80 Mile (LON: 80M) shares jumped 121% to 1.54p after news that its receiving £500,000 for changes to a joint venture agreement. Fellow Greenland-focused resources company Greenland Energy has become responsible for obtaining permits and access rights for the Jameson liquid hydrocarbon project in Greenland. The date for the drilling of the first and second exploration wells has been extended to the end of 2028. 80 Mile is in talks concerning a merger with Greenland Energy. The indicative offer is 0.01108 Greenland Energy shares for each 80 Mile share. That valued the company at £61.5m and each share at 1.1p, based on a Greenland Energy share price on Nasdaq of $1.37, but the share price has jumped to $5.54. Greenland Energy joined Nasdaq in April 2026.
Retailer Mothercare (LON: MTC) has issued a further update on its financial position. The company is expected to receive £800,000 from the liquidation of Mothercare UK. This will not materially change the financial position after trading in the Middle East has got tougher. Alshaya is the franchise partner in the region and contributed 28% of revenues last year. Alshaya is considering closing a majority of its 62 stores. Mothercare will cut costs and is reviewing its model. Chairman Clive Whiley increased his stake from 8.87% to 11.3%, by buying shares at 0.25p each. Lombard Odier had previously sold its 18.9% shareholding. The share price recovered some of the previous week’s loss and is 50% higher at 0.3p.
Getech (LON: GTC) reduced its loss in the first half and there would have been a profit excluding amortisation. Interim revenues improved 15% to £2.4m at this locator of subsurface resources and recurring revenues have increased to £3m. The committed order book was £4.7m at the end of August. The share price increased 49.2% to 4.85p.
Retail software itim Group (LON: ITIM) increased interim revenues by 7.5% to £8.6m and it returned to profit thanks to cost savings. The pre-tax profit was £200,000. Annualised recurring revenues are £13.6m. The company launched itimAIQ in the period. Zeus expects breakeven for the full year, and it could be better if additional contracts are won. The share price rebounded 26.8% to 26p.
FALLERS
Trading in Sunda Energy (LON: SNDA) shares returned from suspension after it finalised a fundraising. A placing and subscription raised £5.25m at 1.5p/share and a retail offer subsequently raised the maximum of £525,000. This will help to pay for the acquisition of Matahio Energy NZ and provide funding for interests in Timor-Leste and the Philippines. The share price slipped 46.4% to 1.475p.
Plastic products manufacturer Coral Products (LON: CRU) chief executive Ian Hillman and finance director Paul Rice have stepped down from the board, although they are still employed by the company. This followed the resignation of group operations director Robert David. David Low becomes interim executive chairman. Profitability has been below budget even though sales are as expected. The share price declined 36% to 3.2p.
Hostels operator Safestay (LON: SSTY) says continuing interim revenues declined 11% to £8.4m as occupancy declined. This meant that Safestay fell into loss – although the corresponding period would have been loss making without a Covid insurance payment. Property sales have reduced net debt by one-third to £16.2m. NAV is 20p/share. The share price dipped 32% to 8.5p.
Orosur Mining (LON: OMI) has raised C$14m at the equivalent of 17p/unit – consisting of one share and one-half of a warrant exercisable at 24p each. There is potential to raise a further C$2m. The cash will be spent on the Anzá exploration project in Colombia. The share price slid 30.5% to 17.2p.