MicroSalt (LON: SALT) has received an initial purchase order for 50,000lbs of low-sodium salt from a major food and drink manufacturer for one of its product lines. Annualised volumes should be 200,000lbs and there could be orders for two other products. There is also a follow-on order from a B2B customer and the 63,860lbs will be delivered in January. Two other B2B orders have been won. The share price soared 90% to 95p – the highest it has been since July. Tekcapital (LON: TEK) owns 69% of MicroSalt. Another investee company Innovative Eyewear has launched the first ANSI-certified smart safety glasses for all-day wear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands. The Tekcapital share price rose by one-quarter to 10p.
United Oil & Gas (LON: UOG) has completed its exit from Egypt, although it still requires government approval. The company should receive $620,000 from the disposal. The share price jumped 76.7% to 0.265p.
At the beginning of the week, Emmerson (LON: EML) said it had filed an appeal against the unfavourable recommendation for its ESIA application for the Moroccan potash project, but the regional authorities say that they cannot examine the ESIA submission again. Emmerson subsequently notified the Moroccan government of an investment dispute and argues that the government is violating an agreement between the UK and Morocco. The dispute can be submitted to the International Centre for the Settlement of Investment Disputes. Prior to this, the company is seeking cash compensation from the government. Emmerson is trying to reduce its cash burn, but that will mean that there will be no progress with the development of the project. Two non-executive directors are stepping down and the two remaining non-executives will take fees in shares, while the chief executives pay will be reduced by two-fifths. The share price bounced back 56.6% to 0.88p.
Red Rock Resources (LON: RRR) has been meeting with the Democratic Republic of Congo authorities concerning the court judgement in the company’s favour, as well as new opportunities. A framework agreement has been signed with Koto DRC for an equal joint venture once a suitable asset is secured. The share price improved 38.5% to 0.045p.
FALLERS
Tlou Energy (LON: TLOU) is seeking shareholder approval at its AGM to leave AIM. The shares will still be traded on the ASX and the Botswana Stock Exchange. Interest in the company has dwindled and the departure will save money. UK shareholders are offered the chance to transfer their holding to the ASX depositary in exchange for ASX-listed shares at no cost. Tlou Energy released a first quarter update indicating progress with the Lesedi CBM gas-to-power project in Botswana. First electricity sales are expected in the middle of next year. There was an operating cash outflow of A$800,000, plus A$1.7m of capital investment in the period. The share price slumped 44.9% to 0.875p.
Property developer and investor Caledonian Trust (LON: CNN), which has been on AIM for more than 29 years, also announced the proposed cancellation of the AIM quotation. The direct annual cost of the quotation is £100,000 and liquidity is poor. A general meeting to gain shareholder approval will be held on 18 November. The cancellation is expected to be on 26 November. The share priced dived 36.8% to 60p.
Armadale Capital (LON: ACP) is set to leave AIM on 13 November. The share price fell a further 44.4% to 0.075p.
Mosman Oil and Gas (LON: MSMN) generated revenues of A$186,000 in the year to June 2024.The outflow from operations was A$529,000. The company is focusing on helium activities. The share price is one-quarter lower at 0.0375p.
Shield Therapeutics (LON: STX) generated $7.2m from 43,500 ACCRUFeR prescriptions in the third quarter, which was slightly lower than forecast. The average net selling price is $167, and this could rise to $192 in the fourth quarter. Total nine-month revenues are $20m and the 2024 figure should hit $31.5m. Management admits that more cash will be required, and costs are being reduced. Sallyport is providing a $15m facility, up from $10m previously, and AOP Health has agreed to subscribe $10m for shares at 4p each. The share price slipped by one-quarter to 3p.
IQE (LON: IQE) chief executive Americo Lemos is leaving the semiconductor wafer manufacturer after three years in the role and Mark Cubitt becomes executive chair. Finance director Jutta Meier will become interim chief executive. The focus will be on cash generation and the proposed flotation of the business in Taiwan next year. The share price dipped 21% to 11.74p.