Tirupati Graphite (TGR), the specialist flake graphite company, announced its unaudited trading results for the financial year ended 31 March 2024 and a corporate update. TGR said that during the year it successfully managed to grow its commercial production year on year, with 70% growth in sales revenue and 49% year-on-year production growth despite the Company’s working capital limitations. It believes it is strongly positioned to capitalise on the growing tailwinds supporting global graphite demand.
Comment: This is probably just about as good an update TGR could deliver, given the backdrop of the requisitioner situation. Highlighting sales growth and production should in the end be enough to see off the rebels, especially given that they only have 5.8% of the company.
Panther Metals (PALM) said that Darren Hazelwood, the chief executive officer of the Company, bought 150,000 ordinary shares for an aggregate sum of £7,875, at a price of 5.25 pence per Ordinary Share. Following this transaction, Mr Hazelwood is now interested in 4,786,666 Ordinary Shares, which represents 5.156% of the Company’s existing issued Ordinary Share capital.
Comment: It is good to see chirpy Darren Hazlewood leading from the front in buying shares in his company, although perhaps a bit more than eight grand would have been nice.
Light Science Technologies (LST), announced that on 09 May 2024 Graham Cooley, Non-Executive Chairman, purchased 2,420,000 ordinary shares wat an average price of 3.18p per share. Accordingly, Graham Cooley’s holding in the Company now totals 27,500,000 Ordinary Shares, representing approximately 8.26 per cent.
Comment: Now we now why LST has been a firm market this week, over and above the RNSs and the likely move into the black before too long.
Celadon Pharmaceuticals (CEL), a UK-based pharmaceutical company, announced that it has raised £2.1m through a placing. CEL said given that product supply to customers has commenced, the recent extension of the £7m Committed Credit Facility, and funds raised from the issue of equity by the Company, it has decided not to pursue the CLN Financing despite interest from potential investors.
Comment: Given that the threat of a CLN is now gone, and product supply is under way, one would have thought that CEL shares should finally deliver a decent rally once the placing has been digested.
genedrive (GDR), the point of care pharmacogenetic testing company, announced the completion of the placing which was announced yesterday. The new ordinary shares to be allotted pursuant to the Placing are to be issued at an issue price of 1.5 pence. The Fundraising, in aggregate, has raised gross proceeds of not less than £6.0 million.
Comment: Even though NICE recommended Genedrive’s CYP2C19-ID test as point-of-care test for ischaemic stroke and transient ischaemic attack patients last month, the quantum of the placing here is still a kick in the proverbials, and will take quite some time for shareholders to recover from. This is almost however good forthcoming newsflow may be.
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