Abingdon Health (ABDX ) shares soar 39.4% to 13.25p on £8.9m settlement with UK government
Abingdon Health confirmed today it has reached a settlement agreement with the Department for Health and Social Care ("DHSC") on outstanding invoices payable by DHSC for lateral flow tests and component stock. In March, the Company reported it had not been paid invoices totalling £8.5m by DHSC. Today, Abingdon confirmed DHSC has agreed to settle for £8.9m, excluding interest. This includes an initial cash payment of £6.3m, to be paid on or before 22 July 2022.
The settlement, once received, will provide additional working capital and be deployed to help fund the Company's various growth initiatives.
Providence Resources (PVR ) shares soar 36.3% to 3.0p on proposal to raise $1.8m at 1.5p/unit
Oil and gas company Providence Resources shares reached 3.0p today, regaining all lost ground since March, after the Company announced it would fundraise $1.8m at 1.5p a unit, a 35% discount to yesterday's closing price. The Company's shares have been on a rollercoaster ride the last few trading days, reaching as low as 1.8p last week before jumping to 3.0p today, a peak not seen since March.
Providence Resources will use the cash to finance its lease undertaking application for Barryroe, an offshore field.
Jangada Mines (JAN ) shares fall 25.81% to 3.45p on Pitombeiras project warning
Jangada Mines updated markets on final results for FY21 today. The Company warned its 100%-owned Pitomberias Vanadium Project in Brazil may need additional cash, and did not provide a concrete timeline for the start of production. It was too early to determine if it could start this year, the Company said. Jangada said it is currently assessing the situation and will provide an update in three to nine months.
The Pitomberias Vanadium Project has a total resource estimate of 5.70Mt at an average grade of 0.51% vanadium pentoxide, 10.09% titanium dioxide, and 50.42% ferric oxide for a contained resource of 28,990 tonnes vanadium pentoxide.
TP Group (TPG ) shares fall 21.2% to 1.3p on increased annual loss announced in FY21 update
TP Group updated markets on pre-audited FY21 results today. The Company announced a 2021 operating loss of £6.9m, more than double 2020's £3.3m. Similarly, pretax loss is expected to be £7.4m (2020: 3.6m). Gross profit fell to £7.5m (2020: £8.5m). Revenue is set to increase to £44.4m from £39.1m however.
IG Design Group (IGR ) shares rise 19.1% to 81p on new strategy
IG Design Group, manufacturer of gift packaging and stationery, reported 11% higher revenues, but an 85% decline in profits in an update for the year ended 31 March 2022 (FY22). IG Design Group also ruled out a final dividend, with payout for this year down 86% to 1.68c as a result.
The Company said: "A challenging year saw margins and earnings significantly reduced by unprecedented supply chain cost increases and freight availability. ... The cost environment remains challenging but where possible cost inflation is being passed through in pricing for customers, resulting in a slight operating margin improvement being expected for FY2023."
IG Design is developing a new strategy to "restore profitable and sustainable growth". The Company said: "Our immediate priorities are building a strong management team, repairing margins and reducing working capital levels, particularly in DG Americas."