PCF Group shares rebound 92.86% to 0.68p after plummeting Wednesday on proposed cancellation of AIM listing
PCF Group shares continued their rollercoaster ride after the company said on Wednesday its Bank unit would not recommence lending and would look to sell all or part of its loan portfolio.
"The Board will continue to explore strategic transactions with bona fide interested third parties, however the directors have now concluded that it is in the best interest of all stakeholders for PCF Bank to commence a process of withdrawing from the UK banking market." PCF said in a statement.
PCF also announced it would cancel the admission to trading on AIM of its ordinary shares in order to reduce costs, subject to shareholder approval.
PCF shares plummeted 68.89% on the news on Wednesday. Since then shares have regained some ground, but still remain 50% below pre-announcement levels.
Harland & Wolff shares rise another 26.24% to 8.9p on announcement of debt refinancing
Harland & Wolff shares continued their upward trajectory today after the company announced on Wednesday it had entered into an exclusive term sheet with Astra Asset Management for a proposed refinancing of its credit lines.
Harland said the current proposed facility is £70m, and that both parties will be working together to increase it to £100m "in due course". The transaction will entail the full refinancing of Harland's existing debt with Riverstone Capital Partners, plus additional financing toward the company's working capital requirements.
Harland said it expects the new facility to be on better economic terms than its existing debt facility with Riverstone, contingent on further movements of the BoE's base rate and other market movements prior to financial close.
Financial close is expected in 4-6 weeks.
HARL shares have been on a steady upward trajectory since the announcement, rising 26.24% today and 46% in the past 5 days.
Pure Gold Mining shares rise 27.27% to 1.4p after British Columbia court grants relief
Pure Gold Mining said the Supreme Court of British Columbia has granted it a Sales and Investment Solicitation Process Order (SISP Order) among other relief.
The SISP order grants Pure Gold Mining a sales and investment solicitation process for all its assets, undertakings, and property, including its mine project in Ontario. The order also approves the engagement of National Bank Financial as Pure Gold Mining's sales agent for the purposes of the SISP.
In addition to the SISP Order, the court also granted orders authorising Pure Gold Mining to borrow additional funds under an interim financing credit facility from its lending partner in order to meet its immediate cash needs.
Croma Security shares fall 15.75% to 53.5p on lower pretax profit in FY22
Croma Security reported a sharp decline in pretax profit for FY22 to £200K from £1.2m a year ago. Still, revenue increased 8.1% to £35.2m. Despite the fall in profit, the company raised its total dividend by 5% to 2.1p on expectations of higher future demand.
Croma also reported four new contract wins worth £6.1m.
"Demand for our services is increasing as evidenced by the excellent new client wins post year end. Our strategy to be the leading British security brand is clear and to that end we are carefully extending our footprint of security stores across the country. We have the financial stability and cash resources to further invest in our development and we believe we are well placed to continue to grow both revenues and profits for the benefit of our shareholders." Croma said in a statement.