W Resources slides as it issues shares to pay for technical services

0 23

W Resources PLC (LON:WRES) retreated 6.1% to 0.115p after it revealed it had issued a pile of shares to settle some bills.


The tungsten, tin and gold mining company has issued 397.7mln shares at a deemed price of 0.123p each to three creditors to settle amounts totalling GBP489,158. This relates to technical and professional services related fees.


The company now has 7.17bn shares in issue.



1.20pm: White knight gallops over the horizon for G4S


G4S PLC (LON:GFS), the controversial security services provider, was up 5.3% at 212.2p as a possible rival bidder to unwelcome suitor Gardaworld emerged.


The company confirmed press speculation that US competitor Allied Universal Security Services has broached the subject of making an offer for G4S.


In the meantime, G4S has a 190p a share offer on the table from Canadian rival GardaWorld that it is advising shareholders to reject.


12.30pm: Mountfield Group shares go through the floor


Mountfield Group PLC (LON:MOGP) shares went through the floor, plunging 32% to 0.375p after its first-half profits collapsed.


The commercial flooring and specialist construction services company said profit before tax in the first half of 2020 slumped to GBP81,000 from GBP719,000 in the first half of last year on the back of a fall in turnover to GBP5.82mln from GBP9.14mln.


“The substantial deterioration in performance was caused primarily by the contraction in demand for construction services caused by the COVID-19 pandemic. At this relatively early stage it is not possible to determine whether the contraction is a temporary phenomenon or whether its effect will continue to be felt over the longer term,” the company said.


11.40am: Titon rallies as sales recover


Titon Holdings PLC (LON:TON) advanced 5.5% to 86p after it highlighted a “strong fourth-quarter recovery” in sales.


In an update for its financial year ended September 30, 2020, the maker and supplier of ventilation systems, window and door hardware reported that it expects revenue for the 12 months to be around GBP21mln, a 23% decline year-on-year as it said sales in the UK, Europe and South Korea had been “significantly impacted by the [coronavirus pandemic] and the associated disruption to production and trading”.


However, Titon said trading had recovered ahead of its expectations, particularly in the final quarter of the financial year.


10.50am: Ovoca Bio appoints familiar face as chief business officer


Ovoca Bio PLC (LON:OVB) was 5.1% heavier at 10.25p after it announced the appointment of a chief business officer.


Christopher Wiltshire is the new man, only he is not so new, having previously served as a non-executive director of Ovoca.


His new executive role will see him focus on “delivering Ovoca Bio‘s long-term vision of becoming a leader in the development and commercial partnering of novel medicines in areas of high unmet need that affect women”.


10.00am: Biffa buys waste management firm


Biffa PLC (LON:BIFF) leapt 3.7% to 236p after it announced the acquisition of Simply Waste.


It is paying an upfront debt and cash-free consideration of GBP35mln funded from the group’s existing committed debt facilities.


The waste management firm said it may pay another GBP5mln based on the performance of the business through to March 2021.


9.15am: Immunodiagnostics Systems higher as its coronavirus testing kit goes on sale


Immunodiagnostic Systems Holdings PLC (LON:IDH) shares rose 11% to 255p in early trade on Friday after the group said its coronavirus (COVID-19) testing kit is now on sale.


The fully automated SARS-CoV-2 IgM antibody test gives results within 30 minutes, the diagnostics specialist noted. It detects specific IgM antibodies indicating recent exposure to the COVID-19 virus and that the immune system has started responding to the virus.


Meanwhile, RUA Life Sciences PLC (LON:RUA) jumped 3.8% higher to 137.5p after it said testing of a skin graft developed by a subsidiary went well.


RUA Vascular’s sealed vascular graft performed as well as, if not better than, the market-leading substantial equivalent in a test on animals.


“I was present and observed the implantation of our final grafts and was very impressed with their performance as surgical devices. The team has succeeded in our design objectives of eliminating animal by-products and creating a zero porosity graft without having to compromise on the implantability of the product,” Bill Brown, the chairman of RUA Life Sciences said in a statement.


Proactive news headlines:


Alien Metals Ltd (LON:UFO) told investors its technical team has successfully completed follow-up geological mapping and sampling programme at the Hamersley iron ore projects. Detailed mapping was conducted over four of the project’s five priority projects during a site visit. Observations in the field indicate that the BHP 19 and BHP 20 prospects may be part of same larger system, the company noted. Additionally, prospects were seen at the Brockman project area.


Remote Monitored Systems PLC (LON:RMS) has said its Gyrometric business is “well-positioned” to meet the challenges of UK technologies services required to achieve an increase in the country’s offshore wind turbine capacity proposed by prime minister Boris Johnson earlier this week. In an update late on Thursday afternoon, the AIM-listed company said Gyrometric is continuing detailed technical discussions with one of the world’s largest manufacturers of offshore wind turbines about the installation and testing of the company’s technology on a large wind turbine in early in 2021.


Power Metal Resources PLC (LON:POW) the AIM-listed metals exploration and development company said it has been notified that yesterday Value Generation Limited, a company beneficially owned by Paul Johnson, its chief executive officer, purchased on market 500,000 ordinary shares of 0.1 pence each in the company at a price of 1.15p each (GBP5,750 invested). In addition, yesterday Johnson purchased 500,000 ordinary shares through his Self-Invested Personal Pension (SIPP) at a price of 1.15p per share (a further GBP5,750 invested). Following the above purchases, the group noted, Johnson has a beneficial interest in a total of 58,000,000 Power Metals ordinary shares, representing approximately 7.09% of the issued share capital of the company.


Oracle Power PLC (LON:ORCP) has said it believes discussions within the Private Power and Infrastructure Board (PPIB) over its Thar Block VI Project are progressing well. Oracle and its consortium partners made a presentation to the PPIB last month, setting out in detail the implementation plan for Thar as an industrial park, centred around the development of a large mine, along with a mine-mouth power plant, a coal gasification (urea/fertiliser) and coal-to-liquids plant. Oracle said this “critical meeting” represented one of the final steps ahead of the view to finalising the award of the letter of intent (LOI) from the PPIB for power.


Minds + Machines Group Limited (LON:MMX) said it is commencing a formal investigation to determine whether certain revenue has been correctly recognised, with a focus principally on a specific contract with multiple elements that was entered into in 2019. The group said the investigation relates to whether all requirements for the recognition of revenue had been met prior to December 31, 2019, and June 30, 2020, or whether such amounts should have been classified as a refundable deposit against future sales or deferred revenue at those dates.


Kodal Minerals PLC (LON:KOD) has said it welcomes the appointment of the interim government in the Republic of Mali. In a statement released after Thursday’s market close, the group noted that alongside the appointment of the government, sanctions imposed by the Economic Community of West African States (ECOWAS) were lifted. “Kodal welcomes the appointment of the interim government and looks forward to working with the government and progressing the mining licence application for the Bougouni Project and moving into a development phase for the project,” the group said.


DeepVerge plc (LON:DVRG) said the Takeover Panel has extended the deadline for the publication of its formal offer document for Modern Water PLC (LON:MWG). It will be released next week (week commencing October 12). DeepVerge has agreed to pay GBP21.5mln for Modern Water.


Amryt Pharma PLC (NASDAQ:AMYT) (LON:AMYT), a global, commercial-stage biopharmaceutical company dedicated to developing and commercializing novel therapeutics to treat patients suffering from serious and life-threatening rare diseases, has announced that it will host a virtual Analyst and Investor Event on Tuesday, November 3, 2020, from 08.30am EST (1.30pmGMT) – 10.30am EST (3.30pm GMT) to present full data from its pivotal EASE Phase 3 trial of FILSUVEZ(R) (previously AP101 /Oleogel-S10) for the potential treatment of dystrophic and junctional Epidermolysis Bullosa. The virtual event will take place shortly after Amryt presents EASE top-line trial data at the 29th EADV (European Association of Dermatology and Venereology) Virtual Congress 2020 on October 31. To register for the virtual analyst and investor event click here: https://lifescipartners.zoom.us/webinar/register/6715959628430/WN_nkzMw5ZSQEadC54WaduS9w


Kromek PLC (LON:KMK), a worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, has said it’s Annual General Meeting (AGM) will be held at 10.30am on October 31, 2020, at Kromek Group PLC, North East Technology Park (NETPark), Thomas Wright Way, Sedgefield, County Durham TS21 3FD. The group said recognises that the AGM represents an important opportunity to engage with shareholders, and provides a forum for shareholders to ask questions of, and speak directly with the board. However, in light of current social distancing measures, and following the local restrictions imposed by the Government in the North East of England, the AGM this year will be run as a closed meeting and shareholders will not be able to attend. The group will make arrangements to ensure that the AGM is quorate and the format of the AGM will be purely functional. Shareholders are therefore strongly encouraged to submit a proxy vote in advance of the AGM.


Falcon Oil & Gas Ltd. (LON:FOG) (CVE:FO) has announced that its Annual General and Special Shareholder meeting will be held via teleconference on December 10, 2020, at 4.00pm (Dublin time).

Leave A Reply

Your email address will not be published.