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AIM movers: finnCap bid approach and Sosandar achieves send half profit

AIM broker finnCap (LON: FCAP) has admitted that it has received indicative non-binding merger proposals from Panmure Gordon. There would be a cash offeror finnCap with an option to receive part of the consideration in shares. The share price rose 25.9% to 17p.

Tanfield Group (LON: TAN) has agreed a £2.9m settlement with solicitor Ward Hadaway over the Snorkel access platform deal. This takes the settlements to £6.9m. There are still US proceedings pending in the US.  The share price jumped 26.8% to 3.5p.

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Baron Oil (LON: BOIL) has been granted a six-month extension to its Chuditch production sharing contract in offshore Timor-Leste. A decision whether to undertake drilling can be delayed until 18 June 2023. There should news concerning the interpretation of seismic data by next week. The shares are 15.6% ahead at 0.104p.

Online fashion retailer Sosandar (LON: SOS) says full year revenues increased by 72% to £20.9m and it was profitable in the second half of the year to September 2022. Active customers rose by on-third to 254,601. Net cash was £4.2m at the end of September 2022. Sosandar has starting selling products through JD Williams. The share price improved by 10.5% to 15.75p.

Further share buybacks have helped to boost the share price of Tremor International (LON: TRMR). A further 28,011 shares were acquired at 298.15p each yesterday. There have been daily purchases under the $20m repurchase plan since 5 October. The share price rose 10.9% to 345p.

Electric motors developer Saietta (LON: SED) is focusing on long-term potential rather than short-term revenues. It says joint development work with ConMet has produced concept designs for eDrives for the truck and bus market. Road trials should start next year. The potential for the product is being broadened and could increase potential revenues. Saietta expects to be made sole eDrive partner by an OEM in India and production could start by the end of 2023. Total unit volumes could be up to 500,000 by 2029. There was £23m in the bank at the end of September 2022. The share price increased by 7.9% to 102.5p. Last July’s placing price was 120p.

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Bradda Head (LON: BHL) has received the results from its drilling programme the Basin East lithium project in Arizona. There4 should be a resource update in the next couple of months. A 30 hole drilling programme is planned for the rest of this year. However, the authorities have told Bradda Head that its claims over Wikieup South are no longer valid because they are owned by a third party. There was a 10.4% fall in the share price to 7.75p. That is still above the July 2021 float price of 5.5p.

Cancer diagnostic test developer Angle (LON: AGL) says that it is streamlining its operations to make its cash last longer. In 2023, cost savings should be £2.6m and the full annual cost savings of £4m should be achieved from 2024 onwards. There will be a £500,000 exceptional cost. The facility in Canada is being closed and the Pennsylvania laboratory will be the central hub of the North American operations. The Canadian facility came with the acquisition of Axela Inc in 2017. R&D spending will be relocated to the UK. The shares slipped 5.3% to 49.25p.

WH Ireland has published an analyst note on Artemis Resources (LON: ARV) suggesting a fair value of 8p a share. The broker describes Artemis Resources as a low-risk entry point into copper gold exploration with potential upside from a fully funded drilling programme. Even so, the share price has fallen 5.2% to 72.5p.

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