CAP-XX signs licensing agreement after favourable US court decision

A look at the day's major movers, including Fastjet, Johnson Service, Solid State, Fusion Antibodies, Funding Circle, Dialight and Associated British Engineering

Court decision
The royalty rate to be paid to CAP-XX is in line with the royalty rates applicable to other licence agreements with third parties

3.20pm: CAP-XX ecstatic after US court decision

Thin-form super-capacitors outfit CAPP-XX Limited (LON:CPX) was on a charge, rising 16% to 4.6p, after winning a US court battle.

Following a court action, it has reached an agreement with Cornell-Dubilier Electronics (CDE), whereby CDE will license two of CAP-XX's patents on a non-exclusive basis.

“This settlement reinforces the integrity of our intellectual property, which is critical to the production of super-capacitors as well as other related applications,” said Anthony Kongats, the chief executive officer of CAP-XX.

2.30pm: More turbulence for fastjet as CEO heads for the exit

Shares in troubled African airline Fastjet PLC (LON:FJET) ran into turbulence, falling 7.9% to 1.45p, as it announced the departure of its chief executive officer.

Nico Bezuidenhout will be leaving the company at the end of September. Deputy chief executive officer will step into his shoes until a permanent successor is found.

1.45pm: Johnson Service scrubs up well

Johnson Service Group plc (LON:JSG), the textile rental provider, rose 7.1% to 160p after lifting profit expectations for the year.

The company said that since its update in May, trading has remained strong, with encouraging levels of economic growth.

The company now expects results for the full year to be slightly ahead of expectations.

12.50pm: Solid State runs into profit-taking

Results from Solid State PLC (LON:SOLI) disappointed the market, leaving the shares 8.7% lower at 450p.

The manufacturer of computing, power and communications products unveiled a 13% increase in profit before tax to £2.8mln in the year to the end of March from £2.5mln the year before.

The shares have had a good run of late, moving up from around 405p three months ago to 493p last night but today’s results appear to have sparked a bout of profit-taking.

11.40am: Fusion Antibodies sees significant uplift in order intake

Full-year results from Fusion Antibodies PLC (LON:FAB) were decidedly fab, pushing the shares 36% higher to 72.9p.

The pharmaceutical contract research organisation specialising in antibody engineering services boasted of a significant increase in orders in the second half of its financial year, which runs to the end of March.

Nevertheless, its loss before tax widened to £1.5mln from £711,362 the year before.

10.35am: Funding Circle cuts revenue guidance as Brexit uncertainty hurts demand

Funding Circle Holdings PLC (LON:FCH) shares slumped 18% to 132.85p as it cut its revenue growth forecast for the year.

The peer-to-peer lender said Brexit uncertainty had reduced demand for loans.

The company expects revenue to rise by 20% in the 2019 financial year compared to a previously estimated 40% increase.

9.30am: Gloomy outlook for Dialight

A downbeat trading update from LED lighting firm Dialight PLC (LON:DIA) wiped around a third off the value of the share price at 335p in early trade on Tuesday.

“We have seen a weakening in order intake in the second quarter. These trends may continue for the remainder of the year,” the company warned as it lowered 2019 guidance for underlying operating profit to a range spanning from £10mln to £13mln, excluding roughly £4mln of one-off costs relating to a decision to expedite the exit from a relationship with a former outsourcing partner.

Dialight's chief executive officer (CEO) Marty Rapp is to step down after the company's interim results roadshow to resume his retirement. Fariyal Khanbabi, the chief financial officer, will assume CEO duties on an interim basis.

Associated British Engineering PLC (LON:ASBE) dropped as it said it has put its loss-making British Polar Engines subsidiary up for sale but so far has had no takers. Shares in the firm were down 20% at 20p.

Proactive news headlines:

The financing and construction of Sirius Minerals PLC’s (LON:SXX) huge Woodsmith fertiliser mine in North Yorkshire is progressing to plan. Back in May, the FTSE 250 group raised US$825mln from investors as part of a wider US$3.8bn stage 2 financing that would fund the project through to completion.

Recent drilling undertaken by Arc Minerals Ltd (LON:ARCM) at the Cheyeza East prospect has intersected 25 metres grading 1.05% copper, including 1.7% copper over 9.3 metres. An additional hole drilled 200 metres to the south also shows significant mineralisation.

InnovaDerma PLC (LON:IDP) is expecting its pre-tax profits to more than double after strong trading in its last financial year. In a trading update for the 12 months ended 30 June, the maker of beauty and personal care products said revenues had increased by 21% to £13mln, and as a result, pre-tax profits were expected to have more than doubled from the £670,000 reported in 2018.

H&T GROUP PLC  (LON:HAT), the UK's leading pawnbroker, is to acquire 65 stores from its competitor, The Money Shop, for an initial consideration of around £10.6mln.

Discount dining platform BigDish PLC (LON:DISH) is to launch in Brighton next week. In the same announcement, the company confirmed non-executive director Jonathan Morley-Kirk is set to become non-executive chairman, while BigDish founder, Aidan Bishop, is moving from executive chairman to executive director.

Argo Blockchain PLC (LON:ARB) shares surged higher on Tuesday after the performance of its crypto mining activities beat expectations for the second quarter. In an update for June, the group said mining yields from its existing hardware had improved in line with the “strongly rising” Bitcoin price, and as a result it now expected to generate 161 Bitcoins, worth around £1.38mln and 101% higher than its mining results for May.

Oracle Power PLC (LON:ORCP) has submitted a collective payment of approximately US$50,000 to the Private Power Infrastructure Board (PPIB) of the Pakistani Government, as the registration fee for processing an application for a Letter of Intent (LOI) in relation to the group’s proposed mine and power plant at Block VI in Thar.

i3 Energy PLC (LON:I3E) has awarded Baker Hughes GE, one of the world’s largest oilfield services companies, contracts worth £3mln to carry out drilling at its Liberator and Serenity assets in the North Sea.

appScatter Group PLC (LON:APPS), the app management and data intelligence platform, has signed an agreement with Bango PLC (LON: BGO), the mobile commerce company. Through the partnership, appScatter plans to grow in-app revenues for its customers through the Bango Marketplace.

AfriTin Mining Ltd (LON:ATM) booked a loss of just over £1mln in the year to 28 February 2019, equating to a loss per share of 0.23p. Although AfriTin has not yet commenced commercial production from its Uis tin mine in Namibia, the company did book £27,000 of sales from the sale of sand at Zaaiplaats.

Bluejay Mining PLC (LON:JAY) has identified 20 large scale drill-ready targets on its 2,776 square kilometre Disko-Nuussuaq nickel-copper-platinum project in West Greenland. A new work programme has been designed to refine both new and previously defined drill targets by reprocessing and validating historical data and acquiring new geophysical and geochemical data.

Caledonia Mining Corporation PLC (LON:CMCL) has declared a quarterly dividend of six and seven eighths United States cents (US$0.06875) on each of the company's common shares. It said that it is expected that the current dividend of twenty-seven and a half United States cents per annum, paid in equal quarterly instalments, will be maintained.

Oncimmune Holdings PLC (LON:ONC.L) announced that Adam Hill, its chief executive officer will be presenting at the Proactive Investors One2One Investor Forum on Thursday 11 July 2019, which will be held at the Chesterfield Mayfair Hotel, London, from 18:00-20:00 BST.

Kibo Energy PLC (LONLKIBO), the multi-asset, Africa focused, energy company, announced that the five-year PPA (Power Purchase Agreement) between German firm Statkraft Markets and Bordersley, a 100%-owned subsidiary of the company, was formally executed on 1 July 2019.

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...

In exchange for publishing services rendered by the Company on behalf of Caledonia Mining Corporation named herein, including the promotion by the Company of Caledonia Mining Corporation in any Content on the Site,...



Open Orphan PLC targeting 'value creation and rapid scale-up'

Proactive Research analyst Emma Ulker discusses the opportunity with Open Orphan PLC (LON:ORPH). She says the firm's targeting value creation and rapid scale-up via acquisitions in the orphan and rare drugs market - a space which is growing at around 11% a year. Ulker adds they're looking...

8 hours, 8 minutes ago

7 min read