Abal tumbles as CEO and CFO quit the cash shell

A look at the day's major movers, including Revolution Bars, Serinus Energy, Sirius Real Estate, 7digital and Red Emperor

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Like-for-like sales at Revolution were less bad in in the fourth quarter (at minus 3.1%)

Abal Group PLC (LON:ABAL), the cash shell formed from the remnants of Imaginatik, has parted company with chief executive Angus Forrest, by mutual company.

With the assets of Imaginatik sold off, there was nothing left for Forrest to do. Shawn Taylor, the finance director, has also agreed to step down and will be leaving at the end of March.

The company is currently reviewing a number of candidates as potential non-executive directors, each of whom is active and experienced in different aspects of the technology sector and will make an announcement about an appointment in due course.

Shares in Abal were down 9.3% at 0.785p.

12.45pm: Revolution Bars turfed out of the VIP lounge

You say you want a revolution? What about the shares of Revolution Bars Group PLC (LON:RBG) instead?

No one wants them, apparently.

Interim results from the beleaguered operator of overpriced bars prompted an 18% decline in the share price to 65p.

READ Revolution Bars stumbles as it cancels divi and trims outlook after “slow start” to 2019

11.30am: From Sirius to Serinus, and the mysterious share price reaction

Sometimes it is best not to raise one’s head above the parapet.

Take, for instance, the case of Serinus Energy PLC (LON:SENX), the upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.

All it did was mention that the final assembly and testing of the triethylene glycol unit (TEG) has been completed.

The TEG is now being transported from the Confind fabrication yard in Campina, Romania to the Moftinu plant site.

This harmless bit of news was apparently enough to send the shares 17.7% lower to 10.5p.

10.30am: Sirius Real Estate in demand after it gets into bed with AXA 

Sirius Real Estate Limited’s (LON:SRE) shares glittered after the company formed a German business park joint venture with clients of AXA Investment Managers – Real Assets.

Sirius will sell a 65% interest in the business parks to its new partners, leaving it with a 35% stake.

"This transaction allows us to invest in an attractive portfolio of assets and provides us with immediate scale in this important asset class in Germany, a geography that we are actively growing in. This transaction also enables us to establish a long term joint venture with Sirius Real Estate, a leading operator and investor in branded business parks in Germany. We look forward to working with them on this portfolio and on future opportunities," said John O’Driscoll, the head of transactions at AXA IM- Real Assets.

Sirius’s shares were up 3.7% at 62.2p.

9.30am: 7digital makes the best of a bad job with Juke service exit; Red Emperor hit by disappointing drilling result at Winx-1

Broadcast services provider 7digital Group PLC (LON:7DIG) was the top riser in early trading after it reached a settlement with MediaMarktSaturn over the Juke service.

The shares shot up almost 50% to 1.375p after the company accepted a settlement of, and release from, all outstanding contracts and commitments relating to the Juke music service for immediate payment by Juke of €4,000,000.

Further, Juke has agreed to write off all interest payments and £250,000 of the principal amount of the convertible loan note issued to Juke while 7digital will pay the balance of the convertible loan note principal amount, £500,000, from the proceeds of the settlement agreement.

READ 7digital shares halve as European retailer MediaMarktSaturn questions arrangements for Juke music service

The top faller was energy company Red Emperor Resources NL (LON:RMP) which plunged to 1.74p from 4.04p overnight after disappointing drilling results on the Winx-1 exploration well, in which it has an interest.

The operator said there were oil shows but preliminary analysis indicates that they were “at the lower end of the range required for commerciality.”

Drilling continues to test deeper objectives.

Proactive news headlines:

IXICO PLC (LON:IXI) has been chosen as a small-to-medium enterprise (SME) partner in the London Medical Imaging & Artificial Intelligence Centre for Value-Based Healthcare. The data analytics company focused on delivering insights in neuroscience said the newly established centre, launched on 28 February, is part of the UK Government's Industrial Strategy Challenge Fund.

Life sciences group MaxCyte Inc (LON:MXCT) has extended its relationship with Kite – the multi-billion-dollar cancer drug developer owned by US giant Gilead Sciences. Under the terms of this latest agreement, Kite will use MaxCyte’s Flow Electroporation technology to help it develop “multiple” CAR-T drug candidates for up to ten targets.

88 Energy Ltd (LON:88E) told investors that the Winx-1 exploration well observed oil shows but preliminary analysis indicates that they were “at the lower end of the range required for commerciality.” The shows were observed in the Nanushuk formation which was the well’s primary target, meanwhile, no oil shows were present in a shallower secondary target.

Curzon Energy PLC (LON:CZN) issued a statement on Friday confirming a £95,000 equity raise which is described as a foundation for the advancement of a US natural gas development strategy. Specifically, the proceeds will support the company as it progresses an agreed deal for a ‘multi-TCF’ onshore natural gas project in Texas.

Stobart Group PLC (LON:STOB), the Aviation, Energy and Civil Engineering group, has announced the appointment of David Blackwood as a non-executive director with effect from 1 March 2019. It said Blackwood is currently a non-executive director at Dignity PLC and Scapa Group PLC and was previously chief financial officer of Synthomer PLC until 2015.

NQ Minerals PLC (LON:NQMI) (OTCQB:NQMLF), the mineral processing, exploration and mining company, has announced the resignation of Adrian Lungan from its board of directors with immediate effect.

Alba Mineral Resources PLC (LON:ALBA), the diversified mineral exploration and development company, has said its executive chairman, George Frangeskides, will be attending the PDAC Mining Convention, being held in Toronto, Canada from 3-6 March 2019, including the Greenland Day being hosted by the Government of Greenland on 4 March.

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