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RNS Hotlist March 17: Altona, Celsius, ENGAGE, EnQuest, Jubilee, Predator, Tremor, Upland, Verditek, Wildcat

This post was written by Zak Mir, a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator

Tremor International (TRMR), an advertising technology platform, announced that on 16 March 2023 it bought-back 43,290 ordinary shares of NIS0.01 each in the capital of the company in the AIM market at an average price of 229.72 pence per share.
Comment: With most in the stock having received a massive pie in the face this week, it may be of some comfort that the company is leading from the front in buying its shares at lower and lower levels. The interplay between having Goldman as an advisor and the company in an ongoing share buyback is an unusual one.

EnQuest (ENQ) announced a revised date for the publication of its preliminary financial results for the year ended 31 December 2022. The company said changes in the UK Energy Profits Levy have impacted the preparation and subsequent audit of the Group’s financial statements. As a result, the Group will now announce its results on 5 April 2023, meaning a delay to the previously planned release date of 23 March 2023. The Board confirmed that the 2022 financial results and 2023 guidance are expected to be in line with those provided in the trading update provided on 17 February 2023.
Comment: Normally a delay in the publication of results is a negative. But it would appear that EnQuest may prove to be an exception to this rule.

Verditek (VDTK) announced that it has signed an exclusive supply agreement with Lindab Profil AB, a Swedish company engaged in the development, manufacture and sale of building products and in particular roofing systems, for a term of 3 years. The agreement has no minimum purchasing obligations for Lindab and there is no guarantee that Lindab will place any orders. However, Verditek has already supplied over €100k worth of panels to Lindab for a number of projects as well as supply panels for a test and demonstration installation at their home factory in Forslov, Sweden.
Comment: What could have been a positive, or at least upbeat announcement has effectively been diluted down by the “no guarantee” / “no minimum” phrases, exactly what one would expect to happen when a company has a “diligent” NOMAD, keen on ensuring that every syllable in a RNS is compliant, and to avoid any chance of the share price rising unnecessarily.

ENGAGE XR Holdings (EXR), a metaverse technology company, announced “one of the world’s greatest ever” DJs, Norman Cook aka Fatboy Slim has created an immersive virtual reality concert experience, exclusively for ENGAGE. The free event will be available for anyone to enjoy on 30 March 2023, with details on how to book at https://engagevr.io/ The 45-minute adventure will take your avatar into the burrows of Fatboy Slim’s mind. The company said what makes this different to other metaverse concerts is that this was built with VR in mind and is more than a glorified 10-minute non- interactive CGI promo video. This is a fully immersive concert experience where you will be joined with thousands of other concert goers enjoying Norman Cook’s back catalogue and original new mixes.
Comment: Those of a certain age would have been ecstatic on such news if this were 1997. But in the right here, right now of 2023, one has merely to wonder how ENGAGE XR managed to bag one of the world’s greatest ever DJs? We look forward to entering the burrows of Fatboy Slim’s mind, to see how fully immersive the experience is.

Celsius Resources (CLA) requested an immediate voluntary trading halt in its shares on ASX, pending an announcement regarding a local partner for the MCB Project in the Philippines. The company has requested that the trading halt remains until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on or before 22 March 2023.Trading in the Company’s ordinary securities will continue to trade as normal on AIM.
Comment: Under the radar Celsius Resources makes itself slight less under the radar with this latest announcement.

Altona Rare Earths (AQSE: ANR), a mining exploration company, stated it expected admission to trading on the LSE would take place at 8.00 a.m. on Monday 20 March 2023. The company is still working with its advisers to finalise its prospectus for approval by the FCA and therefore Admission will not take place on the expected date. A further update will be provided once the date of Admission, currently expected to be towards the end of March 2023, is confirmed. The company also confirmed that, as a first step in the transition process to the LSE, its shares will cease trading on the AQSE at 4.30 p.m. on Friday 17 March.
Comment: Those who have been following this situation will be aware of the merits of Altona, and that the transition process has taken rather longer than expected. However, it would appear that today’s update notwithstanding, the company will soon be able to prove its mettle.

Jubilee Metals Group (JLP), a diversified metals processing, with operations in Africa, announces that it will publish its unaudited half-yearly results for the six-month period ended 31 December 2022 on Monday 20 March 2023. Jubilee will host a conference call and webcast for analysts at 09:00 am UK time on 20 March 2023.
Comment: There is some mystery as far as JLP is concerned in terms of the near term share price drift, despite the way that the infrastructure issues the company has reported and addressed should actually cause it to be in a better position in terms of production going forward. One might suggest it rather over warned on its issues.

Predator Oil & Gas (PRD), the Jersey based Oil and Gas company, announced that it has conditionally placed 15,500,000 shares and 20,863,636 existing shares in the company transferred by a director of the company, Paul Griffiths, at a placing price of 5.5 pence each to raise £2,000,000 (before expenses). The company said the additional funding announced today allows it to advance the drilling of MOU-3 to target for the first time all Prospective and Contingent gas resources. The learning curve has improved substantially following the information gathered from the suspended well MOU-2. As a result it believes that bringing forward the drilling of MOU-3, with a projected start date in the first week of May, is a sensible course of action.
Comment: One was wondering why it has been a relatively long time since PRD had a fundraise, but we have the event today to end the wait. Using the phrase “learning curve” is an interesting thing to do in a RNS.

Upland Resources (UPL) announced the February workflow update on the SK334 Joint Technical Study activity in Sarawak, Malaysia. The company said it is in an unequalled positioned in the region and that time and resources spent in adding value to the Sarawak SK334 JTS workstream have potential to generate significant returns for shareholders. Progress to date on Block SK334 is very encouraging, Integration of fieldwork findings and analysis with seismic interpretation works is now underway, with preliminary identification of prospects and leads depth structure maps for respective seismic horizons also in process.
Comment: It is clear that UPL is keen on delivering frequent, upbeat RNS updates, and it would appear that its activities and potential are starting to get across to the market.

Wildcat Petroleum (WCAT), a company in the upstream sector of the petroleum industry, announced its interim results for the six-month period ended 31 December 2022. In the reporting period (1 July 2022 to 31 December 2022) the company has incurred costs of £159,117. At the balance sheet date, the company had net assets totalling £224,394 including a cash balance totalling £235,083.
Comment: While we await the big production news perhaps later this year, it can be seen that Wildcat is controlling its cash burn in a satisfactory fashion.

Disclaimer:

Zakmir.com is a purely journalistic website – Zak Mir is a member of the National Union of Journalists. There is no intention here of providing financial advice. It is recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written or said here.

Zak Mir

Zak Mir

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