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The Parkmead Group rises after upbeat results statement

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

Webis Holdings -

The Parkmead Group PLC (LON:PMG) advanced 9.4% to 30.3p after it boasted of being in a strong financial position despite a low gas price environment.

The UK and Netherlands focused independent energy group made a loss before tax of £792,000 in the year to the end of June, compared to a profit the year before of £4.8mln, as exploration cost and evaluation expenses ballooned to £1.56mln from £171,000.

The group's revenue for the year declined to £4.1mln (2019: £8.3m), generating a gross profit of £1.3mln (2019: £5.7mln).

2.25pm: Genedrive curries favour with results from an Indian study

Genedrive PLC (LON:GDR) leapt 8.2% to 59.5p on the back of a clinical study in India.

Chief executive David Budd hailed as 'excellent' the results from an Indian study that showed the group's hepatitis-C (HCV) testing kit was able to determine who did and didn’t have the disease with 100% accuracy.

Overall, the data demonstrated that the rapid point-of-care device was suitable for use in a country where infections estimated at between six and 12 million, the company added.

1.15pm: The 600 Group slides after tipping into the red

The 600 Group PLC (LON:SIXH) disappointed with its full-year results, sending the shares 9.1% lower to 7.5p.

Group profit before tax and adjusting items in the year to the end of March fell to US$1.1mln from US$4.1mln the year before. Throwing in the “adjusting items” turned the profit into a loss of US$0.63mln versus a profit the year before of US$4.3mln.

The industrial engineering company added that its chief financial officer, Neil Carrick, has decided not to relocate to Orlando to be succeeded by Mitch Krasney, who “rings with him a great wealth of financial and operational experience,” according to Paul Dupee, the executive chairman of the group.

12.10pm: Sage the top Footsie faller as it ups spending plans

Sage Group PLC (LON:SGE) was the top blue-chip faller on Friday morning after it said it planned to accelerate its transition to a cloud-based business model.

The shares fell 13% to 589.8p as the market reacted badly to management's plans to increase investment in its cloud-native software in the new year.

The FTSE 100 developer of accounting and HR software for small and medium-sized business, which has been on a big push to move its customers towards its cloud-based products since 2018, said upping investment in its Sage Business Cloud, along with more money for sales and marketing and product development, will reduce profit margins by up to three percentage points.

11.15am: Fusion Antibodies finds the market hard to please

Fusion Antibodies PLC (LON:FAB) lost a tenth of its value at 112.5p after its half-year report was deemed to be less than “fab”.

The specialists in pre-clinical antibody discovery reported a 9% growth in half-year revenues from the year before but admitted that the pandemic has been a mixed bag for the company, with some new opportunities opening up while some projects have been delayed.

The company had originally planned to use three therapeutic targets in the proof-of-concept research & development programme but early in the half-year period added a new COVID-19 project. The company had no concrete news on the COVID-19 project other than to say that development work to date has progressed well and potential antibodies from the company’s discovery library are currently being screened prior to being evaluated against the COVID-19 target.

10.20am: Frasers has a limited time to beat around the Mulberry bush

Mulberry Group PLC (LON:MUL) shot up 27% as it flagged up it is now in what is known as an “offer period).

Yesterday, Frasers Group PLC (LON:FRAS) increased its stake to 36.8% by purchasing shares at 150p each, which ordinarily would have automatically triggered a mandatory offer at the same price for the rest of the shares, except the Panel on Takeovers and Mergers has waived the requirement in this case.

Nevertheless, Mike Ashley’s retail group now has 28 days to “put up or shut up” – i.e. make a firm offer or walk away – for luxury goods purveyor Mulberry.

9.50am: Telit attracts another suitor

Telit Communications PLC (LON:TCM) shares jumped 21% to 203.5p as it said it is mulling a possible all-share offer worth 250p a share.

The company, which has a somewhat chequered past, has received an approach from u-blox Holding AG about a merger that would see Telit shareholders own 53% of the combined entity.

Telit, an Internet of Things technology company, has been in play since it was revealed earlier this month that it had received a preliminary approach from asset manager DBAY Advisors Limited regarding a possible takeover offer.

9.00am: Webis off and running after licence renewal

Webis Holdings PLC (LON:WEB), up 25% at 1.75p, was London’s top riser on Friday morning after its WatchandWager.com business’s licence was renewed by the California Horse Racing Board.

The licence renewal allows WatchandWager to continue to accept online pari-mutuel (totalisator-style) wagers from residents of California on its range of global content.

WatchandWager executives have also renewed, or are in the process of renewing licences in Colorado, Kentucky, Minnesota, New York, North Dakota, and Washington. The company said it does not foresee any expected issues that would delay or prevent them from being approved.

ImmuPharma PLC (LON:IMM) shot up 13% to 12.35p on the back of regulatory progress for its drug for the treatment of lupus.

The company said its partner Avion Pharmaceuticals will discuss with US regulators early next month plans for an optimised phase III study of a lupus drug developed by the UK company.

At the Type ‘A’ Meeting, to be held on December 4, the firm said Avion will ask for guidance from the US Food & Drug Administration (FDA) on key aspects of the study design, clinical endpoints and the approval process for treatment, called Lupuzor.

Proactive news headlines:

Block Energy PLC (LON:BLOE) has told investors it is expected to close its acquisition of the Schlumberger Rustaveli Company Limited (SRCL) entity on November 23, 2020. Additionally, the company noted that amended deals terms will see it also take possession of some 29,000 barrels of crude oil inventory. Block said that this will be a welcome boost to its balance sheet

ImmuPharma PLC (LON:IMM) (Euronext Growth Brussels:ALIMM) has said that its partner Avion Pharmaceuticals will discuss with US regulators early next month plans for an optimised phase III study of a lupus drug developed by the UK company. At the Type ‘A’ Meeting, to be held on December 4, the firm said Avion will ask for guidance from the US Food & Drug Administration (FDA) on key aspects of the study design, clinical endpoints and the approval process for treatment, called Lupuzor. It will also request the FDA consider conditional approval of the drug, whilst the final-stage trial is taking place.

Genedrive PLC (LON:GDR) chief executive David Budd hailed as 'excellent'  the results from an Indian study that showed the group's hepatitis-C (HCV) testing kit was able to determine who did and didn’t have the disease with 100% accuracy. Overall, the data demonstrated that the rapid point-of-care device was suitable for use in a country where infections estimated at between six and 12 million, the company added. "These excellent clinical results for our HCV assay further validate the applicability of the test for a decentralised setting,” explained Budd. “India is a key target market for our assay and we are excited about the commercial prospects in the region."

Argentex Group PLC (LON:AGFX) has hailed a record number of new corporate clients in its second quarter as well as “encouraging” trading into the second half of its current year. In its results for the six months to September 30, 2020, the provider of foreign exchange services said it had recruited 126 new corporate clients in the second quarter, while the number of corporate clients trading during the period was up 15% year-on-year at 212. Argentex also highlighted “encouraging levels of client activity” in September, which it said pointed to an unwinding of pent-up demand. Revenues generated during the month were up 57% of the figure from August.

ECR Minerals PLC (LON:ECR) said its subsidiary Mercator Gold Australia (MGA) has taken delivery of a new drill rig and is preparing to start a programme on the HR3 prospect, in the Bailieston project area. The company noted that all necessary permissions are in place for drilling at the HR3 prospect. HR3 comprises at least four closely-spaced lines of reef, including the Byron, Dan Genders, Scoulars and Maori Reefs, ECR noted.

US Oil & Gas PLC (LON:USOP) told investors that the Bureau of Land Management has approved the necessary Permit to Drill for the proposed Eblana-9 well, at the Hot Creek Valley project in Nevada. Groundwork to prepare the well site for drilling will kick off immediately and it is slated to take three days to complete, the group added. Meanwhile, the company said it expects to sign contracts with the rig supplier and other services without delay.

Power Metal Resources PLC (LON:POW) said work to enlarge the Alamo Gold Project in Arizona, USA, is set to start next month. The AIM-listed metals exploration and development company has the right to earn-in up to a 75% interest in the project. Power Metal said that following completion of the reconnaissance programme, an additional nine claim blocks have been staked to enlarge the project by 23.5% to a total 946 acres.

Base Resources Limited (LON:BSE) (ASX:BSE) said its Kwale operations in Kenya exceeded expectations in the first full year of mining in the South Dune. In a statement released on the day of the company’s annual general meeting, chairman Keith Spence noted that the Kwale operations remained at full-pelt and met shipping schedules throughout the fiscal year despite the problems posed by the coronavirus pandemic. In a separate statement, Base Resources said that all resolutions set out in the Notice of Annual General Meeting and put to shareholders at Friday’s meeting were carried.

Allergy Therapeutics PLC (LON:AGY), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, announced that Peter Jensen, the group’s non-executive chairman, has purchased 100,000 ordinary shares of 0.1p each in the capital of the company at a price of 14p per ordinary share. Following the transaction, the group said the total beneficial interest of Jensen is 270,000 ordinary shares, representing 0.04% of the issued share capital of the company to which voting rights are attached.

Salt Lake Potash Limited (LON:SO4) (ASX:SO4) advised that at the annual general meeting of the company held on Friday, November 20, 2020, at 11.00am (WST) all resolutions were voted on and carried by way of a poll.

Tavistock Investments PLC (LON:TAVI) announced that it is convening a general meeting (GM) of the company's shareholders at 11.30am on Wednesday, December 16, 2020 at the company's offices at 1 Bracknell Beeches, Old Bracknell Lane, Bracknell RG 12 7BW. The purpose of the GM is to seek Shareholders' approval for the creation of a new class of growth shares and to make other minor amendments to the Company's Articles of Association to update them generally. The new proposal offers the Executive Directors and other members of the leadership team the potential of reward should they achieve more demanding performance hurdles than those attached to their current share options but also introduces peril (the risk of loss) for non-performance. Due to the current coronavirus (COVID-19) measures implemented by the Government in the United Kingdom shareholders will not be permitted to attend the GM. If shareholders have any questions or comments relating to the business of the meeting that they would like to put to the board then they are requested to submit those questions in writing via email to [email protected] no later than 11.30am December 14, 2020. The board will publish a summary of any questions received which are of common interest, together with a written response on the company's website as soon as practicable after the conclusion of the meeting.

Frontier IP Group PLC (AIM: FIPP), a specialist in commercialising intellectual property said its annual general meeting (AGM) will be held at 93 George Street, Edinburgh, EH2 SE3 at 11.00am on December 17, 2020. In light of social distancing measures as a response to the coronavirus (COVID-19) pandemic, this year's AGM will be run as a closed meeting and shareholders will not be permitted to attend the AGM. As shareholders will not be able to attend in person, questions in relation to any of the resolutions to be proposed at the AGM, the Annual Financial Statements or the business of the company, should be submitted to [email protected] by 12.00pm on December 15, 2020 (including 'AGM 2020' in the subject heading). Questions will be grouped into themes and addressed on the company's website as soon as practicable following the AGM.

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