Australia-based online fashion retailer MySale Group (LON: MYSL) shares were 186% higher on the week at 3.58p making it the largest riser on the week. Mike Ashley’s Frasers Group has acquired a 28.7% stake. Frasers would like to sell its end of line merchandise through the company’s platform. MySale Group is still 38.3% lower than at the start of the year.
Inspirit Energy Holdings (LON: INSP) shares soared to 0.074p on Monday and settled at 0.06p at the end of the week. That was a 103% increase over the week. Investors were impressed that the company’s waste heat recovery system, where waste heat exhaust is converted to energy, has completed the first phase of development. Further enhancements will be made before there are trials. Cash is limited, though. Inspirit Energy had £348,000 in the bank at the end of 2021 after a £213,000 net cash outflow in the previous six-month period. The company may decide to take advantage of the share price rise to secure more funds.
Oil and gas explorer Providence Resources (LON: PVR) more than recovered the previous week’s share price decline after the announcement of a discounted fund raising of $1.8m at 1.5p a unit (one ordinary share and one warrant exercisable at 1.5p). The shares ended the week 37.8% higher at 3.1p, which is the highest the price has been since the middle of March. Providence Resources has an 80% stake in the Barryroe oil and gas project, offshore of Cork.
Shares in gift wrap, gifting and stationery products supplier IG Design Group (LON: IGR) recovered 30.4% to 90p following its full year figures. The loss was no surprise, but investors appear to be reassured about the steps being taken to improve performance and margins. The US business is the main problem and it fell into loss, while the international business remained profitable. The customers are highly supportive, and the order book is already 71% of this year’s budgeted revenues. Directors have acquired shares at prices between 70p and 83p since the results release on 28 June.
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Fallers
The biggest faller of the week was Cornerstone FS (LON: CSFS), which admitted that its cash was running out when it reported its 2021 figures – just in time to make sure that the shares of the international payments company were not suspended. The share price fell 56.4% to 8.5p. The chairman and the chief technology officer are both leaving. Technology is the key to the business. There was £280,000 in the bank at the time of the financial statement, with a further £450,000 of loan note facilities available. Cash flow estimates show that a share issue will be needed in the coming months.
On Wednesday, LiDAR wind sensor technology supplier Windar Photonics (LON: WPHO) admitted that it would not publish its annual results by the end of June because the audit was not completed and trading in the shares would be suspended on 1 July. Before the suspension the share price fell 43.9% to 8p. Revenues halved in 2021 because of further delays to a contract, which may not go ahead.
North America-based coal miner Bens Creek (LON: BEN) has been hit by profit-taking with a 43.2% slump to 42p. The share price is still well above last year’s placing price of 10p, although it was 104p in April. At the beginning of the week, Bens Creek said that production capacity could increase to up to 80,000 tons a month when another highwall miner is up and running. Non-exec director David Harris bought 44,642 shares at 44.8p each.
Shield Therapeutics (LON: STX) is running short of money because US sales of iron deficiency treatment Accrufer and another downgrade by finnCap. The share price fell 40.4% to 7.75p – that is an 82.6% drop so far this year. Most of the 2021 revenues of £1.5m were generated in Europe. There is progress in US revenues with first quarter prescriptions double the number in the fourth quarter of 2022 at more than 3,900. Having failed to raise money via a share issue, management has obtained a $10m loan, which can be converted into shares, from major shareholder AOP Orphan. That may give Shield Therapeutics enough cash until the end of the year. The loan is secured on the US IP for Accrufer.
