Market ReportMarket Movers

Angus Energy considers sale of Brockham licences after disappointing drilling programme

A look at the day's major movers, including Rose Petroleum, Craneware, CVS, Adept4, Merlin, Mirriad and Costain

Brockham diagram
Angus will substantially mark down the book value of its Brockham licences

3.45pm: Angus Energy considers sale of Brockham licences after disappointing drilling programme

Angus Energy PLC (LON:ANGS) down 62% at 1.34p, was the biggest faller in London on Friday after a massively disappointing drilling result.

The company said further works on the BR-X4Z borehole have been completed and it is the view of the company that it is extremely unlikely that commercial hydrocarbon flow can be established from the Kimmeridge layer at Brockham, in the Weald Basin.

Supplementary stimulation techniques including hydraulic fracturing have been ruled out by Angus as not being suitable in the Weald.

Angus said it is in discussions to sell its 65% stake in the licence.

2.00pm: Rose Petroleum’s Matthew Idiens reveals intention to step down after ‘transition period’

Shares in Rose Petroleum PLC (LON:ROSE) surged 29% to 1.42p after the company announced changes at the top.

Matthew Idiens is to step down from his position once the current transitional period for the company is over.

Rose said that it continues to evaluate roles and needs at the executive and board levels, as it appointed Rick Grant as non-executive director.

12.55pm: Craneware falls out of bed with a bump

Craneware PLC (LON:CRW), the US healthcare software provider, fell out of bed after a trading update, shedding almost a third of its value at 1,990p.

The company issued a profit warning, blaming the timing and quantity of sales closed in the second half of the financial year.

As a result, revenue growth for the 12 month period over the prior year is expected to be about 6% and adjusted underlying earnings (EBITDA) growth around 10%.

Noon: CVS raises guidance

CVS Group PLC (LON:CVSG) shares jumped 6.9% to 661p after the veterinary services firm said it expects earnings to beat market forecasts.

In the year to date, like-for-like sales are up 5.4%, led by a 4.4% rise in the core vet practices business.

Adjusted full-year underlying earnings (EBITDA) are expected to be “comfortably ahead” of analysts’ estimates as a result of the company’s decision to reduce the number of locums used for its vet practices to bring down employment costs.

11.00am: Adept4 brings more disappointing news

Information technology specialist Adept4 PLC (LON:AD4) was in the wars again, tumbling 20% to 0.4p, after revealing a sharp decline in underlying profits.

The company, which issued a profit warning in April, said trading group earnings before interest, depreciation and amortisation in the six months to the end of March was £15,000, down from £500,000 the year before.

Good old fashioned profit before tax was in fact a loss before tax of £1.21mln, versus a loss the year before of £849,000.

10.15am: Merlin's management succumbs to unsoliciated offer from Kirkbi AG

Theme parks operator Merlin Entertainments PLC (LON:MERL) advanced 14% to 450.2p after it succumbed to a takeover worth 455p a share.

The operator of Legoland Parks, Alton Towers and Madame Tussauds, has agreed to a £4.8bn takeover offer from a consortium backed by the founding family of the Lego Group.

Kirkbi AG, the investment vehicle of Lego’s founding Kirk Kristiansen family, and private equity giant Blackstone, together with the Canada Pension Plan Investment Board as a co-investor, used Kirkbi’s 29.6% stake as a springboard for the bid.

9.30am: Mirriad gets into bed with Tencent; Costain's shares plummet after a profit warning

Mirriad Advertising PLC (LON:MIRI), was London's top riser in early trade on Friday, climbing 18% higher to 23p, after announcing a new two-year agreement with the Chinese video platform operator, Tencent.

The computer vision company said it has been working with Tencent, one of the largest online video platforms in China, to develop new technology that integrates Mirriad's in-video advertising technology more closely with Tencent's video platforms.

The key innovation allows only the new programme segments containing advertising to be delivered to Tencent and integrated at the point Tencent releases content to its digital video platforms, Mirriad said.

The market's top faller, however, was Costain Group PLC (LON:COST), the latest infrastructure firm to take a kicking.

Costain shares plunged 37% to 194.4p as the company warned that a number of delays have been experienced to the timing of contract start dates and new awards.

As a result, revenue for 2019 will be lower than previously anticipated and underlying operating profit for the full year is expected to be in the range of £38.0mln to £42.0mln.

Proactive news headlines:

Union Jack Oil PLC (LON:UJO) has raised £2.25mln as it works to follow up the West Newton appraisal success with an extended well test. It is selling 1.32bn new shares priced at 0.17p each in a share placing arranged by broker SP Angel.

Diagnostics group Oncimmune PLC (LON:ONC) has signed an exclusive distribution agreement in the US for its early stage lung cancer test. The exclusive agreement with US group Biodesix is worth US$28mln over five years and will also see the two companies work together to develop further the EarlyCDT test in both the US and elsewhere.

Turkey-focused gold miner Ariana Resources PLC (LON:AAU) is looking at adding other commodities to its portfolio. The AIM company wants to diversify its business and explore commodities that are associated with emerging technologies.

ImmuPharma PLC’s (LON:IMM) flagship lupus drug has confirmed its “outstanding and robust safety profile” in a six-month extension study. The follow-up study was designed to evaluate Lupuzor’s safety and tolerability, and the drug passed with flying colours, with no serious adverse events reported.

Norman Broadbent Plc (LON:NBB) has cut its annual losses in half after its revenues for 2018 reached their highest level in over 10 years. In its results for the year ended 31 December 2018, the recruiter reported a pre-tax loss of £700,000, 54% lower than the prior year, while revenues increased by 44% to £9.4mln. Big Pic in June.

Advanced Oncotherapy PLC (LON:AVO) remains on track to treat the first cancer patient at its Harley Street facility by the end of 2020.

Gaming Realms PLC (LON:GMR) is targeting development of its Slingo brand as well as international distribution and US expansion for 2019. In an outlook statement accompanying its full year results, the company said it would develop and licence mobile-focused games under the Slingo brand while international distribution would increase income from its game portfolio.

Providence Resources PLC (LON:PVR), in its financial results statement, highlighted that it has continued to progress its Irish asset base despite “encountering increased regulatory and political headwinds”.

Simec Atlantis Energy Limited (LON:SAE) is to receive £5mln in cash as compensation for the collapse of its planned acquisition of Scottish hydro group GHR. The tidal power group will also receive a £2mln interest-free loan from vendor SIMEC, which is the group’s controlling shareholder.

Matthew Idiens is to step down from his position at Rose Petroleum PLC (LON:ROSE) once the company has completed its current transitional period. Rose, in a statement, said that it continues to evaluate roles and needs at the executive and board levels, as it appointed Rick Grant as non-executive director.

EQTEC PLC (LON:EQT) has raised £750,000 in a share placing and managed to agree to a “comprehensive restructuring” of its debts.

Pre-revenue gold mine developer ECR Minerals PLC (LON:ECR) said the last nine months or so have been marked by a series of exciting developments at its Australian projects.

Wishbone Gold PLC (LON:WSBN) increased precious metals trading revenues 30% last year and hailed the new valuation of exploration assets in Australia at higher than their carrying value.

Galantas Gold Corporation (LON:GAL, CVE:GAL) said all resolutions were passed at its annual general meeting, including the election of David Cather, the former Avocet Mining CEO, as a non-executive director.

G3 Exploration Ltd (LON:G3E) said it remains committed to concluding the demerger of Green Dragon Gas, which it had hoped to get done and dusted by the end of this month.

Sareum Holdings PLC (LON:SAR), the specialist small molecule drug development business, said that subsequent to the successful closing of its recent fundraising, the company has raised a further £100,000 at 0.4p per ordinary share from an institutional investor which participated in the placing. The group said that total gross proceeds of the fundraising have therefore increased to £781,484, with the net proceeds to be used to progress the company's TYK2/JAK1 drug development programmes as well as for working capital purposes.

Eden Research PLC (LON:EDEN), the AIM-listed biopesticide products developer announced that its chairman, Lykele van der Broek has purchased 358,500 ordinary shares in the company at an average price of 10.94p each. It said that, following the transaction, van der Broek is now interested in 358,500 ordinary shares representing 0.17% of the company's issued share capital.

PCG Entertainment Plc (LON:PCGE) (NEX:PCGE) said discussions are continuing regarding potential acquisitions as it announced that its shares will cease to be traded on AIM as the company has failed to appoint a replacement NOMAD. The firm added that its shares will continue to be traded on the NEX Exchange and trading will recommence on Monday July 1. It also announced the appointment of First Sentinel Corporate Finance Limited as its NEX Corporate Adviser with immediate effect.

Malvern International PLC (LON:MLVN) pointed out that it had expected to announce its results for the year ended 31 December 2018 yesterday but said it continues to endeavour to finalise these results as soon as possible and will make a further announcement in due course.

Anglo African Oil & Gas PLC (LON:AAOG), the independent oil and gas developer, announced that its executive chairman, David Sefton will be presenting at an investor evening hosted by Turner Pope Investments on Wednesday 3 July 2019, in London, EC2, which will commence at 4pm.

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