Yesterday, Forum Energy Services increased its shareholding in Angus Energy (LON: ANGS) from 10.5% to 16.2%. The share price improved a further 18.5% to 0.32p.
Oil and gas producer Parkmead Group (LON: PMG) reported a dip in interim revenues from £3.4m to £2.1m. There was a net cash outflow of £100,000. There is cash equivalent to 6.3p/share. The sale of UK North Sea licences to Serica Energy (LON: SQZ) should complete in the second quarter. That leaves gas production in the Netherlands and an operating wind farm in Scotland. Parkmead is reviewing acquisitions. The share price increased 9.43% to 14.5p.
Europa Metals (LON: EUZ) The disposal of the company’s main asset was completed on 13 November 2024, so it has one year from that date to acquire a new business. That led to a gain of £5.58m and a reported pre-tax profit of £4.83m. The share price rose 9.09% to 1.2p.
Shares in wines retailer Naked Wines (LON: WINE) continue to rise following yesterday’s announcement of its new strategy to build up its cash, partly by reducing inventories, and return to annual revenue growth of 5%-10%. Cost cutting and focusing on the core members will help to improve EBITDA to more than £10m. If the strategy is successful, cash could reach £100m by 2030. The share price is 5.93% higher at 86.65p.
FALLERS
URU Metals (LON: URU) shares have been hit by profit taking following the large jump in the price earlier in the week following the 25-for-one share split on 24 March. URU Metals is raising £300,000 at 3p/share, which is a large discount to the previous market price. This will finance the interpretation and ground work for the Zebediela project. The share price slumped 44.1% to 4.75p, having been as high as 10.5p earlier in the week.
GCM Resources (LON: GCM) has raised £1m at 3p/share, which will provide further working capital. Progress with the Phulbari coal and power project in Bangladesh remains slow and relies on the receipt of government approvals. At the end of 2024, there was cash of £900,000. The share price declined 20.8% to 2.85p.
Blue Star Capital (LON: BLU) lost £4.49m in the year to September 2024 following the write down of its investment 27.9% stake in SatoshiPay from £4.65m to £581,000. The future of Blue Star Capital is linked to the fortunes of SatoshiPay. The share price dipped 10% to 6.75p.
Woodbois Ltd (LON: WBI) has raised £2.65m at 0.05p/share. Every two shares come with a warrant with a subscription share price of 0.125p. There are also two options for a total subscription of £650,000. The timber supplier needs the cash because it had to pause production, and it would have been insolvent. Money will be spent on maintenance and paying overdue creditors. The accounts will be brought up to date so an audit can be completed. Financial systems will be improved and Jonna Cortez will become finance director and Mark Edworthy joint chief executive. A repayment schedule has been agreed with Nykredit Bank. The share price is one-eighth lower at 0.0525p.
Shares in cash shell Rosebank Industries (LON: ROSE) continue their decline following the return from suspension after it ended discussions with Cerberus Capital about the potential acquisition of critical electrical distribution systems supplier Electrical Components International Inc (ECI). Rosebank Industries decided not to go ahead with the deal because of stockmarket volatility. The share price slipped 7.83% to 530p.