i3 Energy (I3E) noted and then confirmed the recent press speculation regarding a possible offer for the Company. This amounted to £174m or just under 14p a share from Gran Tierra.
Comment: Given the ongoing and rather typical lack of appreciation for I3E by the London market, it is perhaps not that surprising that this ridiculously underappreciated company has succumbed to a takeover. That said, anyone with spare cash hiding in the sofa might have considered bidding 15p or even up to 20p a share and considered themselves as having picked up a bargain.
Rome Resources (RMR) provided an update on diamond core drilling operations on its Kalayi prospect located in the North Kivu province in the DRC which, together with the Mont Agoma prospect and the Mont Agoma Northwest prospect, comprise the “Bisie North Projects”. RMR said it was delighted to see visible tin mineralisation in several intervals in the first hole of this drilling campaign and look forward to reporting assays as soon as they become available. It was also pleased to be mobilising additional drilling units to site to maintain an aggressive drilling campaign over the coming weeks and months.
Comment: It was always suggested that RMR would hit the ground running, backed by its experienced team and high grade resource. This has proved to be the case, something which should get the shares the re-rate its fans have been arguing for.
hVIVO (HVO), a fast-growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announced that it will release its interim results for the six months ended 30 June 2024 on Tuesday 10 September 2024.
Comment: We have seen HVO go from strength to strength as far as its market share and revenue momentum. Perhaps now as Mpox rears its ugly head we shall see the stock squeeze higher as we approach the company’s interims next month.
Sosander ( SOS) a ‘virtual’ multi-channel fashion brand creating quality, trend-led products for women of all ages, is expanding into bricks and mortar. As it signs a lease agreement for its third store which is in the Northeast’s Metrocentre and will open in October. This follows the first two stores in Chelmsford and Marlow and all three are in time for Christmas sales surge. Its finals to March 2024 reported a stronger and profitable H2 reducing the years losses to £0.3m on a 9% increase in full-year turnover to £46.3m. The new stores make it a ‘real’ multi-channel retailer, which should also enhance the brands value. The net cash position improved to £8.3m from £7.7m at the year-end.
Comment (Jon lev): At 8.75p, it is just off its year’s low with a £21.7m mkt cap and there is space for improvement.
KEFI (KEFI), the gold and copper exploration and development company focused on the Arabian-Nubian Shield since 2008, provided an operational update encompassing the activities of the Company, as well as wholly owned KEFI Minerals (Ethiopia) Ltd and its 95%-owned subsidiary Tulu Kapi Gold Mines Share Company in relation to the Company’s Tulu Kapi Gold Project. KEFI said it is pressing ahead on the ground in Ethiopia as fast as permitted by land access. The situation has turned decidedly pro-mining with site activities made possible over the past two months with the deployment of large safety-protection forces.
Comment: KEFI announcements are worth reading, just in case the jam tomorrow scenario becomes jam today. However, it still looks as though Halley’s Comet will return well before KEFI gets over whatever line it is alluding to.
OptiBiotix Health (OPTI), a life sciences business developing compounds to tackle obesity, cardiovascular disease and diabetes, provides the following unaudited commercial update. This report provided a general update of sales progress on the areas of commercial focus for 2024. OPTI said it has made real progress this year in progressing our commercialisation strategy of broadening our partner base by securing a number of new corporate partners in key strategic markets like the USA and Asia, investing in e-commerce channels, and selling more final product. We continue to see sales momentum building in 2024 with sales orders received in H1 2024 approaching FY 2023 reported revenue and in July 2024 surpassing it.
Comment: OPTI is another company which like KEFI could do with a change of at least one of its champions to get rid of the impression of jam tomorrow that will never arrive. Oh wait! It can’t.
Light Science Technologies (LST), announced that its CEM Division has received a third order from its customer in the sports entertainment segment, worth £134,000. Since its first order in the sports entertainment segment was announced in February 2024, Light Science has now received orders for a total of 15,000 units, worth in excess of £400,000 in revenue.
Comment: The drip-drip of orders at LST has actually been meaningful, on a slowly-slowly catchy monkey basis, or these days, a slowly-slowly catchy M basis. It can be said that the company has come of age as far as its business model is concerned.
Reabold Resources (RBD), the investing company focussed on developing strategic gas projects for European energy security, announced that it has agreed to increase its interest in LNEnergy Limited by a further 1.0% through the subscription of 17 new ordinary shares for a cash consideration of approximately £205,000, at a price of £12,047 per share. This will take Reabold’s total shareholding to approximately 27.1% of LNEnergy’s enlarged share capital.
Comment: The bull argument is that RBD is trading under cash, something which of course many stocks are doing in a bear market for the minnows. Line of sight on earnings from LNEnergy will perhaps be the key to the company trading above its cash value.
Beeks Financial Cloud Group (BKS), a cloud computing and connectivity provider for financial markets, announced that the Johannesburg Stock Exchange (JSE) has signed a further significant contract extension for the provision of Beeks’ Exchange Cloud, to a second data centre location. The multi-year contract extension further supports the Board’s confidence in its financial expectations.
Comment: Todays announcement reminds us again of how BKS is one of the best performing small caps around, and how this state of affairs is set to continue.
Nostrum Oil & Gas (NOG), an independent mixed-asset energy company with world-class gas processing facilities and export hub in north-west Kazakhstan, announced its financial results for the second quarter and six months ended 30 June 2024. NOG said an increase of 44% in EBITDA for the first half of 2024, compared to the same period last year, along with a net positive operating cash flow during this period, highlights the successful initial results of the Company’s new strategy, which includes processing third-party hydrocarbons from neighbouring Ural Oil & Gas LLP.
Comment: It is perhaps a shame that NOG is a company which is off the radar for most private investors, given the massive jump in EBITDA. Instead, of course private investors tend to prefer rainbow chasing companies, rather than those that are actually delivering.
Mast Energy Developments (MAST) announced the official commencement of the 2nd genset overhaul, and application for an increased Capacity Market contract at its Pyebridge flexible power generation asset. MAST said it was pleased to have officially initiated the 2nd genset’s overhaul, following the successful completion of the 1st genset’s overhaul and its positive maiden performance results. It is expected that the completion of the 2nd genset’s overhaul will not only see additional enhanced revenue generation via the Pyebridge site’s PPA with Statkraft, but also enable the application for an enhanced CM contract which will further boost income.
Comment: There has been the long awaited reboot at MAST, helped along by our “friends” at Riverfort. The new look / management appears to be on track for recovery, with the share price already acting accordingly.
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