Quadrise Fuels International Plc (LON:QFI) was listing badly as a new, more environmentally friendly alternative fuel produced by the AIM-listed group hit a snag.
Shipping line Maersk, which is using a container ship unit to test the new product, prematurely halted the trial due to ‘operation reasons’.
These were not related to the fuel, Quadrise said, but the vessel needs to go into dry dock for inspection and Maersk can’t find a berth.
Shares fell 25% to 8.88p.
Concha PLC (LON:CHA) was another heavy faller as one of its principal investments, Ve Interactive, is facing a financial crisis and in urgent need of additional finance.
It was only a year ago that Concha invested £4mln for a 0.43% stake, with chairman Chris Akers at the time describing Ve as one of Europe’s most exciting privately owned companies.
Talks are underway with other major Ve Interactive shareholders about a proposed restructuring and funding plans, Concha said. Shares tanked 18% to 0.49p.
Oil and gas explorer Oilex Ltd (LON:OEX) was another heavy faller as it too is preparing to raise more money. The dual-listed shares have been suspended in Australia but are still trading on Aim where they fell 9% to 0.34p.
1pm...New customer stokes up interest in Strategic Minerals
Strategic Minerals PLC (LON:SML) is close to signing a substantial new customer for its iron ore tailings business, Cobre, in New Mexico.
Private group Galvin Investment Company (GIC) will take up to 350,000 tons of magnetite (iron ore) and effectively double annual sales from Cobre, while maintaining an effective net profit margin at 40% to 45% of sales revenue. Shares rose 29% to 0.97p.
Sunrise Resources Plc (LON:SRES) has discovered more potential sources of natural pozzolan at its CS project in Nevada.
A new area named as the Tuff Zone, located 1.7 km southwest of the Main Zone, extends over 1.2 km and a width of 200m, sending its share price up 24% to 0.124p.
Paternoster Resources PLC (LON:PRS) jumped 13% as GAEA Resources Limited, a trading company based in Hong Kong, has 22.7% interest.
GAEA has links with resources groups in the Far East and Paternoster said the new alliance will give it access to more investment opportunities and additional capital.
9.00am...AFC Energy delighted as Schroders joins shareholder list
Fuel cell specialist AFC Energy plc (LON:AFC), jumped 4% as blue blood fund manager Schroders took an 8.4% stake.
Schroders was the largest single investor in a recent £6mln placing, stumping up £3.3mln of the money.
A delighted Adam Bond, AFC 's chief executive, said the investment signified confidence in the business and its strategy, further demonstrating the material technical and commercial progress AFC Energy is making.
Telit Communications Plc (LON:TCM) rose 5.5% to 326.7p as its prelims revealed sales increased by 11% in 2016 and profits by 20%.
Telit is positioning itself as a “global enabler” of the internet of things (IoT), where machines and devices are able to communicate with each other.
London-listed, Trinidad-focused LGO Energy PLC (LON:LGO) has intercepted a 408 feet thick net reservoir at the Goudron Field.
It follows the drilling of the GY-682, its first development in the new campaign, which went down to a measured depth of 1,145 feet into the Mayaro Sandstone. Shares rose 17% to 4.03p.
Proctive news headlines
Porta Communications PLC (LON:PTCM) shares rose 6.7% to 4p as it bagged a contract with clothing maker F&F Tesco.
Vast Resources PLC (LON:VAST) has appointed Craig Harvey, who has been working as its chief geologist since 2013, as its chief operating officer.
H&T GROUP PLC (LON:HAT) reported a sharp increase in profits for 2016, boosted by the rising gold price and increasing demand for personal loans.
Amur Minerals Corporation (LON:AMC) has built the ice road to the Kun-Manie in Far East Russia earlier than a year ago as it gears up for its summer drilling campaign.
ITM Power plc (LON:ITM) reported a sharp pick up in its order pipeline and received planning permission for four more sites. The potential revenue pipeline of £23.8mln compares to £18.4mln in January, when it raised £5.7mln through a placing at 17p. Shares eased a touch to 17p.