eEnergy Group hit by delays in return to school

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

Robinson PLC -

eEnergy Group PLC (LON:EAAS) shed 7.8% at 5.875p after a trading update on the eLight business it reversed into in January.

The company, known as Alexander Mining before the reverse takeover, said eLight has continued to service its existing customers effectively, despite the disruption caused by the coronavirus pandemic, particularly to the schools' sector, which is a major target market for the business.

With many schools managing the complexities of pupils returning following the easing of the lockdown, some planned installations have been delayed to July and August, the group warned.

1.00pm: IDE's revenues slump

IDE Group Holdings PLC (LON:IDE) fell 6.7% to 2.8p after it said publication of its full-year results would be delayed.

The network, cloud and information technology managed services provider said the current audit of the results is taking longer than expected due to the restrictions caused by the lock-down.

The group did reveal that unaudited revenues for 2019 were around £28.2mln, down from £41.1mln in 2018, while adjusted underlying earnings (EBITDA) were positive at around £1.1mln, compared to a loss the year before of £3.9mln.

11.50am: Vianet faring better than expected during pub closures period

Vianet Group PLC (LON:VNET) were raising a glass in celebration as the shares rose 8.1% to 94p on the back of a trading statement.

It’s only three weeks since the Internet of Things specialist – probably best known for being able to inform pubs how much beer they are selling (very little at the moment) - issued its full-year results but the company has done a bit of totting up of the figures and revealed that losses in the first two months of the current financial year were “comfortably lower than expected”.

“The majority of pubs which we service will start to re-open from 4 July 2020 and already our customers are increasingly seeking trading data to improve decision-making during the C19 [COVID-19) exit phase,” the company said in a statement issued ahead of today’s annual general meeting.

10.30am: Redrow profit warning

Redrow PLC (LON:RDW) fell 4.9% to 439.6p after it said this year’s profits will be “substantially below” last year’s.

The housebuilder put the blame at the doors of the coronavirus and a scaling back of its operations in London.

With recent research indicating the coronavirus pandemic is changing house-buyers’ priorities to more inside and outside space, wanting to live closer to green spaces and having better home workspace, the builder said it has decided to scale-back focus on the capital and would “target the group's future growth on the higher returning regional businesses” and its Heritage home designs.

9.30am: Cloudcoco soars as losses narrow

Cloudcoco Group PLC (LON:CLCO) shares, up 53% at 1.15p, were the top-performing shares on Tuesday morning after the information technology (IT) company’s interims.

The pre-tax loss in the six months to the end of March narrowed to £1.57mln from £1.21mln the year before.

"We expect demand for our products and services to evolve as organisations seek to adapt to the 'new normal'. IT and communications infrastructure is increasingly extending beyond physical premises and with that comes fresh challenges, particularly around cybersecurity and collaborative working practices,” said Mark Halpin, the chief executive of Cloudcoco.

Robinson PLC (LON:RBN), the manufacturer of packaging materials, was 9.2% higher at 95p after resuming dividend payments.

The company has declared an interim dividend of 3.5p in respect of the current year, which is the same pay-out the company would have made in respect of the second half of the previous year had it not suspended dividend payments because of uncertainties caused by the coronavirus pandemic.

The group reported year-on-year sales growth of 5% in the first half of the year while net debt has reduced to £6mlm from £7mln at the 2019 year-end despite capital expenditure of £2mln.

Proactive news headlines:

Redx Pharma PLC (LON:REDX) has said it is raising US$30mln ostensibly via the issue of convertible loan notes. Funds Redmile Group and Sofinnova Partners are putting up US$19mln and US$10mln respectively. The remainder is coming from a direct subscription of shares by Sofinnova. The fresh injection of cash will be used to repay US$6.1mln of short-term debt, and, perhaps more importantly, to take its oncology and fibrosis drugs to “key inflection points”. In a separate announcement, RedX unveiled its interim results to March 31 – a period in which it made significant clinical progress. RedX ended the six months to March 31, 2020, with cash US$2.3mln and a loss from operations of US$4.4mln.

Powerhouse Energy Group PLC (LON:PHE), the waste to energy group, has said its DMG technology continues to attract substantial interest internationally. In its 2019 results statement, the company said it is carefully filtering potential opportunities to engage exclusively with experienced project developers and so maximise its future licensing revenues. "2019 has been a transformative year for Powerhouse with the first commercial plant using our DMG technology now under development,” said Cameron Davies, the chairman of Powerhouse.

Tower Resources PLC (LON:TRP) has provided an update regarding progress on the farm-out process in respect of its Thali production-sharing contract (PSC) in Cameroon being conducted through its wholly-owned subsidiary Tower Resources Cameroon SA. The AIM-listed, Africa-focused oil and gas company said the binding Heads of Terms (HoT) with OilLR Pty Ltd, which was signed on February 28, 2020, and amended on March 29, 2020, is progressing towards completion, with the first payment into escrow now expected in late July or first half of August. Tower Resources said is continuing discussions with other potential farm-in partners to the Thali PSC, on similar terms to those agreed with OilLR. As previously announced, the HoT has been structured to accommodate such additional investors.

Inspired Energy PLC (LON:INSE) chairman Michael Fletcher will tell Tuesday’s annual general meeting that the group's order book increased to £61.1mln as of May 31, 2020, up from £60.1mln the month before. In a statement to be delivered to the meeting, which investors are encouraged not to attend in person in respect of social distancing rules, the AIM-listed firm's chairman said it was largely unaffected by the coronavirus pandemic until very late in March and the business delivered a strong performance in the first quarter, with trading in line with expectations at the time and ahead of the same period last year.

World High Life PLC (LON:LIFE) (OTCQB: WRHLF) announced that its wholly-owned subsidiary, Love Hemp's global online CBD retailer, CBDOilsUK has launched a new look for its website, www.cbdoilsuk.com. The group said the new website has been optimised for growth, functionality, and an enhanced end-to-end user experience, with over 2,900 integrated customer reviews. Since launch, World High Life added, the new website has experienced a 52% increase in traffic, returning customer rates are up 110%, whilst revenue has increased 8% in the last 30 days.

IronRidge Resources Ltd (LON:IRR) has been granted a new exploration licence in Ghana at Mankessim South. The licence provides IronRidge with full ownership of a contiguous prospective lithium exploration licence adjacent to its Ewoyaa lithium project, which already boasts a 14.5mln tonne resource. Field teams have been re-mobilised to the site to commence low-cost regional exploration programmes, including grid auger drilling, mapping and sampling within the newly-granted license and surrounding resource footprint area.

Rose Petroleum PLC (LON:ROSE), the Rocky Mountain-focused oil and gas company, is to change its name to Zephyr Energy, reflecting a fresh start for the company. In its results statement covering 2019, the company noted that last year saw an overhaul of the management team and a sharpening of the company’s focus to concentrate on responsible exploration and production investment in the Rocky Mountain region of North America. “The company is now positioned as a clean, low-overhead, unlevered and value-focused vehicle from which to build. I believe we have the team, strategy and value set to deliver on all of our ambitious objectives, and I look forward to the future with cautious optimism," said Rick Grant, the non-executive chairman of Rose.

ECR Minerals PLC (LON:ECR) has posted interim financial results for the six months to March 31, 2020. The company recorded a loss of £1.85mln during the period, including an exceptional £1.6mln charge relating to the disposal of its Argentine subsidiary. Post-period end, the company’s cash position was strengthened by a £500,000 equity financing and the receipt of A$500,000 from Fosterville South Exploration Ltd in April 2020. The group operating loss for the period was reduced to £369,102, set against the £438,145 loss booked for the six months ended March 31, 2019.

Power Metal Resources PLC (LON:POW) closed out the six months to March 31, 2020, with net assets of £2mln, after booking a £240,000 loss. The metals exploration and development company had a busy first financial half, as it struck deals on assets in Botswana and the USA, and undertook exploration in Tanzania and the Democratic Republic of Congo. Subsequent to the period end, deals were also done in Australia, and further progress made on the African portfolio.

Oriole Resources PLC (AIM:ORR) has raised £419,500 via a placing and subscription of shares at 0.3p. The placing price represents a 14% discount to the price of the company's shares at close of market on June 29, 2020, and a 11% discount to the 30-day volume-weighted average price (VWAP). The proceeds will primarily be used to support ongoing exploration at the company's projects in Cameroon, including moving the programme at Bibemi towards drill mobilisation later this year.

ADM Energy PLC (LON:ADME) said it believes it has the foundation to expand its investment portfolio as oil majors continue to seek exit strategies in West Africa. Alongside the AIM-listed company’s results for the past calendar year, ADM's chief executive Osamede Okhomina said 2019 “was an important year to lay the foundation for our growth strategy”, where the group is focused on adding highly accretive proved and probable (2P) reserves assets in West Africa on top of its stake in the producing asset at the Aje field offshore Nigeria.

Vast Resources PLC (LON:VAST) has been granted an exploitation licence for the Manaila Carlibaba project in Romania, which will allow the company to re-examine the exploitation of the mineral resources within the larger licence area. The Manaila Carlibaba exploitation perimeter contains a JORC 2012 compliant measured and indicated resource of 3.6mln tonnes at 0.93% copper plus other associated metals, with 1mln tonnes inferred grading 1.10% copper. The enlarged exploitation license is 138.6 hectares in size, an increase of 410% in surface area from the existing exploitation license at Manaila.

Canadian Overseas Petroleum Limited (LON:COPL) has reported a loss of US$301,00 in the three months to March 31, 2020, and ended the period with cash resources of US$0.05mln. Since May, however, COPL's share price has risen nine-fold as the junior oiler reached a settlement in principle with partner Essar in their dispute over the OPL 226 licence offshore Nigeria, with the company now carried on an appraisal well. COPL has also refinanced itself through two placings to raise £1.2mln in addition to a US$2mln equity funding facility.

European Metals Holdings Limited (LON:EMH) has said that David Reeves has resigned as a director and non-executive Chairman of the company effective immediately to concentrate on his other business interests. The group noted that Keith Coughlan has been appointed as executive chairman on an interim basis. Coughlan commented: "Dave has been a significant driving force behind the development of the Cinovec Project. It was Dave who first introduced the Company to the opportunity of buying Cinovec in 2013. Since that time he has steered the direction of the Company and has been an extremely hands on Chairman. The demands on Dave's time from his executive role have significantly increased as he concentrates on the development of the Warrawoona Gold Project for Calidus Resources. We wish him every success in that endeavour."

Stobart Group PLC (LON:STOB), the aviation and energy infrastructure group, has announced the appointment of Clive Condie to its board as a non-executive director with effect from July 1, 2020. Condie has more than 35 years' experience in the aviation industry including having worked for British Airways and Manchester Airport. Until June 2018, Clive served as chairman of London Luton Airport; a position he held for almost five years. He also acted as interim chief executive of London Luton Airport in 2014 and is also a non-executive director of CLH-PS, the largest fuel pipeline and storage facility in the UK. David Shearer, Stobart’s non-executive chairman, commented: "I am delighted to welcome Clive to the Board of Stobart Group at this important time. His breadth of experience across the aviation and airport sectors will prove invaluable to us as we implement our long-term strategy to develop London Southend Airport."

San Leon Energy PLC (LON:SLE), the independent oil and gas production, development and exploration company focussed on Nigeria, announced that Mark Phillips informed the company on June 29, 2020, that he has decided to step down as a non-executive director of the company with immediate effect. Oisin Fanning, San Leon’s chief executive, commented: "In the four years since Mark joined our board, our Company has transformed and he leaves us as a successful, cash generative oil & gas company.  I am very grateful to him for all the support he has given San Leon and I wish him well in his future plans. He added: "As has been well publicised, our current nominated adviser, Cantor Fitzgerald Europe, will shortly be ceasing its nominated adviser activities and I am pleased to report that we are in the latter stages of the appointment process with our proposed new nominated adviser.  Once their appointment is concluded, it is our intention to work with them to review the composition of our board in line with best practice corporate governance. We expect this is a process that will be carried out during the summer and we envisage appointing at least one new Non-Executive Director of the Company as part of it.  I will look forward to updating shareholders on this in the coming months."

Live Company Group PLC (LON:LIVE) announced that its annual general meeting (AGM) will be held on July 23, 2020, at 2.30pm at 14 Coach & Horses Yard, Mayfair, London W1S 2EJ. As a result of the current crisis of coronavirus (COVID-19) and the UK government's restrictions, the AGM will be run as a closed meeting and shareholders will not be permitted to attend the AGM in person and are strongly encouraged to submit their proxy in advance of the meeting to ensure that their votes are registered.

Bahamas Petroleum Company PLC (LON:BPC), the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, announced that it will be holding its annual general meeting at 10.00am BST on July 24, 2020, at the company's registered office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP. In addition to ordinary business, the company, in connection to the proposed merger with Columbus Energy Resources PLC announced on June 11, 2020, it will seek shareholder approval of the authority to allot the consideration shares for the merger, as well as various other related matters.

Vast Resources PLC (LON:VAST), the AIM-listed mining company, said on Monday that it has elected to pay the interest of $29,591.45 due on June 29, 2020, on the $7,101,947 Bond issued to Atlas announced on January 31, 2020, by the issue of 13,915,053 shares at an issue price of 0.17271p per share.

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