Bens Creek (BEN) and Horizonte Minerals (HZM) both companies delivered the following RNS: At the request of the company, trading on AIM for the under-mentioned securities has been temporarily suspended from 16/05/2024 7:30am, pending clarification of the company’s financial position.
Comment: It is always interesting that as an “observer” of the market for over three decades, one very often sees these things coming, and knows the reasons why.
BT Group (BT.A) released its Final Results for the full year to 31 March 2024. The company said delivery and greater capex efficiency gives it the confidence to provide new guidance for significantly increased short term cash flow and sets out a path to more than double its normalised free cash flow over the next five years. This enhanced cash flow allows it to increase our dividend for FY24 by 3.9% to 8.0 pence per share. It is also setting a further £3bn of gross annualised cost savings to be reached by the end of FY29.
Comment: Shares of BT have already been on the front foot ahead of today’s bumper update. The dividend hike is the icing on the cake, and the chart is pointing to a retest of December resistance at 137p as soon as the end of next month.
Premier Foods (PFD) announced Headline revenue up 15.1%; Branded revenue up 13.5%, including strong branded volume growth in Q4. Total Headline Grocery revenue up 16.7%, Sweet Treats revenue up 10.6%. Full Year market share increased +29bps; both Grocery and Sweet Treats grew share in H2. Trading profit ahead of expectations and up 14.0% versus prior year.
Comment: A stunning set of numbers from what should be a boring company. The shares are already up as much as they were in the whole of last year, and one would expect an acceleration to the upside. 190p by the end of next month on a technical basis seems achievable.
Tap Global Group (AQSE: TAP), the regulated cryptocurrency app, announced that Arsen Torosian, Chief Executive Officer and a director of the Company, acquired 33,750,000 shares 15 May 2024 for a total sum of £230,000.
Comment: One might assume that if it has not happened already, the overhang in Tap shares due to the odd pesky seller, would have been taken up by the announcement delivered today. If this is the case, or nearly so, the chronic underperformance in TAP shares should be reversed quite speedily.
Arrow Exploration (AXL), a company with a portfolio of assets across key Colombian hydrocarbon basins, announced the spud of the Carrizales Norte B pad Horizontal Well 1 on the Tapir Block in the Llanos Basin of Colombia. AXL said spudding Arrow’s first horizontal well at the CNB pad is a significant milestone in Arrow’s development plan for the hydrocarbon dense Ubaque reservoir. After the Carrizales Norte discovery, it determined that the Ubaque reservoir could be developed most efficiently using horizontal drilling technologies and the successful spudding is a result of a year of preparation and geological, seismic, engineering and simulation work.
Comment: For a company with such an excellent track record, performance and management it beggars belief that the shares are anywhere near 20p, but somehow AXL has managed it. Ideally, this is only a temporary state of affairs.
ValiRx (VAL), a life sciences company announces that, following the publication of its audited results for the year ended 31 December 2023 on 15 May 2024 and shareholder feedback and communication, a clarification as to its cash position and recent fundraising activities. As stated in the announcement of 15 May 2024, the cash balance of the Company as at 31 December 2023 was £174,684. Subsequent to the financial year end and as set out in the same announcement, the Company raised approximately £1.8m, before expenses, through the issue of new ordinary shares in January 2024. As at 15 May 2024, the Company’s cash position was approximately £1.1m.
Comment: VAL obviously paid someone good money to come up with the £174,684 and release it. Hopefully, the correction will reverse some of yesterday’s 37% share price fall. That said, even with £1.1m in the bank VAL is not quite a party situation.
Wildcat Petroleum (WCAT), announced that on 13 May 2024 the Chairman, Mandhir Singh, transferred 27,431,186 shares into his personal ISA and SIPP at a total value of £39,775.22 and disposed of 156,402 Ordinary Shares at a total value of £226.78. Mr. Mandhir Singh is the beneficial owner of 61.15% of the total share capital of the Company.
Comment: Good pension planning by Mr Singh, to ensure that once WCAT gets over the line he will have a tax efficient retirement.
Tirupati Graphite (TGR), announced the Board of Directors will provide a live shareholder Q&A session via the Investor Meet Company platform on Monday 20 May 2024, at 15:30 BST.
Comment: As stated previously, the best thing that could happen with TGR is that the “allies and axis powers” sat around a table and agreed on who should be on the board and the future strategy. Presumably, this will not be done. The requisitioners having only 5.8% could be the decisive point here.
Upland Resources (UPL), announced the publication of its audited annual report and financial statements for the 18-month financial period ended 31 December 2023. UPL said albeit there has been a small delay in publishing the accounts it was pleased that the Company, the Group and it’s subsidiaries, has passed a very thorough audit undertaken by PFK Littlejohn LLP. PKF are a leading audit firm and as the Company grows we are committed to meet the highest professional standards in all that we do.
Comment: A great plug for PKF, and one can be sure that the audit was carried out at a very fair price.
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