PetroNeft surges after selling shares at 58% premium

PetroNeft Resources PLC (LON:PTR) surged 28% higher to 1.22p in early trade on Thursday after raising US$2.1mln by selling shares at a 58% premium.

The oiler sold 107mln new shares for 1.5p each, with directors supporting 44% of the placing.

The proceeds will be used in the firm's 2020 capital investment programme aimed at reducing operational costs, increasing production, cash flow and reserves to boost asset value.

More modestly, Billington Holdings PLC (LON:BILN) rose 6% to 340p after releasing a full-year update flagging up that revenue and profits will exceed expectations.

The engineering company said the outperformance is due to “a number of large projects” completed in the year and added that it is “well placed” to move forward.

Market consensus currently places Billington's revenue at £78mln and profits at £5.2mln.

Proactive news headlines:

Bacanora Lithium PLC (LON:BCN) has described 2019 as a critical year that has seen a number of significant developments which have added value for shareholders. In a statement, ahead of todays AGM, the company noted that it had secured one of the world's biggest lithium producers – Ganfeng Lithium – as a cornerstone investor – with a 29.9% shareholding. Ganfeng also took a 22% direct stake in the company's flagship Sonora mine development project in Mexico.

Kromek (LON:KMK), a worldwide supplier of detection technology focusing on the medical, security and civil nuclear markets, announced that its three senior executives on Wednesday purchased a number of ordinary shares in the company. It noted that Sir Peter Williams, its chairman, acquired 50,000 shares at a price of 22.50p each, taking his holding to 200,000 shares on 0.06% of the company; chief executive officer, Dr Arnab Basu acquired 20,000 shares at 17.95p each taking his holding to 2,972,000 or 0.86%; and Derek Bulmer, chief financial officer, purchased 20,000 ordinary shares at 17.94p each giving him a holding of 132,292 shares or 0.04%.

Braveheart Investment Group PLC (LON:BRH) has increased its shareholding in a business called Pharm 2 Farm (P2F) to just under 52% from 33.33%. The additional £200,000 it has ploughed in will allow P2F to open a new manufacturing facility in Nottingham and to expand its sales team.

Belvoir Group PLC (LON:BLV) is to acquire Lovelles, a privately-owned franchised estate agency network with 19 branches in the Lincolnshire and Humber region. In an update accompanying the acquisition news, the lettings agent said that trading in the second half of the financial year to date continues to be strong and it should comfortably achieve market expectations for the full year.

Tekcapital PLC (LON:TEK) has hailed an agreement made between its portfolio company Salarius Ltd, and a food ingredient broker, to market Microsalt in US. In an update on Thursday, the intellectual property investor, which owns a 97.5% stake in Salarius, said that Accurate Ingredients was brought on board to help sell Microsalt, Salarius' product which contains 50% less sodium than regular salt. Tekcapital noted that over 20 new potential customers are in the process of testing and evaluating the use of Microsalt on their products.

Echo Energy PLC (LON:ECHO) told investors that the drill programme for the Campo La Mata exploration well (CLMx-1), at the Tapi Aike project, has completed. In a statement, Echo said the well was drilled down to 2,513 metres and wireline logging has taken place. Drilling data and initial analysis has encouraged the exploration partners to take the next steps to move the well through completion and testing.

IronRidge Resources Limited (LON:IRR) told investors it has seen its most significant drill intersection to date from the Ewoyaa lithium project, in Ghana, as it received the third and final batch of assay results from recent drilling. Broad and high-grade results were returned from the programme, the company said.

Avation PLC (LON:AVAP) has leased one of the ATR 72-600 aircraft in its order book to Swedish regional airline Braathens. The plane will be the fifth that Avation has leased to Braathens, the first of which is due to be delivered this month. Avation also announced that its credit rating had been upgraded to positive from BB by the Japan Credit Rating Agency.

Ncondezi Energy Limited (LON:NCCL) has selected a preferred financial advisor to prepare the project financial model and finalise tariff submission for its integrated 300MW coal-fired power project and coal mine in Tete, Mozambique. In a statement, the AIM-listed company said it has appointed Synergy Consulting to move the project forward and drive the negotiation process with Electricidade de Moçambique (EDM). It has also appointed KPMG Auditores e Consultores S.A. to provide tax services related to the project financial model.

Custodian REIT PLC (LON:CREI) has trumpeted positive total returns in its first half despite “a struggling retail sector and continued UK political uncertainty”. David Hunter, chairman of the investment trust, added that going forward while retail was struggling, there remained “supply and demand imbalances that should continue relatively low vacancy rates and further rental growth” across the rest of the commercial property market.

Base Resources Ltd (LON:BSE) has issued a definitive feasibility study for its Toliara Project Read More – Source