Telit Communications Plc (LON:TCM) shares fell after a Sky News report that the UK’s financial watchdog has launched an investigation into the technology firm.
The Internet of Things (IoT) company insisted that it was not under formal investigation by the Financial Conduct Authority in the wake of the departure of chief executive Oozi Cats.
Cats stepped down in August amid doubts about whether he was connected to an Uzi Cats, who has been running from US law enforcement since the early ‘90s after skipping a plea hearing for past indictments.
Sky News reported that details of the FCA’s investigation were unclear but was expected to look into the timing and disclosures relating to a share sale in May by Cats.
Telit said it had written the FCA in August requesting an investigation into certain matters. However, the regulator responded in a letter to say that the company was not under formal investigation.
Shares dipped 5.04% to 164.75p.
WideCells Group shares edged up 2.78% to 13.88p after saying it has concluded a revenue-generating deal that will see its unique services sold in the Middle East, North Africa and Asia.
First announced on October 11, the binding agreement with White Apex General Trading formally came into effect on Tuesday.
It triggers the immediate payment of £255,000 to the London-listed company to cover the initial set up of stem cell collection and dispatch services, and Wideacademy, which provides education and training for doctors.
12.00pm: Water Intelligence rises on well-received Q3 update
Water Intelligence PLC (LON:WATR) shares gushed higher after reporting a 50% jump in third quarter sales to US$13.27mln.
The company said sales for the year so far are already 10% higher than for the entire of 2016, boosted by a strong performance in its American Leak Detection business.
The environmental services and technology group, focused on detecting, finding and remediating water leaks, also achieved a “business plan milestone” in the quarter as Water Intelligence International passed US$1.0mln in sales, posting US$1.1mln in total after none the previous year.
Shares rose 11.54% to 145p.
Norcros PLC (LON:NXR), a supplier of bathroom products, said it intends to raise £31.4mln through a share placing to support its £60mln acquisition of Merlyn Industries Limited.
Shares fell 3.69% to 176p.
Norcros will purchase Merlyn Industries, distributor of shower enclosures, on a debt free, cash free basis. The acquisition will be part-funded through the issue of 18,254,161 new ordinary shares in Norcros at a price of 172p each.
10.00am: Elektron Technology gains after raising full year guidance
Elektron Technology PLC (LON:EKT) shares jumped as it raised full year guidance following a strong third quarter.
Shares rose 16.065 to 19.88p.
The company reported a 34% rise in third quarter sales to £8.6mln, compared to £6.4mln last year, and said year-to-date sales increased 15% to £22.9mln.
Sales growth was driven by Bulgin, the group’s core business manufacturing sealed circular connectors and electronic components.
Elektron said the order intake remains “well ahead” of last year.
Chief Executive John Wilson said: "Third quarter trading has been strong. The board now expects full-year performance to be ahead of its previous expectations."
European Metals Holdings Limited (LON:EMH) rallied after reporting “excellent” results from its six core-hole infill drilling programme at the Cinovec lithium-tin project in the Czech Republic.
Chief executive, Keith Coughlan, said: "We are very pleased that not only have we competed the planned drilling program on time and within budget, but that the results are excellent, in particular with respect to the two infill drillholes on the western part of the Cinovec South deposit.”
The results for the two infill drillholes in the western part of the Cinovec South deposit exceeded expectations while analytical results of the six drillholes confirmed the expected lithium, tin and tungsten contents and mineralization widths.
Shares rose 8.33% to 42.25p.
Amphion Innovations Plc (LON:AMP) slumped after the developer of medical, life science, and technology businesses said its case against MicroStrategy Inc. and certain of its customers was dismissed.
Shares fell 14.29% to 1.50p.
The company’s wholly-owned subsidiary DataTern Inc. claims that MicroStrategy was among a number of companies that have infringed on its patents.
However, the case was dismissed after DataTern's legal counsel pulled out and the company was unable to appoint a successor in time.
Amphion said that it seeking funding and a replacement legal counsel to pursue its claims.
Ferrum Crescent Ltd (LON:FCR) was also on the back foot after the European lead and zinc explorer announced a placing of shares to raise £185,250. The company intends to use proceeds to support its lead-zinc exploration programme in North West Spain and for general working capital purposes.
Shares dropped 14.01% to 0.0675p.
Other Proactive news headlines:
ImmuPharma PLC (LON:IMM) confirmed it is on track to publish top-line results from its phase III clinical trial in the first quarter of next year after it said over half the group had completed the full 12-month study assessing the performance of its potentially breakthrough treatment for lupus. In all 116 of the 200 patients with the life-threatening auto-immune disease have been through the 52-week process looking at the efficacy of Lupuzor; all are now at or past the nine-month stage.
Bacanora Minerals Limited (LON:BCN) (TSXV:BCN) told shareholders today that it has secured access and surface rights for its flagship Sonora lithium project in Mexico. The firm said the move is in line with its strategy to construct an open-pit mine and large-scale beneficiation processing facility at Sonora, which is one of the world's larger lithium deposits.
Genedrive PLC (LON:GDR) has terminated its agreement with Xcelris after running into further problems with the launch of MTB/RIF tuberculosis tests in India. The London-listed company cut its ties with its commercial partner in India after problems were experienced in assessing the impact of remedial action taken to address a specific sample preparation problem for the rapid molecular test for tuberculosis.
Non-executive director Steve Couldwell has been named as the new chief executive of Tissue Regenix Group PLC (LON:TRX), the regenerative medicines company. Couldwell has more than 25 years of experience in the pharmaceutical and medical device industry.
Event-driven marketing technology firm Mporium Group PLC (LON:MPM) has appointed Aleksander Øhrn as chief technology officer (CTO). He was most recently the co-founder and CTO of Cxense, a position that he held for the past seven years.
The stem cell specialist WideCells Group PLC said it has concluded a revenue-generating deal that will see its unique services sold in the Middle East, North Africa and Asia. First announced on October 11, the binding agreement with White Apex General Trading formally came into effect on Tuesday (Oct 31).
Glycotest, a portfolio company of Netscientific PLC (LON:NSCI), has been allowed a patent in China for its lead product, HCC Panel – a blood test designed to detect early-stage liver cancer. The patent expands the company's existing patent portfolio, which stands at ten previously granted or allowed patents, protecting multiple aspects of its proprietary liver disease diagnostic platform.
Caledonia Mining Corporation PLC (LON:CMCL) has raised its estimate of the mineable gold at Blanket in Zimbabwe by 6%, an upgrade that might extend the mine’s life. Steve Curtis, chief executive, said the improvement underscored the overall confidence level in Blanket's resources.
IronRidge Resources Limited (LON:IRR) has reported multiple gold intersections within trench and soil samples at Echbara in Chad, Central Africa. Further exploration is now planned for Echbara, which is 25km away from IronRidge’s Dorothe prospect in the central African country.
Rambler Metals and Mining PLC (LON:RMM) (CVE:RAB) is back on track with an upgrade to its Ming mine in Newfoundland after crusher repairs. Copper production over the quarter to September dropped 10% to 1,004 tonnes with gold output flat at 930oz.
Eco (Atlantic) Oil & Gas Ltd (LON: ECO, CVE: EOG) told investors it is advancing the Osprey lead, offshore Namibia, towards exploration drilling. The company, in a statement, revealed it is filing for Environmental Clearance Certificate (ECC) for a proposed well. Securing an ECC would represent the key clearance necessary for drilling, it added.
Thor Mining PLC (LON:THR) (ASX:THR) has advised that Paul Johnson, a non-executive director of the firm, is to exercise ten million director options at a price of 1.25p per share raising an additional £125,000 for the company.
Professor Lindy Durrant, chief scientific officer of Scancell Holdings Plc (LON:SCLP) - the developer of novel immunotherapies for the treatment of cancer - has been named as one of the 50 female leaders in UK healthcare business in BioBeat’s ‘50 Movers and Shakers in BioBusiness 2017’ report. Released annually, the report celebrates 50 outstanding women entrepreneurs and business leaders who are recognised for driving innovation in healthcare.
Capital Networks has issued a research report on OptiBiotix PLC (LON:OPTI) with analyst Rccardo Lowi concluding that a rich deal pipeline is likely to translate in to material revenue growth for the firm within 12 months.