Ondine Biomedical (OBI), announced that, due to increased demand from existing and new investors, it has increased the amount raised in its Placing, to a revised total of approximately £3.24 million (C$5.57 million) at the Issue Price of 7p. The total gross proceeds of the Fundraising are approximately £3.54 million and the estimated net proceeds are expected to be approximately £3.37 million.
Comment: Given how cheap OBI shares were ahead of the fundraise, it was hardly surprising that OBI has been able to raise further cash. The original placing was well backed by institutional investors, and one would imagine the this fact alone attracted further buyers for the raise for the Steriwave group.
Sovereign Metals (SVML) announced the results of graphite testwork completed at multiple independent laboratories in Australia, Canada and South Africa. Graphite flotation and cleaning testwork was conducted on graphite circuit feed from Sovereign’s Kasiya Rutile-Graphite Project (Kasiya or Project) at four different laboratories, which all successfully produced high-grade graphite concentrate (94.9%-97.8% TGC) at high flotation recoveries (91.2%-97.2%). SVML said its ability to upgrade Kasiya ore at 1.4% graphite to a 55% rougher concentrate without any crushing or milling, highlights more of the unique qualities of Kasiya.
Comment: While the initial flow at SVML was the rutile, it has been clear with recent newsflow that the graphite aspect of Kasiya is just as important, and given the quality of the grades, may to some be regarded as even more of a plus point for the company currently.
Acuity (ACRM), the software group, announce that its subsidiary, Acuity Risk Management Ltd has signed a new partnership with BSI Group. This well-known Standards Institute and supplier of impactful solutions to organisations worldwide. ACRM said it was thrilled to announce its new partnership with BSI Group. This collaboration marks a significant milestone for Acuity Risk Management Ltd. It was excited to join forces with such a highly-regarded Global authority in the field of digital risk advisory.
Comment: Shares of ACRM have yet to catch up with the acheivements of the company, something which is not exactly unusual on the London market. But at least it suggests that when the re-rate finally arrives it may suprise those who are waiting on the sidelines.
United Oil & Gas (UOG), the oil and gas company, invited investors in the Company to an evening hosted by United’s senior management and Board, and Alexander Williams, the High Commissioner of Jamaica in London. UOG said it was delighted to be hosting an event for our valued shareholders with His Excellency, The High Commissioner of Jamaica and Jampro, as it looks forward to the next phase of development of the Walton Morant licence.
Comment: Perhaps worth buying shares in UOG just to attend the event. The location of the event is The High Commission of Jamaica, 1-2 Prince Consort Rd, South Kensington, London SW7 2BZ at 18:00, 23 May. RSVP: info@uogplc.com
Light Science Technologies (LST), the controlled environment agriculture group, announced its audited results for the year ended 30 November 2023. Record revenue of £9.30m, up 13.8% (2022: £8.17m). Reduced loss before tax of £1.14m (2022: £2.72m). LST said it was very pleased to report significant operational progress in the period, with strong progress across all parts of the business delivering record Group revenues which exceeded internal management expectations.
Comment: LST is one of those companies where one can see a turnaround to profitability being delivered, with the message at the moment perhaps being that the year ended 2024 may be the one to do it. The share price rebound since last summer is a decent indicator of such a prospect.
Oxford Cannabinoid Technologies (OCTP), a clinical stage biopharmaceutical company, announced that it has applied to the FCA and LSE to effect a cancellation of listing of its ordinary shares on the Standard segment of the FCA’s Official List and trading on the Main Market for listed securities of the LSE. OCTP said the UK capital markets are facing particularly challenging times and many biopharma businesses like it are re-evaluating whether it is the right home for them. It believes that the market is significantly undervaluing OCT. This has a negative impact on its ability to raise the capital necessary to drive its programmes at a price that the Board believes would be acceptable noting the current market capitalisation. In turn, these market conditions compromise its ability to deliver on its core mission – bringing help to people living with debilitating conditions. It anticipates that as an unlisted company, a far larger pool of capital may be available to it, and therefore it is right for it to make this change.
Comment: It is would be fair for as many as half the stocks listed on the London market to do an OCTP and raise the white flag as far as being listed is concerned. However, many of them have suffered and are suffering due to the wrong strategy, communications, management and service providers, as much as the FCA over-regulating the market to death, and the LSE having bigger fish to fry.
e-therapeutics (ETX), a company integrating computational power and biological data to discover life-transforming RNAi medicines, provided a further update with regards to the cancellation of admission of the Company’s ordinary shares to trading on AIM, as originally announced on 10 April 2024 and as approved by shareholders at the general meeting held on 29 April 2024.
Comment: Although we are becoming used to an exodus worthy of the Bible with regard to the London stock market (see OCTP above), it has to be said that no finer kick in the proverbials was delivered by ETX on its departure last month. Almost up there with Sir Geoffrey Howe’s resignation speech. To use the American vernacular: “So long suckers.”
MetalNRG (MNRG), the natural resources and energy investment company, announced that it has undertaken a subscription at a price of 0.1 pence per share raising £246,341. MNRG said its executive team has reviewed more than 100 projects globally and has now reduced this extensive list to a short-list of around ten projects which MetalNRG are progressing. These projects include a number of potential reverse takeover targets which are being progressed, including one Copper project that the Company are in advanced discussions to secure. The net proceeds of the Subscription will therefore be used by the Company to further advance these potential acquisitions.
Comment: It will be interesting to see what MNRG can do with £246,341. Although to be fair, given the £800,000 market cap, this is a decent amount of cash.
Cornerstone FS (CSFS), a foreign exchange and payments solutions company, announced its audited final results for the year ended 31 December 2023. Revenue increased 100% to £9.6m (2022: £4.8m). Adjusted EBITDA of £1.7m (2022: £0.9m loss). CSFS Since the year-end, it also signed an agreement with Mastercard to launch a commercial card scheme, which will enable it to offer an additional payment method to corporate clients. In reflection of this progress, it was delighted to select ‘Finseta’ as its new company name to better align its brand identity with its mission, values and the comprehensive range of services it provides.
Comment: A great, well flagged performance, with the share price having already responded in kind over recent months. One would expect 2024- 5 as being the big win years for shareholders, the new name notwithstanding.
Author
