Impax Asset Management Group PLC (LON:IPX) headed higher on Monday after it agreed to acquire fellow investment manager Pax World management in a deal that could be worth up to US$90mln.
AIM-quoted Impax said Pax, which it has worked with on a number of occasions over the past decade or so, would be a “highly complementary” addition with both businesses sharing similar cultures.
Impax will pay an out initial US$52.5mln to Pax’s shareholders plus up to a further US$37.5mln in performance milestones which are due in 2021.
Assuming the deal goes through, the combined group would have just over US$13bn of assets under management.
Investors approved of the acquisition, with shares adding 19.4% to 129.7p.
Interserve rallies as it appoints new FD
Interserve PLC (LON:IRV) saw its shares rally today after it named Mark Whiteling as its chief financial officer, days after the support services and construction company cut its full-year revenue and earnings expectations.
In a statement, the support services group said Whiteling was previously deputy and interim chief executive and chief financial officer at Premier Farnell PLC prior to its take-over by Avnet, and has been finance director of Communisis PLC and group finance director of Tibbett and Britten.
The small cap firm saw its shares nearly halve in value last Thursday after it lowered full-year guidance on due to "disappointing" trading in its domestic market in July and August.
12.45pm...Petra Diamond shares lose their sparkle as Tanzanian issues continue, profits fall
Petra Diamonds Limited (LON:PDL) shares were down once again today as the miner’s issues with Tanzanian authorities just won’t go away.
Last week, FTSE 250-listed Petra said the East African country’s government had ceased a large parcel containing 71,650 carats of diamonds which were due to be exported.
The Williamson mine – which is where the diamonds came from – has now reopened following a four-day stoppage but the parcel is yet to be released.
News of the impasse came in Petra’s full-year results, where it reported a rise in revenues to US$477mln (2016: US$431mln) although profits during the 12 months tumbled to US$46.5mln from more than US$75mln a year earlier.
Goldplat shines with all operations now profitable
By contrast Goldplat PLC (LON:GDP) was shining after full-year results showed that, by the end of the last quarter, all of its operations were profitable.
During the 12 months ended 30 June, Goldplat produced 42,857 ounces of gold – a 13.7% year-on-year increase.
That was due, in part, to the successful implementation of a turnaround strategy at the Kilimapesa gold mine.
Recovery operations produced 39,449 gold equivalent ounces, up from the 35,661 ounces produced in 2016.
Kilimapesa Mine produced 3,408 ounces of gold, up from 2,005 ounces in 2016. If that number still seems low, then the increased processing capacity was only seen towards the end of the year.
Goldplat shares edged 5% higher in early afternoon trade to 6.4p.
9.30am...Gama Aviation flies lower as it confirms it is facing multi-million pound lawsuit
Shares in Gama Aviation PLC (LON:GMAA) were flying low today after it confirmed press reports over the weekend that it is being sued for millions of pounds.
The private jet management group said today that Dustin Dryden, who merged his Hangar8 business with Gama back in 2014, was seeking £6.1mln for a “host of allegations”, including failure to provide goods.
It told the Sunday Times that the allegations were “baseless” and would therefore have no material impact on the firm.
The various claims and counter claims have been rattling away in the background for the best of a year, Gama said, but it hadn’t decided to inform the market until today.
A hearing is scheduled for January, but some investors weren’t willing to wait any longer to find out the verdict. Shares are down 8.1% to 232p.
All is not lost for Jersey at Verbier
After seeing its share price sink last week, Jersey Oil and Gas PLC (LON:JOG) was back on the up today after revealing that all is not lost at its Verbier exploration.
Last Monday, Jersey said that Verbier’s main target was unsuccessful, with the reservoir found to be water bearing.
That seemed to be the end of the matter, but today it has confirmed that a side-track is being drilled to test another target at the recommendation of its partner, Statoil.
With the possibility that the junior oiler and its not-so-junior partner could still yet be on to a winner, investors ploughed back in, sending the shares surging by 39% to 92.5p.
Europa gains on shareholder update
Shares in Europa Oil & Gas Plc (LON:EOG) are flowing higher after it updated investors on its progress in its shareholder newsletter.
In the somewhat technical letter, Europa boss Hugh Mackay discussed the recent exploration results offshore Ireland and what the programme may mean for its own exploration prospects.
Investors obviously got the gist of what was being said though, as shares gained 5% to 6.6p in early deals.
Proactive news headlines:
Jersey Oil & Gas PLC (LON:JOG) has given investors some fresh hope that value could be salvaged from the Verbier exploration well, with news that a side-track is being drilled to test another target. It was announced last week that Verbier’s main target was unsuccessful, with the reservoir found to be water bearing.
Flying Brands Limited (LON:FBDU) has announced that its North American contract manufacturer has now delivered the StoneChecker software prototype with testing having commenced and statistical analysis of the kidney stones medical imaging product “materially” exceeding expectations. Earlier this month, Flying Brands had said that a recent fire at the manufacturer’s warehouse meant it would not receive the Stone Checker prototype this month as originally planned.
Itaconix PLC (LON:ITX), which changed its name in March to reflect a change in focus to polymers, is starting to see the benefits of its reboot. Revenues and gross profits in the first half of 2017 matched those of the same period of 2016, while the company has been successful in lowering its cost base.
By the end of the last quarter of the year, all Goldplat PLC (LON:GDP) operations were operating profitably. This is perhaps the key takeaway from Goldplat’s preliminary results, which show that the company produced 42,857 ounces of gold during the year to 30 June, up 13.7% year-on-year, and due in part to the successful implementation of a turnaround strategy at the Kilimapesa gold mine.
Allergy Therapeutics PLC (LON:AGY) is set to kick off the phase II clinical trial of its hay fever treatment “imminently” after the pharma group got the necessary approvals from authorities. Results from the trial – which will assess 440 patients in Germany, Poland and Austria – are expected in the second half of next year.
Rose Petroleum PLC (LON:ROSE) described the six months to June 30 as a “time of continued operational progress”. The company highlighted that its strategy is to create value from its existing asset portfolio and to take advantage of other convincing market opportunities.
Eland Oil & Gas PLC (LON:ELA) told investors drilling is now underway on the Opuama-7 sidetrack well in Nigeria. The company said the well is on track to be completed in October.
SDX Energy Inc (LON:SDX) told investors it has now kicked off the drilling of its KSR-14 development well at the Sebou project onshore Morocco. It is the start of a nine-well programme that will cover the Sebou, Gharb Centre and Lalla Mimouna projects.
Lombard Risk Management PLC (LON:LRM) is to integrate its COLLINE collateral management solution with GlobalCollateral's Margin Transit Utility.
European Wealth Group PLC (LON:EWG) saw funds under management rise strongly over the past six months. The wealth manager was managing £1.74bn at the end of June, against £1.5bn six months earlier.
Shares in Learning Technologies Group PLC (LON:LTG) were higher in early trade after the company posted interim results that beat expectations. However it expects the impact of March’s purchase of NetDimensions to really kick in during the second half. Underlying profit (EBITDA) from the company, which is at the forefront of the ed-tech revolution, was £4.1mln, up 41% on the year earlier.
Indian wind and solar power group Mytrah Energy Limited (LON:MYT) has refinanced a part of its loan book through the issue of US$277mln of non-convertible debentures to Indian conglomerate Piramal. The NCDs have a 7-year tenor and will split with US$150mln earmarked for Mytrah Energy and US$127mln for Mytrah Ujjwal Power.
Pizza delivery firm DP Poland PLC (LON:DPP) is on track to open its 50th store next month as it continues its drive towards to critical mass. The confirmation came as the AIM-quoted company revealed it has made a strong start to the second half after growing sales by 50% in the opening six months of 2017.
Stride Gaming PLC (LON:STR) expects results for the year just ended will be at the upper end of market expectations.
Pharmaceutical services and drug development group Ergomed Plc (LON:ERGO) grew first half earnings and revenue in the first half of 2017.
Metal Tiger PLC (LON:MTR) is to delay the planned listing of its Thai subsidiary in order to allow potential investors time to digest the ramifications on new mining legislation in Thailand. The company has also appointed a consultant to advise on strategic options in relation to its 30% stake in MOD Resources.
KIBO Mining PLC (LON:KIBO) remains in talks with potential funding partners for the development of its Mbeya coal-to-power project in Tanzania. The company is also progressing with talks regarding a power purchase agreement with TANESCO, Tanzania's electricity distributor.
Landore Resources Limited (LON:LND) has discovered more gold mineralisation in on its Junior Lake Property in Canada, to go with the 301,000 ounces already discovered at the BAM East zone. A winter drill campaign is now planned.
Capital Network has published a report on dual-listed oil and gas producer Zenith Energy Ltd (LON:ZEN) estimating a potential upside of up to 41p (C$0.66) per share, based on third-party reserves assessment and recognising the risks and challenges facing Zenith the group in Azerbaijan. Its analyst Lionel Therond concluded: “We believe that Zenith’s strategy to own its rigs is a critical risk-mitigating factor for the project, whilst management’s ownership of c. 20% of the equity provides perfect alignment of interests with shareholders.”