Verici Dx (LON: VRCI) bounced back from its low last week, rising 27.3% to 7p. The developer of clinical diagnostics for organ transplants published an operational update. Post kidney transplant rejection assessment product Tutiva has been launched and pre-transplant product Clarava should be launched before the end of 2023. The Medicare reimbursement pricing for Tutiva should be secured by the end of June.
Cote d’Ivoire-based Dekel Agri-Vision (LON: DKL) increased palm oil production in February, but there was little response to the news when it was released on 13 March. However, buying early last week pushed up the share price by 23.7% to 2.35p. That is around six times prospective earnings. The share price is still lower than at the start of the year. February volumes are still low in comparison with last year, but they should continue to build up in March and could be higher than the same month in 2022.
Zinnwald Lithium (LON: ZNWD) rose on the back of its successful share issue at a premium to the previous market price. A total of £18.75m was raised at 10.41p a share and the price increased by 19% to 10.1p on the week. German critical metals company Advanced Metallurgical Group (Euronext: AMG) subscribed for a 25.1% stake. The cash will fund the definitive feasibility study of the Zinnwald lithium project in Saxony, which can supply battery markets. It is currently estimated to have a NPV8 of $1.6bn and a payback period of 3.3 years. The output could reach 17,000t/year LiOH. AMG has Europe’s first lithium hydroxide refinery at Bitterfield-Wolfen.
Promotional retail company SpaceandPeople (LON: SAL) achieved 2022 revenues of £5.5m and momentum has continued into 2023 in Germany and the UK despite UK rail strikes. Net cash is £400,000. The full year results will be announced in early May. The share price rose 18.4% to 80.5p.
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Fallers
Africa-focused agriculture company Agriterra (LON: AGTA) raised £250,000 at 1p a share. Magister Investments is converting £206,000 of debt at the same price. The share price slumped by 52.8% to 1.25p. The cash will be spent on purchasing cattle and working capital for operations.
In The Style (LON: ITS) voted in favour of the sale of its online retail business for £1.2m, but not enough voted for the cancellation of AIM quotation. The purchaser is Baaj Capital, which has other fashion-related investments, including Officers Club. There was 58.9% in favour of the AIM cancellation, but it required 75%. The company will change its name to Itsum and become a cash shell. However, there are still plans to wind up the company and shareholders will be distributed less than £500,000 after expenses. The share price fell a further 46.7% to 0.6p, which capitalises the company at £300,000.
Late on Friday, leather processor Pittards (LON: PTD) raised £255,000 in a placing at 25p and directors loaned £85,000, which will be converted into shares at 25p each following a general meeting. The share price slumped 42.7% to 21.5p. Management warns that it may have to raise a further £3m. Pittards has been operating near to the peak of its bank facility and Lloyds has agreed to increase this facility by £340,000. As well as extend the facility to June. Pittards has been hit by the weak pound.
Cyber security company Osirium Technologies (LON: OSI) reported a slightly higher loss of £3.59m in 2022 and cash levels are declining. Management believes that it has enough cash for its requirements, but it has to stem the outflow. Management is securing £1m of annualised savings. The switch of focus to partners should accelerate customer acquisition and help to increase revenues. The share price slumped 41.5% to 1.55p, which is a new low.
