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Monreal shares collapse as it seeks to transfer to NEX from AIM

Last updated: 15:10 04 Jun 2018 BST, First published: 09:24 04 Jun 2018 BST

Share price drop

Alternative energy group Monreal PLC (LON:MORE) saw its shares collapse 39.1% to 0.07p in late-afternoon trading after it announced it would seek to transfer from AIM to the NEX exchange.

The group said it was seeking shareholder approval for admission to the NEX exchange and the cancellation of its shares on AIM.

Monreal became a cash shell under AIM rules after selling Cogenpower Srl in December and as such was required to make an acquisition within six months, with the deadline for share cancellation currently 5 December.

Meanwhile, embattled high street mother and baby retailer Mothercare plc (LON:MTC) shares fell 4.3% to 29.6p after the company voluntary arrangement (CVA) for its subsidiary Childrens World Ltd was not approved by creditors.

The independent CVA nominees said 73.3% of unsecured creditors voted for CW's CVA, short of the required 75% majority.

Mothercare said it is considering the subsidiary's options, with the findings not affecting the overall company's CVA.

In the risers, BATM Advanced Communications Limited (LON:BVC) shares were up 1.6% at 27.3p after it said it had entered into a joint development agreement (JDA) with a leading multinational semiconductor and software design company.

The JDA is to develop and market infrastructure solutions for network function virtualisation (NFV), with BATM’s partner investing US$3mln-US$3.5mln into the project, which is planned to be delivered in phases over the next 18 months.

1.00pm: Pantheon Resources shares leap as well analysis assuages fears of water saturation

Pantheon Resources Plc (LON:PANR) saw its shares jump 13.2% to 20.5p in lunchtime trading after analysis conducted on its East Texas onshore wells relieved fears of water saturation.

The AIM-listed oil and gas producer said the analysis had proved that the water production, which was causing lower-than-expected production, was “more likely” the result of frac operations interfering with a deeper water source.

Elsewhere, Bacanora Lithium PLC (LON:BCN) shares jumped 3.4% to 89p as the firm announced a five-year off-take contract extension with Hanwa Corporation of Japan,  one of the largest battery chemical traders in Asia as it issued a positive update on the Sonora Lithium Project in Mexico.

The AIM-listed firm said Hanwa has agreed to extend their initial lithium off-take partnership for a further 5 years at a rate of 17,500 tonnes per annum (tpa) of lithium carbonate, on the same commercial terms as the initial 5-year off-take.

Meanwhile, shares in Victoria Oil & Gas plc (LON:VOG) rose 1.6% to 30p as it said it expects to sell larger volumes of gas on longer-term contracts following an upgrade to reserves at Logbaba in Cameroon.

Proved and probable or 2P reserves rose 52% to 309bcf, with the production profile at Logbaba based on that number extended to ten years at 90mln cubic feet per day.

Proved reserves (1P), defined by connected volumes to all the wells drilled into Logbaba, were revised up to 69bcf, an increase of 29bcf.

11:00am: Mattioli Woods slides as it ceases benefits transfer advice during FCA investigation

Mattioli Woods plc (LON:MTW) saw its shares slide 2.5% to 777.5p in late-morning trading after saying it would cease providing pension transfer advice in relation to safeguarded benefits.

The AIM-listed asset manager said that the cessation would be in effect during an industry-wide review by the Financial Conduct Authority (FCA) into the advice provided on transfers from defined benefit ("DB") to defined contribution ("DC") schemes since October 2015.

However, the group added that the impact of the decision on its finances was not expected to be material, with current trading in-line with expectations.

Meanwhile, LED lighting manufacturer Luceco PLC (LON:LUCE) shares fell 1.2% to 64.8p as it announced that forthcoming closure of its US business.

The firm added that the one-off closure costs of around £2mln were expected to be cash-neutral and would be expected to cease operations in the third quarter of 2018.

Meanwhile, in the risers, Highlands Natural Resources Plc (LON:HNR)  shares jumped 5% to 19p after it said surface casing for all six new wells at its East Denver shale project in Colorado has been completed.

The current stage of drilling is expected to be completed towards the end of June.

Highlands revealed it has acquired a consolidated package of 2,490 acres of oil and gas leases to the west of Denver, Colorado where the company believes that up to 48 horizontal wells could be drilled, subject to regulatory approvals.

9.25am: Emmerson shares soar as its re-joins LSE following fundraise

Emmerson Plc (LON:EML) saw its shares soar 62.2% to 3.65p in early morning trading after it was readmitted to the London Stock Exchange following a placing in which it raised gross proceeds of £6mln.

The potash investment company said the significantly oversubscribed placing of 200mln shares at a placing price of 3p each had followed its acquisition of 100% of the share capital of Moroccan Salts Limited, and as a result meant it now owned 100% of the Khemisset Potash project in Northern Morocco.

Meanwhile, Seeing Machines Limited (LON:SEE) shares jumped 17.3% to 9.15p after it secured a programme design win, working with a major Tier 1 partner, with a global US-headquartered automotive original equipment manufacturer.

As a result of the design win, the driver monitoring technology firm expects to deliver its FOVIO driver monitoring technology into multiple vehicle platforms for mass production from 2020.

The estimated revenue value of this programme is more than A$50mln based on initial included models and lifetime volume projections. The first material production revenue is expected to be recognised in Seeing Machines' 2021 financial year. There also remains potential for further programme growth based on additional vehicle models added during the programme.

Elsewhere, shares in Sunrise Resources Plc (LON:SRES) were up 16.1% at 0.18p after it said it had found a second customer for perlite from its CS Project in Nevada.

A non-binding memorandum of understanding has been signed with the unnamed company that Sunrise hopes will lead to a definitive purchase and sales agreement for minimum quantities of raw perlite.

In the fallers, AIM-listed gold miner Kemin Resources PLC (LON:KEM) saw its shares drop 5% to 1.9p after it reported a widened loss in its full-year results.

The group reported a pre-tax loss for the year of £484,000, more than the £445,000 loss the year before, while its cash balance fell to £16,000 from £59,000 in 2016.

However, the firm added that the current cash balance and availability of further draw downs from a £4.5mln loan facility from Amrita Investments Ltd meant it would continue to meet its current obligations.

Other Proactive news headlines:

Nektan PLC (LON:NKTN) has agreed with its Malta-based gaming partner, Tyche Digital, to deliver its Evolve lite gaming platform to global cryptocurrency online casino operators.

Union Jack Oil PLC (LON:UJO) has acquired a further 12.5% in the PEDL180 and PEDL182 licences in North Lincolnshire, which are home to the Wressle discovery and the Broughton North prospect. The additional stake takes Union Jack’s total interest in the licences to 27.5%.

North Africa-focused oiler SDX Energy Inc (LON:SDX, CVE:SDX) has spud the SD-4X appraisal well at South Disouq, Egypt The well is the first of two planned appraisal wells in SDX’s 2018 drill campaign on the licence.

BATM Advanced Communications Limited (LON:BVC) has entered into a joint development agreement (JDA) with a leading multinational semiconductor and software design company.

Corero Network Security PLC (LON:CNS) has announced a US$0.7mln order for its SmartWall Threat Defence System technology from an existing digital enterprise customer. Big Pic in March.

ANGLE PLC (LON:AG, OTCQX:ANPCY) said it is making “encouraging progress” enrolling patients to its clinical trial of the company’s liquid biopsy system Parsortix The ANG-002 Food & Drug Administration (FDA) study will focus on metastatic breast cancer.

Custodian REIT PLC (LON:CREI) has announced the acquisition of health and fitness centre in Lincoln, with agreed purchase price of £4.3mln. The UK property investment company has acquired a 77,242sq feet health and business centre, prominently located on the A46 within a leading mixed-use, out-of-town scheme.

Abzena plc (LON:ABZA) described the 12 months ended March as a year of transition. And while ambitious growth targets set out at the start of the period were missed, “significant investment and progress has been made to broaden and integrate the group's offering”, investors were told.

Emerging markets fund APQ Global PLC (LON:APQ) expects its portfolio to outperform the bigger G7 economies over the coming year. APQ increased book value by 4.6% to US$100mln or 128.11c per share over 2017. With a dividend of 5p, total returns were 9.9%.

Sound Energy PLC (LON:SOU) has received the final competent person’s report (CPR) for its A1 prospect at the Tendrara-Lakbir permit, Eastern Morocco.

Mkango Resources Ltd (LON:MKA) has commenced a major drilling programme at the Songwe Hills project in Malawi. The drilling is part of an ongoing feasibility study which is fully funded by partner Talaxis Ltd.

Victoria Oil & Gas plc (LON:VOG) has added 73% to proved gas reserves at Logbaba in Cameroon after adding new appraisal well data and reprocessed seismic. Proved and probable or 2P reserves rose 52% to 309bcf, with the production profile at Logbaba based on that number extended to ten years at 90mln cubic feet per day.

Ariana Resources plc (LON:AAU) booked a post-tax profit of £424,000 for the year to 31 December 2017, as the company’s Red Rabbit or Kiziltepe gold project came into production.

The overall share of the profits due to Ariana from the joint venture that owns Kiziltepe amounted to a handsome £1.83mln, as the mine begins to hit its stride.

Shanta Gold Ltd (LON:SHG) has boosted the resource at its Singida gold project in Tanzania. The overall resource now rings in at 725,000 ounces of gold grading 1.84 grams, with the measured and indicated portion now standing at 381,000 ounces at 2.08 grams per tonne.

Junior explorer Chariot Oil and Gas Limited (LON:CHAR) expects to begin deepwater drilling at its Central Blocks licence offshore Namibia in the fourth quarter of this year. The AIM-quoted company has contracted the Ocean Rig Poseidon drillship to drill one firm well – Prospect S – and one optional well.

AfriTin Mining Limited (LON:ATM) has announced the appointment of Ino Invest as civil works contractor for the construction of Phase 1 civil works required at its Uis Tin Mine in Namibia. The AIM-listed tin miner said the contractor is a local, Namibian company specialising in construction and project management.

Highlands Natural Resources Plc (LON:HNR) has acquired a consolidated package of 2,490 acres of oil and gas leases to the west of Denver, Colorado where the company believes that up to 48 horizontal wells could be drilled.

Galileo Resources PLC (LON:GLR) has outlined a conceptual resource model for the Star zinc project in Zambia, held jointly with BMR. Under the conceptual model, the project looks to contain 485,000 tonnes of zinc at a 15.4% zinc. Further exploration is now getting underway.

Redx Pharma (LON:REDX), the drug discovery and development company focused on cancer and fibrosis, announces that, further to the announcement made on 24 April 2018, Lisa Anson assumed her new role as chief executive officer on 1 June 2018. It added that Iain Ross has reverted to the role of non-executive chairman.

NetScientific PLC (LON:NSCI), the transatlantic healthcare IP commercialisation group, announced that its portfolio company ProAxsis has been granted the Innovative Business of the Year award at the Business Eye First Trust Awards (BEFTAs) for small businesses in Northern Ireland.

Ferrum Crescent Limited (LON:FCR), the LSE, ASX, and JSE-listed European lead-zinc explorer, announced that trading in its ordinary shares will be temporarily suspended on AIM with effect from 7.30am London time on Monday 4 June 2018. The firm said this is due to the divergent treatment of processing changes to the group’s International Securities Identification Number (ISIN) arising from the change in the company's name to Europa Metals Limited, which was approved by shareholders at the general meeting held on 21 May 2018.

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