LITTLE CAP MOVERS: The Metal Basher Chamberlin rises as he rings the changes. InfraStrata crashes while looking for a cash injection
Management changes at Metal Basher Chamberlin seem to be well received in the market.
Shares rose 42 percent this week after the company promoted its financial controller Alan Tomlinson to chief financial officer, replacing Neil Davies, who will step down in late May.
Last month it was reported that Kevin Price, the group’s Foundry and Machining Plant Operations Manager, will replace Kevin Nolan as General Manager.
Changes in the board of directors at Metal Basher Chamberlin helped its shares rise 42% this week
All of this is part of a company reorganization after losing a major contract late last year.
Chamberlin said this week it will “further reduce costs and streamline the organization in line with revised revenues.”
Mkango Resources shares rose 46 percent to 30p after they said they are able to achieve significantly higher recoveries and concentrations than previously anticipated from the Songwe Hill 51 percent owned rare earth project in Malawi.
The revised estimates came after analyzing the results of a flotation pilot plant program.
The program demonstrated that the flotation process is robust and easy to scale, and the results supported a significant increase in both flotation recovery and concentrate content for the ongoing feasibility study compared to a 2015 pre-feasibility study for Songwe, the company said.
Kodal Minerals, an industry colleague, rose 47 percent to 0.18p after confirming the feasibility study and mining development plan were ratified and approved by the Direction Nationale de la Geologie et des Mines (Direction Nationale de la Geologie et des Mines) committee, subject to some Minor corrections bring the application for a mining license in line with the new Mali Mining Code of 2019.
The Company expects the DNGM to provide formal notification of payment of the mining license fee prior to formally submitting the Exploitation Decree or mining license for Prime Minister approval.
The shareholders of Tekcapital, the company that supports university spin-outs, celebrated in 2017 when one of its portfolio companies, Belluscura, revived plans to back AIM.
Belluscura’s first public listing was in November 2017, but that idea quickly faded when market conditions and various issues related to the Enterprise Investment Scheme / Venture Capital Trust requirements resulted in its IPO being suspended.
This time you are hoping for better luck (or due diligence).
“With our debut in the AIM market, we are well positioned and well funded for commercial growth to support the launch of our FDA-cleared X-PLO₂R portable oxygen concentrator and to bring the other products in our portfolio to commercial launches” he said to Robert Rauker, the executive director of Belluscura.
Tekcapital shares rose by around a third over the course of the week.
It’s been a tough week for InfraStrata, strategic infrastructure projects and physical asset lifecycle management, with stocks falling 24 percent to 30.25p after issuing shares at 30p per inhabitant to at least £ 9million collect.
“The company is about to change with the Saipem contract,” said John Wood, Chairman of InfraStrata, explaining why the company entered the market.
‘We believe this contract is the first of many that will flow through our shipyards in the months and years to come. The key to winning and completing these large contracts lies in the ability to demonstrate a strong balance sheet and liquidity within the company’s operations. This placement will achieve both goals, ”claimed Wood.
Another company that brought in fresh capital was bar operator Nightcap, whose management is either very brave or foolhardy – or possibly both. The owner of the London Cocktail Club this week agreed to acquire the Adventure Bar Group, which will expand operations to nine more bars.
The company said the bars included in the purchase will include seven established theme bars in popular London locations, a large outdoor bar, a dining and entertainment venue in Birmingham, a May 17 bar in Birmingham and a 50 percent stake in a include central London rooftop bar.
After a year of lockdown and the pending bar reopening schedule, this is probably a good time to make an acquisition when you have the cash. Nightcap did not, so it announced it would issue up to 11.9 million new shares at a price of 21p each. This corresponds to a discount of 37 percent on the closing price on the day before the announcement of the takeover of 2.5 million pounds.
The stock ended the week at 26.5p, down 21 percent from the week.