Fragrant Prosperity Holdings Limited PLC lost a quarter of its value after its listing was restored following a corporate update.
The company sneaked out an announcement just before the close of trading yesterday in which it revealed the planned reverse takeover of the company by CiiTECH has fallen through.
"The transaction faced a number of challenges as we worked with various groups of shareholders to agree a deal. Movements in equity capital markets have been volatile, not least driven by geopolitical uncertainty. CiiTECH has therefore decided to withdraw from the process,” said Clifton Flack, the founder and chief executive officer of CiiTECH.
2.35pm: JPMorgan Russian Securities rallies as it switches to fair value basis for NAV calculations
JPMorgan Russian Securities PLC rallied 37% to 122p after the company revealed after the close of trading yesterday that it was changing the way it values its assets.
The company said that as a result of the unavailability of prices for the RDXUSD (Russian Depositary Index US Dollar) and prices of American Depositary Receipts (ADR) and Global Depositary Receipts (GDR), the company has applied a fair value against all investments held.
The investment trust noted that 52% of its portfolio is invested in companies listed in Kazakhstan, while 15% of its net asset value is currently accounted for by cash holdings.
1.40pm: Renalytix launches new provider access portal
Renalytix PLC (AIM:RENX) bounced 18% higher to 335p after it announced the launch of its new provider access portal, myIntelX.
The portal will provide nationwide online access for physicians to order KidneyIntelX bioprognostic testing for more accurate identification of patients at greatest risk for rapid progression of kidney disease in type 2 diabetes patients.
The Renalytix myIntelX portal is being launched in conjunction with the launch of KidneyIntelX testing within Atrium Health, which previously announced a collaboration with Renalytix in May 2021.
12.45pm: Evraz not as Russian as we thought it was
Evraz PLC (LSE:EVR), up 28% at 99.44p, was the second-best blue-chip performer after it said it does not consider itself to be subject to the sanctions against Russia following the country's invasion of Ukraine.
“For the purposes of The Russia (Sanctions) (EU Exit) Regulations 2019, the company does not consider itself to be an entity owned by, or acting on behalf or at the direction of, any persons connected with Russia and thereby caught by such legislation,” Russia’s largest steel producer said in a statement.
The London-listed company said to date there had been no material direct impact on day-to-day operations, trading or its financial position, although it said that international sanctions against Russia and the restrictions imposed by Russia have created some frictions in supply, logistics and financial flows.
Just curious who managed to buy Evraz under 55p last week?
— Herm (@Hermes3456) March 9, 2022
Ref this morn's RNS from Evraz #EVR Noticeable no mention of divi pymnt tomo. Looks almost nailed on this will be paid now.
— Align Research (@AlignResearch) March 9, 2022
10.55am: Suzhou pumps £12mln into Premier African
Premier African Minerals Limited was 19% higher at 0.37p after it announced a conditional subscription for new shares by Suzhou TA&A Ultra Clean Technology (NASDAQ:UCTT).
Suzhou is pumping £12mln into the company in return for shares priced at 0.4p per share.
The funds will fully fund the definitive feasibility study at Premier's Zulu Lithium and Tantalum Project.
10.00am: Photo-me dips as mandatory offer lapses
Photo-Me International PLC (AIM:PHTM), the photo booths to laundry machines company, tumbled 7.6% to 63p after Tibergest PTE’s takeover offer lapsed.
Tibergest, a company wholly owned by Serge Crasnianski, received acceptances of its offer in respect of around 8.61% of Photo-me’s shares. In conjunction with its existing holding, that meant Tibergest received acceptances from shareholders controlling 45.1% of Photo-me shares.
The offer was conditional on acceptances exceeding 50%, as a result of which the offer lapsed.
Photo-Me share purchase triggers takeover rule https://t.co/LR1PqfMtDF
— Dead Pixels Society (@DeadPixelsSocty) March 4, 2022
9.05am: Stagecoach Group agrees to offer from infrastructure investment firm
Stagecoach Group PLC (LSE:SGC) whip-cracked away at the outset, soaring 36% to 104.1p as its directors recommended a bid worth 105p a share.
The bid is being made by Inframobility, a company indirectly wholly owned by Pan-European Infrastructure III, an infrastructure fund managed and advised by DWS Infrastructure.
The controversial bus and coach company had been set to merge with rival National Express Group PLC (LSE:NEX) but that deal attracted the attention of the Competition and Markets Authority.
Paul Golby, the chair of Costain Group (LSE:COST) PLC, has signalled his intention to step down within the next 12 months and the City does not appear sad to see him go.
The shares were up 12% at 40.35p after the company said Golby would hang around until a suitable successor has been appointed.
Golby has been chair of the construction group since 2016.