In The Style (LON: ITS) has completed its strategic review and it is proposing the sale of its operating business for £1.2m and the cancellation of AIM quotation. The online retailer is losing money and running out of cash. The purchaser is Baaj Capital, which has other fashion-related investments, including Officers Club. The company will change its name to Itsum. It floated in March 2021 and raised £11m at 200p a share, while existing shareholders raised £49m from selling their shares. A 77.5% slump in the share price to 1.575p values the company at £800,000.
Telecoms test equipment supplier Calnex Solutions (LON: CLX) has performed well since joining AIM in October 2020. Results for the year to March 2023 are set to be inline with expectations despite component supply problems. However, telecoms investment has been delayed and this will hit the 2024 figures. Cenkos forecasts a fall in pre-tax profit from £7.3m to £4m in 2023-24 on an 11% reduction in revenues. This reflects the operational gearing of the business. This is a cautious forecast and cash will continue to be generated with net cash expected to reach £19.2m at the end of March 2024. The share price fell 31% to 118p, which is still well above the October 2020 placing price of 48p.
Canaccord Genuity has downgraded its forecasts for electric motors developer Saietta Group (LON: SED) and no longer expects a profit in the year to March 2024. The share price dived 29.3% to 24.75p, which is much lower than the July 2021 flotation price of 120p. Progress is being made with the Indian joint venture, but there are delays elsewhere. Forecasts include reasonably certain business and continuing delays elsewhere. There is no need for any additional cash to be raised this year.
Oil and gas company San Leon Energy (LON: SLE) has slumped after the Nigerian National Petroleum Company said that Eroton has been removed as operator of OML 18, where San Leon Energy holds a 10.6% interest. A claim this was happening had already hit the share price. Eroton is taking legal advice and says that it is still the operator of OML 18, where production levels have been disappointing. San Leon Energy shares slipped 14.3% to 24.85p.
Metal Tiger (LON: MTR) has recovered some of its loss after it announced it planned to leave AIM so that it has more flexibility with its new investment strategy. A general meeting will be held on 20 March for shareholders to vote on the cancellation and the new investing policy. The share price moved up by 16.2% to 10.75p.
Fusion Antibodies (LON: FAB) shares have also recovered some of the ground lost yesterday when it said that projects being suspended meant that revenues in the year to March 2023 would be significantly below expectations but at least £2.8m. The share price is 11.1% higher at 40p.
K3 Business Technology (LON: KBT) has won the largest ever order for K3 fashion software, which is based on Microsoft Dynamics 365. The three-year €1.6m contract is with a luxury clothing company. Full year results are due to be published at the end of March. The share price rose 9.78% to 123.5p.
Oracle Power (LON: OCP) has secured a strategic memorandum of understanding with China Electric Power and Technology to potentially develop and operate the company’s green hydrogen project in Pakistan. The share price gained 7.35% to 0.1825p.
