Midatech Pharma soars after receiving Spanish backing

A look at the day's major movers, including Zambeef, GAN, Bowleven, Serabi Gold, Mobile Streams, Ascent Resources and FireAngel

The group has received around €8.5mln of public backing towards the estimated €16mln costs to build a plant in Bilbao

Midatech Pharma PLC (LON:MTPH) shares soared higher on Friday as it received a loan from Spain.

The firm said the Spanish government had conditionally approved a €6.6mln Reindustrialisation, or Reindus loan that will be used to help commercialise its flagship drug.

In all, the group has received around €8.5mln of public backing towards the estimated €16mln costs to build a plant in Bilbao to manufacture its MTD201 Q-Octreotide development product.


Midatech shares were up 19%.

2.30pm: Zambeef biffed after it issues profit warning

Agriculture business Zambeef Products PLC (LON:ZAM) bemoaned the state of the Zambian economy as it warned of half-year losses.

For the full year, management expects adjusted profit before tax to be 30-40% below market expectations and revenue to be in line with market expectations.

The shares fell 6.3% to 9.75p on the profit warning.

1.30pm: GAN in play as it considers strategic alternatives

GAN PLC (LON:GAN), the online gaming network specialist, caught the market on the hop by putting itself up for sale.

The board said it undertaking a comprehensive review of the various strategic alternatives open to it in order to maximise value for shareholders and “properly recognise both the value and the scarcity of the company's U,S-facing assets”.

These alternatives include seeking a listing on a US stock exchange in addition to or in replacement of the company's existing stock market quotations and/or seeking a strategic Industry investor to acquire a non-controlling stake in the company's existing equity as well as a potential sale of the company.

Presumably it was the prospect of it possibly cancelling its London listing that sent the shares 6.3% lower to 47.8p.

12.30pm: BowLevenslides as special divi puts big dent in cash pile

BowLeven PLC (LON:BLVN), the Africa-focused oil and gas exploration group, halved its losses in the second half of 2018.

That was not enough to stop the shares sliding 7% to 12.54p, which is below the 15p a share the company paid out as a special dividend earlier this year.

The group’s cash balance at the end of 2018 was around US$70.1mln; following the payment of the special dividend, the cash balance fell to US$6.9mln.

11.30am: Serabi Gold tumbles as it announces intention to revisit the EIA for Coringa

Full-year results from Serabi Gold PLC (LON:SRB) revealed that its loss before tax almost tripled last year.

The loss before tax was U$4.83mln from US$1.75mln the year before on revenue that declined to US$43.26mln from US$48.45mln.

The gold mining and development company that is focused on Brazil expects to produce 40,000 – 44,000 ounces of gold this year, up from 37,108 ounces in 2018.

The shares plunged 14.6% to 38p after the company took the decision to amend the environmental impact assessment (EIA) for the Coringa project to incorporate filtration and dry stacking of mine tailings, and therefore dispense with the requirement for a tailings dam.

10.30am: Mobile Streams plunges as move into India backfires

Entertainment content provider Mobile Streams PLC (LON:MOS) has warned revenues in the second half of the current fiscal year will be lower than expected.

The company saw revenues halve in the first half of its fiscal year to £919,000, largely as a result of increased regulation in India.

The directors expressed “some reservations about the short term opportunities in India given the current developments amongst the telecom operators and increased regulations”, sending the shares reeling.  

9.30am: Ascent on the rise after it challenges Slovenian ruling on its Petišovci concession

The board of Ascent Resources PLC (LON:AST) is preparing to lock horns with the Slovenian Environment Agency.

It has filed its appeal against the recent decision of the agency to request an environmental impact assessment in respect of the application to re-stimulate Ascent’s existing wells at the Petišovci concession in Slovenia.

The board pointedly noted that a new environment minister has now been appointed in Slovenia following the resignation of the previous minister due to allegations of possible corruption.

Shares in Ascent were up 10% at 0.275p in early deals.

A couple of months after its second profit warning FireAngel Safety Technology Group PLC (LON:FA.) has announced plans to raise funds to accelerate what it hopes will be its recovery.

The shares rose from 19p overnight to 20.5p this morning as the company unveiled plans to raise £6mln by issuing shares at 20p a pop.

“This year has started well and the funds raised will be deployed to accelerate recovery,” said John Conoley, the chairman of FireAngel.

Proactive News Headlines:

Eco Atlantic Oil & Gas Ltd (LON:ECO) and its partners at the Orinduik Block offshore Guyana have selected the location of the second well of the 2019 drilling programme. Spudding at the Joe prospect, which is estimated to host up to 150mln barrels of oil equivalent, is set to begin in mid-July.

CentralNic Group PLC (LON:CNIC) said it will receive around 680,000 domain names as part of a bulk transfer from a former registrar.

SkinBioTherapeutics PLC (LON:SBTX) is to appoint Smith & Nephew PLC’s (LON:SN.) former sales and marketing boss Stuart Ashman as its new chief executive. Regulatory due diligence checks still need to be carried out, SkinBio said, but the plan is for the 52-year-old to replace Cath O’Neill following a “period of transition”.

SIMEC Atlantis Energy Limited (LON:SAE) has unveiled a share placing and subscription to help fund its acquisition of SIMEC Green Highland Renewables (GHR).

Midatech Pharma PLC (LON:MTPH) said the Spanish government had conditionally approved a €6.6mln Reindustrialisation, or Reindus loan that will be used to help commercialise its flagship drug.

Shanta Gold Limited (LON:SHG) is to float its Singida gold mining asset in Tanzania on the Dar es Salaam stock exchange. The gold miner wants to raise US$20mln to develop Singida, with the IPO expected to take between 6-12 months.

Horizonte Minerals PLC, (LON:HZM, TSE: HZM), the nickel development company focused on Brazil, said in its full-year results statement that the nickel market continues to demonstrate compelling fundamentals.

Survey, inspection and monitoring company Remote Monitored Systems PLC (LON:RMS) is implementing cost-saving measures to offset a slow start to 2019 by its Geocurve business.

African Battery Metals PLC (LON:ABM) executive director Paul Johnson has hailed a “well-funded” and debt free business following what he said was a “challenging period” for the exploration firm in its latest full year.

MTI Wireless Edge Ltd (LON:MWE) has secured a US$1mln contract to develop military antennas.

Ariana Resources PLC (LON:AAU) has announced a positive update on the exploration and development activities at its projects within Turkey. The AIM-listed exploration and development company with gold mining operations in Turkey highlighted the successful completion of 746 metres of infill resource diamond-drilling at its 100% owned Kizilcukur Project.

Curzon Energy PLC (LON:CZN), the North America-focused natural gas project developer, is to proceed with its planned participation in Pared’s Texas Gas Project.

Regency Mines PLC (LON:RGM) has admitted the first half was “exceptionally disruptive” but the company is taking action to address its challenges and remains positive about the outlook.

Concepta PLC (LON:CPT) has confirmed its agreement to supply the myLotus product for women's fertility and hormone testing to Boots UK, a member of Walgreens Boots Alliance. The group said the Boots supply agreement represents the first commercial partnership forming part of its EU roll-out plans.

hVIVO PLC (LON:HVO), a clinical development services business pioneering human disease models based upon viral and allergen challenge, has confirmed that the company and its joint venture, Imutex Limited, will present at the Influenza Vaccines for the World (IVW 2019) conference on 2-4 April 2019 at the Royal College of Physicians of Edinburgh, Edinburgh, Scotland, UK.

Redx Pharma Plc (LON:REDX), the drug discovery and development company focused on cancer and fibrosis, announced that the two abstracts submitted by the Company have been accepted for presentation as posters at the 2019 American Association for Cancer Research (AACR) Annual Meeting in Atlanta, Georgia, taking place between 29 March and 3 April 2019. Both posters relate to the Company's lead oncology candidate, RXC004, a selective, orally bioavailable porcupine (PORCN) inhibitor which targets the Wnt signalling pathway.

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