Metals One (LON: MET1) is proposing a capital reorganisation that will involve a ten-for-one share consolidation and reduction in the nominal value to 0.01p so that new shares can be issued. This is expected to be completed on 26 March. Metals One is involved in the Black Schist nickel copper cobalt zinc project in Finland and the Rana nickel cobalt copper project in Norway. The share price jumped 128% to 1.025p.
Oil and gas company ADM Energy (LON: ADME) has sent its circular covering the planned capital reorganisation and £313,000 share issue at 0.1p/share. There are also plans to divest the stake in the Aje oil field in Lagos. The proceeds may be distributed to shareholders. The share price doubled to 0.3p.
Yesterday evening it was announced that Andrada Mining (LON: ATM) chief strategy officer Frans Van Daalen sold 7.38 million shares, nearly all his shareholding, at 1.96p each and chief operating officer Christoffel Smith sold 655,873 shares at the same price. This was reported to be due to tax obligations. The share price increased 36% to 2.775p.
Kave Sigaroudinia’s stake in Surface Transforms (LON: SCE) has been raised from 7.6% to 8.9%, while the estate of William Black cut its stake from 5.17% to 4.56%. The finance director of the carbon fibre brake discs developer is leaving at the end of June. The share price recovered 22.2% to 0.33p.
FALLERS
Shares in Savannah Energy (LON: SAVE) returned from suspension and raised £30.6m at 7p/share. There is also a $200m acquisition facility for the oil and gas company. In 2024, total income was $393.6m, including rebilling of foreign exchange losses. Net debt was $634m at the end of 2024. The proposed deal to acquire the interests in Petronas in South Sudan has not happened. The share price slumped 63.3% to 9.625p.
Vela Technologies (LON: VELA) has raised £1.1m at 0.0025p/share to invest in its new strategy and is changing its name to Caledonian Holdings (LON: CHP). Jim McColl, former boss of Clyde Blowers, and Chris Cooke have joined the board. A share capital reorganisation is required to lower the par value and issue the shares. The new policy is to invest in financial services businesses, particularly wealth management, fintech and specialist lending. The share price declined by two-fifths to 0.003p.
An acceleration by Google of the move from Adsense for Domains (AFD), set for 19 March, is going to hit revenues of Team Internet Group (LON: TIG). The uncertainty has also led to the Verdane deciding not to make an offer for the company. AFD is an important contributor to the search business and the company guides a reduction in EBITDA from $57m to $20m-$25m in 2025 as it adjusts to the switch to Related Search on Content (RSOC). Management believes that it can rebuild profitability as clients switch and it learns how to optimise results. The rest of the business continues to grow so the 2025 EBITDA guidance is a fall from $92m to $60m-$65m. Net debt will continue to reduce from the current level of $97m, but at a slower pace than previously expected. The share price declined 41% to 58.4p.
Petrel Resources (LON: PET) has raised £250,000 at 1.05p/share and each share has a warrant exercisable at 2p/share. This will be used as working capital while new oil and gas projects in Iraq. Petrel Resources may be invited to enter into pre-qualification discussions with the Ministry of Oil. The share price fell 39.5% to 1.15p.