing of C$5m announced yesterday, OBI now has the financial momentum to exploit Steriwave to the full. Today’s RNS underlines this potential.
Altona (REE), a resource exploration and development company focused on critical raw materials in Africa, provided an operational update on its Monte Muambe Rare Earths and fluorspar project in Mozambique and its Kambopo South copper project in Zambia. REE said the possible short-term production of fluorspar, another critical mineral, from Monte Muambe is a very exciting possibility and challenge, which fits neatly in the Company’s strategy to diversify its portfolio of commodities and realise the value from its assets.
Comment: Being an explorer is currently one of the toughest gigs on the London stock market. Unless one finds El Dorado it is like trying to run water uphill. At least REE shares have rallied slightly off their summer lows.
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