InfraStrata jumps as investors requisition meeting to remove its entire board

A look at some of the biggest London-listed risers and fallers today

General meeting
Pension groups Hornbuckle and Tower Pension hold a combined 5.1% stake in InfraStrata

InfraStrata PLC (LON:INFA) saw its shares jump 17% higher to 0.77p in late afternoon trading after the independent gas storage company revealed that a group of investors have requisitioned a general meeting to vote on the removal of its entire board.

The AIM-listed group said it has received a letter from Hornbuckle Mitchell Pension Trustees Ltd and Tower Pension Trustees Ltd requisitioning the meeting to remove all directors from the board and appoint two new ones.

Hornbuckle and Tower Pension hold a combined 5.1% stake in InfraStrata.

InfraStrata said it is currently seeking advice in relation to the validity of the purported requisition and advised shareholders to take no action.

But UK Oil & Gas Investments PLC (LON:UKOG) saw its shares drop 16% to 1.03p after the group confirmed recent media speculation regarding a proposed £6.5mln fundraise and said it is currently meeting with potential new institutional investors.

The firm said the potential funding would be utilised to carry out the exploration and appraisal drilling plus long flow testing activities, which is expected to begin by the end of Q2 2017 on Broadford Bridge.

The company added that while it has received positive feedback from its roadshow, nonetheless there can be no assurance that the proposed placing will be successful.

1.20pm: Concha leaps, but firm says knows of no reason why

Concha PLC (LON:CHA) saw its shares almost double in value in early afternoon trading, up 91% to 0.43p, extending yesterday’s rally following sharp falls last week, although the firm said in a statement that it knows of no reason for the price movement.

The AIM-listed investment group lost 17% in value last week after it said it was reviewing new investment opportunities following the demise of its principle investment, Ve Interactive.

Concha paid £4mln for a 0.43% stake in Ve Interactive in March 2016 when it touted the advertising technology company as an “exciting investment opportunity”.

READ: Concha defends investment in troubled Ve Interactive

But in the same month a year later Ve’s value plunged to £300mln from £1.5bn following a £3mln emergency cash injection, led by Scottish billionaire Doug Barrowman’s Aston Ventures, and the former ‘tech unicorn’ was sold for just £2mln last week.

Among other lunchtime gainers, Sepura PLC (LON:SEPU) jumped nearly 27% higher to 13p after the UK government signalled it would approve the £74mln takeover of the walkie-talkie maker by Chinese firm Hytera.

The offer was originally made back in December but its progress has been put on hold in recent months after the German and UK authorities reviewed the deal on “national security grounds”.

But on the downside, a share dilution following elections received under the group’s scrip dividend scheme saw shares in Private & Commercial Finance Group plc (LON:PCF) lose 6% to 22.25p.

The firm said holders representing approximately 11.9% of its issued share capital elected to take the scrip meaning 95,676 new ordinary shares will be issued at an equivalent price of 26.4p per share.

11.40am: Stanley Gibbon takes a licking after disposal, trading update

Embattled stamp and coin collecting specialists Stanley Gibbons Group PLC (LON:SGI) saw its shares shed 7% to 8.25p after a trading update and news of a possible lawsuit accompanied the disposal of some auction businesses.

The AIM-listed firm said it has agreed to sell the majority of its Interiors divisions, which includes auction houses Drewatts and Mallet, for £2.4mln in order to refocus the business and raise funds to pay down debt.

In its trading update, the group said: “Whilst the current Board believes that the strategic decisions of the previous Board caused undeniable damage to the Company, the demonstrable strengths of the underlying businesses, and the people within them, are becoming ever more clear.”

READ: What went wrong with Stanley Gibbons?

The group also revealed that a "significant debtor" has said it "may wish" to pursue a counterclaim against one of the firm's subsidiaries. Stanley Gibbons said it would "vigorously contest" any such move, but said it could not guarantee the outcome of any dispute.

The market’s biggest faller in later morning trading was oil and gas exploration and production company Mayan Energy Limited (LON:MYN) jwhich dropped 24% to 0.95p after it said its LM 13 shallow-well programme on the Shoats Creek operation in the US has suffered delays due to recent weather.

However, Mayan added that it is continuing to advance after the site became accessible once again and has made "encouraging progress" with the programme.

The biggest FTSE 100 loser was Micro Focus International (LON:MCRO) which dropped 8% to 2,424p after it said software revenue at Hewlett-Packard Enterprise, the US company it is buying for £6.8bn, was down around 10% for the year.

READ: Micro Focus sounds alert over HPE Software revenues

The company is currently implementing an efficiency programme at HPE and early progress has been “encouraging”, according to chairman Kevin Loosemore.

9.50am: Waterman Group engineers a Japanese takeover

The market’s top gainer in early trading was engineering and environmental consultancy firm Waterman Group PLC (LON:WTM) which surged over 80% higher to 62p after it agreed to a £43mln takeover offer from Japanese firm CTI Engineering Co Ltd.

Waterman has agreed to a 140p per share takeover offer, an 83% premium to its 76.50p closing price on Monday.

CTI has already agreed to purchase a total of 8.1mln shares in Waterman at the offer price, representing 26% of its shares.

Elsewhere, after recent speculative gains, MySQUAR Limited (LON:MYSQ) was boosted by some solid news today with its shares up nearly 20% higher to 3.40p after it told investors it is making “significant progress” in hitting its monetisation targets after seeing revenues soar at the start of this month.

READ: MySQUAR making “significant progress” 

The Myanmar-language social media platform generated average daily revenues of US$5,000 during the first week of May, compared to around US$3,900 a day in April – an increase of almost 30%.

The firm said the sharp uptick so far this month has been achieved thanks to both the integration with Telenor Myanmar’s carrier billing services and recent product launches, such as Lucky Wingabar which came out at the end of March.

And AIM-listed Intercede PLC (LON:IGP) was also in demand, adding nearly 5% at 55p on news it has been awarded a MyID contract from a "major" US aerospace and defence contractor.

Last month, the company announced that it had secured MyID contract wins with a major US Federal Agency and a US-based world leader in medical care, research and education.

In combination, these previously announced wins should generate revenue of US$1.5mln over the next five years.

Proactive news headlines…

Gene editing specialist Horizon Discovery PLC (LON:HZD) said its work in immuno-oncology has become a major growth driver as it restated its bullish sales target.

It has built what it describes as a ground-breaking platform to support the large and increasing number of customers in this new field of medicine, which uses the body’s own immune system to attack the disease.

There has been an important re-shuffle at the top of Seeing Machines PLC (LON:SEE), the leader in eye-tracking technology, with appointment of a new chief executive and the current incumbent moving to the role of executive chairman.

Mike McAuliffe, head of the automotive business Fovio, steps up to the role of CEO, with the company saying it needed a “different skill set to drive rapid global expansion”.

CentralNic Group Plc (LON:CNIC) has revealed that revenue more than doubled in the twelve months ended December 31.

The internet domains firm’s financial results showed revenues up 113% to £22.12mln for the year, up from £10.39mln the year before. Gross profit meanwhile rose by 58% to £7.66mln from £4.86mln, earnings (adjusted EBITDA) increased by 68% to £5.48mln from £2.95mln.

AFC Energy plc (LON:AFC) has told investors it is expanding its position in the European market for fuel cells with the start of engineering work for a 1 megawatt proprietary fuel cell system at the Covestro Industrial Park Brunsbüttel.

Preliminary work has started at Brunsbüttel, at a site owned by Covestro Deutschland AG, where the AFC led project aims to deploy a fuel cell system that will be fed by hydrogen fed by Covestro's hydrogen grid.

Solo Oil PLC (LON:SOLO) has highlighted “very encouraging” recent progress with Helium One’s Rukwa and Balangida projects in Tanzania.

The company, which in March acquired a 10% stake in Helium One, noted that an airborne gravity gradiometry survey spanning 16,000 line kilometres had now been completed across the Rukwa and Balangida licences.

Health marketing group Cello Group plc (LON:CLL) has made a good start to this year especially in the US where new acquisition Defined Health is doing well, it told shareholders at its annual meeting.

Tyratech PLC (LON:TYR) is to restructure into two divisions focused on animal and human health respectively to help it capitalise on the potential in both arms.

After carrying out a strategic review, Bruno Jactel, chief executive, said the company concluded that it did not have sufficient resources from operating cash flow alone to fund the next phase of its growth and unlock the full value of its assets.

Eurasia Mining plc (LON:EUA) has re-staried production at its West Kytlim alluvial platinum operation in the Urals in Russia. The main ore zones in Malaya Sosnovka are prepared for mining while snow melt is well advanced, resulting in the filling of the reservoir ponds to provide water for the washplants.

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