Infrastructure India (LON: IIP) shares trebled to 0.9p after it announced the conditional sale of the 99.99% stake in transportation company Distribution Logistics Infrastructure to Pristine Malwa Logistics Park, which is part of logistics group Pristine. The consideration will be $10m in cash and 33% of Pristine Malwa the purchaser. There are conditions that are required to be satisfied before the deal can go ahead and it will be subject to adjustment. The transaction could close before the end of the year. Infrastructure India is expected to exit the investment within three years. At the end of September 2022, net liabilities were £85.7m. It is difficult to assess how much of the Infrastructure India borrowings will go with the disposal.
Corcel (LON: CRCL) announced that drilling has started at the Tobias-13 well in Angola, where Corcel has an 18% interest. This field has previously produced 29 million barrels of oil and the remaining oil in place could be 65 million barrels of oil. The Corcel contribution to costs is $1.6m. The share price improved a further 66.7% to 0.4p – the highest level since May.
Controlled environmental agriculture technology developer Light Science Technologies (LON: LST) is acquiring Tomtech for £500,000 with an initial cash payment of £75,000. Tomtech, which supplies and installs monitoring and control systems for greenhouses, has £284,000 in cash and there could be additional cash payments if it is above £185,000 on completion. This deal is immediately earnings enhancing – Tomtech reported a pre-tax profit of £79,000 on revenues of £680,000. There is a complementary product range and cross selling opportunities to Tomtech’s 160 customers. The share price jumped 37.2% to 2.95p, still well below the flotation price of 10p.
Tertiary Minerals (LON: TYM) says the Swedish government has annulled its previous rejection of the Storuman fluorspar project exploitation concession. The government decided that the develop of the deposit was as important to the national interest as reindeer husbandry. Fluorspar can produce fluorine for the lithium-ion battery market. The primary focus is still the Zambian licences. Vedanta is investing $1bn in a mine adjacent to the company’s Konkola West copper project. The share price rose 35.1% to 0.125p.
FALLERS
AMTE Power (LON: AMTE) is raising £2.1m at 1.7p/share at 1.7p/share, plus an additional retail offer to raise £250,000. The share price slumped 78.4% to 2.05p. The battery technology developer is raising the cash to keep going until the proposed cash injection of £2.5m is completed. Due diligence by the potential investor could continue until the end of October and it believes that it can introduce potential offtake customers to AMTE.
Capital equipment supplier 600 Group (LON: SIXH) has reconvened its AGM for 29 September. However, the audit for the accounts for the year to March 2023 will not be completed by the end of September. Trading in the shares will be suspended on 2 October. Trading conditions continue to be difficult and there will be a further interim loss. That will lead to impairment adjustments in the 2022-23 accounts. Debt facilities expire at the end of November 2023. The share price slumped 52% to 2.7p. Peter Gyllanhammar increased his stake from 9.88% to 10.2%, which helped the share price recover from a new low of 2.05p.
Satellite communications equipment supplier Global Invacom (LON: GINV) is seeking shareholder approval to leave AIM and maintain the listing on the Mainboard of the Singapore stock market. There is a lack of liquidity on AIM, and this makes it difficult to raise cash. There is also the cost and management time taken up with being on AIM and another market. A subsidiary signed a multi-year contract with Eutelsat Communications. The share price slipped 38.1% to 3p. The July 2014 placing price was 19.75p. The shares have been trading below that price for more than eight years.
China Nonferrous Gold (LON: CNG) says CNMC Trading Company will not extend the $65m loan made in June. It has asked for a repayment plan and that it will provide seven days notice of any legal action to recover the cash. If a repayment agreement is not secured, then the company may have to be wound up. China Nonferrous Gold owes CNMC Trade a total of $242.65m. The mining at the Pakrut gold project will continue as usual. The share price declined 37.4% to 0.9175p.