Small cap news round-up

Veterinary services company CVS announced its preliminary results for the year to 30 June on Friday, with revenue rising 30.4% to £218.1m compared to 2015.

The AIM-traded firm reported a 42.5% rise in adjusted EBITDA, to £32.8m, with adjusted profit before income tax up 36.2% to £24.9m and adjusted earnings per share growing 31.2% to 32.4p.

Solo Oil has announced that it was informed on Friday, by the Ruvuma Petroleum Sharing Agreement operator Aminex, that a rig contract has now been signed for the drilling of the Ntorya-2 appraisal well in the Ruvuma basin.

The AIM-traded firm said the Carol 2 drilling rig, which is currently on the Ntorya-1 well pad, will shortly be mobilised to the Ntorya-2 pad, 1.5 kilometres to the southwest.

Natural resources investment company Armadale Capital announced on Friday that reverse circulation drilling has commenced at its high-grade Mahenge Liandu Graphite Project in Tanzania.

The AIM-traded firm said drilling has begun over a 2km strike length within the project area, with approximately 1,400m of drilling planned, targeting graphite schist mineralisation.

Real-time financial market data company Arcontech announced an extension agreement with an existing client on Friday, to the value of approximately £95,000 in new annual recurring revenue.

The AIM-traded firm said the extension was a result of expanded software licenses provided to the client.

GCM Resources said on Friday that it has not received any notification from the government of Bangladesh of any change to its contract for the Phulbari coal project following speculation in the press that the government has decided not to go ahead with open pit mining at the Barapukuria coal mine.

The London-based resource exploration and development company pointed out that the mine in question in the media speculation is unrelated to the group.

BMR Group confirmed on Friday that it and its wholly owned subsidiary Enviro Mining Limited have entered into the anticipated project construction and trade finance facility for up to $5.2m, with private South African group African Compass International.

The AIM-traded firm said the facility provides that ACI will make available up to US$4.2 million to EML for use in connection with the plant and materials processed at Kabwe, upon achievement of various milestones, through to commissioning of the plant and proof of saleable product.

Mediterranean and African-focused upstream company Sound Energy updated the market on Friday, on its March agreement with PetroMaroc Corporation for the acquisition of a 50% operated interest in three onshore gas permits located in Morocco - the Sidi Moktar Licences.

The AIM-traded firm said since that date there have been a number of developments that have impacted that agreement, including the recent increase in the company's share price.

AIM listed agricultural and forestry company Obtala sold its stake in Lifes Comfort Solutions retail outlets in Lesotho for just $100 to Rystabelz PTY, the latest divestiture of non-essential business ventures for the company.

The company is to dispose 72.69% of its stake in the retail outlets through its wholly owned subsidiary African Home Stores, with the deal expected to be completed within 90 days.

AIM listed Randall & Quilter Investment Holdings bought United States Sports Insurance Company (USSIC), a captive insurer of governing body USA Swimming, for $2.1m

The acquisition, which was funded through a draw down on the company's debt with the Royal Bank of Scotland, is part of the company's strategy to buy legacy insurance assets.

AIM-listed K3 Business Technology, which provides cloud solutions to the retail, manufacturing and distribution sectors, appointed Adalsteinn Valdimarsson as chief executive from 1 October, amid a wider reshuffling of its top ranks.

Current chief executive David Bolton will take up the role of executive chairman and interim chairman Lars-Olaf Norell will return to the position of non-executive director.