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Serinus Energy tumbles after mini-shareholder revolt

Last updated: 10:30 12 May 2022 EDT, First published: 06:05 12 May 2022 EDT

Trafalgar Property Group PLC -

It’s been a rough day for UK markets today, and rougher still for Serinus Energy PLC (AIM:SENX), which plummeted 20% after its first-quarter results disappointed.

Underlying earnings in the first three months of 2022 rose to US$3.1mln from US$2.6mln the year before, while it recorded a profit before tax of US$1.26mln versus a loss the previous year of US$600,000.

The company also released the results of votes at its annual general meeting, where the proposals to reappoint two directors – chief executive Jeffrey Auld and chief financial officer Andrew Fairclough – received votes against of 5.6% and 4.2% respectively.

1.40pm: Titon Holdings (LSE:TON) slumps as profits are all but wiped out by rising costs 

Titon Holdings PLC, the windows firm, lost around a sixth of its value after it saw almost all of its profits wiped out in the first half of the current fiscal year.

Underlying earnings (EBITDA) slumped to £280,000 in the six months to the end of March from £1.1mln the year before.

The company said this reflected a fall in revenues – although these were only down 1.7% - and lower gross margins, which were driven by industry-wide input and overhead cost inflation, component sourcing challenges and some restructuring expenses.

12.45pm: Serabi Gold buffs up well after operational update

Serabi Gold (AIM:SRB, TSX:SBI) PLC was 9.0% heavier at 39.25p after it revealed production from the Palito Complex showed a continued improvement in April.

In all, 2,919 ounces of gold were projected at the complex, making it the highest monthly total of the year so far.

Meanwhile, development at the Coringa project has also continued apace and the company has generated a high-grade sample on the surface of 366 tonnes with a grade of 17.76 grams per tonne from underground development.

11.50am: Circassia surges as it plays down China lockdown worries

Circassia Group, the medical devices group focused on asthma diagnosis, shot up 11.5% after it a trading statement ahead of its released an annual general meeting.

Clinical revenues for the first four months of the year were ahead of management's expectations and up about 17% compared with the same period in 2021. Research revenues were also slightly ahead of the previous year.

“We are conscious that our business in China (14% of sales in 2021) may be affected by the local lockdowns that have occurred since the end of March, but it has traded strongly in the first four months delivering growth in excess of 23% on the same period in 2021,” the company’s statement said.

10.55am: Alba Mineral Resources flying high after Greenroc update

Alba Mineral Resources PLC (AIM:ALBA) climbed 9.7% to 0.2p, piggybacking on an announcement by Greenroc Mining PLC, in which it has a 54% stake.

GreenRoc, a company focused on the development of critical mineral projects in Greenland, announced a significant increase to the exploration target for the Amitsoq Island graphite deposit at the Amitsoq Graphite Project in southern Greenland.

The exploration target has increased from a tonnage range of 1.7mln tonnes – 4.5mln tonnes at a grade range of 24-36% graphitic carbon (Cg) to a tonnage range of 5-15mln tonnes at a grade range of 18-22% Cg.

Shares in Greenroc were up 6.3% at 6.75p.

10.00am: Vodafone recaptures some of its faded glamour

Once a glamour stock, now regarded as a fusty utility surrogate, Vodafone Group PLC (LSE:VOD) recovered some of its former lustre as it was reported that it is holding talks to merge its UK operations with Three UK, owned by Hong Kong-based CK Hutchison Holdings.

The shares advanced 0.2% to 119.12p – not the most impressive rise but enough to make it one of only nine FTSE 100 constituents on the rise today.

Cevian Capital, one of Europe's biggest activist funds, has been pressuring Vodafone to better orient its portfolio towards key markets in order to increase returns, the Financial Times reported. The precise structure of the putative deal is being kept under wraps, the Pink ‘Un added.

9.05am: Petropavlovsk given permission to sell gold to third parties

The stock that came in from the cold … that’s Petropavlovsk PLC (LSE:POG) today after it issued an update on its debt situation.

The shares, up 64% at 0.975p, were London’s best performers after the Russian gold miner said that lender Gazprombank had waived its rights to act as off-taker of the group’s gold production, allowing Petropavlovsk to sell gold to third parties.

The group has identified new buyers as well as applied for a gold export licence but noted that Gazprombank may revoke the waivers at any time it chooses.

The share price of Trafalgar Property Group PLC (AIM:TRAF) continues to rise for reasons unknown.

Yesterday, the company issued a statement that said it is not aware of any “material commercial or operational reason for the significant increase in its share price” but that has not stopped the share price from rising by a third to 0.8p today.

A month ago, the shares were trading as low as 0.375p.


 

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