Fears that it will need equity financing soon wiped a fifth of the value from shares of Petra Diamonds Limited (LON:PDL).
Broker Berenberg’s calculator coxswains think Petra will need to refinance circa US$475mln of forecast debt when it falls due, which is “still too much” considering the level of forecast cash flow generation.
Berenberg cut its rating to ‘sell’ with an 8p target price after the diamond finder tipped the wink earlier this week that deleveraging “would be slower than we had anticipated”.
Shares in Petra currently trade at 12.34p.
2.30pm: Synairgen phase II study making encouraging progress
Synairgen PLC (LON:SNG) surged 7.4% to 11.12p as it revealed encouraging early progress with its inhaled interferon beta treatment.
A phase II clinical trial is currently in progress to assess the drug’s potential to treat people with a progressive lung disease called chronic obstructive pulmonary disease who are also suffering from common cold and influenza virus infections.
These exacerbations, as they are called, pose significant health risks, particularly in the winter virus season.
1.30pm: Bid approaches prompt Accesso board to start formal sale process
Buyers, form an orderly queue! Queue-busting technology specialist access Technology Group PLC (LON:ACSO) has put itself up for sale.
The shares soared 62% to 1,220p after the company, which as well as providing gizmos that enable theme park attendees to be in a virtual queue while roaming the theme park also offers ticketing solutions, said it had received several bid approaches.
It has decided to conduct a formal sale process under The City Code on Takeovers and Mergers.
12.30pm: Dev Clever surges after signing partnership deal
Software developer Dev Clever Holdings PLC (LON:DEV) climbed 7.1% to 3.75p after signing a partnership deal with WorldSkills UK, a not for profit organisation.
Dev Clever's careers guidance platforms Launchpad and VICTAR will feature at WorldSkills LIVE, the UK's largest annual apprenticeships, skills development and careers showcase event.
Launchpad and VICTAR will be used by the National Careers Service to engage with young people about their future career across the four days of the careers event.
11.30am: ITV feels the Love (Island)
ITV PLC’s (LON:ITV) advertising revenues held up better than expected in the first half, helped by a record-breaking run for its wildly popular reality TV show, Love Island.
An average of 5.5mln people – most of whom fall into the spendthrift 16-34 age range that advertisers love – have been tuning in to ITV2 to watch the show every night for the past six weeks.
Shares in ITV were 6.6% higher at 113.3p.
10.30am: Queuebuster firm jumps ahead after upbeat trading statement
Investors dialled into Netcall PLC (LON:NET) after the provider of customer engagement software issued an upbeat trading update.
The board anticipates that revenues for the year to the end of June will clock in at £22.9mln, up from £21.9mln the year before, while adjusted earnings before interest, tax, depreciation and amortisation are expected to be £3.4mln.
Netcall shares were up 13% at 34.5p.
9.30am: Aston Martin shaken by macroeconomic uncertainties
Long-suffering investors in Aston Martin Lagonda Global Holdings PLC (LON:AML) were shaken (not stirred) once again on Wednesday, this time by revised full-year guidance.
Since floating last October at 1,900p the luxury car maker's shares have been more or less stuck permanently in one gear – reverse – and today they went backwards some more, shedding 23% at 798.6p.
The company said it now expects wholesale deliveries over the whole year to be in a range of 6,300 to 6,500 cars, compared to its previous forecast of 7,100 to 7,300.
Aston Martin Lowers 2019 Car Sales Guidance,Blaming Challenging Environment
RESULT...Shares Down 23% at 796p after Profit Warning
Some good headlines
1)"Aston Martin skids 22% after slashing profitability forecasts"
2)"Aston Martin Shares Swerve as It Slashes Sales Expectations" pic.twitter.com/lv5ZPovYPB
— JC Louw (@jc_louw) July 24, 2019
Shares in enterprise software specialist Sopheon PLC (LON:SPE) have also disappointed this year and fell another 23% today to 721p following news of a few licence sale delays.
The delays hit profitability in the first half of the year and as a result earnings before interest, tax, depreciation and amortisation are expected to be in the region of US$2mln, which is half the level they were at in the same period of last year.
The company said it is shifting to a Software as a Service (SaaS) model and as is well known in the industry, making the transition from a model where customers pay as they go rather than cough up a large upfront payment for a fixed-term licence usually leads to an initial dampening of sales growth.