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AIM weekly movers: Versarien recovers

Graphite technology developer Versarien (LON: VRS) shares have more than recovered the losses following the recent £532,000 fundraising at 1.25p. Last week, the share price jumped 178% to 3.25p, although this is still 58.3% lower than at the start of the year. The cash will pay for commercialisation of products and fund working capital. A new strategic plan will be published in a few weeks and the mature cutting tools business may be sold. More cash will need to be raised later in the year.

Too many shareholders have voted against cancelling the AIM-quotation of Itsarm (LON: ITS) for it to happen. On Friday at the previously adjourned general meeting there was a vote of 64.45% in favour, but the cancellation requires a 75% vote to go ahead. The company will not be wound-up. There is £248,000 in the bank, but there are significant continuing expenses and management does not plan to seek an acquisition. This prompted a 73.8% rise in the share price to 0.565p.

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Sir Terence Leahy and Bill Currie have increased their stakes in brand security services provider Brandshield Systems (LON: BRSD). Sir Terence increased his shareholding from 7.9% to 8.65% and Bill Currie his stake from 11.1% to 12.8%. The share price improved 49.5% to 7.25p. This is the highest the share price has been since last October.

Active Energy Group (LON: AEG) says that permission for the construction and operation of a CoalSwitch biomass fuel manufacturing facility at Player Design Inc’s site in Maine. This is conditional on certain data being provided within six months. Production of CoalSwitch pellets could start in the third quarter of 2023. There is further interest in licences from other potential US partners. The share price improved 44.9% to 6.45p.

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Fallers

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Lansdowne Oil & Gas (LON: LOGP) and Barryroe Offshore Energy (LON: BEY) shares have fallen because the energy minister in Ireland, who is leader of the Green party, is not willing to grant the Barryroe lease undertaking on the grounds of financial capability. Barryroe Offshore Energy had announced it had secured the required funding and there are plans to go to international arbitration. Barryroe Offshore Energy is currently raising €20m from a placing and one-for-six open offer at €0.015 a share. This had already been delayed. The Barryroe Offshre Energy share price dived 32.4% to 1.25p, so it is below the open offer price. Lansdowne Oil & Gas has already invested $20m in the project and the shares slid 62.4% to 0.16p.

Eneraqua Technologies (LON: ETP) had a successful year to January 2023, helped by higher margin projects being moved to the fourth quarter. However, this year is set to be dominated by lower margin work for the energy and water efficiency business as social housing spending is held back. In 2023, pre-tax profit could fall from £10.1m to £7m, even though revenues are expected to be higher. Margins should subsequently recover. The share price slumped 34.5% to 175p, having previously reached a new low of 155p. The prospective multiple is less than twelve. Chairman Guy Stenhouse bought 20,000 shares at 188p each and 5,000 shares at 160p each, non-exec director Sarah Cope bought 6,171 shares at 160p each and non-exec William Tame acquired 7,142 shares at 210p each.

Watkin Jones (LON: WJG) says that although institutional interest in investment in development projects is recovering the development company is cautious about the outcome for the year. The second half will be better than the first half, where there was a small profit, but full year pre-tax profit forecasts have been cut from £48m to £26m. There are five potential forward-fund deals, but they may not all be signed this year. The funding of the deals is also changing meaning that more of the cash will be paid at a later stage of development. The share price fell 30.3% to 67.6p, which is a new low. Non-exec director Alan Giddins bought 50,500 shares at 77.79017p.

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