Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Argo Blockchain’s proposed financing deal falters, future operations in doubt
Argo Blockchain LON:ARB has published a strategy update this morning, advising the market that a non-binding agreement to raise £24m which was announced earlier in the month is now not expected to complete under the previously detailed terms. Alternative financing details are now being explored and should these prove unsuccessful then the company will become cashflow negative in the near term, forcing it to cease or curtail operations.
#2. Simec Atlantis’ services division sold, operating costs tumble
Simec Atlantis LON:SAE has this morning announced it has secured new investment following the sale of a majority stake in its Advanced Tidal Engineering and Services division. Cash considerations are £0.5m on completion plus up to a further £0.5m contingent on performance but critically it reduces the group’s overall operating costs. The sale allows SAE to achieve its strategic objective of becoming a sustainable energy and battery storage project developer.
#3. Ncondezi’s solar plans move ahead but new funding round needed
Ncondezi LON:NCCL has provided an update on its solar and battery storage project feasibility study. The technical points here make for interesting reading but perhaps more significant is the comment regarding working capital. The company needs additional funding before the end of November and various options are on the table. This jam tomorrow approach however may serve to spook investors.
