Hurricane Energy PLC (LSE:HUR) shares tumbled after a review of events leading up to the rejected financial restructuring plan
It found that the company’s prior management team “discharged their fiduciary duties diligently and in good faith during this time to address the fact that there was projected to be a significant shortfall upon maturity of the bonds, and they received extensive advice from outside professionals”.
The company noted that whilst some shareholders had suggested that earlier tender offer for bonds would’ve been in the best interests of the company, but, prior management concluded that it was important to preserve cash to keep open the possibility of investing in a remedial plan for the Lancaster field – before plans were rejected by bondholders.
“The non-executive directors have agreed that no further action is necessary and believe that time and resources should now be spent on maximising the future revenue and potential of the company. Every effort is being made to repay the bonds at maturity, to give due and proper consideration to the interests of other stakeholders and to increase value attributable to shareholders.”
The troubled offshore oiler has some US$79.8mln of outstanding bonds due in July 2022, following recent repurchases.
In London, Hurricane shares were down 13.6% changing hands at 3.63p.
Keywords Studios PLC share rose 9% to £27 after a bullish trading update from the Irish video game industry services company.
The board expects full-year revenue for 2021 to be at least €505mln or 35% year-on-year growth, with adjusted profit before tax in excess of €85m or 55% growth.
Both these forecasts are ahead of analyst consensus, with the gaming industry still benefitting from the boom caused by lockdowns, and the strong performance tipped to continue into 2022.
Matt Britzman, equity analyst at Hargreaves Lansdown said Keywords is seeing “demand remain strong into the second quarter with some of the cost savings caused by the pandemic also still having an effect.”
12:44 Card Factory (LSE:CARD) PLC
Card Factory PLC shares dropped 5.6% to 51.9p after non-executive Paul McCrudden resigned.
McCrudden agreed not to leave until the end of January 2022 to give the company some time to find his replacement.
Card Factory (LSE:CARD) will be losing “the voice of [its] colleagues” after seven years said the company’s chairman.
The company’s board has begun the recruitment process, it said, as it pursues its strategic objective of developing Card Factory (LSE:CARD) (Card Factory (LSE:CARD)) into an omnichannel card and gift retailer.
Despite its share price tumbling today, Card Factory (LSE:CARD) is up 22% since the beginning of the year.
ImmuPharma PLC (AIM:IMM, OTC:IMMPF) shares rocketed 28% after raising £3.5mln through a successful subscription and placing.
New ordinary shares were priced at 11p, an impressive 80% premium on the closing share price on Friday 17 December.
Many of the issued shares were bought by Lanstead Capital, who acquired 20mln, with the funds raised to be provided incrementally over the next two years.
Alora Pharmaceuticals LLC, the parent company of Avion Pharmaceuticals, also bought roughly 10mln with the remaining being acquired by a ‘long-standing institutional investor.’
ImmuPharma has a licensing agreement with Avion Pharmaceuticals, with this investment further strengthening the partnership between the two.
Shares are still trading at a discounted price to the subscription, currently at 8p.
For the year, however, shares are down nearly 40%, having started 2021 at 12.5p
ThinkSmart Ltd fell 16% to 68p after agreeing on terms for its subsidiary, ThinkSmart Europe, to sell its 10% holding in Clearpay to Afterpay in exchange for 1.65mln ordinary Afterpay shares.
The proposed sale of shareholding in Clearpay to Afterpay is subject to the approval of ThinkSmart shareholders, which will be put to a vote at a general meeting on 14 January.
The decline in its share price following the announcement may highlight that the shareholders are unhappy with swapping Clearpay shares for Afterpay shares or that the proposed price is unsatisfactory, experts said.
The UK digital payments platform already sold 90% of the share capital of its Clearpay subsidiary to Afterpay for shares worth A$18.6mln (US$13.1mln) in October 2018.
Block, formerly known as Square inc (NYSE:SQ), will takeover Afterpay in the first quarter of 2022 at an agreed ratio of 0.375 Block shares for every Afterpay share.
One of Twitter’s co-founders Jack Dorsey has a 24.4% stake in Square, which suggests that ThinkSmart shareholders are not happy with receiving shares from Dorsey’s company and would have preferred the cash.
Shares in Futura Medical PLC (AIM:FUM, OTC:FAMDF) rose 6% to 33p on the back of news it is in advanced discussions with several interested parties to out-license its erectile dysfunction gel, MED3000.
The US Food and Drug Administration (FDA) asked the company to complete two further studies in order to approve the drug for sale over the counter (OTC), with the first ‘human factors’ study a success said the company today.
Its second study has almost reached full recruitment and potentially puts Futura on track for OTC approval in the first quarter of 2023.
This latest news marks what has been a good year so far for Futura in terms of share price, rising by over 112% in the year to date.
The price had reached a high of 67p at the end of March when it had initially received FDA agreement for the clinical study of MED3000.
Read More: Hurricane Energy Plc sees another down day as bond deadline looms