AIM weekly movers: Tintra platform progress and Ince discounted fundraising

Tintra (LON: TNT) has fast-tracked development of its banking platform and is six months ahead of the roadmap. Tintra intends to raise $25m to fund further development and it believes that it can be done for no more than 10% of the company. It is not clear how this will be done. The shares jumped 78.9% to 170p at the end of the week and they are more than treble the level at the beginning of the year.

Gas and electrical services provider Kinovo (LON: KINO) shares have risen on the back of Jersey-based Tipacs2 Ltd increasing its stake from 13.9% to 25.7%. The company is related to Thomas and Nikolaus Wilheim. The stake first went above 3% in September 2020. MI Sterling Select Companies Fund sold its 9.93% stake. Kinovo is growing its revenues, but it has potential liabilities relating to the DCB business it sold and subsequently got into financial difficulties.

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John Selaschi has acquired a 5.13% stake in Active Energy Group (LON: AEG) and the share price rose 62.7% to 6.8p on the week. He also owns an 8.34% stake in Verditek (LON: VDTK).

Coal miner MC Mining (LON: MCM) shares rose 61.3% to 12.5p. MC Mining is finalising a debt and equity funding package for the hard coking coal Makhado project. The bankable feasibility study is being extended to include alternative development plans to enhance th4e value of the project. Performance improvement initiatives are underway at the Uitkomst colliery.

The share price of battery technology developer Ilika (LON: IKA) continues to recover following the recent results. It is 40.5% higher on the week at 78p.


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Professional services provider Ince (LON: INCE) is the worst performer in the past week after it raised £7m at 5p a share, which was a 58% discount to the previous market price. The share price fell 65% on the week to 5.3p. Ince is also taking on an additional £1.6m loan. Ince has been operating at the limit of its debt facilities following the recent acquisition of broker Arden Partners. There was a cyber attack which management estimates cost £4.9m in cash. An insurance claim has been lodged for this amount, but that could take 12 months to settle. Insurance proceeds would be used to pay off loans. Annual cost savings of up to £5m are being targeted. Revenues are recovering, although Arden had a quieter than expected first half.

Parsley Box (LON: MEAL) floated at 200p at the end of March 2021 and it has fallen to a new low of 11.25p, down 37.5% on the week. Trading is poor and marketing spend is being reduced due to low response rates. First half revenues slumped from £14m to £9.6m. finnCap has reduced its full year revenues forecast to £19m and the expected loss increased to £4.6m. The loss could continue for at least two years and cash could be run out by the end of 2024.

Payment services provider Cornerstone FS (LON: CSFS) continues to decline following the exit of chief executive Julian Wheatland. The share price fell a further 21.4% to 8.25p.

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