Coral Products to mull over what to do with proceeds from disposals


Coral Products PLC (LON:CRU) was off 15% at 11.5p after the company declined to say (for now) what it would do with the proceeds from recent disposals.

The plastics products specialist has completed the disposal of Coral Product (Mouldings) limited and Interpack Limited. The disposals were announced on February 11.

“It is the board’s intention to conduct a review to determine the most advantageous route to deliver shareholder value and apply the proceeds from the disposals.” said Joe Grimmond, the chairman of Coral.

2.50pm: CloudCoCo Group gives back some of February’s gains

CloudCoCo Group PLC (LON:CLCO) gave back some of February’s handsome gains, sliding 8.3% to 1.65p in the wake of its full-year results announcement.

The turnaround play saw its loss before tax narrow to £2.97mln in 2020 from a loss of £5.59mln in 2019 on revenue that rose to £7.97mln from £7.26mln.

“We are still in the early stages of our long-term plan, but there are green shoots clearly emerging,” said Simon Duckworth, the non-executive chairman of the information technology and telecommunications specialist.

1.55pm: D4t4 finds interim replacement for its head abacus rattler

D4t4 Solutions PLC (LON:D4T4) dived 7.1% to 276.5p after it announced an interim replacement for Charlie Irvine, its chief financial officer.

Nitil Patel, formerly the chief financial officer at Dods group and Ten Alps (now known as Zinc Media), will hold the fort until a permanent successor can be found for Irvine, who last month announced he was off to pastures new.

The data solutions provider is currently undertaking an external search with a view to making a permanent appointment in due course.

1.00pm: DX reverses despite delivering a return to the black

DX (Group) PLC (LON:DX.) retreated 8.3% to 29.7p after its interims failed to pack the punch investors were expecting.

Adjusted profit before tax for the six months to January 2 was £3,8mln, compared to a loss a year earlier of £2.4mln.

The freight firm said it has a healthy pipeline of opportunities in the parcels market, while trading in 2022 has so far been significantly ahead of last year, albeit in line with management’s expectations.

12.05pm: Boohoo rocked by slave labour allegations

Boohoo Group PLC (LON:BOO), down 4.9% at 327.75p, sashayed south as it faced a potential import ban in the US over allegations of slave labour.

US Customs and Border Protection has received two petitions by campaign group Liberty Shared over the course of last month.

The petitions concern the potential prohibition of imports to the US if “they contain in whole or in part materials made with forced labour” under the Tariff Act of 1930, from Boohoo or if “made by apparel industry businesses based in Leicester… with the exception of two companies, Basic Premier Limited and Ethically Sourced Products Limited”.

11.05am: Hurricane share price gets sidetracked

Hurricane Energy PLC (LON:HUR) tumbled 14% to 3.184p after it outlined some possible courses of action for a sidetrack from the 205/21a-7z well.

The company has concluded that it will not be possible to drill this well during the 2021 summer weather window without unacceptable operational and cost risk.

All options for potential further development activity are subject to factors that are or may be outside the company’s control, which include field performance, prevailing oil prices and support from relevant stakeholders and counterparties, Hurricane told investors.

10.10am: PetroNeft encouraged by fracking results

PetroNeft Resources PLC (LON:PTR) said it has completed its fracking programme on the Sibkrayevskoye and the Lineynoye fields, sending its shares 11% higher to 2.45p.

The company said the initial results from the wells are very encouraging, leading to production increases and opening the door to potential further developments.

“Although it is still early days, results so far have demonstrated the value of fracking as a relatively low cost but highly effective means of increasing production, provided the right geological and operational conditions prevail combined with an optimized frack design. We look forward to identifying further candidates for similar activity within our licences,” said David Sturt, the chief executive officer of PetroNeft.

9.15am: Amigo up after JPM increases its stake; Lookers escapes with a slapped wrist

Amigo Holdings PLC (LON:AMGO), the scandal-hit loan company, saw its shares rise 21% to 19.76p on news of an increased shareholding.

Funds managed by JP Morgan Chase upped their stake to 7.04% from 6.29% previously.

Last night after the stock market closed, Amigo sneaked out details of its new long term incentive plan for its chief risk officer, Paul Dyer. Dyer will receive up to 1.5mln nil-cost options if the company hits certain performance targets.

Talking of scandals, Lookers PLC (LON:LOOK) motored 10% higher to 44.4p after the Financial Conduct Authority (FCA) ended its investigation into the car dealer’s activities.

The FCA was looking into the possible mis-selling of regulated products, and associated issues relating to potential customer detriment in the first half of 2019.

The FCA does not intend to apply any sanction against the group but made clear its concerns relating to the historic culture, systems and controls of the group. The board said it fully accepts the FCA’s comments and remains committed to improving the culture.

Proactive news headlines

Supermarket Income REIT PLC (LON:SUPR) said its focus on properties that have omnichannel potential has been validated by the surge in online grocery sales during the pandemic.

Next Fifteen Communications PLC (LON:NFC) said it will repay £1.4mln of cash received from the government furlough scheme – reflecting its strong trading performance and robust balance sheet.

MGC Pharmaceuticals Ltd (LON:MXC, ASX:MXC, OTCMKTS:MGCLF) said distributor Swiss PharmaCan has increased by 85% its initial order volume for ArtemiC Rescue, an anti-inflammatory product targeting COVID-19.

Mkango Resources Ltd (LON:MKA)(CVE:MKA) has completed its flotation pilot plant programme for the Songwe Hill rare earths project in Malawi. The programme was completed at ALS Metallurgy in Perth, Australia, and was effective in scaling up a new, optimised flotation regime for the project. 

Shanta Gold Ltd (LON:SHG) generated revenue of US$147.4mln from its gold production operations in Tanzania during the year to 31 December 2020, up significantly from the US$112.8mln generated in 2019. 

Neuro-imaging specialist IXICO PLC (LON:IXI) has been brought in by new client Cyclerion Therapeutics to support the latter’s phase II trial of a treatment for Alzheimer’s. 

Coinsilium Group Limited (LON:COIN) is planning to launch a non-fungible token (NFT) technology development studio in Gibraltar. In partnership with Indorse, a Singaporean company, it plans to develop smart contract systems for NFT applications including a bridge for NFTs on Bitcoin using Rootstock (RSK) blockchain technology.

Sirius Real Estate Limited (LON:SRE) announced it has completed the acquisition of a mixed-use business park in Fellbach, near Stuttgart, for €9.2mln.

Primary Health Properties PLC (LON:PHP) has acquired a modern purpose-built primary care centre in Shankill, Co. Dublin, Ireland for  €3.8mln.

Red Rock Resources PLC (LON:RRR) has made progress towards completing the purchase of the remaining interest in the Mikei gold project in Kenya.

88 Energy Ltd (LON:88E) told investors that rig mobilisation for the Merlin-1 exploration well is progressing well and has seen only minor weather-related delay.

Chariot Oil & Gas Limited (LON:CHAR) signed a Memorandum of Understanding with the Moroccan authorities committing to support the development of the Anchois Gas Development project.

Enteq Upstream PLC (LON:NTQ) has launched a new directional drilling system, called SABER, which it describes as a “disruptive alternative to traditional rotary steerable systems (RSS)”.

Deepverge PLC (LON:DVRG) said the Ecological Water Operating System, known as EcowaterOS, will begin its launch in China with an introduction via an industry webinar on March 17 and 18.

KR1 PLC (LON:KR1) has sold 19,634.15 SDT tokens in the Stake DAO (SDT) project, generating proceeds of US$255,542. The tokens were sold at an average price of US$13.02 each.

Condor Gold PLC (LON:CNR)(TSE:COG) has closed the £4mln placing it announced in mid-February, with just over 9.5mln shares issued at a price of 42p.

Emmerson PLC (LON:EML) is planning to list on Aim, a market to which the company’s board believes it is more suited. Emmerson is about to enter into a pivotal period, with the commencement of mine construction at the Khemisset potash project in Morocco expected by the end of 2021.

Bahamas Petroleum Company PLC (LON:BPC) updated on its court case in the Bahamas reporting that, yesterday, the Honourable Justice Petra Hanna-Weekes allowed the company’s application and ordered the applicants to post $200,000 security for costs within 30 days, pending which the proceedings will be stayed.    

IQGeo Group Plc (LON:IQG) notified investors that chief executive Richard Petti and chief financial officer Haywood Chapman will provide a live presentation relating to the company’s preliminary results via the Investor Meet Company platform on 25 March at 4.30pm GMT. The presentation is open to all existing and potential shareholders. 

ADM Energy PLC (LON:ADME) will host a webcast of an investor presentation on 12 March at 11am GMT. The call will be led by chief executive Osamede Okhomina, and will include a Q&A session at the end. The Company will provide an update on the business and its views on the drivers behind the current market.

Faron Pharmaceuticals Ltd (LON:FARN) announced that chief executive Dr Markku Jalkanen will present in a pre-recorded presentation at the virtual HC Wainwright Global Life Sciences Conference that will be available on-demand starting Tuesday, March 9, at midday London time. An audio webcast of the presentation will be available in the investors section on Faron’s website:


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