Be Heard screams higher on news of possible takeover offer

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

Altyn -

Shares in marketing firm Be Heard Group PLC (LON:BHRD) made some noise in mid-afternoon, rocketing 73.1% higher to 0.45p after it said it was in discussions with MSQ Partners regarding a cash offer of 0.5p, a 92% premium to its closing price on Monday.

The company acknowledged the discussions in response to movements in its share price, however, it stressed that there was no certainty that an offer will be made.

Meanwhile, clothing firm Sosandar PLC (LON:SOS) jumped 33.3% to 11.7p after it reported that revenue and traffic for April and May soared 62% and 98% respectively despite the general downturn in the clothing market.

The online fashion retailer said it was due to the large customer base gained through previous marketing investment.

Also on the rise was B.P. Marsh & Partners PLC (LON:BPM), which climbed 13.2% to 215p as it posted results for 2019 that included an 8.5% increase in its net asset value (NAV) to £136.9mln.

The specialist investor in early stage financial services businesses also reported an after tax profit of £12.5mln, up 3.4% year-on-year, although the company’s dividend was cut to 2.22p per share from 4.76p.

1.40pm: CPPGroup slides as non-exec director is parachuted in

CPPGroup PLC (LON:CPG) saw its share price slide 11% to 314.8p after it made a board appointment at the behest of Phoenix Asset Management.

The major shareholder requested that Simon Thompson join the board as a non-independent non-executive director.

"Simon has considerable experience of working in the financial services sector which we hope to use to good effect as we continue to expand our product offerings, notably in India and the UK," said Sir Richard Lapthorne, the chairman of CPPGroup.

12.30pm: Star Phoenix loses patience with debtor

Star Phoenix Group Ltd (LON:STA), down 22% at 2.42p, gave back a chunk of recent gains after an update on an unpaid debt.

The oilfield services company has still not received the outstanding payment of US$1.53mln from LandOcean Energy Services related to the sale of Range Resources Trinidad Limited.

The deadline for the payment has been extended several times but it seems now the company is contemplating taking legal action in order to get paid.

11.30am: iEnergizer on a charge

iEnergizer Ltd (LON:IBPO) was on a charge, up 5.4% at 215p after it reaffirmed its commitment to a progressive dividend policy.

The technology services and media solutions company turned in a strong performance in the second half of the year ended March 31, 2020.

A focus on higher-margin work enhanced profitability. As a result, the company said it expects revenue to be in line with market expectations, and expects adjusted underlying earnings (EBITDA) to be ahead of market expectations.

10.30am: Ormonde Mining's follow-up programme to explore high-grade intersections

Ormonde Mining plc (LON:ORM) surged 16% to 0.8p after an update on its Spanish gold projects.

The company revealed that a work programme is to be advanced at certain existing Spanish gold projects, following up on numerous high-grade intersections encountered from previous diamond drilling on licence areas.

The company’s focus remains on the continuing assessment of resource sector prospects with the potential to add substantial shareholder value. Around 100 projects have been reviewed to date, with a small number of opportunities shortlisted for further active consideration.

9.30am: Altyn cranks up production and reveals improved recovery grades

Altyn PLC (LON:ALTN) rocketed 30% higher to 1.85p in early trade on Tuesday after the gold miner revealed a sharp increase in production rates for the second quarter.

The annualised monthly run rate in April and May was about 600,000 tonnes, up by more than 60% quarter-on-quarter.

Gold recovery grades are also improving and exceeding the budgeted targets for the period, the company revealed.

Braveheart Investment Group PLC (LON:BRH) fell 8.1% to 17p after an update on its investee company, Paraytec.

Paraytec is working with the University of Sheffield on the development of a coronavirus (COVID-19) test and revealed that the required affinity macromolecule, an aptamer that binds to the SPIKE glycoprotein on the surface of the virus, has now been successfully synthesised and supplied to Paraytec.

The aptamer is designed to trap the virus on the testing service so it can be coated with a fluorescent module that allows detection.

Shares in Braveheart have risen from 7p since March 23, when the government introduced its “stay at home” advice.

Proactive news headlines:

Bahamas Petroleum Company PLC (LON:BPC) has expanded its footprint, acquiring acreage offshore Uruguay. The company said it has been awarded the OFF-1 licence which has been estimated internally to host 1bn barrels of oil equivalent resource potential. Specifically, the company noted the presence of multiple exploration plays in relatively shallow waters across the new licence, which spans some 15,000 square kilometres.

Braveheart Investment Group PLC (LON:BRH) has delivered an update on the development of a coronavirus (COVID-19) test by its investee company, Paraytec Limited, in partnership with the University of Sheffield. The AIM-listed firm said the required affinity macromolecule, an aptamer that binds to the SPIKE glycoprotein on the surface of the virus, has now been successfully synthesised and supplied to Paraytec. The aptamer is designed to trap the virus on the testing service so it can be coated with a fluorescent module that allows detection.

Blue Star Capital PLC (LON:BLU) said it has raised £500,000 via a stock placing at 0.12p a share, a modest discount to Monday’s closing price. Backing the fundraiser was Paniolo Ventures Inc, a Canadian investment fund, which bought £250,000 of stock and now has 5.55% of Blue Star's enlarged equity base. Existing investor Nicholas Slater has increased his shareholding to 13.41% from 10.72% after buying shares worth £175,000.

SigmaRoc PLC (LON:SRC) has revealed that it generated revenues of £42mln during the five months to the end of May 2020. This represents 84% of revenues recorded for the same period in 2019 on a like-for-like basis, adjusting for subsequent acquisitions. Comparing pro-forma monthly performance to the prior year, group revenues tracked at 60% in April and recovered to 98% in May. Each platform within the group, and the group itself, has been EBITDA positive for each month of this year-to-date, the group said in a trading update.

S & U PLC (LON:SUS) is seeing activity levels in its motor finance and property bridging businesses starting to return towards normal levels as the coronavirus (COVID-19) pandemic lockdown eases. In a statement released ahead of the company’s virtual annual general meeting, the company’s chairman, Anthony Coombs pledged that the company’s conservative style of management, its strong treasury position and its relationship with its customers “will now pay dividends, both literally and figuratively”.

Caledonia Mining Corporation PLC (LON:CMCL) said it has been notified that Mark Learmonth, a director of the company has sold 10,000 depositary interests in common shares of the company at a price of 12.025p each. It noted that Learmonth now holds 139,775 depositary interests which represent a holding of approximately 1.2% of the share capital of the company.

ADES International Holding PLC (LON:ADES), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has said it will be posting its first-quarter 2020 trading update on June 11, 2020, through which the group will update the market on its key financial and operational highlights for the first three months ending March 31, 2020.

Alien Metals Ltd (LON:UFO), a minerals exploration and development company, has said it will be hosting a webinar presentation and Q&A session which will go live on Tuesday, June 23 at 3.00pm GMT. The presentation will be made by Bill Brodie Good, Alien Metals’ technical director, who will update shareholders and interested parties on the company's current exploration programs. Any questions investors have to be submitted via [email protected] by Monday, June 15, 2020, so they can be incorporated into the Q&A session. Those looking to take part will be able to access the webinar shortly before 3pm on Tuesday, June 23 via the following link: https://www.bigmarker.com/share-talk/Alien-Metals-PLC-Investor-Presentation-and-Q-A-Session

APQ Global Limited (LON:APQ) has announced that with effect from today, its registered office address has changed to PO Box 142, The Beehive, Rohais, St Peter Port, Guernsey, GY1 3HT.

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