It’s current nomad, Nplus1 Singer, served notice to quit on 27 September and the company has until 7.30am next Tuesday to appoint a new nomad, otherwise trading in its shares will be suspended.
The company is in discussions to appoint a new nomad but the clock is ticking; if the company does not appoint a new advisor by 7.00am on Friday, 29 November, its AIM listing will be terminated.
2.15pm: RHI Magnesita issues profit warning
Investors cooled on the shares of RHI Magnesita NV (LON:RHIM) after the refractory products maker’s third quarter results, sending the shares 5% lower to 3,448p.
Since the company’s interim results in August, the global steel market has weakened further, with world-wide production declining quarter-on-quarter, the company warned.
As a result of these declines, customers have significantly reduced their inventories during the quarter across their supply chain including refractory products. Consequently, expectations for the current financial year have reduced to an adjusted underlying earnings (EBITA) figure in the range of €400-410 million.
1.00pm: AstraZeneca hikes sales target after new drug successes
The drugs giant’s new drugs continued to prove popular, particularly in emerging markets.
The pharma behemoth reported product sales of US$6.13bn in the third quarter, an increase of 16% on the same period last year that is a step up from the 12% in the first half of the year and 14% in the second quarter. At constant exchange rates (CER), the rate of growth remained at 17% from the first half.
11.45am: Name change in prospect for Woodford Patient Capital
The investment trust will be renamed Schroder UK Public Private Trust PLC when the appointment is completed, which is expected by the end of the year.
The trust’s independent board has been in talks about replacing Woodford Investment Management as manager since the summer, with its shares falling more than 50% since early June after another of Woodford’s funds, the open-ended Woodford Equity Income fund, was gated in the wake of a huge wave of redemptions following months of poor performance.
10.30am: Metro Bank on the up escalator after solid third-quarter trading
The company made an underlying loss of £2.2mln in the third quarter, compared to a profit in the same period of 2018 of £6.7mlnm, reflecting the impact of actions to beef up its balance sheet.
The market was heartened by third-quarter progress in reducing costs, increasing fee income and further strengthening the lender’s capital and liquidity position.
9.15am: Beowulf Mining slumps after a heavily discounted share issue
“Markets remain challenging for junior natural resource companies, and further uncertainty is created by Brexit, so it is good to have raised funds and modestly strengthen the company’s cash position,” said Kurt Budge, the chief executive officer of the mineral exploration company.
The funds will be used to finance legal advice in respect of the company’s troublesome Kallak North application in Sweden and will give the company financial flexibility to support Vardar Mineral’s plans for the Mitrovica and Viti Projects in Kosovo.
Revenue in the six months to the end of September fell to £824,000 from £1.16mln in the same period of 2018 while gross profit declined 30% to £499,000 from £710,000.
“We experienced trading challenges in our core markets, particularly the UK unflavoured gin market where we had fewer promotions and retail distribution declined by approximately one hundred outlets, during the six months to 30 September 2019. By contrast, the spiced rum market continued to enjoy good year-on-year growth during the period,” said Don Goulding, the executive chairman of Distil.