Mercantile Ports & Logistics Limited (LON:MPL) is sailing higher after restructuring its debt facility.
The company said the agreement with its consortium of banks "both takes into account the significant progress made with business at its Karanja port and logistics facility [in Navi Mumbai, Maharashtra] while also recognising the acute disruption in India caused by the COVID-19 pandemic."
The new terms include a reduction in the interest rate from 13.45% to 9.5% a year and a moratorium on interest rate payments until February 2022 in recognition of the severity of the pandemic which is currently impacting India.
Chairman Jeremy Warner Allen said: "Our Karanja based port and logistics facility has moved from being a development project to becoming a revenue generating asset. While the COVID-19 pandemic has, as for many companies in India and around the world, had an impact on our business, I am pleased about the progress that has been made by our business development team. While navigating the COVID-19 restrictions, they have continued to sign new customers and develop a healthy pipeline of new business that could use the facility."
The company's shares have climbed 24.07% to 0.67p.
2.32pm: Cash shell jumps on share stake news
Cash shell Ridgecrest PLC (LON:RDGC) is getting fired up.
The company finalised the sale of its recruitment operating businesses to Sanderson Group in April, but had been a cash shell as of 5 January.
Under Aim rules that means it must come up with a deal by 5 July, see its shares suspended or become re-listed as an investment company.
For the latter to happen it would have to raise at least £6mln. It currently has £2mln in cash.
The company said in April there had been discussions with a number of reverse takeover candidates.
But it added: "Whilst the Board continues to assess a number of opportunities, no discussions have, to date, proceeded beyond a preliminary stage. From a number of the discussions held, the Board is becoming increasingly aware that, whilst a reverse takeover candidate would value Ridgecrest at a premium to its net asset value, such a valuation would be at a material discount to its current market capitalisation, which currently stands at more than three times net asset value."
The only news today is that investor Paul McKillen has appeared on the shareholder register with a 3.01% stake.
This follows an announcement a month ago that Edward and Sarah Spencer raised their stakes from 6.07% to 7.09%.
But today the shares have jumped 27.03% or 0.25p to 1.18p.
Perhaps investors hope a deal is near.
12.04pm: Christie climbs after strong demand for its professional services
Christie Group PLC (LON:CGT) is seeing strong demand for its professional services despite lockdown.
The company - which focuses on a range of sectors including hospitality, leisure and medical - has seen its shares jump 9.11% or 10.38p to 124.38p after it told its annual meeting that it was trading in line with market expectations and expected a strong second half.
It was involved in the sale of 164 hospitality businesses by the end of May, it said, while its appraisal business Pinders had seen an upturn in the number of valuations commissioned by "asset-rich businesses raising additional loans to tide them over for short term cash flow requirements."
Chairman and chief executive David Rugg told shareholders: "Most of the businesses upon which our services are focused are property based. Historically, these have provided a hedge against inflation. Each of our services and all of our sectors are in demand.
"We expect further progress once our remaining hospitality markets fully re-open for business both here and in mainland Europe. Based upon current momentum we look forward to a strong second half."
11.09am: Acquisition company to pay $2bn for US firefighting products group
UK-listed acquisition vehicle EverArc Holdings Ltd has found a target after nearly 18 months.
It is buying Perimeter Solutions, a US manufacturer of firefighting products and oil additives, for around US$2bn in cash and shares from investment firm SK Capital.
EverArc, formed in November 2019, has seen its shares jump 8% to US$13.5 on the news.
The company makes a point on its website of saying its model is different to a SPAC, a listed shell which raises funds to buy a private company and take it public. There have been a spate of such deals recently but EverArc says its capital "contrasts with SPAC capital which is highly constrained and conditional."
In any case it plans to delist its London shares once the deal is done and re-list on a US stock exchange.
8.49am: Best of the Best tumbles after seeing slowdown in customer numbers as lockdown eases
Best of the Best PLC (LON:BOTB), which runs online competitions to win cars and other luxury prizes, is one of the big day's losers.
The company stopped running competitions in airports in September 2019 which - given the effect of the pandemic on travel - was with hindsight a great call.
Its focus now is purely on its digital business, and its full year results show revenues rising from £17.79mln to £45.68mln, with profits up from £4.19mln to £14.06mln.
But with all its eggs now in one digital basket, any signs of a slowdown could unsettle investors.
So these comments from chief executive William Hindmarch appear to have gone down badly. After saying the business was excited about the opportunities ahead as the economy recovers and some form of normality returns, he added: "However, in contrast to the summer 2020 period, we have experienced somewhat of a reduction in customer engagement since the latest easing of lockdown restrictions on April 12, 2021, specifically relating to the understandably long-awaited re-opening of hospitality and non-essential retail. We are closely monitoring this, but with our flexible model, growth strategy and plans for the year ahead, we expect customer engagement to return to normal levels before too long."
The company also said that after a formal sales process was launched during the year, there were extensive talks with a number of interested parties. But these came to nothing as the company decided to stick with its existing growth strategy.
All this has seen Best of the Best tumble 27.76% or 730p to 1900p.
Russ Mould, investment director at AJ Bell said: “With COVID-19 increasingly being put in the rear-view mirror and life getting back to normal, we’re getting more lockdown winners seeing their purple patch fade away. The latest casualty is car competition provider Best of the Best whose shares crashed... after it revealed that customers have become less engaged since lockdown restrictions started to ease. It thrived when we were all stuck at home, but everyone is bored of that now and desperate to enjoy the great outdoors.”
8.31am: Predator takes a step closer to starting Moroccan drilliing
It has been a busy month so far for Predator Oil & Gas Holdings PLC (LON:PRD).
At the start of June the Jersey-based oil and gas company, which has operations in Trinidad, Morocco and Ireland, raised £1.785mln in a placing. The funds will be used to evaluate and acquire new business opportunities and for general working capital.
Now it has made an important step towards beginning drilling at a key new well.
It has announced that the Star Valley Rig 101 is now under contract to Predator Gas Ventures Ltd and is being mobilised to Guercif in Morocco to drill the MOU-1 well.
Drilling operations at Guercif are expected to start in the next few days, on track for the estimate of between 15 - 27 June.
Chief executive Paul Griffiths has previously called the drilling programme "potentially the single most important catalyst to creating near-term shareholder value over the last 3 years."
The update has seen Predator's shares climb 7.73% or 1.28p to 17.91p.
Also on the way up is Jangada Mines PLC (LON:JAN) after an update from its 100%-owned Pitombeiras Vanadium project in Brazil.
Its shares have jumped 15.09% or 1.2p to 9.15p after it announced that a new report showed a 221% increase in measured and indicated resources at the site.
Executive chairman Brian McMaste said, "We are thrilled by these results as they sit firmly within expectations and bode well for future development as we look to fast-track plans to take the project to production."
Proactive news headlines
NetScientific PLC (LON:NSCI) said it is participating in the latest funding round by investee company PDS Biotechnology Corporation (NASDAQ:PDSB).
Zaim Credit Systems PLC (LON:ZAIM) said it has completed an equity fundraise of £1mln through a share placing in order to provide additional capital for the expansion of its loan portfolio and the development of new products.
Teleradiology specialist Medica Group PLC (LON:MGP) said its positive start to 2021 has continued. The comment was made by chairman Roy Davis ahead of the firm’s annual meeting later Wednesday.
W Resources PLC (LON:WRES) said it successfully completed the construction of a new water dam at the La Parrilla mine in Spain to resolve the issue of the high water levels. Dewatering of the mine pit is now underway and once water levels are reduced the team will be in a position to safely regain access to high-grade ore areas.
Westminster Group PLC (LON:WSG) said it has been awarded a long-term managed service contract to provide port screening services at the Monrovia Freeport in Liberia.
Filta Group Holdings PLC (LON:FLTA) said it is continuing to experience “an increasing level of demand” for its services across all of its markets as lockdown restrictions are eased and vaccine rollouts continue.
Ceres Power Holdings PLC (LON:CWR.L) has appointed Professor Dame Julia King, Baroness Brown of Cambridge, as an independent non-executive director effective from tomorrow.
Sirius Real Estate Limited (LON:SRE) has raised €350mln through the issue of its first corporate bond.
Bango PLC (LON:BGO) has rescheduled its annual strategy day to 20 October, following the extension of UK lockdown restrictions until mid-July. Executive chair Ray Anderson said "Bango strategy day is an extremely popular and well-attended event each year. We are keen for all shareholders, prospective investors and analysts to join us at this valuable event."
Braveheart Investment Group PLC (LON:BRH) has appointed Dr Qu Li as a non-executive director to the board with immediate effect. Dr Li is an entrepreneur, investor and businesswoman with over 30 years of experience in corporate mergers and acquisitions, development and restructuring, and financing and investments.
XLMedia PLC (LON: XLM) has appointed Julie Markey as a non-executive director with immediate effect, bringing a wealth of experience in the organisation and management of people in international businesses. Most recently, she was group people director for Ocado.
Zephyr Energy Plc (LON:ZPHR) has updated on its recently acquired interests in the Williston Basin, North Dakota, where wells are in the process of being brought online for production.
Alpha Growth PLC (LON:ALGW)(OTCQB:ALPGF) issued a clarification over its recently completed acquisitions of a Bermuda-based insurance company, which it says is not related to the similarly named Northstar Financial Services Bermuda Limited.
Inspiration Healthcare Group PLC (LON:IHC) announced that it is holding a capital markets day for investors at its factory in Croydon today and .
The initial event is restricted in terms of numbers of attendees in order to comply with current Covid safety recommendations and it is hoped another event will be held later in the year for a larger number of investors, the company said, though a presentation will be available on its website after the event.
Oriole Resources PLC (LON:ORR) announced that, following the latest UK Covid-19 restrictions, its annual general meeting on 23 June will now be held as a closed meeting. All shareholders are encouraged to vote using the form of proxy and to assist with voting, the company has provided a pre-recorded online presentation including a Q&A session, available at https://6ix.com/event/oriole-resources-agm/.