AIM weekly movers: Mobile Tornado’s Middle East contract

Push-to-talk and workplace management technology developer Mobile Tornado (LON: MBT) has won a contract through its regional partner to supply technology for a mobile network in the Middle East and Africa, which has more than 50 million customers. Management believes that there should be increasing sales momentum following the deal. The share price jumped 137% to 2.25p. That is the highest level since the end of 2022.

Healthcare services provider Totally (LON: TLY) reassured the market with its latest trading statement. Full year EBITDA was £2.3m, down from £6.9m, and net debt was £800,000 at the end of March 2024. Revenues fell 22% to £106m because of the loss of a contract. Cost reductions and efficiency improvements have offset the tough market. Annualised cost savings of £3.5m are expected. The share price recovered 42.9% to 7.5p.

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Kefi Gold and Copper (LON: KEFI) says drilling at the Hawiah copper-gold project confirm its potential. The company has a minority stake in the copper that owns the project. The drilling programme is three-quarters finished. Kefi expects the remaining finance syndicate approvals for the Tulu Kapi gold project to be granted this month. The share price rose 31.2% to 0.71p.

Tertiary Minerals (LON: TYM) has received approval of the environmental project brief for the Mupala copper project licence in Zambia. Full exploration will commence next month. The share price improved by one-quarter to 0.125p.


Genedrive (LON: GDR) has raised £2.1m in a placing at 1.5p. This follow’s yesterday evening’s announcement of a fundraising, where the point of care pharmacogenetic testing company wanted to raise £2.5m via a placing. There is also a REX retail offer for up to £3.5m, which closes on 17 May, and a one-for-one open offer that could raise up to £2.1m. If the total amount raised is not at least £6m the fundraising will not go ahead, so a further £3.9m is required. The company’s tests are being commercialised and a direct to consumer strategy pursued in the UK, while there will be distributors in other countries. There will also be investment to improve manufacturing efficiency and to fund regulatory approvals. The share price is 48.6% lower at 2.25p, having been as low as 1.75p.

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Scirocco Energy (LON: SCIR) shareholders have voted in favour of the cancelation of the AIM quotation and the members’ voluntary liquidation. The share price has slid 27.7% to 0.25p ahead of the end of trading on 17 May. There will be a matched bargain facility from 20 May.

Bushveld Minerals (LON: BMN) has agreed the conditional disposal of Vanchem to Southern Point Resources Fund 1 for up to $40.6m. The initial consideration is $20.6m. This requires shareholder approval. Southern Point Resources is increasing the interim working capital facility it is providing that is secured on production at Vanchem. This, and a $9m working capital facility, will be offset against the initial consideration and be used to pay creditors. This will leave a cash payment to Bushveld Minerals of $3.5m when the disposal happens. The deferred consideration is based on 25% of distributable free cash flow with a minimum of $1.25m paid for each quarter of the three-year period. The share price slumped 21.4% to 0.55p.

Mothercare (LON: MTC) reported a 13% decline in global system sales last year due to poor trading in the Middle East. Destocking is a problem. There was better trading in the UK and Indonesia. The retailer will improve EBITDA, but Cavendish reduced its forecast EBIDA by 9% to £7m, compared to £6.7m in 2022-23. Refinancing talks continue and a conclusion should reduce the interest bill. The share price dived 21.3% to 5p.

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