Armadale Capital PLC (LON:ACP) was the afternoon’s big riser after the Africa-focused natural resources investor reported more “excellent” drilling results from its Mahenge Liandu Graphite Project in Tanzania.
The company struck graphite mineralisation in 24 of the 28 holes it drilled, with several returning “exceptionally high-grade intercepts”.
Those included 15 metres at 14% total graphitic content (TGC) from surface, as well as 10 metres at 18.5% TGC from 16 metres below surface.
Armadale said the results were expected to support an “imminent increase” of the maiden JORC resource estimate, which is expected by the end of the year. Shares rose 29% to 2p.
Ultimate Products recovers (somewhat) from September’s profit warning
A solid set of full-year results coupled with some bullish directors snapping up shares helped push UP Global Sourcing Holdings PLC (LON:UPGS) to within touching distance of £1 a share.
Granted it’s a bit of a come down given that only last month the share price was up past £2 before a profit warning sent it tumbling, but investors have taken today’s numbers as a sign that the consumer goods firm
It repeated its warning that revenue growth in the new financial year is “unlikely”, but profits before tax for the 12 months ended 31 July came in ahead of expectations – as Ultimate Products said they would last month – at £7.4mln, almost 20% higher than last year.
That was mainly because of higher revenues which jumped by more than a third to £110mln.
As a result of the performance, UP – which owns the Salter blender brand – hiked its dividend to 5.115p a share, up from 3.32p in 2016.
Shares were up 9.6% to 96.45p on Tuesday afternoon. Two directors thought that was a cheap enough price for them to stock up once again, with both chairman Jim McCarthy and non-executive director Robbie Bell chucking in a combined £500,000.
Portfolio company progress boosts NetScientific
Netscientific PLC (LON:NSCI) was in demand on Tuesday afternoon after one of its portfolio companies, Vortex Biosciences, made the first direct commercial sale of its VTX-1 Liquid Biopsy System.
VTX-1 is a fully automated benchtop system for collecting intact Circulating Tumour Cells (CTCs) for analysis.
The process traps unlabelled CTCs in microscale vortices from whole blood, allowing researchers to better understand cancer progression.
Francois Martelet, Vortex BioSciences’s chairman and NetScientific’s chief executive, said it was an important step towards commercialising VTX.
“The system combines industry-leading purity and high CTC capture rates of between 65%-75%, which we believe can give researchers the opportunity to open new windows into our understanding of cancer.”
Investors agreed, with shares rising sharply by 16.5% to 69.6p.
12.30pm...Nighthawk Energy dives as major backer steps down from board
US focused oiler Nighthawk Energy PLC (LON:HAWK) fell into the red after its non-executive director and largest shareholder Johan Claesson stepped down from the board with immediate effect.
Claesson, along with his affiliates, is the largest single shareholder of the company, and Nighthawk said he had provided it with a “significant amount of financing” in order to support its growth.
Going forward, the AIM-quoted outfit expects to work with Claesson and its other creditors to discuss potential restructuring options.
Investors seemed concerned that one of Nighthawk’s major backers has decided to take a step back with shares shedding 6.7% to 0.35p.
Tyman dips on profit warning
Tyman PLC (LON:TYMN) shareholders were feeling the chill early Tuesday as the door-and-window-parts supplier issued a profit warning.
As profit warnings go, it was a mild one, with the company saying underlying profit before tax for the full-year would be slightly below the current range of analyst expectations, which spans from £69.6mln to £72.3mln.
Tyman blamed the shortfall largely on increased input costs and the previously reported temporary operation issues in the AmesburyTruth division in North America.
"For the full year we expect to report revenue and underlying profit before taxation ahead of 2016, assisted by contributions from the acquisitions of Giesse and Bilco, synergy benefits and favourable exchange rates,” said Louis Eperjesi, chief executive officer of Tyman.
Shares fell 6.6% to 328.8p.
Falcon lower as key report delayed
Falcon Oil & Gas PLC headed lower early on Tuesday afternoon after the explorer was dealt a blow at its project in the Beetaloo Basin in Australia’s Northern Territory.
The Scientific Inquiry into Hydraulic Fracturing in the Northern Territory had hoped to publish a final draft of its report – which is looking at whether or not fracking should be allowed – this month.
However, it won’t be released until the middle of December now after the conduct of one of the sub-contractors enlisted to compile the report was found to be “unacceptable”. That part of the report will have to be redone, the inquiry said today.
Investors weren’t best pleased with the setback, which means the final report won’t be out until March next year. Shares dropped 11.9% to 20.4p.
9am...Fever-Tree pops thanks to annual November guidance upgrade
Shares in Fevertree Drinks PLC (LON:FEVR) fizzed higher at the market open on Tuesday after the premium tonic maker issued its traditional November forecast upgrade.
The London-based group said it had seen growth across all regions in the year-to-date but the performance of its home UK market has been “particularly impressive”.
As a result, it wheeled out a line that its investors might have heard once or twice before: “Given the strong performance in the period to date, the board anticipates that the results for the full year ending 31 December 2017 will be materially ahead of current market expectations.”
Shares jumped 8.2% in early deals to £21.22, although it was only last month that they were changing hands for the best part of £25.
Nasstar powers higher on "significant" contract win
Elsewhere on AIM, Nasstar PLC (LON:NASA) shares surged 7.3% to 11p on Tuesday morning after the cloud computing specialist announced a significant contract win.
The three-year contract with a global media company is to deliver a fully managed public/private hybrid cloud solution to a global workforce of 1,000 users.
It is expected to generate at least £2.1mln of revenues over the three-year term, with up to £3.3mln of revenues possible if client user numbers remain as they are today.
The contract will go live during a phased migration project that is expected to be fully complete by the end of June 2018.
Proactive news headlines
Lekoil Ltd (LON:LEK) told investors that it had extended the deadline of a loan from chief executive Lekan Akinyanmi for three years to December 9 2020.
Eland Oil & Gas PLC (LON:ELA) has confirmed the recently drilled Opuama-7 sidetrack well is now hooked into the field’s production facilities. Production testing is underway, with the well’s output going to export, and the flow rate is seen at 6,700 barrels of oil per day.
Tlou Energy Limited (LON:TLOU) has updated investors on its operations at the Lesedi coal bed methane project Botswana where a 2D seismic programme is nearing completion and a core-drilling programme has now kicked off. Both programmes aim to increase gas reserves and contingent resources, as well as support the company’s initial project development.
European Wealth Group (LON:EWG) has signed the agreement to buy US fund platform Newbridge with only regulatory approval needed in the US and UK needed for the deal to complete. Aircraft lessor Avation PLC (LON:AVAP) is preparing a new round of dollar-denominated debt.
Vortex BioSciences, a portfolio company of AIM-listed IP firm NetScientific PLC (LON:NSCI), has made the first direct commercial sale of its VTX-1 Liquid Biopsy System.
Stratex International (LON:STI) has parted ways with Marcus Engelbrecht following a tumultuous general meeting. Engelbrecht was removed as CEO by a shareholder vote, and the deal he had been mooting voted down.
A subsidiary of Lionsgold Limited (LON:LION) has received a license to make and receive electronic payments. This brings the company one step closer to launching its online trading platform for physical gold.
Horizonte Minerals Plc (LON:HZM) has submitted a formal mine plan for its Araguaia nickel project in Brazil to the relevant government agency. Nickel prices have been improving recently and Araguaia could start to gain traction pretty quickly.
Tertiary Minerals plc (LON:TYM) has won an award in USA from the Bureau of Land Management. The company was recognised for the "sustainability" of its exploration methods in the field in Nevada.
RM Secured Direct Lending PLC, an investment trust specialising in secured debt investments, has arranged a revolving credit facility of £10 million with OakNorth.
Shares in Nasstar Plc (LON:NASA) surged after the cloud computing specialist announced a significant contract win that is expected to be worth at least £2.1mln over three years.
Centralnic Group PLC (LON:CNIC) has sold off “a number” of its premium domain names for US$3.4mln in cash.
Specialist medical imaging technology company Feedback plc (LON:FDBK) said in its full-year results statement it is receiving significant interest in China for its TexRAD product.
Challenger Acquisitions Limited (LON:CHAL) is teaming up with a private UK company to launch and operate Comic Con-style conventions which will feature film stars from the latest action hero movies.
Vortex BioSciences, a portfolio company of AIM-listed IP firm NetScientific PLC(LON:NSCI), has made the first direct commercial sale of its VTX-1 Liquid Biopsy System. VTX-1 is a fully automated benchtop system for collecting intact Circulating Tumour Cells (CTCs) for analysis.
Falcon Oil & Gas Ltd (LON:FOG) has noted that a report from the ongoing scientific inquiry into hydraulic fracturing has been delayed amid complications in Australia’s Northern Territory. Coffey Services Australia, a consultant to the Northern Territory, had previously hired Cross Cultural Consultants (CCC) for community consultation as part of a social impact assessment, however, complaints were made regarding the sub-contractor’s conduct.