Oil and gas explorer Providence Resources (LON: PVR) shares slumped 0.5p to 1.8p when it announced a proposed fundraising at a 35% discount to the previous day’s closing price. Providence is raising $1.8m at 1.5p a unit (one ordinary share and one warrant exercisable at 1.5p). The cash will be spent on working capital and fund Providence’s lease undertaking application for Barryroe, which is an offshore field south of Cork. The Ireland government has delayed its decision. There should be cash left to fund an appraisal well at Barryroe. However, the Providence share of the cost of an appraisal well and pre-development studies is $65m after which a final investment decision will be made.
An AGM statement from Directa Plus (LON: DCTA) says that trading has accelerated in the past two months. The share price rose 9p to 106p. The graphite technology commercialisation company has generated revenues of €4.6m by the end of May. Last year’s revenues were €8.6m. There is still a good chance that a large remediation services contract can be won via a tender early in the second half.
Two resolutions were defeated at the annual general meeting. These were the re-election of chairman Sir Peter Middleton to the board and the authority to purchase the company’s own shares. Richard Hickinbotham will become interim chairman
