Small cap round-up
Resource-development company Savannah Resources said exploration has started at its two new lithium projects in Finland, Somero and Eräjärvi.
It received no landowner objections during the one-month statutory objection period required before work on the ground could begin.
Technology group Elektron Technology has cautioned that it continued to experience declines in markets for some of its legacy products, having previously warned on its first-half results.
It reiterated that current year investment in new product development as well as scale-up costs linked to Checkit were seen absorbing much of the cash flow from the established businesses.
Life-sciences company TyraTech said its first-half trading performance continues the upward trend from prior periods, with unit sales of the Vamousse head-lice product line continuing to progress and operating-expense efficiencies now being realised.
"These trends are anticipated to continue throughout the second half. The board expects the net loss over the year to remain in line with current market expectations," TyraTech said.
It added that Vamousse unit sales were in line with expectations, showing strong growth over the corresponding period for 2015 across all geographies and customers.
Investment company Octagonal said subsidiary Global Investment Strategy UK (GIS) has reported a record first quarter with sales of £1.54m and an unaudited net profit of £0.64m.
"Whilst political and economic events have caused markets to be uncertain, GIS has delivered a robust profit for this first quarter of our financial year," said AIM-quoted Octagonal's John Gunn.
Pinewood Group has reached agreement on the key terms of a possible cash offer for it by Venus Grafton Sarl, or one of its subsidiaries (collectively 'Bidco').
It said shareholders would be entitled to get 563.2p cash per share, which included the company's already announced final dividend of 3.2p a share. The potential deal valued AIM-quoted Pinewood at £323.3m.
Stilo announced on Thursday that by mutual agreement, Richard Alsept is resigning from his position as director, CFO and company secretary as of 12 September, subsequent to the anticipated announcement on 1 September of its interim results for the 6 months ended 30 June.
The AIM-traded company said management of its finance and accounting activities will in future be managed primarily out of Stilo's Canadian office, located in Ottawa, where the majority of the operations emanate and staff are located.
Medical imaging software company Feedback announced on Thursday a large-scale collaboration with Polish software development service provider Future Processing to develop medical imaging software.
The AIM-traded firm said the collaboration will entail a substantially increased development team working on new products and the sharing of intellectual property and future revenues.
Air purifier manufacturer MayAir’s industrial division secured a $7.1m contract to supply China’s BOE Technology with fan filtration units and cleaning equipment.
The project with BOE Technology is to complete during the year and the company anticipates that the majority of revenue, along with the other contract wins worth $10.6m, will be part of this financial year.