Two companies leaving AIM were the best performers in the week. Chaarat Gold Holdings (LON: CGH) gained shareholder approval to leave AIM on Thursday. This is expected to happen on 16 August and there will be a matched bargains facility on Asset Match. Yet, the share price doubled to 0.23p, having more than doubled at one point, although it remains well below the level when the departure plan was announced.
Destiny Pharma (LON: DEST) shares recovered following the new data concerning its XF-73 treatment showing it significantly reduces post-surgical MRSA infections. This was a study of burn cases and XF-73 can reduce the risk of MRSA getting into the bloodstream and cause sepsis. Yesterday, Sir Nigel Rudd bought 1.24 million shares at 2.5p/share. The share price recovered 66.7% to 4p, which is still below the 8.5p prior to the announcement of the planned departure from AIM on 13 August.
EnergyPathways (LON: EPP) says the retention of the decarbonisation investment allowance in the energy profits levy is a positive signal. This should be helpful for the company’s MESH Marram Energy Storage Hub) project. This part of the development of the Marram gas field in the UK Irish Sea. The share price is 52.7% higher at 2.7p.
Tan Delta Systems (LON: TAND) has entered into a product agreement with an engine manufacturer to develop a sensor to monitor coolants and water-based hydraulic solutions. The initial value of the agreement is £200,000, but it could increase to £2m. The share price increased 52% to 19p.
Hardware products supplier Samuel Heath (LON: HSM) did much better than expected in the year to March 2024. There was an upturn in orders in the fourth quarter. Sales improved from £14.7m to £15.2m and there was a small rise in gross margin. Higher overheads meant that pre-tax profit slipped from £1.07m to £884,000. The final dividend was raised from 7.5625p/share to 8.5625p/share. That means that the same total of 13.0625p/share will be paid for the year. The order book is holding up. The share price rebounded 41.4% to 410p.
FALLERS
Insurance premium finance and professional funding provider Orchard Funding (LON: ORCH) says its largest customer has gone into administration. Orchard Funding has lent £16.7m to Insure That clients out of a total lending book of £66.8m at the end of June 2024. Management is assessing the recoverability of the Insure That loans. This comes six weeks after a positive trading statement. The share price slumped 32.3% to 22p.
UK Oil and Gas (LON: UKOG) has raised £248,000 in its retail offer at 0.05p/share, having already raised £1m in a placing. The cash fund further development of hydrogen storage products and permit negotiations with potential partners. The share price slipped 31.4% to 0.059p.
Extended reality technology developer Engage XR (LON: EXR) says interim revenues reached a record of €2.2m with the main growth coming from licence income. Net cash is €5.5m at the end of June 2024. Management still believes that Engage XR can move into profitability during 2025 without raising additional cash. Full year revenues of €5.3m and net cash of €3.7m are forecast. Despite the optimism of the company, the share price dipped 23.9% to 0.875p.
Hermes Pacific Investment (LON: HPAC) plans to leave AIM. The share price dived 23.8% to 40p. The investment company found it difficult to secure suitable investments in the financial services sector in south east Asia and changed into a property investor in 2022, but nly one property has been acquired. There is a low free float, and the shares are trading at a large discount to the September 2023 NAV of 147p/share.