Argos Resources Limited plunges as it signals likely need to raise new capital


Argos Resources Limited, the Falkland Islands-based exploration company, fell 18% to 1.65p after providing an update on its PL 001 licence.

The company is currently in discussions with the Falkland Islands government regarding the terms on which a further extension of the PL001 license could be granted, to allow Argos to undertake the technical work necessary to move the project forward.

The board expects that any extension beyond December 31, 2022 would be subject to certain technical covenants by the company, which would require Argos to raise additional capital.

12:55 p.m .: Riverfort Global Opportunities sees its net asset value increase

Riverfort Global Opportunities PLC (AIM:RGO) gained 5.4% to 0.975p after a strong run of annual results.

The investment firm said 2021 was another active period for the company in which pre-tax profit fell to £1.04m from £1.50m the previous year, while net asset value per share rose 10% to 1.49p.

At the end of the year, the company held approximately £5.8 million of its listed junior company investment portfolio through debt and equity-related products, with investments in more than 20 different companies.

11:50 a.m .: Trackwise Designs warns of “short-term demand reduction” from electric vehicle manufacturers

Shares of Trackwise Designs PLC (AIM:TWD) fell 20% to 48.5p after warning that lower demand from customers of British electric vehicle (EV) makers is expected to hit sales but not profits this year.

Sales in 2022 are now expected to be lower than previous market expectations, although the company said the specific contract terms mean it still expects adjusted operating profit and adjusted pre-tax profit for the the whole year in line with forecasts.

The maker of specialty products using printed circuit board technology said it had a total order book for delivery this year of £4.6 million and a sales pipeline for its Enhanced Harness Technology (IHT) of 95 customers and opportunities in its primary target markets which include a “growing number of opportunities” in the electric vehicle market, including “a number” of major automakers.

10:55 am: Gulf disappoints with AGM trade update

Shares of Gulf Keystone Petroleum Ltd slid 8.8% to 247.5p on the day of its annual general meeting.

Year-to-date production has averaged about 44,900 barrels of oil per day (bopd) and the company said today it expects an average of 44,000 to 47,000 bopj in 2022, representing a tightening of its forecast range.

Average gross production in June was approximately 45,900 bpd.

10:00 am: Lamprell slumps as he signals liquidity crunch

Shares of Lamprell PLC (LSE:LAM, OTC:LMPRF) plunged 78% to 4.85p after facing the dilemma of whether or not to accept a lowball offer that would secure the company’s future.

Blofeld Investment Management, which owns 25.06% of the oil services provider, has said it is willing to make an offer to acquire the remainder of the cash-strapped company, but at a deep discount to the stock price. the current action.

Lamprell said it continues to explore several potential financing and strategic options, including asset monetization, project-specific financing, hybrid facilities and/or additional equity, as it seeks to address the financing needs of $75 million over the next two months.

9:05 a.m .: African Prime Minister emerges after signing marketing and prepayment agreement

Premier African Minerals Ltd (AIM:PREM) rose 7.6% to 0.355p after reaching a marketing and prepayment agreement with Suzhou TA&A Ultra Clean Technology.

The agreement will allow Premier to establish a full-scale pilot plant at its Zulu Lithium and Tantalum project to produce spodumene concentrate (SC6) from the third quarter of 2023.

“The prepayment should fully fund the construction phase and is interest free provided the first shipment[s] occur by March 31, 2023. At the current SC6 price, the prepayment is expected to be fully liquidated within twelve months,” said Premier Chief Executive George Roach.

An update to the pre-closed period of RPS Group (LSE:RPS) (RPS Group (LSE:RPS)) PLC caused the environmental consultancy company’s share price to rise 2.7% at 113p.

The performance of the first five months of the year was encouraging and exceeded the expectations of the Board of Directors, with a 12% year-on-year growth in commission income (at constant exchange rates) and an improvement of one point margin percentage.

After a good start to the year and given the increase in the contracted order book, RPS expects the momentum to continue in the second half.


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