Petropavlovsk (LON:POG) shares ticked up 5.61% to 27.27 as it sees light relief
Shares in the Russian gold mining company, Petropavlovsk, saw some light relief today. Earlier this week, the group announced to investors that it had appointed KPMG to undertake a forensic investigation into certain business deals made over the last three years.
The aim of the investigation is to examine deals between Petropavlovsk and its subsidiaries, as well as mining company IRC and its subsidiaries in the three years to August 2020.
The company said the investigation was proposed at part of its general meeting in August 2020 and was approved by 84% of shareholders. The investigation is to start immediately.
“Petropavlovsk has failed to deliver value to its shareholders and employees over many years, and we believe that poor governance and controls have been a major contributory factor,” commented James W Cameron Jr, Chairman of Petropavlovsk on the investigation.
“The current Board is committed to transparency and exposing any historic instances of failed corporate governance, as well as to the recovery of any misappropriated funds or assets."
Xeros Technology (AIM:XSG) shares skyrocketed 9,261.23% to 212.5p after receiving first sales for XDrum™ technology design
Shares in the developer and licensor of several platform technologies which transform the sustainability and economics of clothing and fabrics during their lifetime soared today.
The rise comes from yesterday’s news that Xeros’ Indian licence partner, Ramsons Garment Finishing Equipment ('Ramsons'), has received an order for 9 denim finishing machines using Xeros' technologies, representing the first sales of Xeros' innovative XDrum™ design.
Manufacturing will start immediately with the first machines shipped this year to ABA Group ('ABA'), which supplies garments to globally recognised brands including H&M and Zara.
ABA who “operate to the highest environmental standards”, are one of the largest apparel manufacturers in Bangladesh supplying global leaders in the fashion industry and holds a production capacity of 45m garments per year with c.70% devoted denim products.
The order represents the first sales of Xeros' innovative XDrum™ design which fully automates the use of its proprietary XOrbs™ in garment finishing and laundry processes.
XOrbs™ in the denim finishing process eliminates the need for pumice stone and reduces water consumption by 75%. Manufacturing productivity and economics are also improved by allowing finishing processes to be undertaken in a single machine in shorter cycle times.
The company has described its first order in the denim finishing space as ‘an important milestone for both Xeros and Ramsons ahead of a full market launch in Q1 next year.’
Arkle Resources (AIM:ARK) soared 32.50% to 1.325p after discovery gold bearing vein
The company said it has discovered a new gold bearing vein during its recent trenching programme at a site 50m along strike from the Tombreen target at its Mine River Project.
John Teeling, Chairman of Arkle Resources, said this discovery, which had little historic exploration, is why the company “continues to believe in the potential of Gold in Ireland.”
Commenting on the discovery, he said, “Given these results, we intend to quickly move forward with our exploration efforts. Our key priority now is to further test the extent and orientation of the mineralised zone and progress towards a fully funded drilling programme.”
Of the 62 samples, four revealed gold grades of significance, including 5.5g/t in a blue quartz vein measuring around 25cm wide, 0.19g/t in blue quartz and 0.05g/t also in blue quartz rock.
Pebble Group (AIM:PEBB) shares jumped 18.50% to 102.5p as trading remains in line with market expectations
The provider of technology, services and products to the global promotional products industry said it is ‘firmly on track’ to deliver its results for FY20 in line with current market expectations.
The company said its Facilisgroup segment, the group’s ecommerce platform for promo products businesses in North America, performed ‘robustly’ throughout the COVID crisis.
Gross Merchandise Value processes by its partners are now expected to hit $1bn by the end of 2020, which would make Facilisgroup a ‘major consolidator’ in the promo products industry.
The company added that partners’ sales are finally returning to pre-pandemic levels, with this indicating ‘a positive outlook’ for the promo products industry going forward into 2021.
Meanwhile, the company’s Brand Addition segment, which provides promo products and related services to large brands, has continued to improve since September 2020 with two major clients secured in Q1 now successfully launched and contributing to FY20 revenue.
Pebble said it expects its cash balance to be similar to the prior year position of £8.9 million, after a settlement of £2.4 million of IPO costs included in the previous year’s balance.
Virgin Money UK (LON:VMUK) shares fell 10.07% to 125.9p as full-year underlying profits take a plunge
The group, formerly known as CYBG, reported a 77% plunge in full-year underlying profits after booking a £501m hit from the anticipated effects from a second coronavirus lockdown.
The company’s ‘substantial’ charge for loan losses comes as it prepares shareholders for an increase of borrowers falling behind with repayments due to the ongoing coronavirus crisis.
"While we are yet to see any material impacts of the pandemic on the credit quality of our loan book, our results reflect a cautious and conservative approach to the coming period as we refine our assessment of the uncertain economic outlook and the impact of the second lockdown,” said David Duffy, Chief Executive Officer of Virgin Money UK on the results.
He commented “Although the vaccine news is a strong cause of hope for the future, the economic benefits are still some way off when considering the immediate reality of current restrictions and so have not yet been factored into our near-term forecasts.”
Commenting on the company’s overall outlook for 2021, Duffy said "We are well underway in rolling out our full suite of Virgin Money products and services across personal and business, underpinned by our unique brand proposition and leading digital capabilities.”
He added, “This progress, as well as the steps we have already taken to transform and simplify our business, mean we are well positioned to emerge from the pandemic as an agile, innovative and disruptive force in UK banking."