Creo Medical floats higher after first commercial orders for Speedboat

A look at the day's major movers, including China New Energy, Pressure Technologies, Remote Monitored Systems, Vela, 1pm, Carpetright, RedT, MOD Resources and Metal Tiger

These first commercial sales represent a key milestone for the company

3.30pm: Creo buoyed by first commercial sales of Speedboat medical device

Medtech Creo Medical Group PLC (LON:CREO) climbed 11% to 185p after receiving its first commercial orders for its Speedboat device.

Speedboat is the first in a range of gastrointestinal devices to be cleared for use with the CROMA Advanced Energy platform.

Creo said it had received orders from two US hospitals.

2.40pm: China New Energy chooses Hong Kong stock exchange

China New Energy Limited (LON:CNEL) saw its shares surge 13% to 1,325p on news the company has applied for a Hong Kong stock exchange listing.

The AIM-quoted engineering and technology solutions provider to the bioenergy sector had previously indicated it was mulling a listing on an exchange in the Asia-Pacific region and it has plumped for Hong Kong (HK).

The company has indicated that if its application for a HongKong listing is successful, it would withdraw from AIM.

1.40pm: The air goes out of Pressure Technologies' share price

The air went out of the Pressure Technologies (LON: PRES) share price, declining 4.5% to 127p, after the specialist engineering group's interim results.

The Chesterfield Special Cylinders division, which still has a manslaughter charge hanging over it, will experience lower revenues from defence contracts over the short term that will reduce margins in the second half of the year.

The board said it is confident that the group's performance for the full year will be in line with management expectations.

1.15pm: Remote Monitored Systems cuts losses in 2018

Remote Monitored Systems PLC (LON:RMS) saw its shares lose a third of their value at 0.46p despite the company reporting a reduced loss for 2018.

For the year ended 31 December, the survey, inspection and monitoring company reported an operating loss of £1.08mln, less than the £2.15mln loss in the prior year, while revenues increased to £857,970 from £788,718 in 2017.

Looking ahead, the company said following a slower than expected start to 2019, its Geocurve surveying business had implemented cost-saving measures with the intention of becoming self-financing this year, albeit with revenues lower compared to 2018.

12.30pm: Positive vibes for Vela

Shares in Vela Technologies PLC (LON:VELA) got a 10.5% boost to 0.105p on positive developments regarding one of its investee companies.

AIM-listed Vela noted that Candy Ventures, the investment vehicle of billionaire property tycoon Nick Candy, has taken a 23% equity stake after making an undisclosed investment – reported to be a seven figure sum - into ticket resale and fan community platform, Vibe Group.

Vela's stake in Vibe following the investment by Nick Candy is roughly 3.1%.

11.30am: 1PM gets clocked after revealing dash for growth

Asset finance company 1PM (LON:OPM) tumbled 16% to 35.35p as it announced plans to invest for growth.

The board has sanctioned further investments in sales and new business personnel, the simplification of its asset finance operations and the rationalisation of its businesses into a single, nationally recognised, brand.

On top of that, the group will also continue the upgrading of its information technology and communications systems.

10.50am: Carpetright dusts itself down

Retailer Carpetright PLC (LON:CPR) was up 8.9% at 19.22p after a strong trading update.

The floor coverings specialist, which shut more than 60 of its underperforming stores as part of a company voluntary arrangement (CVA) with creditors in April last year to avoid falling into administration, revealed that UK like-for-like sales were down 2.3% in the fourth quarter to 27 April, having fallen 12.7% in the first half and 5.4% in the second.

In the first eight weeks of Carpetright's new financial year, UK like-for-like sales have returned to positive levels, rising 8.5%.

10.10am: RedT falls deeper into the red

RedT Energy PLC (LON:REDT), down 16% at 1.05p, was the biggest faller in London after the release of its full-year results.

The 2018 financials were in line with management expectations but possibly not the market’s …

Revenue rose 87% to £4.2mln from £2.2mln the year before but the loss before tax widened to £12.4mln from £7.5mln.

The energy storage firm ended the year debt free and with cash of £3.3mln, which was exactly half the level of cash it had at the end of 2017.

9.30am: Cheers all round as Sandfire wins the hand of MOD Resources

Aussie firm Sandfire Resources has launched an agreed bid for MOD Resources Limited (LON:MOD), sending the latter’s share price surging 17% higher to 20.5p.

The terms of the proposed takeover place a value of A$0.45 per MOD share, which is roughly equivalent to 24.62p a share.

Metal Tiger has agreed to vote in favour of the takeover in respect of its shareholding, which accounts for roughly 10.48% of MOD’s issued share capital, although this will rise to a maximum of 19.9% of MOD shares if it exercises certain options prior to the takeover.

Shares in Metal Tiger Plc (LON:MTR) were up 9.6% at 1.425p in early deals.

Metal Tiger said it is “pleased to note” the recommended offer from Sandfire for MOD.

All told, Metal Tiger’s interests in MOD and assets related to the joint venture that are set to be realised by the Sandfire offer have a combined total value of £23.2mln.

That’s a nice return on the £7.7mln Metal Tiger has invested in the MOD joint venture over the years.

Other Proactive news headlines:

Thor Mining PLC (LON:THR) is to send drilling samples from its Pilot Mountain tungsten project back to the lab to see whether they contain gold.

Berkeley Energia Limited (LON:BKY) has kicked off the its initial drill programme across its large licence holding in Western Spain. The first phase of a 13-hole programme will see six holes drilled, with the company targeting lithium, cobalt, tin, tungsten and rare earths - several of which have previously been mined in commercial quantities in the area.

Galantas Gold Corp (LON:GAL) is expecting to book approximately US$460,000 in concentrate sales for the second quarter of the year, as underground production from the Omagh gold mine in Northern Ireland continues.

BATM Advanced Communications Ltd (LON:BVC) plans to raise at least US$15mln through a placing and subscription of shares to support the development of its technology.

Tekcapital PLC’s (LON:TEK) Guident portfolio company has exclusively licensed an “important” patent application from Michigan State University which allows driverless cars to ‘talk’ to one another.

Aquaculture and genetics firm Benchmark Holdings PLC (LON:BMK) said it was on track to meet its strategy goals as it shrugged off a challenging shrimp market to deliver a 25% rise in first-half earnings.

Supported care housing developer Ashley House PLC (LON:ASH) is struggling to reach financial close on three schemes before the end of its trading year this month. If closure of the schemes is pushed into July, Ashley House will post a loss for the year to June though still be profitable over the second half.

Cabot Energy PLC (LON:CAB), in a statement ahead of today’s AGM, described 2018 as “an important year of transition” as it reformed the group’s management team. “Our immediate focus was to stabilise the business with the aim of creating a sustainable production platform to unlock the long-term growth potential of the company,” said James Dewar, interim non-executive chairman.

INTOSOL Holdings PLC (LON:INTO) has issued an update on the development of its travel design technologies, VIRTOSOL II, VIRTOWORLD and [email protected]

C4X Discovery Holdings plc (LON:C4XD) has teamed up with fellow UK-based biopharma, PhoreMost, to look for treatments for Parkinson’s Disease and other ‘undruggable’ diseases.

The latest X-Ray Diffraction analysis conducted by IronRidge Resources Ltd (LON:IRR) on metallurgical composites has reaffirmed the dominance of spodumene as the main ore in the Ewoyaa project in Ghana.

Eland Oil & Gas PLC (LON:ELA) told investors that production averaged 9,880 barrels of oil per day, up 32%, over the first five months of 2019. The company, in a statement, noted that system uptime was recorded at 88% for the period.

Mosman Oil And Gas Ltd (LON:MSMN) told investors that it is preparing to drill a third well at the Stanley project. The company expects that the drill programme will start in the next 90 days.

Iraqi Kurdistan-focused oiler Genel Energy PLC (LON:GENL) is to buy back up to US$10mln worth of its own shares over the next ten days as bosses scratch their heads over the current share price.

ANGLE PLC (LON:AGL) is raising £18mln from new and existing investors as it gears up for potential commercialisation of its Parsortix liquid biopsy early next year. Parsortix is a simple blood test which can help doctors spot signs of cancer at an early stage

Strategic Minerals PLC (LON:SML) raised £890,000 of new capital with the issue of 63.5mln shares via a share placing. The proceeds will be used primarily to close the purchase of shares in Cornwall Resources and to provide working capital for the Leigh Creek copper mine project.

OptiBiotix Health PLC (LON:OPTI), the life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care, has announced the appointment of goetzpartners securities to provide financial advisory services to the company, including sector specific equity research and investor support services. The group said these services will be provided in addition to the services provided by its current broker, finnCap, extending the companies reach into European investment markets.

SDX Energy PLC (LON:SDX) said that Michael Raynes has resigned as a director of the firm following the news he is departing as CEO of Waha Capital, a 19.48% shareholder of SDX through its wholly-owned subsidiary SDX SPV Limited. The company noted that Waha intends to appoint a new nominee to its Board upon the finalisation of the appointment of Waha's new CEO in the near future.

Supermarket Income Reit PLC (LON:SUPR) has announced a 12-month extension of the maturity date for its the £100mln Revolving Credit Facility with HSBC from 30 August 2020 to 30 August 2021. It added that the original terms of the facility are unchanged, and the facility contains one further 12-month extension option to August 2022.

Xpediator PLC (LON:XPD) is to pay the final maximum deferred consideration payment of £350,000 to the vendors of Regional Express to allow it to develop potential significant new business opportunity and to focus on longer-term growth opportunities. The group noted that Regional Express has recently secured a potentially significant framework contract which will require additional investment that is expected to impact upon its ability to reach its profit target under the deferred consideration arrangements. It added that the deferred consideration payment will be settled by the payment in November 2019 of £315,000 in cash  and the issue of new ordinary shares in the Group to the value of £35,000 at the prevailing rate in November 2019.

Adamas Finance Asia Limited (LON:ADAM), the pan-Asian diversified investment vehicle, announced that, as at 31 March 2019, its net asset value was US$1.10 per share. The group noted that, since 31 December 2018, the NAV per share has decreased by 5.1% primarily due to the issuance of new shares as announced on 13 February 2019.

Taptica International Ltd (LON:TAP), the brand advertising and performance-based mobile marketing technologies group, confirmed its renaming as Tremor International Ltd (LON:TRMR) with effect from 8 am today.


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