MBL Group Plc (LON:MUBL) was down 15% trading at 5.5p by Monday afternoon as investors reacted to Friday’s evenings news that it had appointed to the Company's remaining active trading subsidiary, Windsong International.
The statement, released after 6pm on June 15, revealed that the company’s efforts to sell its Home Entertainment division would take longer than previously envisaged and a worsening of trading conditions meant that further capital would be required.
Wishbone Gold PLC (LON:WSBN) shares were down 15% to 0.25p on the same day that it released financial results.
Elsewhere, Mercantile Ports & Logistics Ltd (LON:MPL) advanced after it received official documentation confirming the group’s Karanja Terminal as a customs port.
Nikhil Gandhi, the company’s executive chairman, described it as “tremendous news” and evidently the market agreed, the shares rose 15% to 2.7p.
11:50am: hVIVO soars on flu vaccine progress, Koovs and Audioboom share spotlight
hVIVO Plc (LON:HVO) shares shot up 27% to trade at 25.1p after news that a ‘universal’ flu vaccine moved a step nearer, as it reported good responses in a phase IIb trial of its new treatment FLU-v.
Trevor Phillips, hVIVO’s executive chairman, said FLU-v is now positioned to enter a Phase III trial, with clear disease and symptom-based endpoints identified.
The trial hit both its primary and secondary endpoints achieved with a reduction in influenza infection rates and severity and duration of symptoms also observed.
Koovs Plc (LON:KOOV) was up 19% as it announced a deal with Hindustan Times Media which is set to acquire a substantial stake in the business in return for advertising and marketing credit.
HT is expected to be a cornerstone investor for Koovs' fundraising and endorsing Koovs' strategy to become a major player in Indian fashion e-commerce.
Streaming media specialist Audioboom Group Plc (LON:BOOM) gained 12.6% to 2.45p following a trading update relating to its original content, Audioboom Originals Network (AON) division which has to date produced eleven serialized shows and is preparing to launch three more.
The original content carries higher margins.
Investment group Chrysalis VCT Plc (LON:CYS) saw its market value rise 6% to 62.03p after it released its half yearly report, for the six months ended April 30.
11:50am: Indivior shares see respite thanks to legal block, Aviva and RSA in M&A spotlight
London listed drugs group Indivior Plc (LON:INDV) got a 6.5% rally in Monday’s early deals as a temporary legal order prevented Indian firm Dr Reddy's launching a copycat version of best-selling Suboxone Film, which is used to treat opiate drug addiction.
It comes after £500mln was wiped from the value of the UK firm on Friday after Dr Reddy's said it was going to market with its cut-price product – much to the surprise of analysts.
The restraining order, handed down by the US District Court for the District of New Jersey, will remain in place pending a hearing on the preliminary injunction motion filed by Indivior.
READ: Monday's FTSE 100 market report
Elsewhere, insurers Aviva Plc (LON:AV) and RSA Insurance Group Plc (LON:RSA) were both a modicum higher after the Sunday Times reported that German giant Allianz is on the prowl for a large UK insurance acquisition.
The newspaper said that Allianz chief executive Oliver Bäte is said to have been working with investment bankers for several months on a hit list of possible deals.
Aviva shares gained 2.75% to 516.2p while RSA was up 1.75% at 663.4p.
In the small-cap market, a trio of AIM quoted oil and gas firms saw their share prices on the back foot through Monday’s early deals.
Canada-focused oil group Cabot Energy PLC (LON:CAB) shares fell around 8% on the news of a boardroom reshuffle that sees chief executive Keith Bush and finance director Nicholas Morgan step down.
Scott Aitken, currently the chief executive of Cabot’s 58% majority shareholder High Power Petroleum, is to become CEO, while non-exec Petro Mychalkiw will become chief financial officer.
Cabot shares were changing hands at 3.79p after the news.
SDX Energy Inc (LON:SDX, CVE:SDX) dipped around 4% after a good news / bad news morning.
It unveiled another new discovery, with the SD-4X exploration well at South Disouq, in Egypt, hitting a gas reservoir, but, a previously announced discovery well in Morocco was revealed to have had difficulties.
A flow test of the LMS-1 well, in the Lalla Mimouna Nord permit, return sub-commercial test rates though the company believes this may be the result of damage in the well and a follow-on programme is now being considered ahead of a further test.
88 Energy Plc (LON:88E) had a project update for the Icewine-2 shale well, which continues to flow previously injected fracking fluids – investors await results that represent the well’s production potential.
Other Proactive news headlines:
Capital Drilling Ltd (LON:CAPD) has upgraded its revenue guidance after a buoyant first half. It expects turnover to be in the US$105-US$115mln range, up from a previous forecast of US$100-US$110mln. The company will update on its performance in the first six months of the financial year on July 10.
Arc Minerals Ltd (LON:ARCM) has increased its ownership of Zamsort Limited to 61%, following the acquisition of an additional 6% interest from two separate shareholders of Zamsort and appointed a new drilling contractor.
Iodine extraction specialist Iofina plc (LON:IOF) had good news and bad news for its shareholders as it reiterated its full-year production guidance and revealed it, along with other producers, had been hit with "dumping duties" by China.
OptiBiotix Health plc (LON:OPTI) has signed an exclusive deal with John Morley Foods to manufacture and supply SlimBiome in muesli packs within the UK.
Braveheart Investment Group PLC (LON:BRH) has reported nearly double profits in its full-year results following a jump in the value of its investments.
App monitoring service AppScatter Group PLC (LON:APPS) still hopes to get itself its £13.5mln acquisition of German firm Priori Data across the line. appScatter had initially hoped to complete the takeover by the end of May but it pushed this back to June 15 as it waited on confirmation that investors who took part in a £15mln placing to fund the acquisition were entitled to certain tax benefits.
Directa Plus Plc’s (LON:DCTA) chairman Sir Peter Middleton says momentum has been maintained after the progress in 2017 for the graphene enhancement specialist. “We have a strong pipeline of opportunities for near-term commercial progress and continue to broaden our portfolio of patents with two granted in 2018 covering our non-toxic flame retardancy composition for the textiles market and our new graphene-based solution for enhancing the performance of tyres, which were awarded by the US and Italian patent offices respectively.
Avation PLC (LON:AVAP) has announced it has acquired and leased one factory new C Series CS300 aircraft to airBaltic, the Latvian hybrid carrier. The commercial passenger aircraft leasing company said the lease commenced on 15 June 2018 and is for 12 years and is at market lease rates.
Shares in Greatland Gold plc (LON:GGP) headed higher in early deals as it commenced its first exploration campaign at its Black Hills licence in the Paterson region of Western Australia.
Erris Resources plc (LON:ERIS) has identified a series of anomalies indicative of gold mineralisation in a ground magnetic survey at its Brännberg gold project in Sweden. The company is in joint venture with Centerra Gold (TSE:CG) at Brännberg, with Centerra providing US$1.85mln in funding during 2018 for exploration.
Wishbone Gold PLC (LON:WSBN) booked sales of US$8.2mln in the year to December 2017, almost double the US$4.2mln booked in the previous year. Admin costs were down, and the company held just over US$250,000 at the period end. Chief executive Richard Poulden said the company had built "a solid trading base for the future."
Irish explorer Providence Resources PLC (LON:PVR) has announced the earlier than expected start to an offshore survey. The Gardline M/V Kommandor survey vessel has started mobilisation ahead of data acquisition across Frontier Exploration Licence 6/14 which includes the Newgrange Prospect.
Touchstone Exploration Inc. (LON:TXP) (TSX:TXP) has announced a one-year extension of its US$15mln term credit facility maturity date until November 23, 2022, with no mandatory principal payments to be made until January 1, 2020. Touchstone is then required to repay US$810,000 per quarter commencing on January 1, 2020 through October 1, 2022, and the then outstanding principal balance is repayable on the maturity date. In addition, the amended term credit facility removes the minimum US$5mln quarterly cash reserves financial covenant. As consideration, the company paid the lender a financing fee of US$150,000.
Scotgold Resources Limited (LON:SGZ) has announced the appointment of Peter Hetherington, chief executive officer of IG Group Holdings PLC (LON:IGG), and Bill Styslinger III, a director of Nasdaq listed Casa Systems Inc., as non-executive directors of the company with immediate effect. The firm also said it is to appoint the Perth-based affiliate of BDO International as its auditors.
European Wealth Group Limited (LON:EWG), the integrated wealth management group, has announced the appointment of Jonathan Freeman, currently the non-executive chairman of PhotonStar LED Group PLC (LON:PSL), as a non-executive director.
Chaarat Gold Holdings Limited (LON:CGH), the AIM quoted exploration and development company with assets in the Kyrgyz Republic, announced it will co-host the second annual Investment Forum on 28 June 2018 with the Embassy of the Kyrgyz Republic and the European Bank for Reconstruction and Development (EBRD) entitled "The Kyrgyz Republic - Central Asia's next emerging market".
APQ Global Limited (LON:APQ), the AIM-listed emerging markets growth company announced that, as at the close of business on 31 May 2018, its unaudited book value was US$111.74 per ordinary share, equivalent to £83.98.