Tern (TERN) specialises in supporting high growth, early-stage, disruptive Internet of Things technology businesses. It announced the sale of 1.7% of its shareholding in Device Authority for a total cash consideration of £233,000. It is a core holding that has been held for c. 7 years and the disposal reflects it need for operational cash to buy more time for exiting investments at an optimal value. This is because shareholders did not support the issue the further new shares at the AGM. Tern’s holding in Device Authority has reduced to 30.0% with an implied value of £4.2m. There are three other holdings in similar positions that when combined are valued at around the mkt cap but that could within 18month be worth considerably more .
Comment (Jon lev): At 1.9p with a £8.2m mkt shareholder patience has run out which may give a chance for a management new team to release the value.
Audioboom (BOOM), the podcast company, announced that Michael Tobin OBE, non-executive Chairman of the Company, purchased 3,000 ordinary shares in the Company on 8 August 2024 at a price of 225 pence per ordinary share. Following this purchase, Michael Tobin holds 830,000 ordinary shares in the Company, representing approximately 5.1 per cent. of the Company’s issued share capital.
Comment: BOOM seems to be one of the few companies on the stock market where director share buying really does not affect sentiment in a meaningful way.
EQTEC (EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation announced the transition of the Group Chief Operating Officer role. Jeffrey Vander Linden, currently in the Role, will resign and step down from the Board in due course, to support transition of the Role to a Spain-based engineering management professional. EQT said although we will all miss his drive and professionalism, it is the right time now for the Company to transition our global head of operations role to Spain, to be co-located with our Engineering team, which is the heart of our capabilities and services. In 2023, we completed a series of hard choices and critical transitions to re-platform the Company for a focused future of growth and scale. Jeff has been instrumental in making that possible and we hope to have his continued engagement as we execute the business strategy he developed with us.
Comment: One can see that EQT is making strides to change its modus operandi, something which should start to sink into the market’s perception of the company, and its share price. It perhaps does not help that this share buying has been going on since well over £10.
Hummingbird (HUM) announces its operational and trading update for the second quarter ending 30 June 2024. HUM said that despite the significant challenges faced by the Company this quarter, much of the difficulty has stemmed from delays in ramping up operations at Kouroussa, compounded by nearly two months of lost production. These setbacks have had a considerable impact on both production and mine plans. However, it’s crucial to understand that these issues are now behind us. We are currently working closely and effectively with Corica to achieve commercial production later this quarter. Since Corica’s return in May, they have consistently improved fleet availability and utilisation, enabling the mine to shift the necessary volume of BCM to sustain operations.
Comment: HUM continues to be a company that is hard on itself, despite most of its main issues being in the rear view mirror, gold at record price, and actually being in production as opposed to many of its peers.
Galileo Resources (GLR) confirmed the granting of a contract to undertake the Shinganda Phase 3 drill programme to assess up to 10km strike length of Cu – Au mineral-bearing fault structures broadly defined by the Company to date. GLR said the Shinganda exploration area has met all our expectations and still presents a number of mineral styles to be explored. We have however homed in on zones of clearly defined, structurally controlled copper-gold bearing iron carbonate alteration close to surface with significant strike potential. The drill programme is expected to commence shortly, and we are excited about the specific concession target and the licence area in general. We will keep the market informed of the outcome of the drilling and field work as we progress.
Comment: As stated yesterday, the newsflow at GLR, as well as the progress being made by the company suggests that finally the share price will emerge from its longstanding 1p – 1.2p range imminently.
Author
