Tirupati Graphite (TGR), the specialist flake graphite company, confirmed the appointment of Mr Michael Lynch-Bell as Non-Executive Chairman. The appointment follows the conclusion of the Company’s EGM on 11 June 2024 and takes place with immediate effect. As previously announced, Mr Shishir Poddar will retain the position of Chief Executive Office.
Comment: Despite the very creative mudslinging by the axis powers, the allies at TGR have secured victory. It is now in the hands of the new Non-Executive Chairman to steer the ship in a market friendly direction, and perhaps for the requisitioners allow the company to move forward.
DG Innovate (DGI), the advanced research and development company developing pioneering solutions in sustainable mobility and energy storage, is pleased to announce that ex-Tesla electric motor design engineer Pierre Pellerey has been appointed as the Company’s Chief Technical Officer, a non-board position. Pierre was previously appointed as a consultant to the Company, as announced on 3 May 2024.
Comment: It would appear that the only person who has not moved from Tesla to DG Innovate is Elon Musk. No doubt he will turn up one day. In the meantime the shares need to rebound off the 0.10p area after all the trials and tribulations of the recent past.
Belluscura (BELL), a medical device developer, updated on progress made since the start of the year and to inform Shareholders that the Company is proposing to conduct a fundraising by way of a conditional placing of convertible loan notes to raise net proceeds of up to £2.4 million. BELL said the Group has made significant progress in recent months, culminating in record sales for X-PLOR in May 2024. The proposed fundraise will provide the Group with the flexibility to capitalise on the strong anticipated demand for X-PLOR through the remainder of 2024 and the considerable interest in DISCOV-R, which is expected to start shipping this month.
Comment: Raising cash to meet anticipated demand is not normally a great excuse, but perhaps the market is prepared to give BELL a final throw of the dice in terms of sales and its shares being near the lows.
Driver Group ( DRV) Interim’s to March reported Revenue of £22.5m which was little changed from last year’s £22.7m, the gross profit remained 27% and PBT of £0.6m is static as is the dividend at 0.75p. It’s a well-established professional multi-disciplinary consultancy focused on dispute avoidance and resolutions with clients worldwide . What lies beneath the calm is a hoped-for improvement following strategic actions that included closing overseas offices, reducing office lease costs and more ‘efficient’ staffing levels which should become increasingly evident. The cost reduction program is completed utilisation did increased marginally to 79.2% so profit margins should improve. Its clients include government agencies, major construction contractors, specialist subcontractors, banks, insurers, telecoms, information technology and law firms and several significant commissions will benefit this year. Net cash at end of May was £4.2m which is sufficient to allow several options including funding organic growth, M&A, and a share buyback program is underway. The forecast for the y/e September is for a PBT of £1.2m with a 1.5p dividend for a P/E of 14x and a yield of 6.8%. AB Traction, an investment company and Gresham Trust own over 47% between them.
Comment: (Jon Lev, League of Angels) At 24p and a mkt Cap is £12.73m making it a small fish in a big pond so it needs to grow, if not it maybe be acquired …
Genflow Biosciences (GENF) an emerging leader in the field of longevity research, focused on developing therapeutic solutions for the prevention of age-related diseases is pleased to announce receipt of €395,847 representing 50% of the Exofastrack research grant from the Government of Wallonia in Belgium’s Advanced Therapy Medicinal Products (ATMPs).
Comment: It has been noted before that fountain of youth play GENF has access to a magic money tree of grants, something which we have been reminded of today. One would expect the shares to head towards one year resistance at 5p going into the summer.
URA (URAH), the gemstone mining company, announced the appointment of Bonas Group as its sales partner for marketing and selling rough emeralds produced from the Company’s Gravelotte Emerald Mine (GEM). This strategic partnership will leverage Bonas Group’s extensive expertise in the diamond and gemstone industry to ensure the highest standards of security, transparency, and compliance throughout the sales process. URAH said it was excited to partner with Bonas Group and DelGatto Diamond Finance Fund. This collaboration enhances its capability to bring its ethically mined emeralds to market while ensuring transparency and maximizing value for its stakeholders.
Comment: Rather counterintuitively shares of URAH have stepped back as the company has gone into production, leaving today’s news as needing to freshen up the momentum in the stock.
Sovereign Metals (SVML) announce that pilot site construction for the ongoing Pilot Mining and Land Rehabilitation Program (Pilot Phase) at the Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi is on schedule with groundworks underway. SVML said this Pilot Phase is a step-change for Kasiya and demonstrates our ability to execute in Malawi. The early works are progressing as planned: on schedule and within budget.
Comment: SVML shares finally had their big breakout through 30p last month, and given newsflow such as today’s should keep on heading in the right direction.
Tungsten West (TUN), the mining company, announced that the Environment Agency has granted the Company a permit to operate its Mineral Processing Facility, within the limits previously agreed between the Company and the Environment Agency. This is the last of the key permits required to further progress the Project. TUN said the issuing of the permit to operate the Mineral Processing Facility is another significant step in derisking the recommencement of production at Hemerdon. It allows the Company to progress its financing discussions and fast track its updated Feasibility Study, with the aim of restarting operations in 2026.
Comment: It is interesting that it has only been with the current iteration of TON management that the company is getting the necessary green lights from the authorities. One would expect the post April spike in the shares to resume.
Empire Metals (EEE), the AIM-quoted resource exploration and development company, announced a JORC Exploration Target comprised of two focus areas, the Cosgrove and Thomas mineral prospects, at the Pitfield Titanium Project in Western Australia. The generation of an Exploration Target is an important milestone, and a significant first step towards the development of a Mineral Resource Estimate. The total Exploration Target, covering the Thomas and Cosgrove mineral prospects, is estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2.
Comment: We are certainly being treated to big numbers at EEE, something which should be enough to accelerate the recent revival in the shares, towards 14p and beyond.
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