AIM weekly movers: Another positive statement from Cornerstone FS

Pharmacogenetic testing company GeneDrive (LON: GDR) says the Royal Sussex County Hospital in Brighton is adopting the MT-RNR1 ID kit in its baby unit. This is the second NHS trust to use the kit for antibiotic induced hearing loss testing. The share price jumped 60.9% to 9,25p.

Payments services provider Cornerstone FS (LON: CSFS) published another positive trading statement. The share price soared 50% to 17.25p. The pre-tax profit forecast has been upgraded from £100,000 to £700,000 with £1.2m forecast for 2024. Cornerstone FS should move to a net cash position during 2024. The number of customers and average value of transactions continues to increase.

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Sancus Lending (LON: LEND) has secured a strategic joint venture with Hawk Lending, which is owned by the Morton family, to provide alternative property finance and debt advisory services from Jersey. The Morton family will provide £30m of funding for the joint venture and there will be other sources of cash, including Sancus Lending’s existing funders. The share price increased 48.4% to 0.705p. On 6 December, chief executive Rory Mepham acquired one million shares at 0.545p each.

Funds advised by Kohlberg Kravis Roberts are bidding 955p/share in cash for Smart Metering Systems (LON: SMS), which values it at £1.3bn. Shareholders will receive the latest dividend of 8.31875p/share. The board does not believe the progress of SMS has been fully reflected in the market price and they are recommending the bid. In September 2021, the all-time share price high of 1030p. The share price rose 47.2% to 958p.


Myanmar Investments (LON: MIL) shares continue to fall after it gained shareholder approval to cancel trading on AIM on 12 February. The share price declined 62.1% to 3.6 cents. In 2019, the company took the decision to wind down its investment portfolio due to unfavourable conditions in Myanmar. Leaving AIM will save $115,000/year. NAV was 23 cents/share at the end of March 2023.

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Video games company tinyBuild (LON: TBLD) says current trading is below expectations and full year revenues will be between $40m and $50m – a large spread for such a late point in the year. A claim from the vendors of a past acquisition has been settled for $3.5m plus costs. At the end of November, there was cash of $5.7m, which will be lower at the end of the year. There is no debt, but new funding will be required in January. Chief executive Alex Nichiporchik says he will underwrite a fundraising of up to $10m. Other shareholders will be given the opportunity to participate. The share price dived 56.7% to 2.65p. The March 2021 placing price was 169p.

Future Metals (LON: FME) says a study has indicated the potential for the Panton platinum group minerals project in West Australia. There is an initial nine-year mine life at an average PGM production rate of 117,000 ounces per annum. All-in sustaining costs average $879/ounce. A PFS could be completed by the end of 2024. Investors were not happy with the news and the share price slumped 47.5% to a new closing low of 1.6p.

Cayman Islands-based Charwell Investments has cut its security systems developer Petards Group (LON: PEG) stake from 8.99% to 1.72%. The shares slipped 43.1% to 3.7p.

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