Minoan Group PLC (LON:MIN) lost a third of its value after tapping the market for funds by issuing shares at a 1.1p a pop.
The shares plunged to 1.15p on the news, as the company also said it has paid a “top four” accountant to refine the board’s business plan.
Minoan, which is developing a luxury resort on the island of Crete, said it is continuing to advance the project on a number of fronts in response to the predicted changes in demand driven by changing tastes and the coronavirus (COVID-19).
2.05pm: BigDish moves one step closer to its new direction
BigDish PLC (LON:DISH) jumped 11% to 2.025p after shareholders approved the change of name of the company to Amala Foods PLC.
BigDish, a technology company that picked a bad time to design a software platform that allowed restaurants to attract customers during their quieter periods, has previously announced its intention to form a joint venture food technology with Amala Food Inc.
The joint venture will produce and distribution minimally processed plant-based “meat products”, initially within Asia.
1.05pm: Quarto Group works its way into the market’s good books
The publisher of illustrated books saw revenue in 2020 decline to US$126.9mln from US$135.8mln in 2019 but it managed to increase adjusted profit before tax to US$7.9mln from US5.1mln, thanks larghely to a US$2.2mln reduction in interest rate charges.
Net debt at the end of 2020 stood at US$19.7mln, down by 61% on a year earlier.
12.05pm: Mobile Streams cashes in on share price strength
The shares plunged to 0.285p after it rasied £2mln by placing shares at 0.25p a pop.
Last week the shares rocketed after the company won a £480,000 contract with Quanta Media Group, which plans to use the AIM-listed company’s Streams data platform for at least four years.
11.10am: MBO in prospect for Cambria Automobiles?
Cambria Automobiles PLC (LON:AMB) motored 11% higher to 73.5p on the back of a possible management buy-out.
The board has consented to the chief executive Mark Lavery, the chief financial officer James Mullins and Tim Duckers, the managing director of the Motor Division, exploring a possible bid by them at 80p a share.
As per usual, there was the usual cautionary statement that there is no guarantee that a bid will materialise.
10.15am: Faron boosted by cancer trial results
Faron Pharma PLC (LON:FARN) jumped 16% to 362.5p after an encouraging update on its Clevegen cancer treatment prospect.
The company said Part II of a trial for its precision cancer drug shows significant efficacy signals while it was also advised to increase the dosing frequency.
The Phase I/II MATINS clinical trial is investigating the tolerability, safety and preliminary efficacy of bexmarilimab (Clevegen), Faron’s wholly-owned novel precision cancer immunotherapy targeting Clever-1.
9.20am: Tremor raises full-year guidance; Futura soars again
The video advertising technology company said the first quarter of the year is traditionally a quiet one for the company but revenue this year has been “significantly ahead” of last year.
Tremor expects to report first-quarter net revenue of US$55-60mln, up from US$32.1mln a year earlier, and adjusted underlying earnings (EBITDA) of US$25-28mln, up from US$0.5mln in the first quarter of 2020. Programmatic net revenues are expected to grow by 84%-95% year-on-year.
Last week, the share price went stratospheric after the European Union signalled it would certificate Futura’s MED3000 as a Class 2B approved medical device.
Now, MED3000, a gel to treat erectile dysfunction, has moved one step along the path to similar certification in the US after Futura agreed with the US Food & Drug Administration on the protocol for a small six-month trial to confirm that the effects of the gel do not tail off after three months of use.
Proactive news headlines
Arix also noted that its portfolio company Aura Biosciences, today announced the closing of an oversubscribed US$80mln financing, following strong interest from leading global investors. Arix retains a 5.6% ownership stake.
Samarkand Group PLC (LON:SMK) made a healthy start to trading on its first day of dealings on the Aquis Exchange.
EQTEC PLC (LON:EQT) and MetalNRG PLC (LON:MNRG) have signed a framework partnership agreement to develop sustainable green energy projects. In a separate announcement, EQTEC said 2021 is forecast to be its first year of profitability as the company said it is targeting “considerable” sales growth from its European projects.
4D pharma PLC (LON: DDDD) has passed a “transformational milestone” following the completion of its merger with US investment vehicle Longevity Acquisition Corporation, according to chief executive Duncan Peyton.
Futura Medical PLC (LON:FUM) has agreed with the US Food and Drug Administration (FDA) on the protocol for a small confirmatory clinical study of MED3000, the company’s treatment for erectile dysfunction.
Faron Pharma PLC (LON:FARN) said Part II of a trial for its precision cancer drug shows significant efficacy signals while it was also advised to increase the dosing frequency.
Helium One Global Ltd (LON:HE1) has appointed Mitchell Drilling Ltd as drilling contractor for the company’s maiden three well exploration programme on its Rukwa project in Tanzania. Mitchell Drilling will mobilise a drill rig from Tanzania and work is anticipated to start in mid-May.
CentralNic Group PLC (LON:CNIC) said it has been awarded a significant project by Jisc, a UK non-profit that supports higher and further education and research, to support critical UK domain infrastructure.
Coinsilium Group Limited (LON:COIN) (OTCQB:CINGF) has provided a progress update on the launch of its Nifty Labs Ltd subsidiary, which in early March entered into a Memorandum of Understanding (MOU) with Singaporean firm Indorse to form a joint venture to launch a non-fungible token (NFT) technology development studio.
MGC Pharmaceuticals Limited (LON:MXC) (ASX:MXC) shares moved higher on Monday after it said it has received Ethics Committee approvals from the Rambam Health Care Campus and the Nazareth Hospital EMMS in Israel for Phase III clinical trials of its CimetrA treatment on patients diagnosed with coronavirus (COVID-19).
Shield Therapeutics PLC (LON:STX) said Hans-Peter Rudolf is joining Shield’s senior executive team as the chief financial officer (CFO) with immediate effect. Rudolf is a Swiss national with extensive international experience, particularly in the US.
Caledonia Mining Corporation PLC (LON:CMCL, NYSE:CMCL) posted higher underlying profit for 2020 on record production and higher gold prices. EBITDA rose to US$43.3mln, from US$29.9mln in 2019, as revenue jumped by a third to US$100mln.