1Spatial Plc (LON:SPA) climbed 20% to 27p ahead of close on the back of a multi-year contract with the US State of Michigan.

The firm will provide easy to use, automated data submission process for the validation and integration of spatial data from the local level up to the State.

The agreement has an initial value of US$2.6mln, comprising US$1.5mln of services and US$1.1mln of software licences.

2.15pm: Pearson higher after activist investor builds stake 

Pearson PLC (LON:PSON) rallied 12% to 576.6p after it was revealed that activist investor Cevian Capital had built a stake in the company.

Cevian said it had been following the publishing giant closely for several years.

“The company has a collection of leading businesses in attractive markets, but several of these businesses have yet to deliver on their full potential,” Cevian managing partner Christer Gardell was quoted as saying by Reuters.

12.20pm: Kavango Resources appoints specialist geological modelling firm at Botswana project

Kavango Resources PLC (LON:KAV) added 9% to 1.2p at noon after appointing specialist geological modelling firm Mira Geoscience to help select drill targets at the Kalahari Suture Zone ( KSZ) nickel/copper prospect.

Mira Geoscience is an acknowledged specialist in advanced geological and geophysical 3D modelling, the company noted, including the interpretation of mineral systems and drill target identification.

The junior miner believes KSZ might host multiple ‘Norlisk-style’ copper-nickel-PGM deposits.

11.25am: Origo Partners rockets after investee sells assets for US$47mln

Origo Partners PLC (LON:OPP) rocketed 87% to 0.23p in late morning after its investee Celadon Mining agreed with a third party to sell its assets for US$47mln.

The investment firm, which invested US$13.1mln in Celadon in 2011, will receive US$4.2mln from the current sale.

In February, Celadon saw the assets of sales collapsing after the potential buyer served a demand for arbitration on Celadon.

10.10am: WANdisco slips on discounted placing

WANdisco Plc (LON:WAND) slipped 10% to 668.94p in mid-morning after raising US$25mln in an oversubscribed placing discounted at 12.2% to Thursday’s closing price.

The machine learning company placed 3mln shares at 650p each, representing 6.4% of its existing issued ordinary share capital.

The proceeds will be used to shore up the firm’s balance sheet and seize opportunities arising from the crisis.

Elsewhere, Mitchells & Butlers PLC (LON:MAB) added 8% to 218p after agreeing new arrangements with its creditors to provide additional liquidity and improved financial flexibility.

Under the enforced shutdown the pub company’s cash burn is around £30-35mln every four weeks, of which £15mln is underlying losses, including rent.

The latest cash balance is £130mln after drawing down its existing £150mln bank facility, which has now been expanded to £250mln through to the end of December next year via the government-backed Coronavirus Large Business Interruption Loan Scheme.

9am: Immunodiagnostic Systems soars on new coronavirus antibody test launch

Immunodiagnostic Systems Holdings PLC (LON:IDH) soared 50% to 315p in early trade on Friday after announcing that its coronavirus (COVID-19) antibody test has received a CE marking and will be available for sale by the end of June.

The assay shows the antibody concentration which determines whether a patient has contracted the virus in the past, but does not just provide a yes/no result as other kits do.

“Although the clinical level of functional immunity conferred by SARS-CoV-2 IgG antibodies has not yet been determined, we believe quantitative tests may ultimately be valuable in determining immunity status based on the levels of antibody in the blood,” the AIM-listed firm said.

In the FTSE 100, Informa PLC (LON:INF) shot 9% higher to 471.4p after revealing it is to restart some events in China from early July as exhibitors are keen to boost their trading activity.

Running events in other countries will vary by region, customer confidence and event format, the group said, while those relying on international attendees will be impacted the most.

Over 160 events representing £300mln in revenue were cancelled or postponed to next year. while 300 switched to a digital rather than a physical event in 2020, Informa added.

Proactive news headlines:

The City Pub Group PLC (LON:CPC) has highlighted “further significant growth” in trading in its 2019 financial year, while also updating on its plans for the post-coronavirus environment. For the year ended December 29, 2019, the pubs group reported adjusted underlying earnings (EBITDA) of £9.1mln, up 15.4% year-on-year, while revenues jumped 31% to £60mln. Like-for-like sales also increased by 1.7% in the year against what the company said was a “tough comparable period” following the World Cup and 2018’s summer heatwave.

Kavango Resources PLC (LON:KAV) has appointed specialist geological modelling firm, Mira Geoscience to help select drill targets at the Kalahari Suture Zone ( KSZ) nickel/copper prospect. Mira Geoscience is an acknowledged specialist in advanced geological and geophysical 3D modelling, the company noted, including the interpretation of mineral systems and drill target identification.

Ferro-Alloy Resources Limited (LON:FAR) said it has raised US$300,000 through a bond issue on the Astana Stock Exchange in Kazakhstan as the group also announced that it restarted its production operations in the country. The vanadium miner said investors have subscribed for 150 of its bonds with a nominal value of US$2,000 each. The bonds are unsecured with a three-year term and bear interest at 7.5%, paid twice-yearly. Around 50 of the bonds have a maturity date of June 5, 2023, while the remaining 100 bonds have a maturity date of June 11, 2023. Meanwhile, the company said production from the hydrometallurgical process was restarted on June 1, 2020, and that it now has “significant production” from both its hydrometallurgical and pyrometallurgical process routes.

Galantas Gold PLC (LON:GAL) reported a C$3.56mln loss for 2019 as the Northern Ireland based miner’s underground operation continues to be held back amid restriction over blasting. The police are required to supervise underground mine blasting, using explosives, at the mine near Omagh and the company had to halt operations during the fourth quarter because the level of blasting activity was insufficient. It was subsequently working with the Northern Ireland authorities over arrangements to resume underground blasting, and, following significant investment it continues to await approval for increased blasting. Production continued using lower grade material, until the coronavirus pandemic temporarily suspended those operations too, before work resumed in late May this year.

Echo Energy PLC (LON:ECHO) has told investors it is looking positively to advance value creation opportunities, as it remains “well-positioned” amid the challenges facing small cap oil and gas firms in 2020. In its financial results statement for the twelve months ended December 31, 2019, the company confirmed a stronger end to the year, with net production averaging 2,505 barrels oil equivalent per day (bopd) in the months of November and December. A review of reserves at the end of 2019 confirmed a reserve base of 3.8mln barrels oil equivalent (boe). Operationally, the company completed well and seismic programmes during the year while on the corporate front it conducted a successful portfolio restructuring.

Tiziana Life Sciences PLC (LON:TILS)  said it has extended its ‘at the market’ sales agreement with US investment bank ThinkEquity until Jul 31. The facility allows the group to sell American depository shares worth up to US$20mln.

The Brunner Investment Trust PLC (LON:BUT) has declared a first interim dividend of 4.67p per ordinary share, payable on July 23, 2020, to holders on the register at the close of business on June 19, 2020. The group said its board anticipates that the second and third interim dividends will be maintained at this rate, and an unchanged final dividend of 6.00p will be proposed for the year ending November 30, 2020, giving a dividend for the year of 20.01p, a small increase on the previous year.

Tower Resources PLC (LON:TRP), the AIM-listed oil and gas company with its focus on Africa, has said its annual general meeting (AGM) will be held at 11.00am on July 6, 2020, at Albany, London W1. As a result of the ongoing coronavirus pandemic and the current prohibition on public gatherings, the AGM is being convened as a “closed meeting” and members will not be permitted to attend, shareholders are however invited to watch or listen via Zoom using the details provided in the Notice of Meeting.  The procedures for proxies are also set out in the AGM notice which is available on the company’s website: www.towerresources.co.uk