Shares in Saietta Group (LON: SED) remain in demand following the largest order for its eDrive systems. They are 25% higher on the day at 62.5p – more than regaining yesterday’s fall. Announced earlier in the week, the £5m order is for 3,000 bespoke systems based on the AFT140 motor from Nasdaq-listed urban delivery vehicles manufacturer AYRO. Saietta is exclusive supplier for the Vanish vehicle launched in February. First deliveries will be in the autumn and the full number delivered by the end of 2024.
Freight business Xpediator (LON: XPD) has agreed the 42p a share bid that was proposed last year. The shareholders will also receive a special dividend of 2p a share. The consortium is led by Stephen Blyth, the former chief executive of Xpediator, and involves Justas Versnickas, who runs the Delamonde Baltics subsidiary. It has the backing of private equity firm Baltcap. The share price is 14.9% ahead at 42.5p.
Block Energy (LON: BLOE) says that its financial position has improved, and the salary sacrifice scheme started in April 2020 has come to an end. Cash generation from the WR-B01Za is producing 274 barrels of oil/day and there is optimism about further wells. The share price rose 16.7% to 1.4p.
Education company Malvern International (LON: MLVN) released 2022 results in line with its previous trading statement. Net debt, excluding leases was £1.3m at the end of 2022 and cash generation should reduce this. Student numbers are growing. The share price is 10% higher at 13.75p.
Linear generator technology developer Libertine Holdings (LON: LIB) shares continue to decline following delays in development work the mean that 2022-23 revenues could be up to £400,000 lower than the expected £1.32m. The share price slipped 14.8% to 11.5p. Management believes it has sufficient cash for its requirements, while it seeks to sign up partners.
Barryroe Offshore Energy (LON: BEY) is raising up to €20m at €0.015 a share – that includes an open offer for up to €8m. The share price has fallen by 14.7% to 1.45p. The company has an 80% stake in the Barryroe field in the North Celtic Sea basin.
Musical instruments retailer Gear4Music (LON: G4M) is expected to make a small loss in the year to March 2023. Revenues were slightly lower than expected, but reducing stock was the major reason behind weak margins. The share price declined 9.66% to 79.5p.
Jersey Oil & Gas (LON: JOG) has secured a farm-out for its GBA project, but the initial share price reaction is negative with a 5.2% drop to 282.5p, although that is a recovery from the early fall. NEO Energy will take a 50% stake in the GBA project in return for a full carry on 12.5% of gross project development spending, which could be $1bn in total. NEO Energy will also pay up to $12.5m for Jersey Oil & Gas’ to cover costs up to the final investment decision. There is also a $2m upfront payment, plus other stage payments.
