Battery technology developer Gelion (LON: GELN) has signed a joint development agreement with natural resources company Glencore International. The two companies will assess the suitability of Gelion technologies for use in Glencore’s stationary or mobile applications and pilot any opportunities. There will also be an assessment of strategic supply of materials to Gelion and future recycling. The share price jumped 48.7% to 27.5p.
Identity management software provider Intercede Group (LON: IGP) is partnering with Carahsoft Technology Group, which is an IT services provider to the US and Canadian governments. This will take Intercede into new markets. The share price is 10% higher at 137.5p.
At its AGM, Avacta (LON: AVCT) confirmed that arm 2 of the phase 1 trial for AVA6000, a peptide drug conjugate form of chemotherapy has not shown any toxicities. There will be an update on the data in the second half. A new finance director is being sought and Darlene Deptula-Hicks has become a non-executive director. The share price increased 6.98% to 46p.
HSS Hire (LON: HSS) says revenues grew 4% in the first five months of the year. Full year EBITDA is likely to be in line with expectations of £57.7m. The share price rose 6.71% to 7.79p.
FALLERS
Mongolia-focused oil and gas producer Petro Matad (LON: MATD) has raised £7m at 2p/share. The Heron-1 will be onstream soon and the cash will fund the drilling of the Heron-2 well. The Gobi Bear-1 exploration well will also be drilled. The share price slumped 40.7% to 2.225p.
Medical devices developer Inspiration Healthcare (LON: IHC) reported a decline in full year revenues from £41.2m to £37.6m and fell into loss. There was a £4.1m impairment charge relating to the costs of developing a neonatal warming/cooling product and restructuring charges. The delay in a Middle East order has hampered finances. Net debt was £6m at the end of January 2024 and it has risen to £9.5m. A £700,000 loss is forecast for 2024-25, but that assumes a recovery in the second half. The closure of the Hailsham facility will generate savings of £500,000. Inspiration Healthcare is raising £2.5m through a placing at 14p/share and a retail offer could raise up to £500,000. That will enable further drawdowns from the £10m HSBC facility. The share price slipped 28.6% to 17.5p.
Live Company Group (LON: LVCG) is continuing discussions with a cornerstone investor to provide cash required because of the shortfall at the Brick Live division. A KPOP event in Germany is being promoted alongside the cornerstone investor. The 2023 accounts will not be published by the end of June, so trading in the shares will be suspended 1 July. The share price is 20% lower at 0.4p.
Autonomous mining equipment developer Tribe Technology (LON: TRYB) is raising £81,000 at 4.5p/share and £600,000 via 7.5% convertible loan notes. The cash will be used for development and investment and working capital. Beach Point Capital is waiving covenants on its facility for 18 months. Operating costs are being reduced by 30%. In September 2023, the company joined AIM and raised £4.6m at 10p/share. The share price fell by one-fifth to 4.6p.
