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Bahamas Petroleum gushes higher as it announces fundraise plans

Last updated: 15:14 14 Jul 2017 BST, First published: 09:26 14 Jul 2017 BST

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A look at the afternoon's movers and shakers

Marina-focused group Camper & Nicholson Marina Investment Ltd (LON:CNMI) added over 16% to 7p in London as it unveiled plans to raise about £3.3mln for working capital as it repositions its assets.

The fundraise is in the form of an open offer of 41.4mln shares at 8p each  - a  33% discount to Thursday's closing price of 6p, and will be on the basis of one new share for every four existing ones.

Also on the rising front, Bahamas Petroleum Company plc (LON:BPV)  added over 7% as it announced plans to raise £1.7mln via issuing 170mln new shares.

Elsewhere,   and sticking to the sector, shares in Independent Oil and Gas Plc (LON:IOG) ticked 2.91% higher to 13.25p as it told investors it  has landed a new licence in the North Sea, including a portion of the Vulcan North West discovery and other prospects.

Vulcan North West will form part of the group’s Vulcan Hub development project, it hosts 215bn cubic feet of gas, and as part of the whole project it would be tied into the Thames pipeline – which the company is also seeking to acquire.

The new licence also hosts the Hogsback, Hobson and Goacher exploration prospects.

12pm - A look at lunchtime risers and fallers..

Royal Mail Group (LON:RMG) delivered a share price fall to investors today as it received a downbeat assessment from City broker Liberum, which repeated a 'sell' on the shares.

They lost 2.8% today to stand at 399.5p.

The company, which will update the market on its performance in a trading statement on Tuesday, has seen its parcel business meet fierce rivalry from the likes of Hermes and Yodel.

It will be unable to offset a decline in letter revenue with growth in parcel deliveries this financial year as competitive pressures continue to mount, according to Liberum.

Also lower, was Ramsdens Holdings PLC (LON:RFX), which saw shares drop 5.76% to 139p, as it said it had been the subject of a cyber breach but reported that strong trading during the early part of the financial year has continued into the important summer period.

The recently-listed pawnbroker and financial services firm said regulatory authorities had been notified of the unauthorised access to its IT systems, and added that the company was working with third-party experts to take all appropriate actions.

Drugs giant AstraZeneca (LON:AZN) was down 1.44% to 4,940p at the time of writing, as it continues to be silent on reports that chief executive Pascal Soriot is in talks to join Israeli Pharma group - Teva  Pharmaceutical Industries.

Meanwhile, on the winning front, digital firm Milestone Group (LON:MSG) saw shares zip up over 26% to 0.265p as it said it had drawn down £250,000 of the first tranche of its convertible loan.

Earlier this week, shares went higher after the raising £1.5mln through a subscription of 5.2mln shares at 0.29p each by Para & Co (UK) Ltd, a private limited company wholly-owned by businessman, Dr. Ramesh Para, who will join the AIM-listed firm's board.

Para & Co (UK) Ltd has agreed to fund Milestone in advance of the subscription monies through a convertible loan note totalling £400,000. Any draw down from the note will form part of the £1.5mln funds due and will be converted into ordinary shares in Milestone

Yesterday, Proxama PLC (LON:PROX) shares jumped higher and today were up again - over 21% to 0.04p.

The AIM-listed mobile location data provider said yesterday  it had secured a 12-month renewal on a contract to provide location technology services for a North American bank.

 

9.30am - A look at the early movers and shakers

Botswana Diamonds (LON:BOD) was sparkling in early deals, with shares up almost 17% at 1.55p.

It told investors that prospecting work on the Ontevreden licence in South Africa held by Vutomi had identified a group 2 kimberlite pipe.

Initial indications show a size of 1.5 to 2.5 hectares in an area containing high interest garnets and further work will follow to see whether it contained commercial diamonds.

Ontevreden is close to the Petra Diamonds' Helam diamond mine.

Also on the up was Craven House Capital (LON:CRV), which added almost 14% to 4.75p as it revealed a matter with a small unsecured creditor had been resolved amicably and the petition withdrawn before any court hearing.

Pantheon Resources Plc (LON:PANR) was bolstered to the tune of over 12% to 55.75p as it updated on operations, saying it had inked a gas processing facility deal for Texas.

Kinder Morgan, the USA's largest energy infrastructure company, is now set to install and operate a 15mmcf/d capacity gas processing facility in Polk County.

Jay Cheatham, Pantheon chief executive, said: "The contract signing for the Polk County gas processing facility is a transformational event for the Company, with near term production augmenting our value proposition from that of an explorer into a full cycle exploration and production company."

On the losing side, LED systems specialist ProPhotonix Limited (LON: PPIX) saw shares plunge almost 30% as its trading update appeared to disappoint the market.

Then group said it was making further investments in personnel, capital, and product development to grow the firm, but that this may depress short term profitability.

Shares in stamp and investment group Stanley Gibbons (LON:SGI) slipped 3.75% to 9.625p as it reported a delay in the sale of its interiors division to Millicent Holdings, which was agreed on May 9.

The board has been informed that the funding arrangements of Millicent for payment of the initial £2.25mln payable on completion have been delayed as a result of a change in the financial backers of Millicent.

Stanley said it was working with Millicent towards completing the disposal before the end of July.

Proactive News headlines:

Iodine producer Iofina PLC (LON:IOF) has revealed that production exceeded its expectations for the first half to end June, despite one of its plants being shut-in. The US -focused resource group said output was 235.5 metric tonnes (MT) of crystalline iodine from its Oklahoma-based IOsorb plants in the six months - bettering expectations for between 215 and 230 metric tonnes.

Ali Mortazavi, the boss of gene silencing specialist Silence Therapeutics PLC (LON:SLN), has been appointed as the non-executive chairman of artificial intelligence and healthcare firm, Ultromics. The group, which was spun out of the University of Oxford earlier this year, is a platform technology that extracts thousands of data points from a single image and then uses machine learning, a form of AI, to determine which data points are specific to a certain disease.

Point-of-care monitors and diagnostic devices company Sphere Medical Holding PLC (LON:SPHR) has said a “number of parties” have expressed an interest in taking part in an equity fundraising. The details of any placing, subscription or the like are still being discussed but initial “market soundings” from existing and potential new investors were positive.

Akers Biosciences Inc (NASDAQ:AKER, LON:AKR) has announced a raft of board changes that will be proposed at the group's forthcoming AGM. Three new non-exec directors will be nominated - Bill J. White, Richard C. Tarbox III and Christopher C. Schreib.

Under pressure Africa-focused oil and gas explorer Tower Resources PLC (LON:TRP) today launched its previously announced open offer to bring in up to £188,000. As reported last month, the firm pressed go on plans to raise up to £360,000 through a placing and open offer - both at 1p.

Avation PLC (LON:AVAP) has confirmed that it took delivery of its 29th new ATR 72-600 aircraft on June 30, from the factory in Toulouse, France. The aircraft is required to be fitted out and configured for a lessee airline and is anticipated to enter commercial service at the end of October 2017. Aviation's executive chairman, Jeff Chatfield, said: “The Company has eight further ATR 72-600 aircraft on order and the Company anticipates two further ATR 72-600 deliveries in late 2017."

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