Oil and gas company ADM Energy (LON: ADME) has sent its circular covering the planned capital reorganisation and £313,000 share issue at 0.1p/share. There are also plans to divest the stake in the Aje oil field in Lagos. The proceeds may be distributed to shareholders. The share price increased 26.7% to 0.19p.
Helium One Global (LON: HE1) has received an offer of a mining licence for the South Rukwa helium project in Tanzania. The Jackson-31 well at the Galactica helium project in Colorado has been drilled with free gas confirmed by wireline logs. Blue Star Helium is the operator. The share price rose 19.8% to 1.09p.
Broadband provider Bigblu Broadband (LON: BBB) is launching a tender offer of up to £6.1m at 40p/share. It is expected to close on 22 April. Net debt was £6.6m and the sale of the Australian business has brought in more cash to repay that debt. The share price is 16.1% higher at 32.5p.
Tiger Royalties and Investments (LON: TIR) has launched the Tiger Cohort AI Agent Accelerator Programme. Eight entrepreneurs developing utility meme coin projects will participate and two will each receive an investment of £250,000 and ongoing resources for further development. The share price improved 15.8% to 0.11p.
Finseta (LON: FIN) has launched its Finseta corporate card, which is co-branded with Mastercard. It is usable in more than 200 countries. Finseta will receive a fee based on the value of each transaction. Income should be generated in the first half of 2025 and the gross margin is higher than the core business. The 2024 results will be reported in April. The share price is 9.84% ahead at 33.5p.
Versarien (VRS) has completed the sale of its South Korean assets, and the total cash received is £611,000. An IP licence has been granted to acquirer MCK Tech, which has to deliver sales of at least £250,000 over the first two years or the licence will be terminated and £40,000 will be payable. The share price recovered 10.3% to 0.032p.
Telematics provider Quartix (LON: QTX) reported an 8% increase in 2024 revenues to £32.4m, while pre-tax profit improved by one-quarter to £6.3m. The final dividend is doubled to 3p/share, taking the total to 4.5p/share. Annualised recurring revenues are £32.2m. Cavendish has upgraded its 2025 pre-tax profit forecast to £7m. The share price rose 9.24% to 171.5p.
FALLERS
Kazakhstan-focused oil and gas producer Caspian Sunrise (LON: CASP) has issued a corporate update covering recent progress. Last year’s production averaged 1,707 barrels of oil/day, down from 1,822 barrels of oil/day in 2023. Current production is 1,485 barrels of oil/day. A Middle East financial institution is investing $72.5m for a 50% stake in the BNG deep structures. Caspian Sunrise has an exclusivity agreement to acquire and established oil field. The share price dipped 7.46% to 3.1p.
Financial services provider Team (LON: TEAM) is raising £569,000 at 10p/share. The new strategic investors are VT EPIC MA Growth Fund and VT EPIC Wealth Fund. In the year to September 2024, revenues rose from £5.3m to £10.3m. The loss increased from £443,000 to £2.92m, including an impairment charge of £600,000. The business has been split into three divisions: investment management, advisory and international. Assets under management are £325m, while assets under administration are £836m. Inflows are increasing this year and new product launches are planned. NAV was £9.95m. The share price fell 6.38% to 11p.