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Harworth Group higher after raising 2020 guidance

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

Global Petroleum -

Harworth Group PLC (LON:HWG), up 8.8% at 117p, grabbed a rate place in the spotlight after raising guidance for the year just ended.

The regenerator of land and property for development and investment had a strong fourth quarter and expects the net disposable value of the group’s portfolio at the end of 2020 will be ahead of its previous expectations when the numbers are finally totted up.

Rental income continues to cover all group overheads with rental growth (excluding new acquisitions) of 6.8%, Harworth said.

2.30pm: Invidior tops the FTSE 250 after settling with Reckitt Benckiser  

Indivior PLC (LON:INDV), up 10.3% at 141.1p, was the top mid-cap riser after it reached a settlement with Reckitt Benckiser, its former parent company.

Indivior was demerged from Reckitt Benckiser in 2014 and had subsequently been subject to a US$1.4bn legal indemnity claim from Reckitt.

READ Indivior says £1bn Reckitt Benckiser claim is without merit

Indivior will pay Reckitt US$50mln spread over five years. Both parties agreed to drop all liabilities against each other; furthermore, Indivior will not seek damages relating to its US$600mln settlement with the US authorities over allegations it had perpetrated an illegal scheme to boost prescriptions of its opioid addiction treatment, Suboxone Film.

1.30pm: Marechale Capital rockets as it issues shares at a heavy discount

Marechale Capital PLC (LON:MAC), up 170% at 3.85p, was London’s top riser after it raised£250,000 through the issue of shares at 1.25p a pop.

Chief executive Patrick Booth-Clibborn bought 1.6mln shares at the knockdown price, raising his stake to 12.7%.

Chris Akers, who also bought some shares, lifted his stake to 9.9% of the company’s enlarged share capital.

12.35pm: The City raises a glass to City Pub Group

City Pub Group PLC (LON:CPC) showed there is life left in the Great British pub as its shares rose 5.9% to 99.5p after a trading statement.

The pubs operator said its cash burn, caused by mitigating the effects of the coronavirus (COVID-19) pandemic has been “significantly reduced”.

The company outlined actions that it said will allow it to “rapidly take advantage of pent-up consumer demand and opportunities that will undoubtedly emerge” once restrictions are lifted.

11.40am: Velocity Composites sees losses widen as aerospace sector's woes hit it hard

Velocity Composites PLC (LON:VEL), the supplier of advanced composite material kits, developed a share price puncture, falling 17% to 17p, following its full-year results.

Revenue in the year to the end of October was down to £13.6mln from £24.3mln the year before as the effects of coronavirus pandemic hit its target markets, which include the aerospace sector.

The loss before tax ballooned to £3.25mln from £652,000 the year before.

10.45am: GETECH Group on a hydrogen high after entering a partnership with H2 Green

GETECH Group PLC (LON:GTC) jumped 47% to 19.95p after it announced a “strategic partnership” with hydrogen supplier, H2 Green.

The provider of data, knowledge and software products to the energy industry said it will help H2 Green work out the best places to locate a network of hydrogen hubs.

The agreement includes an exclusive option for GETECH to acquire H2 Green for a total consideration of up to £1mln, with the payment terms structured around commercial and financial performance milestones.

9.50am: Ergomed lifts earnings guidance for the year just ended

Ergomed PLC (LON:ERGO) shares pushed 7.1% higher to 1,050p after the provider of services to the pharmaceutical sector said 2020 earnings would be ahead of expectations.

The company expects revenue for 2020 will be around £86.4mln, up 26.5% on 2019’s £68.3mln and in line with current market expectations.

The positive trading performance seen in both Ergomed's pharmacovigilance (PV) and clinical research organisation (CRO) businesses during the first six months of the year continued through to the year-end and resulted in a strong order book at the start of 2021.

8.55am: Global Petroleum and Jersey Oil and Gas rocket after resource upgrades

Global Petroleum Ltd (LON:GBP) shares rose by 11.7% to 1.675p in early trading on Tuesday after the firm updated its prospective resources estimate for the Namibian licence, PEL0094.

The prospective resources on an unrisked basis attributable to Global, which has a 78% working interest in PEL0094, now total 2,284mln barrels compared with a previous figure of 687mln barrels. On a risked basis, prospective resources have roughly doubled.

Sector peer Jersey Oil and Gas PLC (LON:JOG) was singing a similar tune and its share price jumped 33% higher to 157.5p on the back of a significant uplift in contingent resources at the Buchan oil project in the North Sea.

Following dynamic reservoir work conducted by Schlumberger, the company has set P50 contingent technically recoverable resources of 126mln barrels of oil for the Buchan oil field, which will be the central part of the Greater Buchan Area (GBA) hub project.

It marks an improvement from a prior estimate of around 82mln barrels and lifts the whole GBA inventory to 162mln barrels.

Proactive news headlines:

Jersey Oil and Gas PLC (LON:JOG) has released new and upgraded contingent resource estimates for the Buchan oil project in the North Sea Following dynamic reservoir work conducted by Schlumberger the company has set P50 contingent technically recoverable resources of 126mln barrels of oil for the Buchan oil field, which will be the central part of the Greater Buchan Area (GBA) hub project. It marks an improvement from a prior estimate of around 82mln barrels and lifts the whole GBA inventory to 162mln barrels.

Faron Pharmaceuticals Oy (LON:FARN) (First North:FARON) said the US Food & Durg Administration (FDA) has approved the phase II/III trial of a drug being deployed to combat the acute symptoms of coronavirus (COVID-19). Traumakine, an intravenous interferon beta-1a drug, will be given to people who have been hospitalised but who do not yet need ventilation. It will be administered before corticosteroids are given. The aim is to prevent systemic inflammatory response syndrome (SIRS) and acute respiratory distress syndrome (ARDS) – and by extension improve sufferers’ condition and reduce the death rate among patients.

Ergomed PLC (LON:ERGO) shares pushed higher after the provider of services to the pharmaceutical sector said 2020 earnings would be ahead of expectations. The company said it expects revenue for 2020 will be around £86.4mln, up 26.5% on 2019’s £68.3mln and in line with current market expectations. The positive trading performance seen in both Ergomed's pharmacovigilance (PV) and clinical research organisation (CRO) businesses during the first six months of the year continued through to the year-end and resulted in a strong order book at the start of 2021.

Eco Atlantic Oil and Gas Ltd (LON:ECO) said it has launched plans that will see it become a “diversified, growth-oriented energy company”. The firm has set up a new company, Eco Atlantic Renewables, which will seek to source, acquire, and develop exclusive renewable solar energy projects. "We are not a management team that likes to sit and wait for outcomes,” said Gil Holzman, Eco chief executive in a statement. “Following several months of extensive strategic work and identification of multiple projects by the management team and Board of Directors, this exciting opportunity has crystalised. 

XLMedia PLC (LON:XLM) has reiterated a “multi-track approach to recovering the casino vertical” alongside what it said is a fundamental rationalisation of its asset portfolio. In a trading update for the year to December 31, 2020, the digital marketing specialist said the portfolio rationalisation involved “significantly reducing the overall number of sites and upgrading the quality of those remaining, with a concentration on highly-engaging content and enhanced functionality to drive increased traffic and build consumer loyalty”.

City Pub Group Plc (LON:CPG) said its cash burn has been “significantly reduced” to cope with the effects of the coronavirus (COVID-19) pandemic, while also outlining actions that it said will allow it to “rapidly take advantage of pent-up consumer demand and opportunities that will undoubtedly emerge” once restrictions are lifted. In an update for the year to December 27, 2020, the AIM-listed publican said cash burn has been reduced to £300,000 per month following several cost-saving measures including furloughing almost all of its staff, reducing director salaries and negotiating with its landlords.

Sativa Wellness Group Inc (LON:SWEL) has said it is aiming to achieve a UK FSA novel foods accreditation on or before the deadline of March 31 as the cannabidiol (CBD) specialist laid out its plans for the coming year. In a business update, the company said it is aiming to drive sales of its Goodbody brand of CBD wellness products in the UK and launch them in Europe. The firm said it will commence online sales on its Goodbody store websites as well as expanding its product range to focus on lower price point products as well as adding more cosmetic products to deliver increased consumer and trade sales.

Personal Group Holdings PLC (LON:PGH), the employee benefits and services provider, believes it is well-placed to capitalise on an increased focus on employee well being. Protecting employees' health and wellbeing became a key focus for all employers in 2020 and with 72% of UK managers naming wellbeing as a top priority in 2021, the company said its three divisions stand ready to help them deliver on this. In a trading update covering the whole of 2020, the group said that after a solid first-half performance, it continued to trade robustly in the second half of the year during what it described as “a most challenging period”.

SDX Energy PLC (LON:SDX) has set its 2021 production guidance at 5,620 to 5,920 barrels oil equivalent and said it plans to spend some US$25mln to US$26.5mln of capex. The Egpyt and Morocco focused firm noted that the production guidance range is slightly lower than the like-for-like run-rate last year. “I am pleased to provide our production and capex guidance for 2021, where after a very solid year of production in 2020, we continue on a similar profile, albeit with some contingency worked in for maintenance in Egypt,” said Mark Reid, chief executive in a statement.

ADES International Holding PLC (LON:ADES), a leading oil & gas drilling and production services provider in the Middle East and North Africa, said it has secured a new contract in the Gulf of Suez. The contract, secured with a top-tier client, covers a firm six-month period, with the option to extend for an additional six months. The daily rate for the contract will be similar to a previous contract held by the company. The contract further strengthens ADES's position and revenue visibility in Egypt. The new contract is expected to commence in February 2021.

CMC Markets PLC (LON:CMCX), the online trading platform operator, has selected Amazon Web Services (AWS) to speed up the next phase of its digital transformation. The adoption of AWS will provide the agility, security, and resilience for CMC Markets to deliver on its ambitious product development pipeline, the company said. By outsourcing the management of network servers, CMC Markets will free up valuable development hours, taking its delivery time for new product innovations from six months to six weeks, it told investors.

Supermarket Income REIT PLC (LON:SUPR) said it has bought a Morrison’s store in Wisbech, Cambridgeshire, from Aberdeen Standard Investments for £30mln. The total amount paid (excluding acquisition costs) represents a combined net initial yield of 5.0%. Built in the 1980s, the supermarket was refurbished and extended in 2011 to cover 37,000 square feet.

Anglo Asian Mining PLC (LON:AAZ), the gold producer focussed on Azerbaijan, is to pay a special dividend of US$0.015 per share in respect of the year ended December 31, 2020. The dividend will be paid on March 11, 2021.

BB Healthcare Trust PLC (LON:BBH) announced that it has renewed and amended its multi-currency revolving credit facility (RCF). The lender has been novated from Scotiabank (Ireland) Designated Activity Company to The Bank of Nova Scotia, London Branch. The company's borrowing policy is unchanged. Under the terms of the amended RCF, the company may draw down loans up to an aggregate value of US$150mln. The new facility will expire in January 2022.

Bahamas Petroleum Company PLC (LON:BPC) has said that, following its announcement on January 12, 2021, regarding the exercise of the Company Put option with an institutional investment fund managed by Lombard Odier Asset Management, the company has issued 9,375,000 warrants to advisors in settlement of certain fees for this transaction.  The warrants are exercisable for a period of 3 years at an exercise price of 2p per share.

Remote Monitored Systems plc (LON:RMS) said it has been notified that Paul Ryan, previous non-executive chairman of the company, has exercised a further 7,142,857 options at a price of 1.4p each. The consideration received by the company will be £100,000.

Condor Gold PLC (LON:CNR) (TSX:COG) said that after receiving notice for the exercise of warrants, it is issuing 83,333 new ordinary shares with a nominal value of 20p each in the capital of the company at a subscription price of 31p per share, for which the company has received gross proceeds of £25,833.

Alpha Financial Markets Consulting PLC (LON:AFM), a leading global provider of specialist consultancy services to the Asset and Wealth Management industry, has announced that Investec Bank has been appointed as its Nominated Adviser, in addition to its existing role as joint broker alongside Berenberg, with immediate effect.

Tiziana Life Sciences PLC (NASDAQ:TLSA) (LON:TILS), a biotechnology company focused on innovative therapeutics for oncology, inflammation, and infectious diseases has published an updated presentation to its website at https://ir.tizianalifesciences.com/presentation. The presentation contains no new material information but gives an overview of all of the company's current and active development pipeline, consolidating information the subject of previous announcements, including the potential of Foralumab as a lymphodepletion agent in CAR-T therapies for cancer. The company's budgeted expenditure for the full year 2021 remains $30mmln and budgeted expenditure for 2022 remains $28mln; in both cases, the expenditure totals include all clinical and general and administrative expenditure. Cash and cash equivalents as of December 31, 2020, stood at US$62mln.

Sareum Holdings PLC (LON:SAR), the specialist drug development company delivering targeted small molecule therapeutics to improve the treatment of cancer and autoimmune diseases, has said its chief executive officer, Dr Tim Mitchell, is participating in a virtual interview at the Edison Open House: Global Healthcare 2021 event, taking place online between 26 and 28 January 2021. Dr Mitchell's session will take place between 2.00pm and 3.00pm GMT today, Tuesday, January 26, 2021. The following link can be used to register: https://www.lsegissuerservices.com/spark/edison-open-house-global-healthcare-2021 

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