Morses Club shares plunge 42.29% to 4.9p on announcement of scheme to settle customer redress claims
Morses Club said it would pursue a scheme of arrangement for dealing with customer redress claims for "unaffordable lending" against the company. "Whilst the directors consider that Morses Club has adequate liquidity for the immediate future, they believe that without a potential scheme, the level of redress claims could jeopardise the group's future" it said.
The company also announced it would recognise an additional provision of c. £45m in its FY22 accounts as an exceptional item, due to "the emerging position relating to complaints in advance of a potential Scheme"
Corcel shares drop 25% to 0.38p on announcement of £600K fundraise
Corcel announced an up to £600,000 fundraise, including a placing of £336,000 at a price of £0.004, as well as a broker option to enable existing shareholders to participate in the placing on the same terms, for up to an additional £300,000.
Corcel also said that, in light of challenging macroeconomic conditions and declining equity markets worldwide, it has begun to implement a cost-reduction program that includes a 50% reduction in all Director remuneration for a period of three months as well as other similar changes across the business.
Agriterra Limited shares jump 28.95% to 4p on CEO change
Agriterra announced that its CEO, Rui Sant'ana Afonso, has tendered his resignation, effective 31 July 2022. Hamish Rudland, a current Non-Executive Director and controller of the Company's largest shareholder, Magister Investments Limited, will assume the position of Interim CEO from 1 August 2022 until a suitable replacement full-time CEO is identified.
Agriterra also announced today the appointment of Peterhouse Capital as Broker to the company with immediate effect. Strand Hanson remains as Nominated & Financial Adviser.
Joules Group shares rise 15.91% to 25.5p on upgraded profit outlook for FY 2022
Joules Group said yesterday it expected to report pretax loss for FY 2022 ahead of expectations due to additional cost reductions. Joules said it was "making good progress on its plans to improve profitability by simplifying the business and optimising the cost base." The company's retail sales grew 8.5% YoY.
Joules also announced it had received credit approval for a further £5m headroom on its borrowing facilities with Barclays Bank until November 2022, to support working capital requirements over the company's forthcoming seasonal borrowing peak. Joules added that it would be restricted in paying dividends for the period in which the facility was in place.