Printed circuit technology developer and supplier Trackwise Designs (LON: TWD) warns that demand from electric vehicle manufacturers for Improved Harness Technology (IHT), a lighter alternative to copper wire, is lower than expected and that will hit 2022 revenues. However, contract terms mean that underlying pre-tax profit should still be £1.5m. Despite that reassurance, the share price has fallen 11p to 49.5p.
In the first five months revenues have been £3.3m, with only £500,000 coming from IHT. The group order book is worth £4.6m. finnCap previously expected 2022 revenues of £22m. The new Stonehouse facility is being finished and that will significantly increase capacity. There is also a minimum price undertaking.
North American focused gas producer Southern Energy Corp (LON: SOUC) raised $13.5m in the UK via a placing at 54.5p, having initially sought $12.5m, but despite the strong demand the share price has slumped 23.9% to 52.5p. Combined with an offer in Canada, Southern Energy has raised £25.2m before expenses. The cash will be used for drilling at Gwinville field in Mississippi and acquiring new assets.
Southern Energy, which is also traded on the TSX Venture Exchange, joined AIM last August at 6.5p – the equivalent of 52p, after a subsequent eight-for-one share consolidation.
News that Premier African Minerals (PREM) has signed a deal that can get the Zulu lithium project pilot plant up and running has boosted the share price by 6.1% to 0.35p. The pilot plant has target annual production of 50,000-ton SC6 and there are binding heads of terms with Suzhou TA&A Ultra Clean Technology to take all of this production from the first quarter of 2023. The pre-purchase price of $35m pays for the construction cost.
Restaurants operator Tasty (LON: TAST) continues to benefit from the repayment of its £1.1m bank loan, leaving it with net cash of £8.6m. Annualised interest rate savings will be £57,000 and there was no early repayment penalty. Yesterday the share price rose 0.4p to 4.25p and today it has jumped a further 0.8p to 5.05p. That values the company at £6m. There are plans to open five or six more restaurants this year.