ClearStar Inc rises after reporting record revenues

A look at the day's major movers, including Touchstone Exploration, Widecells, Eight Peaks, Quadrise, Europa Metals, Wey Educations, CyanConnode and Metro Bank

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Cash flow turned positive at US$380,000 in 2018, versus an outflow of US$184,000 in 2017.

Background checking group ClearStar Inc (LON:CLSU) swung to an underlying profit in 2018 as a jump in big-name clients helped it generate record revenues.

The shares were up 3.5% in afternoon trading.

Speaking to Proactive, chief executive Bob Vale said the company is achieving “achieving excellent traction” in its key growth markets.


2.30pm: Touchstone advances ahead of online presentation to investors

Touchstone Exploration Inc (TSX:TXP, LON:TXP), the dual-listed oil and gas company, perked up as it notified shareholders of a live online investor presentation this week.

The question and answer session for investors will take place on Wednesday and will be made available on ValueTheMarkets.com after the event.

The shares were up 5.9% at 17.85p in London trading.

1.45pm: WideCells turning over a new leaf with name change to Iconic Labs

WideCells Group PLC (LON:WDC) shares rose 11% after it said it had made a strong start to “establishing its offering and building out its presence” in the new media space as it announced plans to change its name.

It will become Iconic Labs PLC, taking the name of the group that joined the company in March, which marked a change of strategy for the former stem cell business.

Iconic is run by John Quinlan and Liam Harrington, who were the founders of UNILAD, the world's largest social media publisher.

1.00pm: Eight Peaks dangles electronic dealing facility before shareholders as it seeks approval for delisting

Eight Peaks Group PLC (LON:8PG) has moved to make it easy for shareholders to trade the company’s shares should it delist from AIM.

The company announced at the end of April it wanted to delist from AIM but the decision has to be ratified by shareholders, who are naturally concerned about how easy it would be to sell their shares once they are no longer listed on AIM.

The company has resolved to appoint Asset Match Ltd to facilitate electronic off-market dealing in the shares.

The shares, which plummeted from 9.05p to 4.45p on the day it announced its desire to delist, rallied to 5.25p from 4.75p overnight.

12.15pm: Quadrise eyes commercial opportunities in China

Synthetic fuels maker Quadrise Fuels International PLC (LON:QFI) continued its strong share price run on Monday with news of a potential new alliance.

The shares, which ended 2018 at 2.25p, rose 13% to 3.74p on news of the signing of a memorandum of understanding (MoU) between Quadrise and API POLY-GCL Alliance.

The latter is an alliance between Ample Power Investments of the British Virgin Islands and POLY-GCL Petroleum Group of Hong Kong.

The non-binding MOU defines how Quadrise and API POLY-GCL will work together on an exclusive basis to pursue commercial opportunities involving the production and supply of MSAR fuel in China for marine (including river transportation), power and industrial fuel consumers.

READ Quadrise Fuels says it could fold if it doesn’t access new funds soon

11.30am: Europa to start drilling in Spain within five days

Europa Metals Ltd (LON:EUZ) will commence drilling at the Toral zinc project in Spain within five days, following the mobilisation of a rig to site.

The drilling programme aims to drill into the high grade core of the project, as defined within the existing inferred resource.

The idea is to increase Europa’s understanding of Toral and to move the resource category up from inferred to indicated.

Shares in Europa rose 17% on Monday morning.

10.30am Wey goes to the top of the form

Online education specialist Wey Education PLC (LON:WEY) was top of the form on Monday after its interims.

The loss before tax expanded to £586,000 in the six months to 28 February 2019 from a loss of £118,000 the year before but that was after £571,000 of exceptional costs – a non-cash item on the profit & loss statement – relating to the writing off of investments in operations in London and overseas.

The top line looked much better than the bottom line, with revenue rising to £2.7mln from £1.7mln the year before.

“With significant cash resources, and businesses with growing underlying financial performance I believe we have a great foundation for growth in our ever expanding and exciting market,” said the chairman, Barrie Whipp.

9.45am: Buy on the rumour, sell on the fact seems to apply to CyanConnode

The recent rally in the share price of CyanConnode Holdings PLC (LON:CYAN) was halted by the release of the company's full-year results.

The smart metering specialist posted an underlying loss (LBITDA) of £5.8mln for 2018, which represented a sharp improvement on the previous year's loss of £10.7mln.

The shares plunged 14% to 5.8p, despite the company saying trading in the first quarter of 2019 indicates that full year results will be in line with market expectation and operating costs for the first quarter are below budget.

High street lender Metro Bank PLC (LON:MTRO), which has become the battered plaything of hedge funds selling the stock short, was in the wars again, sliding 5.9% to 502p after a WhatsApp message recommended people pull their money from the bank.

“We’re aware there were increased queries in some stores about safe deposit boxes following false rumours about Metro Bank on social media & messaging apps. There is no truth to these rumours and we want to reassure our customers that there is no reason to be concerned,” the bank said in a statement to the press.

The company said it has commenced final discussions with existing shareholders and new investors over a much-needed fundraising, and the feedback continues to be positive.

Proactive news headlines 

Europa Metals Ltd(LON:EUZ) will commence drilling at the Toral zinc project in Spain within five days, following the mobilisation of a rig to site.

Live Company Group Plc (LON:LVCG) has inked a multi-year deal to stage its BRICKLIVE shows in Belgium. Under the deal, its partner Exhibition Hub will stage one BRICKLIVE show in the country each year up to 30 November 2021, with the first show to be held between 25 October and 3 November this year. 

Polarean Imaging Plc (LON:POLX) is adding a third clinical trial site to the phase III study of its hyperpolarised 129-Xenon (129Xe) gas magnetic resonance imaging (MRI) technology.

Columbus Energy Resources PLC (LON:CERP) told investors it has received a private petroleum licence for the Bonasse licence area in the South West Peninsula of Trinidad.

Union Jack Oil PLC (LON:UJO) chairman David Bramhill today told investors that the “future remains bright” as the company continue to advance it onshore UK growth strategy. 

Hurricane Energy Plc (LON:HUR) has confirmed a key milestone towards the delivery of the Lancaster field early production system (EPS), with the Aoka Mizu vessel taking on hydrocarbons. 

Angling Direct PLC (LON:ANG), the fishing tackle and equipment retailer, has seen like-for-like (LFL) sales continue to surge this year. The first two months of the current financial year – i.e. February and March – saw LFL sales rise by 28.5% year-on-year, while overall sales were up 50.7% on the previous year. 

Argo Blockchain PLC (LON:ARB) unveiled a strategic co-operation deal that values its shares well in excess of the current market price as it took aim at a proposal from an activist investor to place its own appointee to the board. 

Background checking group ClearStar Inc (LON:CLSU) swung to an underlying profit in 2018 as a jump in big-name clients helped it generate record revenues. 

WideCells Group PLC (LON:WDC) said it had made a strong start to “establishing its offering and building out its presence” in the new media space as it announced plans to change its name. 

Strategic Minerals PLC (LON:SML) is now close to completing on its acquisition from New Age Exploration Ltd of the 50% of Cornwall Resources that it doesn’t already own. Cornwall Resources is the joint venture vehicle holding the Redmoor tin and tungsten project located in Cornwall. 

African Battery Metals PLC (LON:ABM) has acquired an 18.26% stake in Kalahari Key Mineral Exploration Ltd. Kalahari Key owns the Molopo Farms Complex project in south-west Botswana, known to be highly prospective for nickel and platinum group metals. 

Internet domain name seller CentralNic Group PLC (LON:CNIC) saw revenue double in 2018. 

Bluejay Mining PLC (LON:JAY) has joined a local workforce training scheme to build a skilled labour pool for its Dundas ilmenite project in Greenland. 

Avation PLC (LON:AVAP) has added Cebu Air, the largest domestic airline in the Philippines, to its growing roster of customers. 

Caledonia Mining Corporation PLC (LON:CMCL) has seen a hike in the price of gold produced from its Blanket mine in Zimbabwe.

Adept Technology Group PLC (LON:ADT) edged higher on Monday after the IT and communications provider’s new chief executive snapped up £10,000 worth of shares. Phil Race, who took over as CEO from Ian Fishwick in January, bought 2,778 shares at 360p apiece.

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