Shares in junior oiler Oilex Ltd (LON:OEX) gushed 26.5% higher to 0.2p in late-afternoon as it confirmed that it had terminated arbitration proceedings regarding a dispute with Indian state-backed Gujarat State Petroleum Corporation (GSPC).
The firm said that the proceedings at the Singapore International Arbitration Centre had been ended after a settlement was reached with GSPC in early September concerning the Cambay field joint venture, in which Oilex holds a 45% stake.
The firm said the proceedings had been formally ended after all parties had implemented the settlement, which it said was an “important step” in restarting active work at the project.
Elsewhere, AIM-listed miner Greatland Gold PLC (LON:GGP) had a little extra shine after confirmation of broad widths of gold mineralisation at its Firetower project in Tasmania sent the shares up 5.2% to 1.9p.
Among the highlights of the most recent drilling was 54.5 metres at 1.36 grams per tonne gold from surface, 29m at 0.78 grams per tonne gold 78 metres and five metres at 8.72 grams gold from 81 metres
In the fallers, Matomy Media Group Ltd (LON:MTMY) slumped 16.7% to 2.3p as its board attempted to stave off an effort by some of its bondholders to force the sale of a 90% stake in tech firm Team Internet (TI).
Matomy, which acts as TI’s holding company, said it had been working over the past few months to sell off its stake for enough money to pay off its debts, and warned that any attempt to force the sale may result in a deal that did not produce enough cash.
Bondholders have called a meeting on 2 October where they will vote on whether to force the company to sign a sale agreement for its TI stake by 2 November.
1.15pm: MobilityOne cashes in on Malaysian market
For the six months ended 30 June, the AIM-listed firm reported a pre-tax profit of around £424,000, up from a £781,000 loss in the prior year, as revenues surged 37.2% to £78.9mln.
The company attributed its positive performance to strong growth of its prepaid mobile phone and bill payment business in Malaysia, adding that it was now planning to expand its e-money offering in the South East Asian country.
Strong profits also brought some cheer for Skinny Tan maker InnovaDerma PLC (LON:IDP), which saw its returns more than double as high street chemist Boots added more of the company’s ranges to its shelves.
The company’s Wonder Serum, a combination of fake tan and an anti-ageing cream, has been one of the chemist chain’s highest stocked items since launch, while its Roots hair cream is set for a new social media campaign while a new product launch is set for the second half of the current year.
Results brought less good news for Wildwood restaurant owner Tasty PLC (LON:TAST), which left a bad taste with investors after reporting disappointing sales in the six months to 30 June as revenues declined to £21.1mln from £23mln.
The group also blamed Brexit uncertainty and other headwinds in the casual dining sector, which has already forced several chains to close branches and in the case of some, such as Jamie’s Italian, into administration.
Investors quickly decided to do a runner, with the shares dropping 13.2% to 3.3p.
11.50am: Fire Angel burned as half-year losses widen
The AIM-listed firm reported a pre-tax loss of £3.6mln, wider than a £2mln loss last year, despite revenues rising to £20.7mln from £17.7mln.
Fire Angel also warned that it expected to report a full-year operating loss of £1-£1.5mln as a result of several “strategically significant trials” not generating revenues until 2020.
In the risers, oil and gas firm Aminex flowed 12.5% higher to 1.1p as it reported on positive movements in Tanzania with the government actively resolving several long-standing issues with other operators in the country.
The developments will bode well for Aminex’s Rovuma project and provide confidence as the company and its partners ARA prepare to advance pre-drilling operations for the Chikumbi-1 well.
The Anglo-German outfit also issued an update on trading and reiterated its earnings guidance for the full year, however despite the demise of its competitor the firm warned that its troubles following the grounding of its Boeing 737 MAX aircraft were unlikely to abate any time soon.
9.45am: Mobile Streams logs triple-digit gains as major shareholder moves to oust CEO
Investors in struggling mobile gaming firm Mobile Streams PLC (LON:MOS) seemed to be celebrating in early trading as the shares soared 103% to 0.4p after a major shareholder called a meeting to oust the chief executive.
Sriramakrishna Uthayanan, who owns over 5% of the company, has called a general meeting to remove CEO Simon Buckingham and non-executive director Jonathan Bill, while simultaneously installing himself as a director.
The move to give Buckingham the boot follows news in early September that the group was planning to go private after tough trading in its Argentinian and Indian resulted in revenues plunging to £1.3mln from £3.1mln in the year to the end of June.
However, judging by the share price reaction it seems investors have other ideas, with Buckingham and Bill’s fate to be decided within the next 28 days.
The chocolate maker’s revenues rose 14% to £132.5mln in the year ending 30 June, with pre-tax profits up 11% from last year to £14.1mln.
Profits improved faster than sales, for which Hotel Chocolat has thanked “increasing efficiency and the benefits of scale”, while over the year 14 new UK stores opened their doors alongside two each in the US and Japan, taking its total estate to 130.
In the fallers, troubled high street lender Metro Bank PLC (LON:MTRO) tumbled 9.5% to 246.6p after media reports emerged that the group had cancelled a £250mln bond sale after failing to drum up enough interest from investors.
The bank has been looking to raise the funds to comply with incoming EU regulations, known as MREL, which dictate how much cash a bank needs to have to absorb potential losses and avoid going bust.
However, the key sticking point for Metro Bank is that its borrowing costs have surged over the year after an accounting cock-up in February left it begging investors for £350mln in an emergency cash call.
Proactive news headlines
Digitalbox PLC (LON:DBOX) expects trading for the second half of the year to be better than the first and said it will continue to look for acquisitions akin to The Daily Mash, which it purchased in March.
Bluebird Merchant Ventures Ltd (LON:BMV), the Korean-focused gold development group, has received formal communication from the South Korean government confirming that the application for a ‘Permit to Develop’ the Gubong mine is to be granted.
S&U PLC (LON:SUS) has pulled in industry heavyweight Graham Wheeler to run its car lending arm, Advantage. He will replace Guy Thompson, who wants to retire next year having helped set up the Advantage business and run it for twenty years.
Greatland Gold PLC (LON:GGP) has confirmed the presence of broad widths of gold mineralisation at its Firetower project in Tasmania, following a diamond drilling programme.
Silence Therapeutics PLC (LON:SLN) has hit the first milestone in a deal with a US drugs company in just two months, triggering a US$2mln research payment.
Hurricane Energy Plc (LON:HUR) has announced the spudding of the Warwick West exploration well in the Greater Warwick portion of its Rona Ridge project.
Midatech Pharma PLC (LON:MTPH; NASDAQ:MTP) has filed what’s called a shelf registration with the US Securities & Exchange Commission that would allow it to raise up to US$50mln.
Europa Oil & Gas Plc (LON:EOG) has told investors it is seeking clarification of the situation through the offices of the Irish Offshore Operators’ Association following a speech by Leo Varadkar to the United Nations climate summit on Monday.