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Cairn Homes share price rebuilds as share buyback commences

A look at the day's major movers, including Chaarat, Metals Exploration, GAN and Character Group

New house

Irish homes builder Cairn Homes plc (LON:CRN) clawed back some of yesterday’s losses as it kicked off its share repurchase programme.

The shares were up 5 cents (4.7%) at €1.12, having dipped from €1.15 yesterday to €1.17 following the release of half-year results.

The company said its €25mln share buy-back programme would start today.

11.30am: Chaarat on fire after it inks joint venture with Turkish mining contractor

Chaarat Gold Holdings Limited (LON:CGH) shares glittered a little, rising 1.8% to 28.2p, as it it signed a joint venture with Turkish mining contractor Çiftay İnsaat Tahhüt ve Ticaret.

The companies will collaborate on the Tulkubash and Kyzyltash projects in the Kyrgyz Republic.

The AIM-listed miner said under the deal Çiftay would progressively invest up to US$31.5mln in cash for a 12.5% stake in the two projects, which Chaarat said would cover the remaining equity for Tulkubash.

10.30am: Mixed reception for Metals Exploration's interims

The half-year report from Metals Exploration PLC (LON:MTL) got a mixed reception, with the shares surrendering early gains to dip 1.2% to 0.84p.

The loss before tax narrowed to US$8.32mln from US$13.97mln in the first half of 2018.

The gold producer said restructuring negotiations with its lenders continue to progress with a standstill agreement in place.

9.30am: GAN to "gan on" alone 

GAN PLC (LON:GAN), a supplier of Internet gambling platform, said trading was significantly ahead of the board’s expectations in the first eight months of 2019.

The shares shot up 20% to 87p after the company revealed it completed its strategic review and despite receiving numerous expressions of interest from parties interested in acquiring the company, it has decided to go it alone.

GAN said it would now seek a listing on a US stock market.

A profit warning from toys, games and gifts company Character Group PLC (LON:CCT) sent the shares 8.7% lower to 338p in early trading.

The Peppa Pig and Pokemon rights owner said the second half of its financial year had seen a number of factors hit the business, particularly the liquidation of a major toy retailer in Scandinavia.

The profit before tax for the year ended 31 August 2019 is likely to be in the range of £11.0mln - £11.5mln, which is slightly under the lower end of current market expectations.

Proactive news headlines

Katoro Gold PLC (LON:KAT) hailed a year of significant achievement as it seeks to diversify its portfolio towards battery metals.

David Sefton has resigned as a director and executive chairman of Anglo African Oil & Gas PLC (LON:AAOG).

ANGLE PLC (LON:AGL,OTCQX:ANPCY) said a review of its ground-breaking liquid biopsy has identified “advantages” to using the technology when treating head and neck cancer patients.

Indonesia-focused copper mine developer Asiamet Resources Limited (LON:ARS) drastically reduced half-year losses in the first half of 2019.

88 Energy Ltd (LON:88E) has updated shareholders on the progress it has made over the first half of the year, including advancing the farm-out process of Project Icewine in Alaska.  

Chaarat Gold Holdings Limited (LON:CGH) has signed a joint venture with Turkish mining contractor Çiftay İnsaat Tahhüt ve Ticaret to collaborate on the Tulkubash and Kyzyltash projects in the Kyrgyz Republic. In a separate release announcing its results for the six months ended 30 June, Chaarat reported revenues of around US$30.9mln, up from US$0 in the prior year, and an operating loss of US$7.5mln compared to a loss of US$3.7mln in 2018.

Columbus Energy Resources PLC (LON:CERP) plans to scrap a scheme that pays its executives in shares to limit the number of shares in issue. Executive management, which received half of their salary in shares under the scheme, will now be paid only in cash.

Bacanora Lithium plc (LON:BCN) has announced that Derek Batorowski has resigned as a director of the company.

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