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Catenae Innovation rallies as it proposes buying stake in Tribe of Noise

A look at some of the top risers and fallers in London today
music
Catanae has signed an MoU with Tribe of Noise for the acquisition of a 51% stake

Catenae Innovation PLC (LON:CTREA) shares rose 28% to 0.14p after the digital media and technology company said it signed a memorandum of understanding with online music firm Tribe of Noise.

Under the MoU, Catanae has proposed buying a 51% interest in Tribe of Noise for €600,000 in cash and shares. 

Tribe of Noise is a Netherlands digital music licensing company and website for connecting musicians with media professionals and businesses. 

Catanae, which recently changed its name from Milestone Gorup, said the MoU is subject to completion of legal, accounting and commercial due diligence.

Arrow Global Group PLC (LON:ARW) shares fell 6% to 346p even as it reported an increase in quarterly profits and revenues.

The credit management services provider said underlying pre-tax profit rose 10.3% to £11.4mln and revenue grew 19.6% to £77.1mln.

The group added that it is on track to meet its financial targets for the year. 

2.00pm: Sprue Aegis gains as it settles dispute with BRK Brands

Sprue Aegis PLC (LON:SPRP) shares rose 12% to 123p after the home safety products firm settled a dispute with smoke alarm company BRK Brands.

The settlement will result in the “orderly termination” of a distribution agreement, manufacturing and supply deal and “all other related issues” between the two companies, Sprue said.

BRK had alleged Sprue breached their agreement causing it "severe" damage.

As part of the settlement, BRK will buy back all of its inventory made from the start of January for £1mln by deducting payments due from Sprue, except for 3,097 units required by Sprue for warranty purposes.

Sprue will sell all of BRK inventory made before January 2017 at its own cost. BRK has also approved the sale by Sprue of excess stock of Sprue's carbon monoxide alarms using BRK's brands valued at £300,000 for six months.

Sprue will pay the outstanding £10.9mln balance of payments owed to BRK under the terms of the distribution deal and manufacturing and supply agreement in monthly instalments by the end of this year.

The dispute had prompted Sprue to delay the publication of its 2017 results that were due in March.

The results will now be released on Tuesday next week and will include a £3.8mnln exceptional charge related to the BRK settlement. 

11.20am: Toople shares topple as it reports wider first half loss

Toople PLC (LON:TOOP) shares fell as it reported a 10% increase in revenues and an increase in revenue but a wider loss for the first half.

The provider of telecom services to UK small and medium enterprises said its loss before tax rose to £714,033 from £603,763 the previous year on higher costs.

Revenue increased to £689,769 from £654,721, supported by growth in direct SME revenues, billable customers and orders of revenue generating units.

Shares dropped 16% to 0.75p.

Bezant Resources PLC (LON:BZT) shares gained after saying its Mankayan copper-gold project in the Philippines is to be a “world class asset” and has major potential to generate further value.

The AIM-listed firm said its in-depth internal review process across all aspects of its operations and portfolio assets revealed that the Mankanyan project represents one of the most advanced copper-gold projects not currently being developed.

Shares climbed 12% to 0.46p. 

9.40am: Capita shares go ex-rights

Capita PLC (LON:CPI) shares fell more than 35% after the outsourcing company issued more than one billion shares.

Shareholders had the opportunity to buy three shares for every two they hold at 70p each yesterday. The shares went ex-rights today.

Taking into account the value of nil paid shares, the share price is up by around 5% on a like-for-like basis to 129p each.

The group announced plans for a rights issue in April as it unveiled a wider loss for 2017, scrapped its dividend and warned on 2018 profits.

On the Beach Group PLC (LON:OTB) shares fell 11% to 574p after the online retailer for beach holidays announced the resignation of non-executive chairman Richard Segal.

Segal, who has been in the role since October 2013, will be replaced by non-executive senior independent director, Lee Ginsberg, at a date “yet to be confirmed”, the company said.

On the upside, shares in CSF Group PLC (LON:CSFG) jumped 33% to 2p after saying it has completed the sale of its CSF CX data centre to Bridge Data Centres Malaysia Holdings.

CSF Group, which designs and constructs data centres, said conditions of its share sale and purchase agreement for CSF CX have been fulfilled.

Pathfinder Minerals PLC (LON:PFP) shares received a boost after shareholders withdrew a request for a general meeting to vote on whether to oust its boss and chairman.

The company received a request to remove chief executive Nick Trew and chairman Henry Bellingham from the board in April and shareholders had called for a general meeting.

On Wednesday, the group received notice from the shareholders who demanded the general meeting that they have withdrawn the request. “In light of the withdrawal, the requisitioned resolutions will not be put to the general meeting due to be held on 15 May 2018,” the company said.

Proactive news headlines:

Amryt Pharma PLC (LON:AMYT) has signed an agreement with Aegerion Pharmaceuticals Inc to significantly expand its exclusive licence agreement for Lojuxta into Russia and the Commonwealth of Independent States, as well as the non-EU Balkan States.

Bezant Resources PLC (LON:BZT) shares rose on Thursday morning as the company announced that its Mankayan copper-gold project in the Philippines is to be a “world class asset” and has major potential to generate further value.

IXICO PLC (LON:IXI), the digital technologies company serving neuroscience, has signed amendments to current contracts that expand the clinical trial services provided to two biopharmaceutical companies, adding around £500,000 to the value of the contracts.

Providence Resources PLC (LON:PVR) chief executive Tony O’Reilly, in the Irish oil explorer’s financial results statement for 2018, told investors that it was an “extremely busy” year, albeit, the most significant recent event came after the reporting period.

Southend airport owner Stobart Group Ltd (LON:STOB) swung into profit as it booked a substantial gain on the sale of a stake in logistics associate Eddie Stobart. The airport saw passenger numbers rise by 29% in the year to February, but progress was impeded by the collapse of Monarch Airlines.

Coinsilium Group Limited (NEX:COIN) has been appointed as an adviser to ‘smart contracts’ platform FANTOM Foundation ahead of a token generation event (TGE). The NEX-listed blockchain investor said FANTOM, which runs the world’s first directed acyclic graph (DAG) based ‘smart contract platform’, will aim to sell tokens for a total of US$39.8mln in the TGE which is expected to begin on 15 June this year.

Michelmersh Brick Holdings PLC (LON:MBH) chairman, Martin Warner, will say at its annual general meeting that the brick maker is expecting ‘significant growth’ this financial year as its Carlton Main Brickworks acquisition began its first full-year of contribution to company revenues.

Cradle Arc PLC (LON:CRA) told investors that it will retain 100% of the Kossanto West gold project in Mali following Randgold Resources PLC's (LON:RRS) decision to exit a partnership agreement made back in February 2016.

Eurasia Mining PLC (LON:EUA) has raised £500,000 through a significantly oversubscribed placing of shares and warrants at 0.3p.

Rambler Metals and Mining PLC (LON:RMM) (TSXV:RAB), a copper and gold producer operating in Newfoundland and Labrador, Canada, announced that the employees of its Ming Mine, Nugget Pond Mill and Goodyear's Cove facilities are the recipients of the 2017 John T. Ryan National Award from the Canadian Institute of Mining, Metallurgy and Petroleum as the safest underground metal mine in Canada for 2017.

Avation PLC (LON:AVAP), the commercial passenger aircraft leasing company announced that, following the settlement and funding of US$300mln 6.5% senior notes due 2021 issued recently under its global medium term note programme, it has now issued a redemption notice for US$150mln of the 7.5% senior notes due 2020. The redemption will become effective on 27 May 2018 with payment to noteholders being made on 29 May 2018. Following redemption. The group said, there will be no Notes due 2020 outstanding.


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