Flybe Group PLC (LON:FLYB) shares soared once again on Wednesday as investors bet big that a bigger offer will be forthcoming for the struggling airline.
Earlier this month, Flybe bosses agreed a deal with a consortium backed by Virgin Atlantic which would see the carrier sold for 1p a share – a steep discount to the market value of the stock.
Then last week, the deal was restructured so that the consortium – Connect Airways – would buy the trading assets for £2.8mln, leaving the holding company as a shell for which Connect would continue to pay a nominal sum.
Investors have been up in arms about the deal and major shareholder Hosking Partners said on Monday it had instructed lawyers to look for ways to block the sale.
Shares are up by another 45% today to 5.9p – a sign that investors are either anticipating a better offer or for the bid to be scrapped altogether.
H&T reaps rewards from digital investment
Pawnbroker H&T GROUP PLC (LON:HAT) was also coining it after reporting a solid 2018, with growth in all of its core businesses.
Demand for the AIM company’s loans soared last year, as did sales in its jewellery retail business. The standout performer was its travel money division though, which posted a 22% rise in income.
“We continued to make good progress in delivering our strategy in the past year, particularly in developing our digital capability to complement our store estate,” said chief executive John Nichols.
Shares climbed 5.6% to 284.0p on Wednesday afternoon.
Botswana Diamonds loses its sparkle
Botswana Diamonds PLC (LON:BOD) shares lost their sparkle after it raised £370,000 from shareholders.
It will use the money to fund exploration activities during the current year in Botswana and South Africa, which remain ongoing, and to provide additional working capital for the company.
Shares fell 9.7% to 0.52p.
Berkeley Energia goes radioactive after latest Salamanca update
Berkeley Energia Ltd (LON:BKY) shares went radioactive on Wednesday after the company confirmed it had received “favourable assessments from various regulatory bodies” as it looks to build its Salamanca uranium mine in Spain.
The £60mln company has had to refute various reports of late that the mine was unlikely to get the green light from Spanish authorities.
In the same trading update, Berkeley noted the continued rise in uranium prices, while it added that soil samples from near Salamanca found “significant anomalies” for other elements such as gold, lithium and cobalt.
Shares, which were under pressure in the second half of 2018, have recovered of late, and they were up another 20% to 27.7p on Wednesday.
Computacenter bosses praise 2018 performance
Computacenter PLC (LON:CCC) is the top FTSE 250 gainer after telling investors it "materially outperformed" expectations held at the start of 2018.
In a pre-close season trading update, the IT company said, excluding revenues from new acquisitions, overall full-year group revenue grew by 8% and was up by 7% in constant currency.
The firm said its adjusted full-year pre-tax results are anticipated to be marginally ahead of the group’s expectation as upgraded within its 12 July 2018 trading update
Computacenter said: "2018 was a record year which has materially outperformed our original expectations. We believe that we will again show financial progress during 2019.”
Shares rose 10.2% to 1,122p.
Centrica hit by Credit Suisse downgrade
Centrica PLC (LON:CNA) is down almost 2% to 131.5p after Swiss banking giant Credit Suisse downgraded the British Gas owner to ‘neutral’ from ‘outperform’ amid a “tight” outlook for the dividend.
A weak UK home market, lower hydrocarbon production volumes and a pension deficit leave the company’s dividend “sustainable, but looking tight”.
Fellow broker Jefferies also downgraded Centrica earlier this month over dividend concerns.
Sanne Group slides as “exceptional” CEO retires
Sanne Group PLC (LON:SNN) was among London’s top fallers in early deals on the news that its chief executive is to step down.
Dean Godwin has been at the helm of the fund administration services provider for seven years but will retire after the annual general meeting in May.
Succeeding him will be current chief commercial officer, Martin Schnaier, and the pair have already started working together to ensure an orderly handover.
Godwin’s colleagues praised his “exceptional” contribution to the FTSE 250 group during his “busy and successful” reign, which included taking Sanne public back in 2015.
Investors were obviously feeling the loss too, with shares falling 12.3% to 480p.
Profit warning from Metro
Challenger bank Metro Bank PLC (LON:MTRO) also stumbled on Wednesday morning, losing a third of its value after a profit warning shocked the market.
The FTSE 250 group warned that full-year profits will be below expectations after a “soft” end to 2018, as well as a mistake in the way it had accounted for some commercial loans.
Metro, which is among a flock of banks taking on the traditional high street lenders, raised £300mln last summer, but the warning added to concerns that it may have to tap the market for more money soon.
Its shares plunged 30% to 1,555p, valuing it at just over £1bn.
MediaZest finds new NOMAD
The merger of two City brokers – Northland Capital and SP Angel – has thrown up a few issues for some of London’s smaller companies, a lot of whom use one of the pair as their nominated adviser.
AV specialist MediaZest PLC (LON:MDZ) was one of those on the lookout for a new NOMAD after the merger and it had until next week to find one before its shares would have been suspended.
But the AIM company has now confirmed that the enlarged SP Angel has been appointed as its new NOMAD, erasing any investor fears. Shares jumped 10% to 0.11p.
Proactive news headlines:
Block Energy Plc (LON:BLOE) told investors it has now begun sidetrack operations at the West Rustavi field, in the existing 16a wellbore. It is the first of an initial two well programme at West Rustavi as the company aims to increase production up to 650 barrels of oil per day by the end of the first half.
Pawnbroker H&T GROUP PLC (LON:HAT) enjoyed a solid 2018, with all of its core businesses delivering growth last year.
ClearStar Inc (LON:CLSU) shares moved up in early deals on Wednesday after it expected its “highest ever” revenues and positive underlying earnings (EBITDA) in 2018.
Scancell Holdings Plc (LON:SCLP) said it had received “significant scientific endorsement” of its technology after it and a group of collaborators were shortlisted for major award. It teamed up with BioNTech, Genentech and ISA Pharmaceuticals to form Project Blueprint for Cancer Research UK’s Grand Challenge.
StatPro Group PLC (LON:SOG) has seen its earnings rise by around a third in 2018, boosted by “robust” sales of its services in the fourth quarter.
December was a record month for VR Education Holdings Plc (LON:VRE) in which the virtual reality firm launched its showcase Titanic experience as well as its ENGAGE learning and training platform.
Tlou Energy Ltd (LON:TLOU), in its third quarter report, highlighted that progress at its Botswana coal bed methane project where drilling began recently. The company said excellent progress has so far been made with the drilling operation.
Strategic Minerals PLC (LON:SML) is confident it can expand the mineral resource at the Redmoor tin/tungsten deposit in Cornwall after strong results from the final four assays in the latest drill programme. Average tin grades for the whole programme were significantly higher than the existing resource, said Strategic.
Base Resources Limited (LON:BSE) has updated the mineral resource estimates for the Ranobe deposit, which forms part of the Toliara project. The deposit is now seen to comprise some 1.3bn tonnes containing 5.1% heavy minerals.
Mining titan Glencore now has a 6.11% stake in Horizonte Minerals PLC (LON:HZM) following the final payment for a parcel of land at Araguaia in Brazil. Horizonte bought the site from Glencore in 2015 for US$8mln and combined it with its own nickel development at Araguaia. Big Pic last week.
Bluebird Merchant Ventures Ltd (LON:BMV) expects production from its Gubong and Konchang gold mines in South Korea to start by the end of this year. The intention is to re-open both the old mines simultaneously and use one processing plant to save on costs.
Mining titan Glencore now has a 6.11% stake in Horizonte Minerals PLC (LON:HZM) following the final payment for a parcel of land at Araguaia in Brazil. Horizonte bought the site from Glencore in 2015 for US$8mln and combined it with its own nickel development at Araguaia.
Berkeley Energia Ltd (LON:BKY), in its quarterly report, updated on its progress with the Salamanca uranium project and highlighted that the fundamentals for uranium mining remains “very strong”. The company said that spot uranium price continued to strengthen during the quarter, rising 4% to US$28.5 per pound by the end of the three months.
Mirada PLC (LON: MIRA), a leading provider of integrated software solutions for digital TV operators and broadcasters, said it will be presenting at the Growth and Innovation Forum on 29 January 2019, which will be held at the Business Design Centre, 52 Upper Street, Islington, London, N1 0QH.