Ironveld PLC (AIM:IRON), which has a mining project in South Africa, is on the rise after agreeing to buy a smelting facility.
It will pay a nominal fee to buy Rustenburg-based Ferrochrome Furnaces, which is in an alternative to liquidation called business rescue, and will also purchase ZAR115mln (£5.75mln) worth of outstanding debt.
Ironveld has planned a refurbishment work programme for the smelter facility of up to nine months, costing ZAR40mln-65mln (approximately £2mln-£3.2mln).
First sales are anticipated within 12 months of completion of the acquisition.
A slight complication is a deal Ironveld has with Grosvenor Resources with the latter planning to invest ZAR161mln (approximately £8mln) in the company.
Grosvenor's funding providers had a preference for physical asset-backed security and the potential acquisition of the FCF smelter complex fits the bill.
But the tight timetable for the deal means Ironveld cannot assume Grosvenor will complete the funding in time.
So Ironveld is considering alternative funding routes, but would still continue to talk to Grosvenor about it investing in the future.
Ironveld chief executive Martin Eales said: "The acquisition of the smelter is a major development and milestone for the company... Our existing offtake contracts and marketing agreements, as well as all the necessary environmental and operational permits that are already in place, provide us with the ability to accelerate the company's pathway to production and cash flow far more quickly and for less cost than if we were to construct a new smelter."
3.20pm: Pittards lifted by chief executive share purchase
Pittards plc (AIM:PTD) has put on 11.93% to 61p after share purchases by its chief executive, putting him in the money already.
The leather goods group said Reg Hankey bought 15,000 shares yesterday at 54.5p each and his wife Mrs Hankey bought 5,000 shares at 54.75p each.
Meanwhile the company will be updating shareholders with a presentation at the Mello2022 investor conference on Thursday in Chiswick.
1.27pm: Forterra results expected to be materially ahead of forecasts
Forterra PLC (LSE:FORT) is moving higher after an upbeat trading statement for its annual meeting.
The bricks and concrete blocks maker said it had seen strong trading in the four months to the end of April, with revenues up 25% on last year and 18% ahead of the pre-pandemic period on 2019.
It said it faced further cost inflation, but had successfully passed on cost increases to its customers with a 12% increase in brick selling price increases from 1 April in addition to the 16% applied in January.
Commissioning of its new £95mln Desford brick factory, which is forecast to increase annual earnings by £25mln by 2025, is expected by the end of the year.
It has delayed the start of the £27mln refurbishment programme at its Wilnecote brick factory by three months, in response to the global supply chain issues limiting the availability of semi-conductors and chips used in the robotic equipment. It said the rescheduling will have a positive impact of around £1.5mln on its 2022 results.
Overall it expects its half year results to be ahead of last year and 2019, while the full year figures are forecast to be materially ahead of its previous expectations.
Forterra's shares have climbed 5.13% to 256p.
12.24pm: Boohoo agrees final settlement in US claim
Shares in Boohoo Group PLC (AIM:BOO) are out of fashion despite the company announcing it had agreed a final settlement in a US class action claim.
The action in California revolved around allegations the company mislead US customers on pricing, offering discounts which were based on inflated original prices which had never been charged.
Announcing the final settlement, the company said it was "without admission of liability" and was within its existing legal provisions.
In its half year results in September it said it had set aside £19.1mln for claims, although this figure is believed to include other items as well.
The settlement still needs to be reviewed and approved by the California district court.
Boohoo shares are down 5.36% at 78.1p.
10.55am: Newmark Security in demand as it cuts losses
Newmark Security PLC (AIM:NWT) has pleased investors with news of reduced losses as it passes on increased costs to its customers.
The company, a specialist in electronic and physical security systems, said it expected revenues to grow in the full year, with reduced losses in the second half compared to the first six months.
It said: "Sharp increases in componentry and freight costs have impacted the group's margins. However, the company has implemented a programme of strict cost management and increased its prices to mitigate the effect of higher input and freight costs...
"We expect to see the full benefit of the price rises and cost savings in the year ending 30 April 2023."
It is also exploring the establishment of a new manufacturing facility in the US to help meet demand there.
Its shares have climbed 13.56% to 33.5p.
10.00am: Renewi rises after record year and positive outlook
Renewi PLC (LSE:RWI), which converts waste into secondary products, is in demand after a record year.
The company said full year revenues rose 10% to €1.86bn while underlying earnings jumped 83% to €133.6mln.
It now expects its performance in the current year to be ahead of previous forecasts.
Its markets continue to grow, driven by legislative changes which promote recycling and increased demand for high quality secondary materials
And although recyclate prices are expected to moderate in the current year, it expects prices to stabilise above pre-COVID-19 levels for the medium term.
Meanwhile it is boosting its business with the €67mln purchase of Paro, an Amsterdam based commercial waste and recycling business.
Chief executive Otto de Bont said: "“Renewi delivered a record performance in the year, with revenues, profits and returns all significantly ahead of the prior year... Our end markets have continued to grow, with climate-driven legislation and corporate strategies supporting increased recycling and demand for high quality secondary materials which, in turn, is driving a sustained increase in recyclate prices.
“There is no doubt the transition to circular economies in our end markets will continue to increase demand for recycling and higher quality secondary materials, supporting our business model in the short and long term. The sustainability agenda pursued by the EU and national governments will also present increasing opportunities for Renewi to convert waste into a wider range of high-quality secondary materials."
Renewi is up 7.26% at 694p.
9.00am: Warehouse REIT gains ground after profit rise and plan to move to main market
Warehouse REIT PLC (AIM:WHR) has built up a good gain after a jump in profits and plans to move from AIM to the main market.
The warehouse investor said full year pretax profits rose from £123.1mln to £191.2mln, helped by what it called unprecedented market conditions on recent months.
It said continued strong and increasingly diverse occupier demand, driven by growth in e-commerce and the need to reinforce supply chains, combined with growing constrained supply.
Chairman Neil Kirton said: "We see further upside from the development potential of the land within the portfolio. The company's move to the main market, which we have confirmed today, will make the shares available to a wider range of investors and increase their liquidity. In turn, this will help us to continue to deliver our strategy and create further value for all our stakeholders."
The company's shares have climbed 6.97% to 168.8p.
Elsewhere SIMEC Atlantis Energy Ltd (AIM:SAE, OTC:SMAYF) has soared 60.98% to 3.3p on news of a new contract.
The company has signed an agreement with Uskmouth Energy Storage - part of Energy Optimisation Solutions and Quinbrook Infrastructure Partners - to deliver a 230MW battery energy storage system.
This will be one of the largest such developments in the UK, and will see SIMEC receive revenues of around £40mln over 30 years.
Around £11mln will be paid within the next 18 months, subject to certain milestones.