Fletcher King higher after conditionally placing shares at a premium

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Fletcher King (AIM:FLK) PLC arrowed 11% higher to 50p after it conditionally placed 1.04mln new shares at 52.5p a pop, raising GBP547,276.


The placing is conditional upon regulatory approval being granted by the Financial Conduct Authority (FCA) for Elliott Bernerd and CM Strategic 613 Limited to become a controller of the company.


The controller threshold for the FCA starts at 10%. A decision is expected from the FCA by the end of 2021, the property services firm said.


2.40pm: United Oil & Gas considers its position on P2366 licence sale


United Oil & Gas PLC (AIM:UOG, FRA:1UO) jumped 9.4% to 2.9p after developments concerning the proposed disposal of its participating interest in the P2366 Licence.


Anasuria Hibiscus Petroleum Berhad said that the licence terminated at the end of last month but it remains committed to working with the Oil and Gas Authority of the United Kingdom to move the North Sea Quad 15 area development forward.


United Oil & Gas said it is considering its position re the sale and purchase agreement and stressed its rights are reserved on this matter. A further announcement will be made in due course.


1.45pm: Petrofac rises as size of fine is revealed


Petrofac PLC jumped 12% to 194.4p as Southwark Crown Court revealed the size of the fine it would impose on the company.


The court imposed a total penalty of GBP77mln in relation to seven historic offences of failing to prevent former Petrofac Group employees from offering or making payments to agents in relation to projects awarded between 2012 and 2015, contrary to Section 7 of the UK Bribery Act 2010.


All employees involved in the charges have left the business, Petrofac stressed. In determining the penalty, the court and the Serious Fraud Office acknowledged Petrofac’s corporate reform through its transformation of the company’s leadership, personnel, compliance and assurance processes, Petrofac added.


12.50pm: Investors tuck into Cake Box


Cake Box Holdings PLC (AIM:CBOX) delighted investors on Monday after expressing confidence in meeting full-year expectations.


Trading during the first half has been strong both in-store and online, with total revenues rocketing 91% to GBP16mln.


Investors tucked into the shares, sending them 14% higher to 383p.


11.55am: Falanx Group launches new cybersecurity tool


Falanx Group Limited jumped by one-sixth, or 17%, to 1.22p after it launched its new cyber security assessment tool, Falanx: Cyber Exposure Level


This new service offering is expected to play an important role in Falanx’s reconnaissance stage of performing a cyber security risk assessment on businesses in order to assess their overall risk of being attacked or breached, the cybersecurity specialist said.


The tool uses a “multi-point reconnaissance approach” to allow an external, non-invasive, light-touch approach that requires minimal input from the user. The findings of this new assessment tool are displayed as a Falanx Cyber Exposure Level score.


11.00am: BT Group the top blue-chip faller on reports of Sky/VMO2 alliance


Shares in BT Group PLC (LSE:BT.A) fell 7% following reports that its dominance in the broadband market is set to be challenged by a deal between Sky and Virgin Media (NASDAQ:VMED) O2 (VMO2).


According to a report in the Telegraph, Sky is nearing an agreement to become a co-investor in VMO2’s full-fibre broadband roll-out. The companies plan to upgrade 14 million homes and businesses to ultrafast broadband, the report said, which would significantly increase competition for BT’s network Openreach.


VMO2 is also holding separate discussions with TalkTalk and Vodafone about wholesale access to the VMO2 network, the report said.


10.05am: Zoltav Resources tanks as it announces project financing details for the Bortovoy licence


Zoltav Resources Inc (AIM:ZOL), down 26% at 26p, was London’s top faller on Monday morning after an update on project financing.


Diall Alliance LLC, the company’s wholly-owned Russian operating subsidiary that holds the Bortovoy Licence, has entered into two non-revolving credit facilities with PJSC Sberbank of Russia (OTC:AKSJF).


The first loan represents a maximum facility amount of RUB 7,700,000,000 with a final repayment date of 25 September 2031. The second loan represents a maximum facility amount of RUB 700,000,000 with a final repayment date of 1 January 2024.


9.10am: Aura Energy aglow as it prepares to finalise off-take agreement


Aura Energy Limited jumped 31% to 14.5p as it revealed it is about to finalise an off-take agreement.


Trading in the company’s shares on the ASX in Australia has been traded as per the exchange’s rules regarding significant announcements but shareholders in Blighty have had the opportunity to drive the share price higher.


The company has requested that trading in its shares on the ASX be halted until the expected announcement is made or until the market opens on Thursday of this week (whichever is earlier).


Cerillion PLC (AIM:CER) climbed 5.7% to 830p after it raised profit guidance.


The billing, charging and customer relationship management software solutions provider said revenue for the financial year is expected to be slightly ahead of current consensus market forecasts; however, as a result of a higher proportion of term licence sales than anticipated, adjusted profit before tax is expected to be significantly higher than current consensus market forecasts.


Net cash at 30 September 2021 is also anticipated to close very strongly, ahead of projections, at about GBP13.0mln, up from GBP7.7mln a year ago.

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