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Sun sets on PV Crystalox Solar's UK operations

Published: 15:27 13 Jul 2017 BST

Solar panels

A look at the afternoon's movers & shakers

The heroically named Thor Mining PLC (LON:THR) thundered 8.1% higher to 1p after it completed the acquisition of 25% of US Lithium Pty Limited, a private Australian company with interests in lithium focused projects in Arizona and New Mexico.

The acquisition was flagged about a month ago.

Solar panel components maker PV Crystalox Solar PLC (LON:PVCS) has bitten the bullet and announced the closure of its UK manufacturing operations.

Most of the jobs in the UK’s trading subsidiary will be lost but the market, being a soulless beast, cheered the news, pushing the shares up 7.8% to 20.75p.

Going the other way was Grand Group Investment PLC (LON:GIPO), after it commented on press speculation that it was thinking of returning funds to shareholders.

The message to shareholders is, essentially: don’t hold your breath.

The investment company told shareholders it still plans to do what it was set up to do, which is to invest in China-based businesses.

It did warn that should it not substantially implement its investing policy, as per its Aim admission document, by the end of September of this year then trading in its shares on Aim would be suspended.

The company would then have up to six months to pull its finger out or have its listing cancelled.

The shares plunged 27% to 6.75p as the board said it was also considering a secondary listing on an alternative market as an alternative option to continue to provide shareholders a market for their shares during any prolonged period of suspension.

That does not sound like a company that is ready to pull the trigger on a big investment any time soon.

Carillion watch

Down 5% at 54.35p. Not gone bust yet. Not been taken over.

A look at the lunchtime movers & shakers

Arian Silver Corp (LON:AGQ, CVE:AGQ) has raised £600,000 through a discounted share placing.

As is the way in these matters, the share price has headed south, close to the price of the new shares hitting the market.

In Arian’s case, the fall is 0.16p, or 23%, to 0.52p.

The company, which confusingly (given its name) is moving into lithium exploration, has issued units at a halfpenny each.

It’s common practice in North America for share issues to include attached warrants, and Arian Silver, being listed in Canada, has gone down this route.

So, each unit will comprise one new common share and one warrant; the warrant will entitle the holder to stump up 0.6p to buy another Arian common share.

In all, 120mln units are being issued, so when the company talks about “common shares” (rather than the British terminology of “ordinary shares”), they’re not kidding.

Arian plans to use the funds to advance exploration of its mining concessions in Zacatecas in Mexico.

The company is also on the look-out for more lithium prospects, but then isn’t everyone?

Or is it cobalt projects now?

Stop me if you have heard this before, but shares in Nu-Oil & Gas PLC (LON:NUOG) tumbled after the company announced plans to raise £1.1mln through a share placing.

There’s none of that “units” or “common shares” for Nu-Oil, however; just good old no-nonsense ordinary shares, placed at 1.1p a pop.

That’s a fairly chunky discount to last night’s closing price of 1.37p, but that’s the way it is for junior explorers.

The shares tumbled 10.3% to 1.23p.

Both share placings were handled by Beaufort Securities, which seems to be cornering the market today in discounted share placings.

Back at the beginning of April, jet2.com airline owner Dart Group PLC (LON:DTG) informed the market full-year results would be ahead of expectations.

One can only assume, given today’s 14% share price fall to 572p, that the statement might have over-egged the pudding a tad.

Profit before tax fell 14% from a year earlier to £90.1mln as the company ploughed money into new Jet2.com operating bases.

Carillion watch

Now going up.  Up 9% at 62.35p.

A look at the early movers & shakers

Maybe it is not game over for old school video gaming retailer GAME Digital PLC (LON:GMD).

Shares in the company plunged from 33p to 21p at the end of June on a profit warning, but rose 9.3% this morning to 26.5p as Mike Ashley took a chunky stake.

Yes, that Mike Ashley.

Technically, it was Sports Direct International PLC (LON:SPD) that took the 25% stake, but the two are regarded as synonymous in the City.

Power drinker Ashley is not regarded as one of life’s natural computer gaming geeks, but he does like taking a stake in struggling retailers, having a bit of form in this regard, such as his investment in Debenhams.

At least that purchase had some sort of logic in terms of possible collaboration between Sports Direct and Debenhams; unless Sports Direct intends to start giving away copies of FIFA 2017 with every polyester replica shirt it sells, it is hard to see the commercial logic of the GAME Digital hook-up.

GAME’s rise was bettered by mobile location data and proximity marketing specialist Proxama PLC (LON:PROX), which was up 20% on a contract renewal.

The contract is with an unnamed major North American bank and is, in the words of Proxama’s chief executive John Kennedy, a significant one for the company, “as it demonstrates our ability to work with leading brands to support major location campaigns in different geographies”.

The renewal will see Proxama continue to maintain a network of location services for 10,000 mobile touch points throughout the bank's national branch network in Canada.

Well, it beats beaming adverts to buses in Norwich.

Sticking with the digital theme, Falcon Media House Limited (LON:FAL) was wanted after signing a memorandum of understanding that should see its “over the top” – as in a video-streaming TV overlay, rather than vulgar extravagance sort of way – technology deployed more widely in Africa, India and other parts of south-east Asia.

READ Falcon Media House rises after hooking up with Media Nucleus to expand its reach in south-east Asia and Africa

The partnership with well-established digital and broadcast technology products company Media Nucleus gives Falcon access to a potential audience of 250mln users in India alone.

Carillion watch

Still going down. Down 1.6% at 56.3p

Proactive News Headlines:

Europa Oil & Gas Holdings PLC (LON:EOG) has confirmed that an appeal is being made against a second refusal of planning permission for the Wressle field, in North Lincolnshire. The junior oil firm noted that project operator Egdon Resources had announced its intention to appeal the most recent decision by the North Lincolnshire Council planning committee.

Union Jack Oil PLC (LON:UJO) has welcomed the news that Wressle project operator Egdon Resources Ltd intends to appeal the second refusal of planning permission for the Wressle oil field development. UJO has a 15% stake in the project, which could be brought into production following exploration and testing successes.

Base Resources Limited (LON:BSE) told investors it had record fourth quarter revenue driven by its Kwale mineral sands operation in Kenya. The company, in its activity report for the three months to June 30, highlighted production for the full year remained consistent for all products, whilst noting continued improvement in ilmenite and zircon prices which boosted the group’s performance.

Voice and data communications services provider AdEPT Telecom plc (LON:ADT) has racked up another year of strong growth, with underlying EBITDA increasing for the 14th year in succession. 

Haydale Graphene Industries PLC (LON:HAYD) has appointed David Banks, a senior executive Investment banker who has been the firm’s corporate broker, as its non-executive chairman with immediate effect. In a statement, the global nanomaterials group said Bank is replacing John Knowles who, as previously announced, has decided to retire.

Digital media group Falcon Media House Ltd (LON:FAL) is to expand its footprint in South-east Asia and Africa through a collaboration with Media Nucleus, a well-established digital and broadcast technology products company.

Genedrive PLC (LON:GDR) has enjoyed a year of “good progress”, in which it saw revenues rise as its breakthrough rapid diagnostic for Hepatitis-C moved nearer to European regulatory approval. The molecular diagnostics specialist submitted its Genedrive HCV ID kit for CE IVD certification back in March and said today it expects to update the market on the outcome of this application in the “near future”.

Accesso Technology Group PLC (LON:ACSO) has completed a £58.8mln fund raise to pay for its latest expansion, US theme park software specialist The Experience Engine (TE2).

Sunrise Resources Plc (LON:SRES) is set to start the first phase of drilling at its CS pozzolan project in Nevada with a trenching programme now complete. Eleven trenches were excavated within an area over 1.3 km long by 700m wide to expose and sample bedrock.

Capital Network has issued a note on Correro Network Security PLC (LON:CNS) concluding that if the firm “continues to deliver on milestones, there is still everything to play for here for investors.”

Capital Network has issued a note on BB Healthcare Trust PLC (LON:BBH) concluding that the group offers “an attractive opportunity for the generalist investor who wishes to gain exposure to the best opportunities in the healthcare sector.”  

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