Investment firm Vela Technologies PLC (LON:VELA) shares plunged 22% to 0.17% in late-afternoon trading after the firm reported a swing to loss in its half year results.
For the six months to September 30, Vela posted a £298,000 pretax loss, compared to a £184,000 profit a year ago. In the full year to March 2018, Vela's pretax loss was £160,000.
The swing was mainly driven by a £166,000 loss on fair value which the firm did not incur last year and by the lack of profit on assets disposals, which amounted to £304,000 a year ago.
Rurelec surges as it clears interest payments and updates on Argentinian power project
Shares in South America-focused power developer Rurelec PLC (LON:RUR) surged 25% to 0.75p in mid-afternoon trading after it cleared outstanding interest payments on loans and updated on its Combined Cycle Gas Turbines (CCGT) power plant in Argentina.
The group said it had repaid £400,000 to Bridge Properties (Arena Central) Limited to clear outstanding interest payments on short-term loan facilities.
Rurelec added that Energia del Sur, which operates the 136-megawatt CCGT power plant, had informed the company that a major overhaul of the steam turbine was “progressing satisfactorily” and was estimated to be completed in early January 2019.
The group said that while this was not guaranteed, “the riskier parts of the major maintenance project have been satisfactorily completed and EdS management thus have a high degree of confidence in predicting the startup in the timescale indicated”.
Rurelec owns a 50% of Energia del Sur.
Panthera Resources shares jump as it gives optimistic outlook for 2019
Panthera Resources PLC (LON:PAT) shares jumped 28% to 2.05p after saying it expects to see progress next year as it focuses on advancing the permitting process in India to allow exploration to recommence at the Bhukia gold project.
The company made the remarks in its results for the half year ended September 30.
During the period, the group’s joint venture partner in Bhukia, Metal Mining India Pvt. Ltd., was granted an interim stay order by the High Court of Rajasthan following the rejection of its prospecting licence application by the government.
"Strong Stay Order protection of our key Bhukia PL rights puts us in a good position to negotiate a PL grant," said chief executive Geoff Stanley.
"A partnership with Galaxy Gold (and its main Indian investor, Hunch Ventures and Investments) was negotiated, which validates the technical merits and strength of our legal claim as well as providing a strong valuation measure."
Panthera is targeting a 6.0mln ounces (Moz) gold resource at Bhukia, where it currently has a JORC (2012) compliant inferred resource of 1.74Moz.
PCG Entertainment Plc (LON:PCGE) shares dropped 11.7% to 0.07p after reporting a wider loss for the first half, reflecting costs related to the termination of financing arrangements.
The company posted a loss of US$1.4mln loss for the six months to September 30, compared to US$704,992 a year ago.
PCG took a US$542,160 hit for the termination of a series of financing agreements.
Clear Leisure shares gain as it buys stake in Italian firm PBV Monitor
Clear Leisure PLC (LON:CLP) shares gained after the investment company announced it had purchased a 10% stake in Italian legal services data firm PBV Monitor Srl for £278,750.
The acquisition will be settled by the issue of more than 35mln Clear Leisure new ordinary shares at a 21% premium to the closing price on Thursday.
Shares in Clear Leisure rose 7.6% to 0.7p.
Goldstone Resources Ltd shares increased 18.7% to 1.43p after saying it has entered into a loan agreement with major shareholder Paracale Gold Ltd.
Paracale will provide Goldstone with a loan of up to US$1.224mln, which will accrue interest at 6% per annum and will need to be repaid by 2 June 2022. The loan will give Goldstone working capital to fund its Akrokeri-Homase project in Ghana.
Going the other way, Xaar PLC (LON:XAR) shares slipped 15.2% to 135p after the industrial inkjet tech firm said trading in the final three months of the year has continued below expectations.
The group now expects second-half revenue to “only be slightly better” than the first half due to falling sales into ceramics and a slower-than-expected uptake of its Xaar 1201 product. For the year it predicts revenue of £64mln.
Nu-Oil and Gas PLC (LON:NUOG) was on the back foot as it reported a wider annual loss as its production sharing agreement with PVF Energy Services was hit by unexpected delays.
The loss before tax for the year to 30 June 2018 came to £1.8mln, compared to £1.6mln a year ago.
Shares dipped 3.8% to 076p.
Proactive news headlines
Sure Ventures PLC (LON:SURE) said it is pleased with the progress its portfolio so far as it reported improved returns on its investments in the first half.
Harpoon Therapeutics Inc., a portfolio company of Arix Bioscience PLC (LON:ARIX) is planning to float in the US.
Irish oil explorer Providence Resources Plc (LON:PVR) has updated investors on its operations looking into 2019, in which the delivery of a planned drill programme at Barryroe remains the key focus.
Regency Mines PLC (LON:RGM) expects to see further progress at its joint ventures in the US and Papua New Guinea in 2019.
SigmaRoc plc (LON:SRC) has proposed refinancing £10mln of 6% convertible unsecured loan notes, due January 2022, in order to reduce its costs of funding.
PCG Entertainment Plc (LON:PCGE) told investors that it intends to conclude a transaction for a new investment opportunity in the near future.
Berkeley Energia Ltd (LON:BKY), in accordance with stock market rules, disclosed payments made to governments in the year ended 30 June - confirming A$377,663 of permit and licence fees were paid to Spanish government entities by the company’s wholly owned Spanish subsidiaries.