Here’s a look at some of the top movers and fallers in small caps over the past week.
It was a week of major risers across the small-cap space, l will add in a few Share Talk Tweets this week so you can see some of the major movers.
Before we get into the news flow, worth mentioning Kendrick Resources (LON: KEN) Admission to Main Market on Friday. Successful £3.25 million fundraising at 3.5p per share,
Colin Bird, Executive Chairman of Kendrick Resources Plc, commented: The company has an outstanding suite of assets in Northern Europe in Sweden and Finland and has an option over three projects in Norway. The option is exercisable within 7 days from Admission, and it is currently the Board’s intention to exercise within this period. A further announcement will be made in due course.
Can someone please confirm, is this Mr Birds’ fifteenth listing? I may be incorrect but that’s the number l have in my head.
The last official update from Tertiary Minerals (AIM: TYM) has been another riser on momentum or expected news from holders, which even, can only be good for liquidity in the small-cap space.
What a week for Baron Oil (AIM: BOIL), since announcing a fundraise on the 29th of April, conditionally raised £1.65 million at a price of 0.06 pence per share. The Directors anticipate the following indicative use of funds, based on the net Fundraising proceeds of approximately £1.5 million.
Two major projects progressing towards key evaluation points – Chuditch PSC (Timor-Leste) and P2478 (UK) with relatively short timelines for potential drill decisions
What a week with the share price returning 100% for those who took part in the placing the week before. An expected sell-off followed, well if you are sat on that profit, surely it would be wise to derisk and be in for a free ride? Next week will be interesting to watch to see if liquidity, and momentum continue.
Vast Resource PLC (AIM: VAST) market capitalisation is less than £10mln the risk of ridicule can be high. However, no one was mocking the company this week. After Vast joined a consortium in Tajikistan with Takob, Vast’s shares soared by 436%.
In addition, the company revealed that its revenue increased 236% to US$2.3mln during the first quarter 2022. The underground Baita Plai mine will undergo a major overhaul in its operation, including the introduction of mechanised drilling and cleaning. According to the company, this will result in a significantly increased production of copper concentrate. This change is expected to begin in June 2022 and “will be reflected on results starting in Q3 2022.”
Vast’s incredible share price rise put Sunrise Resources PLC (AIM: SRES) 40% jump in the shade, although I doubt Sunrise shareholders will be too bothered.
Patrick Cheetham (Sunrise’s chair) met with several interested parties during a recent trip to the US. This was according to the company in an update about its CS pozzolan perlite project in Nevada.
Cheetham met multiple parties, including two cement and ready-mix companies. One major fly-ash distributor. A large building materials company. And a new cement cleantech company.
According to Sunrise, AIM-traded Sunrise, the ongoing talks take place amid a fundamental shift in cement and concrete industries driven primarily by cement industry targets for net-zero carbon dioxide emission.
Union Jack Oil PLC (AIM: UJO) Announced back in late April it had hit the magic number “US$5 Million Net Revenues Landmark Reached at Wressle Production Development” now investors’ attention turn to the update on the published full-year results.
With a high possibility of added net revenue, don’t forget this company is in production at the Wressle development, not forgetting this is onshore, and all planning permission is in place, this well will continue to follow revenue into the foreseeable future. Surely one for the watchlist as the company has projects on multiple fronts that can add value to the Mkt cap of only £31.87m
Inspirit Energy Holdings PLC (LSE: INSP) surged 38% following a settlement of a lawsuit against two directors. The company made public the matter at the end of 2020. It had nothing to do With Inspirit.
Drew Whibley was appointed chief financial officer of i-nexus Global. Alyson Levett will continue to be available for a smooth handover. Whibley will join Aptitude Software Group PLC’s project management software company.
After the Environmental Agency issued a full production permit to Horse Hill, the shares in UK Oil & Gas PLC(AIM: UKOG) were deemed ‘off the tracks’.
After a contentious project that is located in the heart of Surrey’s stockbroker district, the shares surged 22% higher this week. This was the end of a two-and-a half-year-long saga for the company.
Reabold Resources PLC, (AIM: RBD), saw its market value increase by a fifth after Corallian Energy, its 49.99%-owned affiliate, received a takeover offer from what was described to be a credible bidder.
Corallian’s board indicated that they find the offer attractive and have begun discussions with potential buyers about a sale.
Reabold will purchase six Corallian exploration and appraisal licenses for £250,000 as part of the deal. However, it will not acquire the Victory gasfield development.
Reabold stated it would be Victory’s license administrator, but did not want to be the operator. This role will be taken over by Corallian.
DCB’s pre-tax loss is estimated to be approximately £5mln. Kinovo had previously agreed to provide a working capital facility for DCB to help it complete active projects. However, the initial estimate of the net cash outflow was minimal. DCB was hit with delays that led to Kinovo having to pay £3.7mln in support so far. This amount is expected to rise in the near-term.
The market did not like Nick Jones’ departure from Joules PLC, a premium British lifestyle company, nor did a cautious trading statement.
After the company disclosed that market conditions had become more difficult during and after Easter, as consumers’ confidence was affected by rising living costs, the shares fell 21%.
Omega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Health & Nutrition and Global Health products, raised gross proceeds of £2.0 million via a Placing of 50,000,000 new ordinary shares of 4.0 pence each and 90,000,000 warrants to subscribe for Ordinary shares (the “Warrants”) to institutional investors at an issue price of 4.0 pence per New Ordinary Share (the “Issue Price”).
A Circular to Shareholders in respect of the Open Offer is expected to be posted on 13 May 2022 giving notice of the General Meeting to be held on 6 June 2022 at 11:00 a.m. at the offices of Shepherd & Wedderburn, 1 Exchange Crescent, Conference Square, Edinburgh, EH3 8UL. A copy of the Circular will be available on the Company’s website:
Now holders wait to see how the company will progress, been a long road but hopefully, they can deliver shareholder value.
The opinions expressed here are those of the author
Disclaimer: This blog is provided for general information and It does not constitute investment advice, not buy or sell shares, warrants or bonds in any companies written about within the blog. Information is taken from publicly available sources and any comment is that of the author.
