Conroy Gold and Natural Resources PLC (AIM:CGNR) was 13% higher at 30p after news of its proposed joint venture with Demir Export.
The company said it has reached an agreement on the main terms for a definitive agreement with Demir, most of which are similar to those outlined in the letter of intent to form a joint venture, published back in February.
Demir’s earn-in period will be divided into three phases, the first of which will see the Turkish mining company pay €5.5mln plus the costs of the joint venture (JV) companies in return for a 25% stake in the JVs.
Phase 2 will see Demir chip in with €4.5mln for an additional 15%, Investment in the JV companies for the additional funds required to reach construction ready status (i.e. phase 3) will earn an additional 17.5% interest.
2.45pm: Downing pays a premium to lift its stake in Norman Broadbent
Norman Broadbent PLC (AIM:NBB) has raised £75,347 by issuing shares to subscribers at 6.75p a pop.
That’s a neat trick because the shares were trading as low as 6p on Friday but today they have risen 8.3% to 6.5p.
The professional services provider said privately-owned Downing bought the shares, lifting its stake to 17.97% from 16.44%.
1.50pm: Kefi welcomes military developments in Ethiopia
Kefi Gold and Copper PLC shares jumped 16% to 1p on what the company called a “positive turning point” in the security situation in Ethiopia.
Over the past few days, both sides in the conflict have reported that the rebel militias are withdrawing. The Government has publicly appealed to the local communities to treat the retreating rebels with dignity, Kefi reported.
Ethiopia is home to the company’s Tulu Kapi gold project.
1.00pm: Not a dry eye in the house for OKYO
OKYO Pharma Limited climbed 9.6% to 8p following news of a treatment for dry eye disease that it has been developing alongside Ora Inc.
OKYO and Ora currently anticipate the filing with the authorities of an investigational new drug in the third quarter of next year for OK-101.
OK-101 is OKYO's lead pre-clinical compound is a novel long-acting, G protein-coupled receptor-based anti-inflammatory drug candidate.
11.50am: market welcomes InnovaDerma JV move
PLC hardened to 34p, up 13%, after it signed a joint venture agreement with one of its non-executive directors to “accelerate and develop” its Prolong premature ejaculation brand.
Mark Ward last week acquired a 55% stake in the joint venture vehicle, Ergon Medical Limited, hitherto a subsidiary of InnovaDerma, for a value of £275,000, with InnovaDerma retaining the other 45%.
The venture will focus on rapidly increasing sales of Prolong and the board plans to review an exit strategy via trade sale or listing to maximise shareholder value after a period of three to five years.
10.55am: Blue Star Capital finds market unimpressed by Argentine signing
Blue Star Capital PLC (AIM:BLU) has pointed shareholders to an announcement relating to one of the companies in which it has an investment.
Guild Esports has signed Nicolas Villalba to its roster. Villalba has ranked in the top 3 FIFA players worldwide since 2018 and is Argentina's second-highest earner within esports.
The market did not seem that impressed, however, as Blue Star, an investment company with a focus on esports, payments, technology and its applications within media and gaming, saw its shares slide 5.3% to 0.18p.
10.00am: Tavistock Investments sees NAV surge
Tavistock Investments PLC (AIM:TAVI) shares surged 9.8% to 4.5p after the company announced a sharp rise in its net asset value (NAV).
NAV per share stood at 8.6p per share as at 30 September 2021, up from 3p at end-March, as its performance was boosted by proceeds from the sale of its investment management business Tavistock Wealth Ltd (TWL).
The investment company raised its interim dividend to 0.05p per share from 0.01p.
9.05am: Thungela tops the risers early doors
Thungela Resources Limited, up 16% at 387p, was the top riser in London early doors on the back of a trading statement.
The thermal coal company, which was demerged from Anglo American PLC (LSE:AAL) earlier this year, boasted of “robust cash generation driven by supportive prices and narrower discounts”.
This, it said (continuing to read from the Managementspeak Buzzwords Bible), is resulting from an optimised sales mix in response to continued rail infrastructure constraints.
So now you know …
Not quite the top faller but a bit too close to it for comfort was controversial loans company Amigo Holdings PLC (LSE:AMGO) after it updated on the scheme of arrangement that it hopes will persuade the authorities to allow it to resume lending again.
The shares tumbled 16% to 6.5p after the Independent Customer Committee (ICC) confirmed its preference for the new business scheme, that will allow the company to resume lending, as opposed to the wind-down scheme that would see the lender’s loan book run off.
The ICC said it believes the new business scheme will provide creditors with greater returns than the wind-down scheme (and the shares reacted accordingly).