Shares in Avanti Communications Group plc (LON:AVN), a provider of satellite data communications services, fell back after the successful launch of a new satellite.
HYLAS 3 was launched from Kourou, French Guiana on Ariane Flight VA249 on Tuesday 6 August 2019.
Shares in Avanti fell 7.9% to 1.405p on the news; imagine the share price reaction if the launch had failed ...
1.45pm: SVS collapses poses cash problem for IMC Exploration
IMC Exploration Group plc (LON:IMC) has asked the administrators of SVS whether the failed stockbroker is still good the money it owes the company.
The Irish gold exploration company announced a share placing last month to raise £100,000, the bulk of which - £65,000 - was to be provided by SVS, which gave an irrevocable commitment to subscribe for 6.5mln shares.
The market did not seem overly hopeful; IMC's shares were down 15% at 0.875p.
12.30pm: Defence spending gives Ultra Electronics a spark
Strong US defence spending gave Ultra Electronics Holdings PLC (LON:ULE) in the first half of 2018.
The FTSE 250-listed engineering firm reported that underlying pre-tax profits for the six months ended 30 June were 6.7% higher at £46.5mln while revenues jumped 10.4% to £387.1mln.
The shares were up 9.8% at 2,038p.
11.30am: Advisory fees pile up at cash-strapped Frontier Smart
Frontier Smart Technologies Group Ltd (LON:FST) shares tumbled 11% to 27.5p as it revealed the downside to a bid approach: costly advisory fees.
READ Frontier Smart hopes to convince Science Group of the merits of alternative to a takeover
The company, which has received approaches from Science Group and an unnamed “credible industry player” said its profit and loss in the second half of the year would be dented by around US$450,000 of advisory fees related to the future ownership of the company.
Perhaps more alarmingly, the company said it is in talks with its lender, Clydesdale Bank, over its banking covenants in light of the group's current trading position.
“The delay to the mitigation plan, coupled with the additional advisory fees incurred in connection with the ongoing corporate activity, increase the risk to Frontier's current credit facilities and place further pressure on group cash flows,” the digital audio and smart home technologies firm said.
10.30am: Burford sinks in Muddy Waters
Shares in Burford Capital Limited (LON:BUR) fell out of bed with a bump, slumping 43% to 636p, after a bear raid on the stock.
The litigation finance company noted the release of a "short attack" document by Muddy Waters, a US research firm, and tried to reassure investors that its cash position and access to liquidity is strong, though it conceded it will have to tap the markets at some point “as it has done successfully throughout its history” to continues to invest in growth.
For its part, Muddy Waters claims Burford has been “egregiously misrepresenting” its return on capital invested and internal rates of return, as well as the state of its overall business.
We are short $BUR Just this year, BUR began publishing more detailed investment data. This data proves that BUR has been egregiously misrepresenting its ROIC and IRRs, as well as the state of its overall business. https://t.co/XffuPD04QK
— MuddyWatersResearch (@muddywatersre) August 7, 2019
9.30am: Market likes Avon Rubber's acquisition of body armour business
Shares in Avon Rubber PLC (LON:AVON) shot up 8.6% to 1,438p after it agreed to acquire 3M's bulletproof vest business.
The company has also bought the rights to the Ceradyne brand from the US conglomerate.
In all, it will pay roughly US$91mln (£75mln) upfront, with a further contingent cash consideration of up to US$25mln (£21mln) payable depending on the outcome of pending tenders.
Roadside barriers specialist Hill & Smith Holdings PLC (LON:HILS) pulled out of its recent dive, rising 8.7% to 1,140p on the back of its half-year results.
“Whilst short term political and macroeconomic uncertainties remain, particularly in the UK, our expectations for the full year are unchanged,” said Derek Muir, the chief executive officer of Hill & Smith.
The company also announced that the chairman, Jock Lennox, will retire from the board at the beginning of October to be replaced by Alan Giddins, who is currently the senior independent director on the board.