AIM weekly movers: SmartSpace Software bid approach

Venue management software supplier Skedda Inc has proposed an 82p/share offer to SmartSpace Software (LON: SMRT) valuing it at £25m. The share price has not been that high since 2021 and it jumped 103% to 70p, still well short of the bid level. JO Hambro, which owns 8.3% of the software developer, is supportive of the offer. Skedda believes that it can provide the financial backing that SmartSpace Software requires. The SmartSpace Software board is considering the offer. The company is currently loss-making.

Former ITM Power (LON: ITM) boss Dr Graham Cooley has acquired a 6.6% stake in Distil (LON: DIS). This follows the drinks company’s £765,000 fundraising at 0.35p/share. The share price improved 68.8% to 0.675p. This is the highest the share price has been since July.

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Eurasia Mining (LON: EUA) has resolved its dispute with former legal advisor Gowling WLG. A settlement has been paid, but not figure was put on this. A winding-up petition has been dismissed. The share price rose 56.7% to 2.35p.

Powerhouse Energy (LON: PHE) finance director Ben Brier acquired 6.53 million shares at an average price of 0.306p each and chief executive Paul Emmitt purchased an initial 3.57 million shares at 0.2797p each. The share price recovered a further 50.9% to 0.43p.


There is a continued decline in the share price of energy and water efficiency company Eneraqua Technologies (LON: ETP) after the announcement that two local authorities are delaying spending. There is also a £900,000 exceptional charge relating to defective equipment. A loss of £6m is forecast for 2023-24. There was a 35.2% share price decline to 40.2p.  

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Beacon Energy (LON: BCE) is continuing to clean up the Schwarzbach-2 well in onshore Germany.  A sand jetting operation is planned for January in order to build up to full production. Current production is 40 barrels/day. The share price is one-third lower at 0.09p.

Red Rock Resources (LON: RRR) raised £500,000 at 0.075p/share. This will be invested in lithium production and export operations in Zimbabwe, gold studies in Burkina Faso and working capital. The release of capital from the DRC is likely to be delayed until after next week’s election. The share price slumped 30.2% to 0.075p.

There was a spate of selling before the publication of interim results for Indus Gas (LON: INDI). Revenues fell from $27.4m to $26.2m, but pre-tax profit held up at $22.6m. There was net debt of $187m at the end of September 2023. The share price slid 29.1% to 86.5p.

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