Telematics group Trakm8 Holdings PLC (LON:TRAK) got a lift today with its shares jumping over 12% higher to 113.5p in late afternoon trading on news it has won a contract with an undisclosed roadside assistance technology company to supply devices and data.
The contract will initially be launched in July to the customer's roadside assistance partners in Europe, with an initial focus in the UK and Holland.
Under the contract, Trakm8 will provide its latest generation Connect 300 plug in telematics device.
ValiRx Plc (LON:VAL) was another good AIM gainer, adding 8% to 2.32 as it revealed its joint venture company ValiSeek Limited has received notification that the Australian has allowed its patent covering ling cancer compound VAL401.
READ: ValIRx joint venture picks up patent in Australia
The latest notification extends patent protection to New Zealand, Australia and the United States with further patents pending for the compound elsewhere in the rest of the world.
But among the fallers, Europa Oil & Gas (Holdings) PLC (LON:EOG) saw its shares shed 14% at 6.13p as the AIM-listed explorer placed £2.1mln worth of shares at 6p each with up to a further £1.5mln to come from an open offer.
Europa said the strong support for its latest fund raise indicates how significant Ireland’s Atlantic Margin is becoming.
12.55pm: Abzena boosted by takeover deal for one of the firms using its antibody technology
Abzena plc (LON:ABZA) got a boost in early afternoon trading, rising nearly 12% higher to 38p after the biopharma group noted that one of the companies using its antibody technology is to be acquired in a deal worth more than US$400mln.
True North Therapeutics is to be bought for an upfront payment of US$400mln plus assumed cash by Nasdaq-listed Bioverativ Inc (NASDAQ: BIVV).with further payments of up to US$425mln in possible milestone payments and royalties.
READ: Abzena partner snapped up for US$400mln
As part of the acquisition, rights to True North Therapeutics' lead candidate, TNT009, a first-in-class monoclonal antibody - created using Abzena's technology - in development to treat cold agglutinin disease (CAD) pass to Bioverativ.
Elsewhere, Hummingbird Resources PLC (LON:HUM) took on 6.7% at 25.75p as it reported full-year results in which it confirmed that good progress is being made with the construction of the Yanfolila gold mine in Mali.
The group’s losses in 2016 were US$8.44mln (US$4.56mln), while cash holdings at the year-end were US$53.8mln.
And Metals Exploration Plc (LON:MTL) added 9.5% at 2.88p after it announced that its discussions with a mezzanine debt provider for the provision of a working capital facility are ongoing and that it remains the company's expectation that such a facility will be in place prior to 30 June 2017.
10.55am: NatExpress, Go-Ahead drive in different directions on broker moves
Two transport stocks were features on the second line in late morning trading, with National Express PLC (LON:NEX ) a top FTSE 250 gainer, up nearly 4% at 377.2p as JPMorgan Cazenove upgraded its rating for the buses and trains operator to ‘overweight’ from ‘neutral’.
But peer Go-Ahead Group PLC (LON:GOG) was a big FTSE 250 faller, shedding 2/7% at 1,803p as the same broker made the opposite move for it, downgrading its stance to ‘neutral’ from outperform’.
In a note to clients, the US bank’s analysts said: “In short, we are underwhelmed by Go-Ahead’s ex-rail valuation (c.11x EV/EBIT) and see a very mixed rail outlook ahead, with a positive resolution on GTR seemingly out of sight.”
But on National Express, they added “we see concerns over Spanish retendering as overdone, and expect fuel and FX tailwinds, as well as acquisitions, to drive upgrades over the short and medium term, with our forecasts 5% ahead of consensus.”
Broker comment also blighted some other FTSE 250 players, with Homeserve PLC (LON:HSV) the worst off, down 3.6% at 751.5p as both Citigroup and RBC Capital downgraded ratings for the home emergency services provider on valuation grounds following gains after an update yesterday.
And shares in TalkTalk Telecom (LON:TALK) shed 3% to 177.4p after Goldman Sachs cut the stock to ‘sell’ from ‘neutral’ and dropped its price target to 150p from 190p.
READ: TalkTalk Telecom slumps 3% after Goldman Sachs downgrades
In a note entitled ‘Growth Priced In, Not Competition’, the Wall Street Bank said the stock’s premium to the European telecoms sector was unsustainable even if its focus on growth over cash is “sensible”.
10.00am: Asiamet shares in demand on BKM cooper resource boost
Among the early small cap gainers, Asiamet Resources Limited (LON:ARS, CVE:ARS) took on 7.5% at 5.0p after the miner confirmed further extensions to the mineralisation at its BKM copper deposit, both along strike and at depth.
The company said resource infill drilling results have confirmed “a very robust resource with excellent continuity”.
The drilling update follows hot on the heels of Monday’s encouraging test work on the copper deposit in Indonesia.
READ: Asiamet even more confident about its BKM resource after latest drilling results
Meanwhile, Obtala Ltd (LON:OBT) added 6,.6% at 20.25p after the Africa-focused agriculture and forestry group said it is acquiring a profitable trader and producer of timber for up to US$14.8mln.
WoodBois International (WBI) owns a 102,000-acre concession in Gabon with a 24,000-square metre sawmill and an 18,000-square metre veneer plant opening later this year.
And Falcon Media House Ltd (LON:FAL) took on 5.1% at 18.13p after the internet broadcast media group announced a tie-up up with Verimatrix, a video delivery and rights management specialist, to deliver the first secure “over the top” (OTT) - often referred to as “red button video streaming” - service in West Africa.
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Obtala Ltd (LON:OBT), the Africa-focused agriculture and forestry group, is acquiring a profitable trader and producer of sawn timber for up to US$14.8mln. WoodBois International (WBI) owns a 102,000-acre concession in Gabon with a 24,000-square metre sawmill and an 18,000-square metre veneer plant opening later this year.
Lombard Risk Management plc (LON:LRM) delivered underlying earnings, or EBITDA, slap bang in the middle of its upwardly revised guidance range at £2.6mln, up from £2.1mln the year before.
Savannah Petroleum PLC (LON:SAVP) said the last year has been about laying the foundations for the company’s upcoming drilling campaign in Niger. In its 2016 results statement, it highlighted the new competent persons report, which has lifted its prospective resource to just shy of 2.2bn barrels from 1.191bn.
Falcon Media House Ltd (LON:FAL) is riding to the rescue of frustrated telly-watching oil industry employees in West Africa. It has hooked up with Verimatrix, a video delivery and rights management specialist, to deliver the first secure “over the top” (OTT) service in West Africa.
A large proportion of the current BKM copper resource in Indonesia should be upgraded to a higher confidence mineral resource category, Asiamet Resources Limited (LON:ARS, CVE:ARS) said this morning, following the latest drilling results.
The line-up for the inaugural Elites Series, a new league format for competitive computer gaming, is almost complete, Gfinity Plc (LON:GFIN) revealed on Tuesday. The eSports promoter announced that leading eSports team, Method, has been added to the list of teams participating in the Elite Series, which will take place this summer in London’s Gfinity arena.
Hummingbird Resources PLC (LON:HUM) has reported good progress is being made with the construction of the Yanfolila gold mine in Mali. The ball mill has recently arrived into the port of Abidjan for transporting to site, said Dan Betts, chief executive, while the carbon in leach tanks are now over 70% complete and the steelwork for the gold room and reagent area is being erected.
The founders of Keywords Studios PLC (LON:KWS) have sold a sizeable chunk of his stake in the video game ancillary services group to meet institutional demand. PEQ Holdings Ltd, a vehicle for chief executive Andrew Day and non–executive Giorgio Guastalla, has sold just shy of 4.5mln share or 8.05% of the company at 820p per share.
Tidal wave specialist Atlantis Resources PLC (LON:ARL) has raised £4.05mln through a placing at 45p. Atlantis group holds equity positions in a portfolio of tidal stream development projects, which includes a stake of 77% in MeyGen, a tidal stream power project in the Pentland Firth, Scotland.
Metal Tiger PLC (LON:MTR) has revealed details of progress with pre-feasibility work at the T3 copper project in Botswana, held in joint venture with MOD Resources (ASX:MOD). A crucial component of the work, the Environmental Management Plan, will be lodged with the relevant authorities within next few days.
NetScientific PLC (LON:NSCI) portfolio company Vortex Biosciences has initiated two clinical research studies with Californian university UCLA in patients with Non-Small Cell Lung Cancer (NSCLC). These studies are designed to provide proof of principle that biomarkers used for tumour biopsises can be adapted for circulating tumour cells (CTCs).
Metals Exploration Plc (LON:MTL) has announced that its discussions with a mezzanine debt provider for the provision of a working capital facility are ongoing and that it remains the company's expectation that such a facility will be in place prior to 30 June 2017. In the meantime, the company has approached its two major shareholders for a US$2 mln loan to enable it to meet working capital requirements and to provide a scheduled repayment to senior lenders.
Caledonia Mining Corporation PLC (LON:CMCL TSE:CMCL) is seek a listing on the New York Stock Exchange’s small cap market to boost liquidity and broaden its appeal to US investors. To meet the share price threshold of at least a US$2 share price and the norm of over US$5 per share, the Zimbabwe-focused gold miner is to consolidate its shares on a 5 for one basis.
Europa Oil & Gas (Holdings) PLC (LON:EOG) said the strong support for its latest fund raise indicates how significant Ireland’s Atlantic Margin is becoming. The AIM-listed explorer placed £2.1mln of shares at 6p per share with up to a further £1.5mln to come from an open offer.