Shares in GSTechnologies Ltd shares jumped 31.4% higher to 1.36p after it said that the Lithuanian Financial Crime Investigation Service has approved its acquisition of UAB Glindala.
Glindala is the holder of a cryptocurrency exchange licence registered in Lithuania. Back in January, the Milton Keynes-based fintech and information technology company entered a binding sale & purchase agreement to buy UAB Glindala for 27,500 euro in cash.
GSTechnologies said it now plans to use Glindala to launch a regulated crypto-asset exchange platform to offer crypto products and GS Money stablecoin settlements to retail and institutional clients.
2:55pm: Coro Energy higher as it inks option agreement to sell the company's Italian gas asset portfolio
Coro Energy PLC shares gained 1.7% to 0.30p after the London-based gas explorer revealed that it has signed an option agreement with an unnamed operator in Italy, who will buy the company's Italian gas asset portfolio.
The operator will pay up to 7.5 million euro for the portfolio, of which 6.0 million euro would be paid in cash at or before completion, Coro said. The portfolio was relaunched earlier this year following gas price rises, it noted and said that it has delivered "significant free cash flows".
Coro executive chair James Parsons commented: "Coro, capitalising on recent energy market volatility, remains strategically focused on monetising both the Duyung PSC and our Italian cash flows whilst investing selectively in South East Asian renewables."
Coro re-confirmed its primary focus on South East Asia and the significant growth and investment opportunities the region offers, with its Duyung PSC covering an offshore permit of about 1,100 square kilometres in the West Natuna basin, offshore Indonesia.
1.15pm: Rockhopper rockets after arbitration outcome
Rockhopper Exploration PLC surged 90% to 16p following the successful arbitration outcome with the Republic of Italy.
Arbitration proceedings started in 2017 over the Ombrina Mare field in the Adriatic Sea.
Italy decided not to award the company a production concession due to it being on 12 mile limit of the coast of Italy where exploration and production activity is banned.
The panel unanimously decided Italy breached its obligations under the Energy Charter Treaty, with Rockhopper awarded €190mln in compensation, of which the oil & gas company expects to retain roughly 80% after arbitration fees have been paid.
“A huge amount of work has been involved since we acquired Mediterranean Oil & Gas Plc in 2014 and commenced the Arbitration in 2017,” said chief executive Samuel Moody.
“I would like to pay tribute to our team for their dedication over such a long period. We will update the market in due course once we have been able to analyse fully the results of the arbitration and its full, very positive financial implications for Rockhopper”.
11.30am: Tracis gains with adjusted EBITDA expected to be ahead of expectations
Shares in Tracsis PLC added 4.5% to 1,055p after the firm said in a trading update that it expects its adjusted EBITDA to be ahead of market expectations.
The provider of software, hardware, data analytics/GIS and services for the rail, traffic data and wider transport industries said group revenues are expected to have increased to around £69.0mln from £50.2mln last year reflecting strong organic and acquisitive growth.
Both its divisions have delivered high levels of revenue growth, Tracsis said, while strong cash balances of around £17.2mln will enable the group to continue to invest in its technology base and to support future organic and acquisitive growth opportunities.
11.20am: Cineworld continues decline as news awaited on possible Chapter 11 bankruptcy move
Shares in Cineworld Group PLC continued to decline, down another 9.5% to 2.715p having confirmed on Monday that it might file for Chapter 11 bankruptcy in the United States and in other jurisdictions to enable it to restructure.
Responding to media reports, the cinema chain said it is preparing to file for bankruptcy in the US and is considering filing an insolvency proceeding in the UK, after failing to entice viewers back to movie theatres.
Cineworld has said it will continue to operate in the ordinary course until and after any filing, with no significant effect on its employees. with cinemas globally open for business as usual.
9.25am: Cornish Metals up on news it has intersected high-grade mineralisation at its United Downs targets
Cornish Metals Inc shares added 1.4% to 18.00p after the firm said it has intersected high-grade copper, tin, and zinc mineralisation from the Mount Wellington and United Mines targets at its United Downs project.
All four of the remaining holes from the Phase 1 drilling programme at United Downs intersected multiple mineralised zones.
"Results from the United Downs drill programme confirm the potential to develop a mineral resource, especially the down dip section of the United Mine where we encountered high-grade copper, tin, and silver,” said Cornish Metals chief executive Richard Williams. “The company is now considering the next steps for United Downs."
9.20am: Costain and Lookers both find support after posting solid interim results
Both construction firm Costain Group PLC and car retailer Lookers Group PLC found support in early trading after posting solid interim results.
Costain shares added 7.3% at 42.40p after it reported profits growth of 22% for the first six months of 2022, boosted by volume increases and inflation protection clauses built into its contracts.
The company left its full-year expectations unchanged with profit predicted to show “good” growth on the back of new contracts.
Lookers shares took on 2.7% at 77.00p after it reported a surge in electric car sales in its latest half year though new car sales continued to struggle.
The Altrincham-based car dealership said electric vehicles (EVs) as a percentage of new car registrations jumped to 17.8% in the half year to June, against 12.5% in the same period a year ago.
Lookers saw its interim revenues rise by 3.6% to £2.23bn, with pre-tax profits down slightly at £49.9mln as used car margins dropped from last year even though prices were up 27% on average.
9.05am: Gfinity higher as it launches gaming tournament-based platform Athlos Game Technologies
Shares in Gfinity PLC rose 14.3% to 1.20p after the firm announced the launch of the gaming tournament-based platform Athlos Game Technologies, targeting the fast-growing, US$127bn games services sector.
Athlos “leverages the power of competitive gaming to deepen player engagement; to lower player churn; and to increase average revenue per user (ARPU)”, the esports and gaming solutions company said in a statement.
Chairman Neville Upton said the launch of the platform supports Gfinity’s confidence for performing in line with market expectations.
The company also revealed the appointment of Electronic Arts (EA) veteran Todd Sitrin as a strategic advisor to the Athlos leadership team.
8.55am: Allied Minds slumps as it mulls possible share delisting from London following a strategic review
Allied Minds PLC topped the fallers list in opening trade, slumping 41.4% lower to 10.95p after saying it will consult with shareholders over a possible share delisting from London following a strategic review.
Under the review, the company said its board weighed up the costs of its listing in London and decided that it is "prohibitively high" relative to the company's size.
Allied Minds said it judged that maintaining a public listing is "no longer in the best interests" of the company and its shareholders.
"The Allied Minds board therefore now intends to formally consult with shareholders regarding a possible delisting of the company," the Boston, US-based firm said in a statement.