Mobile Streams (MOS) announced a retail offer to existing retail shareholders via the BookBuild platform of up to £300,000 at 0.06p.
Comment: It might be hoped that after all the expansion into the likes of Mexico et al there would not be the need for a cash call. However, the widened annual loss reported last month made today’s fundraise inevitable. It would be great if it was the last in a long while, at least sentiment wise.
Eden Research (EDEN), the AIM-quoted company focused on sustainable biopesticides,, announced that it has received regulatory approval in the State of California for Mevalone ®, a foliar biofungicide developed initially to target botrytis on grapes. EDEN said as a small, innovative British business, we are proud of the impact that Eden can have on the global stage. Our pioneering products and technologies are receiving regulatory approval and being distributed by our partners across Europe, Africa and now North America, accelerating the adoption of more sustainable practices in agriculture globally.
Comment: Making inroads in the USA is no mean feat, and this explains the quite sharp turnaround for EDEN shares in recent weeks, something one would expect to continue.
i3 Energy (I3E), an independent oil and gas company with assets and operations in the UK and Canada, announced its 4th Quarter 2023 dividend totalling £3.084 million, of 0.2565 pence/share for the quarter.
Comment: The market continues to treat this dividend paying, significant producer unfairly, a point underlined by the way that there has been recent director buying of i3 around current share price levels.
Premier African Minerals (PREM), reported an update including assay results at Premier’s Zulu Lithium and Tantalum Project. PREM said the new mill is expected to be the last component to be positioned at Zulu late in January 2024 with anticipated restart of operations as early in February as possible and the Board believes as previously reported that the Company is still on track to target revenue generating production by late-February 2024.
Comment: PREM gives shareholders and new punters alike a decent near term timeline to shoot for in terms of the company being in revenue generating by the end of next month. This should hopefully get the stock off recent lows in a significant fashion.
Cobra (COBR), an exploration company focused on the Wudinna Gold and Rare Earth Project in South Australia, announce it has been granted two further tenements totalling 1,512 km2. COBR said it has moved quickly to commence re-analysis of historical samples that are stored in South Australia’s world class core library. Preliminary assessment of historical drilling is positive for a significant increase in the scale of the Boland ionic REE discovery and we look forward to confirming this with re-analysis results in the coming weeks.
Comment: This latest expansion of the COBR footprint should prove to be a positive for the share price, which has rebounded well since the October floor was hit.
Seeing Machines (SEE), the advanced computer vision technology company, said it is to launch Guardian Generation 3, the latest version of its Aftermarket Driver Monitoring System (DMS). SEE said regulation continues to drive demand for all of its DMS technology and it was very pleased to see that it has successfully launched the next generation of its Guardian solution for commercial transport and logistics companies as well as commercial vehicle manufacturers. Seeing Machines’ Guardian Gen 3 will be on display for private demonstrations at CES 2024.
Comment: 2023 was a year when shares of SEE could have been said to be bumping along the bottom. If it can get the message out that it is indeed a good regulation play, particularly in the USA, we should witness a better 2024.
SDX Energy (SDX) said it continues to work on delivering on its recently announced new strategy. The proceeds from the sale of the Company’s Egyptian assets and of payments in Morocco will be used to develop its existing assets in Morocco and pay creditors. The company has recently replaced a $1.0 million cash-backed bank guarantee with a parent company guarantee. It is expected that this change in guarantee structure will enable SDX to access $1.0 million of cash by the end of February 2024.
Comment: Shares of SDX have never really recovered from May’s allegations. However, with the prospect of sorting its cash position out in coming weeks, it may be that the stock is ready to recover in Q1 2024.
Shoe Zone (SHOE) announced its audited results for the 52 weeks to 30 September 2023. Profit before tax increased by 19.1% to £16.2m for the Period (2022: £13.6m) and adjusted profit before tax increased by 47.3% to £16.5m (2022: £11.2m), with an earnings per share of 27.79p (2022: 21.74p). Proposed special dividend 6.0 pence per share, total 17.4 pence per share (2022: 17.0 pps). SHOE said it had a very positive year, with strong and consistent results throughout the key trading periods, particularly in the second half, with strong peak summer and Back to School trading.
Comment: Although one’s initial reaction may be “who buys the stuff?” in a cost of living crisis, the clue is in the Back to School trading. The special dividend underlines how strong the company is doing, with only the cash position (down but still strong) any kind of negative here.
Cirata (CRTA), announced a trading update for the quarter period ended 31 December 2023 ahead of reporting its preliminary results. CRTA said FY2023 has been an eventful year for all Cirata stakeholders, a near collapse of the business followed by a herculean effort to rebuild from the ground up. The March 9 announcement represented an existential crisis. Against all odds, the turnaround is well underway.
Comment: Wonderful British understatement here in terms of it having been an “eventful” year. Just for a change, those who like catching knives / bottom fishing have been rewarded, and it looks as though this is set to continue.
Sabien Technology Group (SNT), the company focused on a green aggregation strategy, announces its pre-close trading update for the six-month period ended 31 December 2023. SNT said M2G provides customers with the ability to moderate CO2 generation while effecting cost savings. Sabien’s trading in the first half of its current financial year will demonstrate the success of this strategy. Its product and service offering is increasingly diverse, allowing the Company to generate revenue from lower cost operations. This has improved the market’s response and reinforced the path to profitability.
Comment: Banging the green drum is clearly the thing to do these days, and SNT has been on the cash. Since the autumn the shares are behaving as if the company is indeed on the way to profitability.
Golden Metal Resources (GMET), a strategic development and mineral exploration company focused on Nevada, USA, announced a new high-grade gold (Au) – silver (Ag) – copper (Cu) bedrock discovery has been outlined from rock samples taken on ground recently staked at the Company’s 100% owned Garfield project. GMET said to its excitement, all samples taken from the newly staked claims have delivered exceptional gold-silver-copper assay results and the greater Garfield Project continues to deliver for its shareholders.
Comment: It is a same that in current stock market conditions when a junior resources company makes a discovery the thought tends to be of funding requirements, rather than of shareholder value having been enhanced. GMET needs to emphasise the latter.
Faron Pharmaceuticals (FARN), a clinical-stage biopharmaceutical company, announced that the first patient has been dosed in Phase 2 of the BEXMAB trial that evaluates the safety and efficacy of bexmarilimab, in combination with standard of care (SoC) in patients with hypomethylating agents (HMAs)-refractory or relapsed myelodysplastic syndrome (MDS), an aggressive myeloid leukemia with very few treatment options.
Comment: Shares of FARN have perhaps already been anticipating today’s news, hence the stellar share price rally at the beginning of last month. That said, today’s RNS deserves a fresh rally back to 300p plus.
Centamin (CEY) announced the results of its maiden drill programme on the Company’s Eastern Desert Exploration landholding in Egypt and provided an update on the anticipated exploration programme for 2024. CEY said it has an exciting work programme budgeted for 2024 which includes delineating potential resources and further drill targets in Egypt as part of its growth strategy, which has already increased pre-depletion Group reserves by 3.5Moz over the last three years.
Comment: CEY shares have already seen a decent rally, echoing the gold price push above $2,000, but arguably should be back on the right side of recent 100p peaks sooner rather than later.
Chamberlin (CMH), the specialist castings and engineering group, announced that it has conditionally raised £830,000 a placing price of 2.00 pence per share. CMH said the net proceeds from the Fundraising will provide working capital to support the continued delivery of the Group’s growth strategy across all three of its business divisions and to strengthen the Group’s balance sheet.
Comment: CMH said last week that the order book across all three divisions was strong. Ideally, today’s fund raise will allow the company to get on with its growth strategy.