Jubilee Metals Group PLC (LON:JLP) shares gained as the company said the cancellation of joint venture partner BMR’s shares on AIM does not impact the execution of the Kawbe project.
The company said the Kabwe lead and zinc project, located in Zambia, remains on track.
Chief executive, Leon Coetzer, explained that Jubilee has offered to fully fund the completion of Kabwe against an immediate fixed dilution of BMR's interest in the project.
"Jubilee is already appointed as the project manager and sole operator of the project, tasked with implementing the Kabwe project," he said.
He added that existing agreements ensure that the success of the project remains independent of the financial position of BMR.
Shares rose 12.5% to 2.4p.
Horse Hill stakeholders gain after completion of flow test at Portland discovery
Shares in Horse Hill stakeholders gained on news that a flow test at the oil project’s Portland discovery has been successfully completed.
A high-rate Portland test sequence was carried out to assess the reservoir's maximum short-term flow capacity.
Horse Hill’s largest UK-listed stakeholder, UK Oil & Gas PLC (LON:UKOG), said stable implied daily pumped rates of 401 and 414 barrel of oil per day (bopd) of dry 36 API oil were recorded in the test.
UKOG holds a 32.45% beneficial interest in the licence PEDL137, which contains Horse Hill’s Portland and Kimmeridge oil discovery.
Shares in UKOG were up 11% to 2p.
Alba Mineral Resources PLC (LON:ALBA), which holds a 18.1% interest in Horse Hill Developments Ltd – the operator of Horse Hill – saw its shares rise 10% to 0.56p.
Pets at Home shares rocket higher on well-received trading update
Pets at Home PLC (LON:PETS) shares leapt as it reported an 8.1% increase in revenue to £277mln in the 16 weeks to July 19.
The company said retail revenue grew 6.9% and veterinary revenue rose 18.4% as price cuts and instore vets paid off. On a like-for-like basis, revenues increased 6.1%.
"I am confident that we have a really exciting future ahead and am looking forward to sharing this strategy in more detail at our November interim results presentation,” said chief executive Peter Pritchard.
Shares gained 12% to 127.4p
HydroDec Group PLC (LON:HYR) shares dipped after the cleantech industrial oil re-refining group said it continues to expect first half revenues and sales volumes to be lower than last year.
The company said conditions in Australia remain challenging with production this year focused on base oil. HydroDec’s chairman Lord Moynighan is taking action to address this issue as part of his review of the business.
Shares dropped 4.65% to 1.02p.
Summit Therapeutics shares surge on positive results of clinical trial for Ridinilazole
Summit Therapeutics PLC (LON:SUMM) shares shot up 26% to 45p after reporting a positive outcome of the latest clinical trial of its new treatment for superbug C-difficile.
In the Phase II CoDIFy trial, Summit’s drug, Ridinilazole, was more effective than the widely prescribed Vancomycin in preserving the gut microbiome, which is known to be important in protecting both against the initial infection and its recurrence.
“With this microbiome preservation, ridinilazole treatment resulted in a 59% reduction in recurrence compared to vancomycin (14.3% vs. 34.8%, respectively),” the company said.
Serica Energy PLC (LON:SQZ) was also on the front foot after announcing it would increase its stakes in the Bruce and Keith fields in the North Sea.
The company will buy a 42.25% interest in the Bruce field and a 25% interest in the Keith field and associated infrastructure for an initial cash consideration of US$5mln followed by three further US$5mln instalments.
Serica said the acquisition should be immediately cash flow and value accretive.
Shares increased 19% to 83.8p.
William Hill PLC (LON:WMH) shares dropped 8% to 268p after crashing to a first-half loss as it took a £915mln charge to make changes to its retail business to meet new betting regulations in Britain.
The betting company posted a pre-tax loss of £802.3mln, compared to a profit of £108.6mln last year.
Revenue, however, rose 3% to £802mln, supported by FIFA World cup betting and growth in its online sportsbook.
C.H. Bailey dipped as the property company posted an 8% drop in full year revenue, reflecting a poor performance in Africa.
Revenue from continuing operations fell to £5.6mln in the year to March 31 from £6.1mln last year. Profit before tax jumped to £1.8mln from £408,000 but this was flattered by the sale of properties in Malta.
Shares fell 4% to 115p.
Proactive news headlines:
Summit Therapeutics PLC’s (LON:SUMM) new treatment for superbug C-difficile outperformed the current standard of care in its latest clinical trial. In the Phase II CoDIFy trial, Summit’s drug, Ridinilazole, was more effective than the widely prescribed Vancomycin in preserving the gut microbiome, which is known to be important in protecting both against the initial infection and its recurrence.
ECR Minerals PLC (LON:ECR) told investors that it has secured an option over the Iceberg gold project in Western Australia. Iceberg comprises 3 tenement areas covering 137 square kilometres of ground immediately along strike and adjacent to the Tropicana gold mine which host some 8mln ounces of gold.
Keywords Studios PLC (LON:KWS) is anticipating pre-tax profit growth of over 60% in the first half of the year as the firm’s numerous acquisitions began to contribute to its balance sheet.
The financial year just ended saw a sharp increase in sales for Seeing Machines Limited (LON:SEE), with sales in the second half 9% higher than in the first half.
Minds + Machines Group Limited (LON:MMX) has entered into an exclusive agreement to integrate the Ethereum blockchain into its upcoming top-level domain name ‘.luxe’.
Tekcapital PLC (LON:TEK) said its portfolio company, Lucyd Pte Ltd, has launched an online store to sell spectacles and smart glasses.
The latest trading update for S & U PLC (LON:SUS) once again suggested that Advantage Finance has no reverse gear, with the car finance arm continuing to rack up record profits.
Oracle Power PLC (LON:ORCP) has raised £450,000 of new capital to support efforts to advance coal to power partnerships in Pakistan with state-backed Chinese firms. It is placing 45mln new shares, priced at 1p each.
London’s first listed crypto-currency business made its debut Friday, supported by some heavyweight cornerstone investors. Argo Blockchain PLC (LON:ARB) raised £25mln as institutions and influential high net worth backers got behind the company’s mining as a service (MaaS) business model.
Itaconix PLC (LON:ITA) confirmed that, further to its announcement on 12 July 2018, John Shaw has been appointed to the board as its chief executive officer with immediate effect. As previously announced, Shaw replaces Kevin Matthews, who has become the group’s executive chairman, a position he will hold until the end of 2018.
88 Energy Limited (LON:88E) (ASX:88E) confirmed that the company's latest corporate presentation is now available on the company's website. www.88energy.com.
Kibo Energy PLC (AIM:KIBO), the AIM-listed multi-asset, Africa-focused energy company, announced that its change of name to Kibo Energy has become effective immediately.