GCM Resources (LON: GCM) shares appear to be reassured the announcement that it is seeking a replacement for the chairman Christian Taylor-Wilkinson, who resigned early in February after some shareholders wanted to remove him from the board, as well as a new non-exec. All resolutions were passed at the AGM, except for number five which was not tabled because of the chairman’s resignation. The share price rebounded 76.5% to 3.75p.
Retail software supplier itim Group (LON: ITIM) released a trading statement following its contract announcement earlier in the week. Revenues of £16.1m were in line with expectations and annualised recurring revenues were steady at £13.2m. Services revenues were higher. The 2023 loss forecast has been trimmed from £1.3m to £1.1m. itim has won a five-year, multi-million pound contract with fashion retailer QUIZ Clothing. This deal provides an opportunity to attract other fashion retailers. The Retail Suite product will be rebranded as UNIFY. The share price recovered 53.5% to 33p.
Renalytix (LON: RENX) has broadened the US government coverage for kidneyintelX.dkd testing. This is a FDA de Novo marketing authorised test and the status has enabled it to be added to the 10-year Governmentwide acquisition contract for early stage kidney disease bioprognostic testing services. The fee is $950 per reportable result. The share price rose 48.1% to 40p.
Semiconductors designer EnSilica (LON: ENSI) continued its share price recovery following its interim figures. The shares are 33.7% ahead at 67.5p, which is a 68.8% rise so far this year and it is the highest the share price has been since November. Revenues were 11.5% ahead at £9.6m, but there was a higher pre-tax loss of £309,000. There has been a strong start to the second half and the latest contract with a US electronics manufacturer is worth $20m, which is fully funding engineering fees. Last December’s placing raised £1.56m at 40p/share. The latest placing raised £1.1m at 50p/share and it has received the R&D tax credit for 2023.
FALLERS
Beacon Energy (LON: BCE) has raised £2.6m at 0.05p/share. The share price dived 42.4% to 0.0475p. Around two-thirds of the cash will go on drilling a sidetrack for the troublesome SCHB-2 well in Germany. The rig should be onsite in April and production could commence in May. That could generate cash of around £700,000/month.
United Oil and Gas (LON: UOG) has raised £1m at 0.2p/share, having originally sought £900,000. A subdivision of the shares is required to reduce the par value so that the shares can be issued at this price. The cash will be spent on developing the exploration licence in Jamaica and fund costs while a farm-out partner is secured. There is interest from several parties. The share price is 41.3% lower at 0.235p.
Avacta (LON: AVCT) initially wanted to raise £20m via a placing at 50p/share and raise a further £6.8m via a retail offer. The total fundraise has been increased from up to £26.8m to up to £32.5m. Even so, the share price slumped 36.6% to 54.5p. There is already £16.6m in the bank and the rate of cash outflow appears to be declining. The cash will fund further progress with dose expansion and the phase 2 efficacy studies for its main clinical programme AVA6000 and additional working capital up until late 2025 / early 2026. Anything raised in excess of £20m will be spent on AVA3996 and further potential Affimer drug development platforms. There are plans to sell the diagnostics division and for a possible Nasdaq listing.
Orchard Funding Group (LON: ORCH) has been hit by fraudulent introducer and subsequent fraudulent credit agreements. A £500,000 provision has been made, which is the total exposure. Management is reviewing the rest of its lending book. The share price slumped 36.5% to 16.2p, which is a new low.