Subsea cable protection services provider Tekmar Group (LON: TGP) has won a contract to supply cable protection systems for the third phase of the Dogger Bank C wind farm in the North Sea. Delivery will start in the third quarter of 2024. Tekmar is already supplying the other phases. There is no news about the strategic review or the potential strategic investor, which has exclusivity until mid-January. The share price jumped 51.9% to 10.25p.
Heart monitoring technology developer Deltex Medical (LON: DEMG) says that revenues have increased in 2022, while operating costs have been lower than expected. Interest in the company’s new monitor is growing and the first tender has been won at a higher price than the current monitor. Regulatory clearance is still required before any new monitors are sold. This has been delayed until next year. Chairman Nigel Keen has loaned the company an additional £250,000 for working capital. The share price is 19.4% higher at 0.925p.
Destiny Pharma (LON: DEST) believes it is close to signing a US development and commercialisation agreement for phase III lead asset NTCD-M3 for the prevention of C.dif infection recurrence. This deal should provide the funding for the study and possibly an upfront payment. There is also a good chance that a partner will be found for the XF-73 nasal gel to prevent post-surgical infections. There was £8.4m in the bank at the end of June 2022, so additional cash will be required next year. The share price improved by 14.9% to 38.5p.
North Sea oil and gas producer i3 Energy (LON: I3E) reached peak production of more than 24,000 barrels of oil equivalent/day and this could rise to 26,000 barrels of oil equivalent/day. Maintenance will hold back production during 2023, but average production could reach 23,000 barrels of oil equivalent/day. The monthly dividend is being increased by one-fifth to 0.171p a share. There was a 13.5% rise in the share price to 24p.
Katoro Gold (LON: KAT) says its nominated adviser RFC Ambrian is resigning and a replacement needs to be found by 11 January or trading in the shares will be suspended. The minerals explorer will need to raise cash in early 2023 to fund its iron ore project in Namibia. The share price is two-fifths lower at 0.105p. The par value of the shares is 1p, so it appears that a capital reorganisation will be required in order to issue more shares.
Industrial lasers supplier 600 Group (LON: SIXH) announced a 12% increase in interim revenues to $17m, but the business moved from profit to loss. Supply issues and increasing costs have hit the performance. The sale of the machine tools division has helped to reduce net debt to $2.5m. The share price slumped by 24.5% t5o 8.875p.
Mosman Oil and Gas (LON: MSMN) says the Cinnabar-1 well is not yet in production. The share price fell 10.3% to 0.065p.
Shares in molecular diagnostics company Yourgene Health (LON: YGEN) continue to fall after its fundraising announcement. The price fell 6.67% to 0.35p, having fallen from 1.85p yesterday afternoon. A retail offer of up to £1m has been launched at 0.3p a share – it closes on 6 January. This in addition to the £6.4m already raised. The subsidiary in Taiwan is likely to be sold and a strategic investor is being sought. The cash raised should last until the third quarter of 2023.
Ex-dividends
Aeorema Communications (LON: AEO) is paying a final dividend of 2p a share and the share price is unchanged at 80p.
Alliance Pharma (LON: APH) is paying an interim dividend of 0.59p a share and the share price rose by 0.3p to 53.3p.
Duke Royalty (LON: DUKE) is paying a dividend of 0.7p a share and the share price is down 0.25p to 35.5p.
Orchard Funding Group (LON: ORCH) is paying a final dividend of 2p a share and the share price fell 3.5p to 49.5p.
PHSC (LON: PHSC) is paying an interim dividend of 0.5p a share and the share price unchanged at 16.5p.
Polar Capital (LON: POLR) is paying an interim dividend of 14p a share and the share price is 15p lower at 471.5p.
