Struggling PVCu replacement windows and doors maker Safestyle UK (LON:SFE) has appointed Flowgroup PLC’s Alan Lovell as its new non-executive chairman.
Lovell holds the same role at Flowgroup and has been the senior non-executive director at SIG PLC since July 4. He replaces Peter Richardson, who stepped down on May 29 after just over a month in the chair.
Richardson, in turn, replaced Steve Halbert, who resigned on April 23 after Safestyle issued a profit warning.
Shares in Safestyle hardened 1.6p to 36p but are down 79% year-to-date.
Great to see such a positive uptake on @OxfordBusCo 'Uber for Buses' scheme PickMeUp, part of Go-Ahead's ambition for innovation. Clearly demonstrating that passengers are not averse to taking up alternative travel options. https://t.co/AuPU6gN1fS #bus #innovation
— The Billion Journey Project (@BillionJourneys) July 16, 2018
Buses and trains operator Go-Ahead Group PLC (LON:GOG) was failing to live up to its name, tumbling 10% to 1,383p after a broker downgrade.
HSBC has downgraded the stock to ‘hold’ from ‘buy’.
1.00pm: AA grounded by Barclays downgrade but Strat Aero takes flight
AA plc (LON:AA.) shares were driven lower on Monday morning after Barclays analysts downgraded the auto insurer amid competition and value concerns.
Shares had recovered to 124p after hitting a trough of 71.12p in early March following February’s strategy update, which Barclays reckons is now a “reasonable” figure.
READ AA driven lower by Barclays downgrade
The bank downgraded AA to ‘equal weight’ from ‘overweight’ but kept its 150p price target in place.
The shares fell 4.3% to 119p following the downgrade.
Recovery play Stra Aero PLC (LON:AERO) elevated 0.05p higher to 1.2p after announcing two new contracts wins for its Geocurve subsidiary.
Once known as a drone technology firm, the company is still relying on that technology but is very much focused on using it for surveying and inspection.
READ Strat Aero flies higher on two new contract wins for Geocurve subsidiary
$AERO Strat Aero flies higher on two new contract wins for Geocurve subsidiary https://t.co/SJaJ47IK5i via @proactive_UK @StratAeroInt #AERO #brighterir #AndrewScottTV #CapitalNetwork1
— Proactive Investors (@proactive_UK) July 16, 2018
11.00am: Itaconix back from suspension after heavily discounted share issue
Shares in Itaconix PLC (LON:ITX) returned from suspension 4.4p lower at 2.35p after the speciality polymers group’s share issue last week.
The tumble was not unexpected after the cash-strapped company issued shares at 2p a pop last week, and it is a bitter pill to swallow for the shareholders but the alternative – the company running out of cash – would have been bitterer still.
The trading statement from Plant Health Care PLC (LON:PHC) went down about as well as a serving of broccoli at a kids’ party.
The shares lost a third of their value after the provider of novel patent-protected biological products to global agriculture markets said trials of its Innatus 3G product, which protects soya beans from fungal disease, proved only marginally more effective than conventional chemical fungicides.
My soyabean crop damaged after using Syngenta fusiflex. pic.twitter.com/jDY90wX2PR
— Arjun Choudhary (@Arjundws28393) July 10, 2018
9.15am: It may not last but for now, Indivior is boosted by US injunction on generic version on one of its drugs
Slough-based Indivior PLC (LON:INDV) got the week off to a flying start with some welcome news concerning its dispute in the US with Dr Reddy.
A US district court has granted a preliminary injunction (PI) against Dr Reddy's Laboratories (DRL), while the restrictions of the previously entered temporary restraining order (TRO) remain in place.
As a result, DRL is currently unable to sell, offer to sell, or import its generic buprenorphine/naloxone sublingual film product into the US until the patent dispute is resolved or the US Court of Appeals for the Federal Circuit dissolves the injunction.
“It is important to recognise that the court's decision does not prevent patients … from accessing existing generic sublingual buprenorphine/naloxone medications, as all currently available treatments are unaffected by today's ruling. The US market for medication-assisted treatment is already highly competitive with multiple therapies available, over half of which are generic medicines,” noted Shaun Thaxter, the chief executive of Indivior.
Shares in Indivior were up 27% at 371.2p in early deals.
Shares in John Laing Infrastructure Fund Limited (LON:JLIF) rose 18% to 139.8p after it received a bid approach.
A consortium that comprises Dalmore Capital and Equitix Investment Management is in discussion with JLIF over a possible offer of 142.5p in cash, plus the payment of a dividend of up to 3.57p when/if the transaction closes.
Proactive news headlines:
Strat Aero PLC (LON:AERO) flew higher on Monday morning after announcing two new contract wins for its Geocurve subsidiary. Geocurve, a specialist surveying company, has been awarded an initial contract with hydraulic engineering group Hesselberg Hydro.
Braveheart Investment Group PLC (LON:BRH) said it has entered into detailed discussions with a large UK financial organisation in preparation to launch a new Mezzanine Fund targeting enhanced income returns to the fund's investors.
CentralNic Group PLC (LON:CNIC) has entered into a conditional agreement to acquire the entire share capital of KeyDrive for an initial consideration of US$35.8mln.
Sativa Investments PLC (AQSE:SATI) said it has signed an IP sharing agreement with Canada’s Veritas Pharma Inc, which it hopes will help its efforts in the UK’s emerging cannabis market.
Hydrogen fuel cell group AFC Energy PLC (LON:AFC) will focus on commercialisation of its technology over the next 12 months. Adam Bond, chief executive, said the company has appointed FTI Consulting to carry out a review and go-to-market strategy.
Flying Brands Ltd (LON:FBDU) has raised £500,000 through a share placing to support the commercial roll-out of its kidney stone medical imaging software StoneChecker.
The recent production test at SDX Energy Inc’s (LON:SDX CVE:SDX) SD-4X appraisal well South Disouq in Egypt was successful, the North Africa-focused oil and gas explorer has confirmed.
Seeing Machines Limited (LON:SEE) said Ken Kroeger, currently its chairman and interim CEO, will become CEO on a permanent basis following the appointment of Jack Boyer as its chairman designate.
MaxCyte Inc (LON:MXCT) said it had received the green light to embark on its first ever clinical trial as it told investors the commercial arm of the business was trading in line with forecasts. The US Food & Drug Administration has given the company investigational new drug clearance for MCY-M11, a chimeric antigen receptor that targets solid tumours.
Iodine producer Iofina PLC (LON:IOF) expects to produce between 575 and 605 tonnes of crystalline iodine in 2018, in line with the market’s expectations and a sharp increase on last year's output of 503 tonnes.
Europa Metals Ltd (LON:EUZ)(ASX:EUZ) has secured a combined reverse circulation and diamond drilling rig for mobilisation to its Toral lead-zinc-silver project in the Province of Leόn, northern Spain. Mobilisation will take place in August.
Erris Resources PLC (LON:ERIS) has hit three metres of 10.22 zinc plus lead combined as well as 41.45 grammes per tonne silver in ongoing drilling at the Abbeytown project in Ireland. The intersection came at a depth of between 95 metres and 98 metres, and within a wider seven-metre interval grading 8.33% zinc and lead and 37.36 grams silver.
Alba Mineral Resources PLC (LON:ALBA) has agreed to acquire a further 41% stake in Gold Mines of Wales. Once the deal formally goes through, AIM-listed Alba will own 90% of the Clogau gold project which is located in the Dolgellau gold belt in Wales.
Savannah Resources PLC (LON:SAV) has delivered further encouraging results from the ongoing reverse circulation and diamond drill programme at the Mina do Barroso lithium project in Portugal.
Metal Tiger PLC (LON:MTR) has boosted the indicated resource at the T3 copper project in Botswana by 13% to 417,000 tonnes of copper and 18.6mln ounces of silver.
RM Secured Direct Lending PLC said its net asset value (NAV) per share at the end of June was 97.85p, taking the NAV total return for the first half of 2018 up to 2.95%. RM Secured Direct Lending PLC (LON:RMDL) said its net asset value (NAV) per share at the end of June was 97.85p.
Frontier IP Group PLC (LON:FIPP) announced that portfolio company Tarsis Technology, a spin out from the University of Cambridge, has entered into a collaboration agreement with one of the world's leading manufacturers of crop-protection products.
Chagala Group Limited (LON:CGLO) saw its underlying earnings (EBITDA) and revenue decline in 2017, impacted by an economic slowdown in Kazakhstan. The London-listed investor in specialist services and facilities providers to the oil and gas industries in Kazakhstan saw its EBITDA fall to US$6.4mln for the year ended 2017, down from US$7.7mln a year earlier, as revenue declined to US$19.1mln, down from US20.3mln.
Coinsilium Group Limited (AQSE:COIN), the blockchain technology backer, said financial markets veteran Malcolm Burne has been appointed as a project advisor to its TerraStream subsidiary.
Itaconix PLC (LON:ITX) dropped on Monday as trading in shares of the designer and manufacturer of speciality polymers resumed on AIM following its £4.3mln fundraising. Trading in the stock was suspended at the end of June pending funding news, with the company last week unveiling a placing at 2p a pop – the shares were suspended at 6.75p – to raise at least £2.1mln, supplemented by £1.2mln raised through a share subscription at the same price. Itaconix shares fell to 2.45p.
Block Energy PLC (LON:BLOE), the exploration and production company focused on the Republic of Georgia, announced that the company's new corporate presentation is now available to view on Block's website.