Shares in Tekmar Group (LON: TGP) recovered by 169.7% to 16.45p after the subsea cable protection services provider winning a wind farm project contract in Japan. The contract should be delivered in 2023. This was the first bit of good news since Tekmar announced a strategic review and possible sale of the business. Even though Tekmar is the best performer in the past week, the share price is still less than 50% of the level it was one month ago.
Simec Atlantis Energy Ltd (LON: SAE) shares have been in decline since the beginning of the year. News that it has secured a contract for difference for the MeyGen tidal energy site in Scotland that guarantees £178.54/MWh for 15 years, has sparked a 55.1% increase in the share price to 1.9p. This contract covers 28MW of power in Scotland. The full project can generate much more than this.
Stakebuilding in lightweight solar panels provider Verditek (LON: VDTK) has pushed the share price 38.2% higher to 2.35p. John Celaschi has gone from less than 3% to 8.34%. His stake had fallen below 3% in November 2020, when the share price was even lower. Gavin Mayhew has increased his stake from 7.94% to 10.6%. The share price rose 38.2% to 2.35p.
The Beowulf Mining (LON: BEM) share price has nearly recovered all the loss that happened after a nearby Sami village challenged the Swedish government’s decision to award the exploitation concession for the Gallok / Kallak iron ore project in Northern Sweden. Beowulf has agreed a SEK22m (£1.76m) loan facility from a Nordic institutional investor, which will predominantly be spent on Kallak. This latest news pushed up the share price by 26.7% to 5.45p.
Oil and gas producer Parkmead Group (LON: PMG) has been a consistent riser during the week and it ended up 23.8% to 52p. The Netherlands project is generating record revenues thanks to higher gas prices, enabling a move into profit for the group in the year to June 2022. Revenues of more than €14.5m were generated, compared with a forecast figure of €12.8m. Two additional wells will be drilled earlier than previously expected.
Cordel (LON: CRDL) has been on a downward trajectory during 2022 even though it has announced significant contracts. The share price has more than halved so far this year, even after a 22.2% rise to 5.5p on the week. The latest win is a 12-month contract to provide automated LiDAR-based services to One Rail Australia. This is for ballast profile analysis for 2,000kms of freight rail and estimates how much ballast needs to be replenished.
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Fallers
BlueRock Diamonds (LON: BRD) is the largest faller with a 38% decline to 7.75p. The South Africa-based diamond miner has signed a loan note subscription agreement with Teichmann Company, T-Three-Drilling and three Teichmann employees for a total of £1.6m. That will help to repay a loan note maturing in October. Initially, a £1m simple loan note will be issued alongside the provision of a debt funding facility for the Kareevlei diamond mine. Subject to shareholder support, the £1m loan note will be converted into shares at 7p each and a £600,000 convertible loan note will subsequently be issued that will also be convertible at 7p a share.
Savannah Resources (LON: SAV) chief executive David Archer unexpectedly resigned, and Dale Ferguson will be interim chief executive. That appears to be the reason why the shares fell 37.1% to 2.2p. The environmental impact assessment of the Barrosso lithium project in Portugal is continuing. Savannah Resources has six months to optimise the design of the project.
The share price of Ironveld (LON: IRON) continues to decline and fell by one-third to 0.36p during the week. The price has nearly halved since Ironveld received a requisition notice from shareholder Richard Jennings of Align Research who wants to remove chairman Giles Clarke and chief executive Martin Eales from the board. Ironveld says that Richard Jennings is aware of a potential placing, and he has previously said he would “hold his corner” in a fundraising of up to £5m at a price of up to 1.25p a share. That is more than three times the current share price and Ironveld is capitalised at £4.8m.
Consumer products supplier Supreme (LON: SUP) reported a 6% improvement in full year pre-tax profit to £17.4m. However, the lighting business is well down in the current year, partly due to destocking, and that is the main reason behind an expected fall in pre-tax profit to around £14m in 2022-23. The vaping business continues to grow and is the largest profit contributor to profit. The newer sports nutrition business is building momentum. Evan after a recovery at the end of the week, the share price fell 30.2% to 88p.
Diagnostics company Novacyt (LON: NCYT) fell after an announcement that full year revenue expectations have been reduced to £25m – from £35m-£45m – and it will move back into loss. Interim revenues slumped from £52.2m to £16.5m – non-Covid revenues fell from £4.8m to £3.5m. Costs are being reduced and they should reach an annualised level of £17m by the end of the year. Novacyt still has cash of £99.6m. The share price dived by 28.2% to 115p. This is back to the level it was back in early February 2020.
Just before the close on Friday Applied Graphene Materials (LON: AGM) admitted that it has appointed Weild & Co to help it raise additional cash. The plan is to gain introductions to US investors and raise up to $10m. Applied Graphene Materials says that it has enough money to get it into early 2023. The share price fell 18.4% on the day and the week to 15.5p. That values the graphene products developer at £10m, so a fundraising could be highly dilutive.
