Sound Energy PLC (AIM:SOU) rocketed 26% higher to 1.825p after it said material progress has continued to be made on its liquefied natural gas sales agreement.
The agreement was announced in late July; in view of the progress being made by Sound the two parties have agreed to extend the deadline date by which Sound must satisfy certain conditions for the phase one of the sales agreement to become binding to 17 December.
Sound Energy said it has now satisfied all conditions within its direct control and the material remaining condition not currently satisfied relates to the entry of the loan note agreement with Afriquia Gaz.
12.50pm: Blue Prism enjoys bidding war
Blue Prism Group PLC (AIM:PRSM) has recommended a 1,275p per share cash offer from the hedge fund SS&C Technologies Holdings, sendign the shares 2.6% higher to 1,333p.
The board has withdrawn its previous backing for a 1,250p bid from the US private equity group Vista Funds.
The SS&C offer values the robotic process automation software specialist at £1.24bn and represents a 53.2% premium to the Blue Prism closing price of 832 pence on 27 August 2021, the day before the start of the Vista offer period.
Blue Prism first agreed a 1,125p bid from Vista on 28 September. SS&C then announced on 16 November that it was considering making an offer for Blue Prism.
11.55am: Beowulf Mining senses wind of change in Sweden
The share price of Beowulf Mining PLC (AIM:BEM) shot higher in both London and Stockholm prompting the mining project developer to put out a statement.
The company said the share price rise – in London, the shares are 20% firmer at 7.375p – came after positive comments by the new Swedish Prime Minister about the need for more mines in Sweden and the new Minister of Enterprise and Innovation about 'taking action' in the matter of Kallak.
The company will be writing to the minister and seeking clarification on the remaining assessment process in the Kallak case and the timing of a decision.
11.00am: Oracle Power updates on green hydrogen project plans
Oracle Power PLC (AIM:ORCP) was up by a quarter to 0.42p after an update on its plans to develop a green hydrogen production facility in Pakistan.
A preliminary technical study has been completed by PowerChina, its development partner, to establish key technical and commercial contours for the delivery of a facility to produce hydrogen with electrolysers powered by photovoltaics and wind energy in Pakistan.
The partners are actively pursuing technology suppliers and assessing costs across Europe, Japan and South Korea to support the advancement of Oracle's green hydrogen strategy.
10.00am: Abingdon Health tumbles after tapping the market
Abingdon Health PLC (AIM:ABDX), a developer and manufacturer of high quality and effective rapid tests, has raised funds by placing shares at 25p a share.
The news of the share issue, which will raise a minimum of £4mln, sent the shares tumbling 9.5p, or 25%, to 28.5p.
Abingdon said £2.7 million of the gross proceeds of the placing and the £0.3 million gross proceeds from an accompanying share subscription (before expenses) will be used in the first instance to cover, as previously notified, a working capital shortfall expected to arise in the first quarter of 2022.
9.05am: Pendragon moves up a gear after raising full-year guidance
Pendragon Group (LSE:PDG) PLC motored 6.1% higher to 19.73p after it increased underlying profit before tax guidance for the current year.
The car dealing franchise group now expects underlying profit before tax to be around £80mln, up from previous guidance of £70mln or so.
The group said it has continued to perform strongly during the first two months of the final quarter of this year and while the shortfall in the supply of new vehicles persists, customer demand and order levels have continued at a higher level than last year.
Despite demand outpacing deliveries, the shortfall in October and November was lower than management had previously anticipated and performance has been supported by a strong gross profit per unit.
Heading the other way was Mobile Tornado Group Plc (AIM:MBT), which shed a fifth of its value at 1.9p after news of the loss of a £500,000 a year contract.
The provider of instant communication mobile solutions to the enterprise market said the unnamed Canadian customer’s contract would not be renewing the contract that runs out at the end of the year.
Mobile Tornado remains in discussions with the customer about the possibility of extending or amending the contract; however there can be no guarantee that this will be successful, the company said.