AIM movers: Midateach Pharma revises funding terms and Star Phoenix has no auditor


Midatech Pharma (LON: MTPH) has revised the terms of the financing for the acquisition of TSX Venture Exchange quoted Bioasis Technologies Inc, a developer of treatments for rare and orphan diseases of the nervous system, and has decided to retain the AIM quotation. This is because of shareholder feedback. The share price recovered by 31% to 2.75p, which is 53% lower than one week ago. The purchase of Bioasis will be financed by the issue of 75.9 million shares and that valued the transaction at £4.4m when it was announced. The placement to raise $10m was going to be priced at $1/unit of ADSs and warrants. The final price will now be the lower of $1 and a 10% discount of the weighted average share price. The fundraising can be terminated if the price will be less than $0.90. The exercise price of the warrants has been increased from $1 to $1.10.

Diagnostics tests developer Abingdon Health (LON: ABDX) says it had cash of £4.4m on 19 December and should have £4.3m at the end of 2022. This should be enough cash for the next 12 months. The share price rose by 13.3% to 4.25p.

LBG Media (LON: LBG) has revised guidance for 2022, which shows a strong second half recovery. Full year revenues will be £63m. The rate of growth accelerated in the second half. However, this is still lower than the Zeus forecast. It has cut its pre-tax profit forecast by 18% to £13.5m. Net cash has been revised downwards from £46.1m to £31m. The 2023 pre-tax profit forecast has been cut from £20.1m to £17.2m. Even so, the share price has risen by 14% to 77.5p.

Information systems provider Journeo (JNEO) has won a £1.2m contract from Network Rail. This is to provide ScotRail with software and services. This will provide access to forward facing CCTV. This includes scanning and detecting objects on the track. The share price increased by 10.2% to 118.5p.

Shareholders of Star Phoenix (LON: STA) have voted against the removal of the auditor and the proposed replacement auditor, which had already started work. However, it is required to be appointed by shareholders, so accounts cannot be published. Another general meeting will be held next year. This means that trading in the shares will be suspended on 3 January. The share price slumped by 37% to 0.85p.

PCF Group (LON: PCF) has fallen by 28.6% to 0.5p ahead of the cancelation of the AIM quote tomorrow.

Angus Energy (LON: ANGS) is raising £7.1m at 1.65p a share. A further £1m worth of shares will pay deferred consideration to Forum Energy Services for Saltfleetby. The share price slipped by 15.3% to 1.575p. The cash will accelerate the field development and production at Saltfleetby. It will also finance the liability relating to a rolling hedge programme, which has been hit by production starting later than expected thereby requiring other hedging deals at higher prices. The completion of sidetrack drilling should be in January. A further compressor will double flow rate at Saltfleetby in January 2023. Angus Energy is also looking at other growth opportunities.

hVIVO (LON: HVO) says that phase 1 results for Imutex’s mosquito vaccine candidate have been published. It targets the saliva of the mosquito and hampers mosquito reproduction. The treatment was well tolerated and generated a “robust immune response”. hVIVO has a 49% stake in Imutex. The hVIVO share price has declined by 10.6% to 10.6p.

Previous articleAquis weekly movers: Hydrogen Utopia International moving to standard list
Next articlePurplebricks fights off attempt to remove chairman
Avatar photo
Andrew Hore is the publisher of AIM Journal, which is an online monthly publication covering the Alternative Investment Market.