Berkeley Energia Ltd (LSE: BKY, ASX: BKY) fell sharply after a demand for immediate repayment of a loan note.
The company, which is behind the Salamanca uranium project in Spain, said it received the claim from Singapore Mining Acquisition Co – a subsidiary of the Oman Investment Authority – regarding an investment deal and convertible note entered into in 2017.
Berkeley said: âThe claim alleges that the principal amount of US $ 65 million of the convertible note is immediately payable by the company due to allegations that the investment agreement and the convertible note were frustrated, repudiated and / or an event of default has occurred.
“The company strongly disputes the allegations and claims made by the OIA and is currently seeking legal advice on this matter.”
The company’s shares have been temporarily suspended from the Australian Securities Exchange but continue to trade in London and Spain.
And in London, they lost 35.45% or 5.85p to 10.65p.
12:31 p.m .: UP Global Sourcing optimistic about outlook, including acquisition of Salter
UP Global Sourcing Holdings PLC (LSE: UPGS) aka Ultimate Products is in demand after a positive update.
The company, which focuses on consumer goods for the home and whose brands include Salter and Kleeneze kitchen products, said its annual revenue rose 17.9% to Â£ 136.4million, with profits up 13.7% to 9.5 million pounds.
He recently bought Salter and this business is expected to significantly increase profits over the next fiscal year.
Another recent acquisition, the German kitchen brand Petra will be relaunched, first in its home market and then elsewhere.
He said current trade was as expected, with growth expected in 2022, despite continued challenges in availability and shipping costs.
Managing Director Simon Showman said: âOnce again, we are delighted to have demonstrated the resilience and adaptability of Ultimate Products in the extremely difficult context of the COVID-19 pandemic …
âAs restrictions ease, it becomes clear that the pandemic has introduced structural changes in consumer behavior, which are to the benefit of Ultimate Products and which we believe are here to stay. More home work and home cooking, an increased focus on hygiene and cleanliness, and a more thoughtful approach to spending complement our long-standing strategy of developing and building our portfolio of brands that focus on consumer and value-added goods for the home. future prospects. “
The company’s shares responded well to that optimism, up 13.3% or 23p to 196p.
10:47 am: Chemring boosted by contract news and profit forecasts
Chemring Group (LSE: CHG) PLC climbed higher after the defense sector unveiled new contracts and said the year’s results would be in line with expectations.
His US company won a Department of Defense production contract for the Enhanced Maritime Biological Detection Program – an advanced sensor system for detecting, collecting and identifying airborne biological warfare agents.
The contract is worth up to US $ 99 million with an estimated completion date of December 2027. An initial delivery order of US $ 16 million will see deliveries made in the last quarter of 2022 and 2023.
Its Australian division received a contract amendment for the supply of infrared equipment worth US $ 20 million. Customers are both the US Navy and the Air Force, as well as the governments of Norway, Japan, Italy and the Netherlands.
Meanwhile, the company said trading for the year through the end of October went according to plan despite difficult conditions.
He therefore expects operating profits for the full year to be in line with analysts’ forecasts, which range between Â£ 56m and Â£ 59.6m, with a consensus of Â£ 57.5m. .
Chemring stock is up 3.8% to 300.5p.
9.45am: ValiRx falls despite proposed US license agreement
ValiRx PLC (AIM: VAL) fell sharply after licensing one of its legacy products to a new private US company.
It has entered into the agreement relating to its asset Val201 to TheoremRx, for development in the treatment of cancer.
The deal, which could bring in $ 2.2 million before the end of 2023 and more than $ 61 million in total, depends, among other things, on a successful fundraiser by TheoremRx.
Although TheoremRx exercises due diligence, ValiRx cannot continue to market the program to other parties. Completion of the license agreement is also subject to the terms and conditions upon closing.
And ValiRx said, âThe Letter of Intent and the proposed License Agreementâ¦ remain non-binding and there can be no assurance that this License Agreement will be executed or that it will generate significant revenue on schedule or not at all. “
ValiRx shares, which have more than doubled since early September, are down 16.33% to 43.72p.
8:20 am: Warpaint lifted by a positive update
Warpaint London PLC (AIM: W7L) is doing well after the cosmetics group said profits would exceed market expectations.
The company behind the W7 and Technic brands – which plans to launch its products in Boots shortly – said the improving trends seen in the first half of the year continued, with growth coming from both customers existing and new customers.
Full-year sales were expected to be similar to the pre-pandemic figure of Â£ 49.3million, and margins were currently higher than in 2019 and 2020 despite increased costs due to a disruption in the Supply Chain.
Pre-tax profit is expected to be above the Â£ 5.2million achieved in 2019 and better than City analysts expected.
Managing Director Sam Bazini said: âThe encouraging trends seen in the first half of 2021 have continued. We continue to experience particularly strong growth in the UK, significant growth elsewhere internationally and further increases in online sales.
âIn line with our announced strategy, we have significant opportunities for future growth, both with our existing retailers, such as Boots, which we plan to launch soon, and with others with whom we are in discussion. look forward to the rest of the year and into 2022 with a high degree of confidence. “
Shares of the company are up 16.89% or 25.75 pence to 178.25 pence.
MTI Wireless Edge Ltd is also heading to the top
The communications group climbed 4.95% to 72.94p after winning 5G antenna orders from two key customers. The combined orders are worth approximately US $ 0.85 million.
MTI Managing Director Moni Borovitz said: âThese large new orders demonstrate the strength of our 5G backhaul solution and our customers’ satisfaction with it. Orders are expected to be delivered before the end of 2022 and will be part of our expected 5G increase. sales next year. “