Advanced Medical Solutions brings in expertise with latest acquisition

Advanced Medical Solutions Group PLC (LON:AMS) rose 8.6% to 252p after it acquired Raleigh Adhesive Coatings for GBP22mln in cash.

The AIM-listed wound care specialist said the acquisition would strengthen the company’s position in the wound-care sector by bringing in-house specialist services of acrylic and silicone coating, perforation processing and some bulk materials converting capabilities that are currently outsourced.

Silicone coating and perforation capabilities are particularly important to Advanced Medical Solutions as they are intrinsic to all modern advanced wound-care foam dressings, the company said.

3.20pm: Xpediator to post higher earnings in 2020 despite the pandemic

Xpediator PLC (LON:XOD) shares shot up 18% to 58.5p after the freight management firm said it expects to report increased profits in 2020.

“While the COVID-19 pandemic has resulted in less traffic and therefore reduced use of our fuel cards, demand has increased for our freight forwarding and warehouse and logistics services, and we have also delivered on cost-saving initiatives. The net result is expected to deliver an 18% increase in annual adjusted profit before tax and annual cost savings of GBP0.5 million,” said Robert Ross, the chief executive officer of Xpediator.

The company said that Nidd Transport, which it acquired last month, has been performing slightly ahead of expectations.

2.25pm: IQ-AI software gets CE mark in Europe

IQ-AI Limited (LON:IQAI) shares shot 35% higher to 16.25p after it revealed that its LSN (Liver Surface Nodularity) software application has been approved for its CE Mark.

The CE marking confirms that LSN, which is made by IQ-AI subsidiary Imaging Biometrics, meets the essential requirements of the European Medical Devices Directive.

This follows 510(k) market clearance from the US Food and Drug Administration (FDA) earlier in the month.

1.30pm: Concepta rises after acquiring home-use genetic testing company

Concepta PLC (LON:CPT) announced the acquisition of a home-use genetic testing company, sending its shares 22% higher to 1.1p.

The personalised healthcare company has snapped up the Genome Store for an initial consideration, payable in shares, of GBP280,000.

A deferred consideration of GBP240,000, also payable in shares, may be paid out, depending on how well the acquired business performs.

12.35pm: Directa Plus on battery-charged surge

Directa Plus PLC (LON:DCTA) was the top riser in London, up 37% at 85p, after some exciting news from its development partner, NexTech Batteries.

NexTech has developed a prototype battery that uses Directa’s G+ pristine graphene nanoplatelets. Full-scale pouch format cell prototypes produced by the lithium-sulphur battery developer and producer have achieved more than 400 Wh/kg (watt-hours per kilogram, the usual measure of energy density) in a practical system.

Giulio Cesareo, the chief executive of Directa Plus, said it was a fantastic achievement by NexTech.

11.40am: Chamberlin hit by contract run-down

Chamberlin PLC (LON:CMH) dived 18% to 9.25p as it revealed it is about to lose a significant customer.

The specialist castings and engineering group said its machine shop has been experiencing volatile demand due to Brexit, Covid-19 and customer safety stock building.

The customer of the largest contract representing roughly three-quarters of the machine shop’s output is switching to a new product sooner than expected and has informed Chamberlin that the casting contract for the new product has been awarded to another supplier.

10.45am: West Newton B1-well results fail to excite

Reabold Resources PLC (LON:RBD) lost a quarter of its value at 0.4p after a disappointing update on the West Newton B1-well, in which it has a stake.

Union Jack Oil PLC (LON:UJO), which also has a stake in the well, lost 21% at 0.1175p.

The WNB-1 well was drilled safely to a total depth of 2,295 metres, encountering both the primary and secondary objectives, the Kirkham Abbey and Cadeby formations, respectively. While the Kirkham Abbey formation indicated a hydrocarbon charge based on wireline logs, cuttings and mud gas readings, the secondary target, the Cadeby formation contained insufficient reservoir development within the targeted slope environment.

The result of the West Newton B-1 well was underwhelming. #UJO is down 22.5% and #RBD 12%, which makes little sense as RBD exposure to the well is app. 3x bigger than Union Jack and UJO has a much bigger net cash position supporting the stock. https://t.co/mYq5BAumOq

— Oil and Gas Tracker (@OilGasTracker) November 23, 2020

9.55am: Cineworld cliffhanger continues

Cineworld Group PLC (LON:CINE), the ailing cinema chain, jumped 17% to 54.17p as it got a lifeline to keep it afloat until next May.

The company has secured loan facilities of US$450mln as part of a package of measures worth S$750mln in total that will keep Cineworld going at least until lockdown restrictions are eased and studios release blockbusters back into cinemas, the group said.

The group added that its base case scenario for the new finance assumes a reopening of cinemas no later than May 2021.

9.00an: RUA Life Sciences higher as heart valve results set pulses racing

RUA Life Sciences PLC (LON:RUA) advanced 8.8% to 155p in early trade on Monday after the group announced that the testing of a heart valve it has developed had been a success.

All valves tested easily surpassed the minimum ISO (International Organization for Standardization) requirements thus indicating that they would work in the human heart.

The valves tested demonstrated “remarkable consistency in performance” and the sealing of the valve during diastole (i.e. when the valve is closed) was described as “outstanding” with any flow monitored within the measurement error of the testing equipment.

EQTEC PLC climbed 2.2% to 0.5p as it revealed further progress had been made behind the scenes on its development plans for the Billingham Energy project.

The gasification technology company said the exclusivity period of the Billingham memorandum of understanding has been extended again until December 18, 2020, to enable finalisation of a legally binding option agreement with Scott Bros.

The agreement, if agreed, will grant EQTEC and its partners the right, but not the obligation, to purchase the entire issued share capital of Billingham EFW Limited, the project’s special purpose vehicle, from Scott Bros, subject to agreement on consideration and other terms.

Proactive news headlines:

Scirocco Energy PLC (LON:SCIR) has said it is now better able to advance a sales process for its 25% stake in the Ruvuma project in Tanzania. It comes after partner Aminex PLC (LON:AEX) has completed its farm-out transaction which has brought in APT into the project. APT is running and funding a programme of work to take Ruvuma’s Ntorya gas field into production whilst potentially expanding the asset through exploration.

Galileo Resources PLC (LON:GLR) saw its shares rise on Monday as the firm issued a “very promising” exploration update on its’ 100% held property in the emerging Kalahari Copper Belt in western Botswana. The company said a preliminary overview of the results from a Heliborne-EM geophysical surveying over several licences in its highly prospective Kalahari Copper Belt Project look very promising with the EM data interpreted to show several highly prospective geological settings for copper-silver mineralisation.

EQTEC PLC (LON:EQT), the gasification technology company, has said the exclusivity period of the Billingham memorandum of understanding (MoU) has been extended until December 18, 2020. The MoU was announced in May and committed EQTEC and Scott Bros Enterprises to jointly develop the Billingham Energy waste gasification and power plant in Haverton Hill, Billingham, in the UK. The Billingham MOU has been the subject of previous extensions on three previous occasions.

Ariana Resources PLC (LON:AAU) generated revenues of US$11.4mln from the Kiziltepe gold mine in Turkey during the third quarter of 2020. The average realised gold price was US$1,915 per ounce, up significantly on the quarter, as well as on the corresponding period a year ago.

Directa Plus PLC (LON:DCTA) has welcomed news from its partner, NexTech, concerning a prototype battery that uses Directa’s G+ pristine graphene nanoplatelets. Full-scale pouch format cell prototypes produced by lithium-sulphur battery developer and producer, NexTech Batteries, have achieved more than 400 Wh/kg (watt-hours per kilogram, the usual measure of energy density) in a practical system. NexTech produced several prototypes using its proprietary cathode and electrolyte materials producing 410Wh/kg of specific energy at a weight only slightly below 30 grams. For comparison, standard lithium-ion batteries have an energy density of 100-265 Wh/kg.

ImmuPharma PLC (LON:IMM) (Euronext Growth Brussels:ALIMM), the specialist drug discovery and development company, announced that L1 Capital Global Opportunities Master Fund has converted $200,000 (plus accrued but unpaid interest) of the convertible security issued pursuant to the convertible security deed dated June 10, 2020. The conversion price is 11p per share resulting in the issue by the company to L1 Capital of 1,430,510 new ordinary shares of 10p each.

Faron Pharmaceuticals Oy (LON:FARN) said it was seeing “exciting clinical activity across multiple cancer types” from its phase I/II treatment bexmarilimab, formerly Clevegen. It also said plans were underway for three new trials using the Faron discovery. In the first instance, it will be used in patients with colorectal cancer and clear cell renal cell carcinoma as what’s called a neoadjuvant, which is used to shrink tumours before mainline treatment. Researchers are also assessing bexmarilimab’s use alongside a checkpoint inhibitor drug in lung cancer and they are looking at its potential use in the blood-borne forms of the disease such as acute myeloid leukaemia and myelodysplastic syndrome.

Next Solar Energy Fund Limited (LON:NESF) said an exceptional period of sunshine boosted generation from its portfolio of solar assets and lifted its earnings in the half-year to end-September. The renewable power generator’s electricity production was 11.1% above budget helped by above-average irradiation and by having most of its received power prices fixed. Spot electricity prices were volatile over the period due to oil prices and the coronavirus (COVID-19) pandemic, but rallied at the end of the period and NextSolar said it has left a significant amount of capacity unhedged for the winter in expectation of a further improvement.

AFC Energy PLC (LON:AFC) has secured a long term lease over new premises at its Surrey headquarters at Dunsfold Park. The 30,000 square feet facility will serve as the hydrogen power generation technology company’s first large scale H-Power assembly and commissioning facility. An initial investment of GBP300,000 will be made into the facility with the aim of accommodating the eventual dispatch of up to 100 hydrogen generator systems per annum with capacity for further growth.

4D pharma PLC (LON:DDDD) said the deadline for its merger with special purpose acquisition company Longevity Acquisition Corporation (NASDAQ:LOAC) has been extended to May 29 next year. This will allow the companies adequate time to lodge all the paperwork required with NASDAQ. This includes the filing of a registration statement on Form F-4 in order to allow 4D to apply to admit its American Depositary Shares for trading on NASDAQ and the convening of a meeting of both Longevity and 4D shareholders.

Greencoat UK Wind PLC (LON:UKW) has agreed to acquire a 49% stake in the Humber Gateway offshore wind farm as part of a consortium with several pension funds The specialist wind power specialist will be the largest part of the consortium and acquire a net 38% stake for GBP500mln while the pension funds will acquire a net 11% for GBP148m. The total cash consideration payable to vendor RWE will be GBP648mln. The German utility will continue to hold the remaining 51%.

Diversified Gas & Oil PLC (LON:DGOC) has announced that the company’s bank lending group, led by KeyBank National Association has completed the semi-annual redetermination of its senior secured credit facility and reaffirmed the existing $425mln borrowing base with no changes to pricing, covenants or other material terms. The FTSE 250-listed US-based owner and operator of natural gas, natural gas liquids, oil wells and midstream assets noted that following the redetermination, its liquidity exceeds $220mln, comprised of cash on hand and availability under the credit facility.

Vast Resources PLC (LON:VAST) has said it is finalising the sale of its first commercial concentrate from the Baita Plai polymetallic mine in Romania. The sale is expected to conclude on November 25, 2020. Vast received confirmation over the weekend, from Mercuria, the company’s offtake partner, following a delay from the previously anticipated schedule.

Kodal Minerals PLC (LON:KOD) made a GBP255,000 loss in the six months to September 30, 2020, down from the GBP339,000 loss it booked for the corresponding period a year earlier. Cash as of September 30, 2020, was GBP870,000. Cash as of October 31, 2020, was GBP1,316,000, following a further fundraise. During the period Kodal continued with its licence application for the Bougouni lithium project in Mali.

San Leon Energy PLC (LON:SLE) told investors it has agreed to a further three-week extension to complete the deal to invest in the Oza field, in Nigeria. A new deadline of December 14 has now been agreed. As previously noted, the company pointed out, worldwide restrictions intended to slow the spread of the coronavirus (COVID-19) pandemic have presented certain logistical challenges. Nonetheless, it said that good progress has been made with the final drafts of all remaining conditions are currently being reviewed by the parties.

Aminex PLC (LON:AEX) has told investors that an exciting time finally lies ahead as its new partner, APT advances the Ruvuma asset in Tanzania. APT has now put in place a road-map for the project including a work programme of seismic and drilling, which will allow the project to move a final financing decision for the Ntorya discovery before the end of 2022. The new partner has notified the joint venture partners that it intends to immediately start contracting and procurement for a 3D seismic programme over the Ntorya gas discovery and the drilling of the Chikumbi-1 appraisal and exploration well.

Alien Metals Ltd (LON:UFO) has raised GBP2.5mln via an oversubscribed placing of shares at 1.1p per share. The group said the money raised will be used to extend and accelerate a range of exploration activities across the company’s portfolio, with immediate programs to be expanded in both Mexico and Western Australia. Based on current budgets and in the absence of exceptional circumstances the company’s existing work programs are now fully funded through to end-2021.

Inspired Energy PLC (LON:INSE), the leading consultant for energy procurement, utility cost optimisation and legislative compliance in the UK and Ireland, announced that it has received London Stock Exchange’s Green Economy Mark in recognition of its environmental and strategic advice, service and support to customers. The Green Economy Mark allows greater visibility for investors interested in green economy activities and recognises those companies that are contributing to a greener and more sustainable economy. The Mark is given to London-listed companies which derive more than 50% of revenues from goods and services contributing to the green economy.

AdEPT PLC (LON:ADT), one of the UK’s leading independent providers of managed services for IT, unified communications, connectivity and voice solutions, said on Friday that it was notified that its chief executive, Phil Race has purchased of 5,600 ordinary shares of 10p each in the company at a price of 223p per ordinary share. Following the purchase, the group added, Race is interested in 16,191 AdEPT ordinary shares, representing approximately 0.06% of the current issued share capital of the company.

Ncondezi Energy Limited (LON:NCCL) has said its annual general meeting (AGM) is scheduled to be held at 12.00pm SAST on December 16, 2020, at Club Room 1, Main Club House Inanda Club, Forrest Rd & 6th Avenue, Inanda, Sandton, Johannesburg, 2196, South Africa. In view of the current South African Government’s guidance the group’s board recommends that shareholders should not attend the meeting in person and urges shareholders wishing to vote on any of the resolutions to do so by appointing the chairman of the meeting as a proxy to vote on their behalf. Voting on all resolutions at the Meeting will be by way of poll. Given that there will not be any formal Q&A session at the meeting, the company will host an online investor meeting, open to all existing and potential shareholders following the AGM on Wednesday, December 16, 2020, at 2.00pm SAST (12.00pm GMT). On the call, Ncondezi Energy CEO Hanno Pengilly will provide an update on the business followed by a question and answer session. Participants are requested to register their interest in attending and submit questions in advance via email to [email protected] by no later than 6.00pm SAST (4.00pm GMT) on December 11, 2020.