Pulsar Helium (PLSR), the helium project development company, announced that its common shares will commence trading today, 18 October 2024, on the AIM market of the London Stock Exchange. The Admission means the company has gross funds of £5 million. Its recent fundraising, which was oversubscribed by more than 50%, is a testament to the strong support and confidence in its vision and its flagship Topaz project. The Topaz project has yielded very high helium concentrations by global standards, far exceeding the economic viability threshold, and positions it at the forefront of primary helium discovery and development. The funds raised will enable it to accelerate its exploration and development activities at Topaz, allowing it to unlock its considerable size and potential, while also advancing our Tunu project in Greenland, which holds significant promise as one of Europe’s few primary helium occurrences.
Comment: A novel new entrant for the London market, novel in particular given that this is a primary helium company which has already found a significant amount of helium. One would expect this to be factored into its market cap in coming days. The £5m raise is also enough to take it beyond Topaz and into Tunu. Presumably, another near term driver there will be attention from those looking to get their hands on a company with such a sought after commodity.
OptiBiotix Health (OPTI) the life sciences business noted that ProBiotix Health (PBX) has announced that it has published a circular to shareholders containing details of a requisitioned general meeting of PBX. OPTI said PBX has been built on the entrepreneurship of Mr O’Hara and the capital invested by shareholders predating the recent highly dilutive subscription. It accordingly urges all PBX shareholders to vote in favour of the resolutions to prevent further erosion of shareholder value.
Comment: Rather than the bunfight with PBX it may be that OPTI, and entrepreneur Stephen O’Hara focus on their own business, and making it as good as PBX is. Such situations tend to be great for lawyers and advisors, and not so good for the shareholders of the companies involved.
Yesterday MetalNRG (MNRG), the natural resources company, announced that it has signed a binding sale and purchase agreement to acquire the entire issued share capital of Compagnie Minière de Oumejrane from Managem S.A, a mining company listed on the Casablanca Stock Exchange in Morocco, with mining operations throughout Africa. MNRG said it was delighted to have reached agreement with Managem to acquire Compagnie Minière d’Oumejrane, with financing support from Orion. This will be a transformational transaction for the Company, giving it 100% equity ownership of a fully operational, producing and profit generating copper mine. Beyond the immediate gains, this strategic move opens the door to substantial upside potential and a wider relationship with the Managem Group.
Comment: A standout deal for MNRG, something which underlines the way the company has been chosen by a titan of the mining industry, as an acquisition vehicle. One would expect MNRG to be quite rightly shouting the greatness of the deal from the rooftops.
Oncimmune Holdings (ONC), a autoantibody profiling company, announced a recapitalisation of the business to support its next stage of growth, following strong commercial progress including several recent contract wins, a number of which are with top 10 global pharmaceutical companies. This recapitalisation comprises a fundraising alongside the conversion of approximately €4.0 million of existing debt into equity, strengthening the Company’s balance sheet and supporting the new management team to continue executing its strategy. ONC said it was grateful to both its investors and debt provider IPF for supporting this fundraising which has enabled a recapitalisation of the business. With a massively improved debt profile and balance sheet, it looks forward to continuing to drive the commercialisation of its autoantibody profiling platform which is exhibiting significant commercial traction.
Comment: It is perhaps a fair ruse for raising cash that ONC is doing so well it deserves to raise cash, rather better than the usual stock market fayre of “give us money or we are going down.” The steady share price this morning so far suggests that the market has bought the premise of the fundraise.
Ondine Biomedical (OBI), a Canadian life sciences company pioneering light-activated antimicrobial treatments, announced that it has received regulatory approval to market Steriwave® nasal decolonization to reduce healthcare-associated infections (HAIs) in patients undergoing surgery in the United Arab Emirates (UAE). OBI said it was looking forward to bringing the infection-reducing benefits of Steriwave nasal decolonization to the United Arab Emirates and other Middle Eastern Markets. It believes that adding Steriwave to current presurgical and ICU protocols can help these countries to address the growing threat from antimicrobial resistant infections in hospitals.
Comment: With a premium placing in the bank at nearly double the current share price, OBI continues its international rollout victory run. It is taken for granted that the Middle East market will be transformational for Steriwave®.
boohoo Group (BOO), an online fashion group, announced that it has successfully signed a new £222m debt financing agreement providing the appropriate financing for the next phase of the Group’s development. BOO said it was delighted to have agreed a new lending facility which shows the support of its existing banks and their confidence in the Group. The business has evolved over last few years and has an offer that is much wider than its original focus on young fashion. In the second half of FY25, the Group expects a higher GMV and a stronger adjusted EBITDA performance, when compared to H1 25, despite further investment into the brands to unlock shareholder value.
Comment: Over the past five years the outgoing CEO can look back at BOO shares moving down from 400p plus to 32p currently. It would appear that there is now a reasonable chance we are looking at the company drawing a line on the past, and attempting to move forward in a meaningful way.
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