IGas and Egdon hit by fracking ban
Both companies reassured investors their conventional (non-fracking) businesses will carry on as normal, although both stressed the potential of the unconventional basin in the Gainsborough Trough in Eastern England, with analysis indicating gas in place of 640 billion cubic feet of gas per square mile.
The industry has been calling for further tests, with the Oil and Gas Authority wondering whether hydraulic fracturing could resume in line with the new policy, implemented by Westminster following a series of earthquakes at the countrys only fracking site at Preston New Road in Lancashire.
1.15pm: Woodford Patient Capital shaves 4.7p from its net asset value
Woodford Patient Capital Trust PLC (LON:WPCT) fell 7.1% to 35.12p after the carrying values of two of the trusts holdings were amended.
The company's holding in industrial heat specialist IH Holdings has been marked down, reflecting a delay in operational progress, and will reduce the company's net asset value per share by around 5p.
Around 0.7p per share of that loss was clawed back by an upward adjustment to the fair value of an unnamed investment that had previously been written down because of an uncertain fund-raising environment.
12:05pm: LightwaveRF plunges as delays spark a profit warning
The smart home technology firm said fourth-quarter revenues are likely to be significantly below the boards previous expectations.
Worse still, full-year losses are expected to be materially higher than market expectations.
11.00am: Amur seeks to wean itself off its convertible loan facility
The company, which is focused on nickel-copper sulphide exploration and development in Russia, said an asset manager specialising in natural resources subscribed for 70mln shares at a price of 1.7p, generating £1.2mln in funds for Amur.
Just over half of the proceeds from the share issue will be used to repay outstanding loans from funding provider RiverFort Global Capital, while the company said it would not make any further drawdowns under the convertible loan facility with RiverFort for at least three months. Amur intends to find alternative sources of financing that would avoid any future drawdowns from the RiverFort convertible loan facility.
10.15am: Defenx shareholders stampede for the exit as cyber-security firm prepares to delist
The company, which had been trading at 144.78p Read More – Source