A bad day for Leed Resources (LON:LDP) as shares dropped about 45% in early deals as management conceded it was unlikely a reverse takeover deal - voted in by shareholders early last year - could be done in time to avoid an AIM market suspension.
It is now expected that trading in the shares will be suspended in the coming days.
However, shares in Tangent Communications (LON:TNG) shot up more than 60% in early deals amid news of a possible management buyout of the troubled UK printing and marketing firm.
Tangent Holdings UK, a vehicle for three Tangent Communications executive directors, has offered to buy the AIM quoted company for £6.69mln or 2.25p per share.
Meanwhile, independent videos games firm Frontier Developments (LON:FDEV) increased revenues by more than 50% in the six months to November 31.
The expansion of a new franchise resulted in revenue of £10.9mln in the first half. It comes as the company makes the transition to becoming a self-publishing developer.
Over at US onshore oil and gas group Magnolia Petroleum (LON:MAGP), eight new wells were added to its portfolio in its latest quarter, taking the total in production where it has a stake to 210.
The group also agreed to participate in a 10 well drilling programme alongside operator Continental Resources targeting gas in the South-Central Oklahoma Oil Province.
It emerged junior explorer Landore Resources (LON:LND) agreed an option to sell its Root Lake lithium property in north western Ontario, Canada.
Buyer Ardiden will pay Landore C$50,000 once the option is signed and a further C$150,000 in cash and C$150,000 in shares if the option is exercised.
In other news, Constellation Healthcare Technologies (LON:CHT), the US-based healthcare services and technology company, has completed the acquisition of MDRX Medical Billing.
It paid $28mln up front which could rise to $30mln in the next two years depending on performance.
Over at 88 Energy (LON:88E) investors were told of better than expected permeability test results.
It said that the tests on samples recovered from the HRZ shales in the Icewine-1 well have exceeded expectations. The readings were ‘several times greater’ than the effective cut-off in all eighteen test samples.
Meanwhile, Active Energy (LON:AEG) the biomass coal replacement fuels group, industry veteran Dan Shaw was appointed as director of Business Development at its renewable energy division AEG CoalSwitch.
The company's biomass-derived coal replacement has generated enormous international interest since it was announced in September 2015.
And finally, Real Good Food (LON:RGD) picked up a tasty morsel at a decent price with its Haydens Bakery arm paying £1.75mln for Chantilly Patisserie. The deal is earnings enhancing, so it gives an immediate boost to RGF’s bottom line.