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IWG and Sabien Technology among Monday’s market losers

Last updated: 00:00 07 Aug 2018 AEST, First published: 17:53 06 Aug 2018 AEST

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Monday’s headline loser in the market was quite plainly workplace firm IWG PLC (LON:IWG) as its shares lost nearly a quarter of their market value after takeover talks collapsed.

The share fell 69p or 23% to 236p.

IWG pulled out of takeover talks with three bidders because it does not believe any of them could offer a price for the UK provider of serviced offices worth recommending to shareholders. 

Elsewhere, boiler efficiency specialist Sabien Technology Group PLC (LON:SNT) shed 41%, to 0.2p, after it told investors that amid slower than expected sales conversions, it is now off the pace required to achieve previously set sales targets for this year.

It also warned that it expects to need to raise additional equity, to provide working capital to support the rental rollout programme and support the remaining sales processes.

9:00am: Ascent Resources shares collapse, Condor Gold soars on permit award

Ascent Resources PLC (LON:AST) shares collapsed by some 40% in Monday’s early deals as it revealed weaker production numbers and communicated the latest developments in its ‘strategic review process’.

The company, which has suspended investments into its primary assets, located in Slovenia, seeks either a partnership with a larger group with the financial wherewithal to advance development or a potential sale or takeover.

It comes amid lengthy permitting delay, which is ongoing, and, as the company has stripped back its corporate and operational activity.

Today, Ascent added that: “It makes little commercial sense for the company to continue incurring costs that are not essential either to the day to day operation of the existing wells in Slovenia or to maintaining the AIM quote for the company's shares.”

Ascent shares lost 46.9% to trade at 0.38p within the first hour of deals.

Elsewhere, FireAngel Safety Technology Group PLC (LON:FA) saw its shares slump 24%, to 47p, after warning that its 2018 financial performance will be below market expectations.

The home security firm told investors that first-half sales fell to £17.7mln, versus £26mln in the same period last year, and it now anticipates reporting a potential loss of up to £0.5mln over the whole year.

On the rise was Condor Gold PLC (LON:CNR), which today revealed that it had secured an environmental permit for its proposed new mine at the La India deposit in Nicaragua.

"I am delighted that the Ministry of the Environment and Natural Resources has granted Condor Gold the key Environmental Permit for the development, construction and operation of a processing plant with capacity to process up to 2,800 tpd,” said Mark Child.

“Gold production is expected to be approximately 80,000 ounces of gold per annum from a single open pit, represents a US$120mln investment and creates 1,000 new jobs.”

In the main market, the morning’s biggest casualty, off 2.3%, was the delivery group Just East (LON:JE.).

Haunting the stock were competition fears – specifically a report from one national newspaper that rival Deliveroo is expanding its network of delivery-only staging posts for restaurant partners.

HSBC Holdings (LON:HSBA) was the last of the banks to report. A modest earnings beat wasn’t enough to excite traders as the stock was marked down 1% early on. Of more interest possibly was the spat between investors in the bank over its capital structure.

Moving down a division to the FTSE 250, shares in the inter-dealer broker TP Icap (LON:TCAP) were up 4% after an upgrade from Peel Hunt, which moved to ‘buy’ from ‘reduce’ on the stock.

Proactive news headlines:

Solo Oil PLC (LON:SOLO) has raised £2.41mln of new capital and could raise up to £1.2mln more, as the group looks to strengthen its hand at the negotiating table. The company is a stakeholder in successful projects in Tanzania and onshore UK, and, as it works to ‘realise shareholder value’ from these key assets, it believes new cash calls are likely.

Metal Tiger PLC (LON:MTR) has received a boost from the latest assay results from the company’s joint venture project with MOD Resources Ltd (ASX:MOD) in Botswana, which sent MOD's shares Australia surging 13.6% In Australia. Metal Tiger also announced plans to raise at least £4.6mln through the issue of shares at 2.8p.

IP group Tekcapital PLC (LON:TEK) has been invited to give a master class at the Marketing and Technology Transfer Hub for the Americas in Santiago, Chile on 6 September. The event is a high-level training programme aimed at entrepreneurs and technology transfer professionals in the Latin American region.

Symphony Environmental Technologies PLC (LON:SYM) has reported solid revenue growth in the first half of the year as its d2p anti-microbial plastic products began to contribute to its balance sheet.

Arix Bioscience PLC (LON:ARIX) has made its first investment in an already-publicly listed company. The life science investment group is to take an 11% interest in ASX-quoted Pharmaxis (ASX:PXS), which is developing treatments for inflammation and fibrosis.

Frontier IP Group PLC (LON:FIPP) said its portfolio company, Fieldwork Robotics, has entered into a collaboration agreement with UK soft-fruit grower Hall Hunter Partnership to test a raspberry harvesting robot.

Flying Brands Ltd (LON:FBDU) has appointed a senior executive who has a track record of business development, to its oversee its main operating subsidiaries. David Smith, a 30-year veteran of the life sciences industry, has been named chief operating officer and chief executive of StoneChecker Software and Imaging Biometrics.

Range Resources Ltd (LON:RRL) has told investors that its well services subsidiary has landed a new contract. Range Resources Drilling Services Limited (RRDSL) is now to provide turnkey services to Touchstone Exploration Inc (LON:TXP, TSE:TXP) for one initial well, which will be drilled using RRDSL’s rig 17 which has now been mobilised.

Vast Resources PLC (LON:VAST) believes it is nearing an important administrative milestone in Romania. In a stock market statement, Vast told investors that the company’s 80%-owned AFCR subsidiary, alongside its state-backed partner, has now submitted a joint formal application to Romania’s National Agency for Mineral Resources for an association licence.

Kibo Energy PLC (LON:KIBO) said it had completed the second phase of the school building and upgrade programme at the villages of Mheza and Namkukwe, near the Mbeya Coal to Power Project in the Songwe region of south-western Tanzania.

Itaconix PLC (LON:ITX), which is rebasing to the US, said chief financial officer Robin Cridland will leave the company at the end of August.

OptiBiotix Health PLC (LON:OPTI), a life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care, announced that, subject to the completion of normal regulatory due diligence, Sean Christie will be appointed as a non-executive director of the company. The firm said Christie has a wealth of international experience in the food, ingredient and chemical sectors as finance director of Northern Foods PLC and Croda PLC (LON:CRDA).

Be Heard Group PLC (LON:BHRD), the digital marketing services group, announced that Rakhi Goss-Custard a non-executive director, will be stepping down from the board on Monday, August 20th.

Thor Mining PLC (LON:THR) (ASX:THR)  announced the appointment of Northland Capital Partners Limited as joint broker to the company alongside SI Capital Ltd.

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