APQ Global (LON: APQ) is asking for shareholder agreement for its departure from AIM and unusually the share price jumped 83.3% to 0.55p. The book value was 17.9p/share at the end of November 2024. There have been five trades today with a total value of just over £230. Lack of liquidity and the cost of the quotation are the reasons for leaving. There are also plans to change the convertible unsecured loan notes settlement date to the end of 2025. The interest rate will increase from 6% to 10% between the end of March and the end of December 2025. The company is trying to refinance the £26m plus owed.
Investment manager AssetCo has been readmitted to AIM as River Global following a share reorganisation into A shares (LON: RVRG) and B shares (LON: RVRB). The A shares have the same rights as the previous ordinary shares. The B shares will receive dividends relating to the 30% stake in Parmenion Capital Partners or capital distributions if the business is sold. The B share is 36.5p, a notional increase of 25.9%, while the A share is deemed to be one-third lower at 7p. So, the overall improvement is around 10%.
Avacta (LON: AVCT) says its lead peptide drug conjugate (PDC) AVA6000 has completed phase 1a dose escalation with encouraging data in patients with salivary gland cancers. There were no observed events of severe cardiac toxicity. Enrolment in phase 1b has commenced. Avacta has agreed to sell Launch Diagnostics for £12.9m to Duomed Belgium NV. This will provide enough cash until the first quarter of 2026. The share price is 4.83% higher at 38p.
North Sea oil and gas producer Serica Energy (LON: SQZ) is in talks about a potential merger with EnQuest. This will increase the scale of the business and enable cost savings. EnQuest would acquire Serica Energy, whose shareholders would receive a cash distribution as part of the transaction. This is an alternative to Serica Energy moving to the Main Market. The share Serica Energy share price rose 4.02% to 125.35p. EnQuest shares jumped 14.5% to 12.48p.
Empyrean Energy (LON: EME) has signed the farm in agreement for ATP1173 and will part fund the drilling of the Wilson River-1 well in Queensland in return for a 52.8% working interest. The share price improved 3.64% to 0.1425p.
FALLERS
Premier African Minerals (LON: PREM) has raised interim funding of £600,000 at 1.25p/share and £230,000 of invoices have been settled by the issue of 1.84 million shares. The board is still trying to secure funding that will enable the reopening of the Zulu lithium and tantalum mine. The share price slipped 32.9% to 0.01275p.
Indus Gas Ltd (LON: INDI) is still awaiting the extension of the production sharing contract (PSC) for Block RJ-ON/6. Gas sales are low, and the PSC extension will enable the company to agree a renewed sales contract with GAIL. The share price declined 17.2% to 6p.
Bad news for Jersey Oil & Gas (LON: JOG) concerning the decision by Dana Petroleum to terminate the agreement with NEO Energy over the purchase of the Western Isles FPSO vessel. This is due to uncertainty about government policy ahead of the consultation on fiscal policy for the oil and gas sector. This will delay the Buchan joint venture’s ability to commit to buying the FPSO. Jersey Oil & Gas will receive $20m on final investment decision on the Buchan field as part of the farm-out agreement. The share price has fallen 9.92% to 54.5p.
Oil and gas company Tower Resources (LON: TRP) is purchasing an additional 5% interest in the PEL96 licence offshore Namibia for $375,000. A farm-out agreement for the licence may be completed by the end of March. In Cameroon, farm-out agreement documentation has been submitted, and Tower Resources is awaiting government approval for drilling the NJOM-3 well. The share price is 2.08% lower at 0.0235p.