Video games publisher tinyBuild (LON: TBLD) has secured the cash it requires for working capital. The fundraising includes a one-for-six open offer and should raise $14m at 5p/share. The share price recovered 50% to 3.75p. Interactive entertainment company Atari is investing $2m. Chief executive Alex Nichiporchik will underwrite up to $10m of the fundraising. The video games market continues to deteriorate. Full year revenues are likely to be between $40m and $50m with a greater than expected proportion of lower margin games. Cost cutting should reduce cash outflow by up to $10m/year.
Financial Website operator ADVFN (LON: AFN) was hit by a tough retail environment. Revenues declined and the loss increased despite a reduction in costs. Management believes that investing in a new app and other parts of the product offering will help it to recover. The plan is to increase income via traffic growth. Hosting and IT expenses can be reduced further. There is £5.6m in the bank. The share price bounced back 43.5% to 16.5p.
GlobalData (LON: DATA) has agreed the sale of a 40% stake in its healthcare division to Inflexion and it expects to receive from £434m the deal. This moves GlobalData into net cash, which will finance acquisitions, and points out the undervaluation of the group. Singer has increased its target price from 178p/share to 231p/share. The share price improved 19.4% to 191p.
Europa Oil & Gas (LON: EOG) is spending $3m on a 42.9% interest in Antler Global, which owns 80% of the EG-08 exploration licence, offshore Equatorial Guinea. The cash invested will fund acquisition of 3D seismic data. A partner will be brought in for drilling. The share price is 10% higher at 1.1p.
FALLERS
Helium One Global (LON: HE1) announced a placing raising £6.1m at 0.25p/share. The share price has fallen by two-thirds to 0.2425p. This will fund the drilling of the Itumbula West-A well starting in early January.
Scirocco Energy (LON: SCIR) is selling its interest in Energy Acquisitions Group for an enterprise value of £2.6m, plus up to £150,000 in contingent consideration depending on acquisition of anaerobic digestion sites, to OrbeNovo Sponsor. The business requires significant investment, which would be difficult to raise. This is conditional on shareholder approval. The board is reviewing options. The share price fell 18.2% to 0.225p.
Oil and gas producer Caspian Sunrise (LON: CASP) says current production is steady at 2,000 barrels/day. The interval tested at Well 142 was not commercial. Further drilling is being undertaken. Realisable prices in Kazakhstan are much lower than international prices. The share price decreased by 12.7% to 2.4p.
SRT Marine Systems (LON: SRT) is raising £10m at 35p/share with up to £500,000 more to come from a retail offer. This includes a £7m investment by Ocean Infinity. There were no revenues from systems in the first half, but they should make a significant contribution as work on contracts reaches points where it can be invoiced. Earlier this year, SRT raised £5.36m from a placing and Primary Bid offer at 50p/share. The share price is 8.43% lower at 38p.
Ex-dividends
Aeorema Communications (LON: AEO) is paying a dividend of 3p/share and the share price fell 10p to 97.5p.
CML Microsystem (LON: CML) is paying an interim dividend of 5p/share and the share price declined 1p to 374p.
MS International (LON: MSI) is paying an interim dividend of 3p/share and the share price increased 15p to 880p.
PHSC (LON: PHSC) is paying an interim dividend of 0.75p/share and the share price declined 1.5p to 23p.
Real Estate Investors (LON: RLE) is paying a dividend of 0.63p/share and the share price is unchanged at 29.25p.
