AIM movers: Zinc Media acquisition and Orcadian Energy farm-out

TV programme producer Zinc Media (LON: ZIN) is acquiring The Edge Picture Company and raising £5m at 100p a share. The share price dipped 5.6% to 101.5p. Zinc Media has also launched a £250,000 retail offer via Peel Hunt’s REX platform. The intermediaries involved are Interactive Investor, AJ Bell and Hargreaves Lansdown and the minimum subscription is £50. The Edge is based in London and Qatar and is a brand and corporate film maker. Clients include Barclays, Amazon and FIFA. In 2021, revenues were £8.2m and EBITDA was £800,000. There is initial consideration of £2.1m in cash and shares with up to £3.875m payable if a total of £5m of operating profit is made over the three years to June 2025.

Sabien Technology (LON: SNT) is raising £500,000 through a placing at 10p a share, with potential to raise up to £100,000 more from existing shareholders via a broker option that closes at 5pm on 3 August. The cash will be used to finance the company’s green technology businesses. The share price dived 21% to 12.25p.

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Detection technology developer Kromek Group (LON: KMK) shares bounced back today following yesterday’s annual results. The shares increased 15.2% to 10.25p. finnCap forecasts revenues will grow from £12.1m to £18m in the year to April 2023. There is 53% of contracted revenues and 37% going through contract negotiations. The other 10% should come from repeat revenues. Kromek will remain loss-making.

Phoenix Global Resources (LON: PGR) has posted a circular to shareholders to gain approval for its plan to leave AIM. The oil and gas company is holding a general meeting on 1 September. Main shareholder Mercuria Energy is offering 7.5p a share to minority shareholders. The share price moved up 17.7% to 7.3p.

Orcadian Energy (LON: ORCA) has announced the formal farm-out agreement for the Carra prospect in the North Sea. The deal with Carrick Resources requires it to fulfil certain work milestones, which should take four months, and Orcadian will assign a 50% stake in the sub-licence area. This pushed up the share price by 4.76% to 33p.

Oracle Power (LON: ORCP) has been told by the Sindh authorities that it will receive a letter of intent for establishing a 1,200MW hybrid solar/wind, green hydrogen/power project in Pakistan. Oracle Power has to provide a $600,000 performance guarantee. There was a 14% rise in the share price to 0.325p.

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Omega Diagnostics (LON: ODX) has completed the sale of the CD4 business for up to £6.1m. The initial £1.1m has been paid. A further £4m will be paid when a clinical study is completed in Kenya. There was a monthly cash outflow of £300,000 a month from CD4. The ongoing focus will be the health and nutrition business. finnCap believes that Omega Diagnostics could breakeven in 2022-23. The relocation to Ely will provide additional capacity. The share price increased 4.7% to 3.35p. Mixed signal ASICs chipmaker EnSilica (LON: ENSI) says contract momentum accelerated in the fourth quarter of the year to May 2022. Revenues and EBITDA are ahead of expectations. Revenues were approximately £15.1m, up from £8.6m the year before, while the EBITDA was £500,000. The share price rose 2.1% to 49.5p, which is just below the recent flotation price of 50p.

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