AIM movers: Vast Resources production improvement and Faron Pharmaceuticals fundraising

In the first quarter of 2024, Vast Resources (LON: VAST) has produced 613DMT of copper concentrate from the Baita Plai polymetallic mine. This compares with 562DMT in the previous quarter. Finalisation of the refinancing should enable further production improvement. Cost savings have been made at the Aprelevka mine and gold production is rising. The share price improved 26.7% to 0.285p.

The Mission Group (LON: TMG) has responded to the revised bid proposal of 13.9 Brave Bison (LON: BBSN) shares for each share in the advertising and marketing services company. The board still believes that the bid does not reflect the underlying value of the business, but it is evaluating the bid. The share price rose 12.2% to 27.5p, compared to a bid value of 35.1p/share at a Brave Bison share price of 2.45p.  

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Plant Health Care (LON: PHC) has gained an expanded product label for Employ, which is based on Harpin technology, in California, which includes four new crops. The crops covered include citrus, berries and small fruits, vegetables and cereals. The share price is 10.3% higher at 6.975p.

Oxford BioDynamics (LON: OBD) has developed a test for canine cancer. EpiSwitch Specific Canine Blood test uses the same array platform as the company’s other tests. This test provides blood-based detection for six cancer types with a balanced accuracy of more than 89%. It will initially be made available to select vets to generate real world data. A deal with an existing pet healthcare company will be sought for commercialisation. The share price increased 8.76% to 8.69p.

Crimson Tide (LON: TIDE) has received a bid approach from workflow software provider Checkit (LON: CKT). The offer is seven Checkit shares for every Crimson Tide share. The Checkit share price has fallen to 7.69% to 24p. That values each Crimson Tide at 168p/share, compared with the market price that is 7.69% higher at 175p. Crimson Tide has promised a lot but has failed to be consistently profitable. Management has rejected the bid.  


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Faron Pharmaceuticals (LON: FARN) has published a prospectus for a fundraising of up to €30.7m at €1/share (85p/share). This will include an open offer raising up to £6.8m and a REX retail offer that could raise up to £850,000. The cash will provide sufficient funds for Finland-based Faron’s requirements in 2024, so it can reach a commercial partnership agreement to finance further product development. If the full amount is raised the cash should last until March 2025. Faron has committed to issue an additional 1.6 million shares to investors in the placing at €1.50/share in April, so that the effective price would be reduced to €1/share. The share price slumped 46.2% to

UK Oil and Gas (LON: UKOG) has issued 244.4 million shares to RiverFort Global Opportunities PCC and YA II to repay £55,000 of a loan, which has been reduced to £310,000. The share price declined 7.84% to 0.0235p.

Electronic security provider Synectics (LON: SNX) says first half trading was comfortably in line with expectations. Some projects were delivered early and have fallen into the first half, so there will not be a significant second half weighting this year. Shore forecasts an improvement in pre-tax profit from £3m to £3.5m this year. The share price fell 5.41% to 175p.

Destocking hit the first half of the year hit the figures of Gooch & Housego (LON: GHH) and pre-tax profit slipped from £4.7m to £2.6m on a 1% decline in revenues to £63.6m. Destocking reduced demand in industrial and medical sectors. There was a reduction in the aerospace and defence division loss, but it still needs to improve manufacturing efficiency. Net debt increased to £22.2m. The dividend was edged up by 0.1p/share to 4.9p/share. There are benefits to come from cost reductions and outsourcing. The share price is 4% lower at 551p.

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