AIM movers: Argos Resources need cash and 7Digital sign deal

Oil and gas explorer Argos Resources (LON: ARG) is the worst performer on the day having returned from suspension after publishing its 2021 results. The shares dived 17.1% to 1.45p. There was $304,000 in the bank at the end of 2021, after a $683,000 outflow. The chairman loaned £110,000 in June. Argos Resources needs to raise more cash to finance an extension of its licence in the North Falkland basin, which lasts until the end of 2022.  

Savannah Resources (LON: SAV) has been hit by a legal dispute in Portugal. Covas do Barroso Baldios claims that 1.4% of the land where the Barroso lithium project is sited has been claimed by other landowners. Savannah Resources says that it believes that the eight hectares affected has been purchased from the registered owners. The share price slipped 8.65% to 2.85p

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Music streaming technology provider 7Digital (LON: 7DIG) has signed a long-term contract with Utopia Music AG whose users can generate accurate royalties data. This follows a two-year licensing deal with Lomotif, a Singapore-based social media company. It will use 7Digital’s music-as-a-platform to stream licensed music. 7Digital is the largest riser today, up one-third to 0.3p.

Hurricane Energy (LON: HUR) has repaid the outstanding $78.5m convertible bonds and related interest of $1.5m. This leaves the oil and gas producer with net cash. The share price jumped 16.9% to 8.475p.

Consumer healthcare products supplier Venture Life (LON: VLG) says interim revenues will be 36%n ahead at £18.9m – with pro forma growth of 4%. Where possible cost increases are being shared with customers. Net debt was £2.6m at the end of June 2022. There is always a second half weighting to the business. There is plenty of manufacturing capacity to cope with further growth. The share price rose 12.5% to 36p. Chairman Paul Mcgreevy bought 277,151 shares at an average of 35p each -nearly doubling his shareholding.

A positive trading statement from media analytics provider Ebiquity (LON: EBQ) added 6.67% to the share price taking it to 56p. Ebiquity expects interim revenues to be 16% higher at £37m. stripping out acquisitions organic growth is 10%. Underlying operating profit more than doubled to £4.6m.  Sales of higher margin digital productions and improved efficiency helped. Net debt is £12.9m. A small Russian subsidiary is being sold. Scrutiny of the effectiveness of advertising is as important as ever.

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