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Proactive news highlights - Strategic Minerals, ServicePower, Bushveld Minerals, Iona Energy and Summit Therapeutics

If you're a fan of interim results statements, today was dedicated to you.

If you're a fan of interim results statements, today was dedicated to you.

There was several issued from a variety of sectors. Here are some highlights.

Shares in metals firm Strategic Minerals' (LON:SML) surged 10% after it said the first half was transformational.

The period saw a move into profitability at the Cobre operation in New Mexico and the firm buy a stake in the Tatu coal project in New Zealand, it revealed, adding that the momentum was continuing into the second half.

Strategic acquired 51% of Tatu at the end of May and has an option to buy the remainder.

The six months to June 30 also saw the raising of £1 million, the establishment of the JORC resource for Tatu at 6.7 Mt and the addition of seasoned mining executive Alan Broome as chairman.

Also in mining, Bushveld Minerals (LON:BMN) stormed higher after the company unveiled a maiden resource estimate for the AB zone of its Mokopane vanadium project.

The resources were estimated at 12.5mln tonnes at an in-situ grade of 0.7% vanadium pentoxide (V2O5).

The company also revealed AB concentrate grades of between 2.01% and 2.65% V2O5, with limited variability, and an average grade of 2.21% V2O5.

ZincOx (LON:ZOX) told investors that the first half of 2015 saw a turnaround in profitability at its Korean recycling plant, the group told investors.

Improved performance and running time led to positive EBITDA (underlying earnings) of almost US$3 million for the project in the half year, compared to EBITDA of US$100,000 for the previous six months and an EBITDA loss of US$1.4 million in the first half of 2014.

The KRP plant processes EAFD (electric arc furnace dust), a by-product of steel-making, to produce zinc and throughput is increasing and recovery is close to the group's 95% target.

Changing direction, ImmuPharma (LON:IMM) said its partner Simbec-Orion is looking to recruit patients for a final-phase clinical trial of its flagship drug candidate.

Lupuzor, for the autoimmune disease lupus, has fast-track status with the US Food & Drug Administration, which will reduce development costs significantly.

The update on Lupuzor was given alongside interim results, which showed the company narrowed its losses to £1.5mln and that it had £3.3mln in the bank.

They also revealed IPP-204106 is primed to go into phase II clinical trials for pancreatic after completing safety tests that also revealed disease stabilisation in 21% of patients.

Separately, ImmuPharma has appointed a new chairman following the death of Richard Warr in July.

Elsewhere, Summit Therapeutics (LON:SUMM) said a phase II its proof of concept trial of a drug designed to combat an incurable wasting disease will get underway in the fourth quarter.

The update was provided as the company prepared to present detailed data from its latest study of SMT C1100 for Duchenne muscular dystrophy (DMD) at the International Congress of the World Muscle Society.

The drug is designed to regulate the level utrophin, a protein naturally present in the body in small amounts.

It is hoped utrophin may be able to make up for the lack of dystrophin in boys with DMD since both proteins are structurally close and appear to have very similar functions.

In oil, Iona Energy (CVE:INA), listed in Canada and focused on the UK North Sea, said all amendments to the terms of the restructuring of the firm, proposed at the bondholder meeting earlier today, were approved.

Oil and gas sector focused nanotech firm Graphene Nanochem (LON:GRPH) said talks with partners on restructuring its debt were well advanced as it continues to focus on higher margin products.

As previously reported, the group is in discussions with financiers to restructure current borrowings of £18mln to align its debt maturities with current growth plans.

“We are very focused on achieving this in the shortest possible time,” chief executive Jespal Deol told Proactive Investors following the publication of interim results.

Workforce management specialist ServicePower Technologies (LON:SVR) saw sales rise and losses fall as it works towards becoming profitable in the second half of the year, it said.

Underlying interim losses [LBITDA] were slashed to £200,000 from £700,000 in the first half of 2014, on 13% higher sales.

Loss before tax fell year-on-year to £600,000 from £900,000 in 2014, despite ServicePower increasing its research and development spend to £800,000.

The company’s Service Operations division benefitted from increases in revenue in both the UK and US with the acquisition of several new clients.

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