Vela Technologies (LON: VELA) shares jumped 51.2% to 0.031p on the news that Conduit Pharmaceuticals will start trading on Nasdaq on Friday. This will trigger the option to sell the interest in AZD1656 to Conduit Pharmaceuticals for £4m.
CT Automotive (LON: CTA) reported better than expected interim revenues as vehicle production increases and new business is won. Gross margin also recovered, helping the interior components supplier to move back into profit and more than halve debt to $9m over a 12-month period. Liberum trimmed is 2023 pre-tax profit forecast from $9.1m to $8.7m, although revenues have been upgraded by 8% to $135.5m. The share price is 13.8% higher at 45.5p. The December 2021 placing price was 147p.
Premier African Minerals (LON: PREM) is commissioning the mill for the Zulu lithium project. Production of spodumene should reach 1,000 tons/month by November. The share price is 5.15% higher at 0.51p.
Neometals (LON: NMT) has been granted a lithium-ion battery recycling patent in Australia. Neometals owns 50% of the project. The technology recovers minerals from lithium-ion batteries. This includes cobalt, nickel, manganese and lithium. The share price rose 6.82% to 23.5p.
FALLERS
Shares in Strix (LON: KETL) slumped 40.3% to 54.65p on the decision to cut the dividend because of high borrowings. Acquisitions have pushed up net debt to £93.1m. The economic recovery has also been slower than expected. Revenues are growing, but higher interest rates meant that interim pre-tax profit has dived from £11.6m to £5.7m.
Yesterday, Eqtec (LON: EQT) announced that the Billingham waste-to-energy project is not going ahead. Potential customers have closed facilities and the project is behind schedule. So far, £4m has been invested. Eqtec is also taking legal action against its partner in the Deeside project, seeking repayment of £4m of loans. Forecast 2023 revenues have been slashed by more than three-quarters to €2-3m. Net debt is expected to be €5.7m and double that at the end of 2024. The share price dived 34.6% to 0.085p.
Harvest Minerals (LON: HMI) reported interims showing a near-doubled loss as demand for fertiliser and pricing was lower in the period. The second half sales are normally much greater than in the first half, but they continue to be disappointing. Low crop prices mean that farmers are disinclined to boost production. Cash has declined and the company has moved into net debt of £1.4m, partly due to a jump in inventories. The share price fell 34.2% to 1.35p.
Bluejay Mining (LON: JAY) announced a downgrading of the resource at the Dundas project in Greenland due to inconsistent exploration results. The resource is 29.7Mt grading 1.99% titanium dioxide, compared with 67.1Mt grading 3.45% titanium dioxide previously. This means that additional work is required to assess whether the project is commercial. There was better news of the progress of the Disko-Nuussuaq nickel project. The share price dipped 20.9% to 0.759p.
Ex-dividends
Alpha Group International (LON: ALPH) is paying an interim dividend of 3.7p/share and the share price rose 20p to 2020p.
Brooks Macdonald (LON: BRK) is paying a final dividend of 47p/share and the share price dipped 37.5p to 1832.5p.
Churchill China (LON: CHH) is paying an interim dividend of 11p/share and the share price declined 5p to 1300p.
Driver Group (LON: DRV) is paying an interim dividend of 0.75p/share and the share price is unchanged at 27.5p.
Eckoh (LON: ECK) is paying a final dividend of 0.74p/share and the share price is 0.5p lower at 43p.
Eleco (LON: ELCO) is paying an interim dividend of 0.25p/share and the share price is unchanged at 82p.
Gamma Communications (LON: GAMA) is paying an interim dividend of 5.7p/share and the share price fell 22p to 1130p.
Hargreaves Services (LON: HSP) is paying a dividend of 18p/share and the share price is 14.5p lower at 455.5p.
Ingenta (LON: ING) is paying an interim dividend of 1.5p/share and the share price declined 1p to 123.5p.
Jet2 (LON:JET2) is paying a final dividend of 8p/share and the share price fell 22p to 1095p.
Keystone Law (LON: KEYS) is paying an interim dividend of 5.8p/share and the share price dipped 7.5p to 485p.
Midwich Group (LON: MIDW) is paying an interim dividend of 5.5p/share and the share price declined 5.5p to 412.5p.
Mattioli Woods (LON: MTW) is paying a final dividend of 18p/share and the share price slipped 20p to 600p.
Public Policy Holding Company (LON: PPHC) is paying an interim dividend of 4.5 cents/share and the share price is unchanged at 124.5p.
Robinson (LON: RBN) is paying an interim dividend of 2.5p/share and the share price is unchanged at 92.5p.
Restore (LON: RST) is paying an interim dividend of 1.85p/share and the share price is 7p lower at 187.5p.
Somero Enterprises (LON: SOM) is paying an interim dividend of 10 cents/share and the share price slumped 15p to 285p.
The Property Franchise Group (LON: TPFG) is paying an interim dividend of 4.6p/share and the share price is 2.5p lower at 282.5p.
