Investors in rare stamps and collectibles specialist Stanley Gibbons PLC (LON;SGI) were bracing today for an avalanche of new shares to prop up the ailing group’s fortunes.
A sale of a rare Penny Red stamp yesterday had raised a meaty £495,000 for a client, but unfortunately there are only five of these around and the imminent funding is on a different scale, it warned.
The group “ is very close to concluding the terms of an equity fundraising of approximately £13 million by the issue of new ordinary shares at a price of 10p”, it said, which compared with a price of 37p at the start of the day.
Having spent most of the past decade bulking its up, Old Mutual PLC (LON:OML) has decided being small might be a better option.
The South African life insurer will split into four parts a South African bank, an African insurance business, a US asset manager and a UK-based wealth manager.
Shareholders are unlikely to see much short term benefit suggested analysts as the group restructures its debts, but the shares rose 3% even so.
Exoskeleton group Rex Bionics PLC (LON:RXB) was also on the move, but a tie –up with the US Army might have been expected to evoke a warmer response.
The US Army wants to the use the company’s robotic exoskeleton to rehabilitate soldiers that have lost lower limbs.
The Rex equipment, as well as helping the disabled walk upright, is being developed to aid physiotherapy for people with spinal cord and traumatic brain injury.
The terms of its tie up are covered in what’s called Materiel Transfer Agreement with the United States Army Medical Research and Materiel Command.
Oil was generating some chatter on the suggestion that prices might have bottomed, according to the International Energy Agency.
Production declines in the US and other non-OPEC producers are accelerating and an increase in supply from Iran has been less than dramatic, the agency said Friday.
The crude price has rallied to over US$40 per barrel recently.
The battle for control of oil and gas group Petroceltic PLC (LON:PCI) moved on a little as activist shareholder Worldview Capital acquired the majority of the company’s debt.
Sunny Hill, a subsidiary of Worldview, revealed in a statement on Thursday evening that it had acquired 69.44% of the group’s outstanding indebtedness from certain members of Petroceltic’s banking syndicate.
The debt was acquired at a significant discount to the debt’s face value, Worldview said.
It comes after Worldview successfully petitioned Ireland’s high court to have an examiner appointed (examinership is a legal state similar in nature to America’s Chapter 11 bankruptcy protection).
The group’s shares were suspended on 7 March. Worldview is also the largest equity owner.
Brexit is never far from the social networks at the moment and pub chain JD Wetherspoon’s (LON:JDW) boss Tim Martin could not resist another dig at the European Union.
Martin has been a consistent critic of the burdens placed on business by the European Community.
In an article featured in the Wetherspoon News magazine, Martin firmly backed the Brexit campaign.
“It’s not the first time Martin has spoken out against the EU, 15 years ago he opposed the introduction of the euro. More recently he backed a Britain-led free trade negotiation with the EU, attacking what he called the ‘European elite’.
Operating profits in the half year to 24 January fell 11% due to higher wage costs, said Martin.