Caledonian Holdings (LON: CHP) is acquiring Aspire Commerce Group for £1. The implied enterprise value is £9.49m and Caledonian has provided a working capital facility of up to £600,000. The acquisition provides a technology platform for financial services, including FX and business lending, and additional ones can be added. This will provide a base for further expansion. The loans taken on will be restructured. Aspire generated revenues of £36,000 in 2024. Caledonian will have to change its investing policy to enable it to own 100% of any business. The share price increased by one-quarter to 0.005p.
Tanfield (LON: TAN) has received a positive update for 49%-owned Snorkel. The US court has upheld that Tanfield did exercise its call option to sell its stake in Snorkel to the 51% shareholder. It is entitled to the price plus interest. The trail concerning the dispute and the option price is delayed until next year. Tanfield values the stake at £19.1m. The share price gained 22% to 6.25p, valuing Tanfield at £10.2m.
Oracle Power (LON: ORCP) says assay results from the first six drill holes at the Northern Zone intrusive hosted gold project in Western Australia have expanded the gold mineralisation footprint. There are a further 15 holes where assay results are expected. A new drilling programme has started and 12 out of the 40 holes have been drilled. The share price is 9.33% higher at 0.041p.
Floorcoverings supplier Victoria (LON: VCP) has commissioned a V4 ceramics production in Spain. This could add €15m annually to earnings once fully up and running. Cost cutting and improved efficiency will enhance profit in the ceramics division. The share price rose 7.05% to 41.375p.
Savannah Resources (LON: SAV) is progressing towards a final investment decision on the Barroso lithium project in Portugal. Lithium demand is increasing and the spodumene price has risen 80% since the end of June and is currently around $1,100/t. Discussions continue with potential customers. Savannah Resources is also acquiring a nearby mining lease. There is potential for a German government guarantee on a project finance loan of up to $270m. After the recent fundraising at 3.7p/share the company has £21m in cash. The share price improved 7.25% to 3.7p.
FALLERS
A potential acquirer of the assets of Versarien (LON: VRS) has withdrawn and the engineering materials company is considering its options. There are limited cash resources. The share price slumped 44.2% to 0.0053p.
Atlantic Lithium (LON: ALL) has received £1m from Long State, which is the deferred proceeds of the initial placement under the share placement agreement. This was at a premium because of the rise in the share price. A second placement is happening with £1m initially and £1m deferred under the agreement. The share price dipped 10.3% to 9.96p.
There is profit taking in Pennant International (LON: PEN) shares following the rise yesterday that it has been formally awarded the GenFly upgrade by the MoD. The contract is worth up to £5.75m. There is an initial upgrade of one device and then of a further two devices. The programme commences in December and lasts three years. The share price fell back 4.44% to 21.5p.
Caledonian Holdings (LON: CHP) is acquiring Aspire Commerce Group for £1. The implied enterprise value is £9.49m and Caledonian has provided a working capital facility of up to £600,000. The acquisition provides a technology platform for financial services, including FX and business lending, and additional ones can be added. This will provide a base for further expansion. The loans taken on will be restructured. Aspire generated revenues of £36,000 in 2024. Caledonian will have to change its investing policy to enable it to own 100% of any business. The share price increased by one-quarter to 0.005p.
Tanfield (LON: TAN) has received a positive update for 49%-owned Snorkel. The US court has upheld that Tanfield did exercise its call option to sell its stake in Snorkel to the 51% shareholder. It is entitled to the price plus interest. The trail concerning the dispute and the option price is delayed until next year. Tanfield values the stake at £19.1m. The share price gained 22% to 6.25p, valuing Tanfield at £10.2m.
Oracle Power (LON: ORCP) says assay results from the first six drill holes at the Northern Zone intrusive hosted gold project in Western Australia have expanded the gold mineralisation footprint. There are a further 15 holes where assay results are expected. A new drilling programme has started and 12 out of the 40 holes have been drilled. The share price is 9.33% higher at 0.041p.
Floorcoverings supplier Victoria (LON: VCP) has commissioned a V4 ceramics production in Spain. This could add €15m annually to earnings once fully up and running. Cost cutting and improved efficiency will enhance profit in the ceramics division. The share price rose 7.05% to 41.375p.
Savannah Resources (LON: SAV) is progressing towards a final investment decision on the Barroso lithium project in Portugal. Lithium demand is increasing and the spodumene price has risen 80% since the end of June and is currently around $1,100/t. Discussions continue with potential customers. Savannah Resources is also acquiring a nearby mining lease. There is potential for a German government guarantee on a project finance loan of up to $270m. After the recent fundraising at 3.7p/share the company has £21m in cash. The share price improved 7.25% to 3.7p.
FALLERS
A potential acquirer of the assets of Versarien (LON: VRS) has withdrawn and the engineering materials company is considering its options. There are limited cash resources. The share price slumped 44.2% to 0.0053p.
Atlantic Lithium (LON: ALL) has received £1m from Long State, which is the deferred proceeds of the initial placement under the share placement agreement. This was at a premium because of the rise in the share price. A second placement is happening with £1m initially and £1m deferred under the agreement. The share price dipped 10.3% to 9.96p.
There is profit taking in Pennant International (LON: PEN) shares following the rise yesterday that it has been formally awarded the GenFly upgrade by the MoD. The contract is worth up to £5.75m. There is an initial upgrade of one device and then of a further two devices. The programme commences in December and lasts three years. The share price fell back 4.44% to 21.5p.