Barkby Group (LON: BARK) is considering the sale of sleep technology business Cambridge Sleep Sciences, which is set to generate revenues of more than £10m from recent licensing deals over the next three years. Management first said it intended to sell non-core investments back in July 2022 and the progress made by Cambridge Sleep Sciences makes this a good time to seek offers. The share price jumped 158% to 7.75p – it has fallen back from 8p, which was the high since the beginning of the year.
Shares in Silver Bullet Data Services (LON: SBDS) recovered 107% to 77.5p ahead of the interims later this month. A trading statement has already said that revenues will be 76% higher at £4.1m.
Cloud communications company LoopUp Group (LON: LOOP) sharply reduced its loss in the first half of 2023 and it generated £4m of cash from operations, partly thanks to a fall in trade receivables. Net debt has fallen to £5.6m and bank facilities renewed until September 2024. Annualised recurring revenues are £2.7m. The share price increased 50.7% to 3.24p. Last September’s fundraising was at 5p.
Seed Innovations (LON: SEED) has sold 56.4% of Avextra, formerly Eurox, for around €2.9m (£2.45m), while maintaining a 3% shareholding. This represents a 62% return on the original investment and takes cash to £4.6m with a further £2.5m coming in from the disposal of Leap Gaming. This is available for further investments, including short-term ones. The share price is 41.7% higher at 3.4p, valuing the company at £7.2m. Lloyd Leckerman has taken a 3.73% stake in Seed Innovations.
FALLERS
AMTE Power (LON: AMTE) sent out its placing circular at the beginning of the week and then trading in the shares was suspended on Wednesday morning due to a deterioration in settlement performance. The share price had fallen by 75.8% to 2.24p. The battery technology developer is raising £2.1m at 1.7p/share.
Tungsten West (LON: TUN) says that by January 2024 it plans to have obtained the necessary permits for the Hemerdon mine, but that depends on raising enough cash. The board says that there is currently no demand for tranche C of the company’s convertible loan notes. If there continues to be no demand for them then Tungsten West will not be able to meet its liabilities during November. Alternative sources of finance are being sought. The share price slumped by 45.3% to 2.05p.
North Sea oil and gas producer IOG (LON: IOG) has been told by the authorities that the Nailsworth P2342 and P130 licences are not going to be extended and this could have a negative commercial impact on the potential for the Elland licence. Bondholder discussions continue and the waiver lasts until 29 September. There was £14.5m in cash at the end of August, including £7.3m of restricted cash. There was stable production from Blythe H2, but the realised gas price was lower. The share price slumped 45.3% to 0.93p, which is a new low.
Shares in Beacon Energy (LON: BCE) have declined 40.7% to 0.16p/share following the oversubscribed £4.3m placing and offer at 0.15p/share that was announced on Thursday evening. The share price had been falling ahead of the fundraising, but it is still higher than one month ago. The cash will help to bring the Schwarzbach-2 well in Germany into production. This is an excellent oil-bearing reservoir, and the well could materially increase the company’s production.