Ormonde Mining PLC (AIM:ORM) took a step nearer to turning into a money shell when shareholders accepted the €2.3mln sale of its pursuits within the La Zarza copper-gold challenge in Spain.

The sale – at a premium to ebook worth – is now anticipated to be accomplished imminently, which is able to go away it as a money shell needing to make an acquisition constituting a reverse takeover inside six months below Purpose guidelines.

As at 30 June 2022, it had  €3.4mln of money, with an extra €800,000 due on closing of the sale and three additional funds of €500,000 every on the primary, second and third anniversary of closing.

It has been taking a look at a spread of initiatives overlaying, amongst different issues, treasured steel, treasured stones, base metals and battery metals alternatives however is eager to minimise any riske. With shareholder worth in thoughts, the Board is trying to determine alternatives during which Ormonde’s funding could have the power to advance the challenge in a well timed method and improve its profitability potential with out taking up extreme threat.

Chief government Brendan McMorrow stated the sale was an essential milestone for the corporate.

He added: “Though we now have not but recognized the optimum challenge for our subsequent section, I’m inspired by the standard and quantity of the alternatives that we now have reviewed and the power of the newly constructed board and its advisory crew. Our steadiness sheet power permits us the advantage of selectivity, making certain that once we do transfer ahead with a transaction, we count on it to be a extremely enticing one.”

In the meantime it reported a fall in six month losses from €630,000 to €363,000, primarily because of important reductions in director and senior administration salaries and the elective non-payment of director charges through the interval.

Its shares are 13.08% higher at 0.82p.

12.46pm: Botswana Diamonds sparkles after regulators approve Thorny River buy 

Shares in Botswana Diamonds PLC (AIM:BOD) have a little bit of a sparkle about them after its proposed acquisition of a key challenge in South Africa acquired regulatory approval.

The corporate introduced in September that it deliberate to purchase Vutomi which has the mineral rights to the Thorny River diamond challenge.

Consistent with South African necessities it’ll promote 26% of Vutomi to its native empowerment associate Baroville Commerce & Investments.

Chairman John Teeling stated: “I’m happy that we now have acquired all of the regulatory approvals permitting this this transaction to be accomplished.  It will enable the corporate to expedite the mine allowing of Thorny River, with the preliminary functions having already taken place”.

Botswana shares are up 5.54% at 0.95p.

10.58am: Glantus slumps after relocation prices hit earnings

Glantus Holdings PLC (AIM:GLAN) has seen its shares droop after it stated the price of relocating a part of the enterprise to Costa Rico would hit earnings.

The software program as a service firm stated half 12 months revenues rose 54% to €6.6mln, though adjusted earnings fell 39% to €0.7mln partly because of the price of integrating acquisitions.

It expects revenues to proceed to develop for the remainder of the 12 months.

But it surely added: “The relocation to Costa Rica has meant delays to the beginning of a variety of audit mandates which is able to straight influence the timing of some transactional revenues which had been anticipated within the second half of 2022

“Additionally, the Firm anticipates that it’s going to incur extra operational bills within the second half of 2022 because of restructuring, refinancing and one time redundancy prices related to the Costa Rica relocation

“Accordingly, because of the above, and a weaker outlook for the total 12 months because of present world macroeconomic challenges, the board now expects income and EBITDA to be considerably beneath market expectations for the total 12 months.”

Chief government Maurice Healy stated: “Now we have taken the strategic resolution to execute the Accounts Payable audit perform relocation to Costa Rica to ship extra productive and technology-led automated audits. While the relocation has been tougher than anticipated it is going to be extra productive for the corporate in the long run and we count on it to enhance profitability going ahead.”

Within the brief time period the market has punished the replace, with the corporate’s shares dropping 62.83% to 12.82p.

10.00am: CML Microsystems sees earnings forward of forecasts, helped by trade price profit

CML Microsystems Plc (LSE:CML) has seen its shares surge after saying earnings could be forward of forecasts.

The corporate, a specialist in semiconductors for the worldwide communications markets, stated buying and selling for the primary half had been sturdy.

It stated: “Revenues are anticipated to be nicely forward of final 12 months on a relentless foreign money foundation and have been additional boosted by an trade price tailwind.

“Gross margin has remained strong while overheads are in step with expectations. Because of this, profitability is anticipated to be considerably forward of administration’s earlier expectations.”

It’s a related image for the total 12 months, with each revenues and profitability anticipated to higher than market forecasts.

Its shares are up 14.29% or 50p to 400p.

8.59am: 7Digital in tune after transferring out of the crimson

7Digital Group PLC (AIM:7DIG) has hit the appropriate notes with its newest replace.

Shares within the digital music specialist have jumped 21.62% to 0.23p after it reported a 21% rise in half 12 months revenues, and lowered its working loss from £1.9mln to £0.2mln. On the EBITDA stage it moved from a £1mln loss to a £0.03mln revenue.

The corporate, which final week unveiled a £500,000 fundraising with a mortgage from shareholder Magic Investments, stated it had secured 5 new licensing prospects and three contract expansions or extensions within the interval.

Chief government Paul Langworthy stated: “This was an excellent six months for 7digital. We delivered sturdy income development and achieved adjusted EBITDA profitability as the brand new and expanded contracts we received final 12 months and within the early a part of this 12 months started to ramp up.

“We continued to win new prospects and signal renewals with current prospects, a lot of that are multi-year agreements. A few of these offers additionally embody important utilization phrases, which we count on to drive additional will increase in income as these purchasers scale their very own providers.

“We entered the second half of the 12 months delivering towards a robust contracted order ebook and with a strong new enterprise pipeline. The enterprise has already secured a 43% improve in contracted platform licensing income for  2022 over 2021. Because of this, we’re on observe to ship sturdy income development for 2022 and we sit up for reporting on our additional progress.”

Elsewhere Energy Metallic Sources PLC (AIM:POW) has placed on 5.09% to 1.55p after a optimistic replace.

The corporate stated outcomes from an electromagnetic survey over its T2-3 goal at Molopo Farms in Botswana had recognized a “massive, important geophysical conductor”.

Drilling it will observe the completion of two diamond holes at present in progress at one other precedence goal at Molopo, T1-6.

Paul Johnson, Energy Metallic’s chief government, stated: “Drilling is efficiently underway on the precedence goal space T1-6 the place a really massive geophysical conductor was recognized from not too long ago accomplished geophysical surveys, the preliminary outcomes of which we introduced on 16 August 2022.

“Immediately’s information doubtlessly has even higher significance with the affirmation of a significant conductor at T2-3 which provides one other high-priority goal to the checklist for drill testing through the ongoing marketing campaign.

“Considerably, airborne magnetic survey outcomes over this new conductor recommend that it might be very sizeable.”