AIM movers: Trinity Exploration merging with Touchstone and Inspiration Healthcare contract delay

Trinity Exploration & Production (LON: TRIN) has agreed a bid from fellow AIM-quoted Trinidad oil and gas company Touchstone Exploration (LON: TXP), which is offering 1.5 shares for every Trinity share. The Trinity shareholders will own one-fifth of the enlarged company. The combined group will be in a stronger position to make investments in new production. The Touchstone Exploration share price is 3.6% lower at 39.75p, valuing each Trinity share at 59.625p – the share price is 44.4% higher at 52p.

Alpha Financial Markets Consulting (LON: AFM) has confirmed that BridgePoint Advisers has made a bid approach and Cinven is considering making a bid. The share price jumped 37.3% to 460p.

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Promotional products technology provider Altitude (LON: ALT) confirmed it would at least meet expectations of an improvement in pre-tax profit from £900,000 to £1.2m. Net cash of £1.3m was better than expected. There has been a strong start to 2024-25. The share price increased 15.9% to 36.5p.

Cornish Metals (LON: CUSN) has published a preliminary economic assessment of the South Crofty tin project in Cornwall. There is an after-tax NPV8 of $201m at a tin price of $31,000 /tonne. Pre-production capital requirement is $177m, which is higher than previous estimates, and there should be 14-year mine life. Life of mine all in sustaining cost is estimated at $13,661/tonne. Planned first production is in 2027. The share price moved 14.6% higher at 11.75p.

Remote site services provider RA International (LON: RAI) moved back into profit in 2023, helped by a $5.21m exceptional gain on the sale of assets previously written-down. The operating loss fell from $6.5m to $3.15m. The company recently won tenders with the UN in Western Sahara. A broader customer base is being built up. The share price rose 13.3% to 8.5p.

FALLERS

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Medical ventilators supplier Inspiration Healthcare (LON: IHC) is still waiting to for the customer to sign a contract for a major Middle East order and this has put a strain on its balance sheet. The timing of the order is difficult to predict, and trading remains tough with other orders taking longer to come through. Liberum has moved its 2024-2025 forecasts from £2.9m pre-tax profit to a £700,000 loss, although the forecast assumes a recovery in the second half. If the Middle East contract is signed in time, it could add £1.4m to profit. The share price dived 44.4% to 17.25p.  

Horizonte Minerals (LON: HZM) has enough cash until 17 May and senior lenders have agreed to extend waivers on loans, including deferring interest payments, until 15 May. These lenders have security over the company’s assets. Horizonte Minerals has guaranteed the debt of the subsidiary that owns the Araguaia project. Discussions with creditors and investors continue in an attempt to achieve some recovery value for creditors. That may include the disposal of the Araguaia project. None of the proposals are likely to recover value for shareholders. The share price slipped 20.7% to 0.325p.

In 2023, Intelligent Ultrasound (LON: IUG) reported a decline in loss from £3.3m to £2.8m and it is still on course to break even this year if it hits the middle of the revenues guidance range of £14m-£17m. This is based on growth in higher margin AI revenues. There is £3m in the bank. The share price fell 11.4% to 7.75p.

Telecoms services provider Maintel (LON: MAI) profit recovered strongly in 2023. Revenues are 11% ahead at £101.3m and underlying pre-tax profit improved from £1.6m to £5.5m. The benefits of last year’s strategic review are starting to show through, although there were £7m of exceptional charges. Net debt is £18.1m, but most has been reclassified as long-term. The share price declined 10.1% to 250p.

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