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AIM movers: Trinity Exploration merges with Touchstone and Inspiration Healthcare contract delay

Trinity Exploration and Production (LON: TRIN) has agreed to a bid from a fellow AIM-listed oil and gas company from Trinidad Touchstone Exploration (LON:TXP), which offers 1.5 shares for every Trinity share. Trinity shareholders will own a fifth of the expanded company. The combined group will be in a stronger position to invest in new production. Touchstone Exploration’s share price is 3.6% lower at 39.75p, with each Trinity share valued at 59.625p – the share price is 44.4% higher at 52p.

Alpha Financial Markets Consulting (LON: AFM) has confirmed that BridgePoint Advisers has made an offer and Cinven is considering making an offer. The share price rose 37.3% to 460p.

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Technology supplier for promotional products Altitude (LON:ALT) confirmed it would at least meet expectations of an improvement in pre-tax profits from £900,000 to £1.2 million. Net cash flow of £1.3 million was better than expected. There has been a strong start for 2024-2025. The share price rose 15.9% to 36.5p.

Cornish Metals (LON:CUSN) has published a preliminary economic assessment of the South Crofty tin project in Cornwall. There is an after-tax NPV8 of $201 million at a tin price of $31,000/ton. The pre-production capital requirement is $177 million, which is higher than previous estimates, and the mine life should be fourteen years. Mine life, including maintenance costs, is estimated at $13,661/ton. The planned first production is in 2027. The share price rose 14.6% to 11.75p.

Remote service provider RA International (LON: RAI) profitable again in 2023, helped by an exceptional gain of $5.21 million on the sale of previously depreciated assets. Operating loss decreased from $6.5 million to $3.15 million. The company recently won tenders from the UN in Western Sahara. A broader customer base is being built up. The share price rose 13.3% to 8.5p.

FALLERS

Supplier of medical ventilators Inspiration Healthcare (LON: IHC) is still waiting for the customer to sign a contract for a large order in the Middle East, and this has put pressure on the balance sheet. The timing of the order is difficult to predict and trading remains difficult while other orders take longer to execute. Liberum has lifted its 2024-2025 forecasts from a pre-tax profit of £2.9 million to a loss of £700,000, although the forecast calls for a recovery in the second half. If the Middle East contract is signed in time, it could add £1.4 million to profits. The share price fell 44.4% to 17.25p.

Horizontal Minerals (LON: HZM) has sufficient cash until May 17 and senior lenders have agreed to extend loan waivers, including interest payment deferrals, until May 15. These lenders have security over the company’s assets. Horizonte Minerals has guaranteed the debts of the subsidiary that owns the Araguaia project. Discussions with creditors and investors continue in an attempt to realize some recovery value for creditors. This could include the sale of the Araguaia project. None of the proposals are likely to deliver shareholder value. The share price fell 20.7% to 0.325p.

By 2023, Intelligent Ultrasound (LON: IUG) reported a fall in losses from £3.3m to £2.8m and is still on track to break even this year if it hits the midpoint of its £14m to £17m revenue forecast. This is based on higher margin AI revenue growth. There is 3 million euros in the bank. The share price fell 11.4% to 7.75p.

Telecom service provider Maintel (LON: MAI) Profits recovered strongly in 2023. Sales rose 11% to £101.3 million and underlying pre-tax profit improved from £1.6 million to £5.5 million. The benefits of last year’s strategic review are starting to emerge, even though there were £7 million in exceptional charges. Net debt is £18.1 million, but most of it has been reclassified as long-term. The share price fell 10.1% to 250p.