Defenx plc (LON:DFX) shares rose 7.26% to 162.50p after the cyber security software company said it has signed a distribution contract with Italian cyber-security firm BV-Tech Spa.
The contract comes after Defenx bought a bespoke version of BV-Tech’s encrypted voice and messaging software for €2.7mln and BV Tech invested Defenx.
BV-Tech owns 29.6% of Defenx’s share capital.
Under the three-year software distribution contract, Defenx will offer its product range for sale by BV-Tech on a global, non-exclusive basis. BV-Tech will mainly target large corporate clients, providing Defenx with further access to the corporate market.
Defenx said it remains “confident that Defenx's diversification into the corporate market, supported by BV-Tech, will yield significant profitable growth over the medium term”, adding that its 2017 results remain in line with expectations.
Electronic Data Processing rallies
Electronic Data Processing plc (LON:EDP) shares increased 5.19% to 71.0p as it reported an increase in half-year turnover and sounded a positive outlook.
The company, which provides IT and software services to the UK wholesale distribution industry, said turnover rose to £2.54mln in the six months ended 31 March from £2.51mln a year ago. Adjusted operating profit increased by 8.3% to £260,000 from £240,000.
Results were driven by revenue from customers who receive their software through the group’s hosting service.
Chairman, Michael Heller, said: "Whilst trading conditions remain competitive, the second half has started well and we remain confident about the outlook for the remainder of the year."
Xtract Resources edges lower on capital reorganisation
Xtract Resources PLC (LON:XTR) declined 4.35% to 0.011p as it announced that the resolution to consider a capital reorganisation was passed at its annual general meeting.
The capital reorganisation will become effective immediately following close of business today, the company said. As part of the reorganisation, every 2,000 existing ordinary shares will be consolidated into one ordinary share of 2p. Immediately after the consolidation, each consolidated share will then be sub-divided into one new ordinary share of 0.02p.]
Thethyan Resources drops as chairman departs
Thethyan Resources plc (LON:THE) dipped 3.57% to 3.375p after saying chairman Christopher Goss will be stepping down with immediate effect.
The group said that with the timing of its secondary listing on Canada’s TSX Venture Exchange, Goss felt it was the right time to leave.
Chief executive, Peter Mullens, said: "The board would like to thank Chris for his efforts over the last seven years, during which time he has steered the company though a difficult bear market for resource companies to a position where the company is poised to move forward as the market picks up.”
12.40pm: Electrical Geodesics shares jump on Koninklijke Philips takeover
Electrical Geodesics plc (LON:EGI) shares jumped 30.97% to 101.50p after Dutch health technology company, Koninklijke Philips, agreed to buy the US-based medical device group for £29mln.
Amsterdam-based Philips has offered 105.4p in cash for each Electrical Geodesics share held, a 36% premium to its closing share price of 77.5p in London yesterday.
“The deal, which is expected to close in the third quarter of this year, has the support of Electrical Geodesics' board,” Electrical Geodesics said in a statement.
A core product of Electrical Geodesics is its EEG platform technology, which measures electrical activity in the brain using electrodes placed on the scalp.
Creo shares boosted by first clinical use of Speeboat medical device
Creo Medical Group PLC (LON:CREO) edged up 3.82% to 81.50p after the medical device company announced the first clinical use of its Speedboat surgical endoscopy product.
The Speeboat device is used to detect and treat early sate and pre-cancerous lesions in the bowl.
The first patient with a large pre-cancerous lesion in the gastrointestinal has been treated using Speedboat, powered by Creo's CROMA electrosurgery advanced energy platform.
“The first treatment of a patient is a significant inflection in the commercialisation of our first product from the endoscopic pipeline,” said chief executive Craig Guilliford.
“In-line with our strategy, we are increasing surgeon training to expand clinical awareness and bring the benefits of this important new development to those patients in need.”
Trans-Siberian Gold shares suffer as its ZAO Trevozhnoye Zarevo business secures another loan
Trans-Siberian Gold plc (LON:TSG) shares fell 4.76% to 40.0p as it said its wholly-owned subsidiary ZAO Trevozhnoye Zarevo (TZ) entered into an agreement with VTB Bank for an extra US$5mln debt facility.
The company said the terms of the new facility represented a “material improvement” on the terms of TZ's previous borrowing.
Earlier this week the company also announced a US$15mln re-financing.
09.40am: People's Operator declines, Frontier Developments gains
The People’s Operator plc (LON:TPOP) was on the back foot even as it reported an increase in full year revenue and a narrowed loss.
Shares fell 6.38% to 5.50p in early trading.
The company, which offers mobile phone contracts, said its loss before tax shrunk to £6.7mln in the year ended 31 December 2016 from 310.5mln the previous year as revenue rose to £3.4mln from £2.1mln and costs.
Chairman Jimmy Wales said the launch of its service in the US with partner T-Mobile in June extended its reach but warned that the market continued to be challenging.
Wales is stepping down as chairman at the next annual general meeting and will be replaced by Michael Butler.
Great Western Mining shares fall after fundraise
Great Western Mining Corp. plc (LON:GWMO) shares fell 18.6% to 2.07p after announcing it has raised £1.5mln through a shares sale to provide the company with additional working capital.
The company said the proceeds will help bring forward infill and step-out drilling on its M2 copper-gold prospect in Nevada.
Frontier Developments rallies as it raises full year guidance
Going the other way, Frontier Developments plc (LON:FDEV) shares rose 6.4% to 446.0p after the video games developer said it expects 2017 revenue to jump 75% to £37.3mln, slightly ahead of its previous guidance.
The group estimated that operating profit margins would reach the top end of its forecast range of 15-20% and that operating profit would surge 500% to £7.2mln.
Frontier said the improved performance was driven by the launch of 'Planet Coaster', the company’s second game franchise, in November 2016.
Ortac Resouces gains as it recieves confirmation of licence re-issue in Slovakia
Ortac Resources Ltd (LON:OTC) shares gained after receiving confirmation from the Slovakia Main Mining Bureau that its permit for the Sturec gold project will be re-issued.
Vassilios Carellas, Ortac's chief executive, said the final decision by the Main Mining Bureau means underground activities can shortly re-commence at Sturec.
Sturec has a resource of just under 900,000oz gold equivalent, which has been progressed to pre-feasibility stage. Shares rose 14.8% to 3.8p.
Proactive news headlines…
Mariana Resources Limited (LON:MARL) expects to de-list from AIM on or around 4 July, with its TSXV shares being cancelled shortly after, following its acquisition by Canada-listed Sandstorm Gold.
The deal has received the backing of Mariana shareholders and the gold and copper explorer is now waiting on approval by a Guernsey court, which is expected to sanction the takeover at a meeting on Monday.
The non-executive chairman of Jubilee Platinum PLC (LON:JLP), Colin Bird, has snapped up 1.25mln shares in the chrome and platinum producer for £48,000. After today’s purchase, Bird holds 10.37mln Jubilee shares, representing a 0.93% stake in the company.
Christopher Goss, non-executive chairman at Tethyan Resources PLC (LON:TETH), has decided to step down from the board with immediate effect. With the secondary listing of the company on the TSX Venture Exchange advancing, Tethyan said Goss felt it was an appropriate time to step down.
ValiRx Plc (LON:VAL) ,the cancer drug developer, has recruited three people to its advisory board whose job it is to provide “strategic guidance and technical advice” to the firm’s main board of directors. Seppo Mäkinen, Dr Ajay Agrawal and Andrew King bring with them a wealth of industry and commercial experience.
Motif Bio Plc (LON:MTFB) said its chief medical officer has been invited to address a prestigious conference to discuss the results of the first of two clinical trials of iclaprim, its next-generation antibiotic. Dr David Huang has been invited to present at IDWeek 2017 on October 7 where he will give an overview of the REVIVE-1 phase-III clinical study.
Ortac Resources Ltd (LON:OTC) has received confirmation from the Slovakia Main Mining Bureau that its permit for the Sturec gold project will be re-issued. Vassilios Carellas, Ortac's chief executive, said: “Following on from previous announcements, the company was required to allow a period of time for the decision to re-issue the underground mining permit to be considered by all stakeholders.
Tlou Energy Limited (LON:TLOU) has announced the appointment of Hugh Swire as its new non-executive director with immediate effect. Tony Gilby, the Botswana focussed CBM firm’s chief executive, said: “Hugh is a great addition to our team and brings a wealth of knowledge and experience to the board. Hugh is based in London and is very well known in the investment community.
Graphene specialist Directa Plus Plc (LON:DCTA), is to work with Italian workwear group Alfredo Grassi to manufacture a new range of garments using the highly flexible element. Grassi manufactures customised protective clothing, workwear and uniforms for private and public organisations globally and has been testing graphene its products to see the benefits.