Cambridge Nutritional Sciences 3.25p £7.7m (CNSL.L)
The medical diagnostics company focused on industry-leading Health and Nutrition products, announces that James Cooper, currently Chief Operating Officer, has been appointed as interim Chief Executive Officer with immediate effect. After two years as CEO, and thirteen years with the Company, Jag Grewal has tendered his resignation and stepped down from the Board with immediate effect. Jag will continue to work with the Board to effect an orderly handover. In his brief tenure as COO, James has demonstrated a wide range of operational and management skills and the Board is confident he will be a very capable interim CEO.
Corero Network Security 19.25p £97.9m (CNS.L)
The distributed denial of service (DDoS) protection specialist announces a significant partnership with stc Bahrain, the market leader in Bahrain's telecommunications sector. This collaboration aims to deliver premium protection services, ensuring service levels are safeguarded against both external attack traffic and internally generated DDoS threats. The partnership with Corero Network Security underscores stc Bahrain's ongoing commitment to delivering top-tier service quality and security. The introduction of DDoS-protected service availability adds another layer of premium protection for its customers, reinforcing stc Bahrain's position at the forefront of telecommunications innovation in Bahrain.
Ethernity Networks 0.0575p £2.2m (ENET.L)
The supplier of data processing semiconductor technology for networking appliances and fiber access controller for PON networks, announces that it has received a new $200k product enhancement order from one of its existing customers, a leading US-based broadband system provider. The product enhancements are expected to help the Customer secure further orders for the Remote 10G PON OLT product, which would result in additional income for the Company in the coming years.
ITM Power 56.625p £349.9m (ITM.L)
The Company designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, announces that they have signed a contract for the REFHYNE II project, following Shell's recent positive Final Investment Decision (FID). ITM will supply 100MW of TRIDENT stacks and skids to the Shell Rheinland Energy and Chemicals Park in Germany. Linde Engineering has been chosen as the EPC integrator and will collaborate closely with ITM. REFHYNE II will use renewable electricity to produce up to 44,000 kilograms of renewable hydrogen daily, partially decarbonising fuel production at Shell's Wesseling refinery. The electrolyser is scheduled to begin operating in 2027.
Karelian Diamond Resources 1.65p £2.1m (KDR.L)
The Ireland-based company which focuses on the discovery of diamond deposits in Finland, announces that, on 12 August 2024, it was informed of the Finnish Land Court's decision, regarding the appeals by two landowners in relation to the amount of compensation to be paid to them and the mine boundary in relation to the development of a diamond mine by the Company, at Lahtojoki, in the Kuopio Kaavi region of Finland. The decision of the Finnish Land Court, which is subject to appeal within sixty days, has maintained the original decision on the mine boundary, i.e. no change in the mine boundary. With regards to the amount of compensation payable to the two landowners the majority of the items upon which they based their claims were rejected by the Finnish Land Court except for three items which were referred back to the National Land Survey to review. The appellants were also required to contribute to the Company's legal costs. Finalisation of the mine boundaries is an essential step in relation to the Company's proposed development of the Lahtojoki diamond deposit. The Board believes that the development of a diamond mine at Lahtojoki will not only bring significant benefits to the Company, but also to the entire surrounding Kuopio-Kaavi area. The diamond mine at Lahtojoki, when in production, is expected to be the first diamond mine in the European Union.
Keywords Studios £23.97 £1.926.1m (KWS.L)
The international provider of creative and technology-enabled solutions to the global video games and entertainment industries announces the acquisition of Wushu Studios Limited, a leading game development studio headquartered in Liverpool, United Kingdom. Wushu has grown well despite current market turbulence, with adjusted revenues of approximately £12.5m and an adjusted EBITDA margin in line with that of the Group expected in the year ending 31 August 2024. Wushu's founder and majority owner Alan McDermott and his management team will remain with the business post-acquisition as they look to continue Wushu's growth. The consideration comprises an upfront and earn-out component and is expected to fall within the Group's targeted valuation range. The upfront consideration was paid in cash and funded from the Group's existing revolving credit facility.
Light Science Technologies 2.8p £9.1m (LST.L)
The Company comprising three divisions: Controlled Environment Agriculture (CEA); Contract Electronics Manufacturing (CEM); and Passive Fire Protection (PFP) announces that it has received an order worth £123k from the Richel Group (Richel), an agronomic solutions specialist, for its CEA nurturGROW lighting. Delivery will commence in January 2025, with the revenues being recognised in the first half of 2025. Light Science Technologies will supply its nurturGROW lighting solution, customised to Richel's specifications, in an aeroponic glasshouse in Germany. It will be used to grow a variety of leafy greens and is expected to become operational in Q1 2025.
Tekcapital 7.5p £14.9m (TEK.L)
The UK intellectual property investment group notes that Innovative Eyewear, Inc. (Innovative Eyewear) the developer and retailer of ChatGPT enabled smart eyewear under the Lucyd, Nautica, Eddie Bauer and Reebok brands, announced today its financial results for the second quarter of 2024. Net revenue for the quarter ended June 30, 2024 was $308,682, an increase of 82% year-on-year. Gross profit margins improved from a deficit of -18% in the second quarter of 2023 to 18% in the second quarter of 2024, reflecting greater economies of scale and reduction of lens fulfilment costs. Innovative Eyewear has nearly completed development of several new product lines and retail solutions to be launched in the fourth quarter of 2024 and 2025.
.Touchstone Exploration 30p £70.6m (TXP.L)
The oil and natural gas exploration and production company active in the Republic of Trinidad and Tobago, announced its for the six months ended June 30, 2024. Petroleum and natural gas sales decreased 15% to $14.09m in Q2 2024, compared to $16.6m in Q2 2024, primarily attributed to a decrease in natural gas and NGL sales volumes. Delivered net earnings were $3,3m versus $3.6m recognized in Q1 2024. Based on forecasted average mid-point production of 8,000 boe/d and updates to both our 2024 average Brent crude oil price and percent realized discount to Brent benchmark pricing, the Company now expects to generate approximately $28m in funds flow from operations compared to its previous forecast of $32m.
Water Intelligence 407.5p £70.9m (WATR.L)
The multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, announces the refinancing of its existing debt (Refinancing) and expansion of its credit facilities with M&T Bank, a US bank. The transaction provides additional non-dilutive resources and significantly increases the Group's capacity to execute its strategic growth plan. The Refinancing spreads the amortization of approximately $21m of total liabilities through 2029 at a fixed rate of 6.35%. The debt service for the next five years requires between 5 and 10% of principal to be repaid each year freeing additional cash for available accretive growth.
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