Kurdistan-focused oil producer Genel Energy PLC (LON:GENL) rocketed higher as investors ignored a disappointing set of full-year 2016 results and focused on a buy-back offer for bondholders.
It’s a “win for shareholders, subject to advantageous pricing,” according to broker WH Ireland.
Genel shares were over 13%, 7.51p, higher at 65.8p.
The company – which is chaired by former BP PLC boss Tony Hayward – said it intends to buy back a minimum of US$50mln in nominal value of its bonds, and will seek to cancel all bonds repurchased, including current treasury bonds with nominal value of US$55.4mln.
A name change did wonders for Falcon House Media Limited (LON:FAL), the recently listed over –the –top content streaming company.
Falcon Acquisitions was the previous name before it reversed in to Orbital Media, which owned the technology that eliminates buffering.
Shares rose 11% to 19.63p.
Noon..Spectra Systems Corp surges as it unveils inaugural dividend
Spectra Systems Corp (LON:SPSY), the banknote authentication specialist, is to start paying dividends.
Shares rose more than a fifth as the company revealed an inaugural dividend in its full-year results; OK, it’s only five US cents, but it’s a start.
Adjusted underlying earnings (EBITDA) more than doubled in 2016 to US$2.38mln from US$1.07mln the year before.
Mayan Energy Limited (LON:MYN) fell out of bed as it raised £600,000 through a share subscription at 0.005p.
Exploring new boundaries in decimal places, the shares tumbled to 0.0055p, down from 0.008p last night.
The funds will be used to develop the Shoats Creek field in Louisiana.
"Given the recent delays and operational difficulties at Shoats Creek, the company is pleased to have completed the Subscription today,” said Eddie Gonzalez, who took over as chief executive in September of last year.
9.17am ... Rex rules but Ncondezi plunges
The stock to dive into at the start of trading this morning was Rex Bionics PLC (LON:RXB), the maker of the REX exoskeleton.
The shares doubled to 13p on no news at all, though last we heard the company was in talks with a “substantial international partner” over a potential tie-up.
Elsewhere in the medical sector, medical imaging software company Feedback (LON:FDBK) was being a bit coy about its big news.
It revealed its TexRAD Lung product could soon be available on the diagnostic imaging platform of a leading global imaging company, but left us guessing who that company might be.
It did say the expectation is that the partnership will make TexRAD Lung easily available for hundreds of potential users worldwide on a subscription basis.
The company also said it is on track to report increased revenue for the financial year as a whole.
The shares were 13.7%.
Going the other way were shares in Ncondezi Energy Limited (LON:NCCL), the developer of a 300 megawatt power plant project in Mozambique.
It was more “whoops-a-daisy” than “ups-a-daisy” as the shares plunged 42% to 4.625p on fears that the company will not be able to pay off a loan facility before a much nastier return level kicks in.
“The company has an existing US$2.32mln shareholder loan which is repayable at a 1.5x return before 10 May 2017, after which the loan becomes repayable at a 2.0x return,” Ncondezi said.
Proactive news headlines
The boss of WideCells Group PLC (LON:WDC) said the stem cells services provider is “ideally positioned” to start generating revenues in 2017 from all its three divisions. In a statement accompanying the firm’s 2016 results, chief executive Joao Andrade said WideCells has made “significant progress in the commercialisation of our stem cell services."
In less than nine months Amryt Pharma PLC (LON:AMYT) has passed a series of landmarks that might take years for other drug companies to achieve, and it has done so at a fraction of the cost normally associated with such progress.
Bushveld Minerals Limited (LON:BMN) has secured the final funding needed to support its acquisition of a 78.8% stake in Strategic Minerals Corporation from Evraz Group. The South Africa-focused miner’s wholly-owned Bushveld Vametco Limited has agreed a bridge loan facility of up to US$11mln with Barack Fund SPC Limited to fund the acquisition.
Prelims from the digital marketing specialist Be Heard Group PLC (LON:BHRD) charted a period of significant expansion as it started to deliver on its buy and build strategy. It made acquisitions two (MMT) and three (Kameleon), expanding its offering into user experience, design and build and content marketing.
Myanmar-language social media company MySQUAR Ltd (LON:MYSQ) revealed a half-year loss of US$1.58mln from US$1.31mln. The company expects operating cash flow to improve as recently launched apps start to generate revenue.
Horizonte Minerals Plc (LON:HZM) has begun drilling work on its Araguaia nickel project in northern Brazil that will contribute to the compilation of a feasibility study. In total Geotechreserves Do Brasil will carry out a 1,500 metres programme that will help estimate how much ore is contained in area selected for trial excavation.
Coal firm Anglo Pacific Group PLC has reported a surge in royalty income in full-year 2016, mainly thanks to a significant increase in overall saleable tonnes from its Kestrel mine in Australia and is to reconsider its dividend levels with its 2017 interims. The group reported a 127% increase in royalty income for the full-year to December 31 to £19.7mln, up from £8.7mln in 2015.
Kibo Mining PLC (LON:KIBO) has decided to implement a diversified production strategy for its Mbeya coal mine in Tanzania that could see it reach output earlier than planned. The company said the strategy will develop the mine to produce coal for the Mbya power plant, its primary client, and for the domestic coal market, its secondary client.
ANGLE PLC’s (LON:AGL, OTCQX:ANPCY) collaboration with Bart's Cancer Institute (BCI) has shown the company’s Parsortix system is useful in detecting and predicting the spread of prostate cancer. The new results, presented at the World CDx Europe conference in London, suggest that using Parsortix in combination with existing assessment methods is potentially more effective than the current approach.