While the India-focused online fashion retailer doubled its order value in the second quarter and saw visits to its website grow 69%, it continues to face funding uncertainty.
In July, an arm of retail giant Future Group agreed to purchase a 29.9% stake in the company for £6.5mln, but earlier this month the mighty sword of Indian bureaucracy was wielded by the Reserve Bank of India (RBI), forcing the investor to reapply for approval of the deal.
The AIM-listed company said that while Future has begun the reapplication process, it is considering other fundraising options.
With a December general election looming, investors are getting out of these water companies because of Labour’s plans to renationalise key UK utilities if it gains power.
1.25pm: Director dealings boosts Gaming Realms, Rainbow RE
The company announced that Michael Buckley upped his stake in the esports company to 9.5% as he snaffled another 2mln ordinary shares last Friday.
Meanwhile, Rainbow Rare Earths Ltd’s (LON:RBW) chief executive George Bennett and chairman Adonis Pouroulis both bought 5.5mln shares at a price of 3p per shares.
The directors spent £163,934 each, taking their combined stake in the mining company to 27.5%, which they said underlined their “commitment to, and confidence in, the company and the Gakara project”.
Rainbow also reported that this month it had shipped a further 100 tonnes of concentrate grading at around 56% total rare earth oxides from Gakara, with very low levels of radioactive material.
The two nuggets of news combined to lift the shares 6% to 2.65p.
11.30am: Two Shields tops up two investments
The AIM-listed company issued 1bn new ordinary shares to new and existing shareholders at 0.1p, a 28% discount to its previous closing price of 0.14p, plus one warrant for every two placing shares subscribed, exercisable at 0.2p for a period of twelve months.
The investor said it will put £400,000 towards its 11.34%-owned anti-counterfeiting software BrandShield, matched by the same amount invested in social network WeShop, which is an innovative, digital social network platform focused in which it already holds a 6.7% stake.
As well as reporting a swing to a loss in the third quarter, BP’s CFO told analysts on a conference call that the company is unlikely to raise its 2019 dividend.
Brian Gilvary said hiking the payout now would be “premature” and if an increase does come in future, it is unlikely to be before Bernard Looney takes over from outgoing CEO Bob Dudley in February.
10.05am: Europa Metals rides higher on back of bigger resource
The first indicated resource was unveiled at 2.7mln tonnes grading 8.9% zinc equivalent, bringing the overall JORC resource up to roughly 18mln tonnes at 7.4% zinc equivalent.
Toral is now thought to contain around 830,000 tonnes of zinc, up 30%, and approximately 570,000 contained tonnes of lead, up 12%, and 14mln contained ounces of silver, up 8%.
This is, said executive director Laurence Read, “the most significant development for the Toral project to date” and the numbers will form a “major part” of a first mining plan for a pre-feasibility study.
Other early risers included I3 Energy PLC (LON:I3E) after it reported a discovery from its 100%-owned Serenity well in the North Sea.
I3 said the results of the drilling were consistent with its earlier estimates of 197mln barrels of oil in place
Majid Shafiq, chief executive, said the discovery “is a transformational event” as the company now has proven the presence of oil in a second structure on its licenses.
“It is the culmination of three years of detailed geological and reservoir analysis and validates our regional model for the Liberator and Serenity oilfields and neighbouring structures.”
I3 shares were up 55% to 43.37p.
The online trading company’s revenues rose 10% to US$110.6mln, with average revenue per user up 15% compared to the previous three months despite new user growth slowing by 7%.
Underlying profit (EBITDA) was up 39% to US$70.1mln, with margins growing from quarter to quarter.
“Q3 was a significant beat, 11% above our expectation, and the company confirms it is on track for 2019,” said broker Liberum.