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The Markets
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The Markets
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Proactive news highlights including KEFI Minerals, Mirada and more

Action Hotels, Ortac Resources and Midatech also had news out on Wednesday

We kick off Wednesday’s highlights with TV and set–top software Mirada (LON:MIRA), which announced it has narrowed losses and boosted sales in its interims.

The company also said the contract roll-out with South American media group Televisa was ahead of schedule.

The specialist reported sales were around £2.25mln in the 6 months to September 30, from £2.1mln in the same period a year ago.

It wasn’t the only firm with big news out today, as Action Hotels (LON:AHCG) told investors it has agreed to a joint venture in Ras Al Khaimah, UAE, where it agreed to acquire a leasehold interest in new hotel back in October last year.

The AIM quoted company said the new partnership with Action Group Holdings, to acquire the building jointly on a freehold basis from Action Real Estate Company, will add greater value to its shareholders.

It was previously envisaged, under the October 2014 deal, that the AIM company would contribute US$4.8mln to refurbish the building and convert the interior of the building into a hotel.

In the mining space, Ortac Resources (LON:OTC) is looking forward to more good news from the Zamsort operation, in Zambia, where a commercial scale demonstration plant has been built.

At Zamsort, which will make copper cement and cobalt hydroxide filter cake, the company has a ten year small mining licence and commissioning is expected in the second quarter of 2016.

Over the past six months Zamsort, where Ortac has a 19.35% interest via a convertible loan, some US$2.6mln has been raised.

Meanwhile, KEFI Minerals (LON:KEFI) is finishing 2015 in a strong position, according to executive chairman Harry Anagnostaras-Adams.

The junior mining company, which released a fourth quarter update today, says it is on track for the first draw-down on its project finance for the Tulu Kapi project, in Ethiopia, by mid-2016. It will see the gold mine start-up in 2017.

In the pharma arena, fast growing drug delivery group Midatech (LON:MTPH, NASDAQ:MTP) has completed the acquisition of Zuplenz, a treatment for the side effects of chemotherapy.

Zuplenz is treatment to prevent nausea and vomiting stemming from radiation-based cancer treatments.

Dr Jim Phillips, chief executive, said: "We are pleased to complete the acquisition of Zuplenz, which adds to our rapidly growing portfolio of marketed oncology products.

In other news, VinaCapital Vietnam (LON:VOF) said for the 12 months to June 30 that its net asset value slipped to US$718.7mln from US$771.4mln the year before, but its NAV per share was higher, up to US$3.27 from US$3.24.

Finally, Sunrise Resources (LON:SRES) reported that Patrick Cheetham, executive chairman, has bought 3mln shares at 0.15p a pop taking his stake in the firm up to around 3.7%.

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