On Friday, there were the second highest trading volumes in Plexus Holdings (LON: POS) shares since flotation in 2005. There were 13.57 million shares traded. The most significant trade was worth £11,200. The highest level of trading was one year ago. The share price jumped 155% on the week to 4.15p.
China-based Hainan Mining is funding the Bougouni lithium project that is wholly owned by Kodal Minerals (LON: KOD). A $100m investment will be made into a joint venture providing Hainan Mining with a 51% stake. The work on the construction of the mine will be overseen by Kodal Minerals. Hainan Mining is also subscribing $17.75m for a 14.8% stake in Kodal Minerals and that money will be spent on other projects. The share price jumped 58.3% to 0.3925p.
Grafenia (LON: GRA) is acquiring care home management software provider Care Management Systems for £3.5m. The developer gets 95% of its revenues from recurring fees and made an operating profit of £120,000 last year. Grafenia is seeking software acquisitions to diversify the group. Grafenia raised £2.55m after expenses from a bond issue with a nominal value of £3m. The share price is 37% ahead at 7.875p.
Harland & Wolff (LON: HARL) has recovered some of its recent share price loss following the confirmation of the £1.6bn contract for the Fleet Solid Support Programme. Harland & Wolff is part of the consortium, and it still has to complete negotiations for the sub-contract work. The share price rose 27.5% to 20.15p.
Caspian Sunrise (LON: CASP) says that its drilling vessel has won a tender to drill a deep well in the Caspian Sea. The share price is 21.5% higher at 5.4p.
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Fallers
The first Southwark well had a disappointing gas flow rate and that hit the IOG (LON: IOG) share price, which is down 55.4% to 7.36p. A second well will be drilled. There is concern that the Southwark field, where £100m has been invested, may not be commercially viable. A €100m Nordic bond matures in September 2023 and this will need to be refinanced.
BlueRock Diamonds (LON: BRD) says diamond production at Kareevlei in South Africa was below target and prices continue to fall. Repayment of a £231,250 loan from Mr T Leslie has been requested and he has threatened to present a winding-up petition. The company will also find it difficult to reduce the amount drawn under another loan facility, which is required by the end of February. This will hamper the turnaround plans for the mine. Te share price halved to 2.25p.
In December, online women’s fashion retailer In The Style (LON: ITS) was hit by price cutting by rivals and difficulties in delivering orders. Revenues in the quarter to December 2022 fell by 22%. Full year revenues are expected to be £46m, which is not much more than the £44.7m generated in the year before flotation. The EBITDA outcome is likely to be a loss of between £4.25m and £4.75m. There was £3.2m in cash at the end of 2022. On 8 December, In The Style launched a strategic review and that continues. The share price slumped by 32.6% to 8p.
Scotgold Resources (LON: SGZ) produced 1,805 ounces of gold at the Cononish gold and silver mine in Scotland. Production in the year to June 2023 is expected to be between 11,500 ounces and 13,500 ounces. Once changes in mining are completed production levels should rise next year. Scotgold Resources requires more working capital. Net debt is £12.6m. The share price slipped 28.3% to 40.5p.
Great Western Mining (LON: GWMO) has raised £800,000 at 0.08p a share. This will be used to build a mill at Mineral County, Nevada to produce gold and silver concentrates and further exploration. The share price declined by 27.4% to 0.0835p.
