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TechFinancials shares push higher after launch of blockchain diamond exchange

A look at some winners and losers in the UK equity market on Wednesday

diamonds
TechFinancials has to option to significantly expand its interest in Cedex

3:35pm: TechFinancials launches Cedex exchange 

TechFinancials (LON:TECH) shares bulked up by 7.7% to 7.00p in afternoon dealings as the binary and foreign exchange trading platforms operator said the Cedex blockchain diamond exchange has gone live in Beta mode.

The AIM-quoted TechFinancials has a 2% interest in Cedex and an option to acquire a further 90% of Cedex Holdings Ltd. The launch of the exchange is “a major step forward in our exciting journey to transform diamonds into an asset class,” said Saar Levi, CEO of Cedex Holdings.

Ramsdens Holdings PLC (LON:RFX) was also among advancers, rising 3.7% to 167.00p after the pawnbroking firm raised its interim dividend

Ramsdens lifted the interim dividend by 9.1% to 2.4 pence from 2.2p paid out last year. The move took place even as the AIM-quoted company’s first-half profit fall on higher administrative expenses.

READ: Ramsdens Holdings' investors cheer dividend hike in spite of fall in first-half profit 

At the same time, Chaarat Gold Holdings Limited (LON:CGH) jumped 11% to 24.15p after the exploration firm said it secured US$1mln in funding.

Chaarat, traded on the AIM market, said it entered agreements with the two investors for the subscription and issue of secured convertible notes for US$600,000 and US$400,000, respectively.

READ: Chaarat Gold secures US$1mln in funding from two investors

 

1.35pm: Oncimmune lands new distribution deals 

Oncimmune Holdings PLC (LON:ONC) shares in Wednesday afternoon trade gained 3.5% to 99.88p as the early stage cancer detection test developer signed new distribution agreements.

The AIM-listed company said it now has exclusive agreements for the distribution of its EarlyCDT-Lung test in Germany, France and Italy, bringing a minimum global sales commitment to £33.5mln over six years. Oncimmune is also broadening its reach with a non-exclusive EarlyCDT-Lung distribution deal for Argentina, Uruguay and Dominican Republic, Mexico and Chile. Also, the first sales of the test kit in Singapore have started, the company said.

Altus Strategies PLC (LON:ALS) also rose, up 6.9% to 0.25p after the precious-metal explorer marked the discovery of silver at its Daro project in northern Ethiopia.

Altus, traded on the AIM market, said the discovery of its Simret prospect returned “very high silver grades” including 944 g/t Ag, 540 g/t Ag, 277 g/t Ag and 191 g/t Ag from rock chip sampling of quartz veins.

On the downside, Restaurant Group PLC (LON:RTN) shares sank 12.8% to 204.96p after the company said it has secured shareholder approval for its proposed £550mln takeover of noodles chain Wagamama.

READ: Restaurant Group wins shareholder OK for Wagamama takeover

The FTSE All-Share listed firm said 60.43% of the votes cast were in favour of the acquisition and a related £315mln discounted rights issue to help fund the deal. Restaurant Group said it will “continue to engage” with the nearly 40% of voters who opposed the deal to address their concerns. 

11.10am: Amedeo Resources plunges 

Amedeo Resources PLC (LON:AMED) shares crashed 71% to 2.62p in mid-morning trade Wednesday after the resources investment firm proposed the cancellation of its AIM-listed shares.

“The Directors consider the Cancellation to be in the best interest of Shareholders, after considering, amongst other things, the costs of maintaining trading in the Ordinary Shares on AIM and the limited liquidity in the Ordinary Shares,” said Amedeo in a statement, adding that its directors believe the share-price performance has been “disappointing for a considerable period of time.”

Decliners also included W.H. Ireland Group PLC (LON:WHI) as shares of the wealth management services provider swung to an operating loss in the six months to September 30.

The FTSE AIM All-Share component posted a £1.9mln operating loss after a year earlier logging an operating profit of £263,000. W.H. Ireland said outsourcing of custodial and operational functions at its private wealth management division has been “both costly and challenging” in part as it ran over budget. “However, looking forward, it has resulted in a more robust and scalable operating platform from which to build the division,” said CEO Phillip Wale in a statement.

Turning to gainers, Quadrise Fuels International PLC (LON:QFI) jumped 15% to 2.84p as the company signed a memorandum of understanding with an unnamed European multinational integrated oil and gas company.

Further to the agreement, Quadrise said the companies will discuss, promote and develop specific business development opportunities to identify potential MSAR clients for one of the oil company’s European refineries. Quadrise’s MSAR is a second generation oil-in-water emulsion fuel used in power generation and industrial and marine diesel engines.

9.30am: Cluff shares soar

Cluff Natural Resources PLC (LON:CLNR) was the London market’s biggest gainer in early trading, up 33% to 2.95p after the AIM-listed natural resources investor revealed it has signed an exclusivity agreement with a major international oil and gas company for a definitive farm-out agreement to be entered by 31 January 2019, with completion by 28 February 2019.

The group also announced that it has been granted six-month initial licence extensions for its two 100%-owned Southern North Sea Gas licences P2252 and P2248, which were awarded in the UK's 28th Licensing Round, to 31 May 2019.

Also powering higher was N4 Pharma PLC (LON:N4P), with shares up 27% to 2.30p as the company offered an upbeat update on its Nuvec delivery system. 

AIM-quoted N4 said new data show Nuvec is capable of producing specific and relevant strong levels of antibodies required to develop vaccines and cancer treatments. Nuvec delivers DNA directly into cells in a bid to encourage the production of anti-cancer antigens.

But landing in the loss column, Ten Lifestyle Group PLC (LON:TENG) plunged 61% to 38.00p as the concierge services provider posted a wider annual loss and said net revenue missed its expectations.

Ten’s 2018 loss was £8.1mln compared with £1.6mln in 2017. Net revenue climbed 13% to £37.4mln from £33.2mln. The FTSE AIM All-Share company said the launch of its enhanced proprietary digital platform took place later than planned, affecting its revenue expectations. “Although we are disappointed not to meet the Net Revenue expectations that we set at IPO, we are confident about our future success,” said CEO Alex Cheatle in a statement.

Proactive news headlines:

Regency Mines PLC’s (LON:RGM) US coal associate Mining Equity Trust saw sales volumes ease slightly in October though revenues increased. MET sold 43,530 tons of metallurgical coal worth US$2mln compared to 44,020 tons and revenues of US$1.96mln in September.

IQ-AI Limited’s (LON:IQAI) subsidiary, Imaging Biometrics (IB), has appointed a South Korean distributor for its diagnostic imaging products as the firm received ISO certification for its medical devices and quality management systems.

George Botanicals, the CBD products maker owned by Sativa Investments PLC (LON:SATI) has launched a balm and expanded its range of drinkable oils infused with the cannabinoid extract. Demand for CBD products is growing due to their perceived health and well-being benefits that include pain and stress relief.

Tharisa PLC (LON:THS) today released financial results for a year marked for its record production but also transition away from toll mining with a contractor to a company-owned fleet operation.

appScatter Group PLC (LON:APPS) has signed an agreement with global information firm IHS Markit Ltd (NASDAQ:INFO) to provide mobile app data.

Eco Atlantic Oil & Gas Ltd (LON:ECO) has confirmed the completion of its farm-out transaction with Total. The French oil major has now paid US$12.5mln to Eco, and, in return, it has received a 25% working interest in the Orinduik exploration project offshore Guyana.

ANGLE PLC (LON:AGL) (OTCQX:ANPCY) has announced the appointment of Dr Joseph D Khoury as a scientific advisor to the company's established Scientific Advisory Board. The AIM-listed liquid biopsy company pointed out that Khoury is a recognised expert in diagnostic pathology and has significant experience in the cytological and morphological analysis of cancer cells.

Clinigen Group PLC (LON:CLIN), the global pharmaceuticals and services company, is holding a Capital Markets Day for institutional investors and analysts today in London. The event is being hosted by Shaun Chilton, Clinigen’s group chief executive officer, and will include presentations by senior executives, including representatives from each of the Group's three businesses - Clinical Trial Services, Unlicensed Medicines and Commercial Medicines.

StatPro Group PLC (LON:SOG), the AIM-listed provider of cloud-based portfolio analytics and asset pricing services for the global asset management industry, is holding a Capital Markets Day for institutional investors and analysts this afternoon in London. The event is being hosted by Justin Wheatley, StatPro’s CEO, and will include presentations from Dario Cintioli, (Managing Director, Revolution), Craig Arenhold (Managing Director, Infovest) and Gordon Bloor (Managing Director, Source: StatPro). No new material information will be provided, the group said.

United Oil & Gas PLC (LON:UOG), the oil and gas exploration and development company, said it will be hosting an investor evening at 6pm on Wednesday 12 December at the Jamaica Wine House, Saint Michael's Alley, Cornhill, London EC3V 9DS.

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