Wheeler-deaLling Francesco Scolaro's Obtala Resources (OBT) has changed advisers after boosting net assets and doubling interim losses. The AIM-quoted company, which lifted net assets 36 per cent to £59.9 million and increased losses 124 per cent to £4.7 million in the six months to June, has happointed Australia's Macquarie Capital as nominated adviser and broker in replacement of ZAI Corporate Finance.
Obtala owns a big chunk of fellow AIM counter Paragon Diamonds, which upped its stake in International Diamond Consultants to 98.5 per cent (with Obtala owning the rest directly). The company raised £6 million at 50p, while Paragon raised £2.9 million, and Obtala has also agreed to secure 33 per cent of South Africa's Mokopane iron ore project, with a hoped-for potential of two billion tonnes, by taking 50 per cent of another concern Bushveld Resources.
With cash of £13.3 million, Scolaro expresses optimism for projects and future deals. At 33.5p, the shares are down from a year's high of 52.75p and offer speculative prospects.
The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1000+ AIM-quoted companies. The full report is available to order for £385 + VAT. Click here for more info
Latest small-cap and growth company news
Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.
The recently published O'Neill report on antimicrobial resistance shows it to be a ticking timebomb. Resistance to antibiotics raises the prospect of 10 million deaths a year by 2050. This is a big opportunity for AIM listed Motif Bio (AIM: MTFB).
Fevertree Drinks (AIM: FEVR) has been one of the most spectacular new issues on AIM in recent years, rising 412 per cent from the float price in late 2014. Today’s trading update served to emphasise why the shares are doing so well and drove them up another 15 per cent.
Fox Marble (AIM: FOX) has raised £2 million through a placing at 10p. The funds will be mainly used to complete its long-delayed marble processing factory in Kosovo. Fox has an exciting story but unfortunately is lagging way behind its original roadmap to profitability.
XL Media (AIM: XLM) has announced the result of its strategic review. I hope no one was holding their breath, because the conclusion is to carry on as usual! The good news is that trading is said to have ‘maintained its excellent start to 2016’.
Quantum Pharma (AIM: QP.) committed the cardinal sin of overpromising and under-delivering during its first year on AIM. New products took longer to come through the regulatory process than expected, which caused downgrades and a share price collapse from a high of 172p last June to the current 58p. However results for the financial year which ended in January suggest the company is getting to grips with the problems in its Niche Pharmaceuticals division.
Elecosoft (AIM: ELCO) is a specialist software company serving architects and builders. It used to be a much larger business but sold out of its building materials businesses four years ago to focus on its software arm. The challenge now is to generate some revenue growth and move off a sales plateau which has been in place since then.