Alexander Mining PLC’s (LON:AXM) shares plunged by a third to 0.03p after the company announced plans to become a cash shell.
After a review of the company’s operations, the board has decided to dispose of its MetaLeach mineral processing subsidiary and move in a new direction.
That direction has yet to be revealed, save that the board said it would involve a reverse takeover.
1.30pm: Polarean Imaging jumps as Amphion agrees loan extension
Shares in Polarean Imaging PLC (LON:POLX) surged 9.3% to 20p as stakeholder Amphion Innovations PLC (LON:AMP) extended the term of a loan.
Amphion’s lender has agreed to extend the maturity date of the loan facility to 30 September 2020. All other terms of the loan have been left unchanged.
Amphion’s loan facility is secured by its 16.7mln shares in Polarean. Amphion has transferred ownership of the Polarean shares to the lender but remains the beneficial owner of the shares.
12.30pm: 1pm clocks up improved earnings
1pm PLC (LON:OPM), the specialist finance provider, boasted of a “robust performance”, sending its shares 6.6% higher to 32.25p.
Results for the year to the end of May revealed profit before tax edged up to £7.88mln from £7.85mln the year before.
The company said it had strong visibility on future earnings with roughly 50% of revenue for the current fiscal year already secured as "unearned income".
11.30am: A Tern for the worse
Investment company Tern PLC (LON:TERN) was down 5.51% to 9.00p after its half-year loss more than doubled compared to 2018.
The loss for the period until June 2019 was £623,340 against last year’s £221,252, due to increase in operating costs and a smaller increase this time round in the value of its investments.
“During the first half of 2019, Tern has actively focused on developing opportunities to expand its portfolio and to increase the fair valuation of its existing portfolio companies,” said chief executive officer Al Sisto.
10.30am: Safestay provides a haven
Hostels operator Safestay PLC (LON:SSTY) was a haven for investors after it predicted full-year revenues.
Seeing as revenues in the first half of the year increased by 24% year-on-year to £8.1mln, the predicted full-year outcome would suggest the second half is set to be even better than the first half.
The group also predicted underlying earnings (EBITDA) would be around £3.8mln, up from £3.4mln the year before.
9.30am: Petrel flying high after investor group buys in
Petrel Resources PLC (LON:PET) regained its mojo, rising 30% to 9.25p after it raised money from a group of investors in the Middle East.
The shares encountered some profit-taking on Monday following the release of interim results but investors were back on-board after Michel Fayad and Roger Tamraz, both of whom are to be appointed to the board as non-executive directors, participated in a share placing that took their stakes in the company to 10% each.
"These director appointments may transform Petrel's fortunes. Michel Fayad brings a strong ‘Rolodex’, a flow of high potential projects, as well as significant financial, including hydrocarbon, experience in the MENA [Middle East and North Africa] region particularly," said Petrel director, David Horgan.
8.40am: Profit warning from Coral Products sends shares into a dive plus its murder at WANdisco
A profit warning from Coral Products PLC (LON:CRU) sent shares in the plastics products maker plunging 20% to 5.625p.
The first four months of the current fiscal year have seen the group perform below expectations. Management attributed this to currency fluctuations and “extremely variable trading conditions”.
Non-executive chairman, Joe Grimmond, said management is still expecting to report a satisfactory outcome for the year but added that “the prevailing uncertainties prevent me from being more upbeat."
Glamour stock WANdisco PLC (LON:WAND) fell out of bed, shedding 13% at 450p, after downgrading revenue guidance.
The company, which disappointingly does not organise languid dance nights – its stock in trade is live updating of wide-area networks (WANs) – said it expects revenue in 2019 to be around US$24mln.
Broker Peel Hunt downgraded its revenue forecast in line with guidance and also took a more conservative view of revenue growth in the next year or two, prompting a cut in the broker’s target price to 800p from 1,000p.
Proactive news headlines
Stobart Group Ltd (LON:STOB), the aviation, energy and civil engineering group, said it continues to make strong progress in its two core divisions of aviation and energy.
Rare disease specialist Open Orphan PLC (LON:OPRH) expects to announce the first early adopters of its genomic health data platform later this year.
Allergy Therapeutics PLC (LON:AGY) surpassed City forecasts with the company quietly confident about the coming year.
EQTEC PLC (LON:EQT) almost tripled sales in its first half as the waste-to-energy firm looked to cut costs and establish new ways of funding its developments.
Amryt Pharma PLC (LON:AMYT) said it has now formally completed the acquisition of Aegerion Pharmaceuticals Inc. and, backed by shareholders, has raised US$60mln in new funds.
Metal Tiger Plc (LON:MTR) climbed on Wednesday after the group’s net asset value increased to a premium above its current share price.
Columbus Energy Resources PLC (LON:CERP) updated on its exploration programme on Trinidad’s South West Peninsula where it is preparing to drill the Saffron well.
Shares in Polarean Imaging PLC (LON:POLX) jumped higher as stakeholder Amphion Innovations PLC (LON:AMP) extended the term of a loan where Polarean shares have been used as collateral.
A strong order book and significant new business wins helped drive the first-half performance of contract research specialist Ergomed PLC (LON:ERGO).
Acquisitive telecoms and information technology services provider AdEPT Technology Group PLC (LON:ADT) is making progress on its 'One AdEPT' project.
Chariot Oil & Gas Limited (LON:CHAR) chief executive Larry Bottomley, in the explorer’s half-yearly results statement, highlighted that it now has a balanced portfolio with “a commercially attractive production opportunity” alongside its “giant potential prospects”.
Immotion Group PLC (LON:IMMO) has signed deals with three aquariums to install its virtual reality (VR) headsets.
Savannah Resources PLC (LON:SAV) is looking at substantial quantities of quartz and feldspar at its Mina do Barroso project in Portugal. Though lithium is the main target, these by-products have the potential to provide a significant additional income stream, Savannah said.
Enteq Upstream PLC (LON:NTQ) chief executive Martin Perry has highlighted the company’s advances in China and its recent deal with Shell as examples of ongoing progress ahead of today’s AGM.
Active Energy Group PLC (LON:AEG) says samples of its CoalSwitch fuel alternative and biomass black pellets are now being sent to potential customers in Europe as well as the US.
Iconic Labs PLC (LON:ICON) non-executive directors Xavier Latil and Rodolphe Cadio are stepping down from the board as the restructuring of the company is now substantially complete.