Ethernity Networks (LON: ENET) has won a $1.1m contract in the US. It will supply networking technology and the deal could lead to further business. The project implementation cannot start until the US government provides approval. The share price moved up 31% to 0.95p.
Eurasia Mining (LON: EUA) share trading will be suspended on 1 July because it has not published 2023 accounts. The share price still improved 4.76% to 2.2p.
Directors of Firering Strategic Minerals (LON: FRG) have subscribed £230,000 at 2.9p/share, taking the total raised in the recent fundraising to £2.32m. The share price increased 8.06% to 3.35p.
Tavistock Investments (LON: TAVI) has confirmed it is considering disposals, including part of the group to financial planning and investment services provider Saltus. The share price is 7.35% ahead at 3.65p.
UK Oil & Gas (LON: UKOG) says a competent person report on the Horndean field, where it owns 10%, shows that its share of the net 2P reserve is 106,400 barrels of recoverable oil. The total estimate is slightly higher than previously. This is a steady income producing investment and generated net earnings of £147,000 last year. The share price rose 6.06% to 0.0175p.
FALLERS
Pubs and bars operator Nightcap (LON: NGHT) has decided to cancel the AIM quotation because of the weak share price and the difficulty to raise additional funds. Trading is challenging and this is expected to continue for the rest of the year. EBITDA for the year to June 2024 is below expectations. Integrating The Piano Works has been more costly than anticipated. A general meeting will be held on 17 July but there is already sufficient support to pass the resolution to leave AIM. The quotation is likely to be cancelled on 29 July. A matched bargain facility will be provided by Asset Match. The share price slumped 52.2% to 1.65p.
Renewables investment company I(X) Net Zero (LON: IX.) also plans to cancel its AIM quotation. The share price has slumped since joining AIM, partly because of the timing. Renewables businesses were in favour, but there was a subsequent change in investor sentiment to companies that were not profitable. There has also been a lack of liquidity in the shares. Cash is flowing out of the company and more funds are likely to be required. There were $81.1m of unrealised gains in 2023, mainly due to a rise in valuation for WasteFuel after an investment by BP. NAV is $122.2m. The share price fell 35.4% to 10.5p, which values I(X) Net Zero at £14.2m. There are plans to obtain a matched bargain facility though JP Jenkins.
There has been a poor start to the year for in-game advertising technology company Mirriad Advertising (LON: MIRI), but it hopes the second half will be stronger as newer business commences. First half revenues are likely to fall from £592,000 to £400,000. There were delays to the roll out of connected TV. Cost savings are coming through. The share price dipped 31.8% to 0.675p.
Interim figures from musicMagpie (LON: MMAG) reported a drop in revenues. According to the management this was partly down to changing the US business into a sourcing operation. UK technology sales were slightly higher. Disc and book sales were lower. Costs were reduced and the loss declined from £3.2m to £3m. Net debt was £13.8m at the end of May 2024. The company has diversified into buying branded fashion from people. The share price is down 17.2% to 6p.
