Small caps news round-up
Pottery manufacturer Churchill China said it had “achieved strong growth” and does not expect to be affected by Brexit greatly. The Stock-on-Trent based company said in its trading update for the six months to 30 June 2016 that it achieved strong growth across the business and in particular in the hospitality export markets.
Nostra Terra Oil and Gas updated the market on Friday on the sale of its 20% stake in the Chisholm Trail Project, operated by Ward Petroleum Corporation. The AIM-traded firm initially announced the sale, for $2.1m, on 30 June.
Shares in Savannah Petroleum are up a tickle less than 40% as a temporary suspension on the outfit's shares dating from January was lifted a day after its oversubscribed $40m placing. "This (placing) is a strong endorsement of our strategy and ensures we are funded to move the assets to the next level of value creation," said chief executive Andrew Knott.
Jersey based Petra Diamonds announced on Friday it agreed a joint venture with South Africa’sEkapa Mining, which will combine their operations in Kimberley, Western Australia. The Kimberley Ekapa Mining joint venture took effect from 1 July. Petra Diamonds and Bee Partners will own 75.9% and Ekapa Mining 24.1%. Bee Partners is a venture capital company which provides capital and mentoring in the early stages of venture creation.
Independent specialist finance provider 1PM says its group full-year adjusted pre-tax profit will be materially above current market views. "The trading results for the year ended 31 May 2016 will show strong growth in revenue and profits compared with the prior year," said the company, which is focused on the SME sector.
Oil and gas exploration company Pantheon Resources has been granted the permit required to perform a fracture stimulation test on the VOS#1 well. "We also now have the opportunity to gain valuable data from the independent Austin Chalk zone, above the discovered Eagleford sandstone section," said chief executive Jay Cheatham.
Specialist anti-microbial technology company Byotrol announced on Friday that it has expanded its agreement to develop and commercialise long-lasting biocidal products for hard surfaces with the international chemical group Solvay. The AIM-traded company said the agreement extends the commercial and technical relationship between the company and Solvay’s Novecare business unit.
Polar Capital Global Financials Trust (PCGF) reported a 0.59% fall in net asset value return for the half year, although it managed to outperform its benchmark index. The portfolio's benchmark, the MSCI World Financials Index (Total Return with dividends reinvested), returned -0.84% over the same period, PCGF said.