Shares in independent oil and gas firm Parkmead Group PLC (LON:PMG) moved lower after announcing the acquisition of Pitreadie Farm Limited, the owner of extensive farmland and sites in Scotland. 

Parkmead said it will use the deal to move into renewable energy with plans to install wind turbines, a solar farm and a biomass production facility on the acquired land, which totals 2,230 acres.

The company will buy Pitreadie for £4.9mln, which will be paid for through the issue of shares. Parkmead will also assume £3.6mln of debt held by Pitreadie.

Its shares fell 5.7% to 47.9p.

URU Minerals Ltd PLC (LON:URU) shares edged up 10% to 275p after saying South Africa accepted an application for three prospecting rights that form the Zebediela project.

The application, submitted by URU’s subsidiary Lesego Platinum Uitloop, included areas in the Limpopo Province of South Africa.

URU said the South African Department of Mineral Resources will now process the application and the company “looks forward to receiving the mining right in due course”.

2.00pm: Two Shields Investments shares fall on wider full-year loss 

Two Shields Investments PLC (LON:TSI) shares dipped 10% to 0.135p after posting a wider full-year loss.

The AIM-listed investment firm said its pre-tax loss rose to £2.6mln in the year to the end of March from £768,851 last year as revenue fell to £262,000 from £2.6mln.

Two Shields recorded a loss on the disposal of financial assets at fair value of £691,428 and an impairment charge of £820,503. 

“Following the completion of our strategic review, we continue to implement our strategy of focusing on rapidly growing, disruptive markets including social e-commerce and cyber security,” said chairman Andrew Lawley.

Cadence Minerals PLC (LON:KDNC) shares rose 14.7% to 0.10p after its judicial restructuring plan to recover and restart operations at the Amapa iron ore project in Brazil was approved.

The plan was submitted to the commercial court of Sao Paulo and was approved on Thursday, allowing

Cadence said once preconditions relating to the railway licenses and bank creditor arrangements have been met, a US$2.5mln investment it placed in a judicial trust account will be released and Cadence will own 20% of Amapá.

Cadence plans to invest a further US$3.5mln on the grant of all operational and environmental licenses for Amapá, giving it a 27% stake in the project.

11.30am: Jaywing shares fly lower after delaying 2019 results as it seeks funding 

Jaywing Plc (LON:JWNG) shares slid 41% to 3.5p after saying it would delay the publication of its results as it holds talks with lenders and two major shareholders to secure much-needed funds.

The marketing company said it expects to publish its 2019 financial year results by the end of September instead of the end of August as previously planned.

Jaywing, which warned in July that the first quarter was “very weak”, said trading has improved since the end of June but conditions remain “challenging with client activity adversely impacted by the uncertain economic and political outlook”.

Shares in Mr Kipling maker Premier Foods PLC (LON:PFD) sweetened after it ended a nine-month search for a chief executive.
Premier named Alex Whitehouse, its UK managing director, as chief executive.

It also appointed the former boss of FTSE 250 industrial group Essentra, Colin Day, as chairman.

The news comes amid a strategic review and pressure from activist investors to turnaround the heavily indebted company.

Shares rose 1.2% to 33.4p.

9.40am: Global Resources Investment Trust shares jump as it agrees to sell stake in Anglo African Minerals 

Global Resources Investment Trust PLC (LON:GRIT) shares surged 187% to 4.75p after saying it agreed to sell its stake in Anglo African Minerals PLC to Makar Navis.

The trust will receive US$5.2mln, including US$3.3mln for shares and at least US$1.9bn for debt.

Global Resources said the disposal would result in a “material uplift” to its net asset value per share.

Shearwater Group PLC (LON:SWG) share shot up 11.6% to 2.15p after the cyber security firm’s parent company SecurEnvoy signed a distribution agreement with EMT Distribution.

EMT Distribution will act as a distribution partner for SecurEnvoy’s products in the Middle East, Turkey and Africa.

Shoe Zone PLC (LON:SHOE) shares took a kicking as its chief executive stood down and the group issued a profit warning due to the “tough high street”.

The AIM-listed footwear retailer said it now expected its full-year performance to be “below its expectations” as a result of the difficult trading conditions, adding that its Big Box and Digital elements of its growth strategy were being offset by the slowdown despite “progressing strongly”.

Chief executive, Nick Davis, has resigned from the board to pursue other business interests and would be leaving the group with immediate effect, it said.

Shares plunged 30% to 134p.

Spitfire Oil Ltd (LON:SRO) shares dropped 14.5% to 2.65p after saying it could be suspended from trading on AIM as it has become a cash shell following its decision to relinquish the retention licence over the Salmon Gums lignite tenements in Australia.

The company relinquished the licence after a review into the economic feasibility of the project.

The review considered the current and long term forecast for the continued “relatively low oil prices” and the continuing costs of maintaining the retention licence.

“With the relinquishment of this licence, Spitfire becomes an AIM Rule 15 cash shell,” it said.

“As such, the company will be required to make an acquisition (or acquisitions) which constitutes a reverse takeover under AIM Rule 14 on or before 29 February 2020.

“If no such acquisition is completed by 29 February 2020, the company’s shares would then be suspended from trading on AIM pursuant to AIM Rule 40.”

Proactive news headlines:

Polymer maker Itaconix PLC (LON:ITX) has promoted its finance and operations director to the role of chief financial officer. Laura Denner, who joined Itaconix as its financial controller in 2013, will take over from the departing Michael Norris on 1 September.

Adamas Finance Asia Ltd (LON:ADAM) has completed the second stage of a joint investment in a luxury ski resort development in Japan.

Premier African Minerals Ltd (LON:PREM) said it will ask shareholders to approve the sale of its interest in Circum Minerals Ltd as part of a possible fundraise.

Alba Minerals Resources Plc (LON:ALBA), in its interim results, highlighted the Clogau Welsh gold project and the Horse Hill oil project as key assets with the shortest route to success.