Renewable energy company SIMEC Atlantis Energy (LON: SAE) generated cash in 2023 due the sale of the Uskmouth energy storage project and ongoing revenues from MeyGen tidal project. Net debt was reduced from £54.1m to £50.6m, with the majority of debt in the MeyGen project, which is set to be expanded. Core company debt was £13.7m, before the subsequent receipt of £7m from a land sale. This puts the company in a strong position make further energy storage project investments. The share price soared 131% to 2.15p.
M Warner has increased his stake in Clontarf Energy (LON: CLON) from 3.13% to 5.98%. The share price rose 62.8% to 0.07p. This means the price has risen by one-third this year.
PI Industries has launched a 9p/share bid for Plant Health Care (LON: PHC) and this is recommended by the board. The bid values the natural crop enhancement products company at £32.8m. The share price jumped by 48.1% to 8.625p. PI is involved in all areas of the agricultural inputs sector in India, and it would be able to provide the finance and distribution to grow the Plant Health Care operations. PI wants to expand into areas such as the US and Brazil where Plant Health Care is already active.
Mercantile Ports and Logistics (LON: MPL) has released 2023 figures slightly ahead of expectations. There was an impairment charge of £9.9m. The pre-tax loss fell from £12.1m to £11.4m. Debt restructuring discussions continue and this will firm up the financial position of the Indian port facility developer. An operating profit is forecast for 2024, but it would not be enough to generate a post-interest profit. Cavendish has a price target of 4.8p. The share price recovered 37.5% to 2.2p.
FALLERS
Mineral sands project developer Capital Metals (LON: CMET) says Sheffield Resources has placed on hold the transaction to acquire a 50% interest in the Eastern Minerals project in Sri Lanka. Sheffield Resources is prioritising the use of cash on another project. Capital Metals is assessing other sources of finance for the project if it retains a 100% stake. A low-cost drilling programme will be undertaken. The share price slumped 57.1% to 1.63p.
Pubs and bars operator Nightcap (LON: NGHT) has decided to cancel the AIM quotation because of the weak share price and the difficulty to raise additional funds. Trading is challenging and this is expected to continue for the rest of the year. EBITDA for the year to June 2024 is below expectations. Integrating The Piano Works has been more costly than anticipated. A general meeting will be held on 17 July but there is already sufficient support to pass the resolution to leave AIM. The quotation is likely to be cancelled on 29 July. A matched bargain facility will be provided by Asset Match. The share price is 52% lower at 1.8p.
Beacon Energy (LON: BCE) says that the stabilised rate for the Schwarzbach-2 sidetrack is in the range of 50-100 barrels/day, which is much lower than the 900 barrels/day expected. This could be due to reservoir damage in the higher reservoir or poor permeability in the lower reservoir. The expected level of production plus existing production could generate £2m-£3m in gross revenues. Costs are being reduced by more than £1m/year and two directors are leaving the board. The accounts will not be ready by 1 July so trading in the shares will be suspended. The share price declined 51.9% to 0.0065p.
Live Company Group (LON: LVCG) is continuing discussions with a cornerstone investor to provide cash required because of the shortfall at the Brick Live division. A KPOP event in Germany is being promoted alongside the cornerstone investor. The 2023 accounts will not be published by the end of June, so trading in the shares will be suspended 1 July. The share price dipped by two-fifths to 0.3p.
