Randall & Quilter Investment Holdings Ltd (LON:RQIH) shares increased nearly 9% to 170p after posting a sharp rise in profit in the first half, boosted by the acquisition of Global US Holdings Inc.
The non-life legacy insurance investor reported a pre-tax profit of £33.1mln for the six months ended June 30, compared to £7.8mln a year ago.
Investment income rose to £16.0mln, well ahead of the £2.6mln recorded a year ago.
MySale Group PLC (LON:MYSL) shares decreased 9% to 2.5p after shareholders approved a plan to raise £11.2mln through a share placing.
The placing price of 2p represents a big discount to the 4.75p it was trading at before announcing the raise.
The net proceeds of the placing will be primarily used to manage the group’s short-term funding requirements and repay and restructure existing bank facilities.
2.00pm: Serabi Gold shares rise on economic assessment of Brazil project
Serabi Gold PLC (LON:SRB) shares rose 9% to 89.5p after saying a preliminary economic assessment of its Coringa gold project in Brazil supports its plan to develop a high grade underground mining operation.
The assessment showed an average gold grade of 8.34 grams per tonne of gold production 288,000 ounces over the life of the mine, which will be about nine years.
The project has an indicated mineral resource inventory of 125,000 ounces of gold, supported by a further inferred resources of 178,000 ounces of gold.
The company said it intends to assess the financing options available and complete the permitting and licencing processes necessary for the development of the project.
11.00am: ProPhotonix shares dim as it swings to first-half loss and warns on outlook
ProPhotonix Limited (LON:PPIX) shares dimmed by 32.5% to 2.12p after the maker of LED illumination systems and laser diode modules swung to a first-half loss.
The group made an adjusted earnings (EBITDA) loss of US$0.5mln in the six months to 30 June, compared to a profit of US$0.2mln last year, as revenue fell 18.9% to US$7.2mln.
“Revenues in the first half of 2019 were down 18.9% primarily due to a decrease in laser and diode product sales (including the decline of $0.9mln from the largest customer due to a delay in a new product launch) partially offset by a small net increase in LED product sales,” said chief executive Tim Losik.
He added: “Currently, we are not able to accurately estimate full year sales, but the board currently envisage they will be no more than US$15.0mln.
“We are now forecasting revenues in the second half will broadly approximate those achieved in the first half.”
He said the company expects to continue to be loss-making and is now reviewing all funding and strategic options available to ensure short-term working capital needs are met.
The company said its earnings (EBITDA) loss narrowed by 56% to US$485,451 as revenue more than doubled to US$941,709.
Chief executive David Levi told investors that the company remains confident that it will meet its long-term objectives, and is well positioned to become one of the key solutions providers for virtual networking and security appliances.
9.30am: Alien Metals shares rocket as it announces further high-grade silver at Mexico projects
The company said the most recent round of sampling has confirmed historic surface and underground work on the projects and that there remain “significant mineralised in-situ ore bodies to be developed”.
Shares in Africa-focused oil and gas firm Lekoil (LON:LEK) rose 11.6% to 6.9p after saying it has been granted a three-year extension for its OPL 310 licence at the Dahomey Basin block in Nigeria.
Lekoil will pay an extension fee of US$7.5mln, funded by existing financial resources and a potential funding partner.
The company has agreed to buy the shares back at price of 200p each in a placing worth £5.1mln
The company said underlying revenue fell to £1.26bn in the six months to the end June from £1.33bn a year ago, blaming political and macro-economic uncertainty in the UK and Ireland, and “to a lesser extent”, Germany.
Statutory pre-tax profit slumped to £5.2mln from £19.6mln, hit by the adoption of IFRS 16 accounting measures and £22.1mln in exceptional items including restructuring costs and losses on the sale or closure of non-core businesses.
Proactive news headlines
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Kibo Energy PLC’s (LON:KIBO) Mbeya coal-to-power project is “rapidly gaining momentum” now that it has made the required statutory payments to the Tanzanian authorities. The payments relate to the final processing and issuance of seven mining rights for Mbeya, which were approved and granted last month.
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