The maker of fuel cell technology said it has been facing an uncertain outlook has “reluctantly concluded” that there was little or potentially no value in its shares.
The group had sought advice from Deloitte on a potential sale of some or all of its businesses and assets. It also discussed any residual financing options with key stakeholders and sought trading solutions to raise funds.
It has now decided to sell subsidiary Intelligent Energy Limited to its largest stakeholder, Meditor Energy, and has reorganised the business to place all other subsidiaries of IEH plc under IE Limited.
The sale, to be completed on Wednesday, will leave IEH plc as a non-trading company.
Shares plunged 82.46% to 0.35p.
About US$700,000 worth of gold was received last week with volumes expected to rise in coming months, Wishbone said.
However, the company warned that revenue will fall due to operations in Honduras being delayed after the worst Caribbean hurricane season on record, which had a knock-on effect across Central America with flood damage to roads, crops and buildings. It will have a have a “neutral impact” on the bottom line profit and loss numbers, Wishbone said.
1.30pm: Angus Energy shares drop on council intervention
The intervention comes after Angus had earlier this week said it had overcome the final regulatory hurdle for the project with consent from the Oil and Gas Authority.
The council has suggested that it should file a planning application in what is the first formal request Angus has received since 9 March. Angus said would meet the council’s request as it believes it is in the shareholders best interests.
“We are confident our actions today have been given thoughtful consideration and fully expect this intermediate step to have minimal impact on our current business plan,” the group insisted.
Shares dropped 14.39% to 28.25p.
Osirum Technologies (LON:OSI) shares were up 3.14% to 164p as the cyber security firm said it won a 12-month contract with one of the world’s largest insurance firms.
The company, which did not name the insurance firm, said it will supply its product offering of privileged account management, privileged task management and privileged session management modules and associated consultancy services.
"We are delighted to sign this major new customer which marks Osirium's first 'land and expand' licensing deployment within the global insurance sector,” said Osirium chief excutive David Guyatt.
"They wanted a simple to administer but powerful system to protect the group's IT from internal and external threats."
11.30am: Herencia Resources surges as it resumes trading
The company’s shares have been suspended since September pending the publication of its interims.
The results were published on Thursday, revealing that the Chilean copper miner swung to a half year loss of £228,597 from a profit of £2.9mln last year. The group continued its ongoing restructuring during the period and raised £1.2mln through the placing of 2.12 billion shares.
In a separate statement on Thursday, the company said it secured US$300,000 in funding from its key shareholders, the Australian Special Opportunity Fund and Oriental Darius Co. Ltd to support its drill programme and for working capital purposes.
Herencia has also signed an agreement for exploration of the Pastizal mine lease with Consultoria y Services Mineros SA (CSA).
Zinc Media Group PLC (LON:ZIN) was on the back foot after announcing a £3.5mln fundraising through the placement of shares to support its proposed £5.45mln acquisition of Tern Television Productions Limited.
The acquisition of the independent TV production company will include an initial payment of £2mln, plus £1.1mln for surplus cash and an earnout consideration of up to £2.35mln.
“We believe this acquisition will place us in a strong position to further expand and grow in an industry which is experiencing ever-increasing demand for original content, due to the rapid growth of connected devices and new TV platforms,” said chairman Peter Bertram.
Zinc proposed a placing of 389,603,280 new ordinary shares at a price of 0.9p each, representing 62.86% of the existing issued share capital of the company.
Shares fell 17.39% to 0.95p.
10.00am: Defenx tanks as it warns on full year loss
The company said full year revenue was dependent on a small number of high value contracts beginning on time but since the release of the interim results, it has “become clear that previously anticipated sales orders are unlikely to be recognised in 2017”.
The group added that its plan to broaden its product portfolio to address performance issues in the corporate sector is behind schedule. “Accordingly, the conversion of opportunities into firm orders is taking longer and requiring more investment than was initially anticipated,” it said.
“These factors combined are expected to result in the financial results for the year to 31 December 2017 being materially below market forecasts.”
Shares dropped 42.05% to 54.50p in morning trading.
The company, which provides regulatory reporting and collateral management services to the financial services industry, saw its loss before tax widen to £5.9mln from £0.1mln. Sales bookings for the period were down 21.9% on the previous year, with software licence bookings down 63.6%.
Shares fell 29.07% to 7.62p.
The Icewine-2 well was suspended over the winter after attempts at well testing failed to deliver measurable results.
Further operations will continue in the spring and new testing will take place, and, in the meantime the expansion of 88 Energy’s Icewine footprint may be seen as something of a vote of confidence in the broader play.
Shares rose 7.69% to 1.05p.
The marble quarrying and finishing business said further orders are being prepared in Fox Marble's factory for delivery to the local Kosovo and Balkans market and other international customers.