Investment company Mindflair (LON: MFAI) is still benefiting from the acquisition of investee company Landvault by AI company Infinite Reality. Landvault is valued at $450m in shares and is part of the portfolio of Sure Valley Ventures Fund, where MindFlair holds13%, plus a further 5.3% via its stake in Sure Ventures (LON: SURE). MindFlair’s share could be worth nearly $1.1m. The end-2023 NAV was £5.84m, equivalent to 2.13p/share. The share price is 55.6% higher at 1.4p. The discount to the 2023 NAV is still more than one-third and that does not include the gain on disposal.
Intelligent Ultrasound (LON: IUG) rose on the back of the news that it is selling its Clinical AI operations to GE for £40.5m. The consideration is equivalent to 12.4p/share. So far, £12.2m has been invested in the development of AI. There are plans to return a substantial amount of this cash to investors. This deal does not include the NeedleTrainer and NeedleTrainer Plus products or the simulation business. The remaining business had annual revenues of £10m last year. Lower simulation sales meant that the latest interim revenues fell from £6.1m to £5.3m. That includes £1.5m from Clinical AI, compared with £2m for the whole of the previous year. The share price jumped 55.4% to 10.875p.
Caspian Sunrise (LON: CASP) shares have returned from suspension following publication of 2023 accounts. Average oil production fell 16% to 1,800barrels/day last year. Current aggregate production is 2,300 barrels/day from the BNG contract area, which is being sold for up to $88m, which is above the previous expectation of $83m. Production is expected from Block 8 and West Shalva later this year. The board will consider special dividends and share buy backs. The share price recovered 53.8% to 5p.
Surface Transforms (LON: SCE) has recovered from its recent all time low after it confirmed revenues guidance of £17.5m for 2024, although the figures will be second half weighted. Interim sales were £4.6m. Pre-production engineering revenues will be recognised in the second half. Capacity is being increased. The ceramic brakes technology company could become cash generative during 2025. The share price improved 52.8% to 2.025p.
FALLERS
Kyrgyzstan miner Chaarat Gold Holdings (LON: CGH) is the latest company to announce the intention to cancel its AIM quotation and the first of three in the worst performers. This is a condition of a recapitalisation proposal that will more than halve existing liabilities to less than $20m. The maturity date of the convertible loan will be extended from July 2024 to December 2025. There will also be an additional facility of $5m that can be drawn down. The $550,000 of salary owed to former executive chairman Martin Andersson will be paid in shares. The AIM departure is expected to be on 16 August. The share price slumped 76.1% to 0.2p.
Destiny Pharma (LON: DEST) is leaving AIM to make it easier to fund the XF-73 post-surgical infection prevention treatment through access to private capital. It has been difficult to secure a commercial partner for XF-73. Destiny Pharma needs to find funding for a phase 3 study. The share price dived 44.7% to 4.7p.
Shares in semiconductor designer Sondrel (LON: SND) have returned from suspension following publication of 2023 accounts, but plans are going ahead to cancel the AIM quotation. Last year, Sondrel lost £18m on revenues of £9.43m. The share price slipped 38.1% to 3.25p.
Vast Resources (LON: VAST) raised £600,000 at 0.1p/share. Each share comes with one warrant exercisable at 0.4p. The cash will fund the reorganisation of Baita Plai to reduce production costs and to cover working capital requirements. David Jones raised his stake from 8.84% to 12.6%. The share price declined 34.4% to 0.105p.