Tekmar seeks partner, Scirocco and Wentworth deal, N4 Pharma Nuvec progress

Subsea cable protection services provider Tekmar Group (LON: TGP) is seeking a strategic partner or bidder because it believes that its weakened balance sheet will not enable it to turnaround the company and take advantage of opportunities, particularly in the wind power sector. The share price slumped 12.5p to 26.5p. In February, a placing and open offer raised £4.1m at 45p. Five years ago Tekmar joined AIM at a placing price of 135p. Interim revenues fell from £13.9m to £13m and it remains loss making. The order book has improved from £9.7m to £20.1m over the six months to March 2022. Net cash was £4.6m but losses and higher working capital requirements will reduce that figure.  

Scirocco Energy (LON: SCIR) is selling is 25% non-operated interest in the Ruvuma gas project in Tanzania to Wentworth Resources (LON: WEN). It appears to be a good del for both of them with Scirocco Energy up 0.05p to 0.475p and Wentworth Resources 1p higher at 26p. The project is next door to Wentworth’s Mnazi Bay gas project and makes Wentworth a significant player in Tanzania. Wentworth will pay $3m on completion, $3m when there is a final investment decision for the project and up to $8m from a share of net profit from Wentworth’s working interest. A further $2m will be paid when gross cumulative production reaches 50Bcf. Wentworth Energy has the cash to fund the deal and continue to increase the dividend. Scirocco Energy can concentrate on its anaerobic generation joint venture and other sustainable energy investments.

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Positive data from studies using Nuvec has boosted the N4 Pharma (LON: N4P) share price has risen 0.25p to 2.8p. Nuvec is a delivery mechanism that pharma companies can use to get the antigens they have developed into cells to express the required protein. A study shows tumour suppression, and the company is trying to analyse whether the treatment went directly to the tumour or whether it was via other organs. Nuvec has also been successfully loaded with SiRNA and this could extend its use. A long-term study on oral applications has produced promising early data.

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