Bidstack (LON: BIDS) has sorted out its problem with Azerion and the share price more than doubled to 0.75p. The in-game advertising technology provider has reached a settlement with Azerion, which will pay €3m to Bidstack. The two parties will form a new non-exclusive commercial partnership in 2024.
Video games publisher tinyBuild (LON: TBLD) has secured the cash it requires for working capital. The fundraising includes a one-for-six open offer and should raise $14.2m at 5p/share. The share price recovered 81.8% to 4p. Interactive entertainment company Atari is investing $2m. Chief executive Alex Nichiporchik will underwrite up to $10m of the fundraising. The video games market continues to deteriorate. Full year revenues are likely to be between $40m and $50m with a greater than expected proportion of lower margin games. Cost cutting should reduce cash outflow by up to $10m/year.
Financial Website operator ADVFN (LON: AFN) was hit by a tough retail environment. Revenues declined and the loss increased despite a reduction in costs. Management believes that investing in a new app and other parts of the product offering will help it to recover. The plan is to increase income via traffic growth. Hosting and IT expenses can be reduced further. There is £5.6m in the bank. The share price bounced back 65.2% to 19p.
GCM Resources (LON: GCM) is still waiting to receive a further drawdown of £300,000 on the Polo Resources loan facility. The cash is required before the end of the year. The share price rose 46.7% to 2.75p.
FALLERS
Helium One Global (LON: HE1) announced a placing raising £6.1m at 0.25p/share. The share price has fallen by 78.3% to 0.245p. This will fund the drilling of the Itumbula West-A well starting in early January. There will also be 25.1 million shares issued in lieu of fees.
Supercapacitors manufacturer Cap-XX (LON: CPX) says interim revenues were 35% ahead. The focus is building up sales, but a full year loss is still expected. Cap-XX lost a patent infringement case in the US with Tesla subsidiary Maxwell Technologies Inc. The case affirmed that the Cap-XX patents were invalid, so Maxwell Technologies does not infringe them and does not have to pay licence fees or damages. The share price slumped 54.4% to 0.775p.
Investment company Mindflair (LON: MFAI), formerly Pires Investments, raised £730,400 at 0.8p/share to provide additional cash for investments. Investee company Emergent Entertainment is set to be placed in liquidation. This investment contributed 0.7p/share out of NAV of 4p/share at the end of June 2023. The total cost of the investment was less than $200,000. The share price dived 37.9% to 0.9p.
Fewer M&A deals completed by Convex Capital has hit the 2023 outcome for RBG Holdings (LON: RBGP). Trading of the core legal services business was also disappointing. It means that there will be a small loss for 2023, rather than a previously forecast pre-tax profit of £5.6m. Net debt is likely to be £23.1m at the end of 2023, just below the total facility level of £24.5m. The share price slipped 37.9% to 10.25p. Discretionary clients of Dowgate cut their stake from 3.64% to 2.78%, while Dowgate advised Onward Opportunities (LON: ONWD) has increased its stake from 4.17% to 4.35%.
