IG Design Group (IGR) shares jump 22.98% to 61p as it extends the terms of banking facility
Today, the consumer gift packaging business announced that it has extended the term of its existing banking agreement to 31 March 2024 and, as part of the deal, the facility size has been reduced from $95m to $90m and from a maximum level of £130m to £92m, respectively.
Addressing shareholders, IG Design Group said its seasonal orderbook remains strong and that the revised facility provides it with sufficient funding for its working capital requirements.
Abingdon Health (ABDX) shares rise 13.64% to 12.5p as it secures new supply agreement
The rapid test manufacturer has signed an agreement with Taiwanese Arise Corporation to supply 10 million Abingdon
Simply Test COVID-19 antigen tests, with the purchase order subject to the Abingdon Simply Test receiving Taiwan Emergency Use Authorization (“EUA”).
The EUA process is underway but Abingdon Health states that it does not have visibility on the timing for the completion of the EUA application review process. As part of the supply agreement Arise Biotech also has an option to purchase a further 20 million of the tests.
In 3Q22, Abingdon will be launching a new e-commerce site, which will feature a range of lateral flow self-tests and professional-use tests under the Abingdon Simply Test brand.
Morses Club (MCL) shares continue to see light relief, lifting 13.50% to 11.25p
The stock continues to see some light relief since confirming 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.
Clontarf Energy (CLON) shares fall 73.33% to 0.1p as Sasanof-1 well proves unsuccessful
The oil exploration group confirmed today that it failed to intersect commercial hydrocarbons at its Sasanof-1 exploration well located 207 km northwest of Onslow in Western Australia.
The well, which was drilled to a total depth of 2,390 metres by the company’s Valaris MS-1 rig, with zero reported incident, is expected to be plugged and abandoned permanently, according to the outlined plans in today’s statement, followed by the start of de-mobilisation activities.
The company says it is currently exploring other opportunities and that it is in discussions for a 49% joint-venture to explore and develop new salt lakes for lithium resources in Bolivia.