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AIM movers: Crossword Cybersecurity distribution deal and Surface Transform impairment

Crossword Cybersecurity (LON: CCS) has signed a partnership to jointly market its Rizikon supply chain cyber platform. The deal is with a UK subsidiary of a global aerospace and security company. The focus is sub-sectors within the UK critical national infrastructure market. There is potential to generate several million pounds over the next few years. The share price jumped 64.6% to 6.75p

Supercapacitors developer Cap-XX (LON: CPX) has appointed former ITM Power boss Dr Graham Cooley, Peter Fraser and Anthony Sive as non-executive directors. They have each been granted 10 million options exercisable at 0.08p/share. There will be a capital markets update alongside the publication of the results for the year to June 2024. The share price increased 40.5% to 0.111p.

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Shares in Oil and gas projects developer Longboat Energy (LON: LBE) continue to rise following news it is selling its assets in Norway for $2.5m and the assumption of $8,5m of debt by the acquirer. This should save $1.25m in costs in 2025. The cash will be invested in the main asset, which is the 52.5% owned Kertang gas prospect, offshore Sarawak. A farm out process will be conducted in the second half of 2024. An updated competent person report is due at the end of the month. The share price recovered a further 35.4% to 16.25p.

Premier African Minerals (LON: PREM) is awaiting delivery of the conditioning tank and it should be commissioned by the middle of July. This should be the last modification of the processing plant at the Zulu lithium and tantalum. Water access has been arranged. Lower grade concentrates will be sold on an ex-mine gate basis. This will provide a small amount of cash flow. The share price improved 9.76% to 0.1125p.

FALLERS

Slater Investments continues to reduce its stake in R&Q Insurance Holdings (LON: RQIH), which is trying to sell its Accredited business and is in financial difficulties. The stake has been more than halved from 11.7% to 5.64% over the past week. The share price fell by one-fifth to 0.08p.

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Surface Transforms (LON: SCE) expects the 2023 audit to be completed in time to publish accounts before the end of June. The ceramic brake technology developer says that the delay relates to revenue recognition policy for development revenues and the policy is being changed to recognition when system integration is completed, which will reduce 2023 revenues by £1m. An impairment review of tangible and intangible is set to lead to a £3m charge. The share price declined 18.1% to 1.7p.

Oxford BioDynamics (LON: OBD) reported interim revenues of £327,000 from its diagnostic tests. It is still early days for the EpiSwitch PSE test in the US and sales are starting to build up following the receipt of the reimbursement code. Cash fell to £1.2m at the end of March 2024. The £9.9m fundraising cash was not received until after the end of March. That fundraising was at 9p, while the share price slipped 13.4% to 6.36p.

Xtract Resources (LON: XTR) says a review of pre-concentration options at the Bushranger copper project in New South Wales recommends further test work on pre-screening, gravity separation and coarse particle flotation. This project becomes profitable at a copper price above $10,000/tonne. Financial plans will be reassessed after the tests. The share price decreased 12.2% to 0.9p.

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