GCM Resources (LON: GCM) shares appear to be reassured by yesterday’s announcement that it is seeking a replacement for the chairman Christian Taylor-Wilkinson, who resigned early in February when shareholders made a move to remove him from the board, as well as a new non-exec. All resolutions were passed at the AGM, except for number five which was not tabled because of the chairman’s resignation. The share price rebounded 39% to 2.85p.
Renalytix (LON: RENX) has broadened the US government coverage for kidneyintelX.dkd testing. This is a FDA de Novo marketing authorised test and the status has enabled it to be added to the 10-year Governmentwide acquisition contract for early stage kidney disease bioprognostic testing services. The fee is $950 per reportable result. The share price is 10% higher at 33p.
Results from the drill programme of Thor Energy (LON: THR) projects Wedding Bell and Radium Mountain in Colorado confirm the potential for minable resources. Uranium grades were promising. Uranium spot prices are the highest they have been for a decade. Further drilling will take place. There could be a maiden resource before the end of 2024, according to WH Ireland. The share price rose 10% to 1.65p.
Retail software supplier itim Group (LON: ITIM) has released a trading statement following its contract announcement earlier in the week. Revenues of £16.1m were in line with expectations and annualised recurring revenues were steady at £13.2m. Services revenues were higher. The 2023 loss forecast has been trimmed from £1.3m to £1.1m. The share price improved a further 7.62% to 32.5p.
FALLERS
Beacon Energy (LON: BCE) has raised £2.6m at 0.05p/share. The share price dived 27.6% to 0.525p. Around two-thirds of the cash will go on drilling a sidetrack for the troublesome SCHB-2 well in Germany. The rig should be onsite in April and production could commence in May. That could generate cash of around £700,000/month.
Avacta (LON: AVCT) initially wanted to raise £20m via a placing at 50p/share and raise a further £6.8m via a retail offer. The total fundraise has been increased from up to £26.8m to up to £32.5m. There is already £16.6m in the bank and the rate of cash outflow appears to be declining. The cash will fund further progress with dose expansion and the phase 2 efficacy studies for its main clinical programme AVA6000 and additional working capital up until late 2025. Anything raised in excess of £20m will be spent on AVA3996 and further potential Affirmer drug development platforms. There are plans to sell the diagnostics division and for a possible Nasdaq listing. The share price slumped 30.7% to 51.75p.
Medical imaging technology developer Polarean Imaging (LON: POLX) still had cash of $6.1m at the end of 2023 and that should last until October. Additional financing is required. If a total financing of $10m can be secured, then NUKEM Isotopes will commit $2.5m and Bracco $2m. Any funding is likely to be in the second quarter of 2024 and the HMRC has confirmed that £2.5m of the investment would be eligible for EIS relief. If $10m is raised, then the company will be able to finalise the FDA plan for the gas exchange trial and have enough cash to last into 2026. Profitability is projected for late 2027 so more cash will be required in the future. The share price declined 26.5% to 3.75p, which is a new low.
Digital marketing services provider Silver Bullet Data Services (LON: SBDS) increased 2023 revenues by 42% to £8.3m, which included £2.8m from 4D AI as global brands adopt the service. The loss has been reduced. There is already committed revenues of more than £5m for 2024, including the recently announced Mars Petcare contract extension. The share price dipped 10.5% to 170p.
Video editing technology developer Blackbird (LON: BIRD) is raising £1.05m at 6p/share. The cash will help fund the full launch of content creation tool elevate.io. There was £5.9m in cash prior to the fundraising and the company says that there was interest from investors wanting to buy shares. The fundraising has knocked 9.42% off the share price leaving it at 6.25p. Near to the end of 2021, £7.5m net was raised at 28p a share.
Ex-dividends
Driver Group (LON: DRV) is paying a final dividend of 0.75p/share and the share price is unchanged at 28p.
Sylvania Platinum (LON: SLP) is paying an interim dividend of 1p/share and the share price fell 1.5p to 50.5p.
