Small cap news round-up
Engineering services group Renew Holdings said its trading in the six months ended 31 March was ahead on the year, and in line with the board's expectations.
As a result of the acquisition of Giffen Holdings in October 2016, the board expected to record a modest net debt position in its interim numbers, it reiterated.
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Shares in Asian Growth Properties (AGP) zoomed more than 80% higher on its plans to reorganise by selling assets outside mainland China to SEA Holdings, which owns 97.2% of the company.
This would lead to a special dividend payment to shareholders of HK$10.35 a share.
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AIM-listed Elegant Hotels Group is to buy Treasure Beach Hotel in Barbados for up to $10.5m.
Treasure Beach will be bought through the company’s subsidiary, Treasure SL1, adding to the six hotels and beachfront restaurant in Barbados it already owns.
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Kyrgyz Republic-focussed exploration and development company Chaarat Gold announced its plans for first stage financing of the Tulkubash Heap Leach Project by raising approximately $15m by means of short-term senior secured convertible loan notes.
The AIM-traded firm said it was proposed that the loan notes be refinanced or converted in 2018 as part of the general project financing process.
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Mereo BioPharma has raised £15m from an equity placing in order to accelerate development of a treatment for brittle bone disease in children.
The AIM-listed company raised about £15m from a placing of 5.04m shares, which was 7.8% of Mereo’s share capital, at a price of 297.5p each.
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Oil and gas engineering services company Plexus has confirmed a first purchase order for its Tersus TRT Mudline Suspension System equipment from LLC Gusar (OOO Gusar) Ltd.
LLC Gusar was Plexus' partner in Russia and the purchase order fell under the exclusive licence agreement it singed with Gusar and CJSC Konar (ZAO Konar), both two independent Russian oil and gas equipment manufacturers, in January 2016.
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Shares in Fitbug are down 10% despite confirmation it had started 2017 with a strong pipeline and reduced its full-year pre-tax loss.
"While Fitbug's financial performance in 2016 is what might be expected in a year of turnaround and change of commercial direction, our headline results do not betray the amount of activity which has gone into achieving them," said chairman Donald Stewart.
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Iofina's shares are down almost 12 % after it said a reduction of brine at IOsorb plant IO#3 will have only a small impact on its forecast production, with little impact on planned net cash flow.
The companynow expected to produce 215-230 MT of crystalline iodine in the first half of 2017. This followed Iofina being notified recently that the injection volumes at the Salt Water Disposal Well (SWD) operated by its partner at the site of IOsorb plant IO#3 would be reduced.
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Specialist services and engineering company TP Group announced that TPG Maritime had been awarded a contract by the Ministry of Defence, following successful negotiations first announced on 4 July 2016.
The AIM-traded firm said the agreement would see TPG Maritime manage equipment availability and spares provision for air purification systems on board Royal Navy submarines currently in service.
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Independent financial advisor and asset manager focused on asset protection for vulnerable clients, Frenkel Topping, announced that its board was reviewing strategic options to accelerate the enhancement in its competitive positioning and maximise shareholder value, including a potential sale of the group.
The AIM-traded firm’s board said it believed that its recent initiatives ensured that the group was strongly positioned to accelerate its year-on-year growth in assets under management and deliver a step change in its profitability.
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Shares in Northern Bear slumped on Monday after the building services company announced it had sold its loss-making subsidiary Chirmarn for £50,000 and said that full year results would be "at least in line" with last year.
The AIM-listed company said that they sold the asbestos removal subsidiary following a detailed review after it performed "well" during the succession but was trading at a loss and needed funding to continue operating.
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AIM-listed property manager HML Holdings has completed the acquisition of Holborn-based Faraday Property Management for up to £2.7m.
The £2.7m was paid in cash, which 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.
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Artificial intelligence company Adgorithms has appointed Yoram Freund as chief financial officer with immediate effect.
Freund was previously vice president of finance at Radware, a Nasdaq-listed cyber security company, for six years and before that he worked at KPMG, one of the ‘big four’ accounting firms.
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Energy storage and clean fuel company ITM Power has won a £3.5m contract to install a three megawatt electrolyser system in Britain.
The AIM-listed will deploy 3MW of electrolysis in the country with some associated hydrogen energy equipment.