AIM movers: Orcadian Energy’s potential farm out and Polarean Imaging funding

Powerhouse Energy (LON: PHE) has resolved its patent issue with Onunda, which had disputed its European patent and patent applications for waste to energy technology. There will be no additional challenges from Onunda. The share price jumped 60.8% to 2.05p. This is the highest level it has been since August 2022.

Oil and gas company Orcadian Energy (LON: ORCA) has an initial agreement for a $1.4m loan, which will be used to pay off a loan from Shell, and a potential farm-out of the new SNS licence. The name of the potential partner is not disclosed. The deal covers the potential development of the Earlham field and redevelopment of the Orwell field. Both are gas fields, and the agreement could mean that the partner will fund capital investment until first gas production. The share price improved 19.5% to 12.25p.

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Fire suppression technology developer Zenova Group (LON: ZED) has secured its first order from NHS hospitals in Surrey. The FX500 has been ordered to use against lithium-battery fires. Zenova has become an official supplier to the NHS. The share price rose 19.4% to 2.15p.

R&Q Insurance Holdings (LON: RQIH) says that the main lenders have agreed to the indicative terms of the restructuring and given consent to the sale of Accredited. One of the requirements of the agreement is that the net cash proceeds from the sale to pay down the lending facility must be a minimum level. There have been additional costs so net cash received will be lower than anticipated at between $65m and $110m. There are still some regulatory approvals for the disposal. The share price recovered 16.1% to 1.8p.

Secure payments company PCI-Pal (LON: PCIP) has been successful in the Court of Appeal for the unfounded case brought by Sycurio against its patents. This means that £1.1m of cash should be released from escrow. The finding upheld the original court judgment. PCI-Pal will seeking further costs. The full ruling will become available in a few days. Earlier this year, the company raised £3.5m at 56p/share. The share price improved 12.7% to 66.5p.


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Late yesterday, MRI device developer Polarean Imaging (LON: POLX) launched a heavily discounted placing, subscription of open offer. The placing and subscription raised £8m at 1p/share with £2m of that invested by NUKEM Isotopes and £1.6m by Bracco – both existing investors. Up to £2m could be raised from an open offer. The cash is being used to accelerate commercialisation of the XENOVIEW technology and further development. The share price slumped 64.2% to 1.325p.

Tekcapital (LON: TEK) reported a decline in NAV from 38 cents/share in 2022 to 27 cents/share at the end of 2023. However, the subsequent flotation of MicroSalt (LON: SALT) has led to the portfolio value increasing from $41.1m to $75m, which means that NAV/share is above the level at the end of 2022. The share price dipped 10.4% to 10.75p.

Healthcare communications developer Feedback (LON: FDBK) says delays in the NHS procurement process means that 2023-24 revenues will be lower than expected at £1.2m. Management hopes that the contracts will be secured in 2024-25. There was still £4.3m in the bank at the end of April 2024. The share price slid 8.16% to 67.5p.

Ali Naini is replacing Helmut Gierse as chairman of Proton Motor Power Systems (LON: PPS). The share price fell 6.1% to 1.925p.

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