It has been interesting that in recent days shares of Iconic Labs (ICON) have remained very active even by their own punter friendly standards. Having updated the market with a chunky 18% TR1, it was the turn of some company news to drive interest. This came in the form of new contracts for the multidivisional new media and technology business. It announced that it has secured a number of new contracts for JOE Media, for the production and distribution of bespoke social content. The contracts are in excess of £750,000 and have all commenced in Q4 2020. Shares of Iconic edged up 4%.
For Union Jack Oil (UJO) the tentative recovery in the shares in recent days continued, backed by the aftermath of last month’s exhaustion gap down, and bullish RSI divergence after the lower November low. On the fundamental front it would appear that some traders were adding one and one to make double figures. The guesses regarding the company surrounded the possibility of a “major hydrocarbon discovery” at West Newton, with the imminent completion of a side track being the potential lead in to such news -relating to one of the largest onshore UK gas and oil discoveries. While we have been before in the oil and gas sector, such speculation was enough to allow shares of Union Jack Oil to rise 7%. Reabold Resources (RBD) also rose 7% in sympathy.
Larger than usual trades going through on the tape at Remote Monitored Systems (RMS) has some in the market thinking fresh news was nigh at the anti-viral face mask group. Here there has been something of a regrouping after investor Braveheart (BRH) beat the retreat from its significant holding in the company – the last of which was just below 2.70p versus the latest 2.25p. On the other side of the coin shares of Braveheart (BRH) celebrated its RMS journey with declared the payment of a special interim dividend of 42.75p equating to a total dividend of approximately £15.5 million. Braveheart shares were up 53% to stand at 52.5p.
Oracle Power (ORCP) bounced back 7%, after briefly dipping earlier to start December below the 0.5p level intraday. The stock attracted the buyers off the back of tweet from CEO Naheed Memon regarding a “very good meeting” with the Federal Minister for Planning. This encompassed development plans for Oracle’s flagship coal project in Pakistan. Elsewhere it was also reported that Oracle’s Thar Project could double in size with the potential addition of a gas to urea capability.
After a rather delayed reaction, it was the turn of shares in BigDish (DISH) to add 33% as it was not the arrival of the COVID-19 vaccines last month the caused the rise. Instead, it seemed to be the prospect of Scotch Egg eaters enjoying a tipple in their local pub in the wake of the second Lockdown ending this week. With the shares of BigDish recently down to shell type market cap valuations below 1p, the latest rerate coincides with a more benign environment for the technology development company and its discounted dining model.
Perhaps not surprisingly since the recent announcement of a 20,000,000 shares subscription at 10p, versus the present share price near 7.5p, Edtech group Dev Clever (DEV) edged up again. Traders noted that market makers appeared short of short stock, with the subscription removing the need for a placing. In addition, they awaited a possible new updates, either in the form of a trading statement, or in the wake of the recent Heads of Terms agreement regarding its strategic partnership and formation of a B2C model in India.
It was finally recovery time shares of Ironveld (IRON), where recent newsflow has not exactly been on a bullish tack. Arguably, one of the worst sounding events at a small cap company is the departure of a CFO, and this is what the RNS of November 30 contained. However, just a few day’s later, some traders were pointing to a new joint broker, fund raise and management skin in the game at the mining development company with a High Purity Iron, Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province South Africa. Ironveld shares were up 47%.
Shares of Alba Mineral Resources (ALBA) pushed up 5% higher in the wake of the previous session’s news from the company that the first phase of the Company’s underground drilling programme at the Clogau-St David’s Gold Mine has intersected what is believed to be the westerly extension to the Clogau Main Lode. Wales Online described the news as the most significant discovery in “decades.”
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(The opinions expressed here are those of the author, a columnist for Share Talk.)