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Fishing Republic shares jump like a salmon as it expands in the UK

Last updated: 16:00 14 Aug 2017 BST, First published: 09:32 14 Aug 2017 BST

Fishing

Fishing Republic PLC (LON:FISH) shares were performing swimmingly after the fishing tackle retailer expanded in the UK.

The company has opened its sixth destination store since January in Gloucester. It follows store openings in Kings Lynn and Clavering Lakes in recent months.

Fishing Republic said all the stores replicate its 'destination' store format, catering for all types of fishing disciplines, and will help drive online sales as part of its multi-channel growth strategy.

“Fishing Republic has significantly expanded its store network over the last few months and I am delighted to announce our latest store opening, in line with our expansion plans for the year,” said chief executive Steve Gross.

“By the end of August, a further store opening in Huntingdon in Cambridgeshire will complement our existing presence in that region and take our expanding network to 19 stores."

Shares rose 13.43% to 38p in afternoon trading. 

3.31pm: EVR Holdings shares lifted by music licensing deal 

EVR Holdings PLC (LON:EVRH) shares climbed 5.63% to 8.06p after the virtual reality music company announced its subsidiary MelodyVR Ltd secured a licensing agreement with the Anglo-American Rights European Service Agency (ARESA).

ARESA GmbH represents the copyright catalogues of companies including Chrysalis, Bug, BMG, Cherry Lane, Famous, Virgin, Stage Three and Evergreen who manage works from artists such as Adele, Aerosmith, The Black Eyed Peas, Black Sabbath, Blondie, Bruno Mars and David Bowie.

The multi-year agreement covers a large part of Continental Europe and the UK.

Anthony Matchett, CEO of EVR Holdings, said: "We're pleased to announce an agreement with ARESA GmbH, which represent BMG Rights Management in Europe ("BMG"). BMG, is one of the world's most prominent music rights holders and represents a vast repertoire of works from some of the music industry's most recognisable names.”

2.20pm: Challenger Acquisitions rises on US reports of new NY Wheel contractor

Challenger Acquisitions Limited (LON:CHAL) turned upwards on US reports over the weekend that a new contractor had been found to finish the New York observation wheel.

AIM-listed Challenger has a US$3mln equity stake in the NY Wheel and took a hit a month ago when the design contractor Mammoet-Starneth was fired over a payment dispute.

That had led to fears the US$580mln project would not be finished, but things took a turn for the better over the weekend when the NY Wheel company confirmed it was close to appointing American Bridge to take over and finish the project.

American Bridge has already built the Las Vegas observation wheel, currently the world’s largest at 550, feet, but the New York version will be eighty feet higher. An even larger wheel is under construction in Dubai in the UAE.

A spokesperson for the New York Wheel consortium said a new completion date should be announced shortly, while confirming it was in advanced talks with American Bridge.

Expected to cost US$580mln, some US$400mln has already been spent on the NY Wheel.

Mammoet- Starneth was fired after New York Wheel said it had missed a number of construction and design deadlines, which has cost it US$16mln in damages and US$20mln in lost profits.

Challenger shares jumped 24% to 1.95p.

11:51am: Uncertainties in investment banking and finance weigh on Arcontech Group shares

Arcontech Group PLC (LON:ARC) shares edged lower after saying that its sales cycle is “unpredictable and remains longer than we would like”.

The company, which provides products for real-time financial market data processing and trading, warned of uncertainties in investment banking and finance sectors due to low interest rates and Brexit fears.

Still the group reported an increase in full year revenue to £2.3mln from £2.1mln the prior year and profit before tax to £441,996 from £329,260, boosted by sales of server-side infrastructure products to existing customers.

“The level of new sales has not yet benefitted from the new business expected from our new desktop software solution launched earlier in the year,” Arcontech said in a statement.

“We have continued to operate tight cost control throughout the year, whilst maintaining investment in product development and enhancement, which we expect to sustain going forward.”

Shares fell 5.97% to 63.0p

Serabi Gold PLC (LON:SRB) shares dipped 9.43% to 4.25p as the Brazilian gold miner swung to a first half loss as revenue fell.

The group posted a loss before tax of US$827,667 in the six months to 30 June, compared to a profit before tax of US$1.5mln the same period a year ago.

Revenue dropped to US$23.3mln from US$25.9mln, as a drop in production offset a slight recovery in the average price of gold.

10.53am: Lightwaverf shares brighten on launch of Apple-compatible products

Lightwaverf PLC (LON:LWRF) shares received a boost after it said its range of products certified for working with Apple’s smart devices will be released on 3 October.

The company has designed technology for remotely controlling home electronics, including Apple’s HomeKit range of lighting, switches, wireless heating, alarms and room sensors.

In July the group said its smart home assistant, Lightwave Link Plus, has been certified to work with Apple’s home products.

Lightwave Link Plus connects to a standard Wifi router and integrated smart home systems to control lighting, heating, power and security.

Shares in Lightwave rose 19.17% to 28.60p in morning trading.  

Anglo Asian Mining Plc (LON:AAZ) was also on the front foot after an update to the resource estimate for the Ugur gold deposit on the Gedabek licence area in Western Azerbaijan.

Ugur remains on track to commence production in September 2017, the group said, adding that it is now known to contain 199,000 ounces of gold and 1,049,000 ounces of silver. The proven and probable reserves stand at 147,000 ounces of gold and 808,000 ounces of silver.

Shares jumped 10.54% to 25.70p.

09.32am: Sirius Petroleum gains on BP deal,Mirada slumps after trading update

Sirius Petroleum PLC (LON:SRSP) shares shot higher after agreeing to sell 500,000 barrels of oil from the Ororo fields in Nigeria to BP PLC (LON:BP) for US$10mln.  

The deal is with BP Oil International, a subsidiary of BP, which will make the payment conditional on the Ororo field achieving a certain daily production.

Sirius Petroleum last year highlighted a plan to drill three wells at the Ororo field, and secured a three year extension to the licence.

Shares rose 12.51% to 1.35p in early trading.

Telit Communications Plc (LON:TCM) saw its shares increase 12.55% to 139p after its chief executive, Oozi Cats, resigned with immediate effect following a recent internal investigation into alleged historical indictments.

Cats had allegedly been on the run from US law enforcement since the early ‘90s after skipping a plea hearing.

Last Wednesday Telit confirmed it had hired a law firm to assess whether or not Oozi and his wife were connected to the Uzi and Ruth Katz named in the court papers.

READ: Telit boss Oozi Cats resigns after investigation into historical indictments

Going the other way, Mirada Plc (LON:MIRA) shares dropped 32.51% to 1.18p after the cable TV software supplier said was in talks with its auditor regarding the recognition of revenues for purchase orders agreed.

Izzi Telecom, Televisa’s Mexican subsidiary, had slowed a roll-out of Mirada’s Iris product last December due to economic uncertainty following a slump when US President Donald Trump was elected, prompting a profit warning.

Televisa has now passed on over US$1.3m for orders that largely came through in 2017 and Mirada said it talking with its auditor about what period it should book these.

Tern PLC (LON:TERN) shares fell 12.04% to 7.15p as the internet of things (IoT) investment firm said it raised gross proceeds of £603,109.

The company last week raised £300,000, which was 100% oversubscribed when the offer closed on 13 August. It decided to increase the size of the fundraising to meet demand, raising £603,109 to be used to invest in

It will issue more than 9.1 million new ordinary shares with gross proceeds of £603,109 to be used to invest in InVMA, an IoT enablement company. 

Other Proactive news headlines:

Greatland Gold plc (LON:GGP) is initiating a new round of geochemical survey and gravity surveys at the Ernest Giles project in Australia. Results are due in September and should go towards identifying drill targets.

Caledonia Mining Corporation PLC (LON:CMCL) produced just ovr 25,000 ounces of gold in the first half of 2017. The company expects to maintain its full year dividend at 27.5 US cents.

Jersey Oil & Gas PLC (LON:JOG) has told investors that partner Statoil has now started drilling the Verbier exploration well in the North Sea. The AIM-quoted explorer has owns an 18% stake in the Statoil project (it is operator, with 70% of the asset) which is targeting significant potential resources.

Savannah Resources Plc (LON:SAV) told investors that construction work has started for the pilot plant at the Mutamba project in Mozambique. The plant is part of the bulk metallurgical test project at Mutamba. It will be a 20-tonne per hour facility, capable of producing bulk samples of concentrates from mineral sands.

Paul Campbell-White, chief financial officer of Warner Bros Television Production UK, is to jump ship to hold the same role at Brave Bison Group PLC (LON:BBSN).

Shares in Anglo Asian Mining PLC (LON:AAZ) jumped by just over 5% in early trade to 24.5p following an update to the resource estimate for the Ugur gold deposit on the Gedabek licence area in Western Azerbaijan. Ugur is now known to contain 199,000 ounces of gold and 1,049,000 ounces of silver, while the proven and probable reserves stand at 147,000 ounces of gold and 808,000 ounces of silver

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