Sumo rallies as shareholders re-elect managers at AGM

A look at some of the top risers and fallers in London today

Shares in video game developer Sumo rose 12% in afternoon trading

Sumo Group PLC (LON:SUMO) rallied after shareholders re-elected directors to the board of the video game developer, including the chief executive, chairman and chief financial officer.

At the annual general meeting, investors unanimously voted in favour to keep Carl Cavers as chief executive, Kenneth Beaty as chairman and David Wilton as chief financial officer.

Shares increased 12.8% to 185p.

Vast Resources PLC (LON:VAST)shares are up 6.4% to 0.58p after the mining company said it has raised £1.25mln through share placing.

The proceeds along with net cash from operations will satisfy its funding requirements for the development of its operations in Romania and Zimbabwe.

UKOG shares rise as Horse Hill flow testing operations begin

UK Oil & Gas Investments PLC (LON:UKOG) shares received a boost on news that planned flow testing operations at the Horse Hill-1 well have started.

UKOG, which is the largest London-listed stakeholder in the project with a 32% interest, said all key equipment necessary to carry out a 150-day long-term extended flow test campaign at HH-1 is now on site.

"UKOG remains confident that the comprehensive long-term production testing campaign will provide the necessary data to fully assess Horse Hill's Portland and Kimmeridge commerciality and help move the project towards timely production and positive cash flow. Horse Hill remains a fundamental and exciting part of the company's core portfolio and we look forward to a safe and positive test campaign,” said UKOG chairman Stephen Sanderson.

Shares rose 6% to 1.32p.

Bango shares gain on launch of mobile operator billing integration for Amazon

Bango PLC (LON:BGO) said it has expanded the use of its billing integration technology to allow customers to sign up for Amazon Prime Video in the UK through a leading mobile operator.

Shares in the mobile commerce company rose 6.3% to 183.5p.

Customers will be able to subscribe to Prime Video as part of their mobile plan.

It comes after Bango's initial launch with Amazon in India for Bharti Airtel, India's largest mobile network operator.

Xaar PLC (LON:XAR) slumped after saying it is unlikely to meet full year revenue expectations for the ceramics market following disappointing trading in the first five months of the year.

The inkjet technology company said it plans to make cost reductions to "better align capacity in the legacy business with the expected future demand" after trading had come in “below expectations”.

Full year profits are expected to be in line with guidance, thanks to the cost cuts.

Shares fell 14% to 235p.

Premier African Minerals shares boosted by Cadence Minerals deal

Premier African Minerals Ltd (LON:PREM) shares jumped after Cadence Minerals PLC (LON:KDNC) signed a conditional heads of terms to invest up to US$5.1mln in the Zulu Lithium Project.

Cadence will acquire up to a 30% stake in Premier African’s wholly-owned subsidiary, Zulu Lithium Mauritius Limited, the parent company of Zulu Lithium (Private) Ltd – the owner of the project. The investment will fully fund the definitive feasibility study of the project.

Shares in Premier African surged 55% higher to 0.21p.

InfraStrata PLC (LON:INFA) shares pushed 9.4% higher to 0.46p after announcing the appointment of a new chief financial officer and chief operating officer.

Andy Duncan, who has been an independent consultant of the company, will begin as chief financial officer effective immediately. He was a former executive director at Standard Chartered PLC (LON:STAN) where he managed the bank’s global relationships with a number of oil and gas companies.

John Wood, who was the global head of oil and gas at Aurecon and previously held senior positions at BAE Systems PLC (LON:BA), has been appointed as chief operating officer and will also begin straight away.

Fastjet and Crawshaw shares tumble

Shares in budget African airline Fastjet PLC (LON:FJET) descended as it said it was in active discussions with major shareholders regarding a potential equity fundraising.

The company said without the extra funds it is at risk of not being able to continue trading. Since securing loans in June, the carrier has continued to consume cash as a result of the recent acquisition of three aircraft, further operating cash outflows and a creditor reduction.

Shares plunged 64% to 5.5p.

Crawshaw PLC (LON:CRAW) was also under the cosh after the butcher reported a 12.9% drop in like-for-like sales in the 20 weeks to June 17.

The company said trading at its high street stores remains challenging and reflects a widely reported decline in footfall and weaker consumer confidence.

Shares fell 28% to 5p.

Other Proactive news headlines:

The long-awaited next phase of flow testing at the Horse Hill discovery in southeast England has begun. All of the equipment needed to carry out the 150-day long-term extended flow test campaign at the HH-1 well is now on site. UK Oil & Gas Investments PLC (LON:UKOG) has a 32.4% stake in the project, Alba Mineral Resources PLC (LON:ALBA) owns an 11.8% interest, while Solo Oil PLC (LON:SOLO) holds a 9.8% stake.

Tavistock Investments PLC (LON:TAVI) saw its shares leap up in early morning trading Wednesday after reporting a jump in its underlying earnings for the full-year and a maiden pre-tax profit.

i3 Energy PLC (LON:I3E) has granted a period of exclusivity to an unnamed company for a potential farm-in deal for both the Liberator and Liberator West blocks in the UK North Sea.

W Resources PLC (LON:WRES) has announced that development work is “advancing well and remains on schedule and on budget” at its flagship La Parrilla tungsten project in Spain.

Rainbow Rare Earths Ltd (LON:RBW) has announced that Phase 1 drilling results at its maiden drilling campaign at Kiyenzi target at Gakara project in Burundi has confirmed the presence of multiple intersections of high grade rare earth elements (REE).

Shares in 88 Energy PLC (LON:88E) dipped on Wednesday morning as the oil explorer said it was still struggling to recover stimulation fluids from the Icewine#2 well in Alaska as fast as it would like. On Friday, the AIM-quoted firm said the rate of recovery had slowed due to the optimisation of nitrogen lift operations – an intervention method designed to accelerate the rate of recovery.

Coinsilium Group Limited (NEX:COIN) said its advisory client, FANTOM Foundation, has raised US$39.8mln following a successful token sale.

FairFX Group PLC (LON:FFX) has launched a new global current account aimed at small businesses. The AIM-listed international payments and e-banking group said its Fair Everywhere account would allow customers to manage all day-to-day business banking and international money transfers in one place with balances in sterling, euros and US dollars.

Last year was another year of significant technological development for Advanced Oncotherapy PLC (LON:AVO) that saw the installation of the company's first proton-based LIGHT radiotherapy system.

Highlands Natural Resources PLC (LON:HNR) said it has been testing a new bottom-hole-assembly (BHA) drilling technique at its Grizzly, Ouray and Thunder wells at the East Denver shale oil and gas project which has led to a revision in its drilling timetable.

Block Energy PLC (LON:BLOE) has announced the acquisition of an additional 20% interest in the ‘highly prospective’ West Rustavi licence in Georgia, increasing its working interest to 25%. The oil and gas company said West Rustavi licence has proven reserves and multiple gas discoveries have already been made in the Lower Eocence and Upper Cretaceous within the licence.

Shanta Gold Limited (LON:SHG), the East Africa-focused gold producer, developer and explorer, said that over 75% of the holders of its unsecured subordinated convertible loan notes due April 2019 have voted in favour of a planned buy-back. The group added that, following the passing of the written resolutions, a subsidiary of the company will proceed to buy-back approximately 33.33% of the notes currently held by third parties (around US$5mln) in April 2019 at par value.

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