AIM movers: Tribal bid and 2G cost for Quartix Technologies

ValiRx (LON: VAL) does not know why the share price has risen, but the cancer therapeutics company points out the merger of EUDA Health and TheoremX. ValiRx has a letter of intent with TheoremX concerning its clinical asset VAL201. The share price is 39.9% higher at 13.5p, having been around 14.5p earlier.

Educational services provider Tribal Group (LON: TRB) is recommending a 74p/share cash bid from Ellucian Company, that was announced late yesterday evening. The share price is 37.5% ahead at 71.9p. It has not been at the bid level since September 2022, following disappointing interim figures. The bid values Tribal at £172m and it will create an international supplier of technology to education and public sectors.  

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Crimson Tide (LON: TIDE) has risen following yesterday’s news of the 100-for-one share consolidation planned for 1 November, which the Mobility-as-a-Service scheduling and reporting company hopes will reduce the bid/offer spread and improve liquidity. The share price recovered 14.3% to 1.6p.

Tlou Energy (LON: TLOU) has raised £355,000 at 1.83p/share, which is a premium of around one-quarter to the previous market price. This will finance the Lesedi gas-to-power project in Botswana. The share price improved 7.41% to 1.45p.


Telematics company Quartix Technologies (LON: QTX) slumped 23.8% to 152.5p after it admitted that revenues and gross margins would be lower than expected. Progress in the UK and US has been disappointing, and these markets will be focused on. Quartix has acquired Konetik, which provides the technology for its Evolve product, for €2.5m, with up to €1.4m more payable depending on the sale of Evolve licences. Around 50,000 tracking systems will have to be replaced in France when 2G networks are switched off and this could cost Quartix £4.1m over three years. EBITDA could be £1.1mm lower than forecast this year and £2.4m lower next year. The dividend may be reduced.

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The share price recovery at Eqtec (LON: EQT) was short-lived and the price has fallen 17.2% to 0.0575p. Altair Group Investment has reduced its stake from 15.9% to under 13%.

Vast Resources (LON: VAST) has raised £1.8m at 0.19p/share to help to fund the development of the polymetallic Baita Plai project. Commercial production of lead/zinc concentrate has started. Management has reassured the market that it will not need another fundraising for the foreseeable future. The share price fell 16.3% to 0.205p.

Renalytix (LON: RENX) says US patent claims for biomarkers will strengthen the IP underpinning of the KidneyIntelX kidney diagnostics technology. Renalytix has exclusively licenced the biomarkers from the patent filer the Joslin Diabetes Center. Even so, the share price slipped 8.57% to 48p, which is just above its low.

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