Ted Baker shares slide as company enters arm's length relationship with Ray Kelvin

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

Cambridge Cognition Holdings PLC -
Kelvin was not behind the door when it came to dishing out hugs

Ted Baker PLC (LON:TED) shares slipped 6.7% to 103.4p after it appointed a director nominated by the firm’s controversial founder, Ray Kelvin.

Colin La Fontaine Jackson is a non-executive director who will, so to speak, help Ted Baker maintain an arm’s length relationship with Kelvin, who still holds 11.8% of the fashion firm’s shares.

READ Ted Baker announces new CEO to replace Ray Kelvin and overhaul of policies after "forced hugging" claims

A new relationship agreement between the company and Kelvin has been signed that “brings the benefits of access to Ray's unique brand experience and insight, while at the same time introducing clear guidelines that will ensure board independence is maintained,” the company said.

3.00pm: Alien Metals shareholders over the moon with share price rise after CEO appointment

Alien Metals Ltd (LON:UFO) soared 36% to 0.57p after it appointed Bill Brodie as the company’s new chief executive with immediate effect.

Brodie joined the company as technical director in July 2019 and has been involved in the company’s technical and corporate activities since then.

“By appointing Bill as the CEO, the company is essentially formalising the role Bill has been fulfilling,” said the company’s chairman, Dan Smith.

2.00pm: Kodal the top riser in London

Kodal Minerals PLC (LON:KOD) was the top riser in London, shooting up 72% to 0.0775p after it lined up a collaboration agreement with Chinese engineering firm Sinohydro.

The two parties have signed a memorandum of understanding to work together to develop the Bougouni lithium project in southern Maili.

Sinohydro is a subsidiary of state-owned PowerChina. It has undertaken a number of large and high-profile engineering and construction projects in Mali and continues to be active in large government infrastructure projects and private commercial developments.

1.10pm: AA shareholders left waiting as bid deadline is extended

AA PLC (LON:AA.) saw its shares moved into reverse -down 10% at 31.3p – after the bid deadline for the roadside recovery group was pushed back.

The group announced about a month that three potential bidders – two of them working in tandem – were sizing up the company with a view to possibly making a bid, which triggered a “put up or shut up” deadline of 5pm today but that deadline has been extended by four weeks.

Discussions with each of the potential offerors have continued to progress and their due diligence is ongoing, the AA said.

12.05pm: Wizz Air loses altitude as it scales back capacity forecast

Wizz Air Holdings PLC (LON:WIZZ) said it expects to operate at 60% capacity for the rest of the year, sending its shares 7.7% lower to 3,590p.

The low-cost carrier initially estimated to work at 80% capacity in its fiscal third quarter, which ends in December.

The new forecast is based on renewed travel restrictions imposed across Europe and in Hungary in particular.

11.00am: Bisichi slides into the red as pandemic hits global coal demand

Bisichi PLC (LON:BISI) shares lost 16% of their value at 54.5p after the coal producer slipped into a half-year loss.

The loss before tax in the first half of 2020 was £2mln versus a profit of £4.3mln in the same period of 2019.

The group said its results reflect the challenging period due to the impact of the coronavirus 19 pandemic and the related downturn in international coal markets.

10.00am: Saga to continue as an independent entity

Saga PLC (LON:SAGA) shares cruised 56% higher to 0.07p after the company confirmed it was close to raising £150mln, mostly from its former owner, after rejecting a private equity offer.

Roger De Haan, son of the founder of the over-50s holidays and insurance specialist, has committed to investing up to £100mln, of which £60.6mln will be invested at a premium price. 

The troubled company said over the weekend that it had received an “unsolicited and highly conditional” 33p-a-share takeover approach from a pair of US private equity firms but it has opted to remain independent, with the financial backing of De Haan, who can probably well afford it as he sold the company for £1.35bn some 16 years ago.

9.00am: Cambridge Cognition and Location Sciences both surge on contract wins

Cambridge Cognition PLC (LON:COG) shares surged 19% higher to 47p in early trade on Tuesday after it bagged a £2mln deal for three late phase schizophrenia trials.

The contract, with a pharmaceutical company, is one of the largest single contracts secured by Cambridge Cognition. The revenue from the contract should be booked over the next four years with the majority recognised in 2021.

In other contract news, Location Sciences Group PLC (LON:LSAI) headed 13% higher to 0.53p after it signed up the first customer for its Verify Audience platform.

InMarket, the specialist in 360-degree consumer intelligence and real-time activation, has signed up for the service, which will allow InMarket to offer its customers independently verified audience segments.

The Verify third-party seal of quality, ensures InMarket's customers have a high level of confidence its target audiences will be reached and differentiates its product in a highly competitive marketplace, Location Sciences said.

Proactive news headlines:

Kodal Minerals PLC (LON:KOD) has lined up a collaboration agreement with Chinese engineering firm Sinohydro to work on the company’s Bougouni lithium project in southern Mali. The two parties have signed a memorandum of understanding (MoU) to work together to develop the project. Sinohydro is a subsidiary of state-owned PowerChina. It has undertaken several large and high-profile engineering and construction projects in Mali and continues to be active in large government infrastructure projects and private commercial developments.

Location Sciences Group PLC (LON:LSAI) revealed it has signed up the first customer to its Verify Audience platform. InMarket, a US company specialising in consumer activity intelligence, will use the marketing tool to verify local audiences and campaigns across different media channels.  Verify allows brands, agencies and suppliers to validate the real-time locations of mobile devices as digital advertising campaigns are delivered.

AFC Energy PLC (LON:AFC) revealed it has secured a contract for the sale of a bespoke 100 kilowatt H-Power alkaline fuel cell system to Forschungszentrum Jülich, one of Europe’s largest research centres, for deployment at its Living Lab Energy Campus (LLEC) showcase in Germany. The AIM-listed hydrogen power technology specialist said the initial transaction value of the deal also comes with additional trailing payments receivable under a long term services agreement over the life of the project. The LLEC is funded predominantly by the German government and is designed to provide a blueprint for sustainable, decentralised and integrated smart infrastructure with an emphasis on renewable and hydrogen technologies.

CentralNic Group PLC (LON:CNIC) has reported higher earnings and “record organic growth” in the first half of its current year despite the coronavirus pandemic. For the six months ended June 30, 2020, the internet domain name specialist reported adjusted underlying earnings (EBITDA) of US$15.1mln, up 64% year-on-year, while revenues surged by 124% to US$111.3mln. The company said it has seen “healthy demand” for its two largest service lines, wholesale domains and monetisation, during the period, with the latter driven by the rollout of its patented monetisation solution for secure socket layers (SSL), protocols for web browsers and servers that allow for the authentication, encryption and decryption of data sent over the internet.

Eden Research PLC (LON:EDEN) said its collaboration partner has won authorisation from the Spanish authorities for the biopesticide, Cedroz. The product, which has been developed to tackle infestations of microscopic, soil-dwelling parasites called nematodes, has been approved for both glasshouse and open field uses on tomatoes, cucumbers, zucchini, pumpkins, strawberries and melons, as well as glasshouse use on peppers and aubergine. It will be sold by the Eastman Chemical Company and is Eden’s second crop protector to receive the regulatory green light in Spain. A key territory, the country is the largest producer of fruit and veg in the EU.

Frontier IP Group PLC (LON:FIPP) has said one of its portfolio companies is to launch a patent reader product commercially. Elute Intelligence Holdings Limited, in which the intellectual property commercialisation specialist has a 43.5% equity stake, is to bring the product to market after a successful pilot with a dedicated user group comprising members from multinationals, high-tech small and medium-sized enterprises and professional intellectual property service providers. The patent reader allows users to identify relevant patents and understand why they are relevant within minutes of starting a search.

BlueRock Diamonds PLC (LON:BRD) said a 12.12-carat diamond recovered from its Kareevlei diamond mine in South Africa in July has been valued at US$104,000. "This is our fifth diamond recovered with a value of above US$100,000. Now that we are operating in pure Kimberlite again following the development of KV Main we expect an increasing incidence of higher value diamonds", BlueRock executive chairman Mike Houston said in a statement.

Immotion Group PLC (LON:IMMO) said trading has “continued to be encouraging” across its sites that have operated over the summer period. In a trading update, the ‘out-of-home’ virtual reality firm noted that it currently has 16 partner sites operating its attractions, and has also traded at four of the ImmotionVR sites throughout the summer. The ImmotionVR sites have all traded strongly and have generated a profitable contribution despite limited opening times, the company said, noting that whilst visitor numbers are “generally down” in its partner sites due to coronavirus-related restrictions, average revenue per headset has been “encouraging” despite the lower footfall.

Avation PLC (LON:AVAP), the aircraft leasing company, has played down the impact of Virgin Australia going into administration. Avation had a total of 13 aircraft on lease to Virgin Australia when it entered administration. These included six ATR72-500 aircraft, five ATR72-600 aircraft and two Fokker 100 jet aircraft. Since the airline went into administration, Avation said it has entered into new lease arrangements for five of these aircraft, including finance leases for the sale of the two Fokker 100 aircraft, operating leases for two ATR 72-500s with a new airline customer in Australia and a five-year operating lease for an ATR72-500 aircraft with a new airline customer in Asia. The three remaining ATR72-500s have been returned to Avation and are now undergoing maintenance.

San Leon Energy PLC (LON:SLE) has agreed to a new US$7.5mln investment into the Oza oil field, in Nigeria, via a loan agreement with Decklar Petroleum, a subsidiary of Asian Mineral Resources (CVE:ASN). Decklar has a risk service agreement with Millenium Oil and Gas, giving it a majority share of production and cash flow from the Oza field - which was historically operated by Shell, between 1959 and 1974, albeit despite two periods of extended production tests it never reached commercial-scale production. The agreement sees San Leon take a 15% interest in Decklar initially, potentially rising to 30% with a further subscription alongside the subsequent funding. San Leon will be allocated one seat on the board of Decklar. 

Metal Tiger PLC (LON:MTR) said it has invested around £165,000 for a 0.5% stake in Canyon Resources Limited (ASX:CAY), an Australian-listed firm focused on developing the Minim Martap bauxite project in Cameroon. The AIM-listed investment company said it subscribed for 3mln shares in Canyon at A$0.10 each as part of Canyon’s fundraise of A$10mln. In a separate announcement, Metal Tiger also said it has signed a binding commitment to invest a further A$150,000 (£82,748) in Pan Asia Metals Limited, taking its total commitment to A$650,000 (£358,576), for 3.25mln new shares at A$0.20 each as part of Pan Asia’s proposed initial public offering (IPO) on the ASX. Assuming Pan Asia raises the maximum contemplated amount of A$6mln (£3.3mln) through its IPO, Metal Tiger said it will hold just over 8% of the company on admission to the ASX.

Landore Resources Ltd (LON:LND) told investors that a new drill programme is slated to start in October at the BAM Gold Deposit, Junior Lake property, in Canada. The programme is expected to comprise 14,000 metres, is fully funded and is intended to complete in March. It will involve resource and extension drilling, it will test the depth potential and evaluate an exploration target.

SigmaRoc PLC (LON:SRC), the quarrying and building materials group, has said it will acquire the remaining 60% it does not already own of South Wales-based GDH. The consideration is £7.5mln,  to be funded by cash, with completion expected on or around September. SigmaRoc noted that it expects the acquisition to be significantly earnings enhancing. GDH operates 17 production facilities producing asphalt, concrete and including a wharf operation, as well as four road contracting units.

Pan African Resources plc (LON:PAF), the South Africa-based gold miner, said its underlying earnings per share for the year to end-June, 2020, will be at least 87% higher than a year ago. Headline earnings for the year will be between 2.23 US cents and 2.35 US cents, against 1.19 US cents in 2019. Reported earnings will rise to between 2.20 US cents and 2.40 US cents compared to 1.97 US cents per share for the previous year.

Pan African also announced the appointment of Peel Hunt as its nominated adviser with immediate effect. Before their appointment, Peel Hunt was joint corporate broker to the company and will remain so going forward, the group added.

Chesnara PLC (LON:CHES) confirmed that, following its announcement on November 22, 2019, in connection with the proposed acquisition of the Dutch insurance portfolio of Belgian-owned Argenta Bank-en Verzekeringsgroep N.V, all remaining conditions precedent to the completion of the acquisition have now been fulfilled.

Genel Energy PLC (LON:GENL) announced that payments have been received from the Kurdistan Regional Government for oil sales during July 2020. The Taq Taq partners have received a gross payment of $4.7mln, with Genel's net share of the payment being $2.6mln. The Tawke partners have received a gross payment of $35.8mln, with Genel's net share of the payment being $8.7mln.

Tower Resources PLC (LON:TRP) said it has raised monies to cover working capital while the company finalises funding arrangements for the drilling of the NJOM3 well on the Thali licence. The company said it has entered into a six-month loan facility with Shard Merchant Capital for US$500,000. At the same time, it has extended its existing US$750,000 loan facility with Pegasus Petroleum by six months. The firm also confirmed a share subscription, agreed on August 28, 2020, to raise gross proceeds of US$ 200,000 through the issue of approximately 38,407,989 new ordinary shares at a subscription price of 0.393p each to clients of Shard.

Vast Resources PLC (LON:VAST), the AIM-listed mining company, said it has elected to pay the interest of $29,591.45 due on August 29, 2020, on the $7,101,947 Bond issued to Atlas announced on January 31, 2020 by the issue of 12,643,763 shares at a price of 0.1759p each.

Sativa PLC (LON:SATI) announced that at the Special Meeting held by Stillcanna Inc. on Thursday, August 27, the resolution regarding the acquisition of Sativa by Stillcana was duly passed with over 99.9% of shares represented voting in favour of the motion, and less than 0.1% against. The company also noted that the Scheme Sanction Hearing that was due to be held today, at which the Court was to consider whether to exercise its discretion to sanction the Scheme, was adjourned to clarify a procedural step taken following the order of the Court made at the Convening Hearing held on 20 July 2020. The adjourned Scheme Sanction Hearing will now take place at 10.00am (London time) on 3 September 2020. It is expected that the adjourned Scheme Sanction Hearing will be conducted remotely using Microsoft Teams.

Rosslyn Data Technologies PLC (LON:RDT) said that further to its announcement of August 17, 2020, relating to the appointment of Paul Watts as its chief customer officer, the group can confirm that all the usual regulatory checks have been completed and that Watts - a director of KiWa Consulting Limited - will join its board with immediate effect.

Silence Therapeutics PLC (LON:SLN), a leader in the discovery, development and delivery of novel RNA therapeutics for the treatment of serious diseases, said it will announce its unaudited interim results for the half-year ended June 30, 2020, on September 14, 2020. It noted that Iain Ross, the group’s executive chairman, Dr Rob Quinn, its chief financial officer and Dr Giles Campion, head of R&D and the chief medical officer will host a webcast and live conference call for analysts and investors at 1.00pm BST/8.00am ET on the day of the results. Webcast link:   https://edge.media-server.com/mmc/p/8yn44oft

Canadian Overseas Petroleum Limited (CSE:XOP) (LON:COPL), an international oil and gas exploration and development company focused on sub-Saharan Africa, said that further to its announcement of August 17, 2020, due to restricted working conditions surrounding the coronavirus (COVID-19) pandemic, it has extended the date for the filing of its unaudited condensed interim consolidated financial statements and related management discussion and analysis for the three and six month periods ended June 30, 2020, and now intends to complete the interim filings on or before September 14, 2020. There have been no material business developments since the announcement of August 17, 2020, the company added.


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