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SMALL CAP MOVERS: Inland Homes tumbles; Inspecs jumps 80%

Inland Homes forecast losses in the region of £90m, down from £37m

One of the biggest casualties of the week was Inland Homes, where expected losses are now expected to be in the region of £90m, down from £37m.

The carmaker also faces an uphill struggle to limit debt which stood at £100m at last count, four times the company’s current market capitalisation.

Chairman Simon Bennett called the last exercise “extremely disappointing”.

“However, we continue to see good interest in our new homes and valuable land granted in the south and south east of the UK,” he added.

Inland Homes forecast losses in the region of £90m, down from £37m

Inland Homes forecast losses in the region of £90m, down from £37m

It cut little ice with the market as shares fell 37% during the trading week. They have now lost nearly 80% of their value over the past year.

The biggest loser in small caps, down 40%, was Morses Club, the struggling door-to-door lender, which is expected to be delisted.

Looking at the broader market, the AIM All Share is up 1.1% over the past five trading days. Junior stocks have overtaken their more illustrious blue chip rivals with the flat FTSE 100 over the same period.

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Sticking with the fallers, it’s fair to say that Beowulf Mining’s 25% drop in value this week didn’t tell the whole story.

The group should probably be applauded for doing something other young diggers find next to impossible: raising new money.

In Beowulf’s case, it was a sizable £9.1 million, equivalent to a third of its current market capitalization.

This, he says, to “push the pace” of Kallak North, an iron ore deposit in the Swedish Arctic.

In the life sciences sector, Faron Pharma, down 7%, replenished its coffers by completing an oversubscribed £10.5m placement of new shares.

Apparently, the money will be used to accelerate the development of its key asset, bexmarilimab, a promising clinical-stage cancer treatment.

Chesterfield Resources saw its shares drop 18% on Friday after announcing that it had not sold its Adeline project.

Pacton Gold was interested in the copper deposit in Labrador, Canada, but decided against the purchase.

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As a result, Chesterfield is going to start the process over again last year, seeking interest in the hope that a buyer will emerge.

Elsewhere, eyewear group Inspecs jumped more than 80% after saying its trading was in line with revised expectations.

Learning Technologies Group, the digital training specialist, and hVIVO, the contract research group specializing in vaccine trials, outperformed Inspecs by beating the city’s forecast. Their share prices jumped 12% and 8.5% respectively.

Ilika’s actions were in question after he announced a £2.8million grant for his role in leading a 24-month Faraday Battery Challenge collaboration with companies including BMW Group and Williams Advanced Engineering.

From February 1, the UK government-backed ‘Project HISTORY’ collaborative scheme will receive total funding of £8.2 million for all companies involved. Ilika’s shares rose 44%.

Shares of RUA Life Sciences jumped 29% after announcing a distribution agreement with medical device group Corcym to market its line of large-diameter straight and aortic root grafts for cardiac surgeons.

One to watch is Shanta Gold, according to Liberum. That’s because its West Kenya project is an “exceptional, undeveloped gold resource” that continues to be undervalued by the stock price, the town’s research house believes.

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The broker’s target price is 17p, a 45% premium to the current price of 11.74p.

Finally, as markets begin to cool down, investment bankers are likely to come out of hibernation, bringing with them a slew of delayed IPOs.

And we’re learning that a company called Microsalt, maker of low-sodium salt, could be one of the first new listings of 2023.

It comes from the stable of TEKCAPITAL, which invests in university technology spin-outs.

TEK’s successful investments include medical device group Belluscura (listed on AIM) and Innovative Eyewear, listed on Nasdaq.

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