Grit Real Estate lower after operational update

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Grit Real Estate Income Group (LSE:GR1T) slipped 5,8% lower to 41p after an operational and portfolio update.


For the financial year to June 2021, the group has collected 92.5% of the value of its contracted rental revenue. Over this same period, the group has provided rent concessions, resulting in reduced revenues of 5.6% and rent deferrals of a further 2.3% of contracted rental revenue.


The vacancy rate has diminished by the end of June to 5.3% from 8.0% at the end of 2020.


3.15pm: Cellular Goods jumps after signing supply agreement


Cellular Goods PLC (LSE:CBX, FRA:6XS) advanced 5.1% to 7.25p on news of a supply agreement with Chanelle McCoy Health (CMH).




Under the deal, CMH, a developer of high-quality ultra-pure cannabinoid (CBD) products, will initially supply three CBD ingestibles which will go on sale under the Cellular Goods brand in the UK, followed by continental Europe in 2022.


Cellular Goods said the agreement marks a “significant step” for its go-to-market strategy and will accelerate its entry into the market for ingestible wellness products by more than a year.


2.35pm: Napster rises as Swiss corporate investment house’s stake soars after loan conversion


Napster Group PLC (AIM:NAPS, OTC:EVVRF, FRA:29E) climbed 5.8% to 1.375p after Nice & Green, an improbably named Swiss finance house, practically doubled its stake in the streaming platform operator.


Nice & Green owns 12.31% of the issued share capital of Napster, up from 6.41% previously.


The increased stake came about as a result of Nice & Green converting Napster loan notes into equity.


1.40pm: Oriole flying high after joint venture update


Oriole Resources PLC (LSE:ORR, FRA:S1Y) leapt 11% to 0.525p on the back of positive drilling results from the Fare and Madina Bafe prospects on the Senala joint venture project in Senegal.


The best results include up to 70.00 meters grading 1.46 grammes per tonne (g/t) gold from Fare and 10.00 metres grading 1.69 g/t gold from Madina Bafe.


“Continued positive results from Fare reconfirms our belief that this prospect, with its three distinct, yet neighbouring zones of mineralisation, has the opportunity to host a stand-alone resource and ultimately the potential to host a mine development,” said chief executive Tim Livesey.


12.45pm: BlueRock plucks out another one


BlueRock Diamonds PLC shares put on 7.4% at 43.5p after the company discovered a 58.6-carat diamond.


“We expect that the sales value of the 58.6 carat stone will be significant as it is a ‘D’ colour makeable stone but has spotted black sulphide intrusions with the final value dependent upon the buyer’s confidence of what cut stones can be recovered. The diamond will be sold in the August tender,” said Mike Houston, the executive chairman of BlueRock.


The discovery comes a week after the recovery by BlueRock of a 21.6-carat stone.


11.50am: 88 Energy has some wizard news while Ocean Outdoor shareholders get excited over very little


88 Energy Ltd (AIM:88E, ASX:88E) jumped 11% to 2.63p after it said it is s now planning an appraisal well for the Merlin project, after latest analysis of this year’s well results confirmed the presence of light oil.


The company said that well evaluation successfully demonstrated the presence of oil in the N20 and N18 targets, and additionally shows that a new target referred to as N19 was also penetrated in the first well. A total of 41 feet of net pay was encountered by the well, it added.


Locations to the east of Merlin-1 are now being considered for appraisal. There, the company is expecting enhanced reservoir thickness and quality.


Elsewhere, shares in Ocean Outdoor Ltd (LSE:OOUT) are up 13% at 9.5p.


A quick check of the stock exchange company news feed reveals the company had an announcement today but it was only to say the outdoor advertising specialist’s interims will be out on 14 September.


Alas, for diary enthusiasts everywhere, there is more to it than that. The stock was tipped on a much-visited investment site over the weekend.


10.55am: TP Group dives as Science Group hints at abandoning its pursuit


TP Group PLC (AIM:TPG) shares dived 6.6% to 4.95p after it emerged that the board had rejected an indicative offer from major shareholder Science Group PLC (AIM:SAG).


Science Group said the offer was at a significant premium to the prevailing share price of TP Group, but TP’s board rejected the offer without any discussion or engagement.


Science Group is still interested in making an offer for TP Group but said it is unlikely that it will be able to make an offer if the TP Group board continues to refuse to cooperate.


10.00am: Ultra succumbs to Cobham


Ultra Electronics Holdings PLC (LSE:ULE) has agreed on a GBP2.5bn takeover offer from aerospace firm Cobham PLC (LSE:COB).


Shareholders will receive 3,500p for each share in the engineer, plus the interim cash dividend of 16.2p declared last month.


Shares in Ultra were up 4.9% at 3,318p.


9.05am: i3 Energy output topping 10,000 barrels of oil equivalent per day; Hurricane higher after operational update


I3 Energy PLC, up 11% at 11.5p, got the week off to a good start as it updated on “another intensely active and transformational” quarter.


Based on net field sales estimates, production in the second quarter of 2021 averaged 8,905 barrels of oil equivalent per day (boepd), down from 9,090 boepd in the first quarter.


Including the recent Wapiti and South Simonette acquisitions, net field sales estimates for July 2021 averaged 9,598 boepd with an average over the final week of July of 10,031 boepd.


Sector peer Hurricane Energy PLC climbed 8.6% to 2.498p after it revealed the P6 well on the Lancaster asset was producing 11,500 bopd in mid-August.


Immediately before the shutdown in early July 2021, the P6 well was producing at 10,900 bopd with an associated water cut of 32%. The production and water cut are expected to reach previous levels seen before the shutdown.


As of 31 July 2021, the company had net free cash of US$122mln, compared to the last reported figure of US$134mln at the end of June. There we no liftings of Lancaster crude in July and as such no revenue was received during the month.

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