Quantum Blockchain Technologies (LON: QBT) says that its proprietary Method A and Method B software is available as a SaaS platform. Potential bitcoin mining clients were interested in the software, but the company did not want to give up the source code, so it has developed the SaaS platform. The share price soared 110% to 1.625p.
Gama Aviation (LON: GMAA) is selling its Jet East business for $131m. Adjusting for debt and transaction costs the net amount is $100m, which is equivalent to 125p/share. That could allow a 55p/share dividend. The share price is 64.8% higher at 86.5p. The rest of the cash can be reinvested in the remaining aviation services businesses. Gama Aviation recently won air ambulance and offshore helicopter contracts.
CoStar Group Inc is bidding 110p/share for On The Market (LON: OTMP), which values the property listings company at £99m. The share price jumped 60.9% to 107p, compared with the February 2018 placing price of 165p. CoStar Group Inc says that On The Market provides a good entry point to the UK residential property market. The purchaser owns US-based Homes.com.
Craven House Capital (LON: CRV) investee companies Garimon and Honeydog – it has 29.9% of each company – are planning to reverse into the Amigo Holdings shell on the Main Market. These are music streaming and digital publishing businesses. The Craven House share price rose 44.8% to 21 cents.
FALLERS
Networking technology supplier Ethernity Networks (LON: ENET) has lost 64.5% since returning from suspension on Monday and ended the week at 0.275p on the back of allotting 37.1 million shares at 0.2p each. This relates to a settlement notice for $90,000 from 5G Innovation Leaders Fund. The remaining outstanding balance on the facility provided is £1m.
eDrive systems developer Saietta (LON: SED) shares returned from suspension on Thursday afternoon after it published results to the year to March 2023. There were problems with the accounting for the new agreements with Consolidated Metco Inc, which included an upfront payment of €3.3m and an inventory write-down of £2.1m. The share price has fallen 51.3% to 18.5p. Revenues from continuing operations more than doubled to £4.8m, but the group loss was higher. Orders are in place to build up revenues. There was cash of £7.2m left at the end of March 2023, but by September this was down to £400,000. More cash will be required to finance the delivery of orders.
Fashion retailer Sosandar (LON: SOS) has decided to reduce promotional and discounting activity on its website and open retail stores. There will be four shops by next spring. This will hold back short-term revenues but could accelerate progress in 2026-27. Singer has cut its full year revenues forecast by 19% to £46.8m. This means that having made a profit last year, this year Sosandar will be back to breakeven, and it will take two years to beat the £1.6m profit made last year. The initial reaction was negative with a two-fifths decline in the share price to 11.25p. That is the lowest share price for more than three years. In February, cash was raised at 22p.
Revolution Bars Group (LON: RBG) reported full year figures broadly in line with expectations. The Peach Pubs business is trading well with like-for-like sales 14% ahead, but the Revolution bars have been hit be train strikes. Cavendish retained its flat 2023-24 pre-tax loss forecast of £2m, even though trading has been tough. The share price slipped 26.3% to 2.69p. This is just above the all-time low.