Anglesey Mining PLC (LON:AGL) shares jumped 17% to 2.05p after the company said its Parys Mountain zinc-copper-lead project in Wales could be host to as much as 7.3mln tonnes of “potentially mineable” ore.
That is significantly more than the 2.1mln tonnes which was suggested in a scoping study two years ago.
That study used a cut-off of US$60 per tonne, but consultant QME, which was brought in last year to optimise the mining plan, has suggested a cut-off nearer to US$48.
The trading of its shares on AIM will be cancelled on 18 September.
Avanti has said the move was due partly to a consortium of shareholders holding around 85% of the company’s issued share capital, resulting in limited free float and liquidity.
The company also believes its market capitalisation no longer reflects its value after a poor performance of its shares over the past year.
1.40pm: Future shares rocket higher as it raises guidance
Future plc (LON:FUTR) shares grew 10.4% to 1,316p after the media company said full-year underlying profits would be “materially ahead” of forecasts.
The FTSE 250 group, which is behind sites such as TechRadar and publishes the popular FourFourTwo magazine, had already lifted guidance on two occasions this year – the last of which was only in July.
The company said trading in the final couple of months of Future’s financial year has been stronger-than-expected, helped by customers flocking to its various product review sites around Amazon Prime Day.
The regulators said they were not willing to reinstate the shares on ASX until it was “satisfied that the company’s financial condition is adequate”.
The miner made the request after agreeing to sell its Trinidad business for US$2.5mln to LandOcean Energy Services Co Ltd to offset debt.
11.40am: BHP shares drop as it urges shareholders to vote against resolution to quit lobby groups
BHP Group PLC (LON:BHP) shares fell 3.9% to 1,736p as the mining giant went ex-dividend and asked shareholders to vote against a resolution to quit industry groups that lobby for policies inconsistent with the Paris climate change agreement.
Shareholders, including the Church of England pension fund and the Australasian Centre for Corporate Responsibility (ACCR), proposed the resolution this week ahead of the company’s annual general meetings (AGMs).
ACCR has argued there was an clash between BHP’s “climate-aware positioning” and “the oppositional advocacy of its industry associations”, particularly in Australia where coal friendly positions have been taken by the Minerals Council of Australia and coal body Coal21.
BHP said it would recommend shareholders vote against the resolution at AGMs in London on 17 October and in Sydney on 7 November. However, BHP added that it was conducting a review of industry associations.
Hawkwing PLC (LON:HNG) shares surged 24% to 1.95p as the sports marketing company said it will become a cash shell after completing the sale of its Australian business.
The company will need to make an acquisition that constitutes a reverse takeover in the next six months or be re-admitted to trading on AIM as an investing company, as required under AIM rules.
“Admission to trading on AIM would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified,” it said.
The group also announced Dwight Mighty will resign as chief operating officer but will remain as a company secretary and a non-executive director.
9.40am: Boohoo shares jump as it lifts full-year guidance
Boohoo Group PLC (LON:BOO) shares gained 13% to 275p after the online fashion retailer raised its guidance for the year after stronger-than-expected revenue growth.
The company now expects sales growth for the year to be between 33% and 38%, up from its previous forecast for an increase of 25% to 30%.
“The board anticipates EBITDA margins for the financial year to remain at around 10% (in line with previous guidance), reflecting anticipated investments across the financial year into the three brands acquired by the group in the first half,” it said.
The company has entered into a non-binding Power Purchase Term Sheet (PPTS) and a non-binding Coal Supply Term Sheet (CSTS) with Vale’s Mozambique subsidiary.
The PPTS sees Kibo sell around 37% of the available power in Phase 1 of the Benga plant’s operation.
“This means that, despite growing at an historically record pace, third quarter and fourth quarter revenues will track below expectations and it will take longer to achieve the forecasted levels,” said the company, which provides technology and information services to the promotional products, print and clothing industries.
FIH Group Plc (LON:FIH) shares moved 4.9% lower to 310p after warning that the development of oil production in the Falkland Islands remains uncertain and has been hurt by the weaker outlook for oil prices.
The owner of goods and services firm, Falkland Islands Company, also said trading at its fine art handling and storage company, Momart, has started slowly with activity in the commercial art market and public sector being “noticeably more subdued than normal”.
It added that Brexit uncertainty has hit trading in the current financial year and may cause a further slowdown in activity during autumn.
Proactive news headlines
Curtis Banks PLC (LON:CBP) continued to grow sales, profits and the dividend in the first half of 2019, which it said demonstrated the resilience of the business amid headwinds in the self-invested person pension industry.
Location Sciences Group PLC (LON:LSAI) has signed up another data supplier to use its Verify location data verification platform. Blis, which uses big data to help brands target their adverts at particular groups and regions, will be the latest supply-side platform to use Location’s technology.
Genel Energy PLC (LON:GENL) shares started Thursday on the front foot as the Kurdistan oiler revealed that partner Chevron has inked a deal that envisages a 20,000 barrel per day crude processing facility at the Sarta field.
Columbus Energy Resources PLC (LON:CERP) told investors that work is continuing with partner Predator Oil & Gas to advance the CO₂ enhanced recovery pilot project in the Inniss-Trinity area, in Trinidad.
TomCo Energy plc (LON:TOM) said it is ready to move onto what it calls the pre-commercial testing phase after an early-stage assessment of technology designed to unlock the hydrocarbon bounty from oil shale.