Capital Ltd (LSE: CAPD), the mining services company focused on the African markets, has been boosted by contract news.
It has been awarded a three year drilling services contract with AngloGold Ashanti (ASX:AGG) for its Geita gold mine in Tanzania.
The deal is expected to generate around US$150mln, making it the second largest award of new business in the company's history.
It has also won its first contract with B2Gold Corporation at the Fekola gold mine, as well as a two year extension to a laboratory services contract with Kinross at the Tasiast gold mine in Mauritania.
Chairman Jamie Boyton said: "We continue to see very strong demand across the market and today's announcement is testament to that.
"We are pleased to maintain our long-standing relationship with AngloGold Ashanti at their Geita Gold Mine with the award of this revised and expanded long-term contract that will extend our relationship to almost 20 years. The full range of drilling services included in the contract is not only a reflection of our excellent operational and safety performance but also highlights our strategy to increase our service offering with long-term mine-site based clients.
"We are also pleased to begin drilling services on the Tier-1 Fekola Gold Mine, one of the largest gold mines in Africa with B2Gold, our latest blue-chip customer. "
Capital's shares have climbed 5.06% to 83p.
2.55pm: Crimson Tide (AIM:TIDE) in demand after upbeat comments
Mobile data specialist Crimson Tide (AIM:TIDE) is riding a wave of positive news.
The company behind the mpro5 platform told its annual meeting that the first half of 2022 had started well in terms of monthly recurring revenue.
It said: "Our pipeline has never been stronger and this includes, for the first time, new opportunities in the United States. Our partnership with Cisco is developing in both the United Kingdom and the United States and we recently were asked to be a demonstration partner at Cisco Live in Las Vegas.
"Our new version of mpro5 for the trades market is on schedule for launch in the first week of September and following testing and potential user group feedback is expected to be a compelling offering. Marketing and radio campaigns have been booked to support the launch."
Its shares are up 6.98% at 2.3p.
2.05pm: SDX Energy flares up as merger partner adds cash alternative to deal
Shares in oil and gas company SDX Energy PLC (AIM:SDX, OTC:SDXEF) are heading higher as its merger partner sweetened the terms of the proposed deal.
Canada's Tenaz Energy had offered 0.075 new shares for each SDX share, but now it has introduced a cash alternative of 11p a share instead.
The SDX board has repeated its recommendation of the deal.
In the market, SDX shares are up 10.81% to 10.25p.
12.19pm: Hunting on the slide despite forecasting return to profitability
Energy services group Hunting PLC (LSE:HTG) has fallen back despite the energy services group forecasting a return to bottom line profitability for the full year.
The company said first half trading had been in line with management expectations, with earnings set to be in the range of US$16mln to US$18mln before any adjusting items.
The second quarter saw an improvement on the first, which felt the impact of COVID-19 on its operations.
It said the third and fourth quarter run rate for earnings was forecast to improve by around 20% on the second quarter result, with trading conditions continuing to show signs of increased momentum for the rest of the year.
Chief executive Jim Johnson said: "Results in May 2022 confirm the group's return to bottom-line profitability, with further improvements anticipated during the remainder of the year. Clients continue to steadily increase drill spend, supported by the strong commodity price environment, indicating a further improvement in trading momentum in the second half of 2022, despite the macro-economic and supply chain constraints seen for certain components."
But its shares are down 15.9% at 230p.
AJ Bell investment director Russ Mould said: “A blossoming order book, an upturn in business in the US and management’s forecast of a return to a net profit in 2022 are not proving enough to support shares in Hunting as financial markets continue to fret about a recession and a possible drop in demand for oil. A cash outflow in the first quarter of $38 million is also spooking investors.
"Both factors may be enough to persuade some investors to take flight. Patient portfolio builders could decide to tough it out, though, given the energy crisis is already leading to increased drilling activity both in the US and worldwide, especially as Hunting’s shares are already trading near ten-year lows and the stock trades on a low multiple of both asset values and past peak earnings"
11.16am: React falls after first half loss
React Group PLC (LSE:REAT) shares have reacted badly to its latest results.
The cleaning and hygience company said half year revenues more than doubled from £2.5mln to £5.1mln.
But administrative expenses and cost of sales rose sharply, and it moved from a £74,000 profit to a £92,000 loss.
It said the second half had started well, helped by the £8.5mln acquisition of LaddersFree in May. That followed a £5.5mln fundraising in April.
Chief executive Shaun Doak said the company was currently trading in line with management expectations and the outlook was positive.
He said: "Whilst mindful of the economic outlook, the second half has had a strong start with the acquisition of LaddersFree.. The acquisition is of significant strategic importance, and following successful integration, LaddersFree is performing in line with management expectations. LaddersFree's revenues during the months of May and June (post completion of the acquisition) have been strong and they look set for a record period of performance."
But is shares are down 5.95% to 1.01p.
10.20am: Crystal Amber Fund plans £66.6mln return to shareholders
Crystal Amber Fund Limited (AIM:CRS) is climbing after it said it would return more to shareholders than originally planned.
The activist investor had targeted additional shareholder returns of at least £40mln or 50p a share before 30 June 2022
It paid a 10p a share dividend in February, worth £8.3mln, but then decided that June should be a target but no longer a fixed deadline.
Now it says it expects to pay another 10p a share dividend worth £8.3mln by mid-August 2022 and an additional 60p a share (equivalent to £50mln) by the end of September 2022.
If this aim is achieved, it will have paid a total of 80p a share or £66.6mln in the first nine months of the year.
Its shares have added 5.99% to 115p on the news.
9.36am: Verditek slides after £1.52mln fundraising at a hefty discount
Verditek PLC (AIM:VDTK), the solar panel specialist, has seen its shares cloud over after a fundraising.
They have fallen 24% to 1.9p after it issued shares at a hefty discount to the prevailing price to raise £1.52mln.
But despite the decline, they are still above the subscription price of 1.5p a share.
The 101mln subscription shares represent around 22.9% of the enlarged capital.
As part of the fundraising, director Gavin Mayhew subscribed for 20,000,000 shares at a cost of £300,000.
Chief executive Rob Richards said: "Although raising cash via dilution is never an easy decision to take, I am delighted that over 80% of the raise has been achieved with long-term shareholders, including a director, who continue to believe in the future of the company."
8.49am: MyHealthChecked upbeat as trading beats expectations
MyHealthChecked PLC (AIM:MHC) is looking healthy after a positive annual meeting statement.
Trading for the first six months of the year has been stronger than expected and is ahead of budget, the home-testing healthcare company said in a statement for its annual meeting.
It said: "Earlier this month we were delighted to announce a record year in terms of revenues, with the business not only performing financially, but also in terms of providing outstanding customer service and delivery. We started the new financial year in a much stronger position, and I am pleased to report that we have seen this good momentum continue into the new financial year.
"The first half of the year saw us continue to support the deployment of our COVID-19 PCR nasal swab test kit for at-home use for the UK's top two high street pharmacy retailers. At the same time, we prepared for the launch of five new at-home cheek swab DNA wellness tests, all of which were made available to customers earlier this month...
"Ahead of this launch, trading in the first six months of the current year has been stronger than expected and is ahead of budget. A more comprehensive trading update for the six months ended 30 June 2022 will be provided in mid-July."
Its shares have climbed 7.66% to 1.56p.
Elsewhere Tower Resources PLC (AIM:TRP) is up 17.65% at 0.3p.
After the market closed on Wednesday, the oil and gas company unveiled a loan worth 4.42bn central African francs (US$7.1mln) from BGFI Bank Group.
The funds will be used as partial financing of the NJOM-3 well on the Thali block in Cameroon.
The loan should cover around 40% of the roughly US$18mln cost of the well.
Meanwhile it also reported an updated resource estimate for the reservoirs connected to the NJOM-1 discovery well, which are a little higher than the estimates contained in an earlier oil reserve report.
Jeremy Asher, Tower's Chairman and chief executive, said: "We are delighted to announce this step forward in the financing of the NJOM-3 well, and also in our relationship with BGFI Bank Group.
"As we announced last month, the expected cost of the well has increased to approximately US$18 million, and so this facility and the US$4 million or so we have already invested, will still leave us with a balance - but a much smaller and more manageable balance - of the NJOM-3 well to finance."