Oil and gas producer i3 Energy (LON: I3E) is recommending a 13.92p/share bid from Gran Tierra Energy. The market price is 27.2% ahead at 12.25p. The offer is one Gran Tierra Energy share for every 207 i3 Energy shares and 10.43p in cash for each i3 Energy shares. Shareholders will also receive a dividend of 0.2565p/share. The bid, based on a Gran Tierra Energy share price of $8.66, values i3 Energy at £174.1m. Gran Tierra wants to diversify its current Canadian resources.
Pharma delivery system developer N4 Pharma (LON: N4P) has shown that the Nuvec delivery system is capable of targeting specific cells through the addition of a relevant ligand. The findings will be presented to major pharma and biotech companies. The share price improved 9.09% to 0.6p.
Womenswear retailer Sosandar (LON: SOS) has announced a third store site in Gateshead. The store will be in the Platinum Mall in the Metrocentre next to other female-focused brands, such as Jo Malone. This should open in October. The other two stores are in Marlow and Chelmsford. There could be up to eight store openings by next March. This will increase brand awareness for the online business. The share price increased 5.71% to 9.25p.
Beeks Financial Cloud (LON: BKS) has signed a contract extension with the Johannesburg Stock Exchange to use its technology in a second data centre. This is a multi-year contract. The share price rose 7.69% to 280p.
FALLERS
Shuka Minerals (LON: SKA) wants to draw down £500,000 of the £2m unsecured convertible note instrument provided by AUO Commercial Brokerage, but the funds are not yet available. AUO is owned by Shuka Minerals chairman Quinton Van Der Burgh. There is no indication of when the funds will be available. Shuka Minerals has enough cash until the end of October. The share price dived 46.9% to 4.25p.
Kidney disease management technology developer Renalytix (LON: RENX) says it does not believe there will be a realistic offer from the potential bidder. The formal sales process has ended. There is enough cash until the fourth quarter of 2024 and management has the backing of its main stakeholders. Operating costs will be reduced, and funding options are being assessed. The share price slipped back 22.4% to 11.25p.
MobilityOne (LON: MBO) shares returned from suspension down 16.7% to 2.25p following the publication of the annual report for 2023. Revenues were 3% higher at £241.7m, but MobilityOne went from a profit to a £1.37m loss because of higher costs. The mobile payments company intends to expand its operations by joining the SWIFT network for money transfer.
Corporate finance adviser Marechale Capital (LON: MAC) reported a reduced loss, although that was mainly down to an unrealised gain of £250,000. In the year to April 2024, revenues improved from £376,000 to £669,000 as Marechale Capital undertook more fundraisings for clients. The loss fell from £426,000 to £183,000 after bad debts of £109,000. NAV is £3.35m, which is more than twice the market capitalisation. The share price fell 9.68% to 1.4p.