Trading in Revolution Bars Group (LON: RBG) shares after it published interims to December 2023 and plans to raise up to £12.5m via a placing and seven-for-eight open offer late on Wednesday. Excluding a disposal gain and other exceptionals, the bars operator went from profit to loss due to higher finance costs. An impairment review will be undertaken at the end of the financial year. Net debt is £20m. The additional cash is required for a restructuring because the current money will be short of money by the autumn. A formal sale process has been launched as an alternative to the restructuring. The fundraising is at 1p/share. The share price is one-third ahead at 1.6p.
European Metals Holdings (LON: EMH) says the latest metallurgical testing on the 49%-owned Cinovec lithium-tin deposit produced an exceptionally clean lithium hydroxide product. This was using average grade material. WH Ireland believes that fair value is 184p/share, and this will be updated after the feasibility study is published. The share price increased 28.6% to 18p.
Self-storage operator Lok’nStore (LON: LOK) has agreed a 1,110p/share cash bid from Belgium-based Shurgard Self Storage. That values the company at £370m. The share price has risen above the level of the bid. It moved up 17.2% to 1122.5p.
Asia-focused oil and gas company Jadestone Energy (LON: JSE) shares returned from suspension 12.6% higher at 26.75p. This is because the deal to acquire oil and gas interests from Woodside Energy has been cancelled. The redetermination of the reserves-based loan is progressing. The 2023 results will be published on 29 April.
Cybersecurity services provider Corero Network Security (LON: CNS) has secured a $1.8m contract to supply distributed denial-of-service defence infrastructure to Missouri-based TierPoint. This is a replacement for an existing supplier. The share price rose 11.9% to 11.75p.
FALLERS
Oil and gas company Longboat Energy (LON: LBE) reported a loss of £9.3m in 2023. Initial production was acquired in Norway in January and assessing other opportunities in Norway and south east Asia. Cash fell from £12.1m to £3.7m and there is pressure on working capital. There are plans to farm out the Kertang prospect offshore Malaysia. The share price slumped 19.4% to 18.125p.
Spirits brands owner Distil (LON: DIS) revealed that fourth quarter volumes declined by 47% and revenues were 23% down. This was despite a 78% increase in advertising and promotional spending in the fourth quarter – although the full year spending was lower. The fourth quarter tends to be the quietest quarter and the third quarter was unusually strong. Exports did grow. The share price slipped 12% to 0.55p.
Premier African Minerals (LON: PREM) is raising £2m at 0.17p/share. Changes to the flotation plant at the Zulu lithium project could be completed before the end of the month. An interim working capital facility of $300,000 has been secured. Further funding is required. The share price fell 9.76% to 0.185p.
Botswana Diamonds (LON: BOD) has discovered a second anomaly close to the KX36 deposit in the Kalahari. The anomaly is around six hectares in size. It is near to the other anomaly. Drilling is being planned for both anomalies. The share price declined 6.25% to 0.375p.
Ex-dividends
Begbies Traynor (LON: BEG) is paying an interim dividend of 1.3p/share and the share price is 0.5p lower at 107p.
Bioventix (LON: BVXP) is paying an interim dividend of 68p/share and the share price rose 25p to £46.25.
Caledonia Mining Corp (LON: CMCL) is paying a dividend of 14 cents/share and the share price is unchanged at 865p.
i3 Energy (LON: I3E) is paying a dividend of 0.26p/share and the share price fell 0.19p to 11.77p.
Johnson Service Group (LON: JSG) is paying a final dividend of 1.9p/share and the share price declined 2.3p to 126.3p.
Northamber (LON: NAR) is paying an interim dividend of 0.3p/share and the share price is unchanged at 35p.
Synectics (LON: SNX) is paying a final dividend of 3p/share and the share price is 3p higher at 26.75p.
Somero Enterprises (LON: SOM) is paying a dividend of 20.59 cents/share and the share price slipped 6p to 370p.
