Tullow Oil PLC (LON:TLW) is one of the day’s risers after it unveiled a refinancing.

The exploration and production group has begun an offer of $1.8bn worth of senior secured notes due in 2026 and received commitments for a $500mln revolving credit facility and a $100mln letter of credit facility.

The proceeds with be used to push out the timeframe for its debt obligations, including redeeming $650mln worth of senior notes due in 2022 and repaying $300mln of convertible bonds due this July.

Its shares have climbed 13.35% or 6.63p to 56.3p on the news.

2.14pm: Financial website in demand

ADVFN PLC (LON:AFN) has seen its shares surge as a former director almost doubled his stake.

The financial information provider has jumped 69.01% or 24.5p to 60p as Yair Tauman, a professor of economics at State University of New York, raised his investment from 9.44% to 18.31%

Professor Taubman, a proponent of game theory, resigned as a director in 2014 due to the pressure of his academic and business commitments, and at the time he said: “ADVFN is a great company and should do very well in the future to come.”

He has been gradually building up his stake since buying 5.85% in January 2019. Could a takeover bid be on the cards?

10.55am: Explorer issues new shares and warrants

Global Petroleum Limited (LON:GBP) is among the day’s bigger fallers after it announced a placing to raise £1mln.

Its shares have dropped 28% or 0.18p to 0.45p, which to be fair is the price at which 222mln shares have been placed.

The company has also issued 111mln warrants at an exercise price of 0.9p a share for a period of two years with one warrant for every two ordinary shares. If exercised in full this would raise another £1mln giving total proceeds of £2mln at an average weighted price of 0.6p a share.

The proceeds will be used to fund commitments for its PEL0094 oil licence in Namibia which it believes is highly prospective.

Chief executive Peter Hill said: “We are very pleased to have raised additional capital which enables us to progress our exploration activities on PEL0094, and to welcome new shareholders to the company. We look forward to providing further updates in due course.”

9.53am: Toy specialist set to beat profit expectations

Some pandemic hit sales may never return but some may just be delayed.

The latter has been the case for toys and games designer and distributor Character Group PLC (LON:CCT), which saw a weak second half last year but a strong recovery in the first six months of 2021.

So much so it is on target to beat profit expectations and is heading for the best yearly performance in its history.

Revenues rose 44% to £74.5mln which pretax profits jumped from £2.2mln to £7.6mln. It also benefited from a £2mln gain from the sale of a property in Vernon Mill, Stockport.

Character said it had one of the strongest product portfolios it had ever taken to domestic and international markets and this performance was expected to continue through the second half of the financial year and beyond Christmas 2021.

Its top brands all showed significant sales growth, incluing squishy action figures Goo Jit Zu , Peppa Pig, Pokémon, Stretch Armstrong and Scooby Doo.

It plans to launch new products in the summer and autumn ready to capture the 2022 toy market.

Before then its strong performance in ther first half has continued in the second.

It said: “This growth is forecast to continue through to and beyond Christmas 2021 and we are on target to deliver the best performance in any calendar year in the group’s history.  Accordingly, we expect the 2021 full financial year’s underlying profit before tax will be materially ahead of the published market consensus of £10.5m.”

The news has sent its shares 17.59% or 83p higher at 555p.

8.47am: Rigs group in talks over energy deals

Star Phoenix Group Ltd (LON:STA) is coming closer to rising up from its previous rigs business and into faster growing areas of the energy sector.

The company has appointed a specialist broker to help sell its eight rigs in Trinidad, with interest from several potential buyers although the restrictions on travel caused by the pandemic mean the sale could take longer than it would normally.

While the sale process is underway, it is seeking lease agreements for the rigs to generate revenues, with one deal already signed.

Meanwhile, after considering several investment opportunities, it is in discussions on a number of potential ventures.

It said: “The board believes these new opportunities would offer shareholders exposure to significant plays in the energy sector and looks forward to sharing the details of these potentially value enhancing opportunities should they progress to binding deals.”

There are a couple of outstanding pieces of litigation, with a US$10mln claim against LandOcean Energy Services and a US$22mln dispute with the government of Georgia.

The update has seen Star’s shares soar 19.36% or 0.3p to 1.85p.

8.27am: Fashion group in demand

In The Style Group PLC (LON:ITS) is looking fashionable after an upbeat trading statement in what it called a transformational year.

Its AIM-listed shares have jumped 6.35% or 15.8p to 264.8p after the e-commerce womenswear brand said sales momentum since it floated in March was better than expected.

Turnover for the year is expected to be up 130% to at least £44.5mln, as its new customer numbers jumped by 19%.

It ended the period with £11.9mln of cash, and given its strong trading performance it has returned the financial support previously claimed under the Coronavirus Job Retention Scheme

Since the year end it has signed a partnership with TV personality Stacey Solomon, as well as a deal with Asda, which will see the brand sold in around 100 of the supermarket’s stores.

Chief executive Adam Frisby said: “We have maintained our strong momentum since our successful IPO and delivered a very good performance for the year…a transformational year for In The Style

“The collaboration with Stacey is one that we are really proud of and the hugely positive reaction to the launch of her maiden collection on 27 April underpins our confidence that this would generate an amazing reception from our customers and Stacey’s followers. In addition, our nationwide partnership with Asda is also really exciting for the brand and will give In The Style fantastic levels of exposure and greater reach with our customers.”

Also heading higher is Salt Lake Potash Limited (LON:SO4).

It has climbed 7.08% or 1.7p to25.7p after it received a key environmental go-ahead for its Lake Way project in Western Australia.

Chief executive Tony Swiercizuk said: “Receiving final Environmental Approval over the full Lake Way project will enable our team to commence construction of the remaining on-lake infrastructure and deliver the full scope of the Lake Way project. We look forward to commencing work shortly on this final phase.”

Proactive news headlines

Argo Blockchain PLC (LON:ARB) swung into profit in 2020 as the cryptocurrency miner said it had crossed “a major inflexion point” during the year amid a surge in revenues.

ANGLE PLC (LON:AGL) (OTCQX:ANPCY) has hailed the full De Novo submission of its Parsortix system to the US Food and Drug Administration (FDA) in 2020 as “a watershed moment” for the company and its goal to achieve the first-ever FDA clearance for a system to harvest cancer cells from patient blood for analysis.

Greatland Gold PLC (LON:GGP) announced “excellent results” from the drilling campaign at the Havieron deposit and said they further support the delivery of an indicated mineral resource as well as the potential expansion of the gold-copper mineralised system.

Helium One Global Ltd (LON:HE1) has begun the mobilisation of a drill rig ahead of a pivotal programme at the Rukwa helium project in Tanzania.

Ross Andrews, chairman InnovaDerma PLC (LON:IDV), the beauty and personal care specialist, said management was confident of a return to historic consumption levels for its products, including the popular Skinny Tan range.

Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (OTCMKTS:WHELF) (FRA:W1D) has received its Part IV Environmental Approval for the Lake Way Project in Western Australia covering full-scale operations of 245,000 tonnes per annum of sulphate of potash (SOP).

FastForward Innovations Ltd (LON:FFWD) said its investee company Yooma Wellness Inc, a maker of cannabinoid and hemp-derived wellness products in which it holds a 5.1% stake, has had its cannabidiol (CBD) food products from its MYO Plant Nutrition and Blossom brands added to the UK Food Standard Agency’s novel foods list.

Woodbois Limited (LON:WBI) reported a sharp reduction in debt for 2020 as the Africa-focused forestry and timber group said its business had remained “resilient” in the face of the coronavirus pandemic.

City Pub Group PLC (LON:CPC) has acquired a 49% stake in Barts Pub Ltd, owner of the iconic Kensington Park Hotel in London’s Ladbroke Grove for £750,000 and spent £1.18mln to increase its stake in certain companies with the Mosaic Pub and Dining Group to 24% from 14%.

C4X Discovery Holdings PLC (LON:C4XD) said its focus will be to further expand its portfolio, continue to build its network of partnerships and advance the pipeline of proprietary and partnered projects.

Shield Therapeutics PLC (LON:STX) said it is now well placed for substantial future growth after a “transformational” year.

Inspiration Healthcare Group PLC (LON:IHC) announced that its subsidiary SLE has been awarded the Queen’s Award for Enterprise within the Innovation category.

Bidstack Group PLC (LON:BIDS), the native in-game advertising platform, has enlisted Katherine Hays, the co-founder of in-game adveetising pioneer Massive Inc, as a strategic adviser. 

Gaming Realms PLC (LON:GMR) said its shares will begin trading on the OTCQX Best Market in the US on Thursday under the ticker ‘PSDMF’ after the firm was upgraded from the Pink market.

Jubilee Metals Group PLC (LON:JLP) said the first copper concentrate for refining at Jubilee’s Sable Refinery from Project Roan has been delivered on schedule.

AEX Gold Inc (LON:AEXG) said it is working towards de-risking the Nalunaq Project as much as possible and increase the scale and value of the resource.

Metal Tiger PLC (LON:MTR) has welcomed the commencement of field exploration work at Cobre Limited’s Perrinvale project in Western Australia. In a separate announcement, the company drew attention to Southern Gold Limited’s quarterly activities report, released today.

Afarak Group PLC (LON:AFRK) confirmed lower activity levels in South Africa amidst the pandemic as it reported production numbers for its first quarter.

Base Resources Limited (LON:BSE) highlighted an upgrade to its 2021 production guidance for the Kwale operations in Kenya as it this morning issued its quarterly activities update.

Condor Gold PLC (LON:CNR, TSX:COG) has completed a programme of infill drilling at the La India mine’s starter-pits ahead of a phased development in Nicaragua where the company seeks to boost the economics of early production.

Panther Metals PLC (LON:PALM) said it will continue to positioning itself strategically on orogenic gold systems.

Europa Metals Ltd (LON:EUZ) said it has carried out four follow-on holes in one area at its Toral project in Spain after good visible indications from initial drilling.

Ariana Resources PLC (LON:AAU) said drilling at the Arzu North prospect in Turkey has indicated resources sufficient to extend the Kiziltepe mine by a year.

Ergomed PLC (LON:ERGO) announced that Dr Llew Keltner will join the board as a non-executive director with immediate effect. He brings over 30 years of experience across the life sciences sector, with extensive experience of public and private financings, M&A, the formation of strategic partnerships and numerous transactions in the CRO, biotech and pharma sectors, including as chairman of Raptor Pharmaceuticals Inc and as a board member at Mannkind Corporation and Immunovaccine Inc.

Westminster Group PLC (LON:WSG) has been awarded the Queen’s Award for its contribution to international trade.

Inspiration Healthcare Group PLC (LON:IHC) subsidiary SLE Ltd has been awarded the Queen’s Award for Enterprise for a second time.

Incanthera plc (AQSE:INC) announced the appointment of Suzanne Brocks to company secretary with effect from 28th April 2021, a role she will hold alongside that of head of communications.

Iconic Labs PLC (LON:ICON) said Brendan O’Mahony has stepped down as non-executive director of the company with immediate effect.

Esken Limited (LON:ESKN) said that it has agreed that Warwick Brady will end his role as chief executive on 30 April and step down from the board of directors. He will continue to provide support to Esken on a limited part-time basis until he leaves employment on 30 June. 

Aminex PLC (LON:AEX) announced that it now expects to report its 2020 annual report and accounts in May due to the impact of the Covid-19 lockdown.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News

Latest News

The oil market remains in positive territory with sentiment and stronger fundamentals driving the trend. ...