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K3 Business bemoans Brexit-related disruption

A look at some of the day's major movers, including Helical, Modern Water, Local Shopping REIT, Team17, TechFinancials, Westminster Group, Verditek and Pelatro
David Cameron
It's all this guy's fault ...

3.30pm: K3 bemoans Brexit-related uncertainty

K3 Business Technology Group PLC (LON:KBT) shares fell 4.6% to 210p on Tuesday with the blame put firmly on Brexit.

The software group said Brexit-related disruption meant revenues in its current year would be more second-half weighted than usual.

K3 reassured investors that it remains on track to meet current market expectations for the full year.

2.15pm: Helical raises the bar after paying off convertible bond

Takeover target Helical PLC (LON:HCL) moved 2.9% higher to 391p after it redeemed a convertible bond.

The office-led investment and development company focused purely on London and Manchester confirmed that its five year £100mln convertible bond with a 4.0% coupon, originally issued in June 2014, has been repaid out of existing cash resources.

The repayment of this listed unsecured debt instrument will reduce the company's gross annual finance costs by £4.0mln.

1.00pm: Water Intelligence launches new water damage assessment service

Water Intelligence PLC (LON:WATR) climbed 3% to 347.5p after launching a new business-to-business programme that builds upon its fast-growing insurance channel.

The company's American Leak Detection brand will be working with the risk management division of a Fortune 500 home solutions company to provide minimally invasive "cause and origin" assessment of water damage arising out of the purchase of home products.

American Leak Detection's may locations across the USA means it is well-placed to provide business-to-business support in timely fashion to minimise water-related damage.

11.45am: Thalassa backs share buy-back plan at The Local Shopping REIT

Investors piled into The Local Shopping REIT PLC (LON:LSR), pushing the shares up 8.4% to 29.6p, as the company announced a share buy-back.

Since the lapse of Thalassa's offer to acquire the entire issued ordinary share capital of The Local Shopping Reit, the property company’s board has continued to explore ways of returning capital to shareholders as quickly and efficiently as possible.

It has plumped, with Thalassa’s support, for a tender offer to buy shareholders’ shares from them at a price – yet to be determined – based on the net asset value of the shares.

11.00am: The worms turn at Team17

Team17 Group PLC (LON:TM17) shares jumped 9.3% to 270p after it upped its earnings and revenue forecasts for the current year.

In a trading update, the AIM 100 video games developer said that strong customer traction from both its new and established games since the start of 2019 meant adjusted underlying earnings (EBITDA) and revenues for the full year would now be “ahead of market expectations”.

The company said its first half had been boosted by strong sales across its back catalogue of games, which include titles such as Worms and Overcooked, a solid performance from an array of new release titles including My Time at Portia and Hell Let Loose and a higher proportion of revenues from its license income and subscription services.

10.15am: TechFinancials tumbles after laying bare the impact of a difficult year

Full-year results from TechFinancials Inc (LON:TECH) prompted a 14% mark-down in the share price to 5.25p.

The fintech software provider, which saw its shares spike higher last Wednesday, said revenue in 2018 plunged 42% to US$7.8mln from US$13.4mln while trading platform revenue plummeted to US$2.7mln from US$8.9mln in 2017.

The company crashed into the red with a loss before tax of US$5.0mln versus a profit the year before of US$580,000.

9.45am: Some good news from Westminster (nothing to do with the Conservative Party leadership contest)

Westminster Group PLC (LON:WSG) soared 43% to 8.55p after being chosen as the technical partner to a major upgrade of a container port in Ghana.

Final terms are set to be agreed with Ghanaian partner Scanport and port owner Meridian within 30 days.

Peter Fowler, Westminster’s chief executive, said the project at Tema is a US $1billion investment to expand its capacity from one million twenty-foot equivalent units a year to more than 3.5mln.

9.00am: Sun shines on Verditek's collaboration with graphene electronics specialist; Pelatro surges after contract win

Clean technology specialist Verditek PLC (LON:VDTK) saw its shares rise 3.7% to 7p in early morning trading as it announced a hook-up with the graphene electronics boffins at Paragraf.

Verditek and the Cambridge-based experts in graphene electronics technology development have been working together under a joint development programme to harness the advantages of graphene to improve the performance of solar power generation over state of the art cells and modules.

The collaboration has developed unique methodologies to successfully produce graphene on photovoltaic proof of concept cells, to harness the superior electrical and mechanical properties that graphene can impart. The revolutionary cell works without the encumbrance of metallic busbars or backplates required in conventional photovoltaic cells, Verditek said.

Meanwhile, precision marketing software specialist Pelatro PLC (LON:PTRO) shot up 4.8% to 76.5p on the back of a contract win.

The company has been selected by a large telecommunications company in Asia to implement its contextual marketing platform, on a licence fee model.

“Importantly, in addition to adding new clients we are benefiting from increasing levels of repeat business and cross selling opportunities from existing clients, underpinning the board's confidence in trading as we close the first half of the year,” said Subash Menon, the managing director and chief executive officer of Pelatro.

Proactive news headlines:

Hurricane Energy PLC (LON:HUR) has generated its first-ever revenues after selling a tanker-load of oil from the Lancaster field, which sits about 100km off the west coast of the Shetland Islands.

Westminster Group PLC (LON:WSG) has been chosen as the technical partner to a major upgrade of the container port at Tema in Ghana. Final terms are set to be agreed with Ghanaian partner Scanport and port owner Meridian within 30 days. 

Ethernity Networks PLC (LON:ENET) shares soared for a second session on Tuesday as the AIM-listed group confirmed yesterday's announcement from FiberHome Telecommunication Technologies, a major Chinese networking and telecommunication equipment provider that it has selected the firm’s ACE-NIC100 FPGA SmartNIC for implementation within its FitBNG, Broadband Network Gateway (BNG).

Directa Plus PLC (LON:DCTA) said its new financial year has “started well” and that roads will be laid in Italy, UK, USA and Oman this summer with asphalt strengthened by the addition of its graphene technology.

ClearStar Inc (LON:CLSU) saw its highest ever monthly revenues in May of this year and has reiterated its full-year outlook following a strong start to 2019.

Oracle Power PLC (LON:ORCP), which is developing a thermal power station in Pakistan, said it remains encouraged by continued support for the project from the Pakistani authorities.

Recent studies carried out at Chariot Oil & Gas Limited’s (LON:CHAR) Anchois gas field, offshore Morocco, have shown that development of the project is “technically feasible”. 

Alba Mineral Resources plc (LON:ALBA) has updated the market on progress across its portfolio of resources assets. At the Clogau gold project results have been obtained from a further 463 samples from the recently completed 1,200 soil sample programme.

Yellow Cake PLC (LON:YCA) increased the value of the uranium it holds for investment by 22% during the 15 month period from January 2018 to March 2019. As at the end of March the value of the U3O8 held stood at US$217.4mln, as against the acquisition cost of US$178.2mln.

Regency Mines PLC (LON:RGM) has revealed that White Car Limited, a company in which its 100% owned subsidiary EsTeq Ltd. had invested, has informed EsTeq that it has entered voluntary liquidation. The EsTeq investment in White Car Limited was held at nil value in the most recent Regency interim accounts announced on 29 March 2019.

Chaarat Gold Holdings Ltd (LON:CGH) has received assays for the first tranche of the recent drilling programme conducted on its Tulkubash gold project in Kyrgyzstan. Over 3,800 metres of drilling was completed, with a minimum of 20,000 metres scheduled to be completed in 2019.

Scancell PLC (LON:SCLP), the developer of novel immunotherapies for the treatment of cancer, announced that, further to its announcement on 13 June, Martin Diggle, Co-Founder and Portfolio Manager of Vulpes Investment Management, has been appointed a non-executive director of the company with immediate effect. The group noted that Diggle has over 30 years' experience in investment banking and fund management and has been an investor in life sciences and biotechnology companies for nearly 20 years.

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, late on Monday announced the launch of a £150mln offering of Convertible Bonds due 2025. The group said the net proceeds of the bonds are intended to be used to repay the company's £75mln, 5.375% senior unsecured bonds due 2019 on their maturity date and otherwise for general corporate purposes.

Live Company Group PLC (LON:LVCG) announced that its executive chairman, David Ciclitira acquired on-market a total of 20,000 ordinary shares in the company on the 17 June 2019, with 13,000 shares purchased at 53.5p each and 7,000 shares at 53.9p each. Following these purchases, it added, the total number of ordinary shares held by Ciclitira is 27,395,811, representing 38.89% of the company’s issued share capital.

Salt Lake Potash Ltd (ASX:SO4) has completed the placement to strategic investors of 37.5 million shares to raise gross proceeds of A$20.25 million for the ongoing construction of the Lake Way Project..

ReNeuron Group PLC (LON:RENE), the UK-based global leader in the development of cell-based therapeutics, has said it will webcast the analyst briefing on the day of its preliminary results, Thursday 11 July 2019. A recording of the webcast will later be made available at ReNeuron's website.


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