Daisy Group is making an agreed bid for ECSC (LON: ECSC), which values the cyber security services provider at £5.4m. The bid is 54.02p for each share in cash. The share price jumped 144% to 50p. A few days prior to the bid, ECSC was trading at an all-time low. ECSC joined AIM at the end of 2016, when it raised £5m at 167p a share. ECSC fits well with business technology and communications services provider Daisy and there is cross-selling potential.
Footwear retailer Unbound Group (LON: UBG) has received a 10.5p a share potential offer from WoolOvers Group. There would also be a contingent value right that would give shareholders the proceeds of any insurance claim related to business interruptions due to Covid lockdowns. Unbound management says it would be likely to accept this offer. The share price recovered 113% to 8.5p.
Verici Dx (LON: VRCI) continued rise following the previous week’s operational update. The developer of clinical diagnostics for organ transplants has recovered from 4.75p on 20 March to 13.5p, up 92.9% on the week. Post kidney transplant rejection assessment product Tutiva has been launched and pre-transplant product Clarava should be launched before the end of 2023. The Medicare reimbursement pricing for Tutiva should be secured by the end of June.
Energy-as-a-Service provider eEnergy Group (LON: EAAS) reported a 58% rise in interim revenues to £15.1m and it underlying pre-tax profit improved from £200,000 to £700,000. Cash generation should start to improve in the second half with net debt of £6m forecast for the end of June 2023. Full year revenues expectations are 93% underpinned by contracts. A pre-tax profit of £3.6m is forecast for 2022-23. The share price improved by 85.9% to 5.02p, which is six times forecast earnings.
Biodexa Pharmaceuticals (LON: BDRX) was previously known as Midatech Pharma and at the beginning of the week there was a 20-for-one share consolidation. That led to a 60.5% decline in the share price to 7.5p. Trading on AIM is set to be cancelled on 26 April with the Nasdaq listing being retained.
Scottish gold producer Scotgold Resources (LON: SGZ) has been hit by falling ore grades at the Cononish gold mine. The average gold grade in January was 5.65g/t. compared with an estimated grade of 7.35g/t. A different part of the mine is being developed and the production process is being changed. Shore has its forecasts under review because of concerns about the financial position of the company. The share price has slumped 60.5% to 15p.
On the same day as the bid for ECSC was announced and the last day of its financial year, rival cyber security consultancy and services provider Shearwater Group (LON: SWG) admitted that its 2022-23 results will be below expectations. Cenkos slashed its revenues forecast for the year to March 2023 from £37.7m to £27m and suspended 2023-24 forecasts. There is still £3.4m in cash after the expected full year loss. The share price fell 42.5% to 50p.
There are more delays for the electric vehicle contract due to redesigns and that means that Trackwise Designs (LON: TWD) will run out of cash more quickly than expected. Delayed payments mean that the current cash may only last until May, and not August, unless the problem is sorted out quickly. There will be an impairment charge on assets with the 2022 figures. The share price dived 37.2% to 0.675p, compared with the recent fundraising price of 1p.
