Movers of Thursday 30 June 2022

Victor Parker
Market Report
15:15, 30th June 2022

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.

Stock Chart | CSFS

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.

Stock Chart | MYSL

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 The loan facility is subject to shareholder approval, and is structured to be fully withdrawn by 1 August 2022.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.

Stock Chart | STX

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."

Stock Chart | VDTK

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."

Stock Chart | KEFI

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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