Shares in oil and gas company Tower Resources (LON: TRP) soared 150% to 0.0325p. Management believes that the completion of the financing for the NJOM-3 well in Cameroon is near. The well could be spudded in early 2025. There is also outside interest in the PEL96 licence in Namibia. An increase in receivables helped to generate $270,000 in cash from operating activities in the first half of 2024. There was $1.02m spent on exploration. The share price rise led to the exercising of 140 million warrants at 0.018p each.
EnergyPathways (LON: EPP) has secured a £5.1m loan facility for the Marram Energy Storage Hub (MESH) clean energy storage project. This should enable the project to reach final investment decision by the end of 2025. Global Green Asset Financing is providing the facility and has to raise additional cash via a placing of loan notes to provide it. The minimum commitment for the facility, which lasts three-years, is £2.55m and the interest rate is 12.5%/year. The share price increased 79.4% to 3.05p.
Tavistock Investments (LON: TAVI) is raising up to £37.75m from disposals, which is more than treble the market capitalisation before the sale, with nearly £11m payable on completion and a further £11m from discharge of intragroup debt. The rest is payable based on performance. The two businesses made a pre-tax profit of £1.5m in the year to March 2023. The cash will be used for working capital and acquisitions. There could also be share buy backs. Chief executive Brian Raven bought 830,000 shares at 3.55p each. The share price rose 74.4% to 3.75p.
AO World (LON: AO.) is acquiring musicMagpie (LON: MMAG) for 9.07p/share, which values the pre-owned products supplier at just under £10m. There are irrevocable undertakings and letters of intent totalling 54% to accept the offer. AO World believes that the two companies have complementary online models, and a technology trade-in service will enhance its product offering. AO World says that the musicMagpie disc media and books business should not require significant investment. The musicMagpie share price improved 49.6% to 8.6p.
FALLERS
Ceramic disc brake technology developer Surface Transforms (LON: SCE) increased interim revenues by 58%, but growth is still not meeting expectations even though there is further growth in third quarter revenues. There are delays to installing additional capacity. Full year revenues are expected to be £11m, compared with previous expectations of £17.5m. There was £5m in cash at the end of June 2024. Odd Asset Management reduced its stake from 5.13% to 2.58%.The share price dived 74.1% to 0.3275p.
RBG Holdings (LON: RBGP) executive director Tania MacLeod stepped down from the board, although she is staying as a director of subsidiaries and as senior partner of law firm Rosenblatt. Delays in projects have hit the prospects of the legal services company and Singer has withdrawn forecasts. The company is fully using its loan facility. The share price slumped two-thirds to 2p.
Premier African Minerals (LON: PREM) has raised £550,000 at 0.0315p and this will be spent on operational activities at the Zulu lithium and tantalum project. Management is hopeful that it will soon resolve problems with the processing facilities. The company says that options for the Zulu project including selling it or part of it. The share price fell 43.1% to 0.031p.
Mercantile Ports & Logistics (LON: MPL) did not recognise the forecast level of revenues in the six months to June 2024. There have been delays to permits required for the container cargo business. The forecast full year revenues have been slashed from £12m to £5.7m. The 2024 loss is expected to be around £12m this year and net debt will be around £50m. The share price dipped 32.1% to 1.325p.