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Zinc Media dips as earn-out clauses are triggered

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Zinc Media Group PLC (LON:ZIN) shares slid 6.3% to 52.5p after it announced the triggering of an “earn out” clause.


The third year earnout payment of GBP500,000, payable to the vendors of Tern Television, is GBP0.5m, is to be satisfied partially in cash (GBP350,000) and partially in new Zinc Media Group shares.


Over the three year earn out period the minimum earnout targets were also exceeded, resulting in an overachievement amount payable of GBP364,500, which will be settled in new ordinary shares. In total GBP489,500 will be settled through the issue to the vendors of 788,496 new ordinary shares at an assumed price of 62.08p per share.


3.05pm: Synectics lifted by contract win


Synectics PLC (LON:SNX) advanced 12% to 100.45p after announcing a EUR1.3mln contract with Irish Rail to upgrade all MkIV InterCity rolling stock on the Dublin to Cork Intercity route.


The surveillance firm will develop and install an internet protocol (IP) video surveillance system that enables full connectivity from trains to the engineering depot and other operational locations.


The AIM-listed firm expects to start installation in September 2021, to be followed by an additional support contract to provide a five-year in-territory maintenance programme.


2.10pm: Velocity Composites slips after admitting subdued trading for the foreseeable future


Velocity Composites PLC (LON:VEL) slipped 12.5% to 14p in the afternoon after admitting that prospects remain subdued with no significant increases to build rates on major civil aircraft programmes as set by the primary manufacturers Boeing and Airbus.


The AIM-listed supplier of advanced composite material kits to the aerospace sector expects the current financial year to be similar to the period to October 31 assuming additional lockdowns and short-term customer shutdowns through the winter months.


In the financial year to the end of October, revenues are expected to tank 44% to GBP13mln while Velocity estimates to swing to an adjusted underlying loss of GBP1.8mln from last year’s earnings of GBP600,000.


1.20pm: System1 Group higher after posting quarterly improvement


System1 Group PLC (LON:SYS1) added 12% to 128.85p in the early afternoon after announcing revenue and adjusted profits were “appreciably stronger” in the second quarter compared to the first.


However, the AIM-listed marketing research firm still swung to a half-year loss before tax of GBP400,000 from last year’s GBP1.4mln profit.


In the six months to September 30, revenue came in at GBP10mln from GBP13mln a year before.


12.15pm: Tekcapital tumbles after issuing shares at steep discount


Tekcapital PLC (LON:TEK) shares tumbled 14% to 10p after it announced a placing to raise GBP300,000.


The company has placed 4.75mln new shares at 8p a share.


The intellectual property investment group said the funds raised will primarily be used to enable its portfolio companies Guident and Salarius to take advantage of new commercial opportunities.


10.55am: ICG the top Footsie riser after upbeat trading statement


Intermediate Capital Group PLC (LON:ICM), up 5.0% at 1,645p, was the Footsie’s best performer after the fund manager boasted of a strong first-half performance.


Group profit before tax in the six months to the end of September rose 28% to GBP192.8mln from GBP151.0mln in the same period of 2019.


Third-party assets under management surged to EUR43.69bn at the end of September from EUR38.38bn a year earlier.


10.00am: Blue Prism hails strong performance


Robotic process automation specialist Blue Prism Group PLC (LON:PRSM) marched 15% higher to 1,839p after it boasted of a strong full-year performance despite COVID-19 headwinds.


“We are encouraged by the positive momentum seen in the second half and see a strong pipeline, which closed significantly stronger than at the same point last year. While the macro environment remains uncertain, we remain confident in our ability to deliver good long-term growth,” the company said in a trading statement.


The Blue Prism Cloud business has put in an especially strong performance in the second half of the year in terms of new business signed.


9.00am: Dotdigital raises revenue guidance again


Shares in dotDigital Group PLC (LON:DOTD) climbed 4.5% after the marketing tools provider raised revenue guidance for the current fiscal year.


Revenue guidance was increased as recently as October 20 and has been bumped up again by the company in its results statement for the year to the end of June 2020.


Profit before tax from continuing operations in the financial year just ended rose to GBP12.2mln from GBP11.0mln the year before.


Craneware PLC (LON:CRW) shares were lifted 5.2% higher to 2,025p by the software company’s annual general meeting (AGM) trading statement.


The first four months of this fiscal year saw a return to strong sales growth, considerably ahead of the equivalent period of the prior year, the statement said


Results are ahead of management expectations for this stage in the year and it expects revenues and adjusted underlying earnings (EBITDA) for the second half of 2020 to be ahead of the equivalent period of 2020.


Proactive news headlines


Gore Street Energy Storage Fund PLC (LON:GSF) has signed a construction contract for a 30 megawatt (MW) project in Porterstown in the Republic of Ireland. The company has also applied to increase the total capacity of its two assets in its Republic of Ireland portfolio from the original 60MW to up to a total capacity of 180MW.


AdEPT Technology Group PLC (LON:ADT) weathered tough trading conditions pretty well in the first half of its financial year, with underlying earnings (EBITDA) slipping to GBP5.2mln from GBP6.1mln the previous year.


Genedrive PLC (LON:GDR) said further, possibly significant, orders for its coronavirus rapid test are expected through its widened network of partners. At the year-end (June 30) the molecular diagnostics specialist had GBP1mln of initial orders for the kit, with its 15-minute point of care device set to be launched in March.


KR1 PLC (LON:KR1) said it has participated in, generated staking revenue and realised profit from several key projects in the Polkadot blockchain ecosystem.


Trident Royalties PLC (LON:TRR) has completed its acquisition of the Spring Hill royalty from Thor Mining PLC (LON:THR). The uncapped royalty provides for A$13.30 per ounce of gold produced from Spring Hill if the gold price is greater than A$1,500 per ounce, or A$5.70 per ounce if the gold price is lower.


AFC Energy PLC (LON:AFC) has signed a binding agreement with BK Gulf LLC to support the immediate scale-up of manufacturing capacity for delivery of its proprietary H-Power fuel cell system. BK Gulf, a wholly-owned subsidiary of Middle Eastern conglomerate Dutco Group is one of the region’s largest specialist mechanical and electrical contractors.


Live Company Group PLC (LON:LVCG) said it has confirmed an order for 1,000 bespoke brick sets from Jagex Ltd, a UK video game developer and publisher.


Tissue Regenix Group PLC (LON:TRX) has named as its new chief executive the president of its US operation. Danny Lee has been appointed to the board of the regenerative medical devices company with immediate effect.


Naked Wines Plc (LON:WINE) said it has appointed Shawn Tabak as its new chief financial officer who will join the company on December 7. The AIM-listed wine retailer said Tabak’s appointment follows its previous announcement that its current CFO, James Crawford, has been appointed managing director of its UK business.


88 Energy Ltd (LON:88E) has launched a new A$10mln share placing to fund its continuing exploration work in Alaska’s North Slope.


First Sentinel (AQSE:FSEN) announces that it has raised GBP95,760 from the issue of 95,760 further bonds at GBP1 apiece and that they will begin trading on Euronext Dublin today. With just over 3mln bonds issued so far, it is the seventh tranche of bonds to be issued out of a planned GBP7mln bond issue out to 2024.


Alien Metals Ltd (LON:UFO) said its joint brokers are Turner Pope Investments (TPI) Limited and First Equity Limited. It will no longer be working with Novum Securities.


Ncondezi Energy Limited (LON:NCCL) non-executive director Scott Fletcher has purchased an aggregate of 2.2mln ordinary shares taking his total beneficial interest to 59.1mln shares, representing 16.9% of the company’s issued share capital.


Power Metal Resources PLC (LON:POW) said it will be participating in the London South East Investor Webinar at 6pm on Tuesday 1 December at lse.co.uk/events (https://www.lse.co.uk/events/).

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