Ethernity Networks (LON: ENET) shares jumped 845% to 2.6p, which is the highest the share price has been since May. The network technology company is in discussions with 5G Innovation over its share subscription agreement. Chief executive David Levi is loaning the company £203,000 at a zero interest rate to finance working capital while discussion go on.
FireAngel Safety Technology (LON: FA.) has agreed a 7.4p/share bid from fire safety products manufacturer Siterwell Electronics, which already owns 17.5%. The share price has not been at that level for six months. The offer values FireAngel Safety Technology at £27.7m. The share price jumped 221% to 6.75p.
Mining investment company Starvest (LON: SVE) plans to cancel the AIM quotation and commence a voluntary liquidation. This would involve the distribution of stakes in Greatland Gold (LON: GGP) and Ariana Resources (LON: AAU) to shareholders, while the other stakes will be sold. The share price improved by 77.8% to 8p, valuing Starvest at £4.7m. This is still a discount to the March 2023 NAV of £6.75m, although for one the Ariana Resources share price has fallen since then. Shareholder approval will be sought on 21 November and the AIM cancelation could happen on 29 November.
Kromek (LON: KMK) has been awarded a $5.9m US government contract for the development of a bio-detection system that provides real-tie threat detection. This should generate £874,000 in the 12-month period to October 2024. The share price continues to recover from its recent all-time low and is 41.5% ahead at 4.6p.
FALLERS
Prior to be being suspended SafeStyle (LON: SFE) shares fell by 81.1% to 0.32p. After the market closed on Friday evening, management said that it intends to appoint administrators to three subsidiaries. Potential buyers of the replacement windows operations have withdrawn their interest and management already revealed it would not be able to raise additional finance. This means there is unlikely to be anything left for shareholders.
R&Q Insurance Holdings (LON: RQIH) has signed a loss portfolio transfer with a UK motor insurer. This covers a net reserve of $80m. There are a further $900m of similar opportunities to grow the business. At the end of last week, the company revealed that it is selling its program management business. The disposal should generate $300m of net proceeds. Mazar has been appointed as auditor. The share price dived 72% to 14p, which is a new low.
Fourth quarter trading at The Mission Group (LON: TMG) has got tougher with clients spending less. This follows a relatively upbeat trading statement at the time of the interims. The cost base was raised in anticipation of additional demand and cost cutting will not be done until next year. Canaccord Genuity slashed its pre-tax profit forecast from £7.9m to £3.1m and net debt is set to rise to £24m, which contravenes debt limits. The interim dividend is cancelled. Interest will be covered just over two times. The share price slumped 66.9% to 111.25p, equivalent to less than five times prospective earnings. That is the lowest the share price has been for around 13 years.
Global Petroleum (LON: GBP) reported a reduced full year loss, but cash was down to $356,000. Management admits it needs to secure additional finance in the very near future. That freaked out the share price and it slipped 46.3% to 0.0725p.
