It felt a little like being in the good old days of a proper bull market as far as the announcement from Independent Oil & Gas (IOG) regarding a possible offer for Deltic Energy (DELT). Interestingly enough, IOG said it had noted “recent share price movement” in Deltic – which has been rising for a week. Indeed, Deltic was first spotted at 0.89p as a possible mover to 1.2p as long ago as August 11.
AI platform company Mirriad Advertising (MIRI) saw its shares flourish after its interim results on Thursday. Highlights here included revenue jumping by over 100%, and cash up to £14.4m versus a market cap of £53m. A record June performance in China also boosted sentiment, and the share price by 20%.
After peaking at over 0.18p earlier in the week, shares of Vela Technologies (VELA) remained very much in focus. The last week of August witnessed a return of interest to the stock off the back of its announced shareholding in WeShop. Sentiment was helped by the way that WeShop managed a £9m raise via a convertible loan note. Vela ended the day up 27% at 0.12p. Interestingly enough, the stock had to absorb the TR1 of Kevin Sinclair reducing his stake from 10% to 4%.
Great Western Mining (GWMO) seemed to be a company determined to prove that even the most underperforming stock can be a potential recovery situation in the great small cap bull market of 2020. The trigger for the latest share price improvement looked to be the company’s update on current operations earlier in the week, where it stated it was looking to fast track the exploration of precious metals to achieve early gold sales. The stock rose 28% to 0.185p.
Empire Metals (EEE) saw its shares hold flat at 2.7p to end the week, despite the latest placing to raise £1.25m at 2.5p. However, what was more intriguing here was the stated reason for the use of funds. It would of course be expected that the company would use the funds to complete the work programme at the Eclipse Gold Project, but there was an interesting kicker for the bulls. Previously, Empire’s Georgia assets looked to be indefinitely out of the running. However, with the latest RNS the company looked to be assuming a return to the fold, something which did not hitherto appear to be factored into the share price.
There was a decent rebound for shares of Integumen (SKIN), after the Labskin technology platform’s takeover offer for Modern Water (MWG) last month. Integumen jumped 13% as the date for a consolidation of the shares in the two companies following a general meeting on September 15, on a 10 Modern Waters shares for that of 1 of Integumen.
Shares of consumer sleep wellness brand Eve Sleep (EVE) put on another 14%, extending recent gains in the wake of a trading update earlier this month. In the update the company said that trading remained strong and was ahead of management’s expectations going into July. This was assumed to lead to revenues of £22m and the prospect of an improvement in the cash position.
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