Helium One Global (LON: HE1) continues to attract share buyers following the previous week’s news that the Itumbula West-1 reached its total depth of 961 metres and elevated helium shows have been consistently measured. The helium shows increased in frequency and concentration in fault zones. The share price rose 210% last week has risen a further 122% to 1.378p.
Shares in graphene technology developer Versarien (LON: VRS) continue to recover following the £400,000 placing at 0.08p/share nearly three weeks ago. The share price moved up 59.6% to 0.146p. The cash is being used to finance the business while it tries to capitalise on the growing opportunities.
Tekcapital (LON: TEK) shares improved 2.9% to 10p, following the flotation of investee company MicroSalt (LON: SALT), although the share price did reach 11.75p. The low-sodium salt developer raised £3.14m at 43p/share and immediately went to a significant premium with the share price ending the week at 55p valuing the company at £31.4m. That values the Tekcapital’s 77.2% stake at £24.2m. Tekcapital’s market capitalisation is £17.8m.
Trading has recommenced in Location Sciences (LON: LSAI) shares after the publication of readmission document for the proposed acquisition of Sorted Holdings for nominal consideration and the assumption of £4.7m of debt. Sorted Group has developed delivery software for ecommerce businesses. There will be a one-for-625 share consolidation and £2m will be raised at 87.5p/share. The company’s name will be changed to Sorted Group Holdings. The pre-consolidation share price rose 35.7% to 0.19p – the placing price is the pre-consolidation equivalent of 0.14p.
FALLERS
Echo Energy (LON: ECHO) raised £250,000 at 0.0045p and the share price slumped 49.1% TO 0.0056p. There were 363.6 million warrants exercisable at 0.008p each. This cash will fund working capital.
UK Oil & Gas (LON: UKOG) is abandoning testing of the Pinarova-1 site in Turkey. The site failed to reveal commercial rates of hydrocarbons. The oil company is planning a ten-for-one consolidation and that could lead to further declines in the share price after it comes into effect.
Eyewear manufacturer Inspecs (LON: SPEC) says the improvement in profit in 2023 was not as great as expected because of weak December trading. EBITDA is likely to rise from £15.5m to £18m, whereas £20m was the consensus forecast. Revenues were flat. Net debt was £24.3m. The results will be published on 17 April. A Norwegian distributor has been acquired and the new Vietnam factory opens in the first half of 2024. The share price declined 36.4% to 55p.
Symphony Environmental Technologies (LON: SYM) has failed to get the EU court to declare EU legislation invalid. This legislation relates to the d2w biodegradable technology, which is not included in the single-use plastic directive and the company says that this has hampered the take-up of the technology. The share price dived 36.4% to 3.5p, which is just above the lowest it has been for more than one decade.
