AIM movers: Bid approach for MC Mining and Surface Transforms guidance slashed

MC Mining (LON: MCM) shares continue to rise following yesterday’s announcement of a bid approach. Two companies that own a 64.5% stake in the South African coal miner say they intend to acquire the shares they do not own, and the indicative offer is A$0.2 to A$0.23 for each share. Independent directors are assessing the indicative offer. The share price is 15.6% ahead at 9.25p.

Chain manufacturer Renold (LON: RNO) will be reporting interim figures on 15 November. The share price improved 3.77% to 28.9p.

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Thor Energy (LON: THR) has completed the stage 2 earn-in spending required to acquire a further 29% of the Alford East copper-gold-real earths project in South Australia. This takes the stake to 80%. Thor Energy has issued 9.26 million shares at A$0.027 each, plus 18.5 million warrants exercisable at A$0.03 each, to Spencer Metals as consideration for the stake. The Thor Energy share price rose 3.23% to 1.6p.  

CAP-XX (LON: CPX) says product sales improved by 35% to $900,000 in the past four months. October tends to be a good month for the supercapacitor manufacturer, and it generated one-third of the revenues. Orders suggest a further improvement in revenues and the new sales and distribution strategy is starting to pay off. The share price edged up 2.86% to 0.9p. This is just above the all-time low.


Carbon ceramic disc brakes developer Surface Transforms (LON: SCE) has reduced revenue guidance for 2023 to £8.6m, having generated £6.3m up until October. The previous forecast for 2023 revenues was £13m. There have been problems ramping up production in the second half and it will not be completed until early next year. A new debt facility is being negotiated to enable an increase in annual capacity to £150m. The share price slumped 29.8% to 16.5p, which is the lowest it has been since the summer of 2020.

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Eurasia Mining (LON: EUA) executive chairman Christian Schaffalitzky has exercised six million options at 0.42p each. The share price declined 13% to 2.35p.

Roebuck Food Group (LON: RFG) is acquiring Motherwell-based food ingredients supplier Moorhead & McGavin for £2.225m in cash and shares. A placing will raise up to £2.5m at 13.5p/share. The share price declined 3.33% to 12.78p. Moorhead & McGavin supplies cereals, pasta and rise to the catering sector and generated revenues of £7.26m and EBITDA of £377,000 in 2022. Roebuck Food Group sold its cold storage division, and it has been seeking an acquisition to scale up the business.  

ARC Minerals (LON: ARCM) says the conditions for the agreement with Anglo American, which has acquired 70% of the joint venture that owns the Zambia copper project. Drilling has started at one of the licence areas. The deal will provide cash for ARC Minerals to use to develop other projects. WH Ireland believes fair value is 5.8p/share, but the share price dipped 2.78% to 3.5p.

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