Morses Club (MCL ) shares see some light relief, trading up 25.37% to 8.52p
The stock has seen some light relief since it confirmed last week that its annual results for the financial year to 16 February 2022 would be delayed until “no later than 26 August 2022.”
The Company wrote to investors: “An update on the expected date of results will be provided in due course following the completion of the audit process.” It added that arrangements for its annual general meeting, which it says will be held virtually, will be announced separately.
In February, the company’s former CEO Paul Smith resigned following forecasts that said Morses’ adjusted pretax profit for the year would be 20% to 30% below analyst expectations. As at March 2022, however, its digital lending division’s total credit more than doubled to £41.2m from £19.3m while gross loan book also grew by 98% to £23.9m up from £12.1m.
Nostra Terra Oil & Gas (NTOG ) shares rise 11.84% to 0.68p as production ticks up by 37%
In a 1Q23 production and operations update released today, Nostra Terra said that current production is around 140 bopd (net), a 37% increase over 1Q22, including production from the Fouke 2 well at Pine Mills but with nothing included from the Grant East 1 well in Texas.
Earlier this year, the Company outlined its 2022 corporate goals, one of which was to drill 3-4 new wells, using internally generated funds. Chief Executive Matt Lofgran confirmed today that the firm has already drilled two new wells this year using these resources. He said the Board is confident that the business can achieve this objective before year end as planned.
Proteome Sciences (PRM ) shares tick up 11.73% to 3.845p while orderbook remains strong
Proteome Sciences, a specialist provider of contract proteomics services that enables drug discovery, announced today that the Company’s registered office address has changed to Coveham House, Downside Bridge Road, Cobham, Surrey KT11 3EP “with immediate effect.”
Earlier this month, the Company informed investors that it had maintained a strong order book after recording a small profit in 2021. Ahead of its AGM at the time, the company said its adjusted EBITDA for the year to 31 December was £1.35m, up from £0.72m year-on-year.
As a result, the board stated that it had “increased confidence of profits growth in 2022.”
PCF Group (PCF ) shares fall 20.59% to 6.75p amid recapitalisation and potential takeover
PCF says it is in early-stage talks with Castle Trust Capital over a potential takeover offer in a deal that would leave its shareholders retaining a small minority stake in the combined entity.
The Company announced that it would raise £2.74m of gross proceeds through the issue of some 54.8m new shares which would represent 21.9% of the group’s existing share capital. The placing shares are being bought by Somers Ltd, PCF’s majority shareholder, it reported.
PCF now intends to launch an €8 million open offer enabling its broader shareholder base to participate in an equity issue on the same terms as Somers. The Company explained that the proceeds from the capital raise will be used to support its growth. A suspension of trading in PCF’s shares was also lifted today following the publication of its delayed financial results.