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VR Education zips higher as another director puts his money where his mouth is

Last updated: 12:45 21 May 2018 BST, First published: 09:35 21 May 2018 BST

hat with money in

Shares in VR Education Holdings Plc (LON:VRE), which joined AIM in March, zipped higher on Monday as another director put their money where their mouth is.

Non-executive director Mike Boyce put £80,000 of his own money into the digital education group, snapping up 500,000 shares at 1p apiece – a premium to Friday’s closing price of 14p.

Boyce follows on from fellow director Tony Hanway who bought 100,000 shares at 16p each earlier this month.

Encouraged by the sign of faith, investors poured into VR, sending the stock 24.3% higher to 17.4p.

Seeing Machines lowers sales guidance amid manufacturing delays

Seeing Machines Limited (LON:SEE) said sales growth in the current financial year will be a little less explosive than previously indicated owing to manufacturing delays.

The company’s manufacturing partner said a global shortage in capacitor and power supply units that are used in the its Guardian in-cab driver-fatigue monitors will cause a delay of around six weeks to the shipment of a number of products.

As a result of the delay, money for the shipments will now be received in the next financial year, prompting the eye-tracking and facial recognition specialist to lower its sales guidance for the current fiscal year to A$30-A$35mln from its previous guidance range of A$38-A$43mln.

“Whilst the board of Seeing Machines is disappointed by this delay, the revised outlook still represents a doubling of FY17 sales for the FY18 period,” the company said. Shares fell 9% to 7.8p.

AorTech and RM2 unveil discounted share placings

A couple of share placings were weighing on two AIM-listed companies on Monday morning.

Polymer heart valve developer AorTech International plc (LON:AOR) unveiled it plans to raise up to £2.6mln through a share placing and open offer.

The company wants the cash to fund the development of ‘textile substrate products’ – patches and grafts to you and me – as well as the development and manufacturing of its heart valves.

AorTech is selling the new shares at 30p apiece – 32% below Friday’s closing price of 44p. That helps to explain the 17% fall in the stock price to 36.5p.

RM2 cap in hand, too

Another with its hands out was RM2 International (LON:RM2), the maker of ‘smart’ pallets.

As part of a larger fundraising from institutional investors at the end of March, RM2 has launched an open offer to raise up to £4.3mln this morning.

It will use the cash to retrofit its existing pallets with its new ELIoT track and trace devices as well as to fund the production of new pallets with ELIoT already built in.

Like AorTech, RM2 is selling shares at a hefty discount – 37.5% to be precise. Its stock price is down 7% to 1.5p, still comfortably above the issue price of 1p.

Allergy heads higher on positive phase II data

Going the other way was Allergy Therapeutics plc (LON:AGY) – up 8.1% to 26.5p – after it revealed the “extremely positive results” from the phase II trial of its grass pollen-induced have fever treatment.

Allergy said patients taking the drug showed a “highly statistically significant” reduction in symptoms compared to those on the placebo.

Boss Manuel Llobet said he was “thrilled” by the data and added that the company was gearing up for a phase III trial next year.

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Seeing Machines Limited (LON:SEE) has lowered sales guidance for the current fiscal year owing to a delay in shipments caused by a global shortage in capacity and power supply units.

ATTRAQT Group plc (LON:ATQT) has confirmed that its new chief executive (CEO), Luke McKeever, has today joined the company board.

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WideCells Group PLC (LON:WDC), the stem cell services and stem cell-related insurance specialist, said its 2017 financial statements are nearing completion. The additional time required to finalise the results mean its live bookbuild via the Teathers mobile app has been extended until the figures are released.

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ITM Power plc (LON:ITM) has appointed its current chief financial officer (CFO), Andrew Charles Allen, to the board with immediate effect as company finance director.

Tidal power and renewable energy group Atlantis Resources PLC (LON:ARL) is to raise £20mln as its acquisition of the Uskmouth power station nears completion. The coal-fired power station, in Wales, will be converted to run on pellets from waste and re-open in the final quarter of 2020 if all goes to schedule.

Highlands Natural Resources Plc (LON:HNR) told investors that it has reviewed its strategy in the wake of its recent progress at the East Denver project in Colorado. The company recently secured a funding deal for East Denver and, in doing so, set the project on a path to significant revenue growth, thanks to an initial six-well programme.

88 Energy Ltd (LON:88E, ASX:88E) can now start a proper countdown to testing for the Icewine-2 shale well in Alaska. It said, in a statement, that the previously suspended production test will resume on June 11.

Ferrum Crescent Ltd (LON:FCR) has said its investors approved its name change to Europa Metals Ltd at its recent annual general meeting. The AIM-listed firm said its shareholders voted 99% in favour of the name change.

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