Barbara Spurrier left the board to spend more time on her other business interests. She has been replaced by Maddy Kennedy.
Kennedy has previously acted as the interim CFO for Ieso Digital Health and PsiOxus Therapeutics, and was CFO for Lab21 and the finance director at Alliance Pharma PLC when it floated.
2.30pm: BDO resigns as auditor of Windar
It’s been a tough year for Windar, whose shares were trading at around a quid a pop a year ago.
At the end of September, it revealed that half-year losses had widened to €1.1mln from €307,261 the year before.
1.15pm: Plutus lifted by EC ruling on the UK Capacity Market
The AIM-quoted power company focused on the development and operation of flexible energy generation projects in the UK flagged the ruling to investors, noting that the commission has determined that the system, known as the Capacity Market, does not break EU state aid rules.
The ruling, announced yesterday, will see the Capacity Market resume its role as a tool for ensuring the security of supply of electricity and enable the government to pay the energy providers the £1bn they are owed.
12.30pm: WPP the top riser among Footsie stocks
The marketing giant cautioned, however, that it still expects like-for-like (LFL) revenues to decline in its current year.
The marketing and advertising firm reported revenues (excluding pass-through costs) for the three months of £2.7bn, 0.5% higher on an LFL basis and an improvement on the 1.4% decline in the previous quarter.
11.45am: Ascential to take a hit after yanking this year’s Money20/20 China show
The exhibition had been scheduled for 4-6 December of this year.
The previous edition of Money20/20 China in 2018 generated £2.5mln of revenue. The one-off costs relating to Money20/20 China in 2019 will hit adjusted underlying earnings (EBITDA) by no more than £1.5mln.
11.00am: Essentra the latest to blame Brexit for its woes
The FTSE 250-listed maker of bespoke plastic and fibre products reported that like-for-like (LFL) revenues for the three month period had fallen by 2.9%, while also declining 0.6% on an underlying basis.
Marginal expansion of Components and mid-single-digit revenue growth in the Packaging division were offset by a fall in incomes from the company’s Filters arm, however, Essentra said it expected this negative trend to reverse in the fourth quarter, thanks mainly to a “significant outsourcing deal”, and as such full-year profits were expected to be “in line with consensus”.
10.15am: Angus Energy bites the bullet with Brockham and Lidsey assets
The company said it is taking pre-emptive action after deciding that it would have to make a provision for the decommissioning of the Brockham and Lidsey assets.
The UK onshore oil and gas development and production company said it is exploring the acquisition of insurance against abandonment as an alternative to long term cash reserving given the very low-interest rate environment.
9.30am: Resolute expecting its sulphide roaster at Syama to be fixed before the end of the year
The roaster was taken offline in early October due to the detection of a crack in the main external shell but should be back online in about six weeks’ time.
Gold miner Resolute estimates the total cost of the roaster repairs will be US$5mln. This amount is expected to be offset by operational cost savings from not operating the roaster during the repair period.
Following a consultation with the US Food and Drug Administration, Biogen Inc and Eisai have announced plans to pursue regulatory approval for aducanumab, which would be the first therapy to tackle the clinical decline in early Alzheimer’s disease.
If successful, this presents an opportunity for Cambridge Cognition whose CANTAB assessments are specifically sensitive to the early cognitive decline during Alzheimer’s disease.
Proactive news headlines:
VR Education Holdings PLC’s (LON:VRE) virtual reality (VR) education and training platform, ENGAGE, has been selected by Facebook Inc (NASDAQ:FB) for inclusion in a software vendor programme for its Oculus VR device. The Oculus independent software vendors (ISV) programme is designed to accelerate the adoption of VR technology among consumers by encouraging enterprise developers and software firms to build applications using Oculus products.
ITM Power PLC (LON:ITM) has opened its eighth hydrogen refuelling station – at the Shell services, Gatwick Airport. It is the second of two facilities developed as part of the European H2ME2 project. This is a fuel access initiative funded by the European Fuel Cell and Hydrogen Joint Undertaking and the Office of Low Emission Vehicles.
SDX Energy PLC (LON:SDX) has begun a 12 well drilling campaign on its 75% owned Gharb Basin acreage in Morocco. The programme will target a mean 15 billion cubic feet of gas, with the first seven wells to be appraisal holes close to existing infrastructure. These will be followed by two step-out exploration wells further to the north in Gharb Centre and outside the reach of existing facilities.
Telit Communications PLC (LON:TCM) said its new industrial-grade FN980m 5G data card has sailed through a series of live 5G tests. The company, which styles itself as an enabler of the Internet of Things (IoT), said the tests were conducted on a live 5G network – 5G is the fifth generation of mobile networks – in Korea at sub-6 GHz (gigahertz) frequencies. A second set of successful tests was conducted in millimetre wave spectrum using test equipment.
Seeing Machines Limited (LON:SEE) has won a contract to install its AI-powered driver monitoring system to a fleet owned by one of Canada’s largest haulage companies. Bison Transport, which employs 2,500, is having Seeing Machines’ Guardian technology fitted to the cabs of 120 truck. “Having Bison Transport as a customer affirms our view that fleets who have a culture of safety truly value Guardian as a way to improve that culture and keep their drivers safe,” said Seeing Machines senior vice president, Dr Mike Lenné.
Patrick Soon-Shiong, the billionaire doctor-turned-investor, has upped his stake in graphene-based products maker Directa Plus PLC (LON:DCTA) to 28.89%. Soon-Shiong first went bargain-hunting on London’s alternative investment market in February, when he purchased 18.85% of Directa’s shares. Subsequently, his interest rose to 22.15% before he went shopping again on Friday to take his stake in the materials company to just below the level where he will have to make a mandatory offer.
Grit Real Estate Income Group Ltd (LON:GR1T) said it has inked commercially binding and conditional deals to buy “superior quality assets” as part of its acquisition strategy. In a statement, the Africa-focused property trust added that it will invest a total of US$103.5mln, and is expecting net property yields of between 8% and 12%.
Vast Resources PLC (LON:VAST), the AIM-listed mining company announced that following the issue of 34,000,000 warrants to an institutional investor on 8 August 2019 the investor has elected to exercise the whole of the warrants issued. The warrants comprised the right to subscribe for 17,000,000 ordinary shares in the company at an exercise price of 0.13p per share and 17,000,000 ordinary shares in the company at an exercise price of 0.15p per share, and the company yesterday received £47,600 as a result of the exercise.
Oncimmune Holdings PLC (LON:ONC), a leading global immunodiagnostics group, said it will be announcing its full-year results for the year ended 31 May 2019 on Thursday 31 October 2019. It said Adam Hill, Oncimmune chief executive officer, together with Matthew Hall, chief financial officer, will host a presentation and conference call for analysts at 10:00am GMT on the day of the results at the office of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD.