A client in Israel has cancelled a contract with Ethernity Networks (LON: ENET), which relates to the provision of the company’s Universal Edge Platform. This made Ethernity Networks the worst performer of the day with a 22% share price decline to 9.75p. The client claims that its customers have complained about delays in product delivery. Ethernity Networks blames its client for delays due to pricing and amendments to designs. The contract was worth $930,000 and $107,000 has been invoiced. Last year’s group revenues were $2.64m.
There was a negative reaction to the unsecured convertible loan note facility of up to £750,000 obtained by oil company TomCo Energy (LON: TOM). The interest charge is a fixed 5% of the principal drawn down. The conversion price is the lower of 0.75p or the averaged weighted market price discounted by 15%. If the cash is not repaid by the end of November, then the loan notes will be converted. There will also be up to 100 million warrants exercisable at 0.75p each. TomCo Energy will use $250,000 to repay part of the Valkor loan. The remaining $1.25m is repayable in October. The new facility is a short-term fix, but there is still more to do. The share price fell 19.1% to 0.445p.
Conroy Gold & Natural Resources (LON: CGNR) has published initial drill results from Clontibret. The first three drill zones intersected eighteen gold zones were intersected, including four new gold zones. The market was not impressed and the share price fell 13.3% to 19.5p.
Graphene-based technology developer Directa Plus (LON: DCTA) says 2022 revenues will grow by 40%, but that is below the Cenkos forecast of €14.1m. The latest announcement suggests 2022 revenues of just over €12m. The share price slipped 5.5% to 86p.
Telephony services provider LoopUp Group (LON: LOOP) has taken on a book of conference service contracts from a US competitor for no initial payment. There is a revenue share agreement for three years to October 2025. These contracts could generate cash of £5m a year, although it may reduce due to customer churn. This is much-needed cash flow for the business, which is still heavily loss-making. The new bank facility is £17m and that more than covers the expected net debt at the end of 2023. The shares jumped by one-third to 9p.
AI-based biopharma data analytics services provider IXICO (LON: IXI) says that its EBITDA for the year to September 2022 will be comfortably ahead of the £1.2m expected. This is the second upgrade since May. The revised forecast EBITDA is £1.5m. Delayed and ceased trials mean that revenues will decline in 2022-23 and IXICO is expected to fall into loss. The share price is 9.15% higher at 38.75p.
Cake Box (LON: CBOX) chief executive Sukh Chamdal acquired 225,000 shares at 121.85p each following yesterday’s profit warning. He owns 25% of the company. The share price recovered 15.9% to 145.5p.
Second quarter revenues of Nostra Terra Oil & Gas (LON: NTOG) were one-third higher than the previous quarter at $1.14m. In the quarter averaged daily production was 22% ahead at 125 barrels and the rest of the increase in revenues came from higher prices. The share price is 5.08% higher at 0.31p.
Firering Strategic Minerals (LON: FRG) has found lithium mineralisation in ten out of eleven drill holes at the Atex lithium-tantalum project in Cote d’Ivoire. The first assay results are expected in the fourth quarter. The share price moved ahead by 4.4% to 7.05p.
Ex-dividends
Aferian (LON: AFRN) is paying a dividend of 1p a share and it has gone ex-dividend today and not last Thursday. The share price is unchanged at 133.5p.
Inspecs Group (LON: SPEC) is paying a final dividend of 1.25p a share and the share price fell 3p to 188p.
Knights Group Holdings (LON: KGH) is paying a dividend of 2.04p a share and the share price rose by 1.25p to 102.25p.
Ramsdens Holdings (LON: RFX) is paying an interim dividend of 2.7p a share and the share price is 3p lower at 200.5p.
Solid State (LON: SOLI) is paying a final dividend of 13.25p a share and the share price fell 5p to 1125p. Supreme (LON: SUP) is paying a final dividend of 3.8p a share and the share price declined by 6p to 89p.