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Rockhopper rallies as investors look for value

Last updated: 15:39 20 Dec 2016 GMT, First published: 09:39 20 Dec 2016 GMT

Falkland Island picture

Falkland Islands-focused Rockhopper Exploration Plc (LON:RKH) chirupped a more cheerful tune than of late as investors focused on its cash and decided its recent decline had gone too far.

The explorer said it expects to finish 2016 with around £65mln on the bank – which equates to more than two-thirds of the company’s current market capitalisation.

Its coffers will be topped up with a final insurance payout from the Isobel Deep well, which should keep it financed while it ploughs through the front end engineering and design phase for the Sea Lion field in the South Atlantic.

Economic production from Egypt and Italy was 1,350 barrels per day with realisations up from €0.12 to €0.18.

Shares rose 10% to 21.78p.

High spec video systems group Vislink PLC (LON:VLK) also picked as it described trading as in line with expectations.

There was a nine month loss of £4.2mln after a £5.3mln asset write-down but investors looked passed that and shares rose 4% to 13.83p.

 

12.03 ...Trading Emissions announces size of pay-out

Trading Emissions PLC (LON:TRE), which last week sold off a chunk if its Italian solar portfolio, is to pay shareholders a special divi.

The shares rose 0.5p to 4.5p as it said the distribution would be worth 2.5p a share.

That share price rise may sound a bit skinny, but the company had already signalled its intention to make a distribution to shareholders.

So, one might deduce that the pay-out, which is costing the company around £6.25mln, is about 0.55p more than market makers had been expecting.

Another company selling stuff off is 1Spatial PLC (LON:SPA), the mapping database company, though in its case it looks a bit of a forced seller.

It has raised about £100,000 selling its Avisen business, as it said cash is a bit tight following delays to a few contracts.

The shares had almost a third sliced off their value at 1.875p, valuing the company at just £15.7mln.

9.35 ...

Shares in satellites specialist Avanti Communications Group PLC (LON:AVN) were moon-bound in early trading, despite the company pulling down the “for sale” sign.

Shares rose more than 14% as the company unveiled the completion of its strategic review and the launch of a proposed refinancing that will pump US$242mln into the company.

Holders representing around 73% of Avanti's senior secured notes due 2019 are to fully underwrite the US$130 million of new cash funding and have generally bent over backwards to protect their existing investment.

“Securing the underwriting of core bond investors to launch this major refinancing gives us a high degree of confidence that it will complete in January. After a turbulent year for Avanti, it is important for us to focus all of our attention on delivering outstanding services to our customers and preparing for the launch of HYLAS 4. This prized asset will more than double the revenue generating capacity of the fleet, bringing much needed extra capacity to mature markets in Western Europe and opening exciting new markets in West Africa,” said Paul Walsh, chairman of Avanti.

“We are grateful for the support of all our stakeholders and look forward to a more productive 2017," he added.

‘Fruitflow and Blood Pressure - second stage update’ is an intriguing title for a stock market announcement, even if it sounds a bit like a prog-rock concept album title.

The issuer of said announcement is Provexis PLC (LON:PXS), the developer of the Fruitflow food ingredient.

It has provided an update on its collaboration agreement with the University of Oslo to look into the relationship between Fruitflow and blood pressure regulation.

Recent work undertaken by the University has shown that Fruitflow has a potential new bioactivity, leading to blood pressure lowering effects.

The news set the pulses racing of Provexis shareholders, and the shares shot up by more than a quarter.

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