AIM weekly movers: Revolution Beauty returns

On Thursday, Revolution Beauty (LON: REVB) shares recommenced trading following the AGM. It was suspended on 1 September 2022 because of the inability to publish accounts and concerns about the previous financial reporting. The AGM was eventful with an attempt to adjourn the meeting until the general meeting requisitioned by 27% shareholder boohoo failing. The three directors that boohoo (LON: BOO) wanted to remove, including chief executive Bob Holt, were not re-elected with most of the votes against re-election coming from boohoo. That left the company with one director, and he reappointed the three directors plus two new non-executive directors. The share suspension would not have ended if there were only one director. This upset boohoo, but trading would not have recommenced without directors being appointed. The Revolution Beauty share price recovered 64.2% to 31.2p. This is the highest it has been for eleven months.  

Forestry company Woodbois (LON: WBI) has raised £6m at 0.5p/share from two Monaco-based British investors to replace the $6m working capital facility withdrawn in April. There is also a £1.75m debt for equity swap. This should reduce debt by two-thirds to $5m. Chief executive Paul Dolan will step down, although he bought six million shares at an average of 0.0073p each. The share price rebounded 37.6% to 0.805p.

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The FDA has granted De Novo marketing authorisation for KidneyIntelX.dkd, the AI-enabled test for patients with Type 2 diabetes and kidney disease that has been developed by Renalytix (LON: RENX). This will help to accelerate revenues. The test stratifies patients based on the risk of progressive kidney function decline over five years. Renalytix estimates that 14 million people could be eligible for testing. The share price moved up 36.4% to 112.5p.

MC Mining (LON: MCM) is making steady progress with critical early works at the Makhado coking coal project. The mine life has increased by 27%, while production should be one-quarter higher. The proved and probable coal reserves increased from 69 million tonnes to 106 million tonnes. The share price is 24.1% higher at 9p.



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Video games producer tinyBuild (LON: TBLD) expects 2023 to be a financial low point with the first half performance below expectations. New games have underperformed and the values of some of the back catalogue titles may be impaired. Higher amortisation of development costs and increased royalties mean that EBITDA will fall more sharply than revenues. The cash position is much weaker than expected and it could fall below $10m by the end of the year. Finance director Tony Assenza has left the board. The share price dived 72.4% to 9.25p.

Microsaic Systems (LON: MSYS) needs more cash because of the £1.35m in overdue payments from DeepVerge (LON: DVRG) and a slow start to the year. A further trading statement will be issued later this week. Microsaic Systems assumes no more payments from DeepVerge. There was £650,000 in cash at the end of May. The share price slumped 71.1% to 0.0125p and trading will be suspended on 3 July because the 2022 accounts have not been published.

Trackwise Designs (LON: TWD) has not published 2022 accounts and trading in the shares will be suspended on 3 July. A 2022 operating loss of £2.95m is anticipated. The electric vehicle contract is still delayed. Trackwise Designs has received a purchase order from an aerospace company for qualification test samples. The share price slipped 58.8% to 0.175p.

Unbound Group (LON: UBG) is still trying to raise cash. It has terminated the formal sales process – no offers were received – although the strategic review continues and there could be offers for subsidiaries. The alternative is to raise up to £2m through a placing and open offer. Costs have been reduced and Unbound has returned to profitability in recent months. The share price fell 54.2% to 1.375p.

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