Fully listed Luceco (LON: LUCE) is investing £1.75m in energy as a service provider eEnergy Group (LON: EAAS) at 5p/share, which was a 25% premium to the market price, which has recovered 46.3% to 5.85p, which is 74.6% higher than at the start of the year. Luceco, which will have a 9.1% stake, has been supplying LED lighting to eEnergy Group and some of the cash will go to settling trading balances. The company will continue to spend the same amount on Luceco lighting products, subject to price and availability. eEnergy Group has received approaches for the energy management division and there are exclusive talks with a potential buyer, which could generate more than £30m. This would be reinvested in the energy services business. The Luceco share price rose 1.13% to 107p.
Information publisher Merit Group (LON: MRIT) made a positive start to the financial year and forecasts have been upgraded. Interim revenues improved 7% to £9.9m and Merit Group returned to profit. Full year pre-tax profit estimates have been raised from £900,000 to £1.3m. The share price jumped 31.2% to 71.5p.
Neometals (LON: NMT) says its lithium-ion battery recycling joint venture Primobius has proved that it can produce batter-grade nickel sulphate from German electric vehicles batteries. A third-party laboratory has validated the product. Final test work on cobalt recycling will be in this quarter. The shares price is 11.1% higher at 15p.
Artemis Resources (LON: ARV) has raised around £1m at A$0.018/share. The share price improved 14% to 1.425p. The placing was oversubscribed and provides working capital as Artemis Resources tries to secure a joint venture partner for the Paterson licence, near to the Havieron discovery. It is also seeking to expand the Carlow Castle copper gold cobalt deposit and explore lithium targets.
FALLERS
Graphene technology developer Versarien (LON: VRS) has raised £455,000 at 0.275p/share. This provides working capital while the company tries to sell non-core assets. The amount receivable from disposals is uncertain. The share price slumped 34.9% to 0.338p, which is a new low.
Savannah Resources (LON: SAV) revealed investigating officers from the Portuguese authorities attended its business locations in the country. It says none of its directors and employees are targets of the investigation, which relates to other operations in the region. The share price fell 19.7% to 2.65p.
Investment company Tern (LON: TERN) has decided not to invest more money in InVMA, which trades as Konektio, and that means that three-quarters of its 28% stake pre-dilution will be transferred to a valueless class of deferred shares. This is because Tern previously committed to invest £280,000 in a second tranche of a fundraising that is due for completion before the end of the year. Konektio develops internet of things software enabling remote asset monitoring. The share price dived 10.5% to 4.25p.
Trinity Exploration and Production (LON: TRIN) has removed the blockage in the Jacobin well in Trinidad. The production test will restart soon. The share price slipped 7.97% to 63.5p.
