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CYBA moves a step closer to its first acquisition

CYBA PLC (LON:CYBA) climbed 12% to 2.35p after it moved a step closer to its acquisition of Narf.

The special purpose acquisition vehicle listed in March, saying it would invest in companies operating in the cybersecurity industry.

Narf Industries was one of two businesses it said it was planning to acquire; it has now entered into legally binding heads of agreement to acquire Narf for a total consideration of US$25.6mln.

2.35pm: Panther Metals buffs up after revealing new target

Panther Metals PLC (LON:PALM) hardened 2.3% at 13.55p after it outlined a sizeable nickel-cobalt exploration target at Coglia.

The company revealed a new JORC exploration target for the Coglia nickel-cobalt project, following an independent review undertaken by Geomin Services.

Geomin considered the results of two historical exploration drilling campaigns undertaken between 2001-2003 and in 2018. Accordingly, it has set out an exploration target for Coglia of between 30mln and 50mln tonnes of laterite ore grading between 0.6% and 0.8% nickel and between 400 parts per million (ppm) and 600ppm cobalt over an interpreted strike of approximately 5.5 kilometres.

1.40pm: Nmcn slides as it confirms recapitalisation plans

Nmcn PLC (LON:NMCN) dived 8.9% to 180p after it announced plans to recapitalise.

The company, formerly known as North Midland Construction, is to get a capital injection of £10mln through a bridging loan, convertible into Nmcn shares at 29p a pop.

It also announced an equity fundraising at the same price to raise £19mln.

12.45pm: Avacta off the boil despite announcing lateral flow test distribution agreement

Avacta Group PLC (LON:AVCT) ran into profit-taking, tumbling 11% to 190.5p after announcing a non-exclusive distribution agreement with Calibre Scientific.

The agreement covers Avacta’s AffiDX SARS-CoV-2 antigen lateral flow test for professional use in the UK and European Economic Area (EEA).

The test will be listed on Calibre’s website and available to be purchased by professional users.

11.50am: Rio out of step with sector peers after UBS downgrade

Mining giant Rio Tinto PLC (LON:RIO) dipped 1% to 5,751p after UBS turned bearish on the stock.

In an otherwise buoyant mining sector this morning, the shares retreated after UBS advised its clients to sell the stock on the basis that the iron ore price is approaching an inflexion point.

Rio’s share price is now estimated by the bank’s analysts to discount an iron ore price of $80-90 per tonne versus UBS’s long-term price forecast of $65 per tonne.

10.55am: Senior trading below LSF’s fifth and final offer proposal

Senior PLC (LON:SNR), the manufacturer of high technology components and systems, jumped 14% to 172.8p as LSF XI Investments upped its offer terms.

LSF, which is advised by Lone Star Global Acquisitions, said its fifth and final offer proposal has been pitched at 200p a share.

Senior’s board had previously rejected a 185p a share offer from LSF last week.

10.00am: Private equity predators circlings Morrisons

Wm Morrison Supermarkets PLC (LON:MRW) soared on Monday morning as investors may be anticipating a bidding war.

The supermarket giant recently rejected the unsolicited £5.5bn takeover approach from US private equity firm Clayton, Dubilier & Rice on the grounds that it “significantly undervalued” the business.

It was priced at 230p per share, which is now below the current level of 234.7p (up 32%) following this morning’s rally. Under takeover rules CD&R has until 17 July to make a formal offer.

9.05am: Dev Clever after enter into “transformational” tactical partnership; Asimilar rises in sympathy

Dev Clever Holdings PLC (LON:DEV), up 28% at 47.5p, was the top riser on Monday morning after announcing what it called a “tactical partnership”.

The developer of online career guidance and development platforms has hooked up with Dubai-based Aldebaron DMCC. The partnership will enable the company to commit to a vastly accelerated global rollout plan across Asian territories. As part of the agreement, Aldebaron has been given the option to acquire 7mln Dev Clever shares at a nominal value.

The software company also announced the acquisition of The Inspirational Learning Group for £200,000 in cash plus 6mln new Dev Clever shares.

Asimilar Group PLC (LON:ASLR), which holds a stake in Dev Clever, rose 4.7% to 66.5p in sympathy.

The investment company also announced the appointment of Michael Preen to the board of Asimilar as a non-executive director.

Preen, a qualified solicitor, has been awarded 250,000 warrants over ordinary shares in the company with an exercise price of 60p per share, 6.5p below the current mid-market price for the shares.

Proactive news headlines

The High Court in New Zealand has found in favour of the plaintiff in a case backed by Litigation Capital Management Limited (LON:LIT), crystalising a pay-out of NZD$26.8mln to the company, including the NZD$6.7mln it invested in the action.

Gaming Realms PLC (LON:GMR) said it has signed a licensing agreement with multinational gaming and lottery firm International Game Technology PLC (NYSE:IGT).

Guild Esports PLC (LON:GILD) said it has signed a sponsorship deal with Samsung that will see the South Korean conglomerate become the company’s official display partner.

Cloudbreak PLC (LON:CDL), a natural resource project generator, is pleased to announce that, further to the announcement on 3 June 2021, the change of name from Imperial X PLC to Cloudbreak Discovery PLC has now become effective.

Remote Monitored Systems PLC (LON:RMS) said it has signed an agreement with PIC Consultants to supply hydroponic nutrients in the UK.

EQTEC PLC (LON:EQT) has achieved financial close on the acquisition and planned recommissioning of the 1MWe EQTEC Italia MDC plant. The recommissioning was announced last month.

Panther Metals PLC (LON:PALM) has revealed a new JORC exploration target for the Coglia nickel-cobalt project, following an independent review undertaken by Geomin Services Pty Ltd. 

Panthera Resources PLC (LON:PAT) has commenced a 150 line kilometres induced polarisation survey at the Kalaka gold project in southern Mali. This survey follows the successful initial 167 line kilometre IP survey conducted in early 2021 in the south of the licence area. 

Chaarat Gold Holdings Ltd (LON:CGH) said it has entered into a new investment agreement with Çiftay İnşaat Taahhüt ve Ticaret A.Ş, the Turkish mining contractor for Chaarat’s Tulkubash project.

Love Hemp Group PLC (LON:LIFE) has signed a three-year endorsement agreement with the boxer, Anthony Joshua.

Tiziana Life Sciences PLC (NASDAQ:TLSA, LON:TILS) has appointed a vice-president of regulatory affairs. Dr Kevin Shutz, who has 19 years pharma industry experience, 14 of them in the regulatory field, will lead clinical trial ‘interactions’ with drug watchdogs in the US, Europe and Asia.

Alien Metals Ltd (LON:UFO) has completed its Phase 2 drilling program on the Hancock tenement, which is part of the Hamersley iron ore project in Western Australia. 

88 Energy Ltd (LON:88E) has struck a deal to sell its accumulated tax credits for US$18.7mln and it will use the proceeds to clear debt.

Helium One Global Ltd (LON:HE1) has identified evidence of helium in drilling mud whilst drilling its maiden exploration well, at the Rukwa project in Tanzania.

Galantas Gold Corporation (TSXV:GAL; LON:GAL) received notification that on 17 June and 18 June chief executive Mario Stifano bought 12,000 shares at an average price of C$0.71 apiece. And on 28 May chief financial officer Alan Buckley bought 51,459 shares at a price of 41p apiece.

Providence Resources PLC (LON:PVR), an Irish-based oil and gas explorer, said non-executive chairman Pat Plunkett will step down from the board following an Annual General Meeting on July 22.

Scirocco Energy PLC (LON:SCIR) reminded investors that, following its proposed investment in Energy Acquisitions Group last week, it will be holding an audiocast presentation at 10am BST on Tuesday. 

Record PLC (LON), the specialist currency and derivatives manager, is pleased to announce that CEO, Leslie Hill and CFO, Steve Cullen will provide a live presentation relating of the latest annual results via the Investor Meet Company platform on 30 June at 5pm BST for existing and potential shareholders. 

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