Security software specialist Defenx plc (LON:DFX) was laying low after it revealed it had drawn down all of the loan from its majority shareholder.
The company said it now had sufficient cash to last it until the end of next month.
If that sounds alarming, the good news is that its majority shareholder, BV Tech, is looking to acquire distribution rights to Defenx’s products in return for which, if all goes well, it will pay a fixed fee in instalments and monthly fees.
Nevertheless, Defenx’s shares were down 11% at 5.35p.
3.00pm: AssetCo bemoans impact of spat with its former auditor
The prosaically named AssetCo PLC (LON:ASTO) failed to get people excited with its results for the year to the end of September 2018.
The provider of management and resources to the fire and emergency services in the Middle East said its performance last year was hit by reduced revenues and the increase in litigation costs that resulted from its claim for negligence against its former auditors, Grant Thornton.
The case was decided in AssetCo’s favour but Grant Thornton has the right to appeal.
2:15pm: Restore's Charles Skinner exits on a high note
Charles Skinner, the chief executive officer of office services provider Restore Plc (LON:RST) has left the firm on a high note.
Profit before tax rose to £24.8mlon from £12.4mln the year before on the back of rise in revenue to £195.5mln from £172mln in 2017.
Trading since the start of 2019 has been in line with the board's expectations, Skinner said.
Shares in Restore were up 8.3% at 288p.
1.30pm: Miton on the march
Results from asset management firm Miton Group PLC (LON:MGR) seemed to catch the market on the hop – in a good way.
Net inflows in 2018 more than doubled to £1.01bn from £494mln in 2017, contributing to a rise in assets under management to £4.38bn from £3.82bn in 2017.
Liberum Capital Markets updated its price target in the wake of the final results, increasing it to 69p from 63p.
Shares in Miton were trading at 57.7p, up 11%.
12.30pm: Maintel dialling the right numbers
The board of Maintel Holdings plc (LON:MAI) is confident of delivering growth in revenue and profits this year in line with expectations.
The shares have been on a decent run since the end of January following a 2018 trading update and they kicked on again this morning, rising 12% to 560p.
We are very proud to announce we were awarded Top Cloud Partner at @Mitel's Next '2019 International Partner Awards' yesterday for demonstrating outstanding performance across Mitel’s international regions last year. pic.twitter.com/2NhBvutHBX
— Maintel (@Maintel) March 1, 2019
The communications, cloud and managed services provider saw revenue in 2018 rise 8% to £136.5mln from £126.8mln in 2017, of which 69% was classified as recurring revenue.
Profit before tax jumped 40% to £2.25mln from a restated £1.61mln in 2017.
11.45am: Microsaic bags OEM deal
Chip-based mass spectrometry (wavelength measuring) instruments specialist Microsaic Systems plc (LON:MSYS) has bagged a deal with Biometrics Technologies (BMT).
Microsaic's shares rose 18% to 1.3p after the original equipment manufacturer (OEM) signed up to integrate the Microsaic 4500 MiD mass spectrometry detector into Biometrics' high-performance liquid chromatography equipment.
The new kit will be distributed in south-east Asia, Korea and India.
"By integrating with Microsaic's technology, we will be launching an entirely new product line, enabling us to offer our customers a total solution, improve our customers' research efficiency and offer a more ecologically friendly product,” declared Roger Chung, the managing director of BMT.
11.00am: The other shoe drops as JD Sports pulls trigger on Footasylum takeover
Struggling footwear flogger Footasylum PLC (LON:FOOT) is to become part of the JD Sports Fashion PLC (LON:JD.) empire.
The shares rose by more than a third to 81p as JD Sports won the Footasylum board's support for an 82.5p per share cash offer.
Sept 2018 article, but a good insight into Footasylum/JD Sports background....#FOOT Footasylum: The nightmare investment that has been a nice little earner for founder's kids https://t.co/Yq3cTxmaji via @proactive_uk @Footasylum #FOOT #brighterir #AndrewScottTV #CapitalNetwork1
— Tony Watson (@tonywatsonm) March 18, 2019
The offer does not come as a total surprise given JD Sports bought an 8.3% stake last month and then increased it to more than 18%.
10.15am: TomCo spurts higher after publishing resources estimate for two of its leases in Utah
Oil shale specialist TomCo Energy Plc (LON:TOM) shot higher on the back of an updated resources estimate for two of its leases.
The shares were up 30% at 4.41p following the release of data from an independent technical review of the leases ML49570 and ML49571 in the Uintah Basin in Utah.
The report put contingent resources at 131.3mln barrels of oil, plus it gave a best estimate prospective resource (2U) of, in aggregate, 442.8mln barrels of oil across the leases.
9.30am: Goldstone loses its lustre after withdrawing appeal against costly court ruling
A long-running dispute between GoldStone Resources Limited (LON:GRL) and a former director of the company, Hendrik Schloemann, has taken a new twist.
Shares in GoldStone slipped 0.15p to 1.9p after the company said it would not, after all, be appealing against the decision of the South African Labour Court ordering the company to pay Schloemann damages of US$140,000 plus legal costs.
The company is required to agree a payment schedule with Schloemann's attorney and is considering its options in this regard and in relation to the claim with its advisers.
Bluebird Merchant Ventures Limited (LON:BMV) has placed 19.4mln shares at 2.25p, prompting the shares to slide 11% to 2.45p.
The placing raised £436,500 with the money earmarked for the pre-construction phase of the group’s South Korean gold projects and to complete the more detailed design work required for the construction phase.
“Moving to the next phase of the project is key for Bluebird as we advance towards production and achieving first gold pour,” said the company’s chief executive officer, Colin Patterson.
Proactive news headlines:
WideCells Group PLC (LON:WDC) is to change its name to Iconic Labs PLC after creating a new media business and bringing onboard former executives from social publishing giant UNILAD.
Tlou Energy Limited (LON:TLOU) updated investors on its drilling programme in Botswana. The company said that two development pods – each containing three wells - have been completed and, they are now de-watering prior to controlled gas flows.
Oriole Resources PLC (LON:ORR) has identified multiple gold-in-soil anomalies at the Wapouzé gold project in Cameroon. Oriole can earn up to a 90% interest in Wapouzé.
Strategic Minerals PLC (LON:SML) (USOTC:SMCDY) is to acquire 100% ownership in the Redmoor tin and tungsten project in Cornwall, after it entered into arrangements with New Age Exploration Limited to acquire its entire 50% shareholding for a maximum consideration of £2.66mln.
Allergy Therapeutics PLC (LON:AGY) received a setback as top-line results from the Phase III clinical trial of its new adjuvanted birch allergoid product disappointed. The profitable drugs development company said the trial did not show a statistically significant difference between those taking the drug and those receiving the placebo.
Primary Health Properties PLC (LON:PHP), which last week completed its merger with MedicX Fund Limited, has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Kew, London. The FTSE 250-listed firm said the property is due to be completed in October 2019 and will have a net internal area of approximately 845 square metres for a total cost of £4.6mln.
Arix Bioscience PLC (LON:ARIX) said it has invested US$15mln (£11.3mln) in Imara, a company developing treatments for sickle cell disease.
Eco Atlantic Oil & Gas Ltd (LON:ECO) (CVE:EOG) has revealed the impressive findings of a new resource assessment for the Orinduik Block, offshore Guyana, ahead of exploration drilling later this year. Consultant Gustavson Associates has estimated some 3.98bn barrels of prospective resources across fifteen exploration areas, which for Eco’s 15% stake in Orinduik equates to 597.3mln barrels net to the AIM-quoted firm.
Chaarat Gold Holdings Limited (LON:CGH) is to receive a cash boost of US$31.5mln to develop the Tulkubash and Kyzyltash projects in the Kyrgyz Republic. Turkish mining specialist Ciftay will pay the cash in increments and become the mining and construction contractor at Tulkubash with a 12.5% stake in both that project and Kyzyltash.
Kavango Resources PLC (LON:KAV)has completed the second phase of its airborne electromagnetic survey over the northern section of the Kalahari Suture Zone. The survey covered approximately 2,100 line-kilometres to the north of Hukuntsi in southwest Botswana.
Bluebird Merchant Ventures Ltd (LON:BMV) has raised £436,500 to fund the next stage of its mine re-opening project in South Korea. A placing of 19.4mln shares at 2.25p was heavily backed by management, with the senior executives putting up £186,500 of the amount raised.
Motif Bio PLC (LON:MTFB) (NASDAQ:MTFB) has appointed long-standing board member Bruce Williams as its interim chairman to replace Richard C.E. Morgan who is stepping down with immediate effect to focus on other business commitments.
W Resources PLC (LON:WRES) is continuing with construction and installation work at the La Parilla project in Spain as part of its ramp up to full production. First tin and tungsten was produced from the project late last year.
Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) has revealed a significant extension to the resource at Lake Way in Western Australia following completion of an exploration program across the whole of the lake. The estimated total resource at Lake Way has increased to 73 million tonnes (Mt) of SOP (sulphate of potash) calculated using total porosity and 8.2Mt of SOP calculated using drainable porosity.
US Oil & Gas PLC (LON:USOP) told investors that dialogue is continuing with regulatory agencies regarding its permit application for the hydraulic fracturing of the Eblana-3 well, in Nevada. The explorer added that it has undertaken a comprehensive study of local water resources, requiring multiple samples be collected over an extended period and be independently analysed.