Shares in Premier African Minerals Ltd (LON:PREM) jumped 13% to 0.13p in late-afternoon trading after the mining firm inked a formal framework agreement with KME Holdings Ltd regarding the proposed restructuring of its Zimbabwe minerals projects.
The restructuring, which will now require shareholder approval, would be followed by the acquisition of exploration and mining assets owned by KME.
Premier is also planning to demerge its Zimbabwe minerals projects and seek a separate listing for them and the KME assets on a London-based market.
Elsewhere, Thomas Cook Group PLC (LON:TCG) saw its shares soar 29.5% to 29.4p, recovering after its recent sell-off on debt mountain worries as talk of a possible fund-raising faded and vague rumours of possible Chinese interest in the tour operator also put a floor under the troubled shares.
However, in spite of the rally, Thomas Cook’s demotion from the FTSE 250 index is likely to be confirmed in the latest quarterly indexes reshuffle due to be announced after the London market close on Wednesday, with the changes based on Tuesday’s closing prices.
Meanwhile, GlaxoSmithKline PLC (LON:GSK) shares dropped 2.7% to 1,469p after Barclays cut its price target and downgraded the drugs giant to ‘equal weight’.
The changes came on the back of a busy day for Glaxo, which announced the sale of its Horlicks drinks brand to Unilever plc (LON:ULVR) for £3.1bn, as well as the £4.0bn acquisition of cancer drug developer Tesaro Inc (NASDAQ:TSRO).
It was the latter which the analysts really took issue with, although they did concede that the immediate share price reaction on Tuesday – shares dropped more than 8% – was perhaps too “severe”.
12.25pm: Bluebird Merchant Ventures lifted by recovery levels at Kochang mine
Bluebird Merchant Ventures (LON:BMV) shares were up 2.6% at 2p in lunchtime trading after it said it is happy with initial recovery levels of gold and silver in samples taken from the Kochang Mine in Korea.
Using a simple gravity separation process, recoveries of 80% of the gold and 60% of the silver from a composite sample were recorded.
Elsewhere, Itaconix Plc (LON:ITX) shares surged 12.7% to 5.7p after signing a licence agreement with Canadian firm New Wave Global Services Inc to develop a non-phosphate dishwasher detergent formula.
The speciality plastics manufacturer said the formula, based on its water-soluble CHT polymer, would be used by New Wave to produce and market a new triple-chamber automatic dishwasher (ADW) detergent sachet for North American retailers in the private label market.
Meanwhile, shares in Shanta Gold Limited (LON:SHG) jumped 2.9% to 4.4p after it said it expects to be producing more than 100,000 ounces of gold every year once its Singida project in Tanzania comes on stream in 2020.
Newly published project economics suggest production will average 26,000 oz per annum for an initial six-year period.
11.00am: Petropavlovsk jumps as it achieves key milestone at Pokrovskiy mine
Gold miner Petropavlovsk PLC (LON:POG) shares jumped 3.8% to 6.2p in late-morning after it said it had achieved a key milestone at its Pokrovskiy mine in Russia.
The firm said it had begun initial gold processing at the site one month ahead of schedule, with the starting recovery rates of 93% “close” to the projected design recovery target of 98%.
Elsewhere, Faron Pharma (LON:FARN) shares surged 26% to 79.5p after it said its Traumakine drug still has the potential to treat around a third of acute respiratory distress syndrome (ARDS) patients in Europe and North America.
ARDS is a life-threatening ailment caused by an inflammation of the lungs that usually coincides with illnesses such as pneumonia or severe flu.
In the fallers, Image Scan Holdings Plc (LON:IGE) slumped 7% to 2.6p as it swung to an annual loss last year, capping off a tough period that the x-ray screening systems maker will be glad to see the back of.
The AIM company posted a loss of £154,000 in the 12 months ended September, compared to a profit of £480,000 a year earlier.
Much of the reversal was down to the aborted acquisition of Todd Research at the end of summer, with Image Scan having to back out of the deal after failing to get the support of its largest shareholder.
9.20am: Regal Petroleum lifted as it strikes gas reservoir at Vasyschevskoye field in Ukraine
Shares in oil & gas explorer Regal Petroleum PLC (LON:RPT) rose 2.3% to 45p in early trading after it hit a gas reservoir at its Vasyschevskoye field in Ukraine.
The company said testing of the B-17 reservoir had encountered “strong gas and condensate flows” and subsequently the well had been hooked up to the gas processing facility for longer-term production testing.
The well is currently producing around 55,000 cubic metres of gas per day (m3/d) and 10 m3/d of condensate.
Elsewhere, AIM 100 firm Joules Group PLC (LON:JOUL) surged 9.2% to 226p as it made contingency plans to prepare for the impact of a ‘hard Brexit’ as it raised its first-half underlying profit guidance.
The fashion retailer said it would set up a third-party distribution facility in the European Union to mitigate the disruption that could arise in the event of a 'hard’ Brexit.
The group is also ordering products for its Spring/Summer 2019 collection earlier than planned, preparing for an expected increase in administrative activities and hedging its US dollar requirements more than 12 months forward in anticipation for a further devaluation of the pound.
In the FTSE 250, Stagecoach Group PLC (LON:SGC) jumped 7.3% to 165.1p after it said first half profit had come in ahead of expectations, boosted by strong profitability at its Virgin Rail unit and the resolution of contractual matters for its former South West Trains franchise.
The UK bus and train operator on Wednesday reported an operating profit of £103.4mln in the six months to October 27 on revenues around a third lower at £1.23bn.
In the fallers, tubes and pipes maker Tricorn Group PLC (LON:TCN) saw profits soar last year, but a warning of a slowdown in some of its end markets sent shares plunging 17.8% to 18.5p.
Improved profitability in its transportation division and further progress in the company’s Chinese joint venture helped to push profit up by 50% to £553,000 in the six months ended September 30 (H1 17: £370,000).
But a bleaker-than-expected outlook from chairman Andrew Moss caused the stock to slide as he said revenues for the second half would be similar to the first.
Proactive news headlines:
Faron Pharma (LON:FARN) thinks its Traumakine drug still has the potential to treat around a third of acute respiratory distress syndrome (ARDS) patients in Europe and North America.
Itaconix Plc (LON:ITX) has signed a licence agreement with Canadian firm New Wave Global Services Inc to develop a non-phosphate dishwasher detergent formula.
Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) has confirmed that it will drill at least one exploration well offshore Guyana in 2019, with the drilling of the Jethro-Lobe prospect slated for ‘late May / early June’.
Taptica International Ltd (LON:TAP) has appointed Rivi Bloch as interim chief executive after accepting the resignation of Hagai Tal. Tal proffered his resignation as CEO after being deemed liable in a fraud case relating to the sale of another business Plimus in 2011.
Bluebird Merchant Ventures (LON:BMV) is happy with initial recovery levels of gold and silver in samples taken from the Kochang Mine in Korea. Using a simple gravity separation process, recoveries of 80% of the gold and 60% of the silver from a composite sample were recorded.
Shanta Gold Limited (LON:SHG) expects to be producing more than 100,000 ounces of gold every year once its Singida project in Tanzania comes on stream in 2020.
Eurasia Mining plc (LON:EUA) chief executive Christian Schaffalitzky told investors that the company is “thrilled and honoured” to have received final permission to build a mine at the Monchetundra platinum and base metal project.
PCF Group Plc (LON:PCF) hiked its final dividend by 58% after delivering record profits and meeting its key strategic objectives in its first full year as a bank. The specialist lender, which became a fully operational bank in July 2017, said pre-tax profit jumped 44% to £5.2mln in the year to 30 September 2018 from £3.6mln a year ago after receiving a banking licence led to cheaper cost of funds.
SIMEC Atlantis Energy Limited (LON:SAE) has signed an EU grant agreement which will provide the firm and its supply chain partner, Asturfeito SAU with €1mln in funding to support its turbine development programme.
Block Energy Plc (LON:BLOE) has announced a successful start to its workover programmes in Georgia, where it has now completed initial operations for the first three well renovations. The company, in a stock market statement, said it had successfully re-entered the first three nominated wells at the Norio field and that it was now ‘rigging up’ at the fourth.
Mkango Resources Ltd. (LON:KKA) (TSXV:MKA) said it has been informed that its chairman, Derek Linfield, has purchased warrants over 3,333,333 common shares at an exercise price of 6.6p per warrant for a price of 2.4p per warrant - implying a value of 9p on the underlying share. The group added that Linfield has purchased the warrants from Christopher Williams who has, at the same time, sold the balance of his holding of 3,971,970 warrants to existing common shareholders in the company also at a price of 2.4p per warrant. Following the transaction, it said Williams will not have any beneficial interest in the common shares of the company or hold any warrants in the company.
BB Healthcare Trust PLC (LON:BBH) said on Tuesday that it is intending to propose a final dividend of 2.0p per ordinary share for the financial year ended 30 November 2018, the second having paid an interim dividend of 2.0p per ordinary share in August 2018. The group added that for the financial year ending 30 November 2019, the target total dividend will be 4.85p per ordinary share, being 3.5% of its unaudited net asset value per ordinary share of 138.71p per ordinary share as at 30 November 2018, with an interim dividend of 2.425p per ordinary share to be paid in August 2019, and a final dividend of 2.425p per ordinary share to be paid in March/April 2020.
Directa Plus PLC (LON:DCTA), a producer and supplier of graphene-based products for use in consumer and industrial markets, said it will be attending and presenting with Arvind Limited, one of the world's largest denim producers, at the "Smart Talks", at the Denim Première Vision event in London on Thursday, 6 December 2018 at the Smart Square, The Old Truman Brewery, London E1.
Galantas Gold Corporation (LON:GAL) (TSXV:GAL) said, further to its announcement released on November 19, 2018, the Private Placement will be at an issue price of C$0.08625 per share rather than C$0.086, and subscriber Melquart currently holds 40,224,545 common shares, representing 19.2% of the company's total issued and outstanding common shares.