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Risers and fallers: A day to forget for Redcentric

Redcentric's chief finance office walked the plank after the accounts discrepancies were uncovered
a little boy with a shocked face at the computer
Redcentric will need to reduce its net assets by at least £10mln to correct the accounts

Some of the main news-driven share price changes at 3.30pm.

RISERS

Accrol Group Holdings PLC (LON:ACRL), up 8% to 127p. Said it had made “good progress” this year in a pre-close trading statement and was “confident in the outlook” for 2017. Also confirmed that the £10mln contract it recently won was with low-cost supermarket chain, Aldi.

Tethys Petroleum Limited (LON:TPL), up 6% to 1.06p. Tethys has been approached by two investors over a possible US$1.4mln injection, while the Olisol dispute rumbles on.

FALLERS

Redcentric PLC (LON:RDC), down 58% to 62.6p. The information technology firm has uncovered serious errors in the reporting of its balance sheet, with chief bean counter Tim Coleman has stepped down from his position in the wake of the discovery.

The board believes that it will need to reduce its net assets by at least £10mln, with shares tanking on the news.

Redcentric’s debt will now sit at around £30mln, compared to the £17mln or so it suggested only a couple of months ago.

 

Ten Alps PLC (LON:TAL), down 19% to 0.65p. The multimedia content producer posted increased underlying losses despite generating higher revenues. Called the year a “transitional” period.

 

Some of the main news-driven share price changes at 11.30am.

RISERS

Diamondcorp Plc (LON:DCP), up 12% to 2.5p. Shares in the diamond producer shined after it told investors that it would now not be selling its major asset, the Lace diamond mine in South Africa.

The past couple of months have seen the company tread some difficult waters as delays at the mine stretched working capital to the limit.

However, a cash injection of £700,000 and some re-shuffling of its board appear to have brought some stability to its finances.

Lace still contains around US$1.5bn of diamonds according to Diamondcorp, which said the offers it had received for Lace “significantly undervalued” the asset.

EKF Diagnostics Holding PLC (LON:EKF), up 10% to 17.7p. Early trading in this current quarter has again been “materially higher than budget” and the point-of-care business now expects revenues of at least £36.5mln.

 

FALLERS

Ten Alps PLC (LON:TAL), down 19% to 0.65p. The multimedia content producer posted increased underlying losses despite generating higher revenues. Called the year a “transitional” period.

Sovereign Mines of Africa PLC (LON:SMA), down 14% to 0.62p. Has farmed out its 75% interest in the Mandiana gold project in the Republic of Guinea meaning that it is now just an AIM Rule 15 cash shell and must make an acquisition within six months to avoid its shares being suspended.

 

Some of the main news-driven share price changes at 8.45am.

RISERS

Fevertree Drinks PLC (LON:FEVR), up 11% to 1070p. The premium drinks mixer brand enjoyed a strong start to the week after telling investors that its full-years will be materially ahead of expectations.

The London-based company said its performance in the UK – its largest market – has been particularly strong as sales to continue to grow.

Fevertree has enjoyed a strong 2016, with its share price up nearly 80% in the year to date.

Keywords Studios PLC (LON:KWS), up 9% to 464p. The video games services provider also said today that it expects to beat full-year expectations as a result of the continued strong performance of its recent acquisition, Synthesis.

Patagonia Gold plc (LON:PGD), up 6% to 3.3p. Told investors that intercepted gold in eight of the nine holes drilled at its Chamizo prospect in Uruguay, with five described as “significant” intercepts.

 

FALLERS

Redcentric PLC (LON:RCN), down 68% to 48p. An internal review by the IT services provider has found “misstated accounting balances”. When corrected, the group’s net assets will likely be reduced by at £10mln.

E2V Technologies PLC (LON:E2V), down 15% to 186p. Revenues and profits for the six months to 30 September fell as “challenging trading conditions” hit performance.


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