AIM movers: Engage XR contract wins and Nightcap buys Piano Works funded by subscription at a premium

Virtual reality platform operator Engage XR (LON: EXR) has won major contracts, including its largest ever. There is a seven figure US dollar contract to develop a private MetaWorld for a Middle East-based educational company. An extension has been secured to a contract with a major American bank for employee training. There should be benefits from the Lenovo headset partnership should show through this year. Shard Capital forecasts an EBITDA loss of €4.6m in 2023, with cash of €7.3m at the end of the year. The share price recovered 49% to 3.8p, which is the highest since last June.

Kistos Holdings (LON: KIST) is acquiring EDF Energy (Gas Storage), which owns two gas storage facilities at Hill Top Farm and Hole House Farm, for £25m. This is an entry into gas storage. Hill Top has 3.1% of the UK’s gas storage capacity, while Hole House is non-operational. Both sites could be used for hydrogen storage in the future. The share price is 8% higher at 149p.

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David Jones has increased his stake in Vast Resources (LON: VAST) from 4.14% to 5.1%. The share price improved 6.67% to 0.08p.

Oil and gas producer Angus Energy (LON: ANGS) has renewed the £6m bridge facility due to be repaid today has been extended to 23 February to allow time to complete documentation for a proposed £20m refinancing facility. The share price rose 6.25% to 0.425p.

Oil and gas company Arrow Exploration (LON: AXL) reveals successful results from drilling the CN-4 and CN-5 wells. CN-4 is on the 50%-owned Carrizales Norte field and has achieved test flow rates in line with neighbouring wells. CN-5 is a new discovery on the Tapir block with an initial resource target of 5.3mmbbl. Arow Exploration has cash of more than $13m. The share price is 5% ahead at 21p.


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Horizonte Minerals (LON: HZM) estimates that it will cost $454m to complete construction and deliver first metal at the Araguaia nickel project. This means that the estimate at completion is currently 87% higher than before at $1bn. The company is in talks with shareholders and lenders to secure full funding in the second quarter of 2024. The increased investment requirement means that existing debt facilities will have to be restructured. Short-term funding will be required will the discussions continue. The share price dived 60.3% to 3.375p – a new all-time low.

Nightcap (LON: NGHT) has acquired the Farringdon-based live music venue Piano Works out of administration for £200,000. The Farringdon site generated revenues of £4.6m last year. There is also a Paino Works on Nightcap’s Barrio Covent Garden site. The directors of the acquired business will take a minority stake. Nightcap has raised £1m at 6p/share – a premium to the market price. Bar Elba is closing in February. Allenby has reduced its 2023-24 profit forecast due to cost rises and train strikes. The EBITDA forecast has been slashed by 56% to £2.2m. The share price fell 8.16% to 4.5p.

Zeus has reinitiated coverage of Revolution Beauty (LON: REVB). The broker highlights the focus on the core brand and regions, plus the greater focus on cash generation. Zeus expects a return to profit in the year to February 2024 with £2.4m pencilled in. However, this is forecast to fall to £500,000 next year as brands are discontinued. The share price dipped 3.49% to 26.925p.

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