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EQTEC climbs after CEO and COO buy shares

Last updated: 01:05 30 Apr 2022 AEST, First published: 18:41 29 Apr 2022 AEST

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EQTEC PLC (AIM:EQT) rose 9% to 0.94p after its chief operating officer Jeffrey Vander Linden bought almost 2.1mln shares in the company for an average price of 0.95p per ordinary share.

This takes his total holding in the waste-to-energy firm to 17.6mln ordinary shares, roughly 0.21% of its issued share capital.

Earlier, the AIM-listed group had revealed that CEO David Palumbo had also topped up his holding. 

Palumbo bought 2.15mln shares at an average price of 0.93p to take his stake to 45.8mln or 0.53% of the company – and he retains 241.8mln options and warrants to subscribe for additional EQTEC shares.

2.56pm: MGC Pharmaceuticals climbs as it signs distribution agreements

MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) gained 10% to 1.3p after releasing its quarterly activity report.

The company said it continued to make strong phytocannabinoid product sales in key markets, as well as signing strategic EU and UK distribution agreements for CannEpil and CogniCann signed with leading "at home" medicine supplier, Sciencus Rare.

"This quarter has seen strong consolidation on our Company strategy as we affirm key partnerships with industry leaders and advance our clinical pipeline,” said managing director Roby Zomer.

“We continue to make progress against our key goals, and cement our position as a biopharmaceutical company producing treatments for some of the most debilitating conditions globally."

2.00pm: Petropavlovsk deafults and falls further

Petropavlovsk PLC (LSE:POG) fell another 12% to 2p after the gold miner said it has defaulted on some of its loans with Gazprombank.

Shares are down 91% in the last six months, with Russia’s invasion of Ukraine exacerbating the problem for the London-listed company.

Gazprombank required the company to make a total repayment of US$288mln, but hasn’t been able to do so due to the sanctions imposed on the bank.

12.56pm: Carclo (LSE:CAR) falls as costs passed onto consumers

Shares in Carclo (LSE:CAR) PLC fell 11% to 24.1p after announcing in its full-year trading update it will be passing costs onto consumers to offset inflationary pressures.

Second half margins for the manufacturer of plastic parts and aerospace components were impacted by an increase in the price of war materials, with war in Ukraine had added to these inflationary pressures.

Secondary pandemic issues also played their part, with labour shortages impacting production.

However, the company does expect to report a strong performance, with revenue and underlying profits ahead of expectations.

11.57am: AO World slumps with sales down 

AO World PLC (LSE:AO.) slumped 18% to 70.8p, with shares down more than 50% in the last six months.

The electric retailer announced a fall in full-year revenue and warned that the near-term outlook for revenue and profit could be impacted by inflation, supply chain constraints and more customers cancelling warranties as the rising cost of living starts to bite.  

In a trading update, the company said it expects to report a 6% drop in revenue for the year to 31 March 2022 to £1.55bn, against "strong prior year comparatives", with UK sales down 5% and German sales falling 12% compared with the same period in 2021.

Publication of the results for the year to end-March 2022 has been delayed by six to eight weeks due to the ongoing strategic review in Germany, with the company considering several options in connection with the review of its German business.

11.04am: Pembridge returns to profit

Shares in Pembridge Resources PLC (LSE:PERE) also climbed up to 5.3p, an 8% increase, following the release of its annual financial report. 

The mining company returned to profit for the year ending 31 December 2021. 

Profit stood at US$20.5mln, a significant improvement on its US$11.1mln loss 12 months earlier. 

Earnings per share were US$0.24, which again was an increase on the loss per share of US$0.15 the previous annum. 

"These financial statements illustrate a major stage in Pembridge's development, showing a profit for the year and positive net assets for the first time since taking its present form as Pembridge Resources PLC (LSE:PERE),” said chief executive Gati-Al Jebouri.

9.39am: Alphawave IP and SIG set the early pace

Alphawave IP Group PLC (LSE:AWE), up 15% at 184p, was London’s best performing stock on Friday morning after a trading update.

The information technology infrastructure specialist said the first quarter of 2022 had been a strong one, with bookings up 20% quarter-on-quarter.

This followed a record 2021 in which bookings rose 225% from the year before.

SIG PLC (LSE:SHI), up 13% at 41.35p, was another stock fast out of the traps as the insulation specialist said it has traded significantly ahead of expectations this year.

The underlying operating margin for 2022 is now anticipated to reach 3% while the company now expects free cash flow to be positive in 2022.

First-quarter sales were up 25% year-on-year on a like-for-like basis.

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