Petrofac Limited (LSE:PFC) shares plummeted, down nearly 30% to 23.78p, as it flagged that financing uncertainties continue, with the company updating ongoing strategic and financial restructuring efforts.
BP PLC (LSE:BP.) shares, meanwhile, raced to a near 3% premium amid press reports that it’s the subject of takeover interest from Abu Dhabi National Oil Company (Adnoc) is exploring a bid for the £90 billion corporation.
A report by Reuters claimed the state-backed UAE firm had sought advice from investment banks on the deal, though the report also said talks had stalled because of concerns whether BP was “the right fit” and also the potential politics of sealing a deal.
It comes at the end of week in which Shell PLC (LSE:SHEL, NYSE:SHEL) revealed it was rethinking its future in London, likely eying potentially higher valuation in the United States.
AIM-quoted R&Q Insurance Holdings Ltd (AIM:RQIH), down 45% to 3p, announced the sale of parts of its business as it advances a plan to deleverage and reduce liabilities. It also updated on previously announced sale, due to close later this quarter.
A brief trading update also informed investors that R&Q now expects to “realise a significant pre-tax loss for the year”.
Tern PLC (AIM:TERN) shares pulled 22% lower, to 2.69p, as the internet-of-things company raised £420,000 (gross) to top up its working capital position, selling around 4% of its enlarged share capital, with shares priced at a 30% discount to yesterday’s market price.
Kavango Resources PLC (LSE:KAV, OTC:KVGOF) traded higher, up 10.5% to 1.04p, as it announced completion of an exploration survey at its Nara gold project in Zimbabwe.
CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) shares rallied some 21% higher, to 13.69p, as investors supported the company following the news that Aldo Boitano had resigned as chief executive with immediate effect – it comes after a probe into a personal loan arrangement that was guaranteed by Boitano’s shareholding but had not, until recently, been declared to the company.