Strong cash generation at Parkmead Group (LON: PMG) boosted the share price. The Dutch gas assets generated £6.5m in cash in the 12 months to June 2023. Production should increase this year. The Kempstone Hill wind farm is starting to generate revenues. There are £188m of tax losses. The share price jumped 26.3% to 18p, although it has still fallen by two-thirds this year.
AMTE Power (LON: AMTE) has secured a short-term financing and the share price has recovered 12.2% to 1.15p. The battery technology developer will receive £2.5m from a subscription by Pinnacle International Venture Capital at 1.7p/share and it is also providing a £200,000 convertible loan facility. A placing will raise a further £400,000 at 0.5p/share. A general meeting is required to approve the subscription.
Jersey Oil and Gas (LON: JOG) and NEO Energy are buying the Western Isles floating production, storage and offloading (FSPO) vessel for the planned redevelopment of the Buchan field. NEO Energy will buy the vessel and Jersey Oil and Gas, which holds a 50% working interest in the field, will receive $9.4m from NEO Energy as part of the farm-in deal. Zeus estimates core NAV of 408p/share. The share price improved 13.1% to 216p.
AFC Energy (LON: AFC) is purchasing Octopus Hydrogen’s UK mobile hydrogen storage and distribution assets. These assets can be used to provide a hydrogen fuelling service for H-Power generator units rented by new partner Speedy Hydrogen Solutions and other future users of hydrogen powered equipment. The share price rose 7.8% to 15.76p.
FALLERS
Real Good Food (LON: RGD) is the highest faller on the day for a 12.1% decline to 1.45p following the disposal of Rainbow Dust Colours for £800,000 and a warning of tough trading, partly due to a shortage of cash. The remaining business is cake decorations maker JF Renshaw and its future is uncertain.
Tekcapital (LON: TEK) investee company Innovative Eyewear has launched a new Lucyd Dock product charging accessory. The Tekcapital share price dipped 6.18% to 8.5p.
SkinBioTherapeutics (LON: SBTX) has raised £3m from a placing at 19p/share, while a retail offer of up to £250,000 is ongoing and closes on 20 November. The cash will finance further studies, including one for the potential acne treatment, and the roll out of psoriasis treatment Axis-PS. The share price slipped 4.65% to 20.5p.
Future Metals (LON: FME) has exercised its option to acquire Osprey Minerals, which has an exploration tenure next to the company’s Panton platinum group metals project in Western Australia. The initial payment is 18.4 million shares, with a further A$625,000 of deferred consideration depending on the level of exploration drilling. The share price fell 2.38% to 2.05p.
