Roadside Real Estate (LON: ROAD) shares soared 129% to 8p after it sold part of its stake in Cambridge Sleep Sciences to CGV Ventures 1 for £6m. The total stake cost £2.7m and Roadside Real Estate still owns 65%, having sold a 10% stake, so it still has to be consolidated. Management is considering selling the rest or demerging the company so that it can concentrate on its core property interests.
Digital media company XLMedia (LON: XLM) is selling European and Canadian gaming assets to Gambling.com for an initial $37.5m with potential deferred consideration of $5m. Some of this cash may be paid out to shareholders. These assets generated 2023 revenues $21.4m and underlying EBITDA of $6.6m out of estimated group 2023 revenues of $50m and EBITDA of $12m. Pro forma net cash is likely to be around $35m, after taking account of deferred consideration of $4m payable for past acquisitions. Cavendish estimates that XL Media is worth £48m, including the cash. The share price improved 93.8% to 12.5p, valuing the company at £32.5m.
Investment company APQ Global Ltd (LON: APQ) says book value was 23.87p/share at the end of February 2024, up from 6.02p/share at the end of 2023. This is based on the unaudited revaluation of private investments, particularly US-based Delphos International. At the end of June 2023, the Delphos International stake was valued at $6.26m. The share price jumped 83.3% to 5.5p, having been 9p at one point.
Personalised diagnostics developer GENinCode (LON: GENI) says that the risk of ovarian cancer algorithm test has received a recommendation by NICE as the preferred test for ovarian cancer surveillance in individuals deemed to be at risk. The focus is identifying and managing familial and genetic risk. The earlier ovarian cancer is diagnosed the better. The share price rose 64.3% to 5.75p.
FALLERS
Live Company Group (LON: LVCG) returned from suspension 61% lower at 0.8p. This follows a refinancing and sale of majority interest in StartArt. Creditors are being settled in shares and a £1.77m convertible loan provided by the chairman, as well as converting some of his loan notes. A placing raised £352,000 at 1p/share. There could be more cash to come from strategic investors.
Metallurgical coal miner Bens Creek (LON: BEN) has drawn down $7.5m of its working capital facility provided by shareholder Avani Resources, which has also advanced an additional $1.25m. The share price halved to 2p.
Hummingbird Resources (LON: HUM) says operations at the Kouroussa gold mine have been suspended by the main contractor because of a dispute. Contract volumes have not been met because of delays. Notice has been provided to Corica that if production does not recommence by 19 March, then the contractor can be replaced. However, Corica says that Hummingbird has breached the contract by failing to make payments, but the company disputes this. Net debt was $140m at the end of 2023 and $77m is due to be repaid this year. Management is in close contact with the primary lender. The share price dipped 47.3% to 5.8p.
Supercapacitors manufacturer Cap-XX (LON: CPX) has secured £2m from a placing and subscription at 0.1p/share ensuring that it does not run out of money. Dr Graham Cooley increased his stake from 3.13% to 11.1% prior to the fundraising. Cap-XX settled its patent litigation with Maxwell/Tesla ahead of the fundraising, but the terms are confidential. Up to £200,000 more can be raised through a REX retail offer. The offer closes at 3pm today. The share price declined by 40.5% to 0.116p.
