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AIM movers: United Oil & Gas hit by cash demand and another bid approach for SmartSpace Software

SmartSpace Software (LON: SMRT) has received a bid approach from Sign In Solutions Inc at an offer price of 90p/share. Management says that it would back this offer, which values SmartSpace Software at £26m. This bid is subject to due diligence. Late last year, venue management software supplier Skedda Inc proposed an 82p/share offer for the smart building technology. JO Hambro, which owns 8.3% of the company, was supportive of the Skedda offer. The share price jumped 26.9% to 82.5p.

Keras Resources (LON: KRS) has signed a 50/50, five-year deal with organic fertiliser company Phosul, which will build a 5,000 tonnes/year plant producing Phosul granulate comprising rock phosphate from the Diamond Creek mine in the US. The mine should supply 11,000 tonnes/year of rock phosphate to the joint venture, which is more than double current production. Keras Resources is also acquiring warehouses for $700,000. The share price improved 21% to 3.75p.

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Aquaculture company Benchmark (LON: BMK) says the share price materially undervalues the business, partly due to a lack of liquidity. After talking to major shareholders management has decided to commence a strategic review of the business. This could lead to a bid. The share price rose 19.1% to 41.7p. This has more than recovered the decline in the share price since 2022.

Oriole Resources (LON: ORR) says a due diligence review of the Mbe gold project and this has identified a shear-related porphyritic unit trending to the northeast. This satisfied the earn-in agreement with BCM. The remaining upfront fee of $950,000 should be paid in $950,000. The share price is one-fifth higher at 0.45p, and it has nearly trebled since the beginning of 2023.  

FALLERS

United Oil & Gas (LON: UOG) has received a default notice from the operator of the Abu Sennan concession operator. United Oil & Gas owns a 22% non-operating interest in the Egyptian concession, and it was previously trying to sell this to a sister company of the operator. United Oil & Gas has extended the exploration licence period at the Walton Morant project offshore Jamaica until January 2026. The share price slumped 39.1% to a new low of 0.32p.

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t42 IOT Tracking Solutions (LON: TRAC) continues to negotiate the extension of the repayment date for its convertible loan notes. They expired at the end of 2023, but holders are willing to extend subject to terms. There are £925,000 of convertibles with a conversion price of 15p/share. The share price declined 8.33% to 2.75p, which is not much higher than the share price prior to the eight-for-one share consolidation in November 2021.

Eco (Atlantic) Oil & Gas (LON: ECO) says that TotalEnergies and QatarEnergy have relinquished their jointly owned 25% working interest in the Orinduik licence in Guyana. This means that the AIM company will own 100% of the licence through two subsidiaries. There is a commitment to drill one exploration well by the beginning of 2026. Eco (Atlantic) has received government approval for the farm-out of its 6.25% participating interest in Block 3B/4B in South Africa to Africa Oil Corporation. The share price fell 7.95% to 10.125p.

Scientific instruments supplier SDI Group (LON: SDI) has appointed Stephen Brown to replace Mike Creedon as chief executive. The share price declined 7.41% to 75p.

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