Richard Conroy has survived – just – a vote to oust him as chairman of Karelian Diamond Resources PLC (LON:KDR).
Votes at the extraordinary general meeting cast in favour of his removal from the board totalled 47.75% of the votes cast, versus 52.25% in favour of his continued membership of the board.
Existing board members Maureen Jones, Seamus Fitzpatrick, Louis Maguire and Sorċa Conroy also won their fights to stay on the board by similar margins.
Conversely, the votes to appoint Alan Osborne, Stephen Grimmer, Martin Doyle and Kevin Taylor to the board were 47.75% in favour and 52.25% against.
Shares in Karelian were down 21% to 3.15p after the results were announced.
1.45pm: Range Resources bins reverse takeover plans
Trading in the shares of Range Resources Limited (LOM:RRL) resumed 10% lower at 0.0225p after the company abandoned plans to engineer a reverse takeover.
The proposed debt restructuring agreements with LandOcean Energy were conditional on the company completing the acquisition of an interest in a pre-school educational business operating in China, so the company is continuing discussions with LandOcean over revised terms for the outstanding amount of its loan, including the convertible loan notes held by LandOcean.
12.40pm: Motif Bio to meet US regulator on September 19 to discuss trial design
Motif Bio PLC (LON:MTFB) shot up 8.5% to 2.8p after it was given a date to see US regulators to discuss additional trial work required in order to gain US sign-off for its antibiotic iclaprim.
The Food & Drug Administration Type B meeting is scheduled for September 19. The minutes from the face-to-face are expected 30 days later, after which the company will update the market.
The watchdog, in an earlier discussion, urged Motif to carry out a further trial to allay concerns over liver toxicity, which emerged following the submission of data from two phase III assessments of the drug.
11.35am: Safestyle reassures with in-line trading update
Little more than two months after issuing a profit warning, PVCu windows and doors outfit Safestyle UK (LON:SFE) reassured investors with its half-year trading update.
While the company is expected to make a small loss in the first half of 2019 it expects to make a deliver a small profit over the full year, in line with market expectations.
The shares, which were trading at around 93p prior to May’s profit warning, rose 2.4$ to 67.5p this morning.
10.30am: Shield Therapeutics the top riser in London
Shield Therapeutics PLC (LON:STX) was the top riser in London, up 75% at 181p, after receiving US regulatory sign-off for its iron deficiency treatment.
The Food & Drug Administration has given what’s called broad label approval to Feraccru, which will be marketed as Accrufer in America.
Receiving the official green light for its lead product is a “big step towards exploiting the very large commercial opportunity”, Shield said.
Feraccru receives FDA APPROVAL... https://t.co/LODYGpd1VS
— Shield Therapeutics (@ShieldTx) July 26, 2019
9.30am: Anglo American slides as Anil Agarwal prepares to unwind his huge stake
Anglo American PLC (LON:AAL) shares slipped 5.1% to 2,075p after it biggest shareholder, Anil Agarwal, said yesterday he would be offloading his near 20% stake.
The Indian billionaire has held the 19.3% stake since 2017 and the shares have nearly doubled since he began building up his holding in the company.
Anglo announced a US$1bn share buyback yesterday and announced today it had bought 290,000 shares at an average price of 2,199.06p per share.
Data technology outfit Shearwater Group PLC (LON:SWG) said its Xcina Consulting arm has won a multi-year contract with Parkmobile, the car parking space app developer.
The contract is to deliver a qualified security assessment of Parkmobile's UK and NL card data environment to ensure that its business is compliant with the Payment Card Industry Data Security Standard.
Shares in Shearwater were 7.9% higher at 2.05p on the news.