Small caps news round-up

Pro Global Insurance Solutions was looking at a sizeable expansion of its operations and revenue on Wednesday, announcing it had entered into a multi-year contract with a leading global reinsurer and a leading UK insurer to provide long-tail claims management services relating to UK liability. The AIM-traded firm said the services related to both the insurer's claims reinsured by the leading global reinsurer, as well as its retained long-tail claims.

Shares in Minoan Group were up by a large margin on Wednesday afternoon, after rumours circulated in Greek media that the requisite signatories required Presidential Decree for its Crete Project had been delivered. The AIM-traded company said that, while it had not received a formal confirmation of the news, it had received verbal confirmation from sources within the Greek government.

Bankers Petroleum was pointing towards a solution for its ongoing tax battle with the Government of Albania on Wednesday, announcing it had signed a formal agreement with the country's minister of energy and industry. An international expert audit team would review Bankers' 2011 expenditures and assess whether any of them were certifiable petroleum costs according to the agreements in place between the parties, it was agreed.

Plutus PowerGen was preparing to launch a number of listed bonds on Wednesday in a bid to raise cash for its next tranche of power generating projects. The AIM-traded power company focused on the development, construction and operation of flexible stand-by generation in the UK had previously stated it was committed to raising the total funding of £5.4m required for each 20MW project.

Wey Education has appointed Barrie Whipp as a non-executive director of the company. The AIM-listed education group, which operates an online independent secondary school in the UK, among other undertakings, announced the move on Wednesday.

Ascent Resources was heading towards production at its Slovenian asset on Wednesday, with the board updating the market on its three possible routes to first gas. The AIM-traded oil and gas exploration and production company said its long-term goal was to clean the gas from the Petišovci field to supply into the country's national grid.

Summit Therapeutics has reported that pre-clinical research into its treatment for the Clostridium difficile hospital superbug has found it to be a "novel and potent antibiotic". A peer-reviewed paper has been produced based on a study of Summit's ridinilazole versus current standards of care, vancomycin and metronidazole, at the Houston College of Pharmacy, funded by the AIM-listed company.

Grafenia has warned that full year results will be much worse than expected but that Peter Gunning has been appointed as chief executive on a permanent basis after making progress in the turnaround of printing and graphic design software company. The AIM-listed group, which has been undergoing restructuring under Gunning after selling off its Dutch arm for €2.35m last October, said the full effects of staff cuts, renegotiated supplier contracts and closure of underperforming stores would not be realised until the first half of the next financial year.

Sareum Holdings was still running on the smell of an oily rag in its interim report on Wednesday, but the company was confident it was heading towards a breakthrough in its durgs under development. The AIM-traded cancer drug discovery and development business saw no revenue during the six month period, though it had £45,000 of other operating income.

AIM-listed Tristel lifted its dividend and reported a rise in first half profit and revenue as the company’s international expansion continues. For the six months ended 31 December, pre-tax profit was up 36% from 2014 to £1.5m on revenue of £8m, up 8%.

SCISYS was celebrating a multi-million pound contract win on Wednesday, revealing an unnamed major UK broadcaster was selecting its dira! system for radio production and playout.

It was full steam ahead at Scotgold Resources on Wednesday, as the firm announced plans to begin a bulk processing trial at Cononish, Scotland's only gold mine. The AIM-traded company said it would process 2,400 tonnes of its stockpile over a six-month trial period. Scotgold said the stockpile was believed to contain 7,000 tonnes, at grades of 7.9 grams per tonne of gold, and 39 grams per tonne of silver.

Escher Group Holdings has given a helping hand to financial technology start up Deposify. The AIM-listed point of service software provider said on Wednesday it had invested €125,000 (£98,583) in the Dublin-based company’s initial raise.