Cyanconnode shares climb +23.7% to 18.25p on major order
CyanConnode (CYAN) saw its shares jumped 29% on news that subsidiary, CyanConnode India Pvt Ltd, has received its largest-ever order. The order, placed by Genus Power Infrastructures Limited, is for one million Omnimesh Modules, together with Advanced Metering Infrastructure, Standards-Based Hardware, Omnimesh Head-End Software, Perpetual License and a Support and Maintenance Contract. Omnimesh is a scalable and robust system that provides cost-effective, multi-technology communications to support smart electricity metrering.
John Cronin, Executive Chairman of CyanConnode, commented: "We are delighted to have received this order from our long-standing partner Genus, which cements our position as the largest provider of Narrowband Radio Frequency (RF) Smart Mesh Networks for Smart Metering in India. This single order will almost double the number of modules we have deployed in India to date."
"India is at the beginning of its government's mandated deployment of 250 million smart meters and CyanConnode is pursuing current tenders for the deployment of over 27.5m smart meters. "
Base Resources jumps +12.2% to 20.2p as it declares dividend on soaring profits
Higher sales volumes and prices a third higher saw Australian mineral sands developer Base Resources (BSE) deliver record Ebitda of $158.7m and net profit after tax of $80.7m. That left the miner with net cash of $55.4m, which it said it did not need to meet “near-term growth and development requirements, or to maintain requisite balance sheet strength in light of prevailing circumstances”. As a result, it’s declared a final dividend of AUD 3 cents a share, a payout totalling A$35.3m.
Managing Director of Base Resources, Tim Carstens, said: “We have completed another operationally strong year and, with the continued improvement in mineral sands prices throughout the period, we were able to achieve record financial outcomes. This, and our disciplined management of costs, has enabled continuation of robust returns to shareholders.”
“The extension of mine life at Kwale Operations remains an intense area of focus and meaningful results were achieved in FY22, with the successful expansion of our special mining lease to incorporate the remainder of the South Dune orebody, and commencement of development of the Bumamani Project."
Made.com shares slide -10.3% to 10.7p as non-exec departs following fundraising speculation
Shares in online furniture retailer Made.com (MADE) lost a further 10% on Monday after last week’s confirmation of press speculation that it was "considering all options to allow it to strengthen its balance sheet" and the resignation of non-executive director Gwyn Burr “to give more focus to her other professional commitments at this time.”
The company has hired PricewaterhouseCoopers to advise it on repairing its balance sheet, which could include a £50m place. The shares have now 95% of their value since floating just a year ago, reducing the value of the company to just £39m, from £775m at IPO.
Cineworld slumps another –23.6% to 3.2p as it confirms possible Chapter 11 bankruptcy
Shares in Cineworld (CINE) slumped another 24% on Monday after the global cinema operator confirmed it was considering filing for Chapter 11 bankruptcy in the US after press speculation at the weekend. The group is struggling under the weigh of a near £9bn debt pile built up in an ambitious global acquisition spree and said that although its Cineworld and Regal chains were still trading, admissions since the post-pandemic reopening had been below expectations due to a “limited film slate”.
As well as a possible bankruptcy, Cineworld said that it is evaluating “strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction”. The shares have now lost over 90% of their value this year.