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Small-cap Movers: TomCo Energy hit with suspension as broker resigns citing reputational damage

Published: 10:00 17 Nov 2018 GMT

I Quit

Oiler TomCo Energy Plc (LON:TOM) was plunged into crisis on Friday after its shares were suspended and its broker quit citing potential reputational damage.

SVS Securities terminated its broker appointment with immediate effect and ended an agreement to act as agent for the company's £532,350 share placing, saying its reputation was “likely to be prejudiced” by continuing as the company's placing agent.

On the topic of suspended companies, the boss of embattled dessert chain Patisserie Valerie has resigned and been replaced by a turnaround specialist amid a fraud probe around its near-collapse.

Paul May, boss of Patisserie Holdings PLC (LON:CAKE), resigned on Thursday and would be replaced by Stephen Francis, who has a track record of nursing ailing companies back to health.

Healthcare products firm Integumen PLC (LON:SKIN) was seeing better luck with shares surging 40% over the week as it reported a major acceleration in sales over the last three months.

The company, which makes products for skin, hair, and nail care, said it had seen higher demand for its high margin services, while revenues from cosmetic, skin, health and wound care companies had also improved.

Automotive testing equipment maker AB Dynamics plc (LON:ABDP) also performed well, jumping 17% after it hiked its interim dividend by 10% to 2.2p per share.

The lift came as the firm reported a surge in revenues and pre-tax profits in the first half, up 51% and 45% respectively, as demand for its track-testing products continued at all-time highs.

At the other end of the scale, dashcam and fleet management software group Trakm8 Holdings PLC (LON:TRAK) was the biggest faller, plunging 66% as it cut its full year forecasts after a swing to loss in the first half.

The company said several factors, including the loss of a multi-million-pound contract in Iran due to US sanctions, meant full year revenues were expected to be 20%-25% lower than last year.

A tech firm on the up was VR Education Holdings Plc (LON:VRE), which rose 15% as it announced the release date of its Titanic VR virtual reality experience on the PlayStation platform.

The company said the experience, which is already available on PC, Oculus Rift, HTC Vive and Windows Mixed Reality, would be released for the PlayStation on 22 November.
The AIM All-Share had a negative week, falling 1.8% to 962.5 points, while The FTSE 100 was flat.

The owner of the Jet2 airline, Dart Group PLC (LON:DTG), wasn’t hitting the bullseye this week as shares dropped 15% after a warning that losses were expected to increase in the second half of the year.

The company said uncertainty surrounding Brexit meant it was “unclear how demand will develop in the medium term” for its flights or Jet2holidays travel business.

Elsewhere, Marshall Motor Holdings PLC (LON:MMH) was up 10% after predicting profits would improve this year.

Despite disruption to new vehicle supplies caused by changes to emissions standards, the company said it used cars, parts, and servicing segments had helped picked up the slack.

Haydale Graphene Industries PLC (LON:HAYD) saw its shares bounce 9% this week after securing a deal to develop graphene and silver-based-inks for Thai company Star RFID.

Radio Frequency Identification (RFID) tags identify products but unlike barcodes do not require a line of sight to be scanned.

In the mining sector, Great Western Mining Corporation PLC (LON:GWMO) slumped 11% after suspending drilling at its projects in Nevada on Wednesday.

The firm said the hiatus would last until next Spring, citing “imminent low temperatures in excess of -10˚” which would prevent the use of water that was essential for the operation.

Meanwhile, mattress maker eve Sleep PLC (LON:EVE) was restless as shares fell 11% on the back of reduced guidance for 2019.

The group said sales had not been as good as hoped, although added that revenues for the current year were poised to beat revised forecasts.

It has been a nightmare first 18 months on AIM for eve, which got rid of its chief executive and founder Jas Bagniewski over summer, citing a series of “strategic missteps”.

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