AIM movers: SMS takeover and Future Metals disappoints market

Funds advised by Kohlberg Kravis Roberts are bidding 955p/share in cash for Smart Metering Systems (LON: SMS), which values it at £1.3bn. Shareholders will receive the latest dividend of 8.31875p/share. The board does not believe the progress of SMS has been fully reflected in the market price and they are recommending the bid. In September 2021, the all-time share price high of 1030p. The share price jumped 40.7% to 956.5p.

Oil and gas company Orcadian Energy (LON: ORCA) shares soared 36.1% to 24.5p on the back of news that it has executed a conditional sale and purchase agreement with Ping Petroleum for the farm out of 81.25% of the Pilot development project for $3.1m plus payment of some past costs. Completion could happen by March.   

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Magnetic resource imaging technology developer Polarean Imaging (LON: POLX) has received its first de novo order for a new XENOVIEW polariser for a US academic centre. Other medical centres are interested in acquiring the technology. Utilisation is being built up in existing clinical sites. The reimbursement payment for using XENOVIEW technology can be up to $2,500. Cash is expected to last until the third quarter of 2024. The share price improved 25.3% to 6.2p.

Falcon Oil & Gas (LON: FOG) has completed the stimulation programme of a section of the Amungee Member B Shale within the Shenandoah South 1H well. An initial production test will commence in the middle of December and the flow rate will be announced in the first quarter of 2024. The share price rose 7.35% to 7.3p.

Shield Therapeutics (LON: STX) has released a positive third quarter trading update. The net selling price of the Accrufer iron deficiency treatment improved in the US, where third quarter revenues were $4.1m. Cavendish expects 2023 US revenues of $14m, which means that the fourth quarter revenues need to be $6m. The forecast 2023 loss is $28.9m.  The share price recovered 7.32% to 6.6p.


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Future Metals (LON: FME) says a study has shown the potential for the Panton platinum group minerals project in West Australia. This is an initial nine-year mine life at an average PGM production rate of 117,000 ounces per annum. All-in sustaining costs average $879/ounce. A PFS could be completed by the end of 2024. The market was negative about the news and the share price dived 46.1% to a new low of 1.725p.

Eurasia Mining (LON: EUA) is still trying to sell its Russian assets and there are discussions with potential buyers in Russia and Hong Kong. It is also trying to sell its concentrate that is valued at £3.5m. There was £517,000 in the bank at the end of November. The share price slumped 24.4% to 1.475p.

Vertu Motors (LON: VTU) says gross profit has been hit by a fall in used car prices because of an increase in supply. Like-for-like used vehicle volumes fell 2% in the quarter to November 2023, which is a lower reduction than in the first half. Lower margin fleet sales are growing strongly. Zeus has reduced its 2023-24 pre-tax profit forecast by 17% to £39.3m. The share price declined 21.8% to 66.3p.

Scientific Instruments manufacturer SDI Group (LON: SDI) edged up interim revenues to £32.2m with digital imaging sales halving. The much larger sensors and controls division grew revenues by 40% and organic growth was 7%. Destocking is hitting revenues and Cavendish has reduced its 2023-24 pre-tax profit by 18% to £7.9m. The share price is 18.9% lower at 90p.


Alpha Financial Markets Consulting (LON: AFM) is paying an interim dividend of 3.7p/share and the share price declined 5p to 355p.

Celebrus Technologies (LON: CLBS) is paying an interim dividend of 0.92p/share and the share price is unchanged at 182.5p.

James Cropper (LON: CRPR) is paying an interim dividend of 3p/share and the share price is unchanged at 585p.

Mercia Asset Management (LON: MERC) is paying an interim dividend of 0.35p/share and the share price is unchanged at 30.5p.

Redcentric (LON: RCN) is paying an interim dividend of 1.2p/share and the share price fell 5.25p to 126.75p.

Supreme (LON: SUP) is paying an interim dividend of 1.5p/share and the share price slipped 1p to 113.5p.

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