CloudCoCo (LON: CLCO) is selling its managed IT services business for £9.2m. This will discharge liabilities, including the MXC loan notes, and leave cash of £950,000. If the sale does not go ahead management will need to consider if there is a future for the group. There are also discussions concerning the sale of the Connect business. The focus will be on the product reseller business. The share price soared 210.3% to 0.45p – the highest level since April.
Healthcare communications technology developer Feedback (LON: FDBK) says that reimbursement for its Bleepa technology sales is available via the Elective Recovery Fund. It means that integrated care boards can adopt the technology with no capital investment to reduce waiting lists. They will gain a payment of £206 per patient. The market could be worth £2m for each of the 42 integrated care boards there are currently ten interested in Bleepa. Implementation costs should be less than £50,000 per client. The share price jumped 60.3% to 58.5p.
Allergy Therapeutics (LON: AGY) has entered into a £40m senior loan facility with Hayfin Healthcare Opportunities LuxCo and increased the existing loan facility from £40m to £50m – the repayment date is extending to October 2030. There is £27.5m drawn down from the existing facility. European approval of the grass allergy treatment could be received in the next 12 months. The share price improved 17.7% to 5p.
Trafalgar Property Group (LON: TRAF) has received planning permission to demolish the existing property and build detached houses at Talbot Park in Tunbridge Wells. The share price is 15.4% higher at 0.0375p.
FALLERS
Graphene technology developer Versarien (LON: VRS) is raising £450,000 at 0.0325p/share, which will fund in-house concrete and mortar testing capabilities and other external testing. Versarien has signed 3D construction printed products. There are commercial opportunities worth £1.6m and related grants of £3.1m. The share price dived 39.1% to 0.0322p.
Weak interior design markets, particularly in the UK, hit interim the figures of Sanderson Design Group (LON: SDG). The timing of licensing revenues exacerbated the downturn in underlying pre-tax profit from £6.8m to £2.2m. The dividend has been reduced by one-third to 0.5p/share. Net cash fell to £9.6m at the end of July 2024.Trading continues to weaken with a 10% downturn in revenues so far in this financial year. The aftermath of the UK Budget and the US election could determine the full year outcome. Investec has reduced its pre-tax profit forecast by 8% to £7.5m, down from £12.2m last year. The share price declined 17% to 63.5p.
Africa-focused oil and gas company Tower Resources (LON: TRP) is raising £1.19m at 0.027p/share and the company has received an updated financing proposal for the Thali PSC in Cameroon. This would provide more than $15m to fund additional drilling in return for a minority interest. The discussions continue and there are other interested parties. The share price slipped 13.7% to 0.0315p.
Touch screens manufacturer Zytronic (LON: ZYT) says full year revenues will decline from £8.6m to £7.2m even though there was a recovery in second half revenues. Volumes are not expected to recover in the short-term. This has sparked a strategic review that could include the sale of the company or liquidation of assets – NAV was 127p/share at the end of March 2024. The operating business is expanding its PCAP product range and reducing its manufacturing footprint. The share price fell 6.54% to 50p.