Frasers Group has acquired a 8.9% stake in models and collectibles supplier Hornby (LON: HRN). Frasers Group has been welcomed as a shareholder by Hornby chief executive Olly Raeburn and points out that the retailer has built up scaled shared services with brands. The Hornby share price soared 38.1% to 29p.
Coro Energy (LON: CORO) says gas price and volume allocation for the Mako field in the Duyung PSC has been approved by the Indonesian authorities. Conrad Asia Energy, the operator of the field, can finalise the gas sales agreements and reserving pipeline capacity. Coro Energy has a 15% stake and the share price jumped one-quarter to 0.2p. Empyrean Energy (LON: EME) has an 8.5% stake in the production sharing contract and the share price is 15.4% higher at 0.606p.
Energy supplier Yu Group (LON: YU.) has signed a hedging deal with Shell, which will enable further growth of the business. This replaces the deal with Smartest Energy, where Yu was exceeding its available credit and it had to pot collateral of £49.8m. In the new deal, Yu Group will not have to deposit cash to cover energy price fluctuations. Full year results will be published on 19 March. The share price improved 11.2% to 1290p.
FALLERS
Active Energy (LON: AEG) has updated its strategy and it is seeking ways to commence CoalSwitch fuel production. Player Design Inc, which has said that it will not supply CoalSwitch fuel as it was supposed to in its contract, has launched a legal action against the company. Active Energy was already seeking the return of $1.1m of cash paid to develop the Ashland facility and $300,000 in prepaid money, plus equipment from the plant. The share price slumped 13.3% to a new low of 0.325p.
Verditek (LON: VDTK) says talks with bondholders are progressing positively. Verditek agreed terms to sell its solar business and become a shell. The bondholders are providing Verditek with a loan facility of up to €100,000 to fund the operating costs of the solar business. Verditek has reduced its cash burn, but it will run out of cash in early March. A new management team is interested in joining Verditek and there are plans for them to raise £300,000 once the disposal goes ahead. The share price slipped 5.26% to 0.09p.
Nanyang Technological University (NTU) has updated its demand for damages from educational administration software provider Tribal Group (LON: TRB) following the termination of the contract to provide administration software. NTU is demanding S$17.5m and $377,724 for damages, losses and costs. The share price dipped 5.07% to 41.2p.
Corcel (LON: CRCL) has secured a £10m unsecured convertible loan note facility with an annual interest rate and conversion price of 0.8p/share. There has been £1m drawn down and one-quarter of that converted into shares. The facility is provided by Extraction SRL, which is 45% owned by Corcel’s executive chairman. The cash will fund the development of the onshore Angola Kwanza Basin. Corcel is flow testing the Tobias-14 well on the Sonangol-operated block KON-11. The share price fell 2.94% to 0.825p.