AIM movers: Wentworth Resources bid and Fulcrum Utility runs short of cash

Etablissements Maurel & Prom is bidding 32.5p a share in cash for Wentworth Resources (LON: WEN), which values the Tanzania-focused gas producer at £61.7m. The share price rose 26.6% to 31.65p. The bidder is the majority owner and operator of the Mnazi Bay gas project, where Wentworth Resources owns 31.94%.

Petro Matad (LON: MATD) has gained access permission for exploration drilling on Block V in central Mongolia and the licence term has been extended. The development of the Heron-1 well continues and should be in production by the end of the year. Cash flow should finance further drilling. The share price jumped 16.2% to 2.15p.

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Windar Photonics (LON: WPHO) non-exec director Paul Hodges bought 55,000 shares at 23p a share. The share price has recovered since trading recommenced after results releases were up to date. The share price further improved by 14.3% to 24p.

Faron Pharmaceuticals (LON: FARN) has published a BEXMAB study update. The phase I/II study is for a combination of bexmarilimab in combination with standard of care in multiple haematological malignancies. An azacytidine-refractory acute myeloid leukemia (AML) patient achieved a complete remission. A second patient treatment shows signs of efficacy, and the remaining patients are stable. The treatment is well-tolerated. The share price improved by 11.5% to 315p.

Utility infrastructure provider Fulcrum Utility Services (LON: FCRM) is raising up to £6m in loans from significant shareholders Bayford & Co and Harwood Capital. The annual interest rate is 20% and the loans can be convertible from April 2023. There is a 20% fee for early repayment and an non-utilisation fee of 6%. If the loan is converted into shares, then other investors will have an opportunity to buy shares at the conversion price. Last week, Fulcrum Utility Services received £1.5m from asset sales. The share price dived 39.7% to 2.05p. The recovery of the business is proving a long-term process.

Digital health technology developer Induction Healthcare (LON: INHC) has reported interims following last week’s 2021-22 results announcement. Revenues were 54% ahead at £7.1m. Annualised recurring revenues are £14.5m. There was £9m in cash at the end of September 2022. There have been delays in in implementation and they may not be completed until the next financial year. This knocked 21% off the share price leaving it at 24.5p.

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Professional service provider RBG Holdings (LON: RBGP) litigation funding subsidiary LionFish has lost two cases it invested in. There will be a non-cash write-down of £4m. There is still £3.3m of exposure to cases and management is trying to reduce ongoing exposure. The core business performed strongly, and it will exceed expectations this year even though corporate finance deals have been delayed. Underlying EBITDA will be between £11m and £12m in 2022. The share price fell 20.4% to 66.5p.

OptiBiotix Health (LON: OPTI) has raised £500,000 at 16p a share to invest in its direct-to-consumer products and US expansion. The share price of the microbiome-based products developer slumped 19.2% to 15.75p. Peterhouse has been reappointed as joint broker.

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