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Netcall surges after director tops up his stake

A look at the day's major movers, including Countrywide, Valeura, Aggregated Micro Power, Blackbird, Edenville Energy and ThinkSmart.

Gas flow test

Shares in call centre software provider Netcall PLC (LON:NET) rose 11% to 31.5p after non-executive director Mike Neville topped up his shareholding.

Neville bought 104,017 shares at 29p a throw.

He now owns 686,565, representing around 0.48% of the voting rights of the company.

2.15pm: Countrywide offloads its commercial property arm

Countrywide PLC (LON:CWD) has agreed to sell its commercial property arm Lambert Smith Hampton, sending its shares 17% higher to 5.47p.

As part of the proposed deal, private investor John Bengt Moeller will pay £38mln cash for Lambert Smith Hampton, which Countrywide has deemed "non-core".

The acquisition is six times the division's yearly adjusted underlying earnings.

12.15pm: Valeura Energy lifted by preliminary test results at Devepinar-1 well

Dual-listed Valuera Energy Inc (TSE:VLE, LSE:VLU) was 29% higher at 62.5p after revealing the results of a gas production test for the Devepinar-1 well.

The company stimulated three separate intervals at the well, in the Thrace Basin of Turkey, covering 125 metres of the gross section between 4,640 metres and 4,765 metres, by deploying 41 tonnes, 61 tonnes, and 57 tonnes of proppant, respectively.

The individual flow rates based on the last 24 hour flowing period were 1.6mln cubic feet of gas per day (mmcf/d), 1.3 mmcf/d, and 1.3 mmcf/d from the deepest to the shallowest interval, respectively.

Valeura interprets these to be positive results as each of these intervals individually has yielded the best gas flow rates that the company has recorded from its testing of the BCGA play to date.

11.00am: Aggregated Micro Power to be taken private

Clean energy company Aggregated Micro Power Holdings PLC (LON:AMPH) saw its shares soar 25% to 85p after management backed a 90p a share offer.

The company is being taken private by the Asterion Industrial Infra Fund in a deal that values the biomass wood fuels and low carbon heat and power specialist at £63.1mln.

Investors and directors speaking for 48% of the business, which trades as AMP Clean Energy, have given their backing to the deal.

10.15am: Blackbird cashes in on yesterday's share price surge

Yesterday’s sharp share price rise by Blackbird PLC (LON:BIRD) presaged a predictable fundraising by the firm and a 15% slump in the shares to 15p.

The cloud-based video editing platform operator was riding high yesterday after winning a gig with news and financial information provider Bloomberg.

The firm’s brokers lost little time cashing in on Blackbird’s behalf, placing shares at 14p each to raise around £5.54mln before expenses.

9.30am: Edenvile Energy turns to private lender for emergency funding

Shares in Edenville Energy PLC (LON:EDL) plunged 28% to 0.03p after the Rukwa coal project owner revealed it had taken out an expensive loan.

In order to satisfy the company's immediate working capital requirements, Edenville has entered into an agreement with a private lender to secure a non-convertible £100,000 loan that carries a fixed coupon rate of 20% a year. The loan must be repaid on or before 25 February 2020.

The move followed production levels from the coal project, in Tanzania, that have been well below the plant’s capacity over the last two months.

Digital payments outfit ThinkSmart Limited (LON:TSL) saw its shares plummet 24% to 15.5p after it started a legal battle with FTSE 250 company, Dixons Carphone PLC (LON:DC.).

The company issued a claim against The Carphone Warehouse Ltd (CPW) for damages for losses estimated at £20mln.

Volumes from RentSmart's Flexible Leasing contract with CPW remain significantly below the numbers targeted within its contract with CPW, ThinkSmart said.

Proactive news headlines:

Aggregated Micro Power Holdings PLC (LON:AMPH) is being taken private in a deal that values the biomass wood fuels and low carbon heat and power specialist at £63.1mln. The 90p a share offer from the Asterion Industrial Infra Fund, which has board backing, represents a 32% premium to last night’s closing stock price.

Kavango Resources PLC (LON:KAV) has hit early-stage signs of mineralisation during drilling on its Kalahari Suture Zone project (KSZ) in Botswana. The exploration intersected disseminated sulphides in two high-level gabbro sills, said the standard-listed junior, which is exploring near the town of Hukuntsi. The sills were intersected at 340 metres and 367 metres respectively and were each about one-third of a metre thick.

Woodbois Limited (LON:WBI) has signed an offtake agreement with a West African timber supplier for all of its production in Liberia. The forestry group said the agreement, which is expected to be formalised in January, will generate “material additional trading revenue” and will have scope for increases.

ADES International Holding PLC (LON:ADES) revealed a 169% year-on-year rise in third-quarter revenue amid improved utilisation and the post-acquisition scale-up of operations. The company reported a utilisation rate of 95% in the first three quarters of the year, versus 83% in the same period of 2018.

Quadrise Fuels International PLC (LON:QFI) made “staged progress” through the past year, expanding the breadth and depth of its market opportunity for its MSAR technology, the company said ahead of today’s AGM. The specialist fuel firm, in a statement, noted that it raised £4.5mln of new funds in the third quarter of the year, enabling it to continue business development activities.

Benchmark Holdings PLC (LON:BMK) said full-year adjusted underlying earnings (EBITDA) from continuing operations are expected to be around £11mln-£12mln, in line with expectations. The maintained guidance will come as a relief to shareholders after the aquaculture health, nutrition and genetics company warned in August of “challenging” conditions in the shrimp and sea bass/ bream markets.

Iconic Labs PLC (LON:ICON) has reshuffled its current board with the appointment of a new executive director and the loss of two non-executives Sam Asante, currently chief operating officer of the media group, previously worked at social media site UNILAD helping to establish commercial operations before moving to product and marketing.

Faron Pharmaceuticals Oy (LON:FARN), clinical-stage biopharmaceutical company, said it has entered into a liquidity-providing agreement with Lago Kapital under which it will quote bids and offers for the company's share within the framework for the Nasdaq First North Growth Market Finland rules for liquidity provision. The spread of the bid and offer prices is a maximum of 4% calculated on the bid price and the quotes on bid and offer must be at least Euro 3,000 worth of shares. The intention is to promote liquidity in the share, the group added.

Eurasia Mining PLC (LON:EUZ) said it has received notice to exercise warrants over 15,583,333 ordinary shares of 0.1 pence in the company at an exercise price of 0.6p each, and a further notice regarding warrants over 3,026,806 ordinary shares at an exercise price of 0.826p each. The group said all funds for the exercise of the warrant shares has been received and amount to a cash value of, in aggregate, £118,501. Christian Schaffalitzky, the group’s chairman commented: "None of the recently executed warrants or options were executed by directors. The First Equity warrant overhang is now fully removed.  The directors also continue to make progress in ongoing talks in the current price environment for palladium and rhodium".

GSTechnologies Ltd (LON:GST), the integrated information and communication technology infrastructure solutions provider, announced that William Knight has decided to stand down as a non-executive director from 2 December 2019 to focus on his other business interests. The company said it has commenced the search for a replacement non-executive director, to ensure that the board composition is appropriate following Knight’s departure and further announcements will be made as appropriate.

Pan African Resources plc (LON:PAF) announced that at its annual general meeting held on Thursday, 28 November 2019, all the ordinary and special resolutions, save for ordinary resolution number 13 - to authorise the directors to allot equity securities - were approved by the requisite majority of shareholders present or represented by proxy.

IronRidge Resources Limited (LON:IRR) confirmed that all resolutions put to shareholders were duly passed by a show of hands at the company's Annual General Meeting, held on 29 November 2019 in Brisbane, Australia.

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