Movers of Friday 5 August 2022

Victor Parker
Market Report
16:00, 5th August 2022

Amur Minerals shares soar 43.83% to 1.27p on proposed disposal of Kun-Manie project in Russia

Amur Minerals announced it had entered into a share purchase agreement with Bering Metals for the sale of 100% of its interest in the Kun-Manie project in Russia for US$35m. The company said it would pay a special dividend of 1.8p to shareholders within 90 days of the sale.

Amur said it could not develop the project further due to sanctions imposed on Russia and controls of foreign currency flows out of the country. After completion of the disposal, Amur Minerals said it would become a cash shell and seek a reverse takeover, which would require shareholder approval within 12 months.

Shareholders had previously rejected the sale of Kun-Manie to Stanmix Holding for US$105m. The new offer is the "final opportunity to recoup the Company's sunk costs in Russia when taking into account a number of internal and external factors that have affected the Kun-Manie Project", Amur Minerals said, urging shareholders to accept it.

Stock Chart | AMC

Oracle Power shares drop 17.11% to 0.32p, reversing yesterday's gains after the company raised £500K via discounted shares

Oracle Power announced it had raised £500K via discounted shares to fund a 1.2 GW solar/wind/green hydrogen power project in Pakistan. Oracle said it had issued 181.8m new shares at a price of 0.275p, representing a 26% discount to yesterday's closing price of 38p.

Shares rose sharply the previous 2 days after Oracle announced it had received a green light from a Pakistani regulator for the project. The approval was subject to the provision of a $600K performance guarantee by Oracle.

Unfortunately, much of the gains were erased today after the announcement of the fundraise via discounted shares. Oracle Power stock is still up 4.9% in the last 5 days.

The project will see a 400 MW electrolyser facility powered by a 1.2 GW renewables hybrid power plant. The plant would be able to produce up to 55,000 tonnes of green hydrogen pa at full capacity, the company said. 

Read more about Oracle Power in our hydrogen update, published today.

Stock Chart | ORCP

Fusion Antibodies shares rise another 25.93% to 85p on new CEO appointment

Fusion Antibodies shares continued their meteoric rise after the company announced a week ago that Adrian Kinkaid had been appointed CEO, effective 15 August.

"Adrian Kinkaid is an experienced life sciences executive with 25 years' experience in life science and biotherapeutics industries. He joins Fusion from Vortex Liquid Biopsy Solutions Ltd and Vortex Biosciences Inc (together "Vortex"), a biotech group focused on world class technology for the isolation of high quality circulating tumour cells. As CEO of Vortex, Adrian led the company's development, including management of its business units." the company said.

Prior to joining Vortex, Adrian worked as CEO of several antibody-based diagnostics companies, including BioFab Ltd, and Lumabs BV.

Shares rose 31% on the day of the announcement and have continued to move up since, jumping another 25.93% today. Shares are up 75% since the announcement.

Stock Chart | FAB

Amte Power shares rise 17.69% to 86.5p on agreement to supply lithium-ion cells to EV designer Cosworth

Amte Power PLC said that it had signed a memorandum of understanding (MoU) with automotive engineering company Cosworth to supply its "Ultra High Power" (UHP) li-ion cells to the latter, to be used in the development of next-generation electric vehicles. No financial details were disclosed.

A partner to major OEMs, Cosworth designs battery and EV solutions for high-power applications in the automotive, aerospace and marine sectors.

"The differentiated UHP lithium-ion cell is specifically designed by AMTE Power to meet the requirements of the electric vehicle market, balancing power, weight and safety needs.  With rapid charging and discharging time, the cell is ideally suited for use within Cosworth's advanced technologies and end-to-end vehicle solutions." Amte Power said.

Stock Chart | AMTE

Falanx Group shares correct down 11.11% to 0.6p after yesterday's positive trading update

Falanx Group said yesterday it expected revenues to rise 14% in FY22 to £3.5m, driven by improved professional services sales and a much improved pipeline.

Shares moved up 17.39% yesterday on the news, but today corrected down 11.11%

In yesterday's trading update, the company said it had moved to a new cyber security monitoring platform (Triarii) during the fiscal year. Combined with higher services utilisation, this increased its gross margin to 40%, compared to 32% in FY21, it said. Falanx also expected to record a reduced adjusted EBITDA loss than in the previous year. On 30 June 2022, the company had cash balances of £2.7m, in line with budget.

"Significant planned investment has taken place in the cyber division, particularly around sales and marketing expansion and product innovation. As a result of this, the business has established a far greater pipeline than in previous years" the company said.

Full audited results are expected in September 2022.

Stock Chart | FLX

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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