Joules Group shares rise 33.33% to 44p on talks to sell £15m stake to Next
Joules Group confirmed speculation that it was in discussions with Next about selling a stake in the company to the clothing retailer for £15m at no less than Joules' current market price. This would result in Next becoming a strategic minority shareholder in Joules. The equity investment would be subject to approval by Joules' shareholders.
Joules also confirmed it was in discussions with Next about adopting its Total Platform online services to support the former's long-term growth plans.
GYG shares correct up 21.57% to 31p after sinking last week on proposal to cancel AIM listing
GYG shares sunk over 30% last week after the company announced it would delist from London's junior AIM, pending shareholder approval. Today, shares corrected up 21.57%, rising to pre-announcement levels.
The company's decision was prompted by "the impact of the current geopolitical situation, the compatibility of the requirements for transparency within public markets and client discretion, the public market share trading and valuation volatility of the Company and the increasing costs of maintaining a public listing"
If the cancellation resolution is passed at the 31 August general meeting, it is expected that the last day of trading on AIM will be 7 September 2022.
Tirupati Graphite shares rise 27.01% to 43.5p on £1.5m fundraise via convertible notes
Tirupati Graphite said it had raised £1.5m via a private placement of convertible loan notes. The company said it would use the proceeds to pay Battery Minerals for the acquisition of the Montepuez and Balama flake graphite projects in Mozambique, as well as to progress its Sahamamy project in Madagascar.
The loan notes have a three-year maturity and a 12% coupon, payable semi-annually. They can be converted to ordinary shares at any time. The conversion price is £0.60 up to the 1st anniversary of the note's date, £0.75 from the 1st to 2nd anniversary, and £0.90 from the 2nd anniversary.
TheWorks.co.uk shares fall 26.67% to 34.1p on lowered expectations for FY23
TheWorks.co.uk said it substantially lowered its expectations for FY23, though it forecast FY22 underlying EBITDA to be higher. The company now expects its underlying EBITDA to be £16.5m, up from its 20 May forecast of £15m. TheWorks.co.uk did not detail its lowered expectations for FY23.
TheWorks.co.uk said LFL sales declined 2.5% in Q1, due to an 28.6% LFL decline in online sales. The drop in online sales was partially offset by in-store LFL sales growth of 1.4%.
"Whilst we still expect to be able to grow sales in the remainder of FY23, it is uncertain whether the level of growth will be in line with original expectations and that which is required to offset cost headwinds such as historically high freight costs, which are showing little sign of abating in the short term, as well as increases to the National Living Wage. In light of this uncertainty, and reflecting its desire to maintain a more cautious approach in these market conditions, the Board has materially lowered its expectations in relation to FY23's result." the company said.