Rockfire Resources PLC (LSE:ROCK) edged 9% higher to 0.86p after updating investors on the diamond drilling programme underway at the Copperhead porphyry project in North Queensland, Australia.
More than 1200 veins containing chalcopyrite (copper) have been recorded in core from the first three holes and veins bearing copper and molybdenum sulphides have been encountered in all four holes completed to date.
The fifth cored drill hole, which is currently in progress, will be the deepest hole drilled into the system to date. Ongoing drilling is targeting the discovery of the main porphyry source as the Company drills deeper into the mountain.
1.15pm: TP Group tumbles as chief executive jumps ship
TP Group PLC (AIM:TPG) tumbled by a tenth to 4.55p after chief executive David Lindsay said he wants to leave the company in October 2022.
Martyn Ratcliffe has been appointed as executive chairman with immediate effect though his tasks will be reduced once a new chief executive is appointed.
The consulting and engineering services provider said that trading is going well and its focus in the future will be on the UK-based Defence and Aerospace operations, comprising TPG Maritime, UK Consultancy and Osprey.
12.10pm: LoopUp in demand after Cloud Telephony strategic alliance
LoopUp Group PLC (AIM:LOOP) rose 8% to 24.5p after unveiling a major strategic sales and distribution alliance for its Cloud Telephony solution with an international telecommunications provider.
The service allows customers to make phone calls to external phone numbers and receive phone calls to their own work phone numbers, all directly from their Microsoft Teams user interfaces.
In July, the AIM-listed firm said it had since won 15 direct Cloud Telephony customers, built a £58mln Annual Contract Value pipeline of direct sales opportunities and developed a strong pipeline of negotiations with potential strategic alliance partners for indirect sales and distribution. This deal announcement marks the execution of the first of these major alliances, it noted.
11.15am: Shoe Zone higher after profit forecast upgrade
Shoe Zone PLC (AIM:SHOE) jumped 11% to 100.5p after upgrading forecasts for its full-year profit before tax, which is now expected to come in at £9-10mln.
The retailer said that underlying trading has been better than expected, while a review has concluded that the income statement won’t recognise £1.5mln of one-off pension contributions.
It also benefitted from favourable foreign exchange rates that lifted estimates by £400,000.
10am: Alba Mineral Resources dives after environmental permit rejection
Alba Mineral Resources PLC (AIM:ALBA) dove 27% to 0.14p in mid-morning after Natural Resources Wales rejected the miner’s application for an environmental permit.
The AIM-listed group wanted treated mine water from the Llechfraith Shaft, at the Clogau-St David's Gold (NYSE:GLD) Mine, to discharge to the Afon Cwm-llechen (River Cwm-Llechen).
The government agency said that it has not been demonstrated that the proposed discharge would not impact the local protected fauna, such as on lesser horseshoe bats and otters.
“The company and its environmental and ecological consultants will be considering the reasons given by NRW in greater detail in the coming days and considering the grounds to appeal the decision,” Alba said.
In the FTSE 100, Barclays plc shed 1.5% to 199.18p after chief executive Jes Staley announced his departure following an investigation into his relationship with the US financier Jeffrey Epstein by UK regulators.
Epstein was arrested in July 2019 on child sex-trafficking charges and committed suicide while awaiting trial.
The Financial Conduct Authority and the Prudential Regulation Authority have investigated Staley’s characterisation of his relationship with Epstein to Barclays.
8.50am: U and I soars on acquisition proposal by Land Securities
U and I Group PLC (LSE:UAI) was the top riser on Monday morning, soaring 73% to 148.5p on the back of an acquisition proposal by Land Securities Group PLC (LSE:LAND).
The FTSE 100 landlord has offered £190mln or 149p per share, which represents a 73% premium to Friday’s closing price.
The directors of U+I, a property developer focused on regeneration, unanimously recommended the offer.
"Developing truly world-class mixed-use communities that inspire and create opportunity is more important than ever. The combination of Landsec and U+I is compelling and will help us accelerate our strategy, both by introducing exciting new Urban development opportunities and by further strengthening Landsec's front end development capabilities and placemaking skills,” said LandSec chief executive Mark Allan.
Elsewhere, KRM22 PLC (AIM:KRM), the technology and software investment company, climbed 10% to 37p after announcing that 7RIDGE Investments is to pump roughly £4.7mln into the company.
7RIDGE has conditionally agreed to subscribe for up to 8.9mln KRM22 shares at 53p a pop. KRM22 shares closed at 32p on Friday.
The subscription agreement is conditional on a number of things, including the negotiation and execution of a distribution agreement between KRM22 and Trading Technologies International (TT), a company that 7RIDGE has conditionally agreed to acquire.