3 Companies Rising on Good News for Wednesday 17th May 2023

Episode 1429,   May 17, 2023, 01:01 PM

3 Companies Rising on Good News for Wednesday 17th May 2023

1. Chaarat Gold #CGH - Letter of Intent for US$250 million Investment

Chaarat Gold announce the signing of a non-binding letter of intent and an indicative term sheet with Xiwang International Company Limited for a potential equity investment of US$250 million.

The Investment would be used to develop Chaarat's organic pipeline and external growth through value-added acquisitions.

The Investment would be in the form of a new issue of shares in Chaarat at a price of £0.20 per share resulting in Xiwang holding 60% of the shares in Chaarat. Should the Investment be completed, it is anticipated that Xiwang would have the right to appoint two members to the Chaarat board.

2. Xeros Tech #XSG - Second Denim Finishing Licensing Agreement

Xeros Technology Group announce the signing of a technology license and distribution agreement for its Garment Finishing technology with KRM Tekstil Boya San. Tic Ltd.

Yilmak, headquartered in Istanbul, Turkey, was established in 1968 and is one of the largest manufacturers of garment finishing machines in the world. It exports to more than 35 countries globally and supplies machines to over 500 factories.

3. Kinovo #KINO - Trading Update

The Group expects to report a financial performance marginally above expectations for the full year.

Revenues for continuing operations increased by 18% to £62.7 million (2022: £53.3 million), with EBITDA (adjusted to include lease payments), rising by 29% to £5.5 million (2022: £4.2 million).

In March 2023, the Company accelerated the repayment of its outstanding term loan of £766,000, well in advance of the two final quarterly payment dates of May 2023 and August 2023.

At 31 March 2023, the Group had a cash balance of £1.3 million and a net cash position of £1.1 million compared to a net debt position of £339,000 as at 31 March 2022.