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AIM movers: FireAngel takeover gets nearer and Eqtec waiting for funds

The UK government has conditionally approved the bid for FireAngel Safety Technology (LON: FA.) by Intelligent Safety Electronics. The conditions involve corporate governance, the appointment of a UK vetted chief information security officer and met requirements relating to the design of network products. The bid is 7.4p/share. The share price rebounded 47.1% to 6.25p.

South Crofty tine mine developer Cornish Metals (LON: CUSN) says it does not know why the share price has been declining and it recovered 18% to 6.75p. Management says that it will publish first quarter figures by 23 May.

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A trading update from professional services provider FRP Advisory (LON: FRP) shows revenues 23% ahead at £128m and much higher than forecast EBITDA of £37m. Work on corporate administrations is rising, but all five of the divisions grew. Net cash was around £30m at the end of March 2024. Cavendish has raised its 2023-24 pre-tax forecast to £33m with a further improvement to £34.2m in 2024-25. The share price increased 10.9% to 142p.

Hummingbird Resources (LON: HUM) has recommenced operations at Kouroussa after establishing a negotiating framework to settle contract claims between Hummingbird Resources and Corica. Mining operations will be ramped up by Corica and it will focus on higher grade material. Talks with the main lender continue and Hummingbird Resources has received a $10m short-term loan from major shareholder CIG. The share price improved 17% to 11p.

FALLERS

Waste to technology energy technology developer Eqtec (LON: EQT) has not received the expected £1.5m funding from Verde Corporation and negotiations continue. The related debt conversion has been put off. Eqtec expects to receive £2m from Logik for the sale of land.

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Orchard Funding Group (LON: ORCH) believes that it is not worth being quoted on AIM and the insurance premium finance provider intends to cease paying dividends. The cash can then be used to make a tender offer to shareholders when appropriate. The share price slipped 19.6% to 1.125p. The share price fell 11.7% to 26.5p.

Cavendish has published 2024 forecast for XLMedia (LON: XLM), which are only for the US operations. Like-for-like revenues are expected to fall from $27.5m to $24m. Because of disposals, pre-tax profit is set to decline from $5.7m to $2.3m. There are plans to return part of the disposal proceeds to shareholders. The share price slipped 5.32% to 11.125p.

Ethernity Networks (LON: ENET) has entered into a structured investment deed with New Technology Capital for a gross amount of £800,000. The network technology developer should receive the cash next week and it will issue 40 million shares ana contingent warrant to the provider of the funds. The share price is 6.7% lower at 0.7p.

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