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Bidstack wilts as warrants are exercised at steep discount to current market price

A look at the day's major movers, including Modern Water, Surgical Innovations, AJ Bell, Somero, Caspian Sunrise and Renalytix

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3.00pm: Bidstack wilts after warrants conversion

Bidstack Group PLC (LON:BIDS) shares dived 6% to 35.25p as it issued new shares to satisfy the conversion of warrants.

The native in-game advertising group received subscription notices exercising 325,000 warrants to subscribe for new ordinary shares in the Company at a subscription price of 20p a share.

The company now has just under 241mln shares in issue.

1.50pm: Modern Water running low on working capital

Investors in wastewater treatment firm Modern Water PLC (LON:MWG) took a bath as the shares crashed 24% to 3.15p after a trading update.

Cash flows have been slower than anticipated from the firm’s membranes division as a result of which additional working capital will be required in the short-term to meet the group's requirements.

The monitoring division continues to trade in line with expectations and the Company is awaiting developments on the Gibraltar wastewater contract.

12.40pm: Brexit uncertainty claims another victim

Surgical Innovations Group PLC (LON:SUN) plunged 29% to 2.9p after it issued a profit warning.

The AIM-listed firm, which develops products for minimally invasive surgery, said momentum from the first quarter of its current year had not continued into the second, with orders from its UK and EU markets lower than expected.

The group added that the ongoing Brexit uncertainty was disrupting order patterns from both its distributors and end users, and as such was making demand visibility more difficult than normal.

11.30am: Invesco slices stake in AJ Bell

Wealth management platform operator AJ Bell PLC (LON:AJB) eased 4.8% to 381p as Invesco offloaded a chunk of shares.

Invesco said 38mln of its shares in AJ Bell were placed at 380p a pop, raising roughly £144.4mln for the asset manager.

Invesco’s stake in AJ Bell has been reduced by the sale to 16.1% from about 25.4%. it has indicated it will remain a significant long term shareholder in the Company.

10.30am: Concrete boots for Somero as it issues profit warning

Long-time stock market star Somero Enterprises Inc (LON:SOM) came down to earth, slumping 21% to 281.7p, after issuing a profit warning.

The Company, which specialises in concrete levelling technology, said trading in the first five months of 2019 had been below expectations, largely because of heavy rainfall in parts of the USA that had delayed the starts of many projects.

The company expects weather conditions and therefore trading in the US will improve throughout the rest of 2019 but the board now does not expect to fully recapture the shortfall caused by this extended period of poor weather in the current financial year.

9.30am: Caspian Sunrise up bright and early

Appropriately enough, shares in Caspian Sunrise PLC (LON:CASP) got off to a bright start in early trade on Friday, rising 6.4% to 12.5p after an operational update.

The update concerned drilling at Deep Well A8 on the Airshagyl structure at its BNG asset in Kazakhstan.

The Company, formerly known as Roxi Petroleum, said the initial evaluation of an 18-metre core sample taken at 4,440 metres shows it to contain oil-bearing carbonate for 16 of the 18-metre length.

With the top of the oil-bearing interval at a depth of 4,346 metres and the bottom of the most recent core sample at a depth of 4,456 metres, the oil-bearing interval now extends to 110 metres.

Also on the up, June has been a good month for Renalytix AI PLC (LON:RENX), the developer of clinical diagnostics for kidney disease, and the shares were on the rise again on Friday, adding 3.6% to 231p on the back of the publication of positive results from a kidney transplant study.

Results from the study show the company's FractalDx portfolio technology can accurately predict early acute kidney rejection in transplant patients.

In addition, the published results suggest that FractalDx can be used to personalise and potentially optimise the administration of immunosuppression therapy in kidney transplant patients. This could mitigate toxic side effects and damage to the transplanted kidney arising from excessive dosing, the company said.

Renalytix shares are up around 14% already in June.

Proactive news headlines:

Kibo Energy PLC (LON:KIBO) said an independent Base Case Financial Model has been completed for its 65%-owned Benga Power Plant in Mozambique, with initial findings demonstrating the economic robustness and viability of the project.

W Resources PLC (LON:WRES) has announced the formal signing of a mining contract with General de Maquinaria y Excavación (GME) for the La Parrilla tungsten project in Spain. A mining fleet, comprising three 60-tonne haulage trucks, is now in place at La Parrilla along with a Liebherr excavator and other auxiliary equipment.

Sativa Investments PLC (LON:SATI) has agreed a commercial offtake agreement with a Swiss supplier of cannabis oil for the manufacture of cannabidiol (CBD) products in the UK. Big Pic in April.

Anglo African Oil & Gas PLC (LON:AAOG) has highlighted new third party analysis of the Tilapia oil field’s Djeno horizon, with a report revealing “very encouraging” findings to the company. AAOG also updated on production from the Tilapia field’s TLP-103C well which has continued to flow oil to surface under its own pressure with minimal water content.

Braveheart Investment Group PLC (LON:BRH) has updated on its investment portfolio and accounts ahead of the release of its final results.

Sure Ventures PLC (LON:SURE) said it has raised gross proceeds of £292,999.68 by way of a private placing of ordinary shares have been issued at 96p each. After the costs and expenses of the issue, the placing price represents a premium to the group’s last published NAV of 83.03p per share.

Impax Environmental Markets PLC (LON:IEM) announced on Thursday that it has appointed Stephanie Eastment as a non-executive director of the company with effect from 1 July 2019. It said Eastment, a chartered accountant and company secretary with over 30 years' experience of the financial services industry, retired as Head of Specialist Funds Company Secretariat and Accounts at Invesco in 2018.

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