Cornerstone FS shares sink 53.25% to 9p on larger pretax loss, Chairman and CTO stepping down
Cornerstone FS announced Chairman Elliott Mannis would be stepping down in August for personal reasons. Also leaving is Stephen Flynn, CTO. Gareth Edwards will become the new Chair of Cornerstone, while CIO Bill Newton will become new CTO.
The Company also updated on FY21 results. Revenues increased 38% to £2.3m, including a 75% increase in H2 alone. Pretax losses also widened, however, to £4.2mln from £2.2 the previous year.
MySale Group shares soar 44% to 1.645p on Frasers Group stock purchase
Mike Ashley's Frasers announced the purchase of a 29% stake in MySale Group. Frasers said the purchase would create an opportunity for a strategic partnership whereby end-of-line products can be cleared via an established clearance channel. This pipeline will be further enhanced by the benefits of counter seasonality between the European and Australian climates, the company added.
Shield Therapeutics shares fall 39.5% to 7.25p on $10m shareholder loan facility
Shield Therapeutics announced it will obtain a $10m shareholder loan facility from AOP Orphan International AG (AOP). AOP owns 13.1% of Shield's issued share capital. Upon completion, the transaction will extend Shield's cash runway to approximately the end of 2022. The loan facility is subject to shareholder approval, and is structured to be fully withdrawn by 1 August 2022.
Despite markets' focus on the shareholder loan news, the Company reported solid progress in FY21. It completed a £27.6m fundraise and launched Accrufer in the US to much success. Accrufer subscriptions doubled in Q1 in the US, and Feraccru sales grew 60% in Europe. Shield also acquired a licence agreement in the Republic of Korea.
Verditek shares fall 32% on £1.5m raised via subscription of discounted shares
Verditek said it had raised £1.5m via a subscription of 101.3 million shares at a discounted price. Shares were priced at a 40% discount to the Company's last share price.
Rob Richards, CEO of Veritek, commented: "Although raising cash via dilution is never an easy decision to take, I am delighted that over 80% of the raise has been achieved with long-term shareholders, including a director, who continue to believe in the future of the company."
Kefi Gold shares rise 29.41% on Tulu Kapi umbrella financing
Kefi Gold announced it has signed an umbrella agreement for the financing of its Tulu Kapi gold mine project in Ethiopia. The project is expected to launch in October 2022. A progress review is scheduled for the end of July 2022 to ensure a satisfactory outcome.
Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented: "The signing of the Umbrella Agreement is a very important step and we look forward to completing the outstanding matters that will allow for full project construction to commence in the Ethiopian dry season starting in October 2022."