Made Tech Group (MTEC) are awarded a contract from the Department for Education worth around £13.2m over four-years with an option for a fifth year worth a further £3.3m. MTEC is a provider of digital, data and technology services, that enable central government, healthcare, and local government organisations to digitally transform. This contract’s initial contribution is expected to be recognised in the current financial year helping to underpin 2025 forecasts. Its initial focus is the delivery of the Reception Baseline Assessment, a new government initiative to monitor pupil progress, scheduled for rollout in April 2025. MTEC is debt free and has a strong balance sheet. Finals to May 2024 are due to be reported shortly and expected to report an increased EBITDA at £2.3m on turnover £38.5m.
Comment (Jon Lev): The SB2G (Small- Business to Government) market seems an area for strong opportunity at 15.874p the mkt cap is £24.7m with room to grow.
Acuity RM Group (ACRM), which owns Acuity Risk Management Limited, released the interim results for the six months ended 30 June 2024. Revenues: £1.0m (H1 2023 actual for six months: £0.9m) (£0.347m from the date of acquisition). Cash balance: £1.86m (31 December 2023: £0.1m). ACRM said the business has made progress over the past six months as evidenced by the increase in revenues and value of new orders compared with 2023.
Comment: it is slowly, slowly catchy monkey as far as ACRM’s revenue growth is concerned. The goal of being a scalable, international business is still on, but we may wonder how long the current running just to stand still phase will last?
Valereum (AQSE: VLRM) announced the issuance of a Digital Asset Service Provider (DASP) licence for VLRM Markets S.A. DE C.V in El Salvador. This enables VLRM Markets, acting as a regulated and licensed DASP, to establish and operate a real world asset (RWA) ecosystem with three principal parts within El Salvador’s progressive regulatory framework.
Comment: Now we know why shares of VLRM doubled in the past week. The question now is whether this news will finally give the stock a last re-rate?
Mosman Oil and Gas (MSMN) the helium, hydrogen and hydrocarbon exploration, development and production company, announced that it has raised £1.5 million (before expenses) by way of a placing at a price of 0.035 pence per share. The net proceeds of the Fundraise will enable Mosman to pursue and progress identified helium projects, with a view to expanding the Company’s helium portfolio; and provide additional working capital. MSMN said with a clear strategy to expand Mosman’s helium portfolio, as demonstrated with the acquisition of a 20% working interest in the Vecta Helium Project in Colorado and the ongoing activity at both EP 145 and EP(A) 155 in Australia, the Company has also been actively evaluating other highly prospective helium opportunities in the US. With several potential targets identified, this funding will enable the team to progress early-stage technical due diligence during calendar Q4 24.
Comment: This was perhaps not the announcement that fans of MSMN were looking for. Indeed, if the company need more cash for acquisitions or to pay the bills, it had plenty of opportunity previously and at higher prices.
i3 Energy (I3E) announced that its CEO Majid Shafiq, has conducted an interview in relation to the recommended and final cash and share acquisition of the entire issued, and to be issued, share capital of i3 Energy by Gran Tierra Energy Inc. as announced on 19 August 2024. It is available on the Company’s website at https://i3.energy/grantierra-offer/.
Comment: I3E’s acquisition by Gran Tierra was a decent group, not only in terms of the valuation, but also given the price of oil and what the acquiring company can do to develop and build the business.
Ondine Biomedical (OBI), a Canadian life sciences company, announced the following updated related party transaction and continued financial support from its Founding Shareholders with interim funding. On 11 September 2024, Carolyn Cross, CEO, provided a loan of C$285,000 to the Company for additional working capital ahead of securing longer term financing.
Comment: The CEO of a company leading from the front underlines not only commitment, but that the prospects for it are looking decent. In the case of OBI Steriwave rollout remains the star of the show.
Kromek (KMK), a developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announced that it has been awarded a contract worth £2.0m by the UK Ministry of Defence for the supply of nuclear radiation detectors and ancillary products. The contract is to be delivered in the Group’s current financial year ending 30 April 2025.
Comment: As we can assume, once you are in with the MOD, you are in for life. Also given government attempts to trigger WW3 regarding missiles to Russia, the backdrop for KMK seems very healthy.
Avacta Group (AVCT), a life sciences company, said it has presented updated data from the ongoing Phase 1a trial of AVA6000 in patients with FAP-positive solid tumors at the 2024 European Society for Medical Oncology (ESMO) Congress, in Barcelona, Spain. AVCT said the results demonstrate that AVA6000 is well-tolerated across the every 2 weeks and every 3 weeks dosing schedules with early evidence of efficacy supported by ongoing and durable RECIST responses in patients with FAPhigh disease.
Comment: Shares of AVCT have steadied well at the higher levels, something which backed by the latest updated data, gives the impression that the rally from 40p still has legs.
Thor Explorations (THX) announced that it has expanded its operations into Cote d’Ivoire following the signing of a binding SPA with Endeavour Mining Corporation to acquire a 100% interest in the Guitry Gold Exploration Project. THX said it was pleased to expand its exploration activities into Cote d’Ivoire. As a country, Cote D’Ivoire is a West African gold mining and exploration success story that hosts over 30% of West Africa’s greenstone belts and is proving to be an emerging region for world class gold discoveries.
Comment: THX looks to be striking a good balance between production and expansion, with the latest Cote d’Ivoire acquisition providing a welcome addition to the company’s footprint.
Kinovo (KINO), the specialist property services Group that delivers compliance and sustainability solutions, is pleased to announce that it has been awarded a new contract worth up to £12 million over 18 months by the London Borough of Hackney. KINO said it was delighted to continue our strong partnership with the London Borough of Hackney to deliver retrofit works and sustainable solutions. The Company continues to target driving organic growth with current and prospective partners. It remains well positioned to continue strengthening its current relationships, delivering new key contract wins and diversifying its customer base further as its continue to deliver its growth strategy.
Comment: Getting on the big state / public services gravy train is clearly the way to go in the current environment, with the ultra inefficient local government space, arguable an even better prize in terms of a contract that most.
EQTEC (EQT), a global technology innovator announced the appointment of Murli Bhamidipati as Operations Director at EQTEC Iberia SLU. EQT said it was not at all easy to find someone like Murli. His focus on the evolution of its Engineering business and his direct engagement at the interface between Engineering and Business Development are areas where it is seeking to build critical, operational skills to support more clients, more projects and more plants with its world-class technology capabilities.
Comment: Now that EQT has secured itself financially, we see the company moving quickly to deliver on its new international strategy, with the latest appointment underlining this point.
Power Metal Resources (POW), the London-listed exploration company with a global project portfolio, announced an update on the intended formation of a uranium-focused JV involving Power Metal’s entire portfolio of uranium licences. The Parties confirm that all required workstreams with respect to the legal due diligence are now complete and the preparation of the definitive legal transaction documents for the transaction are now in substantially final form. They have agreed to extend the period of exclusivity for the transaction to 27 September 2024.
Comment: We do not have much longer to wait for POW delivering the goods in terms of what could be a transformational uranium deal, especially at this time in the cycle.
Predator Oil & Gas Holdings (PRD), the Jersey-based Oil and Gas Company said that following an internal review of the Company’s forward work programmes and objectives for 2024 and 2025. Paul Griffiths, will move from being Executive Chairman to Chief Executive Officer. Lonny Baumgardner will be leaving the Company and the Board, with the position of Managing Director being removed from the management structure.
Comment: It can be seen that PRD is getting itself ship-shape for the next phase of its strategy, moving to be as lean and mean as possible, even though the company is already well cashed up.
Union Jack Oil (UJO), a UK and USA focused onshore hydrocarbon company, announced that planning consent has been received from North Lincolnshire Council for the further development of the Wressle well site. UJO said it was delighted that the joint venture partnership has received the planning consent to continue development of Wressle, which will increase oil production and monetise the associated gas from the field, resulting in zero routine flaring at site.
Comment: While it may not have been much of a surprise that UJO has managed to get planning consent, the fact that the new government is clearly bent on removing all new sources of domestic energy due to crackpot net zero goals, means today’s announcement is all the sweeter.
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