Newly renamed Acuity RM Group (LON: ACRM), it was previously Drumz, has won a new customer for its risk management software. It is a leading British insurance company, but the initial order is small. There should be further opportunities generated by the company’s partners. The share price recovered 48% to 9.25p. which is the highest it has been since January before the reversal.
GCM Resources (LON: GCM) shares jumped 42.2% to 4.125p on the back of talk about a shortage of coal in Bangladesh. The Phulbari coal and power project is still a long way from production, but the authorities are keen to increase supply from Bangladesh.
Biopesticides developer Eden Research (LON: EDEN) has applied for authorisation in the EU for seed treatment product Ecovelex, which has been developed with Corteva Agriscience. It can replace chemicals that have been banned after regulatory changes. Ecovelex deters birds from eating the seeds. The initial use could be for Maize crops. The share price is 37% higher at 5p.
Mobile content provider Mobile Streams (LON: MOS) signed an exclusive partnership with cyptocurrency company Bitso. This covers sporting NFTs, which Bitso will promote and also create joint NFT collections. Bitso will advertise the NFTs across all its channels in return for a modest revenue share. The share price is 35% ahead at 0.135p.
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Fallers
Barryroe Offshore Energy (LON: BEY) warns that has around three weeks of working capital left after announcing it is no longer proceeding with the previously announced placing and open offer following the Irish government’s refusal to grant the lease for the SEL 1/11. The company is seeking additional cash for working capital, but if it is unsuccessful then it will probably have to go into liquidation. Trading in the shares is likely to be suspended on 3 July because the 2022 accounts will not be published by then. The share price dived by three-quarters to 0.35p, which is a new low.
Environmental technology developer DeepVerge (LON: DVRG) has stopped funding the development of Labskin and other businesses. Out-licensing of technologies that these businesses have developed is a possibility. Additional funds are required and that could come from a share issue or selling parts of the group. DeepVerge has won a water treatment contract in Ireland that will be worth £2.3m over four years. It is uncertain whether the 2022 accounts will be published by the end of June. The share price dived a further 47.6% to 0.275p.
Bad news for oil and gas company IOG (LON: IOG) concerning the Blythe H2 well in the North Sea is producing gas at a constrained rate. There could be a mechanical blockage. The well could be brought onstream this month. The volatility of the gas market and the declining price has increased pressure on the company. Management is seeking pre-emptive waivers of potential covenant breaches. The company’s bond matures in September and that will need to be refinanced. The share price slumped 43.8% to 3.65p, which is a new low. A subsidiary of TomCo Energy (LON: TOM) is acquiring the 90% that it does not own in Tar Sands Holdings II for $17.3m. It is unclear where the funds will come from. This announcement was followed by a decline in the share price, which was one-third lower over the week at 0.098p.
