Movers of Friday 16 September 2022

 shares rise 18.64% to 35p on continued volatility after upbeat H2 report and convertible loan agreement

Insig AI said on 9 September its pretax loss for FY 2022 nearly tripled to £3.2m year-on-year on higher costs. However, the company forecast a "significant jump in second half revenues and for following financial year and beyond" as well as a number of contract wins by the end of next month.

Revenues for FY 2022 increased to £1.7m from £1m the year before.

Colm McVeigh, CEO, commented: "Over the last year, we have transformed and repositioned the business converting a strong machine learning AI capability into customer focused solutions which form the basis for asset management partnerships, fintech data science high impact projects, and ESG disclosure diagnostic reporting for the corporate market. We anticipate that this will be reflected in strong and sustainable revenue growth."

Shares soared 55.81% on the day of the announcement. On 12 September, shares fell 8.5% after the company said it had agreed a £750K convertible loan with non-executive chair Richard Bernstein, repayable by June 2023 at 5% interest, and with a conversion option at 35p. The company explained it needed to raise working capital over the short and possibly medium-term, and that the facility would keep it funded until Q2 FY23.

Shares fully recovered today and broke through their 9 September peak.

 shares rise 13.28% to 7.25p on new thermal coal strategy

Contango Holdings said it could generate US$10mn through international sales of thermal coal.

Contango holds 70% interest in the Lubu coal deposit in Zimbabwe, which contains significant quantities of coking and thermal coal. The company initially focused on extraction of coking coal from Block 2, which contains approximately 40% coking and 60% thermal coal. While thermal coal has historically been seen as a by-product, its price has soared to US$450/tonne from US$125/tonne last year due to supply shortages.

Hence the company's new strategy to sell the thermal coal internationally at a high profit. Contango expects to deliver 10,000 tonnes of coking coal and 10,000 tonnes of thermal coal per month, based on current capacity. It projects margins of US$100-150 per tonne on sales of thermal coal.

Carl Esprey, CEO, commented:

"Whilst no one can be certain how long the market imbalance and demand for thermal coal will remain at these levels, or potentially higher, given the synergies with ongoing operations and limited additional costs, the ability to initially generate over $10M of additional earnings per annum by selling our thermal coal makes clear financial sense."

 shares sink 49.19% to 94p as subsidiary JIML's systems and controls come under review

Jarvis Securities said it had appointed regulatory consultants Ocreus Ltd, to review the systems and controls of its subsidiary Jarvis Investment Management Limited (JIML), pursuant to s166 FSMA. The process is expected to take 3 to 6 months, with further updates provided as necessary, the company said.

Until the review is complete, JIML will not accept new clients from certain of its Model B corporate clients, nor pay dividends to Jarvis, without the FCA's approval.

"JIML will continue to work with the Skilled Person and FCA with the aim of having the restrictions lifted as soon as possible." the company said.

Jarvis said it expects the restrictions to have a "limited impact" on JIML's forecasted revenue and profitability, as anticipated new business from Model B clients is not reflected or built into the published forecast.

 share rise 12.5% to 0.0675p as it expects to spud Cinnabar-1 well next week

Mosman said on Wednesday that its Cinnabar-1 well in Tyler County, Texas was expected to commence drilling in approximately seven days. The timeline is subject to final rig availability.

Mosman owns a c.75% working interest in the well.

The Cinnabar well is planned for a vertical depth of 9,900 feet. The primary targets are the Wilcox sands, which produce oil and gas in nearby wells. The drilling is expected to take about two weeks.