12.30pm: Current drilling just the start says Helium One boss
Tai-2 is located only 20 metres from Tai-1 and is being drilled from the same drill pad to prove up a helium system at the project.
Tai-1 showed elevated helium indications said chairman Ian Stalker but it was impossible to measure accurately, but the second hole will focus on the upper levels and Helium expects to get decent measurements this time.
Stalker emphasised too that this is the first target in a colossal project with many other targets already identified.
Rukwa is a great opportunity, he says but there is a lot of work ahead.
Shares rose 18% to 17.25p.
11.00am: Barclays activist regroups
Sherborne Investors B shares were the biggest fallers in early trades on Friday, down 54% to 0.25p, as the activist investor fund run by Edward Bramson posted its half-year results.
The fund, famous for its failed push to get Barclays to sell off its investment banking arm, reported its net asset value attributable to shareholders of GBP0.76mln, down from GBP17.5mln a year ago and GBP24.6mln at the end of December.
This follows its confirmation in May that it will realise its remaining investments by the end of 2021 by way of a demerger of its largest asset, TGI Fridays, and the reclassification of Electra into an operating company substantially comprised of its second largest asset, Hotter Shoes.
In June the company declared a dividend in specie of all of its 8,250,575 shares of Electra payable to shareholders.
The Sherborne Investors C fund also reported interim results and its shares were up 2% to 59.8p.
Having sold its 6% stake in Barclays in May said it had identified a new target company but will not name it until it had a disclosable stake – it said today that this was still the case and that a “turnaround of the new selected target company will increase shareholder value” in line with its objectives.
9am: Remote Monitored and Vertu Motors (AIM:VTU) lead early risers
Remote Monitored Systems PLC (LSE:RMS, FRA:R22) shares jumped 31% to 0.79p after the company confirmed an announcement from the British High Commission about a partnership by the company’s Pharm 2 Farm Limited subsidiary in India to distribute the virus-killing Pro-Larva mask.
First reported in June, the deal is with VKE Enterprises, which placed an initial order for 350,000 masks to be airfreighted to their distribution centre in India.
As the British High Commission said, the Pro-Larva mask is the first anti-viral mask to be approved by the UK Medicines and Healthcare products Regulatory Agency (MHRA) as a Class 1 medical device.
Vivek Kohli, chair VKE Enterprises, said: “I’m delighted to play a strategic role in the introduction of this cutting-edge British technology, that will keep my fellow country men and women safer. This is an exciting opportunity for a new Anglo-Indian partnership to do good in India.
“At this time, with so many countries continuing to struggle with Covid and an expected influenza surge later in the year, it’s paramount for countries and their organisations to come together to support one another.”
Remote Monitored Systems will change its name to Nanosynth Group PLC on Monday 23 August.
Elsewhere, Vertu Motors (AIM:VTU) PLC shares moved into a higher gear on Friday morning, rising 8% to 50.8p as the car dealer said it expects to resume dividend payments at its interim results amid the “exceptional” UK used car market conditions.
The UK’s fifth largest automotive retailer said profit before tax for the full year will be around GBP50-55mln, having previously guided to GBP40-45mln in July and a range of GBP28-32mln in June.
Under its Bristol Street Motors, Vertu and Macklin Motors chains, the company said like-for-like new vehicle orders for the key month of September are currently above last year, though it flagged a risk that new vehicle supply shortages will result in vehicle deliveries being delayed into future periods.
Vertu’s board said it intends to re-establish the payment of dividends to shareholders upon finalisation of the interim results.
“The board remains very confident in the prospects for the group, which is strategically well placed to capitalise on the changes and opportunities in the UK motor retail sector,” it said in the statement.