Advance Energy shares rocket 117.35% to 0.18p on potential acquisition of a European oil and gas company
Advance Energy shares more than doubled, and were temporarily suspended on AIM, after it announced a potential acquisition of a European oil and gas company.
Advance Energy said it had been "actively assessing a number of live, value-accretive business development opportunities", adding it had entered into a non-binding agreement with the majority owner of a European oil and gas company, with the intention to acquire the company for a combination of new shares in Advance and an earn out based on oil production.
The head of terms includes "standard conditions", including an exclusivity period up to 29 October 2022, Advance said.
The potential acquisition would be considered a reverse transaction under AIM rules, and therefore subject to the issue of a new AIM Admission Document.
Shares were suspended at 0.18p, more than double yesterday's close. Advance said shares would remain suspended until it can publish the aforementioned AIM Admission Document. In the event that the acquisition does not proceed, Advance expects the suspension to be lifted.
Insig AI shares soar 55.81% to 33.5p on expected revenue increase in H2
Insig AI said pretax loss for FY 2022 nearly tripled to £3.2m year-on-year on higher costs. However, the company forecast a "significant jump in second half revenues and for following financial year and beyond" as well as a number of contract wins by the end of next month.
Revenues for FY 2022 increased to £1.7m from £1m the year before.
Colm McVeigh, CEO, commented: "Over the last year, we have transformed and repositioned the business converting a strong machine learning AI capability into customer focused solutions which form the basis for asset management partnerships, fintech data science high impact projects, and ESG disclosure diagnostic reporting for the corporate market. We anticipate that this will be reflected in strong and sustainable revenue growth."
Shield Therapeutics shares rise 13.64% to 12.5p on higher revenues as Accrufer rollout accelerates
Shield Therapeutics said on Thursday prescriptions of its flagship Accrufer treatment accelerated in 2022 with 87% growth achieved in Q2 quarter-on-quarter, following equally strong Q1 growth. Half-on-half, prescriptions increased 350% in H1 2022 to 11,223, compared to 2,516 in H2 2021.
Total US net revenue from Accrufer increased to £1.5m in H1 2022, compared to £0.1m in H2 2021, which was the first half-year following the product's launch. There were 1,050 new first-time prescribers of Accrufer in H1 2022, a five-fold increase in H1 2022, reflecting growing interest by healthcare providers.
Shield Therapy also reported 15% higher sales in Europe as well as an application to enter the Canadian market, expected to be approved in mid-2023.
Shield said it continues to focus on its three main commercial priorities: 1) increasing awareness of Accrufer, 2) generating clinical experience, and 3) expanding payor coverage.
Manolete Partners shares fall 15.25% to 214p on headline profit reset
Manolete said today it had "received a rare adverse decision in the High Court on one of its larger cases", and that it would now be writing down the carrying value of this case to zero, thereby impacting FY23 PBT negatively by £2.3m.
Equally due to the much tougher economic climate, the Board has surgically reviewed all its other 280 ongoing cases & decided to reduce the carrying value of some of these investments too.
The upshot is that in aggregate, 1H23e PBT (Mar y/e) is now projected to fall to -£5m Vs Peel Hunt’s previous +£5m estimate and 1H22a PBT of +£4.5m.
However, the underlying business is performing strongly, characterised by excellent cash generation (ie +£15m YTD’23 vs £15.6m for entire FY’22), and increasing demand with "new case enquiries 24% higher than for the whole of H1’22" and YTD’23 realised revenues on completed cases up 175% to £10.6m vs LY £3.9m.
As well, MANO is working with several strategic financial services entities, in order help them recover those loans under the Government’s £46.6bn Bounce Back scheme (BBLS) that may have been abused by SMEs.
Read Paul Hill's full analysis of today's news by Manolete Partners where he identifies three major tailwinds for the company.