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Local Shopping REIT slides as offer terms from Thalassa disappoint

A look at the day's major movers, including SDL, First Derivatives, Ferrexpo, InfraStrata, W H Ireland, Blue Star Capital and Electrocomponents
Iron mine
Ferrexpo's shares were back in fashion

Almost a month after revealing it was mulling an offer for The Local Shopping REIT PLC (LON:LSR), Thalassa Holdings Limited (LON:THAL) has pulled the trigger.

It is offering 14.64p in cash and 0.26 Thalassa shares for each Local Shopping REIT (LSR) share.

LSR shares dipped 1.6p to 27.00p on the offer, which places a value of 32.8p per share on the retail-focused property company.

1.40pm: SDL blows its own trumpet

Content creation and translation services provider SDL Plc (LON:SDL) saw its share price rise 4.7% on Wednesday after it blew its own trumpet.

It told shareholders that independent analyst firm Ars Logica had named SDL Tridion Sites in the top two web content management platforms.

SDL did not say exactly where in the top two its platform ranked but it is a safe bet that it was not number one.

12.45pm: First Derivatives agrees new loan terms

First Derivatives PLC (LON:FDP) has agreed extended bank facilities totalling £130mln on improved terms.

The facilities comprise a term loan of £65mln and a revolving loan facility of £65mln.

The technology provider’s shares were up 200p at 2,370p in afternoon trading.

11.45am: Ferrexpo bounces back while InfraStrata rises after receiving a cash infusion

Shares in Ferrexpo PLC (LON:FXPO), under pressure on Monday after auditors instigated an investigation into its payments to a charity, clawed back some losses today.

The shares rose 9% to 260.1p, barely more than a penny below where they were at Friday’s close, the working day before news of the probe broke.

READ Ferrexpo under pressure as discrepancies are uncovered at CSR charity

Elsewhere in the natural resources sector, InfraStrata PLC (LON:INFA), the company focused on the development of natural gas storage capacity, rose 8.3% to 1.175p after it received a cash infusion as a result of warrants being exercised.

In total, 55.8mln shares were issued at 0.48p a pop, raising £267,840 for the company. In total, the company has 1,332mln shares in issue.  

10.45am: Another profit warning from W H Ireland

Trading remains tough and wealth management outfit W H Ireland PLC (LON:WHI), which issued another profit warning this morning.

The shares lost just under a tenth of their value after the company said exceptional costs for the current fiscal year (to the end of March) are expected to be higher than previously expected owing to a number of significant one-off expenses, as the new management swings the axe.

The company said Philip Tansey, currently the head of finance, will join the board as finance director of the company, subject to approval by the Financial Conduct Authority.

9.30am: Valuation of its stake in SatoshiPay exceeds the market cap of Blue Star

BlueStar Capital PLC (LON:BLU), which invests in technology companies, said its investee company, SatoshiPay, has raised around £830,000 of fresh capital.

The fund-raising implied a total valuation of SatoshiPay of £15mln. Blue Star exercised its right to convert some of its SatoshiPay convertible loan notes at a 15% discount to the price implied by the fund-raising, thereby maintaining its stake at around 30%.

“The SatoshiPay private fund-raise has secured support from experienced blockchain and fintech investors. Following the announcement last week regarding the partnership with Axel Springer and having now secured sufficient cash for its immediate needs we are confident SatoshiPay is well set for an exciting year,” said Tony Fabrizi, the chief executive officer of Blue Star.

Shares in Blue Star were up 20% at 0.18p in early deals.

Talking of technology companies, electrical and industrial components distributor Electrocomponents PLC (LON:ECM) was wanted after issuing a trading update for the four months to the end of January.

The group notched up like-for-like year-on-year revenue growth of 6%, with the January performance being above that average.

“Good progress is being made at building a leaner and more scalable model capable of driving higher operating profit margin. We remain well positioned to make strong progress in the current financial year,” said Lindsley Ruth, the chief executive officer of Electrocomponents.

Shares in Electrocomponents were up 2.4%.

Proactive news headlines:

Milan-based Directa Plus PLC (LON:DCTA) has been appointed as the newest member of the US National Graphene Association’s Industry Council.

ITM Power PLC (LON:ITM) has said that a consortium it is part of has received funding from the UK’s Office for Low Emission Vehicles (OLEV) to develop refuelling stations for electric vehicles.

Further drilling at Oriole Resources PLC (LON:ORR) Dalafin project in Eastern Senegal has indicated gold mineralisation at the Medina Bafe target continues at depth. Oriole has an 85% stake in Dalafin, but Canadian major IAMGOLD is carrying out the exploration and can earn a 70% stake in the project for a US$7mln spend.

Advantage Finance, the motor finance arm of lender S & U PLC (LON:SUS), is still producing record profits despite tougher market conditions.

Non-executive director Deborah Frost has been unveiled as the new chief executive officer of employee services provider Personal Group Holdings plc (LON:PGH). She will succeed Mark Scanlon, who signalled his intention to give up the gig back in September.

Shefa Yamim (ATM) Ltd (LON:SEFA) has received a technical economic evaluation (TEE) for Zone 1 of its Kishon Mid-Reach project that came in at the lower end of the cost curve.

Korea-focused gold explorer Bluebird Merchant Ventures Ltd. (LON:BMV) has applied for a grant to pay for 70% of a drilling programme at its Kochang project. Bluebird said it was invited to apply for the grant by KORES, a company owned by the South Korean government that has already funded two programmes in the area surrounding Kochang.

Mosman Oil And Gas Limited (LON:MSMN) said its net attributable production for the six months to 31 December increased by nearly 47% compared to the prior six months. The AIM-listed oil exploration, development and production company said net attributable production was 6,476 barrels of oil equivalent (boe), an increase of 46.6% on the 4,417 boe in the six months ended 30 June 2018.

Metals explorer Amur Minerals Corporation (LON:AMC) has received the final analytical results from its 2018 drill programme at its Kun Manie nickel-copper project in Russia.

Anglo Pacific Group PLC (LON:APF) (TSX:APY), the London and Toronto listed royalty company, is recommending a 25% increase in the final quarterly dividend for 2018 to 3.125p, which would result in a total dividend for the year of 8p per share, around a 14% increase on the 7p per share paid in 2017. It said a quarterly base dividend level of 1.625p is to be retained for 2019, with the final dividend to be decided when announcing the fourth quarter 2019 dividend.

MaxCyte Inc. (LON:MXCT), the global cell-based medicines and life sciences company, said late yesterday that Panmure Gordon completed a placing of a total of 5,908,319 shares in the company at a price of 170p per share to raise a total of £10.0mln, before expenses, fees and commissions.


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