LightwaveRF slumps after it proposes to leave AIM

A look at some of the day's major movers in the market on Friday

Powerhouse Energy Group PLC -

The lights are set to go out at LightwaveRF PLC (LON:LWRF), with the shares slumping 36% to 0.8p after the company proposed to deslist.

The smart building solutions provider announced a strategic review in November and while this continues, the board has evidently seen enough to seek shareholders’ approval to cancel its listing on AIM.

Shareholders will get to vote on the proposal on 10 February.

3.10pm: RTC update just the job

A short but sweet trading update from RTC Group PLC (LON:RTC) sent shares in the recruitment group surging 14% to 69.5p.

The company confirmed full-year results will be in line with market expectations.

The AIM-listed outfit improved its net debt position, which it deemed “encouraging” considering the uncertainty surrounding the UK economy.

12.30pm: Momentum continues at Norman Broadbent

Norman Broadbent PLC (LON:NBB) saw its shares jump 11% to 8.75p as the professional services firm said its turnaround has continued.

The group returned to profit in 2019, it confirmed in a trading statement, on the back of a 22% increase in revenues to £11.5mln from £9.4mln in 2018.

Group net fee income climbed 15% to £7.6mln from £6.6mln the year before.

11.30am: Modern Water plummets after massively discounted share issue

Interest in shares in Modern Water PLC (LON:MWG) dried up, after the company placed shares at 0.5p, an eye-watering 60% below last night’s closing price.

The shares slumped to the placing price after the company announced the share issue had raised £1.68mln to augment working capital and repay debts.

The newly issued shares practically quadruple the number of the desalination specialist's shares in issue.

10.30am: Hansard rises after a strong half-year performance

Hansard Global PLC (LON:HSD) saw its shares rise 4.8% to 44p after it revealed a strong performance in the second half of 2019.

The specialist long-term savings provider said new business in the first half of the current financial year (which runs to the end of June) was £80.1mln, 8.1% higher than in the same period of 2018.

"There is a growing momentum in the business with particularly good performances in Latin America and the Middle East. Our focus on key distribution relationships, technology and customer service has assisted our growth in sales and we are pleased to have built further upon our strong start to the financial year,” said Gordon Marr, the chief executive of Hansard.

9.30am: PowerHouse Energy tumbles after issuing a pile of shares

Shares in Powerhouse Energy Group PLC (LON:PHE) lost a tenth of their value at 0.72p in early trade on Friday after issuing a huge pile of shares at 0.5p each.

The waste-to-energy specialist issued 53.2mln shares at 0.5p a pop and a further 4.5mln share at 0.717p each, with the latter being issued to various service providers in lieu of payment for services received.

The company now has more than 2bn shares in issue.

Shares in Virgin Money UK PLC (LON:VMUK) rose 6.6% to 177.5p after it was announced that Jim Pettigrew plans to retire as chairman by September 2021.

The board has therefore initiated a search process to allow time to identify his successor and enable an orderly handover.

Proactive news headlines:

Norman Broadbent PLC (LON:NBB) revealed that the turnaround at the professional services firm has continued, with the second half of 2019 proving better than the first. The group returned to profit in 2019, it confirmed in a trading statement, on the back of a 22% increase in revenues to £11.5mln from £9.4mln in 2018. Group net fee income climbed 15% to £7.6mln from £6.6mln the year before.

Pan African Resources plc (LON:PAF) expects to produce 185,000 ounces of the yellow metal for the full-year as the South Africa-focused gold miner said sales at the halfway stage were 92,941 ounces, up 14.7%. The company, which owns the Barberton operations in Mpumalanga Province, said its development project, the Evander 8 Shaft Pillar will reach commercial production “in the next few weeks”. This will add “further high-margin” output in the second half, it said.

Tekcapital PLC’s (LON:TEK) portfolio firm Salarius has inked a partnership deal for its MicroSalt product with US ingredients supplier Hanks Brokerage. Hanks supplies products to food manufacturers, restaurant chains and food service distributors, with the deal for MicroSalt to be focused on sales in the southwestern US.

Columbus Energy Resources PLC (LON:CERP) told investors it is now preparing to test the Saffron well in February. The Trinidad oiler, in a statement, told investors that it has now completed the Saffron well logging and initial results support the decision to proceed with the remainder of the well programme.

88 Energy Ltd (LON:88E) has raised A$5mln of new capital ahead of next month’s drill programme at the Charlie appraisal well. The explorer, in a statement, said the capital injection would cover any potential costs above those carried by Premier Oil PLC (LON:PMO) via its farm-in to Charlie.

Anglo Pacific Group PLC (LON:APF) (TSX:APY) announced that Mike Blyth has indicated his intention to retire as a non-executive director of the company after its Annual General Meeting to be held on 11 May 2020. Patrick Meier, chairman of Anglo Pacific, commented: "Mike has played a vital role on the board and his experience, commercial acumen and attention to good governance has proven invaluable to Anglo Pacific. He has been an exceptional Chair of both the Audit and Remuneration Committees and we will miss his wise counsel. It has been a privilege to work alongside Mike and we wish him well."

Yellow Cake PLC (LON:YCA), a specialist company operating in the uranium sector with a view to holding physical uranium for the long term, announced that on 23 January 2020, it purchased 30,000 ordinary shares in the company on the market, through Numis Securities, in accordance with the terms of its share buyback programme announced on 22 January 2020. It said the shares acquired will be held in treasury.

Ades International Holding PLC (LON:ADES) said that, on 23 January, Investec Bank purchased 70,000 of the group’s ordinary shares at an average price of US$12 per share, representing 0.16% of its issued share capital, on the company’s behalf as part of the share buyback programme announced on 29 November 2019.

BlueRock Diamonds PLC (LON:BRD), the AIM-listed diamond producer, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, announced that it is hosting a shareholder conference call on Wednesday 29 January 2020 at 7.00pm (BST) in line with its commitment to maintaining positive engagement with its shareholders.

Shield Therapeutics PLC (LON:STX), the commercial stage pharmaceutical company with a focus on addressing iron deficiency with its lead product Feraccru/Accrufer, said it will be presenting at two investor presentations next month, providing an overview of the business and the progress being made by the company. It said Tim Watts, the group’s chief financial officer, will present at the Proactive One2One Biotech Forum on Thursday 6 February 2020 at the Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB. Shield said it will also have a stand and present at the Growth & Innovations Forum 2020, to be held on Tuesday 11 February at the Business Design Centre, 52 Upper Street, Islington, London, N1 0QH.

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