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Vela surges as it increases stake in Argo Blockchain

Last updated: 10:27 18 Feb 2019 EST, First published: 03:46 18 Feb 2019 EST

Epic fail

Vela Technologies PLC (LON:VELA) purchased a further 500,000 shares in Argo Blockchain PLC (LON:ARGO) last Friday at an average price of 3.072 pence per share.

Shares in Vela were up 14.3% at 0.2p following the news while Argo’s shares rose 12.5% to 3.375p.

"We look forward to discussing and understanding the future thoughts and intentions of Argo Blockchain directly with the Argo directors in the near future. In the meAntime, the Vela board believe that the opportunity of investing in a company at a 40% discount to a meaningful net cash asset base and with little drain on those assets, is a rare opportunity,” said Anthony Laiker, an executive director of Vela.

READ Argo Blockchain to refocus and cut costs in the face of difficult market conditions​

2.00pm: Investors happy to see Andalas Energy's deal fall through

It looks like Andalas Energy and Power Plc’s (LON:ADL) proposed acquisition of an interest in the Bunga Mas production sharing contract (PSC) has fallen through.

The company’s chief executive, Simon Gorringe, expressed disappointment in the termination by the Indonesian government (GOI) of the PSC; the market did not, pushing up the company’s shares 9.5% to 0.575p.

The GOI had asked the PSC contractors to deposit sums into an escrow account and lodge performance bonds as a condition of the renewal of the PSC but they did not come through with the necessary moolah.

12.40pm: Botswana Diamonds gets off to sparkling start to its drilling campaign at Thorny River

Botswana Diamonds PLC (LON:BOD) said the planned intensification drilling on its Thorny River prospect in South Africa has commenced.

The company's shares were up 10.3% after it revealed the first four holes of the drilling campaign had intersected kimberlite at predicted thicknesses and depths.

The programme, which consists of 40 reverse circulation angle percussion boreholes drilled to a depth of 30 metres, is expected to be completed within the next four weeks.

11.45am: Sirius Petroleum retreats as it extended transaction period on OML 109 deal

Sirius Petroleum PLC (LON:SRSP), the Nigeria-focused energy firm, has completed its due diligence in relation to the proposed acquisition of the OML 109 project.

The company is now finalising the financing with a dedicated fund, and is awaiting final block partner consents to complete the transaction and have mutually agreed with Sirius to extend the transaction period a further 45 days to 31 March.

The shares were down 5.7% at 0.415p on the news.

11.00am: Tri-Star suffers fall-out from technical problems suffered by SPMP

An operational update from its associate company Strategic & Precious Metals Processing (SPMP) failed to enthuse investors in Tri-Star Resources PLC (LON:TSTR).

The AIM-listed mining and minerals processing company has a 40% stake in SPMP and saw its shares slump to 42.5p from 48p overnight after it said it had been informed that liquid metal has been produced in the reduction furnace at SPMP’s Antimony and gold facility.

That's the good news.

The bad news is that due to a technical issue with the refractory lining, it has not been possible to tap metal from the furnace. SPMP management is investigating possible improvements to the design, which is expected to take several weeks to implement.

10.15am: Zinc Media adds to its client list

Long-suffering Zinc Media Group PLC (LON:ZIN) shareholders received some cheer on Monday as the cross-platform media agency announced it had received a new commission.

Its specialist factual unit has been commissioned to make a natural history series for Blue Ant Media's Love Nature 4K platform in association with the European Culture channel, Arte.

"This commission marks a significAnt step forward in the group's international ambitions,” said David Galan, the chief executive officer of Zinc.

Zinc shares, trading as high as 3p in 2015, rose 2.4% to 0.43p on the news.

 

9.30am: Realm soars after selling off assets; Croma higher after raising profits guidance

Shares in Realm Therapeutics PLC (LON:RLM) were the top risers after the company proposed to sell its hypochlorous acid assets for US10mln.

The NASDAQ-listed company also announced its intention to delist from AIM.

Discussions continue with a number of interested parties, including potential bidders, regarding a potential strategic transaction.

Shares in Realm were up 23% at 8.75p, valuing the company at around £10mln. At the end of 2018, Realm had US$18.8 million in cash, cash equivalents, and short-term investments.

AIM-listed supplier of security personnel and technology Croma Security Solutions Group PLC (LON:CSSG) said profits for the final six months of 2018 were ahead of internal expectations.

The company expects to report underlying earnings (EBITDA) for the period of not less than £1.2 million (2018: £1.2 million).

"We are at an importAnt juncture in CSSG's development. We have a distinct brand known for providing reliable and professional services with an ex-military ethos and significant growth in demand for our services. We have therefore decided to put plans in place to support our aim of becoming the British homeland security brand," said Sebastian Morley, the chairman of Croma.

Proactive news headlines:

Sound Energy PLC (LON:SOU) has announced that the TE-10 well, in Morocco, has higher exposure to net gas pay than previously estimated and, at the same time, has detailed the well is host to a significant amount of gas resources.

Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) has revealed assay results from diamond drilling at the Paltridge North and Rosmann East prospects on the Leigh Creek copper project in South Australia.

Anglo African Oil & Gas PLC (LON:AAOG) has received US$660,000 from SNPC, the Congolese state petroleum company, for a share of costs of the recent successful well at Tilapia. There is also a proposal to repay the outstanding US$9.5mln owed to Anglo African through a short-term payment plan.

Alba Mineral Resources PLC (LON:ALBA) executive chairman George Frangeskides said the company is pleased with the re-start of test production from the Portland reservoir at the Horse Hill project. UKOG, the largest stakeholder in the venture, today highlighted work was ongoing to complete a field development plan, with long-term production slated to start in late 2019.

Speciality polymers company Itaconix PLC (LON:ITX) said underlying earnings (EBTIDA) for 2018 were in line with expectations.

88 Energy Ltd (LON:88E) confirmed that drilling operations kicked off at the Winx-1 well, in Alaska, on Friday. The drilling began on schedule, it added. As of yesterday, the well had been drilled down as far as 880 feet, and, the company noted that next in the plan is to drill down to around 2,500 feet before setting the surface casing.

BATM Advanced Communications Limited (LON:BVC) has been awarded an additional follow-on contract by one of its current customers, a government defence department, carrying a price tag of US$3.3mln.

ADES International Holding PLC (LON:ADES) has secured two onshore drilling contracts in the Kingdom of Saudi Arabia, following a competitive tender process, that will add a total estimated order backlog of around US$150mln.

Providence Resources PLC (LON:PVR) told investors it has licensed some 1,500 square kilometres worth of seismic data, to help it define the Avalon prospect ahead of a drilling decision. The data was acquired in 2017 in a multi-client capture campaign across Ireland’s Atlantic frontier.

Motif Bio PLC (LON:MTFB) (NASDAQ:MTFB) said it will manage its cash aggressively after announcing plans to immediately repay a US$7mln tranche of a loan it has taken out. It also signalled it will have to quickly raise funds after being left with US$3mln in cash following the payment to Hercules Capital. It still owes US$7.7mln to Hercules.

Investment in the development of its oil and gas wellhead sealing technology will mean Plexus Holdings PLC (LON:POS) missing earnings expectations this year. Revenues are on track with enquiries for its POS-Grip technology rising, but the costs of promoting the technology and the heavier investment have affected margins.

SkinBioTherapeutics PLC (LON:SBTX) said it has raised £1.5mln selling shares to an existing investor. Seneca Partners’ holding in the company increases to 20.9% from 14.6% after it bought stock at 16 pence – a 16% discount to Friday’s close.

Tissue Regenix Group (LON:TRX), the regenerative medical devices company, has announced the appointment of Stifel Nicolaus Europe as its nominated adviser and broker with immediate effect.

Anglo Pacific Group PLC (LON:APF) (TSX:APY), the London and Toronto-listed royalty company, has announced the appointment of Berenberg as the company's joint corporate broker with immediate effect. The group said Berenberg will work alongside its other joint corporate brokers, BMO Capital Markets and Peel Hunt.

Collagen Solutions PLC (LON:COS), the developer and manufacturer of biomaterials and regenerative medicines for the enhancement and extension of human life, has announced that Jamal Rushdy will be presenting at an investor evening hosted by Hardman & Co on Tuesday, 26 February at DAC Beachcroft, 100 Fetter Lane, London EC4A 1BN.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 37 minutes ago