21st Century shares jump on ?0.4mln contract award from public transport operator

By Loreta Juodagalvyte / March 16, 2018 / www.proactiveinvestors.co.uk / Article Link

21st Century Technology PLC (LON:OBC) shares jumped 10% to 2.75p in late afternoon trade as the firm announced a ?0.4mln contract award for the provision of on board visual system technology from a large public transport operator.

The AIM-listed provider of closed-circuit TV (CCTV) on buses said it has been providing technical support and engineering services to this operator since 2015.

Under the contract, 21st Century Technology will provide the latest open platform, standards-based, on-board IT equipment along with high-performance camera systems to deliver a seamless integration and upgrade path.

The company said that anticipated engineering and technical services will increase the total value of this work to ?0.6mln.

Meanwhile, Thor Mining PLC (LON:THR) shares rose 22.2% to 2.75p as the exploration and development company told investors its Pilot Mountain tungsten project has received a boost after the US House of Representatives passed an Act that lists the metal as a critical commodity.

The AIM listed company explained that House's Natural Resources Committee passed the National Strategic and Critical Minerals Production Act, which Thor expects to accelerate regulatory approvals of mining developments for critical mineral projects in the US.

And Papua Mining PLC (LON:PML) shares jumped 8.6% to 0.95p as the firm told investors that a 'permit to mine' has been granted for the Monarch exploration area in Queensland.

The AIM-listed company said it means that the Monarch exploration tenement has been granted to Papua for a five-year period.

The area is located in a region that's relatively rich in gold mining - it is some 10 kilometres from the Charter Towers area which has yielded some 6mln ounces and 8.5 kilometres from the Mt Leyshon Gold Mine, which has produced 4mln ounces.

1:30pm: BBA Aviation shares downed as Jefferies downgrades its rating to 'hold' from 'buy'

BBA Aviation (LON:BBA) shares dropped 1.99% to 325.80p in early afternoon trading as US broker Jefferies International downgraded its rating for the engineer to 'hold' from 'buy' albeit with an increased price target of 350p, up from 340p. 

In a note to clients, Jeffries' analysts pointed out that BBA has solid cash generative prospects, but said the upside on its increased price target falls short of the 'hurdle rate' for their previous 'buy' recommendation.

The analysts also highlighted key risks to BBA's business jet flying activity, engine repair and Overhaul division's disposal value - if sold.

Meanwhile Investec PLC (LON:INVP) shares fell 3.2% to 598.2p as the Anglo-South African financial services group said for its current year it expects its Asset Management and Wealth & Investment divisions to be ahead of the year before, but flagged up concerns over Brexit and political uncertainty.

The FTSE 250-listed also said its impairments are expected to rise, and expenses are set to be slightly ahead of revenue due to continued planned investment in growing Investec's client franchise businesses and related infrastructure, as well as costs from the London office move.

And Mitie Group PLC (LON:MTO) shares shed 2.2% to 157.7p as the  facilities management firm  highlighted "modest growth" in overall sales as it gave investors an update ahead of reporting full year results, due in June.

The firm told investors that although group debt levels are comfortably within banking covenants and operating profit is in line with management's expectations, cash generation has been negatively impacted by higher costs and what it described as a reduced reliance on invoice discounting.

11:15am: Clear Leisure shares drops as it launches discounted ?300,000 placing

Clear Leisure (LON:CLP) shares dropped 17.3% to 0.76p in late morning trading as the leisure investment company launched a placing at 0.7p a share to raise ?300,000.

The AIM-listed firm said the placing of 42.8mln shares, which was over-subscribed, was with certain existing investors.

It added that the funds raised will be used for working capital purposes, legal costs and development of the company's cryptocurrency strategy.

Meanwhile, Premier African Minerals Ltd (LON:PREM) shares shed 9.5% to 0.19p as the firm said it has raised ?400,000 via a placing in part to cancel warrants issued in a previous fund-raising.

The AIM-listed company said the placing shares were issued at 0.16p, with ?145,000 of the funds earmarked for financier Darwin's warrants.

Elsewhere, talks with the Zimbabwe indigenisation authority (NIEFF) about restructuring the ownership of the RHA tungsten mine are going well, said George Roach, Premier African's chief executive.

Among the bigger players, Berkeley Group Holdings PLC (LON:BKG) saw its shares fall 5% to 3,730p as the housebuilder said it is unable to increase production further and remains cautious with its investments given the slowdown in the property market.

In a trading update for the quarter through February, the FTSE 100-listede group said market conditions in London and the South East have softened due to higher stamp duty on second home purchases, tougher rules on mortgage applications and economic uncertainty.

9:30am: Manx Financial shares jump as 2017 profit rises on restructured operations

Manx Financial Group PLC (LON:MFX) shares jumped 18.5% higher to 13.4p in early morning trading after the finance group said its full-year profit jumped by 78% as a result of its newly restructured management and operations throughout the group.

The AIM-listed company reported pre-tax profit of ?2.7mln for the year to December 31 2017, up from ?1.5mln a year earlier, with total comprehensive profit leaping by 150% to ?2.4mln, from ?1mln in 2016.

Jim Melon, Manx Financial's executive chairman, said: "Our aim of becoming a diversified financial services group is coming to fruition and we are well placed to take advantage of opportunities as they arise."

Elsewhere, UK electronic trading firm NEX Group PLC (LON:NXG) was the market's biggest gainer, with its shares leaping 34.3% to 901p having revealed - after the close on Thursday - that it has received a preliminary approach from US exchange operator CME Group.

NEX - the rump in 2016 left when ICAP sold its voice broking business Tullett Prebon to form TP ICAP - said discussions with CME are at an early stage and there can be no certainty an offer for the company will be made. CME must announce whether it intends to make an offer for NEX by April 12 under stock market rules.

And Range Resources Limited (LON:RRL) shares rose 14.29% to 0.20p as the Trinidad-based oiler said it increased production by an average 22% in its latest half-year.

Revenues over the half-year rose by 39% to US$5.4mln (US$3.9mln) due largely to the higher production, while the interim pre-tax loss was US$8.5mln (US$37.8mln). Average oil prices received also rose by 13.7% to US$48.1 per barrel.

Proactive news headlines:

Trinidad-based oiler Range Resources Limited (LON:RRL) increased production by an average 22% in its latest half-year. Yan Liu, Range's chief executive, said: "We are extremely encouraged by the progress in both operational and financial performance demonstrated in the interim results.

Capital Drilling Limited (LON:CAPD) has reported some 28% of revenue growth for the twelve months ended December 31, driving a substantial improvement in earnings. The drill services contractor reported US$24.3mln of earnings (EBITDA), up 86% from the US$13.1mln achieved in the preceding year, after revenues grew to US$119mln from US$93.3mln.

Curzon Energy Plc (LON:CZN) has updated investors on its operations at the Coos Bay coal bed methane project, where test gas production volumes are described as being in line with expectations. The company noted that the production was, at present, sufficient to power the wellhead pumping equipment and it is expecting rates to increase steadily as well dewatering operations continue.

Energy firm Aggregated Micro Power Holdings plc (LON:AMPH) unveiled plans to reduce the firm's capital, kick-starting a process, which could see dividends paid to shareholders. The company, which sells wood fuels and installs commercial-size biomass-fuelled boilers, currently does not have any distributable reserves and is therefore not allowed to pay divis, but the board thinks now is the time to change this.

Feedback plc (LON:FDBK) has announced the appointment of Lindsay Melvin as chief financial officer with immediate effect. The AIM-listed medical imaging firm said that Melvin, a chartered accountant, brings 30 years of financial and business experience to the company.

Active Energy Group PLC (LON:AEG) has announced the appointment of Simon Melling as a non-executive director of the company with immediate effect. It said Melling, who will serve on the company's Audit and Remuneration Committees, is a highly experienced corporate and commercial specialist with extensive experience in the growth company arena, both as a CEO of an AIM listed company and as a corporate finance adviser to growth companies.

Tavistock Investments PLC (LON:TAVI) said it has agreed to grant two additional tranches of performance-related share options to key members of the senior management team, including chairman, Oliver Cooke, and chief executive, Brian Raven. The first tranche of the performance-related share options is over an aggregate total of 30,000,000 shares and the second tranche is over an aggregate total of 30,000,000 shares, making a combined aggregate total of 60,000,000 shares.

Shanta Gold Limited (LON:SHG) has announced that, following salary sacrifices by senior management and the change in company policy to pay senior management performance pay in shares, Eric Zurrin (chief executive officer), Luke Leslie (chief financial officer), Honest Mrema (general manager), Philbert Rweyemamu (general manager) and Calvin Mlingi (head of country Affairs) have each been issued with ordinary shares which, in aggregate, this will result in the issuance of 7,692,898 ordinary shares.

Ariana Resources plc(LON:AAU) said it has been informed that Diana de Villiers, the wife of its chairman Michael de Villiers today purchased 2mln ordinary shares at an average price of 1.33p per share.  Following this purchase, Michael de Villiers' total shareholding will be held to be 42mln ordinary shares representing 4% of the company's issued share capital.

Xtract Resources PLC (LON:XTR) announced late yesterday that is has appointed Novum Securities Limited as joint broker to the company with immediate effect.  It said Beaumont Cornish Limited, continues to act as nominated adviser and joint broker to the company.

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