Smallcap Sweep. 30-Sep-22They Shoot Morses Don't They?
Morses "it's not a" Club (MCL) trading performance has continued to be impacted by the level of claims in the HCC division so "continues to be materially loss-making, with the additional impact of constraining available cash to generate future revenue." Agreeing a Scheme of Arrangement to limit compensation is even more urgent. [SP=4.51 Cap=6m]
RA International (RAI) £35m max 5 yr MoD contract. [SP=19.06 Cap=35m]
Science in Sport (SIS) £5m placing at 15p, a 36% discount, to cut debt. Hoists For Sale flag. [SP=23.4 Cap=33m]
Inland Homes (INL) get waiver of covenant breach on revolving credit facility which is also extended to Oct 2023. Pulls mooted £25m land sale to add further value through planning enhancement. [SP=18.5 Cap=41m]
Polarean Imaging (POLX) FDA has granted a 90-day extension to the review timeline of the New Drug Application to end Dec. [SP=41.02 Cap=87m]
Gelion (GELN) first industrial production of 'Endure' non-lithium battery. [SP=72.6 Cap=78m]
Real Good Food (RGD) battling in the bunker as it's besieged by 30% higher costs and 29% fall in volume. More redundancies planned. "The recovery plan is well defined and includes significant price re-sets with customers and circa £3.2 million of overhead cost savings to take the business back to profitability." Advanced discussions to secure an additional £2.5m of funding. [SP=1.27 Cap=1m]
Insig AI (INSG) £200k contract, to complete Jan 2023. [SP=29.6 Cap=31m]
Ince (INCE) on track to have increased trading activity in FY23 but H1-Sep not expected to have positive LFL. ""In my short time as CEO I am delighted with the progress we have made as a team." [SP=4.6 Cap=11m]
Numis (NUM) guides FY-Sep rev down 33%. "Uncertain global economic environment has caused capital markets activity to remain subdued throughout H2...M&A pipeline is strong and we are currently acting as financial adviser on nine announced public bids with an average transaction value of more than £1.5bn. However, the macro-economic and geo-political environment remain highly volatile." [SP=241.5 Cap=269m]
TPXimpact (TPX) warns FY rev only £90m, adj EBITDA £7-7.5m. H1 below mgmt exp. Mgmt "underestimated the impact of the integration project on its people and, in particular, that moving to a centralised sales, growth and bid management team had led to some internal inefficiencies". Staff hires have significantly increased operating cost base. CEO and CFO (the founders) resign as co now needs, er, 'different skill sets'. [SP=105 Cap=96m]
SIMEC AtlantisEnergy (SAE) H1-June. Only a summary in RNS, rest at simecatlantis.com/wp-content/uploads/2022/09/22-06-SAE-interim-report-FY2022.pdf . Can't make out if it's in line. Still material uncertainty going concern stmt. [SP=1.65 Cap=12m]
In line: EDEN
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered. RNSshttp://www.investegate.co.uk/index.aspx?limit=-1@MrContrarian