Block Energy (LON: BLOE) says that its financial position has improved, and the salary sacrifice scheme started in April 2020 has come to an end. Cash generation from the WR-B01Za, which is producing 274 barrels of oil/day, is important and there is optimism about further wells. The share price rose 56.8% to 1.45p.
Scirocco Energy (LON: SCIR) says that 50%-owned investee company Energy Acquisitions Group, which operates an anaerobic digestor plant in Northern Island, had a strong final quarter of 2022. In the three months to December 2022, the Greenan anaerobic plant improved year-on-year revenues from £334,000 to £423,000 and EBITDA was 48% higher at £231,000. The construction of a biofertilizer plant should start in the second quarter of 2023. This success could be repeated on other sites. The share price is 50% ahead at 0.45p.
Shares in Saietta Group (LON: SED) soared on the back of the largest ever order for its eDrive systems. They are 42.2% higher at 63p. That is still much lower than the July 2021 placing price of 120p. The £5m order is for 3,000 bespoke systems based on the AFT140 motor from Nasdaq-listed urban delivery vehicles manufacturer AYRO. Saietta is exclusive supplier for the Vanish vehicle launched in February. First deliveries will be in the autumn and the full number delivered by the end of 2024.
Restaurants operator Fulham Shore (LON: FUL) is recommending a 14.15p a share cash bid by Tokyo-based TORIDOLL Holdings. The share price jumped 36.1% to 13.95p. It has been a tough period for small restaurant groups. The bidder has revenues of around £1bn and already has European interests. It works with specialist private equity firm Capdesia in Europe. The takeover will enable greater expansion of the Franco Manca and The Real Greek brands.
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Fallers
A heavily discounted share placing raising £1.5m at 1p a share hit the share price of Light Science Technologies (LON: LST) knocking it by 67.5% to 1.3p, making it the worst performer on the shortened week. The October 2021 placing price was 10p. There is also a retail offer of up to 50 million more shares via the Winterflood Retail Access Platform and this closes on 14 April. The cash will provide working capital for the controlled environment agriculture technology operations.
Tungsten West (LON: TUN) is restructuring the operations of its Hemerdon tungsten and tin project in Devon. Costs will be cut, and surplus assets sold. Concentrate at the site will be sold. Project funding is being discussed. A convertible note issue raised £7m and an open offer could raise up to £2m. This should help to progress the Hemerdon project. The share price slumped 55.8% to 4.75p. Trading in the shares commenced in October 2021 at 61.25p.
Nanosynth (LON: NNN) warned late on Thursday that it is running out of cash and the share price dived by 47.4% to 0.1p. A VAT rebate will help, but it only has enough cash up until June. An R&D tax credit claim could extend that timeframe, but more cash will need to be raised. Potential funding options are being considered.
Linear generator technology developer Libertine Holdings (LON: LIB) shares declined after management revealed delays in development work that mean that 2022-23 revenues could be up to £400,000 lower than the expected £1.32m. The share price slipped 37.8% to 11.5p. Management believes it has sufficient cash for its requirements, while it seeks to sign up partners.