Tekcapital (LON: TEK) is the largest riser of the day following publication of 2024 results. NAV has improved from $0.27/share to $0.33/share. The company intends to pay a special dividend when “material levels of capital are monetised” from its portfolio. Autonomous vehicle software developer Guident is set to list on Nasdaq this year. The Tekcapital share price increased by one-eighth to 9p.
Diagnostics company Cambridge Nutritional Sciences (LON: CNSL) says sentencing has been announced for four past health and safety breaches at a former subsidiary. There were mitigating circumstances, and the fine was £35,000. This has already been provided for. The share price rose 9.8% to 2.8p.
Aquaculture company Benchmark (LON: BMK) is asking for shareholder approval to leave AIM and Euronext Growth Oslo. There should be annual savings of £2.4m and there should also be overhead savings of £5.6m following the sale of the genetics business. Benchmark is launching a tender offer at 25p/share. The total amount of cash available through the tender is £56.7m out of the current net cash of £117m. The share price improved 8.18% to 23.8p.
A prospectus has been lodged by Greatland Gold (LON: GGP) for the flotation of its new holding company Greatland Resources on ASX. There are plans to raise £24.2m, while Newmont Corporation is selling 50% of its shareholding. The new company will also be admitted to AIM, and there will be a UK retail offer to raise up to £6.7m. This will close on 17 June. The share price increased 3.79% to 13.7p.
FALLERS
Healthcare services provider Totally (LON: TLY) is considering offers for subsidiaries. This is the only practical way to pay off liabilities. However, the proceeds may not be enough to meet all liabilities. The share price dived 77.2% to 0.325p.
OptiBiotix Health (LON: OPTI) has raised £750,000 at 14p/share. Every two shares come with a warrant to subscribe to one share at 21p. A US institution with experience in investing in weight management businesses has invested £500,000. A new subsidiary has been set up and a warehouse will be leased. There will also be investment in other regions and in social media advertising. The share price fell 12.3% to 16p.
Nostra Terra Oil and Gas (LON: NTOG) says 2024 oil and gas production fell by 27% to 77 barrels/day. Revenues were $2m and the loss was $1.5m. Current production levels are 140 barrels/day. If the Fouke 3 well is successful in the third quarter, then that could generate cash inflows of $200,000 each month. The share price slipped 8.82% 0.0155p.
Seascape Energy Asia (LON: SEA), which was formerly Longboat Energy, increased its 2024 loss from £3.86m to £5.69m following the refocusing on south east Asia. That is before a £10.8m loss on discontinued operations. Net cash was £2.8m at the end of 2024 and since then there has been an inflow of $11m. By the end of the year, there should be a decision on a preferred gas evacuation option for a DEWA cluster development (working interest of 28%) of 12 shallow water discoveries in Malaysia. The share price declined 7.46% to 31p.