Omega Diagnostics surges after landing £80,000 order

A look at the day's major movers, including Albert Technologies, N4 Pharma, Avanti, Petro Matad, Avesoro and Tracsis

Heart disease
The order is from Zimbabwe

Omega Diagnostics Group PLC (LON:ODX), the medical diagnostics company, celebrated the first purchase order for 20,000 units of its VISITECT CD4 Advanced Disease test.

The order value was put at around £80,000.

The shares rose 8.8% to 9.25p on the news.

1.30pm: Albert Technologies shareholders give green light to delisting plans

Albert Technologies Ltd (LON:ALB) shareholders have voted for the marketing intelligence specialist to delist from AIM.

The last day of dealings on AIM will be Wednesday next week, 28 August, although Albert Tech has appointed Asset Match to provide a matched bargain dealing facility to allow investors to continue trading shares after delisting.

Shares in Albert slumped 20% to 3.4p on the decision.

12.30pm: N4 Pharma slides as traders home in on quibbles in latest study results

N4 Pharma PLC (LON:N4P), which is developing Nuvec, a delivery system for vaccines and cancer treatments, shed 9.9% at 4.1p despite posting favourable study results.

The results of the recent study by the University of Queensland demonstrated that Nuvec is capable of working in vivo (in a living organism) when using multiple injections at certain doses.

The study indicated that Nuvec produces an immune response capable of delivering a very clear increase in the number of antibodies specific for Ovalbumin in the 1:20 and 1:30 doses, where all test cases responded; however, there was only a small response at the 1:10 ratio in three of the six cases tested.

11.30am: Avanti fulls to earth as it seeks to cancel its AIM listing

Shares in satellites launcher Avanti Communications Group PLC (LON:AVN) fell to earth as the company said it plans to cancel its stock exchange listing.

Since the AIM-listed company's debt restructuring in April 2018 that involved a debt-for-equity swap, around 73% of the company's shares are held by just five shareholders, thus providing private investors with little in terms of what is called “free float” - the pool of shares that are held by investors that are not necessarily committed long-term holders.

The company's independent directors reckon the lack of stock market liquidity, allied with the poor share price performance, means the company would be better off as a private company.

Avanti shares fell 17% to a penny on the news.

10.20am: Petro Matad drilling all day and all of the night at Heron-1

Petro Matad Limited (LON:MATD) shares headed 4.9% higher to 7.55p after it revealed progress on permitting processes in Eastern Mongolia.

The company said issuance of the land permits for the Heron and Gazelle well sites is waiting for the final signature from the local governor in eastern Mongolia.

Operations at the Red Deer location are proceeding as planned. The well has reached its intermediate casing point and preparations are underway to drill the next hole section.


9.30am: Avesoro higher as controlling shareholders ponders buying up 100% of the company

Shares in Avesoro Resources Inc (LON:ASO, TSX:ASO) surged 24% to 85.5p in London trading after the mining company received a bid approach.

Its controlling shareholder, Avesoro Jersey Limited, has indicated a willingness to buy up the shares in Avesoro that it does not already own at a pound a throw.

The news comes in the wake of the suspension of operations at the company's Youga Gold Mine in Burkina Faso following a security breach. The company is assessing the longer-term viability of the mine given the damage sustained to heavy mining equipment and the low grades currently being achieved at the mine.

It was full-steam ahead for public transport consultancy and technology firm Tracsis PLC (LON:TRCS) in early days after an upbeat trading update.

Revenue, underlying earnings (EBITDA and adjusted EBIT) for the year just ended are expected to be in line with market expectations.

The board said it was particularly pleased with the performance in the second half of the year.

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