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Starcom heads north as order for remote tracking units is beefed up

A look at the day's major movers, including Nuformix, Reabold, Debenhams, Thomas Cook, Robinson and Toople
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"We are pleased to see WIMC indicating satisfaction with Tetis and planning for larger potential orders."

Starcom (LON:STAR), which specialises in the development of wireless solutions for the remote tracking market, has secured a new order from an existing customer.

WIMC Solutions – the WIMC stands for “where is my cargo?” - placed an order for some Tetis units back in January 2018 and to date has received 1,500 units; it has now entered into a new agreement that could see up to 30,000 Tetis units being delivered and serviced by Starcom.

Shares in Starcom were up 2% at 1.275p as the company revealed that WIMC has indicated it expects order levels for 2019 to be up to 3,400 units, which would have an aggregate value of up to US$660,000 (excluding ongoing software as a service revenue).

1.00pm: Nuformix rises after dosing starts on trial of its chemotherapy-induced nausea treatment  

Nuformix PLC (LON:NFX), the small molecule drugs developer, has commenced clinical studies for the company's lead asset NXP001.

The shares rose 4.6% to 2.3p after the company said the first dosing of NXP001 took place successfully on 20 March 2019 in a cross-over study that aims to measure the relative bioavailability of NXP001 compared to Merck's EMEND in healthy subjects.

NXP001 is in development as a treatment for chemotherapy-induced nausea and vomiting, which affects around a third of patients undergoing chemotherapy.

11.30am: Reabold's tough month continues

Reabold Resources PLC (LON:RBD) has had a tough month and the shares were in the wars again after it announced the spudding of a second well at Monroe Swell.

Drilling operations have commenced at the Burnett 2B well within the Monroe Swell field, onshore California, in which Reabold expects to earn a 50% equity interest.

Reabold’s shares were down 4.2% at 0.57p today, having ended last month at a much more healthy looking 0.749p.

 

10.30am: Debenhams and Thomas Cook battered as high street woes continue

This column normally focuses on the major movers on a single day but with the Debenhams PLC (LON:DEB) share price slumping to 2p today it is worth taking a longer view.

Less than a year ago, the shares were priced at around 24p and three years ago they were changing hands at just below 80p.

Today, the company launched a consent solicitation for holders of Debenhams’ 5.25% senior notes due 2021.

A successful consent solicitation would allow the company to enter into new money facilities and give Debenhams the ability to pursue restructuring options to secure the future of the business; however, certain of these options – if they materialise – would result in no equity value for the company's current shareholders, the company warned.

Things are also looking pretty grim for employees at Thomas Cook Group PLC (LON:TCG), with the travel group announcing the closure of another 21 of its high street stores.

Having said that, the group still has 566 stores in the Uk following the closures but that number is surely set to fall dramatically unless the next government outlaws the internet …

Shares in Thomas Cook were down 3.8%.

9.30am: Robinson in upbeat mood while Toople reveals barnstorming end to 2018

Robinson PLC (LON:RBN), the custom manufacturer of rigid plastic and paperboard packaging, shot up by 14% after raising profit expectations.

The company said it expects a marked step-up in profitability, ahead of market expectations, arising from its "Strategy into Action" program – presumably the company meant “programme”, rather than a software program.

The upbeat outlook statement was released in the company’s full-year results statement that revealed an increase in profit before taxation to £685,000 in 2018 from £630,000 the year before on the back of a rise in revenue to £32.8mln from £29.8mln the previous year.

Another minnow on the up was Toople PLC (LON:TOOP), a provider of bespoke telecom services to small and medium-sized enterprises (SMEs), after it released a trading statement ahead of its annual general meeting (AGM) today.

“December is typically a month where SMEs do not change their service providers; however, we experienced a strong month in December 2018 with a large number of new customer sign-ups in excess of 300% when compared to December 2017,” Richard Horsman, Toople’s chairman, was set to tell shareholders at the AGM,

“2019 has started in a similar fashion with January being another record month in terms of net customer contracts won (242% of January 2018 level) and February (243% of February 2018 level) showing significant progress in our key metrics when compared to last year,” he added.

Shares in Toople were up 12%.

Proactive news headlines:

Mkango Resources Ltd (LON:MKA), the exploration and development company focused on Malawi, has filed a NI 43-101 technical report for its Songwe Hill Rare Earths Project. The report relates to the resource update announced last month.

LIVE Company Group PLC (LON:LVCG) has inked a license agreement to hold its BRICKLIVE shows at the PALEXPO convention centre in Geneva, Switzerland.

INTOSOL Holdings PLC (LON:INTO) has continued its expansion in South Africa, signing a five-year management contract which will see it add SOUL on the Heads, a luxury six-suite operating hotel located in Knysna on the Garden Route to its SOUL Private Collection of owned and managed boutique hotels.

Sure Ventures PLC’s (LON:SURE) investment fund, Suir Valley Ventures, has backed the launch of an augmented reality (AR) mobile game being developed by game company WarDucks.

AI-driven procurement technology firm Maistro PLC (LON:MAIS) earned almost as much revenue in the fourth quarter of 2018 as it did in the whole of 2017.

Solo Oil PLC’s (LON:SOLO) management has set out its stall, revealing plans to acquire its way to 5,000 barrels of production per day. Gas assets in Tanzania - stakes Ruvuma and Kiliwani North -are still deemed ‘core’ to the business, but, the intention is to acquire new projects and become an operator, not just an investor in other company’s project

i3 Energy PLC (LON:i3E) is cracking on with the Liberator project, today announcing that it has inked contracts for a site survey. The North Sea field developer has hired Gardline Limited for the work which will be a precursor to the planned 2019 and 2020 drill programmes and also the construction of pipeline infrastructure.

Amur Minerals Corporation (LON:AMC) has extended the maturity date on its US$10mln convertible loan facility with Riverfort Global and YA II PN until March 2020. Some US$1.2mln has utilised already with a further US$500,000 now to be drawn down.

Connemara Mining Company PLC (LON:CON) has changed its name to Arkle Resources PLC to reflect its growing spread of activities across Ireland.

Seeing Machines Limited (LON:SEE) has announced that, further to the announcement of a conditional placing and subscription to raise gross proceeds of £27.5mln made on 20 March 2019, certain members of its board and senior management team have subsequently entered into subscription agreements to conditionally purchase a total of 8,941,667 new ordinary shares at a price of 3p each, raising a further £268,250 for the company.

Ceres Power Holdings PLC (LON:CWR), a world-leading developer of low cost, next generation steel fuel cell technology, has announced the appointment of Investec Bank as its nominated adviser and joint corporate broker with immediate effect, alongside its existing joint corporate broker, Berenberg.

Grit Real Estate Income Group Limited (LON:GR1T) announced that shareholders that several South African, Mauritian and international investors and analysts will be visiting the company's assets in Mauritius today. It said that during the visit, a presentation will be made available to delegates regarding the property portfolio, as well as on the economic dynamics and risk profile of the country and region.

WideCells Group PLC (LON:WDC) announces that it has received  further notices of exercise from European High Growth Opportunities Securitization Fund in respect of the exercise of its conversion rights under the convertible bonds for the aggregate principal amount of £210,000, together with aggregate penalty payments of £315,000, resulting in the issue of 210,000,000 new ordinary shares to the investor.


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