The unexpected resignation of chief executive Chris Finlayson and downbeat guidance on production is putting mini oil major BG (BG.) under pressure, sending the shares down 3.8% to £11.01. Constraints on exports of liquefied natural gas (LNG) from Egypt mean output will be at the lower end of the guided 590,000 to 630,000 barrels of oil equivalent per day range – BG is due to give a full first quarter update on 1 May.
Shareholders in AstraZeneca (AZN) could be in line for a large cash windfall if Pfizer (PFE:NYSE) succeeds in buying the pharmaceutical giant. The US drugs peer has finally admitted bid interest following extensive market speculation over the past week. While a deal has yet to be reached, Pfizer signals its intention not to have an enlarged business listed in London which may disappoint AstraZeneca's UK investors, as we discuss in this article.
Budget footwear retailer Shoe Zone announces its intention to float on Aim next month. The high street retailer, with more than 550 stores in the UK and Republic of Ireland, sells over 20 million pairs of shoes a year. Shoe Zone grew pre-tax profits 66.1% to £9.3 million in the year to 5 October and the cash-generative, debt-free business says it will pay progressive dividends.
Sausage skins maker Devro (DVO), a long-term beneficiary of rising emerging markets protein consumption, sheds 11.7% to 209.25p on another profit warning. A combination of lower-than-expected first quarter sales and earlier-than-anticipated manufacturing restructuring actions will reduce 2014 profits by £8 million.
Insurance claims outsourcer Quindell (QPP:AIM) continues to fight off the effects of last week's bear raid. The shares fall another 14% to 21p despite Friday's detailed rebuttal of malpractice claims.
Oil explorer Ophir (OPHR) falls 1.4% to 239.8p as saying attempt to merge with Premier Oil (PMO) have been rebuffed by the latter's board. Ophir says it is no longer considering a deal and Premier is down 1.6% to 321.5p despite announcing discoveries in Indonesia and Pakistan.
TLA Worldwide (TLA:AIM) rises 12.2% to 41.5p after the sports marketing group was tipped by the Mail on Sunday.
Property group Terrace Hill (THG:AIM) sees its shares suspended at 23.5p after announcing plans to raise £170 million at 22.5p to buy sector peer Urban&Civic and have money to buy land and commercial developments. The extra cash is more than three times its present £50 million valuation, illustrating the significance of the deal. It will move from Aim to the main market, be renamed Urban&Civic and undergo a one-for-10 share consolidation. Dealings in the new-look business are expected to start on 22 May.
Italy-focused oil and gas minnow Sound Oil (SOU:AIM) gains 12% to 7.9p on news of farm-out deal with investment firm Niche (NGP:AIM) which will see the latter carry the costs of an appraisal well on its Nervesa discovery. The news follows hot on the heels of Friday's £14 million capital injection from a new institutional investor.
Trading software supplier Fidessa (FDSA) slides 2.6% to £23.93 despite a reduction in trading headwinds. Investors remain concerned about lost customers through 2013 hitting recurring revenues this year.
Pilot training systems supplier SimiGon (SIM:AIM) jumps more than 5% to 32.75p after unveiling strong growth in revenues and net profits for 2013. The £15.5 million cap also announces its maiden dividend of $0.543 per share.