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Catenae Innovation doubles as large stakes are revealed

A look at some of the day's major movers in London on Tuesday

Falanx Group Ltd -

Catenae Innovation PLC (LON:CTEA), a blockchain technology company, more than doubled to 0.72p as a number of parties were revealed as significant shareholders.

Brian Thompson had the biggest holding of the four stakes notified today, with 29.2% of the voting rights.

Other notifiable stakes revealed today were: Steven King 10.03%; Sanderson Capital Partners 7.42%; and Anthony Daltrey 12.7%.

1.45pm: OptiBiotix signs licence agreement down-under

OptiBiotix Health PLC (LON:OPTI) shot up 40% to 46p after it signed an exclusive licence agreement for its OptiBiome weight loss ingredient with Australian firm OptiPharm.

The AIM-listed firm said the deal for OptiBiome, an alternative trademark for its SlimBiome product, will grant OptiPharm exclusive use of the brand in over 20 markets including Australia, parts of Asia, New Zealand, the Middle East, the Gulf States and North America, which will be linked to minimum order quantities.

OptiPharm owns Optislim, the number one weight management brand in Australia which incorporates products such as shakes, soups and bars as part of total or partial meal replacements.

12.30pm: Zenith Energy hits apogee of London leader-board after strategic investment news

Zenith Energy Limited (LON:ZEN), up 54% at 1.00p, moved to the top of London’s leader-board after it unveiled a potential US$2mln cash injection.

The international oil & gas production company has signed a non-binding letter of intent with an Arab consortium of strategic institutional investors focused on African development opportunities.

The consortium intends to buy shares in Zenith at 2.5p a pop. Provided Zenith acquires two oil production licenses currently being negotiated with a national oil authority in West Africa.

11.15am: Hardide buffs up well after a trading update

Hardide Plc (LON:HDD), the industrial coatings technology firm, soared 51% to 24.5p after it said half-year revenues were up more than 25% year-on-year.

The board has not yet seen any significant reduction going into the second half of the financial year as a result of the coronavirus (COVID-19) crisis although it did note that the aircraft industry – one of its target markets – is being seriously affected by the current situation.

However, it assured investors that this is not having an effect on the developments and interminable discussions underway between the company and Airbus and the latter’s tier 1 suppliers on converting components away from hard chrome plating to the company’s proprietary Hardide-A coating.

10.15am: Quixant's 2019 revenues and profits decline

Quixant PLC (LON:QXT) slumped 28% to 55.5p after it reported declines in revenue and profitability for 2019.

The provider of technology products for the gaming and broadcast industries saw adjusted pre-tax profit collapse to US$10.7mln from US$18.2mln in 2018 on revenue that fell 20% to US$92.3mln from US$115.2mln the year before.

The group said it had a robust first quarter but the coronavirus (COVID-19) outbreak has somewhat upset the apple-cart. The group has decided to suspend the payment of dividends until the impact of COVID-19 becomes clearer.

9.15am: Falanx Group and Kape Technologies benefitting from the work-at-home trend

Falanx Group Limited (LON:FLX), up 30% at 0.75p, topped the risers in early deals on Tuesday in London after a trading update.

The cyber-security firm said it has been able to fully service its clients during the crisis period of the coronavirus (COVD-19) pandemic with no loss of quality or service.

The group added that it experienced strong trading, bagging around £1mln of new orders between December and mid-February in its cyber division.

Sector peer Kape Technologies PLC (LON:KAPE) was also in demand, up 20% at 183p, after it said it too had seen increased demand for its products.

The digital security and privacy software business said its virtual private network offering, which offers an additional layer of security for people working from home, has seen an increase in demand globally, but most notably from North America and Europe.

Demand for Kape's digital privacy products is robust, and the group said it is on track to deliver revenues of US$120-123 million (up from US$66.1mln in 2019) and adjusted underlying earnings (EBITDA) of US$35-38 million in 2020 (up from US$14.6mln).

Proactive news headlines:

OptiBiotix Health PLC (LON:OPTI) has signed an exclusive licence agreement for its OptiBiome weight loss ingredient with Australian firm OptiPharm Pty Ltd. The AIM-listed firm said the deal for OptiBiome, an alternative trademark for its SlimBiome product, will grant OptiPharm exclusive use of the brand in over 20 markets including Australia, parts of Asia, New Zealand, the Middle East, the Gulf States and North America, which will be linked to minimum order quantities.

Verona Pharma PLC (LON:VRP) (NASDAQ:VRNA) said it has delivered positive efficacy and safety data from a phase II trial of its drug for chronic obstructive pulmonary disease. The study 40 moderate to severe COPD patients assessed ensifentrine’s potential when administered using pressurised metered-dose inhalers similar to the ones used by asthmatics. It found the treatment delivered “statistically significant and clinically meaningful” increases in lung function across a range of doses.

88 Energy Ltd (LON:88E) has told investors that the Charlie-1 well has reached target depth and it encountered ‘shows’ and ‘elevated log responses’ over several horizons. The company, in a statement, said that the logging data to date is “largely consistent” with what was recorded at the Malguk-1 well. Malguk-1 was drilled in 1991 by BP and is the discovery well that the Charlie-1 appraisal is designed to follow-up.

Synairgen PLC (LON:SNG) said it has now commenced dosing patients in its trial of SNG001 (inhaled formulation of interferon-beta-1a) in coronavirus (COVID-19) patients. The respiratory drug discovery and development company said the first patient has been dosed at the University Hospital Southampton NHS Foundation Trust. Another six trial sites are expected to start dosing in the next few days.

Xpediator PLC (LON:XPD), a provider of freight management services, has told investors that Chinese freight volumes have started to improve over the last couple of weeks. In a trading update that focused on the impact of the coronavirus (COVID-19) outbreak, the company said so far this year activity levels have remained broadly in line with management expectations.

Columbus Energy Resources PLC (LON:CERP) has agreed a short-term extension to its oil field service contract at the Goudron field, to allow more time to finalise a longer-term arrangement. The Trinidad based oiler, in a statement, told investors that the Goudron Incremental Production Service Contract (IPSC) with Heritage Petroleum Company was due to expire at the end of today. But it has now inked a temporary extension, giving the companies until this Friday, April 3, to put the longer-term agreement in place.

Mkango Resources Ltd (LON:MKA)(CVE:MKA) said it remains focused on the completion of the feasibility study for the Songwe rare earths project in Malawi and the development of downstream opportunities through Maginito Ltd, which includes Maginito's 25% interest in Hypromag Ltd, a UK-based company that specialises in rare earth magnet recycling. Mkango added that it is taking the necessary pre-emptive precautions in response to the coronavirus pandemic and providing ongoing advice to its staff in Malawi.

ANGLE PLC (LON:AGL) (OTCQX:ANPCY), in what is now becoming a common theme in medical research, has revealed its activities as a liquid biopsy specialist thave been disrupted by the coronavirus (COVID-19) pandemic. Operations in the UK, Canada and the US have been affected by measures by the respective governments to contain the spread of the virus, the company said in a statement. As a result, it has implemented its business continuity plan.

Savannah Resources PLC (LON:SAV) said it has been able to continue with many key activities on its projects, including finishing the environmental impact assessment at the Mina do Barroso lithium project in Portugal, and continuing with advanced negotiations with potential partners in the face of the coronavirus (COVID-19) pandemic. The company said it had a cash position of £3.5mln at the 2019 year-end and has no debt. This is sufficient to maintain current work programmes

Europa Oil & Gas Holdings PLC (LON:EOG) told investors it is cutting costs in response to the coronavirus (COVID-19) along with the associated stock market volatility and oil price weakness. In a statement, the group added that it aims to conduct a comprehensive review and a phase of cost reductions across the company in order to retain enough cash to fund current and upcoming activity, including the Wressle field development project. Farm-outs will continue to be sought, albeit work programmes in Ireland and Morocco are due to be reduced, it said.

Red Rock Resources PLC (LON:RRR) booked a profit before tax from continuing operations in the six months to 31 December 2019 of £337,000. Losses in the comparable period a year earlier amounted to £283,000. Net finance income was at similar levels to that in the comparable period of the previous financial year, at £524,000, but this was not offset as in the previous period by impairments and project development costs.

Power Metal Resources PLC (LON:POW) has said its field operations remain unaffected by the coronavirus (COVID-19) pandemic, supported by its £725,000 cash balance The group added, however, it is to delay the publication of its financial results for the year ended 30 September 2019.

Nu-Oil & Gas PLC (LON:NUOG), which is now effectively a cash-shell, has used its interim results statement to highlight “good progress” in its evaluation of potential new opportunities. The company aims to pivot into the environmental industries sector following last year’s management changes, debt refinancing and the divestment legacy oil and gas assets.

Midatech Pharma PLC (LON:MTPH) (NASDAQ:MTP) has announced that, in view of prevailing conditions in the capital markets and the prospects for raising additional funds and partnering of assets, its board is in the process of implementing a strategic review of its operations and has shuffled its board, leading to the departure of its CEO.

ECR Minerals PLC (LON:ECR) posted a loss of £762,586 for the year to end September 2019, a small increase compared with the loss of £721,460 booked for the year to 30 September 2018. The largest contributor to the total comprehensive loss was the line item “other administrative expenses”, which represents the costs of operating the company and carrying out exploration at its projects, where these costs are ineligible for capitalisation under applicable accounting standards.

Horizonte Minerals PLC (LON:HZM) (TSX:HZM), the nickel company focused in Brazil, has said that following recent exemptions granted to the market by Canadian securities regulatory authorities, the company will release its full-year financial results to end-December 2019 beyond the three-month deadline usually required under the listing rules on the Toronto Stock Exchange. This has been driven by delays encountered in the audit process and is consistent with the wider audit environment at present throughout the world. As a result, the company expects to publish its Annual Audited Financial Statements, its Management Discussion & Analysis, and its Annual Information Form for the year ended December 31, 2019, on or before the end of the available 45-day extension period.

Westminster Group PLC (LON:WSG), a leading supplier of managed services and technology-based security solutions worldwide, announced that in view of the coronavirus (COVID-19) pandemic it has received the required support and agreement from noteholders to extend the maturity date of its Convertible Secured Loan Notes (CLNs) to 1 May 2021. As previously announced, the company had commenced a staged redemption programme of its CLNs in January 2020, reducing the outstanding amount by £561,250 to £1,683,750, which was then expected to be fully redeemed before the previous maturity date of 30 June 2020. This extension provides the company with the flexibility to make redemptions at any time up to 1 May 2021, thereby prudently conserving cash during the current uncertain times, although the company will still look to make redemptions at the earliest opportunity as and when appropriate. All other terms of the CLNs remain unchanged.

Vast Resources PLC (LON:VAST), the AIM-listed mining company, said it has elected to pay the interest due on March 29, 2020, on the $7,101,947 Atlas Bond, announced on January 31, 2020, by the issue of 13,703,171 shares at a price of 0.17415p each. Under the terms of the Atlas bond, the company is entitled to elect to make payment of interest on the bond in shares at an issue price of 90% of the Volume Weighted Average Price of its shares on the business day prior to the interest payment date.

Tower Resources PLC (LON:TRP), the AIM-listed oil and gas company with its focus on Africa, said it has issued warrants in lieu of £68,000, in aggregate, to Peter Taylor and David M Thomson, non-executive directors of the company, and Jeremy Asher, its chairman, in settlement of fees due for the period from 1 January 2020 to 30 June 2020, to conserve the company's working capital. The group said the warrants are exercisable at a price of 0.2p each which is the closing share price on March 30, 2020, and are exercisable for a period of 5 years from the date of issue.

Arkle Resources PLC (LON: ARK), the Irish gold and zinc exploration and development company, announced that a circular has been sent to shareholders convening an extraordinary general meeting to be held at 162 Clontarf Road, Clontarf, Dublin 3 on April 22 at 10.30am to consider the share capital reorganisation linked to the conditional placing it announced on March 27.  The group added that, given the current coronavirus (COVID-19) pandemic, shareholders are encouraged to vote online or by proxy.

Redx Pharma PLC (LON::REDX), the drug discovery and development company focused on oncology and fibrosis, has provided further guidance regarding attendance at its Annual General Meeting at Alderley Park on April 23. It said the company has already taken steps to ensure that the meeting will be quorate, and therefore in line with the UK government’s measures, further shareholders are not permitted to attend the meeting, and any shareholder seeking to attend will be refused entry to the meeting. The group added that shareholders are strongly encouraged to vote by proxy, using the card distributed with the notice of meeting, and the proxy is also available in the investor resources section of the company's website.

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