Britain

Verditek tumbles after tapping the market for a million quid

Verditek PLC (LON:VDTK), the cleantech play, tumbled 11% to 2.85p after it announced a share subscription to raise £1mln.

The company issued 40mln shares at 2.5p a pop.

The newly-issued shares represent about 14% of the company's enlarged issued share capital.

2.00pm: KRM22 plunges as fundraising talks drag on

KRM22 PLC (LON:KRM) plunged 44% to 23.5p after it said it is continuing talks about potential fundraising.

The risk management software specialist put out a statement on Thursday afternoon in response to a fall in its share price.

Discussions with shareholders and certain other investors regarding an equity fundraising or potential alternative financing are continuing, the London-based company said.

12.45pm: Anglo African Oil & Gas mystified by sharp share price hike

Anglo African Oil & Gas PLC (LON:AAOG) shares were up 21% at 0.85p, much to the mystification of the companys management.

The shares started the week at 0.22p and closed last night at 0.7p, prompting the company to issue a statement that essentially said: “dont ask me, guv”.

On 1 May the company completed the sale of Anglo African Oil & Gas Congo to Zenith Energy Limited on the terms set out in the announcement of 17 April 2020.

11.30am: Pre-coronavirus, recovery plan was going well for AA

AA PLC (LON:AA. shares rallied 13% to 29.8p as its financial results highlighted a “resilient, cash generative” business, albeit the financials cover the pre-coronavirus period.

The roaside recovery firm's revenue for the twelve months ended 31 January 2020 amounted to £995mln, up 2%, while operating profit increased 17% to £257mln.

Profit before tax rose by 102% to £107mln, with earnings per share at 14.1p from 6.9p in the preceding year.

10.30am: Crimson Tide rises after it reveals sharp increase in profits

Crimson Tide PLC (LON:TIDE), the software company, rose 21% to 2.6p after it reported a sharp rise in pre-tax profits for 2019.

The company behind the Mpro5 mobile workforce management app saw profit before tax soar to £352,000 from £69,000 in 2018.

The company said the profit increase was achieved “despite a strategy of significant increase in sales and marketing expenditure”.

9.30am: Filta Group looking to clean up with anti-coronavirus product

Filta Group Holdings PLC (LON:FLTA) soared 76% to 126p in early trade on Thursday after it launched a new sanitising service to help businesses prevent the spread of coronavirus (COVID-19).

The provider of fryer management and other services to commercial kitchens has launched FiltaShield, which is an anti-viral product developed for use in restaurants, bars, shops and offices (those that are still open) as well as healthcare facilities.

The solution is applied to a surface by spraying or fogging, leaving behind a mono-molecular layer that bonds to the surface and protects surfaces for up to 30 days.

Not just for kitchens, perfect for any public space. Hit me up for the deets #ROC. #FiltaShield #Sanitize #StopTheSpread https://t.co/0KCiqrwV2i

— ROCNY Filta Franchise (@ROCFilta) April 24, 2020

Best of the Best PLC (LON:BOTB) rose 18% to 512.5p as it raised full-year revenue and profit guidance.

The competitions runners switch to an online model – it used to waylay travellers at airports to try to persuade them to enter a competition to win a car (tricky as a car would have been hard to fit in the suitcase) – looks to have paid off.

The company said the second half of its fiscal year, which runs to the end of April, was particularly strong.

Proactive news headlines:

88 Energy Ltd (LON:88E) (ASX:88E) said it has reached an agreement with XCD Energy Ltds (LON:ASX:XCD) board for a unanimously recommended merger. The prior unsolicited takeover bid had achieved backing of about 18.5% of XCDs shareholders, and the recommended merger comes with improved terms. In the all-paper deal, 88 Energy will issue 2.4 new 88 Energy shares and 0.7 for every listed share option held – up from 1.67 per share and 0.5 per option. XCDs board now recommend that its shareholders accept the offer, in the absence of any superior proposals. They will hold around 20% of the enlarged company as a result of the transaction.

C4X Discovery Holdings PLC (LON:C4XD), the AIM-listed drug discovery company, has announced plans to raise at least £1mln by placing shares at 15p a throw. C4X shares closed at 15.25p yesterday. The net proceeds from the placing will be used to further strengthen the companys balance sheet as its partnering and strategic collaborations progress and will boost working capital during the progression of its pipeline portfolio.

MaxCyte Inc (LON:MXCT) has signed a clinical and commercial agreement with a US life sciences group for its cutting edge gene-editing technology. Caribou Biosciences will use MaxCytes flow electroporation systems and the companys ExPERT platform in its allogeneic t-cell therapy programmes. MaxCyte will receive undisclosed development and approval milestones as well as sales-based payments and “other licensing fees”. “This important agreement represents another key expansion for MaxCyte, emphasising the value of our technology platform to companies developing pioneering gene-editing and cell therapies,” MaxCytes chief executive, Doug Doerfler said in a statement.

Panther Metals PLC (LON:PALM) has announced the commencement of a three-week field exploration programme from this weekend on the gold-focused Big Bear property in Ontario, Canada. The main market-listed company, which is focused on mineral exploration in Canada and Australia, said the three-week work sampling and mapping programme, which will build its understanding of possible drill and trench targets is commencing on May 10. It noted that the work will target both orogenic gold and volcanogenic massive sulphide (VMS) style mineralisation.

ReNeuron Group PLC (LON:RENE) said new positive data relating to its CTX cell therapy candidate have been published in the peer-reviewed scientific journal Stem Cells. The developer of cell-based therapeutics said the data was included in a paper entitled "Implantation of the clinical-grade human neural stem cell line, CTX0E03, rescues the behavioural and pathological deficits in the quinolinic acid-lesioned rodent model of Huntington's disease". It said the new data show for the first time that ReNeuron's CTX human neural stem cell line can rescue deficits associated with an accepted animal model of Huntington's disease, a progressive genetic brain disorder.

NQ Minerals PLC (LON:NQMI) has unveiled a new resource statement for the Beaconsfield gold mine in Tasmania. Total resources rise to 1.454mln tonnes at a grade of 10.3 grams per tonnes (g/t), for 483,000 ounces gold. There are 354,000 ounces in measured and inferred resources, 485,000 tonnes at 11.4 g/t in measured for 177,000 ounces and 492,000 tonnes at 11.2 g/t in indicated for 177,000 ounces. A further 477,000 tonnes at 8.4 g/t remain in the inferred resource category, and, the company told investors that significant additional gold potential is still to be assessed.

Next Fifteen Communications Group PLC (LON:NFC) has announced that Penny will become the new chair of its board with effect from February 1, 2021, replacing Richard Eyre who will complete nine years as its chairman on May 11, 2020. Ladkin-Brand, who has chaired the Next 15 Audit Committee since 2017, also becomes the companys Senior Independent Director with immediate effect. The group said its board has asked Eyre to continue in the post to the end of the current financial year, and, consequently, he will seek re-election at the AGM and be available to support a smooth transition. Ladkin-Brand is currently chief financial officer at Future PLC (LON:FUTR), the FTSE 250 global multi-platform media company, and she will be moving into a new role of chief strategy officer on June 1, 2020, and will step down from the groups board.

Frontier IP Group PLC (LON:FIPP) said its portfolio firm Exscientia has entered into a collaboration with US research centre SRI International to expedite the discovery of molecules for a high-value oncology target. The IP investor said the agreement will see the two firms implement a new approach to drug discovery using SRIs automated synthetic-chemistry system with Exscientia's Centaur CRead More – Source