Oracle Power PLC (AIM:ORCP) has seen its shares surge after it confirmed an increased shareholding by a key investor.
Sheikh Ahmed Bin Dalmook Juma Al Maktoum, a member of Dubai’s ruling family, has lifted his stake from 12.51% to 19.25% with the exercise of warrants.
The Sheik has been invested in the AIM-listed energy group since November 2019.
Chief executive Naheed Memon said: “This further investment by His Highness, who is already a long-term strategic investor, underlines his confidence in Oracle’s current direction as we continue to diversify and expand our portfolio, particularly, following our recent green hydrogen initiative. At the same time, Oracle continues to advance its existing high-quality interests of the two prospective gold licenses in Western Australia where the results of drilling are expected shortly.”
Oracle has added 13.85% to 0.37p.
11.36am: Altitude climbs higher after update
Altitude Group PLC (AIM:ALT) is flying high after a positive update.
The operator of a marketplace for the global promotional products industry said half year revenues rose 33% to £1.5mln and it cut its pretax losses by 31% to £0.4mln.
Chief executive Nichole Stella said: “Throughout the first half of 2021, the industry has experienced initial recovery from the impact of the pandemic…
“The group continues to trade positively, and current business performance is in line with the board’s expectations. With ongoing investment in growth, strong focus on core business development and sustained recovery the board is optimistic and expects continued profitability in the full year.”
Altitude is 10.71% or 3p better at 31p.
11.18am: GSTechnologies lifted by digital currency update
GSTechnologies Ltd (LSE:GST) is heading higher after the fintech firm gave an update on its collaboration agreement with Singapore’s Wise MPay and launched its GS Money protocol.
Wise MPay is providing the company with software and services to help it develop to provide next-generation digital money solutions.
GST said it had now successfully tested all four of the enterprise chains provided by Wise MPay (representing four digital currencies pegged to the US Dollar, the Pound, the Euro, and the Yuan), together with implementing an upgrade on the Coalculus platform, provided by Wise MPay. This marks the launch of the GS Money protocol.
The company intends to deploy GS Money shortly in limited cross-border payment trials, and then gradually roll out GSMoney for commercial operations in the coming months.
Chairman Tone Goh said: “The completion of the testing of the four enterprise chains and the launch of the GSMoney protocol is a major milestone for the company. We are now focussed on the initial cross-border payment trials of GSMoney and the completion of the acquisition of [foreign exchange company] Angra.”
The company’s shares have climbed 14.85% to 2.5p.
10.01am: Sosandar (AIM:SOS) trades ahead of expectations
Shares in Sosandar (AIM:SOS) are in fashion after the online womenswear brand said it was trading ahead of market expectations.
Half year revenues to the end of September rose 184% to £12.2mln, higher than the whole of the previous year.
It made a £0.99mln loss at the EBITDA level, an improvement on the pandemic-hit £1.02mln this time last year.
Since then, revenues are up 120% on the same period in 2020, reflecting consecutive record months, with EBITDA positive in both October and November.
It said it had seen no material impact from the supply chain disruption hitting many businesses, with a constant flow of stock to meet demand.
So it is on course to beat full year expectations of revenue of £24.4mln and an EBITDA loss of £1.2mln.
Ali Hall and Julie Lavington, co-chief executives, said: “Anticipating high demand as restrictions were eased, we decided to bring in stock early for autumn, including partywear, coats, boots, and knitwear. This decision has allowed us to meet the exceptionally strong demand for our product with sequins, Christmas jumpers and fur coats emerging as best sellers.
“Looking ahead, whilst we are cognisant of ongoing supply chain challenges, we continue to mitigate the impact and our long-term growth strategy remains unchanged. The company is trading ahead of market expectations for the full year and we look forward to a successful second half and beyond.”
Its shares are up 5.59% to 35.9p.
8.57am: Sound Energy boosted by gas sale agreement
Sound Energy PLC (AIM:SOU) has seen its shares flare up after it unveiled a gas sale deal.
It has entered into a binding agreement with Morocco’s state owned power company ONEE for the sale of natural gas from the Tendrara Concession in Eastern Morocco over a 10 year period.
Sound and its Tendrara partner the Office National des Hydrocarbures et des Mines have conditionally committed to producing, processing and delivering gas from the concession, to the Gas Maghreb-Europe pipeline connecting Algeria to Spain and crossing Morocco.
Graham Lyon, Sound Energy’s executive chairman, said: “The gas sale agreement is an important and long-awaited step which will allow the company to progress development planning for the proposed TE-5 Horst Phase 2 development. It also underpins the ongoing discussions with potential and identified funding partners. These potential partners have expressed strong interest in participation in the proposed regional infrastructure and asset development via vendor financing, equity participation and alternate lending solutions, in order to build the long-term domestic infrastructure and gas supply in and for Morocco.”
Sound’s shares are up 0.18p or 13.46% to 1.48p.
Also heading higher is GoldStone Resources (AIM:GRL).
Its shares have added 1.63p or 13.27% to 13.88p after it successfully completed its first commercial gold pour at the Homase Mine in the Ashanti Gold Belt in Ghana.
This production allows the company to meet the interest payment demands for the US$3mln secured gold loan with Asia Investments Management Services Limited, subject to the company receiving its export permit. The total interest payments in respect of October and November 2021 comprise 11kg of gold, which is due to be paid today.
AIMS acknowledges that, following the first gold pour, the company will not be in default under the Gold Loan agreement, subject to GoldStone settling the October and November interest payments in gold within 15 business days.
Chief executive officer Emma Priestle said: “Now that we have managed to successfully complete the transition into a gold producer, we will focus our efforts on ramping up the project to full operations as efficiently as possible.”
