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AIM movers: Sondrel recovers and Panthera Resources cash outflow

Shares in fabless semiconductor developer Sondrel (LON: SND) have bounced back 36.7% to 5.125p after yesterday’s trading warning that flagged delays in development and payments. That still leaves the share price 36.7% lower. Sondrel expected a £1.7m payment from an automotive component manufacturer, but this will not be received until next year. Additional resources will be required to complete the project. Directors and staff have agreed to defer salaries because Sondrel cannot afford to pay them. More capital will be required by the end of March or earlier if the delayed payments are not made as early as expected.   

Trading in Enwell Energy (LON: ENW) has been restored following publication of interims to June 2023. The oil and gas producer had to replace its auditor. Interim revenues slumped from $77.2m to $33.1m and pre-tax profit fell from £42.8m to £17.4m. Following a 15p/share dividend, there was cash of $33.8m at the end of June 2023. The share price rose 35.7% to 16.9p.

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Harland & Wolff (LON: HARL) is advancing negotiation concerning a proposed £200m guaranteed loan facility with UK Export Finance. In January, an independent party will assess an appropriate interest charge. The bank syndicate is being firmed up. There is enough cash until the facility is secured. The share price recovered 21.7% to 14p.

Duke Royalty (LON: DUKE) increased quarterly cash revenues from £6.2m in the second quarter to £6.3m in the third quarter, compared with £5.6m one year earlier. The latest follow-on investment is C$8.6m in Creo-Tech, taking the total invested to C$27.1m (£16m). Next year Duke Royalty will announce a rebranding and repositioning of the business. The share price is 2.31% higher at 33.25p. The yield is nearly 9%.

FALLERS

Minerals explorer Panthera Resources (LON: PAT) reported interims showing a £1.18m cash outflow from operations and investing activities. There was £217,000 in cash at the end of September 2023 and a further £935,000 was raised in December. This cash should last for up to six months. Panthera Resources continues to pursue the Indian government for compensation for the expropriation of gold project assets in the country. The share price dropped 7.41% to 6.25p.

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e-Drive systems developer Saietta Group (LON: SED) published interims showing a loss of £7.9m on revenues of £1.4m. Orders have been received that will lead to much higher revenues. Net cash was £500,000 at the end of September 2023. In November, £7.14m was raised at 17p/share. The share price declined 4.17% to 17.25p.

A person associated with Naked Wines (LON: WINE) executive chairman Rowan Gormley acquired 14,392 shares at 58.9736p each. The share price fell 2.63% to 55.5p.

Galileo Resources (LON: GLR) shares have slipped 2.27% to 1.075p, following yesterday’s interim figures. The minerals explorer had nearly £89,000 in the bank at the end of September 2023 after a £1.35m cash outflow during the period.

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