Distil down the plug-hole after slump in revenues


A trading update from drinks brands owner Distil PLC (LON:DIS) left shareholders feeling queasy, as the shares plunged 23% to 1.075p.

The company said revenues in the April – June quarter fell by 20% year-on-year.

“We have new promotional activities planned for the remainder of this financial year and our full year forecasts remain in line with current market expectations,” said Dan Goulding, the executive chairman.

2.15pm: C&C plans to gatecrash the FTSE 250

C&C Group PLC (LON:CCR), the company behind Magners cider, saw its shares advance 4.4% to 4.12p after it unveiled plans to delist from Euronext Dublin.

The dual-listed company said it would keep its London listing and seek inclusion in the FTSE 250.

The company said it had made a “solid start” to its new financial year.

1.15pm: Global Ports cruises higher after unveiling new regional structure

A “new regional operating structure” has got the pulses racing at Global Ports Holding PLC (LON:GPH), where the share price is up 6.1% at 350p.

Shareholders welcomed news of a management reshuffle at the cruise port operator.

Under the new structure, three regional directors will be appointed to manage the East Mediterranean, West Mediterranean and Americas regions.

12.15pm: Carclo buoyed by expressions of interest in its Wipac business

Shares in engineer Carclo PLC (LON:CAR) advanced 9.1% to 21p as it revealed it had received approaches from parties interested in acquiring its Wipac business.

Carclo is trying to turn around the Wipac business, which is losing shed-loads of money and draining the company of much-needed working capital.

Separately, the company said its chief financial officer (CFO), Sarah Matthews-DeMers will leave the company at the end of October to take up a similar role with a company listed on AIM. The company will start searching for a new CFO; is already searching for a chief executive officer.

11.30am: ValiRx readying itself for VAL301 clinical trials

ValiRx PLC (LON:VAL) shares hardened 2.9% to 0.18p after it teamed up with UK-based clinical contract research organisation, Aptus.

The partnership is to help prepare the clinical development plan for ValiRx’s VAL301 endometriosis treatment.

VAL301 is a reformulation of ValiRx’s flagship VAL201 anti-cancer drug that is currently in late-stage pre-clinical development.

10.45am: IGas to wield the drill-bit in the Weald Basin

IGas Energy Plc (LON:IGAS) moved up 3% to 58.2p after announcing plans for a new site in the Weald Basin, within its conventional portfolio.

The initial well will explore and evaluate the resource potential of both the Portland Sandstones and the Kimmeridge Micrites.

The company also announced plans for the drilling of up to two exploration/appraisal wells on its PEDL 235 block.

10.00am: Intelligent Ultrasound makes big noise after licensing deal

Intelligent Ultrasound Group PLC (LON:MED) has signed its first long-term licensing agreement for its artificial intelligence-based software, sending its shares soaring 178% to 18.75p.

The agreement has been signed with an unnamed company, said to be one of the world’s leading ultrasound equipment manufacturers.

The long-term agreement will enable the integration of Intelligent Ultrasound’s real-time image analysis software onto a range of speciality specific ultrasound systems marketed in the global healthcare market.

9.15am: Fund-raising downs Richland shares

Richland Resources Ltd (LON:RLD), the Australian sapphire producer and gemstones developer, saw its shares slide 13% to 0.065p in early trading on Thursday after it issued new shares at 0.063p each.

The company raised roughly GBP100,000 by placing 157.8mln shares – equivalent to around 21% of the company’s now enlarged share capital.

Richland also said it had appointed Peterhouse Capital as sole broker, paying them 15.9mln shares in lieu of a six-month retainer fee.

In similar vein, Bango PLC (LON:BGO), the mobile commerce company, saw its shares shed 7% to 82.5p, having jumped higher recently on news of a partnership deal with appScattter Group PLC (LON:APPS), as it named finnCap as its new nominated advisor (Nomad).

Proactive news headlines:

Argo Blockchain PLC (LON:ARB) shares surged on Thursday as it increased its crypto mining capacity by 129% to support its generation of Bitcoin. The firm said that it had ordered 5,000 Antminer S17 mining units costing around US$13.09mln, half of which would be paid immediately while the rest would be paid five days before shipment and funded from a combination of cash and cryptocurrency assets.

ValiRx Plc (LON:VAL) has teamed up with UK-based clinical contract research organisation Aptus to help prepare the clinical development plan for its VAL301 endometriosis treatment.

Arc Minerals Limited (LON:ARCM) said the team that discovered one of the largest high-grade copper deposits of recent times has identified a new target on the AIM-list mine developer’s Zambia licence areas. African Mining Consultants and Douglas Haynes Discovery have picked over the extensive early exploration work carried out by Arc and mapped out a six-kilometre “strike” called West Lunga grading up to 463 parts per million copper.

Graphene specialist Directa Plus PLC (LON:DCTA) has been granted a US patent that will enable it to develop an ink based on its G+ graphene product. The patent relates to the production of a water-based dispersion of pristine graphene nanoplatelets (GNPs).

Mkango Resources Ltd (LON:MKA) has been granted a new exclusive prospecting licence covering an area in the Mchinji district, central Malawi.

SkinBioTherapeutics PLC (LON:SBTX) is continuing “advanced” talks with potential commercial partners, while founder and chief executive Cath O’Neill has now left the board to focus on the company’s scientific developments.

Bluebird Merchant Ventures PLC (LON:BMV) has seen a delay in the schedule for permits to be granted to re-open two mines in Korea. At Gubong, a central government panel will consider the application next month in what is a one-day process. A permit for the other mine, Kochang, is still being assessed, with the delay caused by the interpretation of new legislation for mining in the event of natural disasters.

Golden Saint Technologies Limited (LON:GST) announced that its group managing director, Pierre Fourie has today resigned with immediate effect to return to his long-standing interests in the mining sector as it revealed the appointment of a key member of the team developing its project in Thailand.

Seeing Machines Limited (LON:SEE) has reshuffled its leadership team and appointed the general manager of its fleet division as its permanent chief executive.

CentralNic Group PLC (LON:CNIC), the global internet platform that derives revenue from the subscription sales of internet domain names, announced the settlement of its EUR50mln senior secured bond issue, the placement of which was announced on 24 June 2019, occurred on 3 July 2019. Upon disbursement, which is expected before the end of this month, the company said it will use the funds to repay existing interest-bearing liabilities and to fund its most recent acquisitions, TPP Wholesale and Hexonet. It added that both acquisitions are progressing to plan and are expected to complete on schedule by the end of this month.

Bango PLC (LON:BGO), the mobile commerce company, has announced the appointment of finnCap as nominated adviser and broker to the company with immediate effect.

Rainbow Rare Earths Limited (LON:RBW) said it received orders for a total of 144,703,421 new ordinary shares under its placing, raising GBP4.3mln (US$5.5mln) before expenses, with new and existing shareholders at an issue price of 3p each. The group noted that the placing price represented a discount of approximately 21.1% to the closing middle market price of 3.8p on 2 July.

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