Small cap news round-up
Cleaning and decontamination service provider React Group warned it expects to make a loss for the year as it closes its bio-recovery and environmental management subsidiary EPUK after seven months of ownership.
The AIM-listed company is to close EPUK, which it bought in April for £10,000, as it “failed to deliver the level of profitable business, or cross-selling to other group customers” despite “efforts made to integrate the business”.
Tungsten Corporation, an e-invoicing network, completed the sale of its bank to Liberty house tycoon Sanjeev Gupta's Wyelands Holdings for close to £30m.
After completion on Wednesday, the AIM-listed company received the final £25m cash for the sale of Tungsten Bank, now renamed Wyelands Bank, which is added to £4.6m in cash already received.
Indonesian palm oil plantation owner MP Evans has confirmed that the 740p per share offer made by Kuala Lumpur Kepong Berhad lapsed on Wednesday after it failed to secure enough support from the company's shareholders.
MP Evans said it welcomed the rejection by shareholders – the offer only managed to get 13.2% support – which it believes substantially undervalues the shares. The offer would have needed 50% acceptance to proceed.
Shares soared in EVR Holdings as it announced that will produce virtual reality content for Warner Music, the world’s third largest records company, which will also subscribe for 43.2m shares.
The AIM-listed company, through its subsidiary, MelodayVR, will is to create and distribute virtual reality content featuring Warner’s music artists, which include Coldplay, Beyonce and Rihanna.
Dalradian Resources announced on Thursday that it issued 1.4 million stock options and 294,000 deferred share units to its directors on 16 December.
The TSX and AIM-traded company said the DSUs were issued in accordance with the its DSU plan and vested immediately.
Sunrise Resources said first test results from the CS Deposit are excellent and that it looks forward to progressing the commercial aspects of the Pozz Project in 2017.
The Pozz Project comprises two separate mineral deposits -- the CS and Pozz Ash Deposits -- in different parts of Nevada. Each is being evaluated as a potential stand-alone project.
Xtract Resources says it has raised £220,000, before expenses, after placing 1.33bn new shares at 0.0165p each. The placing represented 7.3% of Xtract's existing share capital.
Proceeds would be used for general working capital purposes.
AIM-listed software developer Petards has secured a three-year contract renewal from the UK Ministry of Defence worth more than £1.6m.
The contract, with the Air Platform Systems Platform Protection team, is to support ALE 47 and M147 Threat Adaptive Countermeasures Dispensing Systems which are fitted to Lynx, Puma, Chinook, Merlin, and C130J aircraft platforms.
Business-to-business media company Tarsus Group has agreed to acquire 65% of Foshan Huaxia Home Textile Development Co Ltd from Guangdong Home Textile Association and Association Member shareholders.
Foshan Huaxia owns the Home Furnishing Expo (Hometex), the leading bi-annual home textiles exhibition in China.
Peru-based cacao plantation company United Cacao updated the market on its funding situation on Thursday, saying that it has been exploring various funding options both to cover short term liabilities and for the medium-longer term to fully develop United Cacao's plantation estate.
The AIM-traded firm’s board explained it is currently actively assessing non-binding funding proposals from several parties, including a possible subscription for further amounts of the company's 7% secured convertible bonds and a proposal to subscribe for new ordinary shares of $0.001 each in the company.