Small cap news round-up
Telford Homes' shares are up more than 1% after joint venture Chobham Farm LLP exchanged contracts for the sale of the first phase of open market homes at New Garden Quarter, in east London, to Folio London Ltd.
Folio London was a subsidiary of Notting Hill Housing Group, which was Telford's joint venture partner in Chobham Farm LLP.
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Clinical stage biopharmaceutical company FaronPharmaceuticals posted its full year audited results for the year to 31 December on Wednesday, with revenue rising to €1.15m from €0.52m in the prior year.
The AIM-traded firm reported a gross profit of €1.15m, compared to €0.5m, with other operating income rising to €1.74m from €0.7m.
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Mereo BioPharma Group is planning to raise up to £15m to support development its brittle bone disease treatment following its acceptance to participate in the European Medicine Agency's adaptive pathways programme.
The funds will be used to develop BPS-804, a treatment for osteogenesis imperfecta (OI), or brittle bone disease, to include children.
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Avesoro Resources posted its results for the year to 31 December on Wednesday, with revenues of $63.6m generated from gold sales of 50,264 ounces since the start of commercial production at an average realised sale price of $1,266 per ounce.
The AIM-traded firm reported a mining cost of $5.42 per tonne mined, and a processing cost of $28.71 per tonne.
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Shares in Avanti Communications surged on Wednesday on news that the satellite data provider has partnered with telecommunications firm Millicom to bring broadband connectivity to domestic consumers, businesses and governments in Sub-Saharan Africa.
The AIM-listed company will deploy its eco wi-fi technology across Sub-Saharan Africa to schools and communities in rural communities.
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Home-improvements group Entu has reversed to a full-year loss amid a very difficult year, but says it is positioned for a return to growth in 2018.
The provider of energy efficiency products and services said its loss of the 12 months was £5.6m, from a profit of £2.6m. Revenue faded to £87.7m, from £89.6m.
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Baron Oil announced on Wednesday that InfraStrata had repaid the £0.2m drawn down on the secured loan facility provided by Baron.
The AIM-traded company said it remained entitled to receive an additional £0.2m in the event of a sale or disposal by InfraStrata or its subsidiaries, IMSL and InfraStrata UK, of substantially all of their assets, which comprised interests in the Islandmagee gas storage project, or a change in control of InfraStrata, IMSL or InfraStrata UK, within two years from the date of the loan agreement.
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Designer, manufacturer and supplier of advanced testing systems and measurement products ABDynamics updated the market on Wednesday, in advance of its interim results for the six months to 28 February.
The AIM-traded firm said revenues and operating profits - adjusted to add back share option charges - for the six months were expected to be ahead of the same period last year and in line with management expectations.
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Tidal power company Atlantis Resources has expanded its presence in Indonesia after sealing a supply deal with a marine, subsea and renewable energy project developer.
The AIM-listed company is seeking to building on the development of its MeyGen tidal power project in Scotland, and will supply turbines, engineering services and equipment for a 150 megawatt tidal-stream array located in Lombok to SBS International.
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Myanmar-language social media, entertainment and payments platform MySQUAR announced that 'Lucky Wingabar', its casual gaming platform, was launched on Wednesday with five casual games.
The AIM-traded firm described its principal activity as the design, development and commercialisation of Myanmar-focussed internet-based mobile applications.
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Africa-focussed natural resources investment company Armadale announced on Wednesday that the exploration programme for the 2017 season at its 100%-owned Mahenge Liandu Graphite Project in Tanzania had now commenced.
The AIM-traded firm said the programme was designed to upgrade and expand the existing JORC-compliant inferred mineral resource estimate of 40.9Mt @ 9.41% total graphitic content (TGC), of which at least 32Mt has an average grade of 10.47% TGC.
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Software developer of advanced security and surveillance systems company Petards has won a contract worth £4.3m to supply Stadler Bussnang AG with its eyeTrain CCTV and Automatic Selective Door Opening (ASDO) systems.
The AIM-traded company said the contract was for the design, development and supply of CCTV and ASDO systems integrated into Stadler's FLIRTUK trains.
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Shares in Ironveld are up more than 3% after it produced a wider first-half pre-tax loss of £385,000, from a loss of £318,000, but said it made important progress on the High Purity Iron, Vanadium & Tin project in South Africa.
"Through the completion of a successful placing and securing the IDC's (Industrial Development Corporation) commitment to fund approximately $17.9m of the project finance, the company exited the Period in a position of strength," it said in a statement.
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HML Holdings, a provider of property management and insurance services, is to buy Faraday Property Management, a Holborn-based property manager, for up to £2.7m.
The acquisition, which is expected to complete on 1 April, will be paid with £2.7m in cash, offset against £500,000 of free cash in Faraday, funded from existing cash resources, as well as the issue of £100,000 worth of HML shares of 1.5p each.
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Telecommunications clearing and financial settlement product provider Billing Services Group announced its audited results for the year to 31 December on Wednesday, with revenue slipping to $30.2m from $36.4m.
The AIM-traded company generated $5.7m of EBITDA, down from $6.4m in 2015, and recorded net income of four cents per share, improving from three cents per share.
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Circle Holdings shares jumped on Wednesday after the healthcare group said it has recommended a 30p per share takeover offer from private company DMWSL 849.
The offer values the share capital of Circle excluding the shares held by the Tosca Investors at approximately £55.3m and at around £75.2m including the shares held by Tosca.
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Professional service firm Fairpoint Group has sold its ancillary medico-legal business, PIX, for £1.2m to Premex Services, a provider of medico-legal services.
PIX had provided medical records, reporting services and disbursement funding support to certain departments of the company’s legal services division, and the proceeds from the sale will be used to support Fairpoint’s working capital.
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Sabien, a manufacturer and supplier of energy efficiency technology, has raised £475,000 from an equity placing to fund pilot trials of its products.
The company issued 47.5m shares of 0.5p and sold them at 1p each. The placing is dependent on ratification of shareholders at a meeting on 18 April and if approved, the new shares are expected to be admitted to trade on AIM the following day.
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Parcels, mail and logistics operator DX has won a contract worth more than £10m a year to provide bespoke logistic services for beauty company Avon UK.
The contract, which is now underway, was awarded after a lengthy competitive tender process and is for an initial three-year term.
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AIM-listed engineering and technology solutions provider China New Energy has won a number of contracts with Supercare Group Limited of Ghana and CNBM General Machinery in China to construct a new ethanol plant in Ghana.
The contracts relate to the building of a cassava-to-ethanol plant in Ghana that will have a production capacity of 45m litres of ethanol a year.
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Esports operator Gfinity announced the first four professional eSports teams had signed up to compete in the Gfinity Elite Series, launching later this year, on Wednesday.
The AIM-traded company said the first four teams were Team Infused, Excel eSports, Reason Gaming and Prophecy.
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Transportation and industrial sensor systems provider Transense Technologies reported results for the six months to 31 December on Wednesday, with revenues unchanged from the prior year at £1.04m.
The AIM-traded firm said its operating expenses increased to £1.61m from £1.32m, in support of launch of iTrack II.