On Thursday and Friday, the Celadon Pharmaceuticals (LON: CEL) share price recovered strongly even though there was no news. More than 640,000 shares were traded in two days. There was more trading on Friday, than for any day since mid-January. The share price jumped 96.3% to 105p. That is the highest the share price has been since May 2022. Cannabis-based medicines developer Celadon Pharmaceuticals has a Midlands facility has been registered with the UK Medicines and Healthcare products Regulatory Agency for manufacturing its active pharmaceutical ingredient.
Amur Minerals Corporation (LON: AMC) has completed the sale of the AO Kun-Manie project in Russia to Bering Metals. The $35m consideration should be received soon. The share price recovered by 60.2% to 1.61p. A 1.8p a share dividend is planned, and Amur Minerals will become a cash shell.
Wellhead technology developer Plexus Holdings (LON: POS) has won a £5m contract for POS-GRIP wellhead equipment. This should generate £2.5m of revenues in the year to June 2023 – previously the forecast revenues for the year were £4m – with the rest recognised next year. The share price moved ahead of 31.6% to 3.75p, having been as high as 4.52p on Monday.
Tintra (LON: TNT) has entered into a new subscription agreement for $2m with a Gulf-based investor and this sparked heavy trading in the shares. This replaces an agreement that expired last year. The subscription price is 1178p and 70,742 warrants will be issued that can be exercised at 504p each if the market value of the fintech company is above $500m in the next five years. The share price has risen by one-quarter to 150p, which is a market capitalisation of £23.2m.
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Fallers
In The Style (LON: ITS) has completed a strategic review and is proposing the sale of its operating business for £1.2m and the cancellation of the AIM quotation. The online retailer is losing money and running out of cash. The purchaser is Baaj Capital, which has other fashion-related investments, including Officers Club. Chief executive and founder Adam Frisby will continue to run the business and take a stake. The company will change its name to Itsum. It floated in March 2021 and raised £11m at 200p a share, while existing shareholders raised £49m from selling their shares. An 81.6% slump in the share price to 1.3p values the company at £700,000.
Aferian (LON: AFRN) says customer destocking of streaming devices has hit sales and they will be significantly lower than expected for this part of the business. Streaming video services provider 24i continues to grow. There should still be a positive EBITDA this year. The annualised cost base is being reduced by $5m. Annual results to November 2022 will be delayed while discussions with banks continue over future covenant compliance. At the end of 2021, Aferian secured a $50m loan facility from three banks, including Silicon Valley Bank, which lasts until 23 December 2024. Max Royde, who works for 26.1% investor Kestrel is joining the board. The share price slumped 56.2% to 32p.
Alaska-focused oil and gas explorer Pantheon Resources (LON: PANR) disappointed with the flow rates from the Alkaid #2 well. It produced 505 barrels/day of liquids and 2,300mcf/day of gas. The rates improved only slightly after cleaning out the well. The share price halved early in the morning of the announcement because of investor doubts about company’s understanding of the reservoir. This could hit the terms for any farm-out. The share price is 47.6% lower on the week at 27.76p.
Semiconductor wafers manufacturer IQE (LON: IQE) says 2022 figures are in line with expectations, but weaker demand for end products means that inventory is being built up leading to reduced customer orders. Revenues are expected to decline by £30m in the first half of 2023, which is more than one-third of the total in the first half of 2022. This is a highly geared business, so there will be a large increase in the reported loss. This is a cyclical business, and the problem relates to stock levels. Longer-term prospects remain good. The share price fell by 41.9% to 27.25p.