Amigo friendless after broker downgrade

A look at the day's major movers, including Primorus, Staffline, Dukemount, Premier Technical Services, Babcock, Hummingbird and Serabi Gold

Cash crunch victims
The payday lender boasts of an indicative APR of 49%

3.00pm: Payday lender Amigo rated a "sell"

Payday lender Amigo Holdings PLC (LON:AMGO) shed 7.8% at 254.5p after the stock was downgraded by analysts at Shore Capital.

The City broker dropped Amigo to ‘sell’ (from ‘hold’) after chopping its price target to 230p (from 270p) given the “uncertain” economic outlook.

Last Friday, the Company confirmed its chief executive officer Glen Crawford, had stepped down from the board for health reasons.

1.05pm: Primorus not so timorous

Primorus Investments PLC (LON:PRIM) advanced 5.3% to 0.1p after an update on its investment in the Fresho technology platform.

Primorus, which owns about 3.1% of the Company, said technology heavy hitters Leigh Jasper, Robert Philpott and Geoffrey Tarrant have been revealed as new, significant investors in Fresho.

Jasper and Phillpott sold Aconex, a global cloud-based construction software business, to Oracle for US$1.2bn while Tarrant is the chairman of Zuuse, in which Primorus owns A$500,000 in high yielding notes as well as some stock options.

Press coverage confirmed that Fresho, which targets the fresh food industry in Australia, New Zealand and Asia, is taking A$1mln in gross orders per day through the platform; 1.1mln transactions have been processed to date and more than 10,000 restaurants and suppliers are currently using the platform.

12.30pm: Staffline plunges as it seeks to tap the market

Staffline Group PLC (LON:STAF) shares plunged 37% to 149.6p after the recruitment firm said it would scrap its dividend and tap the market for funds.

The Company, which expects to release its 2018 results on June 27 after a lengthy delay, raised the expected costs associated with a breach of UK wage rules between 2013 and 2018 to £15.1mln from an earlier estimate of £7.9mln following a further review of the compliance issues.

The Company said “constructive discussions” with lenders were ongoing and it has started talks with investors regarding a placing of ordinary shares to raise about £30mln.

11.45am: Dukemount Capital's new website is launched

The new website from Dukemount Capital PLC (LON:DKE) must be a humdinger; news of its release sent the shares 8.5% higher to 0.32p.

The property management and long-dated income provider said its website has been updated to reflect an increase in the range of its long-dated income proposals and the size of its projects within the property sector.

10.45am: Premier Technical Services scrubs up well

A statement issued ahead of its annual general meeting prompted a 3.1% rise in the share price of Premier Technical Services Group PLC (LON:PTSG) to 98.5p.

The firm, which provides lightning protection, cleaning and training solutions, said it had seen continued sales growth this year and strong levels of orders.

The recent acquisitions of Guardian and Trinity are performing ahead of management expectations and underscore management’s confidence in achieving a successful full-year result.

10.00am: Babcock slams the door on Serco again

Shares in Babcock International Group PLC (LON:BAB) surged 4.6% to 485.8p after it rebuffed another takeover approach from rival defence contractor Serco Group PLC (LON:SRP).

Babcock said it received an “unsolicited and highly preliminary proposal” from Serco for a potential all-share combination of the two companies.

“The board of Babcock, together with its advisers, carefully considered the proposal and unanimously rejected it, having concluded that a combination of the two companies had no strategic merit and was not in the best interests of Babcock's shareholders, customers or wider stakeholders,” the Company said.

9.15am: Glittering start for two gold stocks

Hummingbird Resources PLC (LON:HUM) was buzzing in early deals, rising 6% to 17.625p on reports of positive progress at its Yanfolila gold mine in Mali.

The Company said the second ball mill project at Yanfolila is ahead of schedule and on budget.

Commissioning of the completed mill is due to start in July with full capacity ore throughout expected the following month.

Dual-listed Serabi Gold PLC (LON:SRB) opened 7p higher at 64p as London played catch-up on a sharp hike in the share price in Toronto.

Serabi's shares rose 20% to C$0.97 on Friday following an upbeat trading statement that coincided with the gold producer's annual general meeting.

Serabi said gold production this year is on budget and the Company remains on target to achieve its full-year guidance of roughly 40,000 to 44,000 ounces of gold.

Proactive news headlines:

Union Jack Oil PLC (LON:UJO) has revealed what is described as a “potentially transformational” result as the West Newton appraisal well confirmed a substantial hydrocarbon accumulation. The West Newton A-2 conventional appraisal well, located in east Yorkshire, encountered a 65 metre (net) interval in the Kirkham Abbey formation which was its main target.

A clinical study using facilities and a trial protocol developed by hVIVO PLC (LON:HVO) has delivered positive results. Enanta Pharmaceuticals’ N-protein inhibitor, EDP-938, achieved a “highly statistically significant” reduction in viral load and cleared up the symptoms of respiratory syncytial virus (RSV).

Intosol Holdings PLC (LON:INTO) has seen a 15% increase in bookings to its boutique hotels in the first quarter and said its new business model will deliver higher margins for the year ahead.

Computer networking specialist BATM Advanced Communications Limited (LON:BVC) has developed a new technology under its long-standing partnership with NXP Semiconductors that will speed up the flow of network traffic.

FairFX Group PLC (LON:FFX) has reiterated its full-year guidance following a strong start to its current year. In an update ahead of its AGM on Monday John Pearson, chairman of the e-banking and payments group, said the Company’s year to date in 2019 had been strong in terms of both turnover and improved margins.

European Metals Holdings Ltd (LON:EMH)(ASX:EMH) has updated the process flowsheet previously developed to enable the production of lithium hydroxide (LiOH.H2O) from the Cinovec project in the Czech Republic. This work has been completed in conjunction with test-work confirming the production of battery grade lithium hydroxide from Cinovec ore.

Haydale Graphene Industries PLC (LON:HAYD) is to work with the National Physics Laboratory (NPL) on ways to improve the functionality of the so-called wonder material. Government agency Innovate UK is the sponsor of the 12-month project under the Analysis for Innovators (A4i) scheme.

Providence Resources PLC (LON:PVR) and Lansdowne Oil & Gas PLC (LON:LOGP) have agreed to an extension request for the completion of a loan from their Chinese partners. APEC Energy Enterprises requested a further extension, to 5 July, for the US$9mln loan which is part of the agreed farm-out deal for the Barryroe project.

Live Company Group PLC (LON:LVCG) is to bring its BRICKLIVE Animal Paradise tour to Japan, following a deal with events promotor Make Merry Company.

Angling Direct PLC’s (LON:ANG) new store in Sutton, Nottinghamshire opened over the weekend. The new ‘destination store’ means the fishing tackle and rods seller now trades from 28 stores up and down the UK.

Video games specialist Keyword Studios PLC (LON:KWS) has snagged Jon Hauck as its new chief financial officer. Hauck is currently the group financial controller at FTSE 100 pest control and hygiene giant Rentokil Initial PLC (LON:RTO) but will move to Keywords in November.

Eurasia Mining plc (LON:EUA) has lodged an application for a new exploration license area, Tipil, with the relevant authorities in Russia. Tipil is adjacent to West Kytlim, where Eurasia has been mining for platinum and palladium for some time.

WideCells Group Plc (LON:WDC) told investors that a financing agreement with the European High Growth Opportunities Securitization Fund expired. The Company said it understands that substantially all bonds held by the fund will or have been converted into shares, and it expects confirmation of this in the coming days.

Following meetings between Vast Resources PLC (LON:VAST), local community leaders in Zimbabwe and the Zimbabwean parastatal Zimbabwe Consolidated Diamond Company, a road map to allow the Company to mine on the Heritage Concession has now been established.

Passenger aircraft leasing group Avation PLC (LON:AVAP) is to use GE’s AirVault Asset Transfer System to store and manage the records of its fleet of planes.

Sativa Group PLC (LON:SATI), the NEX-listed UK's leading quoted medicinal cannabis and wellness cannabidiol (CBD) group, has appointed Cenkos Securities as its corporate adviser and broker with immediate effect.  Geremy Thomas, Sativa’s founder and chief executive officer of Sativa commented: "Cenkos' appointment is in line with Sativa's progression from, in only 15 months, being the UK's first listed medicinal cannabis investment vehicle to its transition to a fully operational seed-to-consumer trading business.”

Mkango Resources Ltd. (LON:MKA) (TSX-V:MKA), the rare earths development Company, has announced the exercise of warrants over 17,226,210 common shares without par value in the share capital of the company at an exercise price of 6.6p each, for an aggregate consideration of £1,136,930. The group said this includes 3,333,333 warrants exercised by its chairman, Derek Linfield, following which he will hold a beneficial interest in 5,139,561 shares, representing approximately 3.9% of the company's issued share capital.


Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Full interview: Coho-1 well to double Touchstone Exploration's daily...

Touchstone Exploration Inc's (LON:TXP; TSE:TXP) Paul Baay speaks to Proactive London's Andrew Scott after announcing they a higher-than-expected production rate from its Coho-1 well, onshore Trinidad. Output peaked at 19.8mln cubic feet (MMCFD) of sweet natural gas, the equivalent of 3,300...

58 minutes ago

9 min read