Air Partners appoints MD of its charter division

A look at the day's major movers, including Quadrise, Intu Properties, Mediazest, Upland Resources, MX Oil and Angling Direct

Woman reading a newspaper
MX Oil shares have quadrupled in the last fortnight

With aviation stocks out of favour today, Air Partner PLC (LON:AIR) chose an unfortunate day to announce its latest managerial appointment.

Kevin Macnaughton has been named as managing director of the aviation services group’s charter division.

Macnaughton has a wealth of experience in the aviation charter industry, both in the UK and overseas, having held a number of senior roles at NetJets over a period of 13 years.

Shares in Air Partner were down 1.7% at 86p on a day when the top two Footsie fallers for much of the day were both airlines: easyJet and IAG.

1.45pm: Quadrise rallies after non-executive director appointment

Shares in Quadrise Fuels International PLC (LON:QFI) got off to a bad start but perked up after a new board appointment was announced.

Former BP veteran, Bryan Sanderson, has been appointed as an independent non-executive director of the alternative fuels company with immediate effect.

"We are delighted that Bryan has joined the board of QFI, bringing with him a wealth of knowledge, experience and connections from over 35 years as a senior executive and having served on the boards of some of the UK's most prominent businesses,” said Mike Kirk, the executive chairman of Quadrise.

Having opened at 3.22p, down from 3.55p at Friday’s close, Quadrise shares rallied to 3.25p, down 0.9% on the day.

12.30pm: Intu softens ahead of AGM update

You know things are bad when the share price falls merely because you’ve informed the market a trading update is due on 3 May.

Shares in struggling shopping centres owner Intu Properties PLC (LON:INTU) were 3.7% lower after the company informed the market of a trading update scheduled to coincide with its annual general meeting.

11.30am: In Ur Face Media's Mediazest stake rises after recent fund-raising

In Ur Face Media has upped its stake in Mediazest PLC (LON:MDZ) to 10.56%.

The media company, which appears to be primarily owned by Josh Bunce, increased its holding to 147.45mln shares from 128.45mln.

READ Mediazest issues a profit warning a month after tapping the market for funds

Mediazest shares were up 6.3% at 0.085p in lunchtime trading.

10.30am: Upland wanted after it receives expression of interest in its Tunisian assets

Upland Resources Limited (LON:UPL) has received a number of of unsolicited approaches from companies interested in taking a stake in its Tunisia onshore acreage.

The company said it viewed this “early interest as a further validation of the potential of its new asset”.

The market seemed to agree as the shares were up 7.0% at 1.9p, giving the company a market capitalisation of £10.4mln.


9.30am: Weekend press coverage lifts MX Oil

Once again, MX Oil PLC (LON:MXO) was making the early running in London, with a 35.3% gain.

Confirmation came through this morning of the 29.86% stake in the company taken by Shaikh Ahmed Bin Dalmook Al Maktoum via the company’s share placing announced last week.

Most likely the share price surge was caused by an article by “top financial journo” Jamie Nimmo, once of this parish, in the Mail on Sunday.

Shares in MX Oil, soon to change its name to ADM Energy, were up 35% at 0.23p.

Angling Direct PLC (LON:ANG), the fishing tackle flogger that says to hell with adverbs, has enjoyed a record start to the year.

The retailer said both the store network and its e-commerce operations have generated “robust sales growth”.

Across all stores, like-for-like sales were up by 29.5% in February and March, and overall sales were up 28.5% compared to the previous year. Meanwhile, online orders for January and February were up by 27%, compared to the previous year.

Shares in Angling Direct were up 10.4% at 74.5p.

Proactive news headlines:

Active Energy PLC (LON:AEG) has been awarded a US$500,000 renovation grant to help build its new manufacturing site in Lumberton, North Carolina.

Tekcapital PLC’s (LON:TEK) shares soared in early deals on Tuesday after its portfolio company, Salarius, secured the first commercial order for its low-sodium salt substitute MicroSalt.

Sareum Holdings Plc (LON:SAR) said data from a potential cancer drug it developed will be showcased at the world’s leading oncology conference. Updated results from a phase I/IIa studies carried out on SRA737 by licensing partner Sierra Oncology will be delivered in the form of two abstracts at the American Society of Clinical Oncology (ASCO) annual meeting in Chicago on June 1.

Franchise Brands PLC (LON:FRAN) has reported a record first quarter in its current financial year in a trading update ahead of its annual general meeting (AGM) on Tuesday. Stephen Hemsley, chairman of the AIM-listed firm, said the franchise network had grown sales by 12% in the period compared to 10.4% growth in the whole of its 2018 fiscal year.

Keywords Studios PLC (LON:KWD), the technical services provider to the global video games industry, has acquired Wizcorp for 120mln Japanese yen in cash. Based in Tokyo, Wizcorp develops games on behalf of others, mainly for mobile devices. It has particular expertise in HTML5 – a hypertext mark-up language (HTML) used to create web pages - and other mobile technologies.

Falcon Oil & Gas Ltd (LON:FOG) (CVE:FO) told investors that it has extended its deal to acquire royalties over the Beetaloo basin assets. The company, in a statement, detailed that it has secured two additional years to pick up additional royalties (overriding royalty interest – or ORRI) following a prior deal struck in 2013.

Diversified Gas & Oil PLC (LON:DGOC) has completed its US$400mln acquisition of assets from HG Energy II Appalacia LLC, delivering some 107 producing wells to the company’s portfolio. The transaction grows daily production by around 30% to over 90,000 barrels oil equivalent per day, and, it is described as being “immediately accretive”.

Ironridge Resources Ltd (LON:IRR) has been granted an exploration for the Zaranou gold project in Côte d'Ivoire. The exploration licence covers 397 square kilometres of ground. IronRidge has the right to acquire up to 100% of the project through staged earn in arrangements.

Resource estimation work has commenced on the Moonta copper project in South Australia. Thor Mining PLC (LON:THR)(ASX:THR) holds a significant interest in Moonta through a complicated structure involving an interest in Enviro Copper Ltd, which is earning into the property from Andromeda Metals.

Bezant Resources PLC (LON:BZT) has entered into a binding memorandum of agreement to acquire a 50% interest in a small scale copper mining licence in Zambia, which contains the Buffalo exploration project.

APQ Global Ltd (LON:APQ), the emerging markets growth company announced that as at the close of business on 31 March 2019, its unaudited book value per ordinary share was 92.32 US cents, equivalent to 70.85p.

Rose Petroleum PLC (LON:ROSE) has confirmed the appointment of Tom Reynolds as a non-executive director of the company, with immediate effect.  It pointed out that Reynolds has been working with the company for the past six months on a consultancy basis and has a detailed knowledge of the group's operations. Concurrent with Reynolds' appointment, the firm added, Kelly Scott has stepped down from the board but will continue in his executive role with the company in a non-board capacity.

EQTEC Plc (LON:EQT), the technology solution company for waste gasification to energy projects, said Align Research have produced an Initiation of Coverage report on the company.

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