Malvern International PLC (LON:MLVN) was top of the class on Wednesday afternoon after the education services provider announced a tie-up with Singaporean tech firm Playware Studios.
The deal allows Malvern to use, market and distribute some of Playware’s education-related IT and technology products around the world.
In return, Malaysia-focused Malvern will pay Playware a royalty for all the sales made.
The group said the partnership will help it target a wider market this year, generate higher revenues and improve its competitive advantage. Shares were up more than 20% on the news.
Outside the headmaster’s office was PCG Entertainment Plc (LON:PCGE).
Shares fell sharply after the online media and entertainment group confirmed today it had sold off its ill-fated Center Point Development Corp subsidiary.
PCG purchased the company back in the summer of 2015 for US$410,000 plus 118.4mln shares, but it wasn’t long before PCG became entangled in a dispute between the sellers of CPDC and its major supplier.
This issue proved impossible to resolve amicably and PCG has decided to sell it on to a consortium of investors, some of whom are existing shareholders in PCG.
The purchasers will effectively sell 399.8mln PCG shares through the company’s broker, with the proceeds then handed over to PCG.
The shares to be sold represent around 30% of the PCG shares currently in issue, which partially explains the 14% fall in the share price of PCG on the announcement.
11.15am...BOS GLOBAL soars on resumption of trading
Shares in BOS GLOBAL HOLDINGS Limited (LON:BOS) soared this morning after the workforce productivity specialist’s shares resumed trading on AIM.
Shares had been suspended after the company missed the deadline for publishing the annual accounts for Forte Energy (its former name), which was 31 December.
Once the stock was back and trading on AIM, pent-up demand accrued over the holiday period was unleashed, sending shares more than 15% higher at one point.
Before it announced the suspension back on 23 December, BOS GLOBAL had been making decent progress on the development of its products, and sold off some of its “non-core” assets only last week.
Shares in ValiRx Plc (LON:VAL) also ticked higher shortly before lunch after it discovered that its prostate cancer drug appears to be working at lower doses than predicted.
The early part of ValiRx’s phase I/II study was designed to assess the safety and tolerability of VAL201 rather than efficacy.
However, CT imaging revealed ‘disease stabilisation’ and a reduction in prostate specific antigen (PSA) progression in the majority of patients.
Elsewhere, heavy snow in Turkey meant Ariana Resources plc (LON:AAU) has been hit by delays at its Kiziltepe gold mine, news which sent the share price 7% lower.
The project is now “largely operational” Ariana said, but the freezing conditions means the company hasn’t completed the final laying of a geomembrane at the tailings storage facility.
9am...Trinity Exploration gushes higher on return to Aim
Trinidad-based oiler Trinity Exploration & Production (LON:TRIN) topped the risers as it came back from suspension after a major financial overhaul.
Three new directors have been appointed as part of the company’s reboot, which involved a US$15mln fund raise comprising new shares and convertible loans.
Those shares were issued at 4.68p and today they rallied to 8.49p or a rise of 353% as investors celebrated Trinity’s reprieve.
J Sainsbury (LON:SBRY) also made a rare appearance on the risers list as the grocer’s latest trading update was miles better than markets expected.
Sales over Christmas rose by 0.1% like-for-like compared to market forecasts of a 1% decline.
The Christmas week was a record and elsewhere chief executive Mike Coupe noted very strong sales of clothes and general merchandise and a strong three months for Argos. Shares rose 6.1% to 274.8p.
Not such good news for engineer Cobham (LON:COB), which issued yet another profit warning sending its shares down 16% to 137.9p.
More worryingly, Cobham said there is ‘a thorough closing balance sheet review’ underway that includes major contracts and asset carrying values.
Cobham said its reduced profit expectations of £245mln is before any adjustment for that review, adding, in particular, there is significant uncertainty surrounding the outcome of the KC-46 tanker programme.