RWS Holdings PLC (LON:RWS) dropped back 17.6% to 444.25p in mid-afternoon trading after the intellectual property support services provider said it has agreed to acquire Moravia US Holdings Co Inc and Moravia Lux Holding Co Sarl for a total of US$320.0mln, funded in part by a share placing.
RWS will pay for the acquisition through a term loan of US$160.0mln, plus US$185.0mln raised through a placing of 43.5mln shares at a price of 425.00p each.
Moravia is a provider of technology-enabled localisation services, which is expected to create a third division of scale within RWS on acquisition, with significant growth prospects, the AIM-listed firm said.
Also on the downside, Dekeloil Public Ltd shed 13.5% at 10.38p after the palm oil producer reported a decline in product sales and production in the third quarter of 2017 due to a poor harvest in a low season in the Ivory Coast.
DekelOil, which holds an 86% stake in the Ayenouan palm oil project, reported a 2% falls in total product sales to €6.4mln from €6.5mln the year before.
It said crude palm oil production in the three months ended September 30 of 4,734 tonnes, down 19% from 5,823 tonnes from the same period the year before.
But on the rise, Vast Resources PLC (LON:VAST) leapt 27% higher to 0.45p after it told investors it has made “significant progress” as it finalises the Baita Plai association licence in Romania, relating to the Baita Plai Polymetallic Mine in Romania.
Vast noted that a board meeting took place for Baita SA so that its shareholder, the Ministry of Economy, could approve the association on the licence for the exploitation and processing of the polymetallic ore.
12.20pm:Softcat higher as IT infrastructure company hikes dividend
Softcat PLC (LON:SCT) purred higher at lunchtime, up 4.9% to 460.5p after the IT infrastructure company strongly hiked its full year dividend, following an increase in both revenue and profit.
The FTSE 250-listed group declared a final dividend of 6.1p per share, up 69% from the 3.6p paid a year earlier and although it lowered its special dividend to 13.5p from 14.2p, this led to a higher total payout of 22.5p, up 15% from 19.5p last year.
The firm’s full year revenue increased by 24% to £832.5mln, up from £672.4mln, as customer numbers rose 6.0% to 13,000 from 12,200.
Hochschild Mining PLC (LON:HOC) was another good FTSE 250 gainer, up 4.7% to 231.9p after the gold miner said it achieved record levels of production in its third quarter due to strong performance at the flagship Inmaculada gold and silver mine located in southern Peru.
The group said the Inmaculada mine recorded its second strongest quarter to date, adding that it remains firmly on track to achieve its 37mln silver equivalent ounce target for the full-year.
Another mid cap riser was DS Smith PLC (LON:SMDS), up 2.9% to 486p after the group unveiled plans to acquire a Romanian packaging and paper group for around €208.0mln in cash and shares, enhancing the company's capacity and presence in eastern Europe.
The group said the acquisition of EcoPack and EcoPaper includes packaging assets and a new paper machine suited to support DS Smith's performance packaging solutions.
And FTSE 250-listed real estate developer Capital & Counties Properties PLC (LON:CAPC) took on 2.8% at 270.1p after broker Numis Securities upgraded its rating for the London-focused firm to ‘add’ from ‘reduce’.
11.10am: Chamberlin tumbles on production issues at foundry
Chamberlin PLC (LON:CMH) was one of the market’s biggest fallers in late morning trading, dropping 24% to 74.5p as the castings and engineering group said it expects revenue in the first six months of its financial year to be in line with management expectations, but said foundry margins have been "adversely" affected by production issues.
In a trading update, the AIM-listed group said it suffered technical difficulties at its new machining facility in Walsall, which has resulted in cost inefficiencies and extended cycle times. It added that it is addressing the issue and is trying to rectify the situation.
Small cap Flybe Group PLC (LON:FLYB) was also on a downwards trajectory, losing nearly 15% at 37.5p after the regional airline issued its second profit warning this year, saying first half profits will be lower than expected following an increase in aircraft maintenance costs.
The profit warning prompted Liberum to downgrade its rating on the stock to ‘hold’ from ‘buy’ and cut the target price to 45p from 50p.
Liberum expects a £15mln hit to profits this year due to higher maintenance costs but said this should be “conservative and one-off”.
Production guidance hits Nostrum
And FTSE 250-listed Nostrum Oil & Gas PLC (LON:NOG) shed 3.1% at 392.5p after the company altered its production guidance for 2018 after delayed delivery of valves required for the tie-in of its GTU3 site in Kazakhstan.
As a result, the group said gas now cannot be brought into GTU3 until next year, so the planned shut-down of the GTU1 and GTU2 sites has been postponed until after winter and is now scheduled for April 2018.
It added that the total cost of the delay will not affect the cost of the plant which remains at US$532.0mln, and Nostrum said it remains fully funded to complete GTU3 and ramp up production.
9.30am: Independent O&G up as it appoints key contractor for projects
Independent Oil and Gas PLC (LON:IOG) was an early riser this morning, gaining 8% at 26.75p after the development and production focused group announced that it has signed a Letter of Intent with Offshore Design Engineering Limited (ODE) to perform several key contractor roles for its Blythe Hub and Vulcan Satellites Hub project.
The AIM-listed firm said ODE will be responsible for the operational management of all IOG's assets and for the Thames Pipeline and network of in-field pipelines, with IOG continuing to be 100% licence owner and operator for all assets in the project.
Mark Routh, IOG’s CEO and interim chairman said: “This LOI reflects the team's continued strong progress with the IOG gas portfolio. We look forward to finalising the contract with ODE and agreeing similar terms with other key contractors to continue delivering our gas hub strategy."
Another resources stock on the move was Sula Iron & Gold PLC (LON:SULA) which added nearly 19% at 0.1p after it issued a strategy update in which it said it is considering adding further assets to the portfolio while it works on bringing in a partner to develop its Ferensola gold project.
And Asiamet Resources Limited (LON:ARS) took on 4.6% at 6.9p after it said the drilling programme at BKZ in Kalimantan, Indonesia continues to deliver high grades of a number of metals.
The group said the third in what is now an eight-hole programme of shallow drilling confirmed at least 100m of continuity of high grade mineralisation.
Proactive news headlines:
Sula Iron & Gold PLC (LON:SULA) issued a strategy update in which it said it is considering adding further assets to the portfolio while it works on bringing in a partner to develop its Ferensola gold project.
Asiamet Resources Limited’s (LON:ARS) drilling programme at BKZ in Kalimantan, Indonesia continues to deliver high grades of a number of metals. The third in what is now an eight-hole programme of shallow drilling confirmed at least 100m of continuity of high grade mineralisation.
Eckoh PLC (LON:ECK), the global provider of secure payment products and customer contact solutions, traded in line in the first half of its financial year.
Atlantis Resources Limited (LON:ARL) has asked the government for a separate deal to get its MeyGen project included as part of the UK’s next round of renewable power subsidies. The AIM-listed firm is developing the MeyGen tidal power project in the Pentland Firth but missed out in the recent renewable power auction in which eleven contracts awarded starting in 2021/2022.
Having given the market a heads-up on its plans last month, RM Secured Direct Lending PLC (LON:RMDL) intends to place some “C” class shares to raise funds.
Digital marketing specialist Be Heard Group PLC (LON:BHRD) has secured a new contract win with London taxi giant Addison Lee. Be Heard’s digital media and analytics agency agenda21 has been selected to help drive Addison Lee’s business expansion into other parts of the UK.
Silence Therapeutics PLC (LON:SLN) has been granted yet more patents from US authorities for its innovative chemical modification technology. Silence said the patents significantly strengthen its claim to ownership of technology used in competitors’ late-stage drugs – specifically products being developed by US giant Alnylam Pharmaceuticals Inc (NASDAQ:ALNY).
Regenerative med-tech Tissue Regenix Group PLC (LON:TRX) is on the hunt for a new chief executive after Antony Odell stepped down. Odell had been in the role since 2008 and will be replaced temporarily by non-executive chairman John Samuel, who will step into an executive role until a new CEO is found.
Pan African Resources PLC (LON:PAF) has successfully concluded a wage agreement at its Barberton gold project in South Africa with the National Union of Mineworkers.
Shanta Gold Limited (LON:SHG) said Investec Bank is continuing due diligence while it evaluates the potential impact of changes to the mining and fiscal regime in Tanzania. Investec has offered a new US$50mln loan facility that will replace the gold miner’s existing US$40mln arrangement with EXIM Bank.
Amur Minerals Corporation (LON:AMC) updated on its operations at the Kun-Manie project where it is evaluating possible open-pit mining opportunities. The company is testing four drill defined deposits and it said new results can allow it to assess the economic potential of the open-pit only project, with subsequent analysis set to determine the potential to access deeper ores via underground mining.
Vast Resources PLC (LON:VAST) told investors it has made “significant progress” as it finalises the Baita Plai association licence in Romania, relating to the Baita Plai Polymetallic Mine.
Hummingbird Resources Ltd (LON:HUM) told investors that the Yanfolila mine, in Mali, remains on track and on budget, to deliver first gold by the end of the 2017. The mine developer, in a statement, reported that the construction phase of the project was around 86% complete at the end of the third quarter.