KCOM Group PLC (LON:KCOM) saw its shares jump almost 35% higher to 97.70p in late afternoon trading after the telecoms group agreed to a £504mln takeover bid from the Universities Superannuation Scheme (USS), one of Britain's biggest pension funds.
The FTSE All-Share-listed firm’s shareholders will get 97p in cash for every share held under the offer from USS’s Humber Bidco vehicle.
The offer has received irrevocable undertakings and a letter of intent in respect of a total number of 149,082,451 KCOM shares representing, in aggregate, approximately 28.9% of the group’s issued ordinary share capital.
Ex-Brave Bison boss pockets £100,000 after dumping her shares
The former boss of Brave Bison Group PLC (LON:BBSN) has dumped all of her shares in the social video company, sending the stock down by 10% to 1.85p.
Claire Hungate left the company suddenly a few weeks ago having only been in role for little more than 18 months.
She sold her 5mln shares at an average price of 2.05p, trousering just over £100,000 for her trouble.
CEO and chairman buy £500k worth of Comptoir shares
It was direct deals that moved the Comptoir Group plc (LON:COM) this afternoon – albeit for the better.
The Lebanese restaurant chain revealed that chairman Richard Kleiner snapped up £25,000 worth of shares, while chief executive Chaker Hanna dipped his hand in his pocket to the tune of £475,000.
Investors tend to like it when directors put their money where their mouths are as it shows confidence in the business. After all, why should investors pour money in if the bosses aren’t prepared to do so themselves?
Comptoir shares were up 19% to 12.5p in late-afternoon trading.
Another step in right direction for Active Energy
Elsewhere, Active Energy PLC (LON:AEG) is up after the biomass firm revealed that the test reactors to produce its proprietary CoalSwitch product have now arrived at its recently acquired commercial plant in Lumberton, North Carolina, and installation has commenced.
The AIM-listed renewable energy business pointed out that the Lumberton site will serve as its first permanent commercial production facility and the primary base for all of the company's CoalSwitch operations in the US.
It added that the transfer of all the equipment from the company's Utah site is targeted to be completed within eight weeks, with closure of the Utah site expected by the end of May 2019.
AEG shares gained 6.2% to 0.56p.
Metals Exploration dives as quarterly production disappoints
Metals Exploration PLC (LON:MTL) topped the list of fallers in early-afternoon trading on Wednesday after missing forecasts with its first-quarter gold production.
The miner poured 14,892 ounces of gold in the three months ended 31 March, which was below expectations having lost two weeks due to problems with the tailings pipeline.
But the cash-strapped company, which is in the middle of refinancing its debts and securing further funding, has had to put off key maintenance programmes due to its financial constraints.
It currently has a deal in place with its lenders which has allowed it to not make any repayments for the past few months, but that standstill only lasts until next week.
Should an extension not be granted or a refinancing agreed, US$35mln will fall due next Friday, although Metals Ex only has around US$3.3mln of cash on hand.
Ascent raises £750k at a discount
After a slow start to the year, it seems there is plenty of money slushing around the Square Mile if today’s hatful of fundraises are anything to go by.
Ascent Resources PLC (LON:AST) is one of several to have tapped the market, raising £750,000 at a sharp discount to help fund the development of its Petišovci gas project in Slovenia.
The company issued 214.3mln shares at 0.35p apiece – a 30% discount to Tuesday’s closing price of 0.5p.
Westminster secures US$3.5mln contract win
Westminster Group PLC (LON:WSG) shares jumped higher on Wednesday following news its Technology division has been awarded a new US$3.48mln contract for the provision of advanced container screening solutions to two separate ports in an Asian country.
The AIM-listed supplier of managed services and technology-based security solutions worldwide said the contract, which has been under negotiation for several months, will commence as soon as export licencing has been granted.
It added that around US$3.05mln of the contract amount relates to the supply and installation of the systems, which are expected to be largely delivered during the fourth quarter of 2019, and circa US$430,000 relates to maintenance services over the next two years.
Minoan Group surges as lenders agree to pump in more money
Minoan Group plc (LON:MIN) was the top riser in London on Wednesday after its creditors agreed to pump in a much-needed £1.2mln to the cash-strapped holiday resort developer.
The company has been working on developing a luxury resort in Greece for years, but cash has been running low after it sold its only revenue-generating business, Stewart Travel, in October.
In its results earlier this month, Minoan told investors that it needed a cash injection in order to meet its working capital requirements.
Lenders have today agreed to step in and buy more shares at 2.75p apiece – a 41% premium to Tuesday’s closing price.
Minoan will receive about £408,000 in cash, while the rest of the gross proceeds – about £788,000 – will form part of a debt-for-equity swap.
The Croydon-based company is looking to raise a further £1.8mln or so through a separate subscription and open offer, which would also be at a premium.
In another boost to the balance sheet, bosses have agreed to convert any unpaid salaries into shares which has removed another £640,000 of debt.
“The directors believe [the proposals] will provide the company with sufficient liquidity to service its short-term cash obligations and to strengthen its balance sheet,” read the statement.
Investors, who will vote on the proposals next month, cheered the developments, with the stock up by a third to 2.55p.
Quarterly production surges at Mosman
Mosman Oil and Gas Limited (LON:MSMN) shares flowed higher in the morning session, after it reported a 59% increase in production in the opening three months of 2019.
From its producing wells at four projects in Texas and Oklahoma, Mosman’s share of production totalled 6,033 barrels of oil equivalent, compared with 3,773 in the final quarter of 2018.
Production is expected to pick up once again in the current quarter, as a second well at Stanley, which is located near Houston, comes on stream, while the first well was recently re-completed.
Mosman shares were up 4% to 0.52p in early deals.
Taptica’s old boss and co-founder sell shares
Taptica International Ltd (LON:TAP) shares were weak early on after its former chief executive and its co-founder decided to sell a 10.6% stake in the mobile marketing group.
Hagai Tal stepped down as CEO in December, while angel investor Ehud Levy co-founded the business back in 2011 and served as its chairman for three years.
The two men are selling 14.3mln shares through a placing to institutional investors which is being carried out by City broker finnCap. Shares fell 8.7% to 146p.
Other Proactive news headlines:
Westminster Group PLC (LON:WSG) said its Technology division has been awarded a new US$3.48mln contract for the provision of advanced container screening solutions to two separate ports in an Asian country.
Tekcapital PLC’s (LON:TEK) shares surged on Wednesday morning after its portfolio company, Belluscura, has raised £500,730 in a crowdfunding round.
Switzerland’s medical authorities have given approval for Shield Therapeutics PLC’s (LSE:STX) Feraccru iron deficiency drug to be given to all adults with iron deficiency. Following the decision by the Swiss Agency for Therapeutic Products, the company will be able to market the drug to any adult whether or not they have been diagnosed with anaemia.
IXICO PLC (LON:IXI) shares jumped in early deals on Wednesday after it signed two contracts with new biopharmaceutical clients to help tackle rare neurological diseases.
MaxCyte Inc (LON:MXCT) is looking ahead to a “pivotal year” as demand for its cell engineering technology booms. Revenues swelled by 19% year-on-year to US$16.7mln last year (2017: US$14.0mln), driven by deals with the likes of CRISPR Therapeutics and Gilead-owned Kite to use its Flow Electroporation software.
OptiBiotix Health PLC (LON:OPTI) has launched its SlimBiome Medical weight loss product in the UK market. The company, which develops compounds to help tackle obesity, high cholesterol and diabetes, said SlimBiome would be available to buy from its website in boxes of 30 single-dose sachets from 29 April.
A slimmed-down Midatech Pharma PLC (LON:MTPH) said it was setting out on a “new chapter” and pledged to provide investors two years packed with news flow about its proprietary drug delivery platforms.
Sunrise Resources PLC (LON:SRES) said the latest tests at its CS Pozzolan-Perlite project in Nevada show promise for production of premium-value super-coarse horticultural grades of perlite. The recently completed tests were aimed at the production and expansion of super-coarse horticultural grades of perlite from the project. Sunrise said the tests produced coarse expanded perlite with acceptable yields.
Diversified Gas & Oil PLC (LON:DGOC) revealed that the borrowing base available under its US$1.5bn loans facility has been increased by 31% to US$950mln from US$725mln following the enlargement of its bank syndicate. The firm said its bank syndicate, led by KeyBank National Association, has increased from twelve to fourteen banks and now includes Deutsche National Bank and BBVA Compass.
Crossword Cybersecurity Plc (LON:CCS) said it has received notices exercising options to acquire 166 ordinary shares at a price of 190p each and 166 ordinary shares at a price of 280p each.
Red Rock Resources PLC (LON:RRR) announced yesterday that it has raised £323,750 by way of a placing of 63,480,391 new ordinary shares at a price of 0.51p each with 1 for 2 warrants exercisable at a price of 0.75 pence per share for twenty-four months. Andrew Bell, Red Rock’s chairman, commented: "The Placing ensures that the Company can manage its cash flow prudently while driving an increased tempo of exploration in the Congo as the scale of the opportunity there becomes more apparent.”