A look back at some of the more interesting stories from the junior market this past week.
AIM-listed InfraStrata PLC (LON:INFA) was floating near the top of the junior market’s leaderboard this week after rescuing the Belfast shipyard where the Titanic was built.
On Tuesday, the group signed a £6 million deal for the shipyard’s owner Harland & Wolff, which had fallen into administration in August following the bankruptcy of its former Norwegian owner.
Aside from its historic pedigree, the shipyard has been used more recently to build offshore wind turbines, while its giant Samson and Goliath cranes are considered Belfast landmarks.
InfraStrata, which is currently developing an underground gas storage plant in Islandmagee, just north of Belfast, said the shipyard would be “ideally suited” for its projects, while CEO John Wood said the firm would not only save the jobs of Harland and Wolff’s 79 remaining staff but also expand the workforce to around 400.
The news put wind into the company’s sails, with the stock rising 13% over the week at 0.53p.
The AIM All-Share was less buoyant, sinking 1.5% to 859.8 this week, though fared better than the FTSE 100, which plunged 4.4% to 7,100.
The firm reported that it had produced 10.5 million cubic feet per day during the month, 13% lower than in August, which was blamed on reduced output from its Vostochno-Makarovskoye gas field in Russia.
Issues at the Barryroe project off the coast of Ireland caused a headache for Lansdowne Oil & Gas PLC (LON:LOGP), which slipped 8% to 0.9p after refusing to keep waiting for a $9 million loan from China’s APEC.
Lansdown’s partner at Barryroe, Providence Resources PLC, also tumbled 23% to 3.9p on the news.
A pit wall collapse at its New Liberty Gold mine in Liberia sent shares in Avesoro Resources Inc (LON:ASO) down 2% to 92p, however, the company confirmed that there had been no injuries or equipment damage.
Digital marketing group Mporium Group PLC lost over half its value, crashing 54% to 0.4p, as plans to buy agency Click Labs, the funds for which would be raised through a share placing, were not well received by investors.
Among the risers, antibiotic developer Summit Therapeutics PLC (LON:SUMM) stood out for its healthy rise of 30% to 28p after saying its next-generation antibiotic “significantly improved” the quality of life of people with c.difficile, an infection that causes diarrhoea.
Jaywing’s backers had purchased its £5.2 million loan facility from Barclays and had immediately increased it to £8.2 million, allowing the company to pay off its overdrafts and realign the business.
Events organiser Aeorema Communications PLC (LON:AEO) climbed 12% to 30p as it implied that it could see higher margins next year, while also reporting a rise in profits for its latest full year to £375,010 from £58,685.
The deal with an unnamed UK retailer will bring in a minimum of £1.4mln in revenue over three years and will involve Crimson Tide’s mpro5 platform being used in 4,000 retail locations across the UK and Ireland.
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