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.

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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.


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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Touch screen manufacturer Zytronic (LON: ZYT) lost £600,000 in the first half and Singer has withdrawn forecasts until the outcome of a strategy review expected at the end of July.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.

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