logo-loader

EQTEC gives ground as it draws on its loan facility

Last updated: 15:53 03 Jun 2019 BST, First published: 09:25 03 Jun 2019 BST

Small change

3.50pm: EQTEC draws down on its loan facility

EQTEC Plc (LON:EQT), the waste gasification to energy project specialist, declined 8.9% to 0.46p after it drew down more of its loan facility.

The company said it had tapped £200,000 of its £3.5 million loan facility with Altair Group Investment, leaving £679,000 left untapped under the facility.

The company said this drawdown will allow it to focus its resources on achieving contract execution and would provide additional working capital.

2.45pm: Carclo says its bankers have deferred banking covenant test

Shares in Carclo PLC (LON:CAR) hit the skids, falling 13% to 28p, after a test on one of its banking covenants was deferred.

The specialist plastics maker, which issued a profit warning in January, said discussions are continuing, both with customers to strengthen the financial and operational position of Wipac, and with its bank in relation to the refinancing of the group's borrowing facilities due to mature in March 2020.

As part of these discussions, the March net debt to underlying earnings (EBITDA) banking covenant test has been deferred by the bank until the end of this month.

1.45pm: Sareum Holdings hails early-stage efficacy data for cancer drug

Sareum Holdings PLC (LON:SAR) received a shot in the arm, rising by one-sixth to 0.69p, after early-stage efficacy data for a drug it helped develop was announced.

Most eye-catching among the headlines was the impact the SRA737 cancer treatment had in harness with a common chemotherapy called gemcitabine in patients with anogenital cancer, where the response rate was 30%.

The latest data was taken from a phase I/II clinical trial carried out by Vancouver-based Sierra Oncology, which licensed the drug candidate in a deal worth up to US$328.5mln plus royalties.

12.40pm: Speculators move in on Karelian as board room battle looms

Speculators continued to pile into Karelian Diamonds PLC (LON:KDR) in anticipation of a board room battle, with the shares up 60.4%.

Karelian said on Friday that dissident shareholders had called for an extraordinary general meeting to oust several board members.

The diamond exploration company said it had consulted with its legal advisors who said the requisition document did not constitute a valid requisition for an extraordinary general meeting but the company acknowledged that the parties behind the move would probably get the paperwork right next time.

If so, shareholders will be asked to vote on the proposed removal of Professor Richard Conroy (chairman), Maureen Jones (managing director) plus three non-executive directors: Seamus FitzPatrick, Dr Sorċa Conroy and Louis Maguire.

It is likely that shareholders will also be asked to vote on the proposed appointment of Alan Osborne, Stephen Grimmer, Martin Doyle and Kevin Taylor as directors.

11.50am: Kier plummets after profit warning

Shares in Kier Group PLC (LON:KIE) plunged 38% after the outsourcing firm warned that full-year profit would be lower than previously expected.

The company said underlying operating profit for 2019 will be £25mln below its previous guidance due to lower-than-expected sales in its building division as well as “volume pressures” in its highways, utilities and housing maintenance arms.

Ian Forrest, an investment research analyst at The Share Centre, said there are clearly fears in the market that the company might be heading the same way as former sector peer, Carillion.

“The company is now carrying out a strategic review and investors will hope that some good news emerges from that on 30 July when it is due to report. Dividends are already expected to drop by 75% this year and that could worsen further as the year goes on. While we don’t have a formal view on the company today’s announcement had a bleak tone and investors should be extremely wary,” Forrest advised.

11.10am: Fulcrum wobbles as it delays publication of its results

Shares in Fulcrum Utility Services Ltd (LON:FCRM) were wobbling, down 28% at 21.5p, after it delayed the publication of its full-year results.

The company said it would announce its final results for the year ended 31 March 2019 by early July 2019.

This delay to the original timetable is as a result of an increasing scope and complexity of the enlarged group and the financial reporting framework compared to previous years, it told investors.

In particular, work is ongoing on certain non-cash items that the board believes will not affect the trading results and prospects for the company.

10.20am: Microsaic Systems hails new workflows designed to analyse in real time complex sampless from bioreactors

Microsaic Systems PLC (LON:MSYS), the developer of point of need mass spectrometry instruments, rose 13% to 1.5p after announcing a technological breakthrough.

The company bragged it has developed proof of concept workflows to analyse in real-time complex samples from bioreactors, which could enable customers to achieve significant costs and time savings.

“What we have demonstrated is the potential for our technology to replace very expensive analysers, which have been the mainstay of bio-analysis over time,” said Glenn Tracey, the chief executive officer (CEO) of Microsaic, who modestly noted that the breakthrough marks “yet another important milestone in the strategy set out when I took on the role of CEO”.

9.30am: Dignity dips despite welcoming crackdown on funeral plan schemes by the government

Funerals provider Dignity PLC (LON:DTY) said on Monday that it welcomed the introduction of the statutory regulation of pre-arranged funerals, but its shares still fell 4.5% to 658.50p in early morning trading.

Her Majesty's Treasury said at the weekend that the new regulations would be administered by the Financial Conduct Authority.

"Dignity has long led the industry in best practice and has called for regulation of the pre-paid funeral plan sector to protect consumers,” claimed Mike McCollum, the group's chief executive officer.

“We are pleased that HM Treasury has taken this decision,” he added.

Meanwhile, adhesive films and tapes provider Scapa Group PLC (LON:SCPA) came unstuck in early deals, almosy halving in value, down 46% to 158p after it lost a big contract.

ConvaTec has said it will terminate the master supply agreement with Scapa Tapes North America, even though it has three years left to run.

Scapa has instructed its legal eagles to challenge the termination of the agreement, which provides at least US$30mln a year in revenue to Scapa.

Proactive news headlines:

Argo Blockchain PLC (LON:ARB) has reported “significantly better” trading conditions since early May and has raised expectations for its second quarter on the back of improving prices in the cryptocurrency market.

Sareum Holdings PLC (LON:SAR) chief executive Tim Mitchell said he was “extremely encouraged” by preliminary efficacy data released over the weekend on a drug his company helped to develop. Most eye-catching among the headlines was the impact SRA737 had in harness with a common chemotherapy called gemcitabine in patients with anogenital cancer, where the response rate was 30%.

WideCells Group PLC (LON:WDC) has won its first contract for its new Iconic Labs business and said it was “very close” to completing its restructuring.

Sirius Minerals PLC (LON:SXX) said it has received four conversion notices in respect of the US$106.6mln Guaranteed Convertible Bonds due 2027, which were issued in connection with the company's Stage 2 financing announced on 30 April 2019 and 1 May 2019, and will allot and issue 17,191,975 new ordinary shares of 0.25p each as a result.

i3 Energy PLC (LON:I3E) has announced the successful closing of the £22mln junior loan note facility, announced on 1 March, and the £2mln share placing with funds managed by Lombard Odier Investment Managers, announced on 30 May, which - in combination with the £16mln share placing announced on 12 March - means the company is now funded for its summer 2019 drilling programme.

Avacta Group PLC (LON:AVCT) has said it will go to clinic “well ahead of original plans” with a drug candidate that combines its binding protein technology with chemotherapy. The group's tumour microenvironment activated drug conjugates (TMAC) are a ground-breaking new form of cancer immunotherapy.

Risk management software firm KRM22 PLC (LON:KRM), which floated in April 2018, said its 2018 results represented just the first few steps on its journey, as it seeks to ring increased visibility and lower cost risk management to capital market organisations.

The executive chairman of hotel group INTOSOL Holdings PLC (LON:INTO), Rainer Spekowius, has said the company will look to add more luxury properties to its portfolio in its current financial year, with a view to expanding beyond the South African market.

Applied Graphene Materials PLC (LON:AGM), the producer of speciality graphene materials, has signed a distribution agreement with Carst & Walker (C&W), covering South Africa. C&W SA, part of Hobart Enterprises Ltd, is the market-leading supplier of key additives to the South African paints and coatings industry.

Benchmark Holdings PLC (LON:BMK) said it expects its full-year results to meet market estimates after delivering a 23% rise in adjusted earnings (EBITDA) in the first half. The aquaculture health, nutrition and genetics firm posted adjusted EBITDA of £7.5mln for the first half on revenue of £78.3mln, up 3.4% on a year ago.

Shield Therapeutics PLC (LON:STX) has said it will continue to “robustly defend” its intellectual property  after receiving notice that Teva Pharmaceutical Industries Ltd had appealed a ruling by the European Patent Office (EPO) regarding STX’s Feraccru iron deficiency treatment.

Nektan PLC (LON:NKTN has appointed ex-GVC Holdings director Simon Hay as new chief financial officer of the online gaming technology specialist.

Advanced Oncotherapy PLC (LON:AVO) was lifted by positive results from its comparative study on the LIGHT system, the company's proprietary proton accelerator.

Plexus Holdings Plc (LON:POS) has formed a new joint venture vehicle, to be called Plexus Pressure Control (PPC), which will supply surface production xmas trees and wellhead annulus outlet valves. The unit will be majority owned by Plexus and its partner is BEL Valves Limited, a subsidiary of Newcastle based British Engines Group.

Investors in Alba Mineral Resources plc (LON:ALBA) can look forward to the next phase of work at the Brockham field in the coming weeks. Brockham operator Angus Energy has announced that preparatory operations for the second stage of work will start in the week of 17 June.

Mining and stockpiling of ore at the West Kytlim platinum group metals mine owned by Eurasia Mining plc (LON:EUA) commenced in the first quarter of 2019.

Yellow Cake PLC (LON:YCA) has bought and taken delivery of US$30mln worth of uranium.

Richland Resources Ltd (LON:RLD) has extended its convertible loan note facilities to 30 June.

Sunrise Resources PLC (LON:SRES) presented at a symposium in the US last week and reports considerable interest from the audience in its portfolio of unusual minerals.

Chaarat Gold Holdings Ltd (LON:CGH) said an investor has increased its subscription of convertible bonds by US$5mln.

Landore Resources Ltd (LON:LND) has raised £1mln (C$1.72mln) through a placing and subscription of shares at 0.7p each. The new shares represent approximately 11.87% of the company's enlarged issued ordinary share capital.

Cabot Energy PLC (LON:CAB), in its financial results, described 2018 as a year of necessary transition - including and following the appointment of Scott Aitken as chief executive last June. "Despite growing average annual production in Canada by 71% to 703 bopd, enabling a 154% increase in revenues, the board uncovered significant unbudgeted cost overruns,” Aitken said.

Chariot Oil & Gas Limited (LON:CHAR), the Atlantic margins focused oil and gas company, has announced the appointment of Andrew Hockey as an independent non-executive director with immediate effect. It noted that Hockey was a founder of Fairfield Energy Limited with whom he is a non-executive director and was previously a non-executive director and chairman of Sound Energy PLC (LON:SOU).

Echo Energy PLC (LON:ECHO), the Latin American focused upstream oil and gas company, announced that, having supported her successor as CEO through the planned transitionary period, Fiona MacAulay is stepping down from the board as a non-executive director with immediate effect.

G3 Exploration Ltd. (LON:G3E) is pleased to announce that it has appointed VSA Capital Limited as joint corporate broker to the Company with immediate effect.

Europa Oil & Gas (Holdings) PLC (LON:EOG), the UK and Ireland focused oil and gas exploration, development and production company, said it has completed the sale of its 20% interest in the UK onshore PEDL143 exploration licence to AIM listed UK Oil & Gas PLC (LON:UKOG) for a consideration of £300,000, satisfied through the issue of 25,951,557 UKOG shares.

Union Jack Oil PLC (LON:UJO), a UK focused on-shore hydrocarbon production, development and exploration company also confirmed that, further to its announcement dated 16 April, it has now completed the sale of its 7.5% interest in PEDL143 to UK Oil & Gas PLC (LON:OKOG).

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

1 hour, 19 minutes ago