Shares in Destiny Pharma (LON: DEST) have made a modest recovery following yesterday’s announcement it intended to leave AIM. The largest trade was worth less than £6,000 and many of the trades are valued at less than £10. The share price improved 30.8% to 4.25p, but it is still 50% lower this week.
A new sensor contract for security technology provider Spectra Systems (LON: SPSY) has led Zeus, the new broker following the takeover of WH Ireland’s broking business, to upgrade its forecasts. The contract is with an existing central bank customer. This was expected, but it is likely to be more profitable than anticipated. The 2024 pre-tax profit forecast is raised from $10m to $12m and the 2025 figure increased from $14m to $25.5m. However, the 2026 figure has been cut from $18m to $16m. The share price rose 13% to 260p.
Gunsynd (LON: GUN) says Metals One announced a maiden JORC inferred mineral resource for the P5 area of the Finland – Black Schist project of 29Mt. The total resource is 57.1Mt. Gunsynd owns 6.25% of a subsidiary of Metals One and the news boosted the share price increased 13% to 0.13p.
Supercapacitors developer Cap-XX (LON: CPX) has signed a memorandum of understanding with Switzerland-based SCHURTER to develop supercapacitor products. This could enable expansion into new markets. The share price is 8.97% higher at 0.425p.
Harvest Minerals (LON: HMI) has commenced a rare earth elements exploration programme at the Arapua fertiliser project in Brazil. The first phase will evaluate the nature of the rare earth elements and involves seven drill holes. The second phase of drilling will assess potential deposit dimensions. The share price rebounded 10.9% to 1.275p, but it is still two-fifths down on the level prior to the £1m fundraising at 1p/share.
FALLERS
Kyrgyzstan miner Chaarat Gold Holdings (LON: CGH) is the latest company to announce the intention to cancel its AIM quotation. This is part of a recapitalisation proposal that will more than halve existing liabilities to less than $20m following conversion of part of the convertible loan. The maturity date of the convertible loan will be extended from July 2024 to December 2025. There will also be an additional facility of $5m that can be drawn down. The $550,000 of salary owed to former executive chairman Martin Andersson will be paid in shares. The AIM departure, which is a condition of the recapitalisation, is expected to be on 16 August. The share price slumped 72.7% to 0.225p.
Lloyds Bank is terminating its contract with TruFin (LON: TRU) subsidiary Satago, which will reduce its revenues substantially. According to Panmure Liberum, the termination is not anything to do with performance or technology. The five-yar contract started in July 2022 and the software was being used for invoice financing operations. There will be no compensation. Panmure Liberum assumes cost savings and better performance from other parts of the business mean that the termination will not affect forecasts. TruFin is still expected to move into profit in 2025. The share price dived 33.6% to 50.5p.
Although glazing connectors supplier Strip Tinning (LON: STG) has been winning new contracts, short-term sales are still weak with a 15% dip expected in the forthcoming interims. There are also delays in battery technologies demand. The newer contracts will not kick in until the second half of next year. Singer forecasts a full year loss of £3.6m and net debt more than doubling to £6.2m. There will be subsequent cash outflows in the next couple of years as the newer contracts gain momentum. The share price had been recovering, but it has fallen 25.2% to 38.5p.
Libertine Holdings (LON: LIB) estimates that the first funds from the proposed £2m investment at 1.5p/share should be received in July and the rest by August. The shares equate to 49% of the enlarged share capital. A circular will be issued when the first funds are received so that shareholder approval can be obtained. The share price declined 25.7% to 1.3p.