Cancer treatments developer Sareum (LON: SAR) no longer has an outstanding facility with RiverFort Global Opportunities PCC following the issue of 2.26 million shares. No more withdrawals will be made. That has pleased investors and the share price jumped 24.7% to 29p and it is 75.8% higher over five days.
A year-end trading statement from identity services provider GB Group (LON: GBG) indicates that 2023-24 results will be better than expected with revenues of £277.3m and operating profit slightly ahead of previous expectations of £60m at £61.2m. Net debt was reduced to £81m. Fourth quarter constant currency growth accelerated to 5% and growth is set to continue in mid-single digits. The share price recovered 15.8% to 299.6p.
Trellus Health (LON: TRLS), which develops programmes for managing chronic conditions, still had net cash of $12.2m at the end of 2023 and this should last into the middle of 2025. Revenues were modest at £19,000, but a large-scale pilot was signed with United Healthcare earlier this year and patients are being enrolled. This and other contracts will initially generate modest revenues, but they are important in proving the effectiveness of the company’s technology. The share price improved 12.5% to 0.0405p.
Angola-focused oil and gas explorer and producer Corcel (LON: CRCL) says investor Richard Jennings has sold his 99 million shares to Extractions Premium and Mining taking its stake to 21.3%. It is also buying 100 million shares in the recent placing, which will take the stake to 29.6%. The share price rose 10.8% to 0.36p.
FALLERS
Bushveld Minerals (LON: BMN) shares have fallen 48.9% to 0.0575p on the back of concerns about the vanadium price. Vametco achieved production of 855mt of vanadium in the first quarter of 2024 even though there were 25 maintenance days. The lower level of production meant that cash costs rose from $25.90/kg to 28.40/kg. In contrast higher production by Vanchem meant that cash costs fell to $25.30/kg in the first quarter, and they were even lower in March. Weak steel demand has hit the Vanadium price and it fell from $31.60/kg to $28.40/kg in the most recent quarter. The focus has been on sales to higher margin markets, such as aerospace and chemicals. Bushveld Minerals has $2.2m in cash. The sale of a 50% stake in Vanchem and 64% of the Mokopane project should generate $25m, but regulatory approvals are not expected until July. Further funding is required.
Video games producer tinyBuild (LON: TBLD) reported a 29% fall in 2023 revenues and a swing from a pre-tax profit of $15.9m into a loss of $64.5m – partly due to asset write downs. There will be $10m of annualised savings this year. Operating cash flow was $10.9m last year. That is before capitalised development spending of $31.9m. Net cash was $2.5m at the end of 2023 and since then $11.4m has been raised at 5p/share. The share price dipped 20.8% to 4.75p.
Alaska-focused oil and gas company 88 Energy (LON: 88E) plans to raise £5.23m at 0.16p/share and the share price has fallen a further 18.8% to 0.1575p. There has been a one-third decline so far this year. There was A$17.5m in the bank at the end of March. The money will be spent on project Phoenix in Alaska, where the Hickory-1 well has been tested successfully, and other projects. The cash should last for at least 12 months.
MBU Capital is requisitioning a general meeting at metallurgical coal miner Bens Creek (LON: BEN). It holds 22.1% of the company and wants the general meeting to discuss operational and strategic challenges. The Chapter 11 process continues to be progressed by the US subsidiaries of Bens Creek. The share price declined 16.7% to 0.25p.
Translation services provider RWS Holdings (LON: RWS) says interim revenues were 4% lower at £350m, while pre-tax profit will slide from £54m to £45m. Revenues are expected to improve in the second half, but it will be difficult to achieve the full year pre-tax profit forecast of £120m. The share price is 11% lower at 165.4p.
