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AIM weekly movers: Attraqt agrees offer

Crownpeak Holdings is making an agreed 30p a share cash bid for omnichannel retail merchandising software provider Attraqt Group (LON: ATQT).  The plan is to combine Attraqt’s merchandising technology the Digital Experience Platform owned by Crownpeak. The share price has not been as high as the bid price since May, and it reached its all-time low of 17.5p prior to the bid. The share price jumped 63.3% to 29.4p, making it the best performer of the week.

Tertiary Minerals (TYM) announced the commencement of soil sampling at the Jacks copper project in Zambia, where there is a collaborative agreement with First Quantum Minerals. This is in the area surrounding copper mineralisation intersected by drilling earlier this year. Tertiary Minerals shares rose 55.6% to 0.21p. The share price nearly doubled in September.

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Sustainable biopesticides developer Eden Research (LON: EDEN) has obtained US EPA approval for its three active ingredients and two formulated products. Mevalone (a biofungicide) and Cedroz (a nematicide) sales should start next year via existing distribution partners. State approvals are required before launching in an individual state. Eden Research reduced its interim loss, but cash is still flowing out of the business. There was a cash outflow of £1.9m in the first half, including capitalised development costs and £1.85m was in the bank at the end of June 2020. R&D tax credits will help to replenish cash, but more will be required in the near future if Eden Research is going to take full advantage of the EPA approval. The share price jumped 29.3p% to 4.85p, which is still not far from the all-time low.  

Pathfinder Minerals (LON: PFP) has agreed an option with claim enforcement group Acumen Advisory Group (AAG) for the acquisition of Mozambique-based IM Minerals Ltd. AAG will complete due diligence before deciding whether to pay £2m to acquire the business and then commence proceedings against the government of Mozambique due to the unlawful transfer of a mining licence. A successful claim would spark a contingent payment to Pathfinder Minerals of either $24m or 20% of net recoveries if that is higher. The claim could be worth between $110m and $1.5bn and AAG has the cash to pursue it. The company was £146,000 in the bank at the end of June 2022 and that would not have lasted much longer. Pathfinder Minerals shares increased by 28.6% to 0.675p.

Music streaming technology provider 7Digital (LON: 7DIG) remains loss making, but the deficit reduced substantially in the first half of 2022. Revenues were one-fifth higher at £3.9m. Since the end of June, a contract has been signed with Utopia Music. Two weeks ago, 27% shareholder Magic Investments SA lent 7Digital £500,000 at an interest rate of 5% a year. This repayable by 1 October 2023. The share price rose 27% to 0.235p.

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Fallers

Xeros Technology (LON: XSG) has signed a joint development agreement with a global domestic washing machine component manufacturer for its XFilter microfibre filtration technology. A full licence dela could be agreed in six months. However, the subsequent interim announcement and fundraising sent the shares to a new closing low of 5.7p, down 71.5% on the week. A placing raised £6m at 5p a share and a six-for-seven open offer could raise up to £1m more. In March 2021, a placing and open offer at 240p a share raised £9m. There was £2.6m of cash at the end of August 2022 and the cash outflow is £500.000 a month.

Ireland-based accounts software company Glantus (LON: GLAN) warns that there will be additional operating costs in the second half plus charges for the relocation of operations to Costa Rica. Revenues will also be lower than expected. This led to the share price plummeting 68% to 12p. Glantus joined AIM in May 2021 at 102p a share. Executive director Diane Gray-Smith bought 150,000 shares at 14.8333p each.

Digital transformation services TPXimpact (LON: TPX) had a management overhaul last week because trading has been below expectations and there were complications with the integration of the businesses acquired. Chief executive Neal Gandhi and finance director Oliver Rigby. Bjorn Conway is the new chief executive. The order book is increasing in value, but revenue expectations have been cut from £97.4m to £90m. Operating costs are rising. and profit expectations have nearly halved. The share price has slumped by 64.8% to 40p, which is a new low.

Shares in Pressure Technologies (LON: PRES) slid 61.7% to 25.5p after disappointing second half trading. This means that there will be a full year loss. The engineering company will also breach covenants on its bank facility and more cash is required. Supply chain and manufacturing problems hampered progress with defence contracts. Oil and gas companies delayed orders. On top of this costs have been rising. Management believes that Pressure Technologies can return to profit in 2022-23 on the back of improving order levels.

MusicMagpie (LON: MMAG) has been hit be weak consumer spending with lower sales of technology. That hit the share price and it fell 54.5% to 12.5p. The April 2021 placing price was 193p. Rental income from pre-owned mobiles is growing, though, and that is good for longer-term revenues. The original pre-owned books and music operations are trading as expected. The second half should still be better than the first half, although a full year pre-tax loss is forecast on flat revenues. A small profit is forecast for 2023. Net debt is expected to be £8m at the end of the year.

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