AIM movers: eEnergy £40m funding facility and FD Technologies set to focus on KX software

eEnergy Group (LON: EAAS) has secured a funding facility from National Westminster of up to £40m. This can be used to fund public sector energy transition projects and lasts 12 years. This will lower the cost of capital. Growth has been held back by balance sheet constraints. Group revenues were £46m in the 18 months to December 2023. EBITDA was between £5.1m to £5.3m. The energy management division was sold after the year end. The share price jumped 24.2% to 8.2p.

Corcel (LON: CRCL) says Extraction Premium and Mining, which is associated with the Corcel chairman, has converted £750,000 of loan notes into shares in the Angola-focused mineral explorer at 0.8p each. That takes its stake to 24.4% and it has entered into a call option with Richard Jennings for the right purchase 99 million shares at 1.2p each, which would keep the stake just below 30%. The option lasts until 1 June. The share price improved 15.6% to 1.025p.

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Semiconductors designer Sondrel (LON: SND) is making progress with a £900,000 secured 15% convertible loan note to provide the short-term working capital required. This convertible at 10p/share. The share price recovered 7.69% to 10.5p.

Bushveld Minerals (LON: BMN) has received a further $3.4m in loans from Southern Point Resources, taking the total to $9.4m. This will be repaid once the $12.5m subscription cash is received. That should be enough cash for the company’s immediate requirements. Subscription cash has not been received from Acacia Resources and Bushveld Minerals has denied a further extension for the $3.5m payment. The share price rose 5.56% to 1.425p.


FD Technologies (LON: FDP) has completed its structural review and it is splitting into three businesses. The first move is the all-share merger of the MRP business with CONTENTgine, which provides buyer insights and lead generation, and FD Technologies will own 49% of the combined group. MRP generated revenues of £41.5m in 2022-23. The medium-term plan is to divest First Derivative and concentrate on software company KX. In the year to February 2024, group revenues were £247m and EBITDA was at least £22.5m. That excludes MRP. KX has grown annualised recurring revenues more slowly than expected because of longer sales cycles. The share price dived 31.7% to 905p.

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Orchard Funding Group (LON: ORCH) has been hit by fraudulent introducer and subsequent fraudulent credit agreements. A £500,000 provision has been made, which is the total exposure. Management is reviewing the rest of its lending book. The share price slumped 24.5% to 18.5p, which is a new low.

Molecular Energies (LON: MEN) has suspended drilling on the Tapir x-1 exploration well in Paraguay. There were tough drilling conditions, and the target zone was not reached. A decision will be made on whether to continue at this well. In the past four months, Molecular Energies has received $1.28m of the $13m owed by its former Argentinian subsidiary. Subsidiary Green House Capital has been granted assurance that it is eligible for EIS relief ahead of the proposed spin-off on AIM. The Molecular Energies share price dipped 23.4% to 21p.

Horizonte Minerals (LON: HZM) says lenders have extended the deferral of interest payments to 29 March. Management is working with lenders and shareholders on full funding for its Araguaia project. The talks could be finalised by June, but additional funding will be required before that. The $24.8m in the bank should last until the middle of April, depending on any cost savings achieved. The Brazilian subsidiary may need to resort to protective measures to protect its cash position. Horizonte Minerals is a guarantor of the subsidiary’s debt, and it may also need to apply for protective measures if the refinancing is not agreed. The share price declined 13.3% to 3.25p.

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