Mercantile Ports and Logistics (LON: MPL) has released 2023 figures slightly ahead of expectations. There was an impairment charge of £9.9m. The pre-tax loss fell from £12.1m to £11.4m. Debt restructuring discussions continue and this will firm up the financial position of the Indian port facility developer. An operating profit is forecast for 2024, but it would not be enough to generate a post-interest profit. Cavendish has a price target of 4.8p. The share price jumped 40.6% to 2.25p.
M Warner has increased his stake in Clontarf Energy (LON: CLON) from 3.13% to 5.98%. The share price moved up 29.2% to 0.0775p.
An independent report has confirmed that the Kertang prospect being developed by Longboat Energy (LON: LBE) in Asia has gross unrisked mean prospective resources 9.1tcf of gas plus 146mmbbls of non-gas liquids. Longboat Energy intends to run a farm out process with larger oil and gas companies. Consent has been received from the authorities in Norway for the sale of the joint venture stake in Longboat Japex Norge. The share price rose 17.3% to 23.75p.
Secure payments technology developer PCI-Pal (LON: PCIP) has settled all its patent litigation with Sycurio in the UK and US. The settlement is confidential. The removal of US court costs has led Cavendish to increase its June 2025 net cash figure by £800,000 to £4.8m. The share price increased 13.5% to 63p.
FALLERS
Vast Resources (LON: VAST) has received a notice of acceleration for its outstanding debt of $5.82m to A&T Investments. If it is not repaid by 26 September, then the lender will enforce the security given to it. The lender says that it is protecting its position and there are negotiations concerning debt standstill agreements. Vast Resources hopes to secure restructuring finance to pay the debt. The share price slumped 22.5% to 0.155p.
Sanderson Design (LON: SDG) is still finding the UK consumer market tough. Brand revenues have declined, and UK sales are 14% lower in the initial five months of the financial year. Manufacturing revenues are flat. Singers has downgraded its 2024-25 pre-tax profit forecast from £12m to £7.8m, which is not much higher than the figure for 2020-21. Net cash could fall to £10m. The share price slipped 19.5% to 82.5p.
Respiratory drugs developer Synairgen (LON: SNG) had better than expected net cash of £12m at the end of 2023. The lead asset is SNG001, and management needs to finalise a financing plan for the phase II study in mechanically ventilated patients in hospitals. Cost savings should enable cash to last into 2026. The share price declined 21.7% to 4.345p.
NAHL (LON: NAH) has been hit by reduced demand from lawyers for personal injury cases and the cost of acquiring cases is rising. Critical care trading is in line with expectations. Allenby has halved its 2024 pre-tax forecast to £2.1m, although it believes that this s a short-term matter. Debt will not reduce as rapidly as expected and net borrowings are forecast at £7.85m by the end of 2024. The share price slipped 13.6% to 57p.
Ex-dividends
BP Marsh (LON: BPM) is paying a dividend of 5.36p/share and the share price declined 2.5p to 517.5p.
Concurrent Technologies (LON: CNC) is paying a final dividend of 1p/share and the share price fell 1p to 103.5p.
Duke Capital (LON: DUKE) is paying a dividend of 0.7p/share and the share price dipped 0.25p to 31.25p.
Franchise Brands (LON: FRAN) is paying a final dividend of 1.2p/share and the share price fell 0.5p to 143.5p.
Panther Securities (LON: PNS) is paying a final dividend of 6p/share and the share price is 6p lower at 309p.
Serica Energy (LON: SQZ) is paying a final dividend of 14p/share and the share price slipped 14.95p to 137.15p.
Tatton Asset Management (LON: TAM) is paying a final dividend of 8p/share and the share price declined 14p to 670p.
Vertu Motors (LON: VTU) is paying a final dividend of 1.5p/share and the share price fell 2.25p to 74.25p.