SMALL CAP MOVERS: City Pub Group; Novacyt
SMALL CAP MOVERS: City Pub Group soars as sales rebound; Covid testing firm Novacyt shares sink as it faces £134m DHSC claim
Shares of LoopUp Group have emerged from their slump, climbing 88% this week to 13.25p, after winning a contract for its Hybridium technology.
The contract is worth a minimum of €200,000 (£169,000) from Spanish telecommunications company Telefónica.
LoopUp also provided an update on its business, saying it won 44 cloud phone contracts, including 31 last year and 13 so far in fiscal 2022.
“This performance puts the group on track to meet its annual target of securing 50 additional contracts for fiscal year 2022,” he said.
City Pub Group shares rose 18% after it revealed last year’s trading was above 2019 levels
Clontarf Energy has pulled off the rare feat of issuing shares at a discount and then seeing its share price soar.
The oil and gas exploration company raised £3.5m by placing 1.4bn shares at 0.25pa through several Australia-based brokers. The newly issued shares represent approximately 61.7% of the enlarged share capital of the company.
On the day the announcement of the equity placement was announced, the shares were trading at 0.29p; they were up at 0.375p on Friday.
The company said it had evaluated a number of different projects in various jurisdictions, in particular advanced gas exploration prospects in Australia.
It may not be such a rare feat to achieve a rise in share price after a fundraising, as Bonhill Group jumped 22% to 7p after launching an open offer and a contingent placement of shares at 5.5p.
The company is looking to raise £1.2m to boost its working capital.
On top of that, Keras Resources advanced 18% to 0.115p after announcing it was raising £1.95m through a placement and brokerage option at 0.12p per share, following its acquisition of the Diamond Creek phosphate mine at the end of March.
The new shares were issued at a premium of 7% to the current share price, and £1.2 million has already been committed by leading investor First Uranium Resources.
Jersey Oil and Gas seems like a strange name for a company focused on the North Sea, but I guess no one wants the narrow English Channel to become even more of an obstacle course by scattered oil rigs.
The company’s shares added about a third to their value this week after it said its lease in the Greater Buchan area was attracting widespread interest.
The initial engagement and selection led Jersey Oil to actively engage with several major serious counterparties, with ongoing due diligence involving two-way collaborative workflows.
Pubs have struggled since the first lockdown, but things are looking up for The City Pub Group, which released its annual results this week.
Shares rose 18% to 94p after the company revealed that in November last year it was trading ahead of the 2019 level.
It was a dismal week for Empyrean Energy which said it would reassess all drilling data from its Jade prospect offshore China after the well log indicated no oil in the target reservoir.
The wireline logs are not expected to change the original interpretation of the lack of oil compensation observed during logging while drilling, the company’s statement added.
Shares lost three-quarters of their value over the week.
Covid testing company Novacyt has received a £134.6m claim from the government over a protracted contract dispute
Kropz, an emerging African phosphate producer and developer, saw its stock market value plummet by a third after having to take out a bridging loan at an interest rate of 14% to keep its Kropz Elandsfontein operation running until the end of the month .
Production of a sufficient quantity of phosphate rock concentrate at the project for the first wholesale will be realized later in the second quarter than originally planned, which will require the loan.
Finally, shares of Novacyt SA – synonymous with price volatility – fell by a fifth after the Department of Health and Social Care (DHSC) filed a complaint against the company.
The clinical diagnostics specialist has been in dispute with DHSC for some time over a supply contract announced on September 29, 2020, and this week DHSC issued a £134.6 million claim relating to that contract. The amount of the claim is broadly in line with disputed fourth quarter 2020 revenue, as previously announced by the company.
Novacyt said it continues to believe it has strong grounds to defend the claim and enforce its contractual rights, including to collect amounts owed by DHSC.