TechFinancials Inc (LON:TECH) shares edged higher after the fintech software provider said it entered into a deal sell its holdings in MarketFinancials Limited to Cyprus firm Proverial Ltd for €100,000.
The company said it no longer considers the business to be core to its future strategy. MarketFinancials’ only source of income in 2018 was derived from the provision of market maker and risk management services to Tradefinancials, a subsidiary of the company that has now ceased operations.
As a result of the cessation of Tradefinancials activities, MarketFinancials has not traded since the end of February 2018.
Shares in TechFinancials rose 7.1% to 5.25p.
Keras Resources PLC (LON:KRS) shares rose 8.7% to 0.37p after saying assay results from a sampling metallurgical testwork programme at the Nayega manganese project in northern have returned average grades of 41.15%, substantially in excess of budget.
“Most importantly, these results also exceed the required Mn specifications of the third-party producer of manganese-based alloys, who have funded the bulk sample. With the current installed plant capacity, Nayega will be able to produce circa 6,500 tonnes per month of manganese ore without any further capital investment,” said chief executive Russell Lamming.
European Metals shares jump on offer for project, Finsbury Foods slumps on lower revenue
European Metals Holdings Limited (LON:EMH) shares shot up 43% to 23p after saying it has received a purported indicative offer to buy the lithium mining and processing project at Cinovec.
The company received the offer from the Ceske Lithium company, part of Krupa Global Investments (KGI).
Challenger Acquisitions Ltd (LON:CHAL) shares surged 41.3% to 0.10p after saying it has agreed to sell its US$300,000 investment in the giant observation wheel project in Dallas back to the developers.
The company said it would continue to search for a suitable project with a view to garnering near-term shareholder value. It comes after developers of another giant observation wheel project in New York, which Challenger has a stake in, said there appeared to be "no viable options for financing the balance of the work required to complete the project".
Total revenue was up 4.8% as a 8.6% increase in US revenue offset a 0.6% drop in UK revenue. It attracted less cinemagoers in the UK without the lure of Star Wars.
EKF Diagnostics shares gain as it expects full year earnings to beat market forecasts
The group added that cash generation in the second half was “very strong” with net cash at year end of £9.6mln, compared to £7.0mln a year ago, after forking out £0.9mln in share buybacks and investing £3.1m in Renalytix AI PLC, which makes clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease.
“In 2018 EKF continued to make significant headway in delivering on its strategy,” it said, adding that outlook for 2019 is “positive”, supported by a full-year contribution from a contract with McKesson-Surgical Inc. for the distribution of Diaspect Tm in the US and enzyme business with Oragenics Inc.
Shares rose 5.4% to 33p in morning trading.
Get Busy PLC (LON:GETB) shares jumped 16.18% to 39.5p after the software firm said it expects 2018 revenue to gain 20% to £10.9mln after a strong second half.
The group maintained its guidance for adjusted underlying earnings (EBITDA) and said cash was substantially better than expected at £2.5mln, compared to £2.4mln at 30 June 2018.
Upland Resources shares slumped 34.3% to 2.20p as the oil and gas company said it would plug and abandon the Wick exploration well in Scotland after unsuccessful drilling results.
The exploration well was drilled to a total depth of 1,000m. The objective of the well, the Beatrice Sandstone, was encountered at a depth of 933.5m but was found to be water bearing.
Underlying earnings (EBITDA) fell 38.1% to £5.2mln in the six months to 31 October 2018 and revenue decreased 18.4% to £42.9mln as sales to the housebuilding and infrastructure sectors fell.
Proactive news headlines:
BigDish Plc (LON:DISH) has fully launched in Bournemouth its app that helps restaurants to maximise bookings following a beta testing period. Formally known in the town as Tablepouncer, the app has been rebranded and relaunched under its new name at more than fifty restaurants which will use it to offer discounts of 50% at various times of the day to boost customers.
Allergy Therapeutics PLC (LON:AGY) enjoyed another year of revenue and market share growth as it ended 2018 financially well-resources. The company, which as the name suggests develops inoculations against common allergies, also said it expects to make significant clinical headway in 2019.
Cadogan Petroleum PLC (LON:CAD) told investors that it exited 2018 with a production rate of 274 barrels of oil equivalent per day marking a better-than-anticipated performance for the year. Average production measured 250 boepd for the whole of 2018, which was 25% better than the company targeted and represents a 61% improvement from 2017.
Alba Mineral Resources PLC (LON:ALBA) executive chairman George Frangeskides has hailed the ongoing success of test production at the Horse Hill project. The AIM-quoted firm holds an 11.765% beneficial interest in the project which has now yielded some 25,000 barrels of crude oil since the current phase of production testing began in July.
Seeing Machines Limited (LON:SEE) has issued an in line trading update for the first half of the year as it said it had seen “an increasing interest” in its driver monitoring systems (DMS) across all of its transport sectors.
Ethernity Networks PLC (LON:ENET) has completed the inaugral delivery of a new server product to a Korean OEM under an agreement announced in June. Ethernity’s technology is designed to help servers run faster and more efficiently and deployment of the 100Gbps ACE-NIC100 FPGA SmartNIC will mean significant power and cost reduction, it said.
Strategic Minerals PLC (LON:SML) has told investors its “primary focus” for the year ahead is to get its Leigh Creek copper project in South Australia back into production. AIM-quoted Strategic completed the acquisition of the property, which sits within a known copper-rich belt, almost a year ago and has been working ever since to bring it into operation.
Chaarat Gold Holdings Limited (LON:CGH) said its subsidiary Chaarat Gold International Limited has now extended the anticipated closing date for the acquisition of Kapan Mining and Processing Company CJSC from 15 January 2019 to 31 January 2019 with Kapan's vendor, PTML Holding Ltd, a subsidiary of Polymetal International PLC. The group said extension has arisen as a result of the extended winter holiday season in Armenia and Russia.