3.30pm: Kibo Energy is the day's top riser
The company has moved to take a direct 100% interest in the Bordersley reserve power generation project acquired by its MAST Energy Developments subsidiary last week.
The AIM-quoted company already owned a 60% interest in the project through its 60% stake in MAST, which acquired the 5-megawatt gas-fuelled plant for £175,000 last week.
2.30pm: 88 Energy reveals advancing farm-out process for Project Icewine
The company that the company farming into the project has now completed its internal approvals, including board sign off.
It added that the completion of the deal is now subject to the execution of closing documents and other conditions relating to the transfer of working interests.
1.30pm: Two Shields buffs up as technology investor increases his stake
Experienced technology investor Akers increased his stake to 135mln shares from 100mln previously.
Back in March, Akers had subscribed for 62.75mln Two Shields shares when the investment company raised fresh capital.
12.15pm: Indland Homes is wanted after moving a step closer to planning permission in Cheshunt
The company said its planning application at Cheshunt Lakeside has received a resolution to grant planning permission subject to the signing of a Section 106 agreement - a legal agreement between an applicant seeking planning permission and the local planning authority,.
A Section 106 planning agreement will be signed by the parties as soon as possible, thus releasing the planning permission within the current financial period, which runs to the end of September.
11.15am: Avingtrans raises guidance
The company said that when the numbers are all totted up, turnover, operating profit and profit before tax for the year to the end of May will be ahead of market expectations.
The group expects to report turnover some 8% ahead of market expectations at around £104mln while headline profit before tax is expected to clock in at £5.2mln or thereabouts, some 21% ahead of the consensus market forecast.
The group is also doing better than expected in terms of debt reduction, with the net debt position at the end of May standing at around £1.9mln.
10.15am: Creightons scrubs up well
Profit before tax in the year to the end of March jumped to £2.87mln from £1.61mln the year before on revenue that increased by 26.4% to £44.0mln from £34.8mln the previous year.
The final dividend was hiked to 0.4p from 0.23p.
9.30am: Unpalatable update from pallets provider RM2; RPS downed by tough trading down-under
The company is still in discussions with potential lenders for a vitally needed cash injection and warned shareholders it would not be able to publish its 2018 results until it had received funding.
RM2 said it is unlikely this would happen by the end of June deadline, as a result of which trading in the shares on AIM would be suspended.
The company's cash balance at the end of May 2019 was US$3.3mln and it is currently burning through around US$2.3mln a month.
The company said recent trading conditions in RPS's Australia Asia Pacific segment are expected to have an adverse impact on the group's 2019 results.
As a result, the group’s results will be materially below management and market expectations.
Proactive news headlines:
88 Energy Ltd (LON:88E) has revealed that the farm-out process for Project Icewine’s conventional portfolio is advancing. The company, in a statement, said that the farminee has now completed its internal approvals, including board sign off.
SDX Energy PLC (LON:SDX) told investors that it has made a new oil discovery, as the Rabul-7 well encountered 134 feet of pay. Rabul-7 is located in the West Gharib concession in Egypt. The well was drilled down to a depth of 5,323 feet and it encountered two formations of heavy oil pay, Yusr and Bakr, totalling 134 feet.
Two of Clinigen Group PLC’s (LON:CLIN) jetlag treatments have been granted marketing authorisations by the UK’s medicines regulator.
Next Fifteen Communications Group PLC (LON:NFC) has reiterated its full year guidance following a period of “positive changes” at its Archetype marketing agency. In an update to be delivered at its AGM on Wednesday, the digital communications firm said trading at the start of the year had been in line with its expectations, with the results from the “significant” changes at Archetype expected to be felt in the second half.
Savannah Resources PLC (LON:SAV) has exercised its option to acquire more land adjacent to its Mina do Barroso lithium project in Portugal. The Aldeia mining lease application consists of three blocks located adjacent to Mina do Barroso.
Katoro Gold PLC (LON:KAT) is to drill its 75%-owned Haneti nickel deposit in Tanzania after a review of historical data. Mihanza Hill and Mwaka Hill will be targeted first to ascertain the existence of disseminated or massive sulphide mineralisation. they will also identify areas for further drilling.
Active Energy Group PLC (LON:AEG) told investors that it has signed two lease agreements for its recently acquired Lumberton commercial plant, in North Carolina. One is with Tencate Protective Fabrics which is an existing tenant at the site, and, the company noted that the new agreement included an increase in rent.
Faron Pharmaceuticals Oy (LON:FARN) is mulling its next steps after receiving interim results from the INFORAAA trial of its interferon-beta drug Traumakine.
Sareum Holdings PLC (LON:SAR) has raised £681,000 which it will use to advance its TYK2/JAK1 inhibitor programme towards human trials. The drug developer sold 170.37mln new shares at 0.4p as part of the fundraising, which was carried out on the online investment platform, PrimaryBid.
ImmuPharma PLC (LON:IMM) has raised around £2.66mln from a subscription agreement with institutional investor, Lanstead Capital, together with a related sharing agreement. The AIM-listed specialist drug discovery and development company said Lanstead is subscribing for 26,565,200 new ordinary shares at an issue price of 10p each.
IQ-AI Limited (LON:IQAI) announced that, following strong demand from existing and new shareholders, it has raised £250,000 through the placing of 7,142,857 new ordinary share at a price of 3.5p each. The group said the funds will be used to accelerate the development of our current Imaging Biometrics Artificial Intelligence (AI) projects, including Stone Checker, in response to rapidly growing interest in these technologies by medical practitioners.
ANGLE PLC (LON:AGL) confirmed, after the market close on Tuesday, that it had successfully raised gross proceeds of £18mln by conditionally placing 29,268,294 new ordinary shares at a price of 61.5p each with new and existing investors.
Impax Environmental Markets PLC (LON:IEM) said it had sold 200,000 ordinary shares from treasury at a price of 306p each, representing a premium to the prevailing net asset value.