Property investment firm Palace Capital Plc (LON:PCA) shares received a boost after saying that its planning application for a major development in York has been granted.
The York Council has approved the development on the company’s 2-acre site at Hudson House, a 1960s office building located in Toft Green.
The company plans to demolish the existing building and construct four new ones with a total net area of 132,893 sq ft that will include 127 apartments and space for retail stores and restaurants.
"Hudson House was part of the Sequel Portfolio which we acquired from Quintain in 2013 and where we already have two other planning approvals,” said chief executive Neil Sinclair.
“We are very excited about the prospects for this site and now we have consent we will be focusing on how best to maximise shareholder value whilst limiting the risk to our company."
Shares rose 3.02% to 392.50p.
2.15pm: Pan African Resouces on the back foot after profit warning
Pan African Resources (LON:PAF) shares retreated as it warned that the strength of the South African Rand against sterling meant it expects to report lower full year earnings per share (EPS).
Using the average ZAR:GBP exchange rate 17.25:1 during the year to end June 2017, which was 19.6% higher than the average rate in the 2016 year, the firm now expects EPS to be 24% to 13% lower than the 1.41p reported in the prior period.
This means the figure is expected to be between 1.07p and 1.22p.
Firms must disclose if they think results will differ by at least 20% from those of the previous corresponding period under Johannesburg Stock Exchange rules.
Shares fell 3.70% to 14.0p.
1.05pm: SRT Marine Systems shares up after receiving major order
SRT Marine Systems PLC saw its shares trickle up after saying that it received an order for 200 aids to navigation (AtoN) transceivers.
The order for the AtoN transceivers will be installed along part of a European waterway to help monitor the location and status of buoys as well as the local maritime environment and weather.
It marks the world's biggest single deployment of automatic identification systems (AIS) AtoN.
SRT said its AtoN was selected following over a year of evaluation and testing due to a “number of technological, quality and reliability factors”.
“AIS AtoN is still a relatively new addition to the growing AIS big data eco-system and orders will take time to build,” said chief executive Simon Tucker.
“However, with many thousands of buoys and remote maritime infrastructure worldwide we believe our significant technology, product and market investments place SRT in a dominant position within this promising new market segment."
Shares rose 8.79% to 35.90p.
12.00pm: Kingspan rallies after first half revenue growth
Building materials company Kingspan Group plc (LON:KGP) rallied after reporting an increase in first half profits and revenues.
Trading profit rose 6% to €177.8mln in the six months to 30 June and revenue gained 19% to €1.75bn, as acquisitions in Australia, Colombia and Germany boosted sales.
Sales of insulated panels jumped 17%, supported by improvements in Western Europe and a strong performance in the UK. Insulation board sales increased 8%.
“We expect end market activity to be broadly positive for the remainder of the year and at current exchange rates to deliver a full-year result at least in line with consensus,” said chief executive Gene Muragh.
“Whilst margins contracted somewhat, we anticipate further recovery of input increases in the second half. Our balance sheet is strong and ready to support our development agenda as the opportunities unfold."
11.00am: Shanta Gold shines on first half update
Shanta Gold Limited (LON:SHG) shares rose after reporting operational progress at its New Luika gold mine and saying that it has taken measures in response to changing legislation in Tanzania.
Gold shipments now attract higher royalty rates of 6%, up from 4% previously, and a clearing fee of 1% has been applied.
In response to tightened regulation in Tanzania, the group said it is making improvements to its cost structure.
"The company will update the market in due course with details of its ongoing and one-time efficiencies and cost improvements,” said new chief executive Eric Zurrin. “Tanzania remains one of the fastest growing countries globally and Shanta is well positioned for the longer term," concluded Zurrin.”
Shanta also posted its first half figures, which showed its loss before tax narrowed on cost cuts but revenue and production fell.
Shares climbed 10.47% to 3.45p.
9.30am: Vast Resources gains after receiving another funding option
Vast Resources PLC (LON:VAST) shares shot higher after saying it has received another funding option.
The mining group had last month agreed conditional heads of terms on a US$10mln funding deal with a Romania-focused corporate finance and investment firm.
Sub-Sahara Goldia Investments has now exercised its right to provide equivalent finance on the same terms and conditions.
Shares rose 12.05% to 0.312p.
PCG Entertainment Plc (LON:PCGE) shares increased 2.34% to 0.0920p after the online gaming and media group raised £1mln from a syndicate of institutional investors.
The Asia-Pacific group will issue 1mln new shares, representing 28.4% of the company, at 0.1p apiece to a syndicate led by D-Beta One EQ Ltd and which includes Cuart Growth Capital Fund I.
The AIM-quoted firm said it will use the money to fund its continuing operations, including general working capital requirements.
System1 Group PLC (LON:SYS1) shares fell 23.42% to 637.50p after the behavioural marketing services group warned on first half profits as a slower than expected start to the year has continued and an increase in costs.
The company - formerly known as Brainjuicer – said in a statement to be delivered by chairman Ken Ford at the annual general meeting this morning that it expects first half gross profit to be 6-11% lower than prior year.
“This is mainly due to non-recurrence of large one-off Innovation projects as a result of some significant client spending deferrals and a more competitive market, although there have been some more encouraging signs recently,” Ford said.
Management Consulting Group PLC (LON:MMC) edged down 5.23% to 7.25p as the professional services group widened its first half loss
The underlying operating loss for the half year to 30 June was £4.6mln, compared to a loss of £6.9mln in previous six months and £1.9m in the same period a year earlier.
The group said the results remain “unsatisfactory”, driven by the continued weak performance in North America. Revenue for the first half was £21.6mln, 11% higher than the second half but 16% lower than the same period in 2016.
Proactive news headlines:
Tanzania-focused gold producer Shanta Gold Ltd (LON:SHG) continues to ramp up operations at its New Luika gold mine, as it reviews its business plan amid changing legislation in the African country As well as posting latest half year figures, the miner revealed it had terminated a previous arrangement to buy Helio Resource Corp, which owns land next to New Luika, for US$5.6mln because of last month's legal changes.
Asia-Pacific online gaming and media group PCG Entertainment Plc (LON:PCGE) has raised £1mln from a syndicate of institutional investors. The AIM-quoted firm said it will use the money to fund its continuing operations, including general working capital requirements.
Vast Resources said that that Sub-Sahara Goldia Investments has exercised its right to provide equivalent finance on the same terms and conditions as a previous US$10mln deal agreed with a Romania-focused corporate finance and investment firm.
BOS Global PLC managing director hailed as a “remarkable achievement” the granting of two Australian patents protecting its workplace productivity software.
Morses Club Plc (LON:MCL) has secured the addition of one of the UK's leading high street lenders and expanded its existing loan facility by £15mln to fund territory growth, and said builds in progress are performing ahead of expectations.
Highlands Natural Resources Plc (LON:HNR) has completed drilling of its first two wells at the East Denver Niobrara oil and gas project in Colorado. The company said it has successfully drilled and set surface casing in both the Wildhorse and Powell wells to a total depth of 2,100 feet.