Connemara Mining Company PLC (LON:CON) has been forced to put out a statement after its share price rocketed higher on the appointment of Gavin Berkenheger as technical director.
The Irish mining company said it noted the rise in its share volume and price and while the board share investors' enthusiasm for Berkenheger's appointment as technical director, they didn’t know of any other reason for the excitement.
Berkenheger has worked on the Dalradian gold project in County Tyrone across the border and also discovered gold on the Connemara licences in Donegal and a new gold deposit in Scotland.
Shares rose 29% to 2.16p.
Tower Resources PLC (LON:TRP) dropped on the sale of Comet Petroleum, owner of its interests in the Saharawi Arab Democratic Republic (SADR).
Privately owned Red Rio Petroleum Ltd paid Tower a nominal £1 consideration for the deal, though it also grants the AIM quoted explorer a 10% royalty over future production from Comet’s interests in the SADR.
Shares fell 17% to 2.18p.
Advanced Oncotherapy PLC (LON:AVO) shed 16% to 62.2p as it said its Chinese distributor had no legal basis to cancel two purchase orders it made back in 2015 in March and October of 2015.
The company said it will take the necessary action to defend its position and make sure the agreement is upheld.
Noon...Strat Aero hits more turbulence as it raises £380,000
Drone group Strat Aero PLC (LON:AERO) has stalled badly and today saw more turbulence as it raised £380,000 through a share issue at 0.1p.
A year ago the shares traded at more than 5p but big losses and litigation with the boss of a US acquisition (now settled) has seen them plummet.
Iain McLure, chief executive, said the money would help stabilise the firm while tangible progress was being made at the two core divisions: Survey & Inspection Services and Commercial UAS Training & Education.
Shares tumbled 43% to 0.127p.
On a slightly bigger scale, FTSE 100-member and telecoms giant BT Group (LON:BT.A) was languishing 17% lower after it admitted the dodgy accounting at its Italian subsidiary was much worse than thought and will mean a £530mln hit. Shares fell 68p to 314.4p.
Readers of a certain age will remember Victor Kiam, who liked Remington's razors so much he bought the company.
Well, shareholders who fancy taking over either of MBL’s businesses (LON:MUBL) have their chance.
A strategic review has seen approaches from a number of parties for both of the entertainment and garden and homes arms, but if any shareholders are also interested now is the time.
“Whilst we will instruct a corporate finance adviser to work with us in managing and running a formal sales process, it would also be helpful to know if you may be interested in acquiring either of the company's trading subsidiaries,” a statement said today.
Enquiries in writing to the company by 6 February. Shares rose 4% to 13p.
9.00am ... Maintel buoyed by Azzurri deal
It was a binary day for London’s small caps, with updates being received well or poorly and little in between.
Maintel PLC (LON:MAI) was in the blue, fittingly perhaps led by a good performance by its Azzurri acquisition.
“Both full year revenue and profit now expected to be marginally ahead of the Board's expectations. In addition, cash generation has been particularly strong and net debt is now expected to be lower than previously indicated, ” said the the IT systems integrator.
Azzurri, acquired in May, is progressing well, it added with cash savings of £1.9mln realised in the period and more to come in 2017.
Shares rose 15% to 1,020p.
Not so good for petrol station services group Kalibrate Technologies PLC (LON:KLBT), which has been hit by a combination of currency movements and order delays.
It is a timing issue said chief executive Bob Stein, but shares fell 22% to 54.0p.
Murgitroyd PLC (LON:MUR) too fell by more than a fifth as it warned interim earning were below expectations and there was little chance it would make up the shortfall in the second half.
Even so, the interim dividend will go up as the patents specialist said operating cashflow over the first six months had been strong.
Shares fell 22% to 396p.