AIM movers: IQGeo bid and Sondrel gets cash injection ahead of AIM exit

Semiconductors designer Sondrel (LON: SND) is raising £5.63m at 10p/share and plans to cancel the AIM quotation. ROX Equity Partners is subscribing for the shares and its loans will be converted into a further 28.7 million shares, taking its stake to 49.3%. This requires government and shareholder approval. Miles Woodhouse will be ROX Equity Partners’ representative on the board. A new chief executive is being sought. Sondrel recognises it needs to manage projects better. The share price recovered 57.6% to 7.25p.

Kohlberg Kravis Roberts has made a recommended bid of 480p/share for IQGeo (LON: IQG), which values the geospatial software company at £333m. KKR believe it can accelerate the growth of IQGeo. The share price jumped 16.1% to 470p.

- Advertisement -

CleanTech Lithium (LON: CTL) says that there were encouraging results from the processing of brine from Laguna Verde at the direct lithium extraction pilot plant in Copiapo, Chile. A batch of elulate will be shipped for conversion later this month. The share price rose 9.3% to 23.5p.

Caspian Sunrise (LON: CASP) is planning to sell BNG Shallow Structures for $83m. It has granted exclusivity to Absolute Resources until 8 August. The sale price will be reduced by outstanding assessed historic costs of up to $17m. A $1m deposit has been paid. Caspian Sunrise retains the rights to the deep oil and gas structures in the area. The deal requires shareholder approval. The share price improved 7.46% to 3.6p.

OPG Power Ventures (LON: OPG) 2023-24 revenues and EBITDA were ahead of expectations at £160m and £16m respectively. The Indian power generator increased generation by 55% to 2.32 billion units due to higher demand and management focused on short-term profitable contracts. Net debt was £12m at the end of March 2024. The share price increased 4.65% to 11.25p.

FALLERS

- Advertisement -

The share price of Genedrive (LON: GDR) continues to fall following the £2.1m placing at 1.5p/share and ahead of a REX retail offer for up to £3.5m, which closes on 17 May, and a one-for-one open offer that could raise up to £2.1m. If the total amount raised does not reach at least £6m the fundraising will not go ahead, so a further £3.9m is required. The share price is down 18% to 2.05p.

Touch screen manufacturer Zytronic (LON: ZYT) lost £600,000 in the first half and Singer has withdrawn forecasts until the outcome of a strategy review expected at the end of July. There was a 30% decline in sales to £3.3m with a sharp fall in gaming demand. Orders have picked up and there could be improved trading in the second half. Net cash was £3.7m at the end of March 2024. The share price declined 16% to 52.5p.

Pennant International (LON: PEN) continues to suffer from uncertain timing of defence projects and WH Ireland has cut its 2024 revenues expectations from £16.1m to £14.8m. That means that pre-tax profit is forecast to dip from £13.m to £1.2m this year. There are £250,000 of annualised cost savings planned. The move towards software will continue to reduce the lumpiness of the business, but it is still a relatively small part of the total revenues. The share price dipped 11.3% to 27.5p.

Revolution Bars (LON: RBG) says that it has not received any takeover bid or offer for assets as a whole as part of the formal sale process. There are offers for certain assets, but none would result in any return to shareholders. A restructuring and fundraising plan is still possible, and the board is still open to other plans, possibly by Nightcap (LON: NGHT). The Revolution Bars share price fell 11.8% to 1.5p.

Latest News

Subscribe to the UK Investor Magazine email newsletter

Register for our free email newsletter and receive the latest investment news, podcasts, event information and offers.

More Articles Like This

Tagdiv Cloud library - template content.