Energy storage solutions group redT energy PLC (LON:RED) has raised £5.03mln to give it some more time to attract strategic partners.
The AIM company issued 71.9mln shares at 7p apiece – a 25% discount to Tuesday’s closing price.
“The directors believe that the major commercial advances achieved by redT in recent months have increased the attractiveness of the company to large, global participants in this market,” said chief executive Scott McGregor.
Shares headed back towards the placing price, dropping 15% to 8p.
Avingtrans reports 690% jump in EBITDA
Engineering firm Avingtrans PLC (LON:AVG) saw its shares jump on Wednesday after a boost from its recent acquisition of motor and pump maker Hayward Tyler sent its full-year earnings soaring.
The company reported that its adjusted underlying earnings (EBITDA) had shot up 690% to £5.7mln compared to last year while revenues climbed 247% to £78.9mln.
Gross margins also improved to 25.5% from 17.9% previously, with the firm also increasing its final dividend for the year to 2.3p per share from 2.2p last year.
Avingtrans acquired Hayward in September last year as part of a ‘buy and build’ strategy in regulated niche engineering markets, as well to exploit Hayward’s facilities in the Americas, Asia, and Europe.
Shares were up 5% to 227.3p.
Predator rises as enhanced recovery plans get a boost
Predator Oil & Gas Holdings PLC (LON:PRD) shares recorded a double-digit percentage gain in Wednesday’s deals after it updated on its carbon dioxide enhanced oil recovery plans in Trinidad.
The explorer has completed an initial reservoir engineering assessment for the carbon dioxide EOR project, and, the company said it has independently validated the project’s technical case.
The project is seen to have a combined scoping production rate of 300 bopd for an initial two wells, representing more than six times the output of the present wells.
"We are absolutely delighted with the results of the initial reservoir engineering assessment as it tangibly confirms our long-held belief that C02 EOR is the way to enhance oil recovery at commercial rates from Trinidad's mature oil fields,” said Paul Griffiths, Predator chief executive.
The stock jumped 12% to 7.3p.
Amerisur rises on “exciting” flow test results from Pintadillo-1 discovery well in Colombia
Amerisur Resources PLC (LON:AMER) flowed higher after the explorer unveiled flow testing results from the Pintadillo-1 discovery well in Colombia.
The well produced oil at a rate of 590 barrels per day during testing, while the water cut was below 1% and decreasing.
“This is an exciting and very positive result from Pintadillo-1, ahead of what we had expected,” said John Wardle, Amerisur chief executive.
“Indeed, at current choked production levels, the well will pay back in under a year.” Shares jumped 13% to 13p.
New boss for PCGE’s subsidiary
PCG Entertainment Plc (LON:PCGE) shares gained after it appointed Jack Sun, the group’s former chief operating officer in China, as the director of its Hong Kong subsidiary.
Prior to working with PCGE, Sun was previously a board director for BETEX Group Plc, a China-focused lottery management and tech company, and was responsible for winning government lottery contracts in three provinces.
Shares were up 9.4% to 0.088p shortly after midday on Wednesday.
ITV rules out Endemol bid
ITV plc (LON:ITV) has ruled out making a bid for TV production firm Endemol Shine, sending shares in the broadcaster to the top of the FTSE 100, up 4% to 162.6p.
Last month, investors reacted badly to press reports that ITV was preparing a £3.5bn bid for Endemol, the company behind Peaky Blinders and Big Brother.
The company played down those rumours today, stating: "In light of continued press speculation, ITV confirms that it has no current intention of making a bid for Endemol Shine Group."
Aston Martin stalls on stock market debut
Aston Martin Lagonda Global Holdings PLC (LON:AML) stalled on its stock market debut, with shares falling almost 4% in early trading on Wednesday.
The stock had been priced at 1,900p as part of the luxury carmaker’s initial public offering but was changing hands for 1,838p not long after the opening bell.
Only institutional investors who subscribed for shares at the IPO can trade them at the minute; us regular punters will have to wait until Monday (October 8) when unconditional dealing begins.
Tesco misses profit expectations
Elsewhere, Tesco PLC (LON:TSCO) reported a weaker than expected rise in first-half profit, hit by poor performances in Europe and Asia, sending shares in Britain's largest retailer backwards.
The supermarket giant reported a pick-up in margins and like-for-like sales, but it missed expectations with operating profits before exceptionals, Tesco’s preferred measure of profitability.
The consensus estimate for the metric was £978mln; Tesco delivered a 24.4% increase from last year, but to only £944mln.
Topps lifts guidance
Topps Tiles (LON:TPT) expects its full-year profit to be slightly ahead of market expectations following improved fourth quarter trading.
Like-for-like sales at the tile retailer rose 1.2% in the 13 weeks to September 29 compared to a 2.3% fall in underlying revenues in the previous quarter.
On the back of this improvement in trading, Topps now expects adjusted pre-tax profits for the year to be slightly ahead of the top end of the current range of market expectations, which stands at between £14.6mln and £15.2mln.
Adjusted revenues for the year are expected to be in the region of £215mln, up from £211.8mln a year ago. Like-for-like revenues for the year were flat when compared to the prior year, it said.
Proactive news headlines
Strategic Minerals Plc (LON:SML) and its joint venture partners have sanctioned a second phase of drilling at the Redmoor Tin-Tungsten project in Cornwall.
Gaming software group Nektan PLC (LON:NKTN) says it is well-positioned to take advantage of the burgeoning US betting market after reporting another record quarterly performance.
Feedback plc (LON:FDBK) has reported a 100% increase in its sales for the first quarter of the financial year, driven by a strong upswing in its international business.
Commercial aircraft leaser Avation PLC (LON:AVAP) has sold a 23-month old Airbus A321-200 aircraft to an Asian buyer in a push to diversify its portfolio.
OptiBiotix Health plc (LON:OPTI) has unveiled its second distribution agreement of the week for the company’s weight management product SlimBiome.
Mporium Group PLC (LON:MPM) said its state-of-the-art digital marketing technology has be`en deployed by the two largest global advertising networks.
Coal bed methane group G3 Exploration PLC (LON:G3E) has received final approval from China’s National Development and Reform Commission (NDRC) to develop the Chengzhuang Block (GCZ).
Premier African Minerals PLC (LON:PREM) will focus on an underground re-start at the RHA tungsten mine following a study from consultant Bara.
PCG Entertainment Plc (LON:PCGE) has appointed Jack Sun, the group’s former chief operating officer in China, as the director of its Hong Kong subsidiary PCG Entertainment Ltd (PCGEL).
Motif Bio Plc (LON:MTFB) plans to present data showing the safety and efficacy of its next generation antibiotic iclaprim compared to the current gold standard medication, vancomycin.
Union Jack Oil PLC (LON:UJO) has agreed to acquire a 16.667% stake in the West Newton gas discovery, in Yorkshire, and, to support the transaction it is raising £2.25mln of new capital.
88 Energy Ltd (LON:88E, ASX:88E) is launching a rights issue to raise £7.96mln (A$14.33mln) in order to fund new exploration well operations slated to start in the first quarter of 2019.
Echo Energy Plc (LON:ECHO) has told investors that its programme of well interventions have now been completed for four wells at the Fracción D project.
Falcon Oil & Gas Ltd (LON:FOG) has confirmed that, alongside partner Origin Energy, it has cancelled a 1% royalty that would’ve been tied to future production from the Beetaloo shale gas project in Australia.
Metminco Limited (LON:MNC) has completed a placing of 135mln ordinary shares to raise A$540,000 ahead of a rights issue for up to a further A$2.5mln.