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AIM movers: Kibo Energy draws back on new strategy and R&Q Insurance financial problems

Kibo Energy (LON: KIBO) is not going ahead with last week’s planned restructuring and new strategy after consultation with shareholders. Not all the board changes will be made, and Kibo Energy is likely to focus more on oil and gas. Subsidiary Mast Energy Developments (LON: MAST) says that its power plant in Derbyshire will start commercial activities later this month. The Kibo Energy share price jumped 104.6% to 0.0225p.

Trident Royalties (LON: TRR) is recommending a 49p/share cash bid from ASX listed Deterra Royalties. The share price is one-fifth higher at 48p. This deal values the mining royalties investor at £144m. This will be funded by a £150m bridge loan facility and it has other facilities to make further investments. Deterra Royalties is capitalised at A$2.4bn.

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Linear generator technology developer Libertine Holdings (LON: LIB) has terminated the formal sales process because it does not believe that there will be an offer by mid-June. There is still the prospect of a £2m cash injection at 2.1p/share from two Middle East investors. One of the investments would last the company until September and the full amount of money should last until June next year. There are still conditions that need to be satisfied and if it does not happen in the next couple of weeks then the quotation may be cancelled, and the business wound down. Despite that, the share price recovered 7.14% to 1.875p.

Professional services provider Christie Group (LON: CTG) says that acquisitions advisory work is recovering in the UK, but weakness internationally has offset the improvement. The stock audit business continues to grow. Management expects an overall improvement in performance this year. The share price rose 6.52% to 122.5p. The shares have also gone ex-dividend, which makes the improvement more significant.  

FALLERS

R&Q Insurance Holdings (LON: RQIH) is still trying to complete the sale of its Accredited business. Costs are mounting up as talks continue with regulator and other parties and it is hampering the overall business. This has hit the financial stability of the business. There could be an alternative to the original Accredited deal, but that involves the liquidation of the holding company. The share price slumped 81.3% to 0.345p.

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Empyrean Energy (LON: EME) has asked for an extension to the second phase of exploration on the offshore China Block 29/11from CNOOC. It has failed to drill a commitment well at the Topaz prospect because no farm out deal has been secured. There is a 30% estimated chance of success for the well.  Empyrean Energy requires a binding gas sales agreement to secure a farm down transaction on the Mako gas project in the Duyung production sharing contract, where it has a 7.5% working interest. A final investment decision for the Mako field could be made in the middle of 2024. The share price slipped 26.5% to 0.25p.

Petards Group (LON: PEG) reported a £500,000 loss for 2023, but WH Ireland expects the security technology business to move back to a pre-tax profit in 2024 following an upgrading of forecast revenues from £10.9m to £13.2m. That improvement in revenues is down to the acquisition of critical communications services provider Affini Technology, which is focused on the aviation sector, for £2.8m. This will offset weaker rail and defence demand. There have been £400,000 of annualised cost savings. The share price fell 13.6% to 7p.

Tracsis (LON: TRCS) says that the earlier than expected General Election will hit revenues in the year to July 2024. Rail firms and local government are cautious about spending. There have also been delays in winning new contracts in North America. Cavendish has cut expected revenues from £85.2m to £80.5m and earnings could be 13% lower than previously forecast at 26.7p/share. Next year’s forecast has been maintained. The share price declined 11.7% to 790p.

Ex-dividends

Christie Group (LON: CTG) is paying a final dividend of 0.5p/share and the share price improved 7.5p to 122.5p.

Eleco (LON: ELCO) is paying a final dividend of 0.55p/share and the share price is unchanged at 113p.

Ingenta (LON: ING) is paying a final dividend of 2.6p/share and the share price slumped 9p to 131p.

Impax Asset Management (LON: IPX) is paying an interim dividend of 4.7p/share and the share price fell 11.25p to 403.25p.

Keystone Law (LON: KEYS) is paying a final dividend of 12.5p/share and the share price declined 21p to 659p.

London Security (LON: LSC) is paying a final dividend of 42p/share and the share price is unchanged at 3050p.

Marlowe (LON: MRL) is paying a special dividend of 155p/share and the share price is 145p lower at 467p.

Spectra Systems Corp (LON: SPSY) is paying a dividend of 11.6 cents/share and the share price dipped 12p to 238p.

Warpaint London (LON: W7L) is paying a final dividend of 6p/share and the share price slipped 9p to 581p.

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