AIM movers: Cancellation hits Blackbird and Itsarm meeting adjourned

Itsarm (LON: ITS) adjourned its general meeting to gain shareholder approval for the cancellation of the AIM quotation. The meeting will be held on 26 May. Existing votes will be valid. The share price recovered 30% to 0.325p, although this is well below the high for the day of near to 0.5p.

Shareholders in Pathfinder Minerals (LON: PFP) have agreed to the sale of the IM Minerals subsidiary for an initial £2m in cash. This should be completed on 15 May and the company will become a shell. The share price is 15% higher at 0.575p, which is near to its high this year.

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Sustainable biopesticides developer Eden Research (LON: EDEN) has received regulatory approval for Cedroz for fruit and vegetables in California and Florida, as well as Mevalone for the use on Botrytis on grapes in Florida. Sales should commence in 2024. The share price is 10.6% ahead at 4.7p.

Proteome Sciences (LON: PRM) is establishing a facility in San Diego and it should open in the fourth quarter of 2023. Shipping costs and timing delays have made providing proteome services to the US customer base from Europe difficult. The share price rose to 4.8p, but has fallen back to 4.39p, up 0.9% on the day.

A&E Television Network is cancelling its contract with video editing technology developer Blackbird (LON: BIRD) at the end of June. Last year, this contract contributed less than 10% of 2022 revenues of £2.85m. Blackbird is growing its revenues, including from licensing, but this contract loss will hold back the overall rate of growth. Blackbird has £9m in cash, down from £10m at the end of 2022. The share price fell by one-quarter to 7.5p.

Shares in Unbound Group (LON: UBG) continue to fall after Marwyn said that it had decided not to invest due to concern about the footwear retailer’s trading. Management says that it will require further covenant waivers from its banks. Options for raising cash are being considered. The share price is 15.4% lower at 2.75p, which is a new low.

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Tlou Energy (LON: TLOU) has launched a four-for-eleven offer to existing shareholders that could raise up to £5.86m at 2p a share. The share price fell 8.7% to 2.1p. This will finance the development of the Lesedi coal bed methane gas-to-power project in Botswana. First electricity sales are expected in the second quarter of 2024.

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