NMCN PLC (LON:NMCN) shares are down 7% to 153.75p after the company formerly known as North Midland Construction said it was close to agreeing on a financing deal to help it address a “current significant working capital strain”.

There was a warning that should the refinancing not be successful, the engineering and construction group “will have to consider its remaining options”.

NMCN said the ‘bilateral discussions’ (no doubt inspired by the G7 talks) over the refinancing were “well advanced”.

9.45am: Tavi-stonking

Top riser on Monday morning was Tavistock Investments PLC (LON:TAVI), with the shares rocketing 94% to 4.65p, as the company agreed to sell its Tavistock Wealth fund management arm for up to £40mln.

Tavistock said the sale to Titan Wealth was worth an equivalent 6.58p per share and the company will also become Titan’s strategic partner and distribute its products.

“The partnership with Titan endorses our corporate strategy and will enable us to accelerate the growth of our business and deliver maximum value to our shareholders,” said Tavistock boss Brian Raven.

Another early riser was Kromek Group PLC (LON:KMK), up 9% to 16.38p, after it won a US$6mln contract with the US Department of Defense research agency for development of a biological threat detection system.

Over the next 28 months, Kromek will develop an automated wide spectrum airborne pathogen detection system that is fully mobile and runs autonomously.

This follows the first phase of development, which included creating a vehicle-mounted biological-threat identifier as well as a miniaturised mobile wide-area bio-surveillance system.

Proactive news headlines

Tavistock Investments PLC (LON:TAVI) agreed to sell its fund management arm (TWL) for up to £40mln to Titan Wealth. The fund group, which will become Titan’s strategic partner and distribute its products, will receive additional payments over a ten-year period equivalent to 50% of future net income on any increased funds under its ACUMEN brand.

Mode Global Holdings PLC (LON:MODE) signed a preliminary agreement to provide payment services incorporating bitcoin to online shopping platform THG PLC, better known as The Hut Group (LON:THG).

Apollon Formularies PLC (LON:APOL) said it has signed a long-term lease for its first international cancer institute in the Jamaican capital of Kingston through its affiliate, Apollon Jamaica.

Kromek Group PLC (LON:KMK) said it has been awarded a contract by the US Defense Advanced Research Projects Agency (DARPA) for Phase II of its development of a biological threat detection system.

Oriole Resources PLC (LON:ORR) has released further results from the recently completed 3,118 metre maiden diamond drilling programme at its 51%-owned Bibemi gold project in Cameroon, including best intersections of 2.45 metres grading 2.96 grammes per tonnes, 3.6 metres grading 1.75 grammes and 12.4 metres grading 0.71 grammes. 

Evgen Pharma PLC (LON:EVG) has announced progress on two separate cancer programmes.

AfriTin Mining Ltd (LON:ATM) produced 183 tonnes of tin concentrate from its Uis mine in Nambia during the first quarter of the 2022 financial year. 

Faron Pharmaceuticals Oy (LON:FARN) (First North:FARON) said the US Patent and Trademark Office has granted a new patent protecting the composition of matter of its novel precision cancer immunotherapy drug candidate, bexmarilimab.

Ncondezi Energy Ltd (LON:NCCL) has signed a term sheet with binding exclusivity with Nesa Capital (Pty) Ltd and Nesa Engineering (Pty) Ltd detailing the proposed formation of a new joint venture company to create a leading regional Southern African champion in the commercial and industrial renewable energy and storage sector. 

Frontier IP Group PLC (LON:FIPP) said its portfolio company, Nandi Proteins, has appointed David Flower as its new chief executive.

Plant Health Care PLC (LON:PHC) said it has been awarded the London Stock Exchange’s Green Economy Mark in recognition of its contribution to the global green economy.

Oracle Power PLC (LON:ORCP)(AQSE:ORCP) has returned highly positive geochemical sampling results from its maiden orientation survey at its 100% owned Jundee East gold project in the Eastern Goldfields region of Western Australia.

Caerus Mineral Resources PLC (LON:CMRS) is continuing with due diligence drilling on the recently acquired Troulli project in Cyprus, and thus far results have significantly exceeded expectations.

VietNam Holding Ltd (LON:VNH) noted that Vietnam was the best performing stock market in the world in May, and the investment company outperformed the national benchmark. 

TomCo Energy PLC (LON:TOM) told investors the Greenfield Energy joint venture is now producing around 180 bopd at the Petroteq oil sands plant (POSP) at Asphalt Ridge, in Utah.

Scirocco Energy PLC (LON:SCIR) is to invest £1.2mln in Energy Acquisitions Group Ltd (EAG), a vehicle in the sustainable energy sector with plans to acquire an anaerobic digestion (AD) biogas energy project in Northern Ireland.

Block Energy PLC (LON:BLOE) inked a deal with Baker Hughes to support drilling operations in Georgia. The memorandum of understanding (MOU) sets up a partnership enabling progress for its significant oil and gas opportunities, Block said.

Esken Limited (LON:ESKN) provided an update on trading and on its attempted sale Stobart Air and Carlisle Lake District Airport.

Challenger Energy Group PLC (LON:CEG) has completed the middle section of the Saffron-2 appraisal well in Trinidad, which has so far confirmed results in line with expectations.

Helium One Global Ltd (LON:HE1) has kicked off its drill programme in Tanzania, with the Tai exploration well. It is the first of three planned wells which aims to confirm a significant helium resource.

Spectra Systems Corp (LON:SPSY) announced that, having received only 23 ballots, it does not have enough shareholder votes to achieve a quorum to transact business at its scheduled 2021 annual general meeting on 14 June. The presence in person or by proxy, duly authorized, of the holders of a majority of the outstanding shares of stock entitled to vote constitutes a quorum.

Incanthera plc (AQSE:INC) said its annual general meeting on 23 June is to be moved from Manchester to the Marriott Hotel in Derby as the former city has been identified by the government as an area of concern relating to increasing cases of the COVID-19 Delta variant. Investors can still submit questions and follow the meeting via the Investor Meet Platform.

Open Orphan PLC (LON:ORPH) will make a distribution in specie of the entire issued share capital of its wholly-owned subsidiary Orph Pharma IP Company Limited to Poolbeg Pharma Limited, in return for the issue of new shares by Poolbeg to shareholders of Open Orphan on the register at close of business on 17 June 2021. Relevant shareholders will receive one Poolbeg share for every 2.98 ordinary shares held in the company and will not be permitted to sell, transfer or deal in these shares for a period of nine calendar months.

Zephyr Energy PLC (AIM: ZPHR) announced that it will be participating in the Proactive Investors’ One2One Virtual Forum on Thursday 17th June 2021. Chief executive Colin Harrington will make a presentation at 6pm, followed by a Q&A session.

Instem PLC (LON:INS), a leading provider of IT solutions to the global life sciences market, announces that it will be hosting a virtual capital markets day for retail investors from 2pm to 4pm BST on Thursday 1 July 2021. Management will provide greater insight into the business, its ongoing acquisition strategy and its growth potential, with opportunities for attendees to ask questions during the webcast. A separate virtual CMD will take place on Wednesday 30 June 2021 for institutional investors. 

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