i3 Energy (I3E), an independent oil and gas company, announced that its Notice of General Meeting was posted to Shareholders yesterday. The Circular contains details of a proposed reduction of capital. I3E said it is highly desirable it has the maximum flexibility to continue the payment of dividends in line with its dividend policy and otherwise to return value to Shareholders. The capacity of a UK company to make distributions is restricted by the sufficiency of distributable reserves. The Board considers that it is to the benefit of shareholders that the significant value in the Group is reflected in the parent company balance sheet and is represented by distributable profits to facilitate a sustainable dividend policy.
Comment: Recent newsflow, including today’s underlines the way that I3E is clearly intent on getting the stock price, and sentiment towards the company on the front foot. This is especially the case as the oil price squeezes higher.
Arc Minerals (ARCM) announced that it has executed an off-market share buyback agreement pursuant to which it has acquired 22,539,746 shares for a total consideration of £405,715.43. The Buyback Shares represent 1.53% of the total issued share capital of the Company.
Comment: Given the ongoing speculation surrounding ARCM, it is to be hoped that the latest buyback news gives a boost to the share price, and the company’s many followers.
Kromek Group (KMK), a developer of radiation and bio-detection technology solutions, announced that it has received a $2.1m order from an existing US-based OEM customer that is an emerging leader and global company in the homeland security marketplace. KMK said the order added to the growing pipeline for FY 2025, which it expects to be a year of further growth. In addition, with the global aviation market now recovering, it expects another long-term delivery contract in due course, which will provide enhanced visibility into 2025 and beyond.
Comment: KMK has been ratcheting up the contract announcements, and one would expect the share price to return to 2024 resistance near 8p over coming weeks.
Blackbird (BIRD), the technology licensor, announced the general release of elevate.io, its new creator SaaS product, according to its previously announced timeframe. BIRD said this is a proud and exciting moment. The Company’s highly scalable and web native video technology has always leant itself to becoming a mass market play, and the world is now starting to appreciate the scale, growth and future commercial potential of the Creator Economy.
Comment: Content creators will no doubt be beating a path to BIRD’s door as elevate.io “hits the shelves”. If all goes well, it could be a company make on its own.
Power Metal Resources (POW), the London listed exploration company, announced the signing of a mutually binding earn-in agreement with RIWAQ Al-Mawarid for Mining, an industrial and mining company based in the Kingdom of Saudi Arabia. POW said these assets will reside within its majority-owned subsidiary Power Arabia Ltd, which as announced on 12th March 2024, is currently undergoing a pre-IPO financing round to fund activities in the region with a view to a listing on the London capital markets in due course.
Comment: It can be seen that POW is certainly on the front foot as far as teeing up Power Arabia, something which today’s news underlines. Indeed, it should speed up the pre-IPO.
Cizzle Biotechnology (CIZ), the UK based diagnostics developer, announced that it has undertaken a conditional placing at a price of 2 pence, raising approximately £0.62 million. CIZ said the net proceeds will enable the Company to enter into the manufacturing and scale up of key antibodies and reagents, that following performance testing in clinical trials are intended to become the core components of its first proposed commercial test for the CIZ1B biomarker.
Comment: CIZ was clearly already formulating its fundraise at the time of being included in the Bulletin Board Heroes yesterday, and while it is not surprising that the company is raising cash, it is a shame that it could not do so at a higher share price.
Kodal Minerals (KOD), the mineral exploration and development company, updated on project development activities and general progress at its Bougouni Lithium Project in southern Mali. KOD said this month it also signed contracts for the supply of the crushing circuit and DMS modules from experienced suppliers in China and expect these long lead items will be available on site in time to maintain its expectation of first production in Q4 2024.
Comment: KOD shares have been squeezing higher ahead of today’s update. It will be interesting to see whether there are further gains to be had from what is a decent, things are ticking along well update.
Neo Energy Metals (NEO), the near term, low-cost uranium developer, announced that Non-Executive Director Quinton van der Burgh has purchased 7,000,000 ordinary shares at 0.75 pence.
Comment: Given the appointment of force of nature Jason Brewer as Executive Chairman yesterday, it is not surprising that QVB has stepped up to the plate and bought shares in the company, especially at current bargain basement levels.
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