AIM movers: Fire Angel Safety accepts bid and Global Petroleum needs cash

Fire Angel Safety Technology (LON: FA.) has agreed a 7.4p/share bid from fire safety products manufacturer Siterwell Electronics, which already owns 17.5%. The share price has not been at that level for six months. The offer values FireAngel Safety Technology at £27.7m. The share price jumped 203.6% to 6.375p.  

Mining investment company Starvest (LON: SVE) plans to cancel the AIM quotation and commence a voluntary liquidation. This would involve the distribution of stakes in Greatland Gold (LON: GGP) and Ariana Resources (LON: AAU) to shareholders, while the other stakes will be sold. The share price improved by two-fifths to 7p, valuing Starvest at £4.1m. This is still a discount to the March 2023 NAV of £6.75m. Shareholder approval will be sought on 21 November and the AIM cancelation could happen on 29 November.

- Advertisement -

Challenger Energy (LON: CEG) has secured a short-term bridge loan of £346,500 with a 12% interest charge and this will be used to repay a convertible loan that has not been converted into shares. One holder is converting £55,000 into 100 million shares. The loan lasts up to six months and will be repaid either when the Cory Moruga asset in Trinidad is sold or the farm-out of Uruguay oil and gas assets is completed. There will be 250 million warrants exercisable at 0.1p each issued to the lender. The share price is 30% higher at 0.065p.

Kodal Minerals (LON: KOD) has completed its transaction with Hainan Mining, which is investing a total of $117.75m in the company. The cash will fund the construction of the Bougouni lithium project in Mali. The licence transfer into the new joint venture – 49% owned by Kodal Minerals – has been delayed, but it will happen. There are warranties to cover the period until the licence transfer. The share price increased 26.6% to 0.595p.

Arc Minerals (LON: ARCM) says that the main conditions for the Zambian joint venture with Anglo American, which has already acquired a 70% stake in the new joint venture, have been satisfied. Drilling has commenced on one of the licences. The share price rose 13.2% to 3.85p.


- Advertisement -

Global Petroleum (LON: GBP) reported a reduced full year loss, but cash was reduced to $356,000. Management admits it needs to secure additional finance in the very near future. The share price divided 41.3% to 0.0675p.

Secure Property Development & Investment (LON: SPDI) says the process of selling its property portfolio to Arcona Property Fund is continuing. Payment will be in cash and shares. Costs are already being reduced. NAV was 10p/share at the end of June 2023. The share price fell 11.1% to 4p.

Cadence Minerals (LON: KDNC) reported a reduction in loss from £5.05m to £1.95m. Net cash was £580,000 at the end of June 2023, while NAV was £19.5m. The share price slipped 6.86% to 4.75p.

Latest News

Subscribe to the UK Investor Magazine email newsletter

Register for our free email newsletter and receive the latest investment news, podcasts, event information and offers.

More Articles Like This

Tagdiv Cloud library - template content.