Ondo InsurTech shares rise 33.3% to 9p on new rollout of LeakBot device in Denmark
Ondo InsurTech announced yesterday a new rollout of its LeakBot device across thousands of LB Forsikring members in Denmark, beginning in September. Danish insurer LB Forsikring has committed to roll out at least 10,000 devices to their 126,000 home insurance base in Denmark, with 3,000 being distributed before the end of 2022.
LeakBot, Ondo's proprietary device, can be self-installed by homeowners, who can clip it to their mains pipe and download an app that tracks air and water temperatures. Customers are alerted to any leaks found and provided access to specialised LeakBot plumbers.
The new product deployment will begin in September 2022 and LB Forsikring members will benefit from a free LeakBot device and free repairs from a LeakBot plumber.
Revolution Beauty shares fall 59.28% to 25p on revenue and EBITDA downgrade for FY 2023
Revolution Beauty shares fell 55% on the back of a 7% revenue downgrade and a 38% EBITDA downgrade for FY 2023. The company is now guiding to sales of £215m-£225m, against £194m last year, and EBITDA of £18m-£20m against £22m last year. Read our own Paul Hill's analysis of today's announcement by REVB.
Despite the revenue downgrade, the top line is still set to expand 15%-20% (ex Russia/Ukraine) this year and the company will still be profitable with the seasonally stronger second half, meaning it is likely to hit broker Zeus's 1.5p EPS target.
Lastly, the FY 2022 results will now be published on 30th August - against the previous expectation of 4th August - reflecting delays completing the statutory audit. Nothing material has been raised by the accountants, however.
GYG shares fall 31.75% to 21.5p on proposal to cancel AIM listing
GYG said it was waiting for shareholder approval to delist from London's junior AIM.
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.
Tower Resources shares fall 31.93% to 0.19p on £1.5m fundraise via discounted shares
Tower Resources said it had raised £1.5m through a placing and subscription of c. 857K new shares of 0.001 pence each at a price of 0.175p per share. The price represents a significant discount to TRP's yesterday closing price of 0.29p. Shares are down to 0.2p today.
Tower Resources said the capital will be used for drilling preparation of the NJOM-3 well. A small portion will also be used to advance the company's other 2022 work programs in Namibia and South Africa, including the basin modelling work currently underway on Tower Resources' Namibian license PEL 96.
To raise further capital for NJOM-3, the company is also seeking a loan from BGFI Bank Group, as well as discussing additional financing options at the asset level for an additional US$5-10m.
As part of the placing, Jeremy Asher, Chairman and CEO, subscribed to 142K new shares, worth £250,000. He now has a 14.4% interest in Tower Resources.