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TT Electronics slips on discounted placing

A look at some of today's major share movers on the London Stock Exchange

Trackwise - Trackwise Designs shoots up after acquisition discount

TT Electronics PLC (LON:TTG) was down 9% to 193p in the afternoon after completing a non-pre-emptive placing of new ordinary shares.

A total of 10mln shares were placed at 200p each, representing 6.1% of the engineered electronics company’s total issued share capital, raising £20mln.

The placing price was a 5.7% discount on Wednesday’s closing price, the day before the placing was announced.

2pm: Macau Property Opportunities Fund in demand after refinancing, divestment update

Macau Property Opportunities Fund Limited (LON:MPO) advanced 13% to 69p after announcing it entered into a US$69mln five-year loan facility with Hang Seng Bank for its properties in One Central Residences in the Macao peninsula.

With a refinancing of its loan tranche of US$20mln, it will refinance around 80% of the company's total loan facility for its investments in One Central Residences.

The fund also entered into a provisional sale and purchase agreement to sell its remaining individual unit at One Central Residences for US$3mln, a premium of 4% to the latest valuation by Savills.

12.20pm: easyJet under pressure despite new chief financial officer appointment 

easyJet PLC (LON:EZJ) slipped 7% to 553.91p at midday despite appointing TUI AG (LON:TUI) executive Kenton Jarvis as its new chief financial officer.

While Jarvis may be feeling a little upset by the share movement, the fall may be related to the general sector malaise since competitor Ryanair Holdings plc (LON:RYA) was down 5% to €11.98.

In fact, Wizz Air Holdings PLC (LON:WIZZ) also shed 5% to 3,394p while British Airways owner International Consolidated Airlines Group SA (LON:IAG) lost 10% to 116.44p.

11.15am: Fusion Antibodies soars after positive results on COVID-19 antigen correlation

Fusion Antibodies PLC (LON:FAB) soared 83% to 169.7p in the late morning after lab studies showed that results using its antigens correlate 100% with clinical data from patients infected with SARS-CoV-2, the virus causing COVID-19.

The pharma company said it is using these antigens to pan its human antibody library for SARS-CoV-2 neutralising antibodies, and it can now make them available to companies and researchers to test and trace the disease.

“According to the FDA, antigen tests will play a critical role in the fight against COVID-19 and like many other companies within the antibody world at large, we are leveraging our antigen expertise to create multiple antigens to be used against the COVID-19 pandemic,” said chief executive Paul Kerr.

10am: Mediazest drops in lukewarm return to market

Mediazest PLC (LON:MDZ) had a lukewarm return to the market, dropping 18% to 0.039p after its restoration of trading on AIM.

The creative audio-visual company posted a 27% decrease in revenue to £2.3mln for the year to March 31, while the previous year’s profit of £129,000 turned into a £151,000 loss.

Following the easing of restrictions, the firm is resuming previously delayed projects.

Meanwhile, Essentra PLC (LON:ESNT) shed 8% to 261.2p after completing the placing and retail offer announced on Thursday.

The packaging and filters company placed 37mln shares at 260p each, a 8.8% discount to the closing price on Wednesday.

With the 88,459 shares subscribed by directors and the 1mln shares sold to retail investors, the issue represented 14.6% of the entire issued share capital.

8.40am: Trackwise Designs shoots up on EV deal

Trackwise Designs PLC (LON:TWD) was the top riser on Friday morning, shooting up 26% to 145.45p after winning a three-year product manufacture and supply agreement with a UK electric vehicles manufacturer with the potential to be worth up to £5mln in 2021 and increase further in 2022 and 2023.

Trackwise will supply flexible printed circuit boards for use in high and low voltage circuits in the manufacturer's vehicle battery modules and battery packs, which will reduce the part count and assembly time as well as cutting down on size and weight.

The company said the previous day is was getting a £657,000 reduction in the acquisition price of Stevenage Circuits so will now pay only £1.8mln reflecting repairs and maintenance work to improve the facilities at Stevenage.

The AIM-listed company said there is no impact expected on its cash position following the adjustment because the savings will be invested in the Stevenage site over time.

Elsewhere, Falanx Group Limited (LON:FLX) advanced 8% to 1.4p on the back of a new contract for its cybersecurity monitoring services.

The firm said while initial revenues are not yet material as the contract currently only covers a limited number of devices, there is the potential for growth by adding further devices and services.

“This is an important strategic win for Falanx Cyber, offering validation at multiple levels,” the company's chief executive Mike Read said in a statement.

Proactive news headlines:

Braveheart Investment Group (LON:BRH) noted that investee company Pharm2Farm (P2F) has ordered an automated face mask production line that should be commissioned by the end of 2020. The production line has the capacity to produce up to five million standard or anti-viral face masks per month, said the investment company. Braveheart pointed out that conventional surgical type masks are recommended to be used for a maximum of two hours but P2F’s version contains an additional defensive layer that uses nanotechnology engineered to kill viruses and bacteria.

Remote Monitored Systems PLC (LON:RMS), which agreed to acquire Braveheart's 51.7%  stake in P2F in August, simply noted the announcement in a statement today.

Faron Pharmaceuticals Ltd (LON:FARN) has said a scientist leading a trial of its early-stage immuno-oncology drug will provide more context on the treatment's “promising” anti-tumour activity at a leading industry conference. Dr Petri Bono, principal investigator heading the phase I/II MATINS study of bexmarilimab, will also provide commentary around the drug’s potential efficacy. His team has observed a long-lasting partial response in a person with metastatic colorectal cancer and target lesion responses from “heavily pre-treated” melanoma and ovarian cancer patients.

Emmerson PLC's (LON:EML) new chief executive Graham Clarke has told investors he looks forward to regular progress updates as the potash mine group moves through a critical stage in its history. Clarke joined the company shortly after June’s feasibility study for Khemisset which confirmed the mine as a world-class, low capital cost, high margin potash mine. It envisaged outstanding project economics including earnings margins in excess of 61% over a 19-year minimum mine life. Subsequently, the company focus has shifted to making Khemisset "shovel ready".

Polarean Imaging PLC (LON:POLX) has completed the installation of its 9820 Xenon Polariser system at the University of Kansas (KU) Medical Center. KU is a major research and teaching hospital and the new technology will form the cornerstone of a new hyperpolarised 129Xe imaging research programme, added the company, which has now installed 23 systems. The latest unit will be used to “evaluate and assess” responses to therapy in lung disease patients, KU’s Dr Mario Castro said in a statement. Polarean has developed a drug-device combination which uses hyperpolarised 129-Xenon gas MRI.

Integumen PLC (LON:SKIN), which will soon be renamed DeepVerge PLC, reported a positive first half and said it remains comfortable guiding for £4mln of full-year revenue. Achieving that target will see a significant ramp-up. The company generated some £1.004mln of revenue in the first six months of 2020, and it expected to bring in another £1mln in the third quarter and then the fourth. Integumen chief executive Gerard Brandon pointed out that the business continues to grow and evolve via collaboration and acquisition. Most recently, in August, the company agreed to a £21.25mln merger with Modern Water PLC (LON:MWG).

Eurasia Mining PLC (LON:EUA), the Russia-focused Platinum miner, has reshuffled its executive team with non-executive director James Nieuwenhuys to become its new chief executive. Christian Schaffalitzky remains as executive chairman while Dmitry Suschov steps down from the board to become chief M&A officer. Nieuwenhuys has previously been CEO South Africa’s Lesego Platinum and was COO at Polyus Gold, Russian largest gold producer and has many contacts among PGM producers in Russia, China and South Africa, said Eurasia.

Trident Royalties PLC (LON:TRR) has announced the appointment of Helen Pein as an independent non-executive director, joining with immediate effect. The company noted that Pein is a highly experienced economic geologist with a 30-year career that has spanned multiple commodities and geographies. "I am delighted that Helen will be joining the board of Trident,” said James Kelly, Trident chairman in a statement.

APQ Global Limited (LON:APQ) has announced that as at the close of business on August 31, 2020, its unaudited book value per ordinary share was 29.71 US cents, equivalent to 22.19p.

Alien Metals Limited (LON:UFO), a minerals exploration and development company, said that, following the receipt of exercise notices, it has issued 56,250,000 ordinary shares in the company at an issue price of 0.15p per share and 16,041,667 new ordinary shares of no par value in the company at an issue price of 0.12p per share.

Chaarat Gold Holdings Limited (LON:CGH), the AIM-quoted gold mining Company with an operating mine in Armenia and assets at various stages of development in the Kyrgyz Republic, said it has been informed that Labro Investments Limited, the majority of shares in which the company's chairman, Martin Andersson, is indirectly beneficially interested, on September 16, 2020, purchased 144,134 ordinary shares in the company at an aggregate price of approximately 37.31p each, and on September 17, 2020, acquired a further 180,000 ordinary shares at an aggregate price of 37.72p each. Following these purchases, Labro now holds 203,475,349 ordinary shares, representing 38.79% of the company's issued share capital.  The combined holding of Labro and Martin Andersson is now 209,305,345 ordinary shares representing 39.90% of the company's issued share capital.

FastForward Innovations Ltd. (LON:FFWD), the AIM-quoted company focusing on making investments in fast-growing and industry-leading businesses, announce that at its annual general meeting held on Thursday, all resolutions which were proposed to shareholders were duly passed.

InnovaDerma (LON:IDP), a UK developer of beauty, personal care and life sciences products, has said it will announce its full-year results for the year ended June 30, 2020, on Wednesday, September 30, 2020. The management of InnovaDerma will deliver an online results presentation open to all existing and potential investors via the Investor Meet Company platform on the same day at 9.00am UK time. Investors can sign up for free via: https://www.investormeetcompany.com/innovaderma-plc/register-investor

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