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Market ReportMarket Movers

Franchise Brands surges after NED, David Poutney, tops up his holding

A look at the day's major movers, including Eurasia Mining, Nostra Terra, Bango, Transense Technologies, Oilex, Lansdowne Oil, Providence Resources and Polypipe.

Pound coins


 

Franchise Brands PLC (LON:FRAN) climbed 5.7% to 88.25p after non-executive director David Poutney topped up his stake in the multi-brand international franchisor

Poutney bought 28,090 shares at 83p a pop, laying out £23.306.

Poutney now owns 3.44mln shares in Franchise Brands, roughly equivalent to 4.45% of the company’s issued share capital.

2.30pm: Eurasia Mining slides as it signs EPC contract for a gold project in Russia

Eurasia Mining PLC (LON:EUA) shares fell 8.6% to 0.42p after it signed an engineering procurement and construction (EPC) contract with Chinese company Sinosteel.

The contract is for the development of the two million ounce Monchetundra palladium, platinum and gold project in Russia. The EPC contract comes with an associated mine finance package.

The bulk of this mine finance comes in the form of a US$149.5mln ten year loan facility at six month LIBOR plus 3.5%.

1.30pm: Nostra Terra flies after CEO increases his stake

A director putting his money where his mouth is usually goes down well in the market as Matt Lofgran has proved.

Lofgran is the chief executive officer of Nostra Terra Oil and Gas Company plc (LON:NTOG), and he has just splashed out on 550,000 shares at 1.7p a pop, taking his stake in the company up to 3.31%.

Shares in Nostra were up 9.4% at 1.75p.

12.30pm: Bango’s partnership with Spotify hits the right note

Bango PLC (LON:BGO) shares rose 8.9% after the company entered a resale and bundling partnership with music streaming outfit, Spotify Technology.

The AIM-listed mobile commerce firm said under the partnership, Spotify’s service will be available for operators to bundle with their own mobile or fixed subscription plans.

Bango said its Resale technology would allow Spotify to reach new customers while its data insight capabilities would support the targeting of specific customers with new offers to generate higher adoption.

11.30am: Transense burns rubber after clinching deal with Firestone

A joint collaboration agreement with the tyre company Bridgestone sent Transense Technologies PLC (LON:TRT) shares 12% higher to 68.5p.

The London-listed provider of sensor systems for the industrial, mining and transportation markets is to work with Bridgestone on the iTrack II system and its future generations for an initial 18-month period.

Bridgestone will be providing financial support by way of an interest-free loan of US$750,000 to enable Transense's Translogik division to support the accelerated rate of growth that is anticipated from this relationship.

10.30am: Oilex rallies after closing share issue

Shares in Oilex Ltd (LON:OEX) rose 52% to 0.19p after it said its recently announced share issue raised £334,529.

The shares were issued at 0.13p a pop.

The newly issued shares represent just under 9% of the enlarged issued share capital of Oilex.

9.30am: The wait for the Baryroe farm-in money goes on

Stop me if you have heard this before but Lansdowne Oil & Gas PLC (LON:LOGP) is still waiting for farm-in money for the Barryroe project.

APEC Energy Enterprises Limited has given the equivalent of “the cheque is in the post” promise regarding its US$10mln loan advance to the operator of the Barryroe project, which is in the Celtic Sea.

Shares in Lansdowne were down 15% to 1.55p on news of yet another delay in the funds transfer, while Providence Resources PLC (LON:PVR), which is also a partner in the project, saw its shares slide 7% to 7.25p.

READ Providence Resources and Lansdowne Oil & Gas agree extension for Barryroe loan

FTSE 250 pipe and drains manufacturer Polypipe Group PLC (LON:PLP) saw its shares go down the plug'ole following the release of its half-year results.

The board left full-year guidance unchanged after a first half that saw profit before tax edge up to £31.4mln from £30.1mln the year before but investors seemed to pick up on a slightly cautious note in the outlook statement, with Martin Payne, the company's chief executive officer, saying management is “mindful of current political and economic uncertainty”.

The shares were down 1.6% at 396.8p in early deals.

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