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MySQUAR Limited pockets another £350,000 from bond conversion

Last updated: 14:00 01 Jun 2018 BST, First published: 08:29 01 Jun 2018 BST

Burmese kid on smartphone

“Exercise of Convertible Bonds and Issue of Equity” is not the most exciting of headlines but it seems to have cheered MySQUAR PLC’s (LON:MYSQ) shareholders.

It’s the same headline as the Myanmar-language social media and payments platform operator used on a stock market announcement last week, and once again the news relates to the company pocketing £350,000 after warrants were converted into shares at about 1.38p per share.

The shares rose 13.2% to 1.925p today.

Noon: Velocity Composites hurtles higher

The signing of a long-term supply agreement sent Velocity Composites (LON:VEL) hurtling higher.

The supplier of advanced composite material kits to the global aerospace industry has agreed to secure the supply of complex design consumable kits for the Boeing 737 Max programme.

Try to curb your excitement, because the company added that this contract also encapsulates the finalisation of the agreement for the provision of complex vacuum bags on this programme.

The agreement extends to 31 December 2021, with a contract value of £3mln.

The shares shot up 14% to 60p on the news.

This contract is with an existing customer who is a Tier 1 supplier in the Aerospace industry.

"This latest signing of a long-term agreement with one of our existing customers is a significant and positive step for Velocity, and importantly is our first contracted Boeing platform, which continues the trading momentum that the company has experienced in the year so far,” said Jon Bridges, the chief executive officer of Velocity.

“We are confident that the added value the company brings through lowering waste and cost in the aerospace industry will lead to the continued growth of Velocity's role in the aerospace manufacturing supply chain. I am also hopeful that these two packages of work will, in turn, lead to further contract awards," he added.

10.00am: A last hurrah for Magnolia Petroleum?

Magnolia Petroleum PLC (LON:MAGP), which last week announced plans to delist from AIM, enjoyed a revival on Friday morning.

The company said last week it has been a member of the junior market since 2011 but has found it 'increasingly difficult' to raise money through AIM in recent years.

Predictably, the shares plummeted on the news but someone must be interested in remaining a shareholder when the shares go private as the stock was up 58% at 0.95p, making it London’s top performer … and that has not happened very often, if at all.

08.45am: Dignity in a hole after CMA announces an investigation into the funeral services sector

Shares in funeral services provider Dignity PLC (LON:DTY) were the worst performers in early deals on news of a review of the sector.

The shares plunged 175p to 1,040p as the Competition and Markets Authority (CMA) said it would review the UK funerals market to ensure that people are not getting ripped off.

The study will examine whether the information provided by funeral directors on prices and services is clear enough for people to be able to choose the best option for them.

The watchdog will also look at how prices have changed over time and the factors that affect them.

According to the CMA, the average cost of a funeral in 2017 was nearly £3,800 for the basic package, while extras could typically add £2,000 to the total bill, the CMA said.

As one City broker noted: “The CMA enquiry into funeral homes and crematoria adds another layer of uncertainty given that the company is part-way through trials on pricing in funeral homes.”

The broker added that the company has more to worry about on the crematoria side as “prices have risen substantially over the last decade and crems are effectively local monopolies”.

Proactive news headlines:

Hurricane Energy PLC (LON:HUR) has now begun well operations at the Lancaster oil field as it continues to develop the early production system (EPS). The offshore oiler, in a statement, told investors that well re-entry and completion work is now being undertaken by contractor Petrofac, utilising the Transocean Paul B. Loyd Jr. harsh environment semisubmersible rig.

Landore Resources Limited (LON:LND) believes recent exploration work at BAM on its Junior Lake licence in Ontario has confirmed a substantial gold resource. “The fact that BAM gold mineralisation delineated to date remains open both to the East and West and down dip/plunge clearly demonstrates this discovery's huge potential,” said Bill Humphries, chief executive.

i3 Energy PLC (LON:I3E) looked forward to advancing the Liberator field as it reported on a year that saw the offshore oiler lay foundations for future growth. The company listed its shares on London’s AIM market during the 12-month period ended December 31, and various pre-development programmes were worked on to progress Liberator

W Resources PLC (LON:WRES), the tungsten, copper and gold exploration and development company, said the development of its La Parrilla asset is well-timed. During the course of 2017, European ammonium paratungstate (APT) rose by more than 60% to current price levels, creating very solid market conditions to bring W Resources' tungsten mines on stream, the company noted in its full-year results statement.

Feedback PLC (LON:FDBK) has appointed Professor Rory Shaw as medical director of its subsidiary company, Feedback Medical Limited.

NetScientific PLC (LON:NSCI) has announced its portfolio company ProAxsis  has been awarded a grant by Invest North Ireland to support the development of its proprietary ProteaseTag technology to identify and quantify active protease biomarkers.

Learning Technologies Group PLC (LON:LTG) said it is currently trading in-line with expectations as it completed its acquisition of US digital human resources group PeopleFluent.

Midatech PLC (LON:MTPH) (NASDAQ:MTP), the international specialty pharmaceutical company focused on developing and commercialising products in oncology, today confirmed the appointment of Dr Craig Cook as its chief executive officer, and the resignation of Dr Jim Phillips, further to its announcement on 15 March 2018.

Rambler Metals and Mining PLC (LON:RMM, CVE:RAB) has received £3.25mln through the exercise of warrants by CE Mining II Rambler Limited. In all, CE Mining II Rambler will receive 65mln new Rambler shares, lifting its stake in Rambler from 68.96% to 72.12%.

Indaco Venture Partners is now the holder of a 10.3% stake in graphene specialist Directa Plus PLC (LON:DCTA) following its appointment as manager of the TT Venture Fund. Quadrivio Capital, which used to manage TT Venture, no longer has a stake.

Kore Potash PLC (LON:KP2) the potash development company whose flagship asset is the 97%-owned Sintoukola Potash Project, will be holding its first Annual General Meeting at 09:30 a.m.(UK) on 27 June 2018 at The Shard, Level 8, 32 London Bridge Street, London SE1 9SG.

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