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Carnival extends pause in operations on its Princess Cruises line

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

KAZ Minerals PLC -

Carnival PLC (LON:CCL) sank 9,2% to 824.8p after it extended the pause in operations of its Princess Cruises line.

The company said the pause in operations applies to cruises departing from Australia and New Zealand through May 31, 2021.

The decision was attributed to continued uncertainty over when international travel restrictions will be lifted.

2.10pm: Sound Energy slides as it proposes bond restructuring

Sound Energy PLC (LON:SOU) was off 9.3% at 1.242p after it announced proposed changes to its bonds in issue.

The Morocco-focused upstream gas company will seek the approval of the noteholders to amend the maturity date of the notes from 21 June 2021 to 21 June 2025 and to amend the interest rate on the notes from 5% to 2%.

As a sweetener, the company is also proposing to issue to the noteholders warrants to subscribe for new ordinary shares in the company at an exercise price of 2.125p.

1.00pm: Verditek slides after announcing an 8p a share placing

Verditek PLC (LON:VDTK) shares were marked down 7.4% to 8.1p after the clean technology company signalled its intention to place shares at 8p each.

The company is looking to raise up to £3.5mln through the issue of 43.75mln shares.

The money raised will largely be used to buy raw materials as it ramps up production.

11.50am: Ibstock drops a brick

Ibstock PLC (LON:IBST) dived 10% to 160.2p despite reporting a “continuing recovery” in demand in its third quarter.

The bricks maker highlighted activity in both its repair, maintenance and improvement and merchant markets amid an uptick in housebuilding.

In a trading update for the three months to September 30, the brick and concrete maker said trading conditions in the quarter had been “improving steadily” with robust activity levels across its markets.

11.00am: Omega Diagnostics runs into profit-taking

Omega Diagnostics Group PLC (LON:ODX) slipped 12% to 81.5p after it said its food intolerance business had been hit by the effects of the coronavirus pandemic.

Turnover in the six months to the end of September was down 29% from a year earlier at around £3.16mln, while the underlying loss is set to be in the region of £1.3mln.

Traders took the opportunity to bank some profits after the shares rose from around 10p at the beginning of April on expectations of the diagnostics company making a lot of money from the fight against the coronavirus.

10.10am: Next springs a pleasant surprise

Next PLC (LON:NXT), up 4/3% at 6,352p, sat atop a shaky Footsie tree after it upgraded its profit forecasts for its current year.

The FTSE 100 constituent reported sales in its third-quarter had been better than expected thanks to a strong performance from its online operation.

In a trading statement for the third quarter ended October 24, 2020, the FTSE 100 firm reported that total full-price sales including interest income for the period were up 2.8% year-on-year, with a 23.1% jump in online sales offsetting a 17.9% decline in sales in retail stores.

9.15am: KAZ Minerals gains on news it is to be taken private by chairman Oleg Novachuk

KAZ Minerals BV (LON:KAZ) climbed 9.7% higher to 626.4p in early trade on Wednesday after its board recommended a 640p a share cash offer from a consortium backed by its chairman.

The acquisition values the entire issued share capital of KAZ at roughly £3bn.

Oleg Novachuk, the current chairman of KAZ, said he believes KAZ Minerals would make faster progress as a private company.

Meanwhile, Chariot Oil & Gas Limited (LON:CHAR) shares soared 37% higher to 6.8p after financial institutions expressed interest in financing the development of its offshore Moroccan assets.

The company has received approaches from two parties interested in debt-financing the development of the Anchois gas discovery.

The Africa Finance Corporation, a pan-African financial institution, has thrown its hat into the ring, saying it would be interested in financing the development of the Anchois discovery and future discoveries within the Lixus offshore licence. The other interested party is an unnamed multinational investment bank.

Proactive news headlines:

Chariot Oil & Gas Limited (LON:CHAR) revealed it has received approaches from two parties interested in debt-financing the development of the Anchois gas discovery, offshore Morocco. The Africa Finance Corporation, a pan-African financial institution, has thrown its hat into the ring, saying it would be interested in financing the development of the Anchois discovery and future discoveries within the Lixus offshore licence. Chariot said it had also received a non-binding expression of interest for the provision of reserves-based lending for the development of the Anchois discovery from an unnamed multinational investment bank.

Sensyne Health PLC (LON:SENS) said it has extended its relationship with Microsoft to become a strategic partner of the US software giant with the pair working together on the former’s clinical AI and health cloud technologies. Practically, the enhanced tie-up is set to deliver the latest 'cloud-first' healthcare systems and cutting-edge predictive machine learning algorithms. With Microsoft’s help, Sensyne said it aims to create “highly configurable” healthcare technologies that are globally deployable and able to meet local, clinical and regulatory needs.

Itaconix PLC (LON:ITX) said the first half of the year saw the company’s proprietary sustainable chemistries increasingly used by major brands in everyday products. The sustainable speciality polymers specialist saw revenues in the six months to the end of June 2020, shoot up 80% to US$1.1mln from US$604,000 in the first half of 2019. The acceleration in revenues is the result of the continued broadening of the customer base and advancement in customer projects in the company's major application areas, Itaconix said.

Franchise Brands PLC (LON:FRAN) has said it is confident of meeting current market expectations for its current year as the group highlighted a “steady recovery in trading” in its third-quarter from a second-quarter impacted by lockdown measures. In a trading update for the three months to September 30, 2020, the owner of the multi-brand business said its B2B division, which includes its Metro Rod, Metro Plumb, Willow Pumps and Kemac portfolio of drainage, plumbing and pump brands, said sales grew by an average of 8% per month from June onwards as the UK economy emerged from lockdown, and by September system sales were 9% higher than a year ago.  As a result, the division’s sales in the third quarter were down only 6% year-on-year, compared to a 30% decline for the division at the height of lockdown in April and May.

Red Rock Resources PLC (LON:RR.) has noted the announcements by Jupiter Mines Ltd (ASX:JMS), in which it has an investment, of its half-year results and dividend, plus the planned demerger, in specie distribution, and IPO of its iron ore assets. In a statement,  Red Rock chairman Andrew Bell commented: "Red Rock welcomes the planned demerger of Jupiter's iron ore assets, and to receiving its share of the in specie distribution of NewCo shares. As the holder of a royalty over Jupiter's Mt Ida iron ore asset, Red Rock would be a major beneficiary of any success by NewCo in the development of this Resource. After the recent appreciation of the Company's holding in Power Metal Resources PLC, the Company's listed holdings, which include the holding in Jupiter, have a current value of approximately £2.75mln." 

Savannah Resources PLC (LON:SAV), which is developing Europe’s first lithium mine, said it has been encouraged by the increased focus being placed on the environment by governments. The company’s chairman, Matthew King, drew attention to an increasing number of governments prioritising “green” investment as a key part of economic recovery packages. “We believe Savannah, through its ownership of Mina do Barroso ... is ideally placed to play an important role in these initiatives as the foundation for a new European industry,” King said in the company’s results statement covering the first half of 2020.

Oncimmune Holdings PLC (LON:ONC) said its EarlyCDT lung blood test will be part of a large-scale study in the US to assess its potential use in screening people with low-to-moderate risk lung nodules. Marketed in the States as Nodify CDT, the Oncimmune technology is being used alongside Nodify XL2 in the clinical assessment being carried out by partner Biodesix. The ALTITUDE trial will enrol a total of 2,000 with the first batch of 500 expected to be recruited in the first phase.

NextEnergy Solar Fund Limited (LON:NESF),  the solar power investment company, said electricity generation in the six months to end September 2020 had significantly exceeded expectations. Power from NESF's solar portfolio was 11.1% above budget (2019: 5.0%) while irradiation exceeded expectations by 10.8% (2019: 4.8%). The fund also reaffirmed its full-year dividend target of 7.05p for the financial year ending March 31, 2021 (2019: 6.87p). 

Zoetic International PLC (LON:ZOE) said it has received a significant order under one of its existing contracts to roll out stock of its Chill range of tobacco substitute cannabidiol (CBD) products in a number of convenience stores across the US. In a trading update ahead of its annual general meeting later today, the CBD firm said the order was the latest demonstration of the attraction of its Chill brand and “marks the “crossing the Rubicon” to full commercialisation” following what it said was “excellent consumer feedback” during the beta phase.

Impax Asset Management Group PLC (LON:IPX) announced that its subsidiary, Impax Asset Management Limited (IAM) and BNP Paribas Asset Management Holding (BNPP) have agreed to update the arrangements under which BNPP and its affiliated companies provide marketing, introduction and other distribution services for IAM. The new arrangements are described in a distribution agreement, which will have a minimum term of four years, and which supersedes a previous Memorandum of Understanding (MoU) between the parties that has been in place since 2007, with subsequent modifications.  Impax Asset Management said there have been no material changes in the fees set out in the distribution agreement compared with those set out in the MoU.

Chaarat Gold PLC (LON:CGH) said it is changing focus to hit its production target this year due to the fighting in Nagorno-Karabakh, which is 150 kilometres from its Kapan gold mine in Armenia. Artem Volynets, Chaarat's chief executive, said that In preparation for any possible operational disruptions during this current quarter it is targeting higher-grade ore at Kapan to offset potential lower capacity through the plant and to ensure that full-year guidance is met. In a statement, Volynets added: "The ongoing COVID-19 pandemic and events in our countries of operation have presented unprecedented challenges for Chaarat during this quarter.“

ANGLE PLC (LON:AG) (OTCQX:ANPCY) revealed after the close on Tuesday that it had successfully raised gross proceeds of £19.6mln via a conditional placing of shares to propel the company firmly into the commercial phase of its development. The group said 42,608,695 shares were placed at a price of 46p each with new and existing investors. ANGLE shares closed trade on Tuesday at 48.50p. In a statement announcing the placing results, ANGLE founder and chief executive, Andrew Newland, commented: "We are grateful for the strong support of existing and new shareholders. As well as strengthening the Company's balance sheet, the proceeds from the Placing will allow us to progress commercialisation of our Parsortix system, whilst it is under substantive review with FDA.

i3 Energy PLC (LON:I3E), an independent oil and gas company with assets and operations in the UK and Canada, noted that Toscana Energy Income Corporation (TSX:TEI) announced on Tuesday that it has obtained a final order from the Court of Queen's Bench of Alberta approving the acquisition of Toscana by i3 Energy, as previously announced on June 23, 2020. In addition, Toscana held its annual and special meeting of Toscana shareholders in Calgary, Alberta on Tuesday at which the arrangement was approved by the shareholders. Closing of the arrangement is conditional on the approval by i3's shareholders which is being sought at the i3 general meeting to be held at 10.00am on October 29, 2020.

Power Metal Resources PLC (LON:POW) the AIM-listed metals exploration and development company said it has received a notice to exercise warrants over 2,878,800 new ordinary shares of 0.1 pence each in the company at an exercise price of 1.0p each and subscription monies of £28,788 have been received by Power Metal in respect of these exercises.

Bezant Resources PLC (LON:BZT), the copper-gold exploration and development company, announced that under an exercise of warrants at a price of 0.16p per share in terms of the fundraising announced on June 19, 2020, it is issuing a total of 93,750,000 fully paid ordinary shares of 0.002p each in the company.

Remote Monitored Systems PLC (LON:RMS) said it has received notification to exercise a further 22,000,000 warrants at an exercise price of 0.5p each. The consideration received by the company will be £110,000.

Pan African Resources plc (LON:PAF) (JSE:PAN) has said its 2020 annual general meeting (AGM) will be held electronically on Thursday, November 26, 2020, at 11.00am UK time.

Litigation Capital Management Limited (LON:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announced that it's annual general meeting (AGM) for the year ended June 30, 2020, will be held in Sydney on November 19, 2020, at 9.00am AEDT (10.00pm GMT on November 18, 2020). Shareholders are able to access the virtual AGM using the following link: https://agmlive.link/LCA20. The company invites shareholders to submit questions in advance of the AGM by emailing them to [email protected]. Questions should be submitted by 10:00 am GMT on November 12, 2020.

Tiziana Life Sciences PLC (NASDAQ:TLSA) (LON:TILS), a biotechnology company focused on innovative therapeutics for oncology, inflammation and infectious diseases, confirmed on Tuesday the timetable for the demerger of its Accustem Sciences Limited business for holders of the company's American Depositary Receipts (ADRs), with completion of the demerger expected on October 30, 2020, and the record date for holders of ADRs set as November 6, 2020. In a separate statement on Wednesday, Tiziana also revealed that it has allotted and issued 344,063 ordinary shares of 3p each credited as fully paid at prices between 66p and 80p per share in respect of the exercise of 344,063 warrants, yielding £234,300 in cash for the company.


 

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