AIM movers: AFC Energy generator revenues and WH Ireland secures rescue funds

AFC Energy (LON: AFC) is teaming up with Speedy Hire in a 50/50 joint venture to supply hydrogen fuelled generators to the UK construction and temporary power markets. There will be an initial order worth £2m, but this should increase as rental demand builds up. AFC Energy will also receive fees based on rental income. The share price is 20.6% higher at 17.71p.

Barclays has agreed to renew the existing bank facilities of Tekmar Group (LON: TGP). The trade loan facility of up to £4m is extended until 15 June 2024.  The CBILS term loan has been extended until 31 October 2024. Trading is in line with expectations. The share price improved 17.1% to 12p.

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Europa Oil & Gas (LON: EOG) has assumed operatorship of licence PEDL343, which includes the Cloughton gas discovery. Former operator Egdon Resources still owns 40%, as does Europa Oil & Gas, with Petrichor holding the other 20%. A location for an appraisal well has been identified. The share price rose 7.41% to 1.45p.

Oracle Power (LON: ORCP) has published its second quarter update. A surface level survey has been completed on the green hydrogen project site in Sindh. The completed technical and commercial feasibility study for green hydrogen and green ammonia should be received from thyssenkrupp in the near future. The share price increased 5% to 0.105p.

WH Ireland (LON: WHI) has raised £5m at 3p/share and this has knocked two-thirds off the share price to 7.5p. The broker is loss making and it does not believe that trading is going to improve this year. WH Ireland did not have the required regulatory capital and the FCA may have required a solvent wind down of the business if cash were not raised. This is why the placing discount was so high. There are plans to reduce overheads by up to £4m. Management will take some of their salary in shares. This should help to make the company more financially stable. Asset sales are a possibility.

Investment company Limitless Earth (LON: LME) reported a full year ash outflow of £463,000 and NAV fell to £1.09m at the end of January 2023. There are three investments in the portfolio. There is £84,000 in the bank and further stake sales will be required for reinvestment as well as to fund the company.  The share price has fallen by one-fifth to 4p, which values the company at £3.3m.

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Garnet Commerce is exercising its option to increase its stake in batteries producer Enerox Holdings from 50% to 60% for $3.25m. Bushveld Minerals (LON: BMN) owns a subsidiary with a 25% interest in Enerox and the rights of first refusal to supply electrolyte to Enerox for an initial six-month period. Standard list company Mustang Energy was planning to acquire Enerox, but this appears unlikely to go ahead. The share price declined 19.8% to 2.55p.

YouGov (LON: YOU) says clients are taking longer to make decisions and full year revenues will be at the lower end of expectations. Peel Hunt has trimmed its revenues forecast by 2% to £258m, but it is maintaining its earnings estimate at 39p/share. Net cash is £106m, but thi is before the acquisition of the GFK consumer panel business. New chief executive Steve Hatch will join the board on 1 August. The share price dipped 9.35% to 979p.

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