AIM weekly movers: eEnergy Group cash injection and potential disposal

Fully listed Luceco (LON: LUCE) is investing £1.75m in energy as a service provider eEnergy Group (LON: EAAS) at 5p/share, which was a 25% premium to the market price, which has moved ahead 48.6% to 5.35p, which is three-fifths higher than at the start of the year. Luceco will have a 9.1% stake and it share price dipped 3.55% to 108.6p. Luceco has been supplying LED lighting to eEnergy Group and some of the cash will go to settling trading balances. The company will continue to spend the same amount on Luceco lighting products, subject to price and availability. eEnergy Group has received approaches for the energy management division and there are exclusive talks with a potential buyer, which could generate more than £30m. This would be reinvested in the energy services business.

Dowgate Capital has built up a 7.54% stake in laundry technology developer Xeros Technology Group (LON: XSG). The share price improved 47.3% to 3.24p. The previous week the shares reached an all-time low of 1.7p.

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Anglo Asian Mining (LON: AAZ) has signed an agreement with the government for its environmental action plan that will enable a restarting of agitation leaching and flotation operations at Gedabek. This should not involve significant investment. Mining will recommence ahead of processing. The high grade Gilar site will start production next year. Production of 30,000-34,000 ounces of gold equivalent is expected this year. The share price jumped by 44.9% to 64.5p.

Zoo Digital (LON: ZOO) has rebounded 43.9% to 71.8p on the news of the ending of the actors strike in Hollywood. The writers’ strike ended a few weeks ago and film and TV productions should be able to get going again. This will mean that the flow of work for Zoo Digital will build up again as these new productions require services, such as subtitles and dubbing.


Ethernity Networks (LON: ENET) has concluded discussions with 5G Innovation Leaders Fund over its share subscription agreement, but it leaves the technology company owing $600,000. This leaves Ethernity Network in a weak financial position. The share price slumped 50.7% to 1.5p.

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Graphene technology developer Versarien (LON: VRS) has raised £455,000 at 0.275p/share. This provides working capital while the company tries to sell non-core assets. The amount receivable from disposals is uncertain. The share price slumped 37.8% to 0.3385p.

Naked Wines (LON: WINE) chief executive Nick Devlin has stepped down from the board, although he will continue to head up the US business until the end of peak trading, and chairman Rowan Gormley will take an executive role until a successor is identified. Nick Devlin being in charge of the US as well as the group as a whole is identified as the major problem of the group. Trading in the US is weaker than expected and group revenues could fall by up to 16%, while operating profit will be between £2m and £6m, compared with previous guidance of £8m-£12m. Sales have fallen in all the main regional markets with the 11% decline in the UK the best performance. The share price slumped by 37% to 28.65p, which is just  above the all-time low from earlier in the week. Savannah Resources (LON: SAV) revealed investigating officers from the Portuguese authorities attended its business locations in the country. It says none of its directors and employees are targets of the investigation, which relates to other operations in the region where the Barroso lithium project. Earlier in the week, Savannah Resources said that there is already significant commercial interest in the project and the draft proposals are being assessed. The share price fell 28.8% to 2.15p.

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