Saietta Group (LON: SED) says that its 49.5% owned Indian joint venture has secured an order for complete eDrives from its main client for a second of its light commercial vehicles. The initial order is worth £106,000 over three months and the first full year of production could generate £12.7m. This is the first significant order for the new radial flux technology. The share price is 15.2% ahead at 22.75p.
Shantonu Kumar Chundur has taken a 5.06% stake in Global Petroleum (LON: GBP). The share price rose by one-fifth to 0.105p.
RUA Life Sciences (LON: RUA) revealed at the end of last week that Mark Bradshaw has a 3.61% shareholding. The share price recovered 22.2% to 16.5p.
Mobile services provider Mobile Tornado (LON: MBT) says that InTechnology, where non-exec director Peter Wilkinson is the controlling shareholder, has transferred its 58.4% stake to Holf Investments, which is wholly owned by Peter Wilkinson. The transfer price was 2.43p/share. Holf Investments has also taken on £11.2m of preference shares and debt in Mobile Tornado, which still owes InTechnology £190,000 in debt and accrued interest. The share price improved 18.4% to 1.125p.
Brave Bison (LON: BBSN) has won new contracts and secured renewals worth a total of £4m. Media practice Brave Bison Performance secured a renewal with an electricals retailer worth £2m over two years and a new contract with a Finland-based homeware retailer worth £1m up until the end of 2024. Digital commerce practice Brave Bison Commerce has gained a £1m contract with a Netherlands-based car parts retailer. The contracts underpin expectations for a 2023 pre-tax profit of £3.1m. This pushed up the share price 16.4% to 1.775p.
FALLERS
Uncertainty about whether AMTE Power (LON: AMTE) can raise more cash before its funds run out later this month has hit the share price, which is down 25.9% to 0.5p. Discussions concerning the £2.5m subscription by an investor continue but will not be concluded by the end of November.
88 Energy (LON: 88E) has signed a deal to earn up to 45% of petroleum licence 93, onshore Namibia. There will be a progressive increase in the stake as certain milestones are achieved. The licence is in the Owambo Basin, which has a proven petroleum system. The share price has slipped 7.14% to 0.325p.
Wentworth Resources (LON: WEN) says that it achieved record production levels of 105 mmscf/day in the first half. There was $44.6m in cash at the end of October 2023. However, revenues are lower because the way the production agreement is set up. The Tanzanian government is re-examining the historic cost pool audit for 2013-2015 and Wentworth’s maximum exposure is $14m. The bid by Etablissements Maurel & Prom is still awaiting regulatory approval because of complications over a potential first right of refusal for the acquisition of the main asset by another party. No dividend will be declared. The share price declined 6.67% to 24.5p.
Team Internet Group (LON: TIG) reported further growth in its business, but the weaker digital advertising market reduced the rate of growth for the online marketing division. It still grew 15% over nine months, while there was a strong performance by the domain names business. Group revenues were 16% ahead at $611.7m, while lower gross margin meant that EBITDA was 11% ahead at $68.8m. The share price has fallen 4.19% to 119p.