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Pressure Technologies to slide into the red


Pressure Technologies PLC (LON:PRES) slipped 7.7% to 54p after it signalled a fall into the red for the year to October 3.

The specialist engineering group said tougher trading conditions, COVID-19 disruption and the previously announced deferral of revenue and profit for a defence contract into the current financial year resulted in a reduction in group revenue for the year just ended to about £25mln from £28.3mln the year before.

Overall the group is expected to deliver an adjusted operating loss for the year, compared to a profit the year before of £2.2mln.

11.25am: Amigo slumps after another profit warning

Amigo Holdings PLC (LON:AMGO), down 16% at 7.25p, was London’s top faller after it issued a profit warning.

The lender warned that profits will be hit by an increased provision for resolving complaints as it has continued to receive ongoing high numbers from claims management companies.

Given continued uncertainty, the guarantee loan provider does not anticipate lending will restart this year.

10.45am: Rurelec slumps after highlighting uncertainty in Argentina

Rurelec PLC (LON:RUR) slumped 16% to 0.72p after it issued an uncertain update regarding its operations in Argentina.

The resolution that governs the capacity and offtake revenue generated by the steam turbine at Energia del Sur, the Argentinian powerplant owned by Patagonia Energy Limited in which Rurelec holds a 50% interest, has now expired.

Negotiations are being held with CAMMESA , the organisation that controls the administration and distribution of electricity in Argentina, and the Secretariat of Energy, which has ultimate responsibility for the policies and tariffs that control the generation and regulation of electricity supply in Argentina. Rurelec said these negotiations are in their final stages but have been slowed by the coronavirus pandemic.

9.50am: Coats lifts full-year guidance

Coats Group PLC (LON:COA) surged 11% to 60.6p after it raised full-year guidance.

The industrial yarns specialist said said full-year profit was likely to be ahead of expectations after sales declines eased off in the third quarter, with improving demand for its threads across clothing and footwear.

Like-for-like sales were down 15% over the four months from July 1, compared to a 45% slump in the second quarter.

9.00am: Omega Diagnostics gets the green light in China for its Food Detective test

Omega Diagnostics Group PLC (LON:ODX) jumped 5.3% higher to 79p in early trade on Tuesday after it revealed it has received approval in China for its Food Detective test.

The medical diagnostics company said the National Medical Products Administration (NMPA), the successor to the China Food and Drug Administration, has approved Food Detective for self-test use in China.

“I am delighted to receive self-test approval in China which was a key commercial objective for this year. This is another excellent reward for all the hard work put in by both our and our partner’s teams in what has remained challenging times around the world,” said Colin King, the chief executive officer of Omega in a statement.

Meanwhile, IXICO PLC (LON:IXI), the data analytics specialist focused on neuroscience, said it has landed three new contracts in the area of Alzheimer’s disease, sending its shares 5% higher to 105p.

Proactive news headlines:

Supply@ME Capital PLC (LON:SYME) said it has partnered with a European bank and iMass Investments to launch a Shariah-compliant version of its inventory monetisation platform. The bank, which is a specialist in Shariah funding, has confirmed that SYME’s platform is compliant with Shariah rules from both an inventory funding and client company perspective and together with iMass has agreed to support SYME through the formal authorisation process. iMass is a direct investor in companies and commercial projects in the EMEA region and became SYME’s Middle Eastern partner In August.

Bahamas Petroleum Company PLC (LON:BPC) told investors it is seeing green shoots of improvement at the Trinidad oil fields acquired via its merger with Columbus Energy. A substantial increase in field activities has arrested prior production decline and there are now early signs of sustainable improvement in production rates. Programmes in Trinidad are run by separate operational management from BPC’s core focus, the pending Perseverance exploration well which is due to spud before the end of 2020.

Mkango Resources Ltd (LON:MKA)(CVE:MKA) has commenced an extensive hand-auger drilling and soil sampling programme to identify rutile prospects within its 869 square kilometre Mchinji licence in Malawi. The drill programme follows reconnaissance work which resulted in the discovery of rutile during a shallow soil sampling and auger programme completed in September. That programme suggested the potential for discovering high-grade rutile deposits within Mkango’s large licence area, which is adjacent to an area that Sovereign Metals believes could potentially be a new province of rutile mineralisation.

IXICO PLC (LON:IXI), the data analytics specialist focused on neuroscience, said it has landed three new contracts in the area of Alzheimer’s disease. The group will carry out work on a phase I study, it has also signed an expansion deal for a phase II clinical assessment, and it will deploy its expertise on an open-label extension phase III trial. IXICO said the new business builds on its expertise in the field of Alzheimer’s and pointed out that it was in addition to the partnership with the Global Alzheimer’s Platform announced in September.

AFC Energy PLC (LON:AFC), the hydrogen power specialist, has hailed a year of significant progress that has seen it move into the commercial phase. The group noted that “all leading indicators” suggested the momentum will continue into 2021. Its achievements in the 12 months just gone were evident in its first contracts – totalling more than £1mln and already generating income. Underlining confidence in the business, meanwhile, was an oversubscribed £31.6mln fundraiser.

Itaconix PLC (LON:ITX) has appointed Mona Manning as vice-president of Marketing & Sales as it prepares to expand its commercial activities. The sustainable speciality polymers specialist said Manning has a track record of generating demand for speciality materials. She served most recently as the general sales manager of North America and Latin America for Glatfelter, having previously worked at Peter Cremer, Siovation, and ABITEC.

Trident Royalties PLC (LON:TRR) has appointed Martin Page as its chief financial officer. Page has over 10 years’ experience in the natural resources sector, most recently as CFO of Toro Gold Ltd, a private equity-backed West African gold producer which was sold to Resolute Mining in July 2019 for US$300mln. Page was a member of the senior executive team that guided Toro through the latter stages of its development and subsequent divestment.

Genel Energy PLC (LON:GENL) has told investors that net production from the Kurdistan region of northern Iraq averaged 32,140 barrels per day (bopd) over the first nine months of 2020, up 7% from the previous year. Gross production from the 25%-owned Tawke field averaged 56,880 bopd in the third quarter, 14,220 barrels net, and, the neighbouring Peshkabir field yielded 56,860 barrels per day. At the 44%-owned Taq Taq field, the average rate was 8,580 bopd, 3,780 net.

Ncondezi Energy Ltd (LON:NCCL) has said that certain members of its board and management of who represent 39.6% of the outstanding shareholder loan have signed a binding undertaking not to call in the loan before the later of November 30, 2022, or when the group’s ongoing restructuring is completed. The undertaking prevents the loan from being called in, as a majority agreement representing 66.67% of loan holders is required, and enables the company to focus on delivering key milestones at its flagship 300MW Ncondezi project in Mozambique, the group added.

Touchstone Exploration Inc (LON:TXP) has raised US$30mln via a share placing with the funds earmarked to advance ongoing and successful programmes within the Ortoire project. The Trinidad oil and gas firm is issuing 24.29mln new shares priced at 95p each to institutional and other investors in the United Kingdom and Canada. Three successful exploration wells have so far been drilled at Ortoire – Coho, Cascadura and Chinook – and a fourth, Cascadura Deep, was spudded last week.

World High Life PLC (LON:LIFE) said it has completed a fundraising through a private share subscription that will be used to conduct due diligence on further investment opportunities. The company said it has raised £381,143 through the private subscription of around 38.1mln shares at a price of 1p each, a 67% discount to its closing price on Monday.

Scancell Holdings PLC (LON:SCLP), the developer of novel immunotherapies for the treatment of cancer and infectious disease, has announced that funds managed by Redmile Group, a holder of unsecured convertible loan notes (CLNs) issued by the company in August 2020 on Monday converted approximately £3.25mln in principal amount of CLNs into new ordinary shares of £0.001 each in the capital of the company. In accordance with the terms of the CLN instrument, 53,326,124 new Scancell ordinary shares have been issued to Redmile Funds on conversion of its CLNs. Following the issue of the new shares, Redmile Funds’ shareholding is 237,306,384, which is approximately 29.97% of the enlarged share capital. The remaining principal amount of Redmile Funds’ CLNs is approximately £1.75mln.

Argo Blockchain PLC (LON:ARB, the leading cryptocurrency miner based in the UK has provided an update on its proposed capital reduction. It said that following the resolution passed at the company’s AGM on June 25, 2020, to approve, subject to the confirmation of the Court, the cancellation of its share premium account, the company has applied to the Court for approval of the capital reduction. The initial directions hearing in relation to the capital reduction took place on October 30, 2020, with the final hearing scheduled for November 10, 2020. Subject to the approval of the Court, the capital reduction on registration of the Court order with the Registrar of Companies.

Thor Mining PLC (LON:THR) (ASX:THR) said it has received binding option exercise notices for the conversion of 1,500,000 ASX listed options at an exercise price of A$0.01, resulting in aggregate gross proceeds being receivable by the company of A$15,000. The group noted that one of the two option holders to have provided an exercise notice is Richard Bradey, a former director of the company who retired on October 29, 2020, with the notice received following his retirement.

MaxCyte Inc (LON:MXCT) (LON:MXCL), a global cell-based therapies and life sciences company, has announced that at its annual general meeting held on October 30, 2020, all resolutions were duly passed.

Quadrise Fuels International PLC (LON:QFI) has announced that its annual general meeting (AGM) will be held at 12.00pm on November 27, 2020, at the company’s registered office address at First Floor, Gillingham House, 38-44 Gillingham Street, London, SW1V 1HU. As a result of measures introduced by the UK government to combat the ongoing coronavirus (COVID-19) pandemic, shareholders are reminded that the AGM will be held as a closed meeting and shareholders will not be permitted to attend in person. Shareholders are therefore strongly encouraged to vote by proxy. To ensure that shareholders are still given the opportunity to ask questions, following the conclusion of the AGM, the company will give a live online presentation via the Investor Meet Company (IMC) platform on November 27, 2020, at 12.30pm GMT. Investors can sign up to Investor Meet Company for free and add Quadrise Fuels International PLC via

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