Ironveld soars as South African group takes 29.9% stake


2.35pm: Ironveld gets strong backing from group of young, black entrepreneurs

Ironveld PLC (AIM:IRON) shot up 48% to 0.90p after it received a significant cash injection.

Grosvenor Resources, a new South African private company formed by young black entrepreneurs who wish to expand their investments and mining operations in South Africa beyond the bulk commodities space and develop high-value vertically integrated projects, has agreed to subscribe for 562mln Ironveld shares at a penny a pop.

Grosvenor will have a 29.9% stake in Ironveld when the purchase goes through.

1.50pm: Kazera Global’s co-CEO structure ends

Kazera Global PLC (AIM:KZG) was 13% higher after its joint chief executive arrangement came to an end, following the retirement of Larry Johnson.

Johnson’s co-chief executive, Dennis Edmonds, will carry on in a solo role.

Johnson’s primary responsibility has been driving operations at the company’s Tantalite Mine in Namibia, where he has been based for over two years. Now, DJ Drilling, which has been operating at the mine over the past six months, will take over the day to day operations to progress the mine through to cash flow.

12.50pm: Hummingbird sharply lower after publishing drilling results

According to Hummingbird Resources PLC, it has received significant high-grade infill results from its drilling programme at the Kouroussa Gold Mine, which is located within the prospective Siguiri Basin in Guinea.

According to the share price reaction – down 15% at 17.7p – the results aren’t all that.

Or maybe they are and shareholders are wary of the company making a cash call to finance follow-up drilling.

11.55am: Biggest faller of the day – and the week

The day’s biggest faller is Smartspace Software PLC, which plunged 30% to 77p after it lowered full-year guidance.

Revenue for the year ended 31 January 2022 is now expected to be not less than GBP5.2mln (FY2021: GBP4.6mln) with an adjusted EBITDA loss of not more than GBP2.7mln (FY21 adjusted EBITDA loss: GBP2.1mln).

Sales of its Evoko Naso room booking software have been below expectations as a full-blooded return to the office is taking longer than anticipated. The board had expected sales of Naso to accelerate in the autumn; however, this has not been reflected in September sales or initial indications for October.

10.00am: Asiamet in play?

Asiamet Resources Ltd (AIM:ARS, OTC:KMGLF) climbed 6.1% to 3.025p after a transfer of ownership of a major chunk of shares in the company.

Ashish Gupta has notified the company that he has transferred his entire shareholding PT Delta Dunia Makmur.

Following the acquisition of shares by PT Delta it now has a 15.36% shareholding in Asiamet.

9.05am: Starcom and Zytronic (AIM:ZYT) among the early big risers

Starcom PLC (AIM:STAR) jumped 24% to 1.15p after backers pumped GBP450,000 into the company, buying shares at 1.25p.

The net proceeds of the subscription will provide the wireless solutions company with additional working capital and in particular, help convert its pipeline of new business opportunities and provide capital expenditure for potential new contracts.

In a separate trading update, the company said there are strong signals that business is starting to revive and the company has a strong pipeline of potential new business.

Zytronic (AIM:ZYT) PLC, the manufacturer of touch sensors, rose 12% to 185p after it saw a significant improvement in trading in the second half of its fiscal year.

In the six months to the end of September, the group returned to profitability and saw an improvement in gross margins.

Underlying earnings for the second half of the year are expected to be around GBP1.3mln.


Please enter your comment!
Please enter your name here