Skip to main content
The Markets by Proactive
Go to Proactive UK
Proactive UK has moved. Proactive’s coverage of London’s small caps continues on proactiveinvestors.com Go there →
Advertisement
The Markets
by Proactive
Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
Go to Proactive UK
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK
Advertisement
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Archive

Foxtons lifted by news of £3mln share buyback plan

A look at the major movers on the London market on Wednesday

Foxtons (LSE:FOXT), the London estate agency, is in demand after it announced a £3mln share buyback programme.

The move will be funded from its accumulated cash resources.

Explaining the plan, it said: "After considering the strength of the group's balance sheet, forecast liquidity, timing of further lettings portfolio acquisitions and the prevailing share price, the board has decided to accelerate the return of excess capital to shareholders."

In the market the company's shares have climbed 4% or 1.2p to 31.2p.

12.08pm: Bonhill sees trading hit by UK political turmoil and economic uncertainty

Bonhill Group PLC (LSE:BONH) - the B2B media business specialising in financial services which put itself up for sale last month - has seen trading conditions deteriorate.

In October, at the same time as announcing a strategic review, it said it expected full year revenues of around £15mln and a loss of around £0.35mln from continuing operations.

Now it says: "Following weeks of political and economic uncertainty, particularly in the UK, the company has seen a further softening in its markets and a reluctance by some clients to release further marketing spend in 2022, in particular, around COP 27, which takes place from 6 to 18 November 2022.

"The board is however pleased with recent progress in the US at its InvestmentNews subsidiary, where there has been a stabilisation in both forward bookings and general trading."

Overall though, it is now forecasting lower revenues of around £14.5mln and an increased loss of £0.6mln.

On the sale process, it said it has received interest from a range of potential buyers, of either the whole group or parts of it. It said: "A data room has been prepared and a management information pack is being finalised which will be shared shortly with bona fide potential purchasers who have entered into confidentiality agreements."

But it warned there was no certainty any offers would be made or any terms agreed.

Its shares are down 13.33% or 0.5p at 3.25p.

10.49am: Accsys Technologies (AIM:AXS) drops as it delays construction of new plant

Accsys Technologies (AIM:AXS) has taken full control of a Tricoya wood element project, but has announced a delay to the construction of the planned production plant in Hull.

The moves follow discussions with the consortium planning the world's first plant for Tricoya - material used in the fabrication of panel products such as medium density fibreboard (MDF) - in the wake of rising costs and construction delays.

Accsys will now own 100% of the Tricoya project while the rest of the consortium - INEOS Acetyls Investments, Medite, BGF and Volantis - will receive 11.9mln new Accsys shares, representing 5.74% of the current share capital.

But the company said it would stop the current site activity for at least six months, to mitigate the risk of weaker economics when production starts due to current high and volatile acetyls raw material prices in Europe.

Chief executive Rob Harris said: "Accsys is pleased to take over 100% of the Tricoya project. This provides us certainty over the project, gives us full control and the ability to complete the construction on our terms, at the right time.

"Whilst that time is not right now, the validation work undertaken has demonstrated that the opportunity to produce Tricoya at attractive margins in the future remains strong."

In the market Accsys shares are down 9.22% or 6.5p at 64p.

9.31am: Rockfire Resources upbeat on Greek zinc deposit

Rockfire Resources PLC (LSE:ROCK) is on the rise after it reported good progress at its Molaoi zinc deposit in Greece.

It said the concrete entrance to the old underground portal and decline has now been exposed by excavation, and mapping had located numerous old workings along the strike of zinc mineralisation.

The first 28 rock samples have been submitted to for laboratory analysis, and an access agreement has been finalised and signed with landowners for the initial drilling programme.

Chief executive David Price said: "Our path towards drilling continues to advance and our team has contacted the landowners on whose ground we are planning to drill. Access agreements have been signed in preparation for our initial drill programme, which will consist of 4 geotechnical holes...

"The company will keep the market informed of timing for drilling, which we hope will commence this calendar year."

Rockfire shares are up 6.56% to 0.16p.

8.41am: Firering Strategic Minerals unveils funding deal for lithium project

Shares in Firering Strategic Minerals PLC (AIM:FRG) are on fire after the exploration company unveiled a deal to help fund its Atex lithium and tantalum project in Côte d'Ivoire.

Under the terms of the arrangement, Australia's Ricca Resources will put up around US$18.6mln to fast track the exploration of the project and secure funding for resource estimates and feasibility studies.

The deal also includes the adjacent Alliance exploration licence.

In return Ricca has the right to acquire up to 50% of Firering's interests in the Atex and Alliance projectts, which currently stand at 77% of Atex and 51% of Alliance, via a four-phase earn-in.

Firering chief executive Yuval Cohen said: "The Atex Lithium-Tantalum Project has consistently demonstrated potential to be Côte d'Ivoire's first lithium mine. Our partnership with Ricca will help to bring this to fruition and our combined expertise will support an accelerated exploration pathway. The investment by Ricca will reduce our funding risk through studies and towards production. The partnership also reduces capital costs and brings with it the support of a management team at Ricca with highly relevant recent experience developing a West African lithium asset.

"I believe that reaching this agreement is a fantastic result for our and Ricca's shareholders, and provides a real opportunity for Firering and Ricca to fast track the project, against a backdrop of surging demand for lithium."

Stu Crow, chairman of Ricca Resources, said: "Today's Agreement and strategic investment mark a pivotal moment in Ricca Resources' strategy to enhance, de-risk and diversify our portfolio into green commodities, particularly lithium."

Firering's shares have jumped 34.39% or 2.98p to 11.63p.

Meanwhile Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11) - which once owned Ricca - is up 25.51% at 49.2p after it reported the highest grade to date from a drilling programme at its flagship Ewoyaa lithium project in Ghana

Advertisement
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK