Anemoi International PLC slipped 6.4% to 2.95p after director Remy Schimmel left the company by mutual consent in what looks like a money-saving move.
“The recent fund-raise leaves the company with a strong but limited balance sheet. It was, therefore, decided, in the best interest of all stakeholders, to reduce fixed overhead and rather focus on revenue growth. Right now, the company needs a motivated, commission-based sales team to accelerate sales of id4's award-winning software. Remy's duties will be covered by myself, with support from Tim Donell, finance and Alasdair Johnston, legal,” said Duncan Soukup, the chair of Anemoi.
Last week, the company, which recently acquired d4, a Swiss-based developer of RegTech software solutions for small- and mid-sized financial institutions, announced the resignation of another director, Gareth Edwards.
1.40pm: Kistos's value creation plan gets off to a spectacularly bad start
Kistos PLC (AIM:KIST) intends to establish a new value creation plan, the primary objective of which is to motivate key members of the company's executive directors to achieve exceptional levels of performance and deliver further returns for Kistos' shareholders.
It has not got off to a very good start. The shares slumped 9.1% to 323.5p, wiping almost £30mln off the low carbon intensity energy producer’s value.
Apparently, in order to encourage the directors to do the jobs for which they are paid to the best of their ability, Kistos intends to give the executive chairman, chief executive officer and chief financial officer a pile of shares if certain share price targets are met.
There is an overall cap of £25mln for each participant – about 8.5% of the company’s current market capitalisation (so, 25%+ for all three directors) in the plan and the maximum potential dilution is 9.5%.
12.45pm: Minoan Group rallies as it appoints top Greek academic to its board
Minoan Group plc (AIM:MIN), a volatile stock that once traded as high as 12.5p, rallied 4.9% to 1.08p on Tuesday on news of a board appointment.
George Mergos, Professor Emeritus at the University of Athens, has been appointed as a director to the boards of both the Company and its subsidiary Loyalward Limited.
The septuagenarian is a senior academic with extensive management experience at the highest levels in the public and the private sector. He has served as Secretary-General of the Ministry of Finance, Secretary-General of the Ministry of Economy, Governor of IKA, and as a member of the boards of the Hellenic Financial Stability Fund, the Public Power Corporation and the Council of Europe Pension Reserve Fund. He is an expert on economic development, project and programme evaluation and has consulted extensively with organisations which included the World Bank, OECD and the European Commission, Minoan said.
11.50am: OKYO higher after getting green light for Phase II clinical trial
OKYO Pharma Limited, up 4.65 at 5.75p, said the US regulator has given it the green light to take its dry eye disease treatment directly into a phase II clinical trial.
The Food & Drug Administration’s (FDA’s) decision to fast-track the OK-101 in this manner will accelerate the approval process, the company said.
The decision followed the successful conclusion of a pre-IND (investigational new drug) meeting with the FDA.
10.55am: Just another diamond day for Kazera
Kazera Global PLC (AIM:KZG), the AIM-quoted investment company, sparkled in early trading after a diamond production update.
Production for the current production cycle (December 2021/January 2022) has achieved a record number of over 1,000 carats (ct), the largest of which is a high-value stone of 13 ct, the company told investors.
In addition, as per company projections at year-end, the Tantalite Valley mine is expected to become operational shortly, after which the company will begin exporting commercial quantities of Tantalum to its off-take partner.
10.00am: Pantheon Resources a hot stock in a cold climate
Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) was 13% higher at 140.2p after an operational update from Theta West.
The oil exploration company has drilled the Theta West well down to its planned total depth and encountered both the Upper Basin Floor Fan (UBFF) and Lower Basin Floor Fan (LBFF) targets, measuring around 1,160 gross feet of hydrocarbon-bearing reservoir across the two.
Operations have been hampered by extremely cold weather in Alaska, with temperatures as low as -55 Celsius, and a typical programme of analysis has not been possible to date. Wireline logging has not yet been possible but the company did conduct logging whilst drilling which the company said has provided excellent quality data.
9.05am: MySale Group plunges as supply chain issues hit profits but Smartspace rises after lifting expectations
MySale Group PLC, down 39% at 2.02p, was the top faller on Tuesday morning after the board issued a cautious outlook statement.
The international online retailer reported a slump in underlying earnings (EBITDA) to A$1.0mln in the second half of 2021 compared to EBITDA of A$2.5mln in the same period of 2020 as supply chain volatility hit the bottom line.
“The group has worked hard to navigate recent headwinds in lower consumer demand driven by the impact of the Omicron variant and supply chain challenges. The group's increased inventory position is of ... high quality. Notwithstanding these challenges, we remain confident and are well-positioned to capitalise on the long-term opportunity for the group,” said Kalman Polak, the chief executive officer of the company.
The trading update from Smartspace Software PLC (LSE:SMRT) was a lot more cheery and sent the smart building software specialist 9.9% higher to 72.5p.
The company revealed that results for the full year ending 31 January 2022 are expected to be slightly ahead of market expectations.
The underlying loss of “not more than £2.5mln” is slightly ahead of market expectations.