SkinBioTherapeutics (SBTX), a life science company focused on skin health, announced the acquisition of the entire share capital of Bio-Tech Solutions Ltd for a total enterprise consideration of £1.25m payable in cash on closing. BTS is the second acquisition of the Group’s M&A strategy and brings the capabilities of manufacturing and packaging of health, hygiene and personal care products, and a future development platform for advanced topical creams.
Comment: Shares of SBTX have recovered well since March. However, it may be difficult to deliver further gains until the result of the company’s M&A strategy becomes clearer.
Neometals (NMT) announced that it has received firm commitments from sophisticated, professional and institutional investors for its placement at A$0.09 per New Share to raise approximately A$4 million. NMT said the capital raising will reinforce commercialisation activities by Neometals’ battery recycling plant building joint venture, Primobius, as it delivers its maiden plant for Mercedes-Benz. The successful validation of its process and plant supply business model at scale is the precursor to offering commercial plants to its growing pipeline of current and prospective customers and technology licence holders. Neometals management appreciates the long-term support and efforts of lead manager Euroz Hartleys as well as further investment from existing shareholders.
Comment: After raising A$3m in August, NMT goes for another A$4m now, taking advantage of the recent mild rebound in the shares, but perhaps ensuring that there may not be another recovery in the stock for quite some time.
Premier Miton Group (PMI), the AIM quoted fund management group, updated on its unaudited statement of Assets under Management for the fourth quarter of the financial year to 30 September 2024. £10.7 billion closing AuM at 30 September 2024 (30 September 2023: £9.8 billion), an increase of 9% on the opening position for the financial year. £133 million of net outflows for the Quarter. PMI said net flows for September were negative and it also saw a meaningful redemption from one of the UK focussed investment trusts it manages, bringing the total outflow for the quarter to £133 million. This is disappointing after the stronger inflows seen over the summer. It is to be hoped that once the full impact of the budget, particularly on capital gains and pensions, is known, then investor confidence will return.
Comment: With the Budget set to deliver small caps perhaps the final and most fatal blow via raising CGT and removing IHT relief, the latest from PMI represents something of a rear view mirror perspective. We may indeed regard the time up to the end of this month as the “good old days” for the stock market.
Argo Blockchain (ARB) said it was pleased to announce that the class action lawsuit, Murphy vs. Argo Blockchain plc et al, filed in the Eastern District of New York on 26 January 2023, and transferred to the Southern District of New York on 4 August 2023, was dismissed on 9 October 2024, without prejudice and without leave to amend. The Company has always maintained that the allegations were without merit and is grateful for the resolution.
Comment: Today’s news breaks a long one way bet in terms of the share price and the newsflow for the company. It may prove to be at least an intermediate positive turning point.
Dekel Agri-Vision (DKL), the West African agriculture company focused on building a portfolio of sustainable and diversified projects, provided its Q3 2024 production for the Ayenouan palm oil project in Côte d’Ivoire and the cashew processing plant at Tiebissou, Côte d’Ivoire. DKL said the Palm Oil Operation continued its consistent performance during 2024. With CPO prices remaining very supportive it is tracking well for another year of profitability. With all the Cashew Operation new equipment installed, a significant focus of the Group is now on completing the necessary testing so we can increase production quantity and quality as quickly as possible and it is hopeful it can announce the successful implementation of the new shelling and peeling equipment to the market over the coming weeks.
Comment: The market has not been a great fan of DKL’s ongoing “we are getting there” tone in terms of its newsflow. Getting the Cashew Operation fully set up may be a trigger for better sentiment towards the company.
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