Welcome to taking stock on...on Tuesday 11th July 2023
It's a look at today's top business news & investment views. Including: The indices, winners & losers, most read RNS's & RNS of the Day
Most Followed Company's on Vox Market
Ondo InsurTech - Loan Note restructuring to support rapid growth
Ondo InsurTech has agreed a restructuring of its 5-year loan notes with its largest shareholder, Homeserve, providing additional non-dilutive financing flexibility for continued rapid roll-out of the LeakBot system.
The key elements of this restructuring are:
· Interest due from 31 March 2024 to 31 March 2025 rolled up and deferred.
· First repayment of principal deferred from 31 March 2025 to 31 March 2026
· Final redemption extended by 1 year to 31 March 2029
· Interest rate increased from 10% to 12% from 31 March 2024
Interim Results for six months ended 31/08/2022
Revenue of £1 million for the six-month period ended 31st August 2022
Loss for the period was -£2,057,000
Cash £1,872,000
Loans & Borrowings -£6,401,000
Publication of audited accounts for the 13 months to 31 March 2023 will be on or before 31 July 2023
Cornerstone FS - Revenue growth & adj. EBITDA positive for H1 23
Cornerstone FS, a foreign exchange and payments company provide the following unaudited update on trading for the six months ended 30 June 2023 ("H1 2023").
The Group expects to report total revenue for H1 2023 of approximately £3.6m, representing an increase of 89% over the first half of 2022.
As a result of the strong revenue growth, combined with gross margin being maintained, the Group expects to report a maiden positive adjusted EBITDA for the H1 2023 six-month period.
the Group remains comfortably on track to deliver significant growth for full year 2023, and will provide further detail in its interim results statement, which is expected to be issued on 12 September 2023.
Most Read RNS
Bidstack Group - Requisitioned General Meeting
The resolutions to be proposed at the General Meeting are to remove Glen Calvert and Lisa Hau as directors of the Company and to appoint Nicholas Hargrave a director of the Company.
WINNERS
STM Group - Statement Regarding Possible Cash Offer
The Boards of STM Group Plc and PSF Capital GP II Limited announce that they have reached agreement in principle on the key terms of a possible cash offer for the entire issued and to be issued share capital of the Company at a price of 70 pence per share.
LOSERS
Predator O&G - Completion of MOU-4 drilling and logging
Two of four prospects have been ruled out through wireline data analysis, with one lacking structural closure and another impacted by poor borehole conditions.
Paul Griffiths, Executive Chairman of Predator Oil & Gas commented:
"We are pleased with our drilling results this year and look forward to an extensive rigless testing programme to help determine potential gas flow rates and gas volumes connected to the current inventory of wells."
Top Business Stories
1. UK wages have risen at a record annual pace fuelling fears that inflation will stay high for longer.
Regular pay grew by 7.3% in the March to May period from year earlier, equalling the highest growth rate last month.
The pace of wage rises has come under increasing focus by the Bank of England as it tries to control inflation.
2. Mortgage costs have hit the highest level for 15 years after the rate on a two-year fixed deal surpassed the peak in the aftermath of the mini-budget.
The average rate on such a deal is now 6.66% - a level not seen since August 2008 and the financial crisis.
3. Inflation will fall "markedly" over the rest of the year, says the Bank of England's governor.
The rate of price increases will come down due to lower energy costs, which should result in falling food bills for shoppers, Andrew Bailey said in a speech at London's Mansion House.