Asset manager Gresham House (LON: GHE) is recommending a 1105p/share cash bid from financial services business Searchlight Capital Partners. That values the company at £440.6m. When it moved from the Main Market on 1 December 2014, Gresham House was valued at £26.5m at 227.5p/share. Gresham House’s sustainable asset investment expertise is an attraction to the bidder, as is the management team. The share price jumped 55.5% to 1057.5p.
Embedded computer products developer Concurrent Technologies (LON: CNC) says revenues were three-fifths higher at around £12m and pre-tax profit will be around £1m. The order backlog increased to £29m. This shows the benefits of the changes brought in by new management. Cenkos upgraded its 2023 pre-tax profit forecast from £2.7m to £3.5m. The share price improved by one-quarter to 71.5p.
Rio Tinto is taking a 15% stake in Sovereign Metals Ltd (LON: SVML) for an investment of A$40.4m at A$0.486/share. Additional warrants, if exercised, could take the stake to 19.99%. The cash will be spent on development of the Kasiya rutile graphite project in Malawi. Rio Tinto will provide technical and marketing assistance. The spherical purified graphite will be used in lithium-ion battery anodes. The share price is 21.7% higher at 28p.
Seaweed-based animal feed supplements producer Ocean Harvest Technology (LON: OHT) increased interim revenues to €1.6m and says it is on course for 2023 revenues of €4.3m. New customers are trialling the OceanFeed supplements with large potential customers that could individually generate more than €3m in revenues. More than 20 potential customers are trialling the products, which augurs well for future growth. New sources of seaweed varieties are being secured to satisfy demand. Gross margins are improving. The April flotation price was 16p and after going to a premium the share price has drifted downwards. The trading statement pushed up the share price by 8.33% to 16.25p.
Futura Medical (LON: FUM) has signed a deal with consumer healthcare company Haleon to commercialise the MED3000 erectile dysfunction treatment in the US. There could be milestone payments of between $5m and $45m, plus royalties. The upfront payment is $4m and this will boost the cash pile, so it lasts past 2025. The share price rose more than 10% initially, but it is currently 4.07% ahead at 53.7p.
Reduced online reader volumes mean that Dianomi (LON: DNM) revenues from its digital advertising services have declined. Interim revenues will be 18% lower and 2023 revenues of between £30.5m and £32.5m are forecast – down from £35.9m in 2022. Programmatic advertising income remains low, but it is growing. Annualised costs have been reduced by £1m. Cash fell from £11.7m to £7.1m in the first half, but delayed payments of £12m have subsequently been received. The share price slumped 40.8% to 46.5p.
Zoo Digital (LON: ZOO) shares continue to decline because of the negative effect of the film writers and actors strikes. This has led to downgrades. The pre-tax profit forecast for the year to March 2024, has been slashed from $10m to $3.3m. The share price is down a further 6.06% to 62p.
Anglo Asian Mining (LON: AAZ) has been granted the necessary land for its second tailings dam for the Gedabek mine, but there have been protests. An environmental study will be carried out. The share price fell 5.06% to 75p.
Second quarter production by Caledonia Mining Corporation (LON: CMCL) at the Blanket mine was below expectations because of operational issues. There were 34,653 ounces of gold produced. There are improvements in recent weeks. Caledonia Mining Corp still believes that it can produce between 75,000 and 80,000 ounces of gold in the full year. Cenkos has reduced its forecast to the low end of guidance. The share price is 5.13% lower at 925p.
