Associated British Engineering PLC (LON:ASBE) shares on Tuesday afternoon as the engine parts maker’s chairman snapped up some more shares.
Colin Weinberg bought 6,000 shares over the past two days to take his total stake to 167,416, or almost 8.2% of the company.
The market tends to like it when directors put their money where their mouth is and it is often taken as a positive sign. Shares jumped by a third to 40p.
Tracsis climbs on bullish outlook
Tracsis PLC (LON:TRCS) also jumped today after the firm revealed it expects full-year earnings to come in “ahead of market expectations”.
In a trading update, the AIM-listed public transport consultancy said revenues for the full year had been ahead of market expectations at around £40mln, up from £34.5mln the previous year, with its adjusted profits also expected to be ahead of expectations and above its 2017 figure of £7.7mln.
The firm added that its cash balance had increased to £22mln from £15.4mln last year while also remaining debt free. Shares climbed 10.6% to 700p.
Marechale annual losses widen
Marechale Capital PLC (LON:MAC) reported a sharp fall in annual revenue and a wider loss after writing down its investment in Northfield UK Solar Limited.
The pre-tax loss for the year to April 30 came to £198,000, compared to £66,000 last year, and revenue dropped to £595,000 from £779,000.
The figures included a £59,600 write down on its 25% shareholding in Northfield, which has been hit by the government spending cuts for renewable energy projects.
The financier and banking group said it has been a “disappointing financial year” and it is continuing to consider its future strategy. Shares fell 31% to 1.5p in afternoon trading.
Wolf Minerals leaps higher as it extends bridging facility with key backer
Wolf Minerals Limited (LON:WLFE) is the biggest riser in London on Tuesday, jumping more than 40% to 3.1p, as investors catch on to yesterday’s news.
The specialty metals producer confirmed on Monday, it has extended its existing bridge facility with its cornerstone backer, RCF VI, which has agreed to provide up to £70mln.
The idea is that the extended terms will support Wolf in achieving long term self-sustaining cash flows, supported by the already demonstrable improvements in the operating performance at its Drakelands tungsten mine near Plymouth.
RCF already holds almost 56% of the shares, but has agreed that, in the event of default, it would not be able to convert the loan into stock.
Property group Safeland mulls AIM cancellation as Brexit weighs on full-year numbers
Safeland PLC (LON:SAF) shares weren’t steady on Tuesday morning, falling more than 10% to 49p after the property group reported a sharp drop-off in revenue last year.
Revenue hit £13.0mln last time around, but in the 12 months to March 31, that number fell to just £2.9mln, with Safeland citing “more activity” last year. Gross profit also fell to £0.3mln from £2.5mln.
Safeland reckons the slowdown is due to the “cautious environment, verging on stagnation” created by Brexit.
“The generally negative environment with little current opportunity suggests that it would be prudent for the Board to review the company's cost base, including the value of maintaining the company's AIM quotation,” said managing director Larry Lipman.
Panthera plunges as Indian authorities reject prospecting licence application at Bhukia JV
Panthera Resources PLC (LON:PAT) plunged on Tuesday morning after Indian authorities rejected the gold explorer’s prospecting licence application for its Bhukia joint venture project in the country.
Without the licence, Panthera and its joint venture partner can’t carry out any drilling to try to verify what it found out during the reconnaissance work.
The government of Rajasthan said it rejected the application for several reasons, including the fact the original reconnaissance permit was filed under the wrong name – Metal Mining India Limited instead of Metal Mining India Private Limited.
Boss Geoff Stanley, who has been waiting for a decision for months, said he was “immensely disappointed” by the outcome and the company reeled off a list of reasons as to why the rejection was, in its opinion, without merit. Shares fell 25.6% to 2.8p.
Angling Direct reels in record H1
It was a more restful morning for Angling Direct PLC (LON:ANG) shareholders as the UK’s largest fishing tackle and equipment retailer revealed it reeled in record sales in the first half of its year.
Revenue soared by 56% to £21.9mln in the six months ended July 31, which was ahead of management expectations. Stripping out the impact of new store openings and the launch of a German website, like-for-like sales rose 4.2% year-on-year.
That was despite the hit to sales from the ‘Beast from the East’ and the recent very hot weather, neither of which lend themselves to fishing, Angling said. Shares climbed 13.8% to 95p.
Thor shares suspended in Oz
Thor Mining PLC (LON:THR) was the morning’s big riser though after its shares were placed in a trading halt on the Australian Securities Exchange.
That halt will stay in place pending the release of an announcement in relation to an upgraded definitive feasibility study on the Molyhil project.
Excited investors anticipating some big news just around the corner drove the share price up by a third to 2.3p.
Proactive news headlines
Ceres Power Holdings PLC (LON:CWR) has revealed a strategic partnership with leading technology and electricals firm Robert Bosch GmbH, which will include a £9mln investment from the German firm. The companies have, in fact, already been working together for several months through an initial agreement announced in January, however, Bosch was not named at the time for confidentiality reasons.
IXICO PLC (LON:IXI) has said its performance for the current financial year is now expected to be “ahead of market expectations” after forecasting revenue growth of nearly 25%.
Collagen Solutions PLC (LON:COS) has signed distribution agreements with two new Chinese channel partners as it looks to grow its presence in what is a “significant territory” for the regenerative medicines maker.
Mkango Resources Ltd (LON:MKA) has hit high grade rare earths across significant widths at the Songwe Hill project in Malawi.
Among the highlights from the first eight holes were 147.2 metres grading 1.6% total rare earth oxides (TREO) and 91 metres grading 1.5% TREO.
AdEPT Telecom LC (LON:ADT) has issued 200,000 share options to the managing directors of its subsidiaries, Our IT Department and Atomwide.
The options have an exercise price of 353p and have been issued to further align the interest of senior employees with shareholders and to promote the retention of the firm’s senior management team.
Shares in Thor Mining PLC (LON:THR) have been placed in a trading halt on the ASX, at the request of the company, pending the release of an announcement in relation to an upgraded definitive feasibility study on the Molyhil project.
Robert Price, the chairman of Highlands Natural Resources PLC (LON:HNR), has revealed that fracking has just commenced at six new wells at the East Denver Project, one of two projects within the Colorado Shale division.
Tharisa PLC (LON:THS) said it is continuing talks to work out the details of its proposed acquisition of a 90% stake in Salene Chrome Zimbabwe (Pvt) Limited from Leto Settlement. The company said once the parities agree on certain aspects of the deal, a circular will be sent to shareholders.
Technology and life sciences incubator Amphion Innovations PLC (LON:AMP) has sold shares in an investee company to repay a tranche of a long-standing loan.It will receive around £1mln for stock in Motif Bio PLC (LON:MTFB), bringing its holding in the developer of a next-generation antibiotic down to 8.5%. The line of stock, which had a book value of £1.04mln, was sold at 33.5p a share.
Strat Aero PLC (LON:AERO) and Braveheart Investment Group (LON:BRH) have brokered a deal that will see the former take control of GyroMetric Systems Limited. GyroMetric has technology that digitally assesses rotating shafts and, for Strat Aero, the deal is part of its strategy to move into areas that revolutionise monitoring and inspection.
Sound Energy PLC (LON:SOU) told investors it has now completed its seismic data acquisition programme in eastern Morocco. The company, in a statement, said that it had captured data covering some 2,850 line kilometres and that the programme was delivered on budget and with zero lost time incidents.