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Symphony International takes stake in Indian investment firm

A look at the day's major movers, including Motif Bio, UniVision, Kibo Energy, Consort Medical, Tertiary Minerals and Swallowfield

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Symphony said the stake provided an attractive way to invest in India's technology space.

Symphony International Holdings Limited (LON:SIHL) has acquired a minority stake in Indian investment firm Good Capital Partners (GCP).

GCP is the General Partner of Good Capital Fund I and also wholly owns the investment manager, Good Capital Management Limited. Symphony has also agreed to be a cornerstone investor in Good Capital Fund I.

Shares in Symphony were down 4.4% at 0.6p in afternoon trading.

2.00pm: Motif ready to talk to the FDA again

Motif Bio PLC (LON:MTFB) saw its shares perk up 9.1% to 2.4p on a further development with its iclaprim antibiotic.

The company has requested a second meeting with the US drug regulator, the Food and Drug Administration (FDA), as part of its bid to win marketing approval for the drug.

Having been asked to perform a further clinical trial on the drug by the FDA, Motif wants to arrange what’s called a Type-B meeting with the watchdog to discuss just which types of patient will take part in the new study along with its design.

12.45pm: UniVision lands Hong Kong correctional facility contract

Shares in UniVision Engineering Limited (LON:UVEL) rose 8.7% to 2.5p on the back of a contract award in Hong Kong.

The closed-circuit television specialist said the contract was worth in the region of HK$2.55mln.

UniVision is supplying a video analytic monitoring system to be used in a Hong Kong nick … er … “correctional institution”.


11.30am: Kibo on fire after inking deal with independent power producer

Kibo Energy PLC (LON:KIBO) has inked a collaboration deal with STEAG that envisages a co-operation to develop the AIM-firm’s energy portfolio.

Shares in Kibo stormed 15% higher to 0.98p after it claimed that the partnership with STEAG, as independent power producer, is a "significant step in incorporating world-class operating and engineering expertise, experience and capability to Kibo's strategic development capacity".

It noted that the STEAG Energy Service portfolio includes a wide range of power generation technology including among others fossil fuel and renewable energies.

10.30am: Incident at Cramlington facility to hit Consort's profits this year

An incident at the company’s Cramlington manufacturing facility sent shares in drugs manufacturer Consort Medical PLC (LON:CSRT) tumbling 52p to 788p.

The company said that while there were no injuries in the incident, a small area of the operating plant was damaged by the rapid thermal degradation of a chemical resulting in the expulsion of material and contamination of the facility.

The financial impact can not be accurately quantified at this stage but the board has given a back-of-the-fag-packet estimate of a hit to profit in the current financial year of £3mln to £5mln.

9.30am: Tertiary boosted by follow-up field reconnaissance; Swallowfield wanted after agreeing to sell its manufacturing business

Tertiary Minerals PLC (LON:TYM) received a big boost from follow-up field reconnaissance of soil anomalies at its recently acquired Paymaster Polymetallic Project in Nevada.

The shares shot up 17% to 0.275p after the company said it has identified two zones of zinc-silver mineralisation for follow-up exploration and drilling.

"We are pleased to be reporting these two new targets as a result of follow up of our soil sampling results at the Paymaster Project and to be closing in on drill targets at such an early stage in the life of the project. This follows on from our recent acquisition of the Pyramid Gold Project, also in Nevada, where drill targets for gold are already defined,” said Richard Clemmey, the managing director of Tertiary.

Personal care and beauty products outfit Swallowfield PLC (LON:SWL) scrubbed up nicely after it said it has conditionally agreed to sell its manufacturing business for £35mln.

The buyer is Knowlton Development Corporation, the largest North American custom formulator and manufacturer serving the beauty, personal care and household sectors.

The sale will fundamentally change the nature of the business and to signify this the board is proposing a change of name to Brand Architekts Group.

Proactive news headlines

Kavango Resources PLC (LON:KAV) has acquired a new prospecting licence adjacent to the existing Ditau licence in Botswana.

Adamas Finance Asia Ltd (LON:ADAM) has struck a deal with a Hong Kong-based family office to split its investment in a Japanese ski resort accommodation project.

Location Sciences Group PLC (LON:LSAI) has appointed a media trading veteran to advise on the growth strategy for Verify, its independent location verification platform. The data and analytics firm said it had appointed Andy Roberts, the former global head of trading at MindShare, a subsidiary of FTSE 100 media giant WPP PLC (LON:WPP).

Instem PLC (LON:INS) said all three areas of its business performed well in the first half of 2019 and the group is on track to meet full-year expectations.

Eland Oil & Gas PLC (LON:ELA) shares were higher on Monday after it received approval for a field development plan (FDP) for the Gbetiokun field in the Niger Delta.

Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) generated US$203,000 of free cash in the three months to June 2019 from magnetite production from Cobre. Additionally, the company raised £820,000 on 25 June and received the money in early July.

Mosman Oil And Gas Ltd (LON:MSMN) has told investors that the Stanley-2 well, in Texas, is now on production.

SIMEC Atlantis Energy Ltd (LON:SAE) has updated on its conversion project at the Uskmouth power station in Newport, South Wales. Formerly a coal-fired plant the Uskmouth is being converted so that it can burn fuel pellets, derived from plastic waste, to generate a baseload capacity of 220 megawatts.

YellowCake PLC (LON:YCA) has welcomed the decision by US President Donald Trump not to impose any new trade restrictions on uranium imports into the US.

Anglo African Oil & Gas PLC (LON:AAOG) has been informed by international counsel that its claim against Société de Maintenance Pétrolière (SMP), the rig contractor for the TLP-103 and TLP-103C wells, has merit.

Anglo Asian Mining PLC (LON:AAZ) boosted production by 7% to 39,905 gold equivalent ounces in the six months to June 2019, when set against the comparable period a year earlier.

Block Energy PLC (LON:BLOE) has raised its stake in the West Rustavi field in Georgia to 100% from 71.5%.

Ceres Power Holdings PLC (LON:CWR) shares surged on Monday after it signed a collaboration agreement with South Korean conglomerate Doosan that will earn it £8mln over two years.

Oncimmune Holdings PLC’s (LON:ONC) chief executive Adam Hill said a deal to sell its cancer detection product to a Spanish private healthcare group “highlights the growing momentum behind our business”.

Motif Bio PLC (LON:MTFB) has requested a second meeting with the US drug regulator as part of its bid to win marketing approval for its antibiotic, iclaprim.

Shanta Gold (LON:SHG) says additional resources booked from drilling at New Luika will extend the life of the Tanzanian gold mine to at least 2025.

Bezant Resources PLC (LON:BZT) has completed a key component of the Environmental Impact Assessment baseline study required for the successful future completion of a pre-feasibility study at the Mankayan copper-gold project in the Philippines.

Kibo Energy PLC (LON:KIBO) has inked a collaboration deal with STEAG which envisages a co-operation to develop the AIM-firm’s energy portfolio.

Providence Resources PLC (LON:PVR) has confirmed a further extension of its farm-out backstop date, to allow for payment processing.

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