Hummingbird Resources (LON: HUM) has agreed a subscription with CIG and Nioko Resources Corporation. There will be 863.1 million shares issued at 2.677p each and this will facilitate the conversion of £23.1m of loan facilities into shares. The subscription will be in two tranches. The subscriber will hold 49.9% of Hummingbird after the first tranche and 71.8% after the second tranche. The share price recovered 35% to 1.85p.
Bars operator Loungers (LON: LGRS) has agreed a 310p/share cash bid from Fortress Investment, which values it at £338.3m. Irrevocable acceptances are 40.2%. Singer does not believe that this fully values the business and thinks 375p/share is a fairer value. Interim pre-tax profit grew 51% to £5.95m, while net debt was £12.2m. Like-for-like growth in revenues has been 3.9% so far in the third quarter. Full year pre-tax profit is forecast to improve from £18m to £23.8m. Despite higher National Insurance costs next year’s pre-tax profit is expected to be £27.4m. The share price jumped 29% to 307p.
Strategic Minerals (LON: SML) has extended the agreement that provides access to the Cobre magnetite stockpile in New Mexico to March 2029. There is also a new purchase order of up to 30,000 tonnes for 2025 from an existing client. The 2024 sales should exceed $4.5m. The share price improved 13.6% to 0.25p.
Orosur Mining Inc (LON: OMI) has completed the acquisition of Minera Monte Aguila giving it 100% ownership of the Anza gold project in Colombia. Drilling has commenced at Pepas. The share price increased 9.76% to 4.5p.
Animal drugs developer Eco Animal Health (LON: ECO) says the first half was tough but trading is improving. Interim revenues were 13% lower at £33.2m and the underlying loss increased from £310,000 to £2.28m. Revenues are recovering in China. Expectations were downgraded in October and full year pre-tax profit is still expected to decline from £4.2m to £3.4m. Next year there should be additional benefits from the R&D investment. The share price rose 9.16% to 71.5p.
FALLERS
Beacon Energy (LON: BCE) says reservoir performance from the SCHB-2 sidetrack well in the Erfelden field in Germany has fallen 20% to 45 barrels/day. Beacon Energy has not been able to agree a restructuring offer with Rhein Petroleum creditors. This means that some of Rhein Petroleum’s assets are being sold and it is likely to be liquidated. Beacon Energy would then be classed as a cash shell. Beacon Energy has enough cash until next summer and is assessing other opportunities. The share price slumped by one-third to 0.0035p.
Timber supplier James Latham (LON: LTHM) revenues dipped 2% to £186.6m as prices weaken, and higher overheads meant that pre-tax profit fell from £16.4m to £13.6m. The interim dividend was raised from 7.75p/share to 7.95p/share. Net cash is £66.9m. Market conditions are not expected to improve until the middle of next year. Full year results will be slightly below last year’s level. The share price fell 9.69% to 1165p.
Rare books dealer Scholium (LON: SCHO) intends to leave AIM and believes this will save at least £75,000/year. In the six months to September 2024, underlying pre-tax profit improved from £43,000 to £221,000 on revenues that improved 30% to £4.97m. A matched bargain facility will be provided by JP Jenkins. The AIM cancellation is likely to be on 6 January. NAV is 74.6p/share. The share price is 9.72% lower at 32.5p.
Ex-dividends
Calnex Solutions (LON: CLX) is paying an interim dividend of 0.31p/share and the share price is unchanged at 60.5p.
CML Microsystems (LON: CML) is paying an interim dividend of 5p/share and the share price declined 2.5p to 240p.
Craneware (LON: CRW) is paying a final dividend of 16p/share and the share price slipped 5p to 2345p.
Fiske (LON: FKE) is paying a final dividend of 0.75p/share and the share price is unchanged at 70p.
Marks Electrical (LON: MRK) is paying an interim dividend of 0.3p/share and the share price
Michelmersh Brick (LON: MBH) is paying an interim dividend of 1.6p/share and the share price
Pan African Resources (LON: PAF) is paying a final dividend of 0.96p/share and the share price dipped 1.7p to 34.25p.
PetroTal Corp (LON: PTAL) is paying a dividend of 1.5 cents/share and the share price slipped 0.25p to 35p.
Tristel (LON: TSTL) is paying a final dividend of 8.28p/share and the share price fell 5p to 435p.
Volex (LON: VLX) is paying an interim dividend of 1.5p/share and the share price rose 0.75p to 290.75p.
YouGov (LON: YOU) is paying a final dividend of 9p/share and the share price declined 6.5p to 443.5p.