Finsbury Food (LON: FIF) is recommending a 110p/share bid by a company backed by DBAY Advisors valuing the cake maker at £143.4m. There is a non-voting share alternative to the cash bid for eligible investors. The bid is less than ten times prospective earnings. The share price has not been at this level since early 2019. The share price moved ahead by 23% to 109.5p. Finsbury Food is one of the companies that has been on AIM the longest, although it has not always been a food company over more than a quarter of a century.
Clean water technology developer MYCELX Technologies Corp (LON: MYX) increased interim revenues by 51% to $5.6m and reduced its loss. Canaccord Genuity forecasts a full year loss of $1.6m and it expects at least breakeven in 2024. The share price jumped 24.7% to 60.5p.
Yesterday evening, Seed Innovations (LON: SEED) announced plans to buyback up to £850,000 of shares. The maximum number of shares is 21.5 million. The share price rose 17.5% to 3.7p, which is above estimated NAV.
Wishbone Gold (LON: WSBN) says drilling has started at the Red Setter project in Western Australia. Initial targets are at a shallow depth and the company is seeking broad spreads of mineralisation. The share price increased 15.2% to 2.65p.
Thor Energy (LON: THR) has raised A$1m via a placing at 4.2 cents/share to fund exploration in the Uravan belt. There is a 4,000 metre programme of reverse circulation drilling at the Radium Mountain/ Wedding Bell project in Colorado. This will be a follow up drilling campaign at Vanadium King project in Utah. The share price is 14.8% higher at 1.75p.
FALLERS
Late yesterday, online publisher Digitalbox (LON: DBOX) said interim revenues were £1.2m, which was ahead of expectations, but in the second half traffic numbers have been poor. That is due to less traffic coming from Alphabet and Meta, which are trying to retain traffic. Other changes from sources of traffic are also affecting the figures. Although traffic is down, the session values of higher. Digitalbox says it will still be profitable in 2023. The share price dived 28.6% to 3.75p.
Brandshield Systems (LON: BRSD) is raising money and planning to cancel the AIM quotation. A subscription will raise £2.68m at 5.68p/share, while a one-for-two open offer could raise up to £2.2m. This is a premium to the previous market price. The share price slumped 22.2% to 3.5p, which is a new low. The cybersecurity company, which reversed into a shell in December 2020, wants to reduce its cash burn. Leaving AIM is part of the cost reductions. The near-term focus will be growing revenues.
Interim sales of Tandem Group (LON: TND) fell 24% and it slumped into loss. Management still believes that the distributor of toys and leisure products could breakeven for the year as a whole. Net debt was £3.1m at the end of June 2023. There have been technical breaches on a property loan and Tandem hopes to consolidate its borrowings on a long-term basis by the end of the year. The share price fell 21% to 166p. Longboat Energy (LON: LBE) says that the gas discovery at the Velocette exploration well was sub-commercial. It could be an indication of other gas reservoirs in the area. The share price slipped 13% to 20p.