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AIM movers: Mirriad Adveritising assesses funding possibilities and DSW hit by M&A delays

Mirriad Advertising (LON: MIRI) is launching a strategic review and potentially putting itself up for sale. The share price rebounded 12.1% to 5.1p. The board of the programmatic advertising business believes that Mirriad Advertising is undervalued even though it continues to make heavy losses. Revenues were £1.51m in 2022 and there was £11.3m in cash, which should last until the third quarter of 2023. The strategic review will consider how the business should be funded from then on. In-content advertising is set to grow significantly, but Mirriad Advertising has to have the funding to take advantage.  

Baron Oil (LON: BOIL) is trending upwards after yesterday’s operational update. The 75%-owned Chuditch project in the Timor Sea is near to producing a new resource estimate. Further drilling is required to meet commitments. Baron Oil has a 32% interest in the Dunrobin prospect in the North Sea, where a drilling decision has to made by July. The share price is 10.2% ahead at 0.135p.

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Rockfire Resources (LON: ROCK) has entered into a joint venture with Sunshine Gold for the Plateau gold deposit in Queensland. Sunshine Gold will fund all exploration for three years. Rockfire Resources will focus on the Molaoi zinc deposit in Greece. The share price rose 9.2% to 0.19p.

Director buying at Unbound Group (LON: UBG) is helping the footwear retailer claw back some of the share price decline following its trading statement earlier in the week. Finance director Gavin Manson bought 222,256 shares at 4.03p each and chief executive Ian Watson purchased 400,000 shares at 4.88p each. The share price recovered 8.49% to 5.75p, which is still 15% lower on the week.

Ariana Resources (LON: AAU) says that the 23.5%-owned Kiziltepe mine in Turkey produced 28,421 ounces of gold in 2022. That is 14% higher than guidance as the head grade rose from 2.19g/t to 2.81g/t. Gross revenues were $58m. There should soon be results from drilling at Salinbas, while an update to the resource estimate at Tavsan is expected later this year. The share price increased 6.35% to 3.35p.

Professional services provider DSW Capital (LON: DSW) suffered delays to M&A deals in December and activity is likely to continue to be weak for the rest of the financial year to March 2023. M&A has been generating the majority of revenues. The other businesses are trading as expected, but it has been difficult to recruit new fee earners. Group revenues will be flat, but operational gearing reduces forecast 2022-23 pre-tax profit from £2.25m to £1.3m. Lower earnings also mean a lower dividend, although there is still £4.8m in the bank. The share price slumped 24.2% to 89.5p.

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Toys supplier Character Group (LON: CCT) says full year revenues and profit are likely to be marginally lower that market estimates. Allenby has reduced its pre-tax profit forecast from £5.5m to £5m. This is based on strong sales in July and August making up for the poor Christmas trading. The share price fell 11.6% to 362.5p.

The Scotgold Resources (LON: SGZ) share price continues to fall following yesterday’s disappointing gold production figures for the Cononish gold and silver mine. The share price fell a further 12% to 40.5p and it is down by 28% on the week. The same is true of Gear4Music (LON: G4M) after Thursday’s trading statement and the share price slipped a further 6.52% to 107.5p – it has fallen by one-quarter this week.

Crossword Cybersecurity (LON: CCS) has partnered with BCS, The Chartered Institute for IT, which has more than 60,000 members in 150 countries. These members will be provided training and access to Rizikon Assurance, the encrypted portal product. The share price decreased by 5.33% to 17.75p.

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