Finnish nickel producer Talvivaara (TALV) warns that it could go bankrupt if it cannot get funding to support a corporate restructuring. It tried to get €40 million yesterday from a group of stakeholder but was unsuccessful. The market is understandably in panic mode as the shares collapse 50% to 3.07p.
North Sea focused Antrim Energy (AEY:AIM) sinks 38.7% to 3.6p as it announces is considering selling its 35.5% stake in the Causeway field in the North Sea, as its balance sheet is under pressure due to hedging losses, an extended pause in production and overruns in capital expenditure. The company has told shareholders there are doubts over its ability to continue as a going concern.
UK renewables group Infinis has announced bottom-of-the-range pricing, with the shares to be sold at 260p. Flagged by Shares this week, the range range was 260p to 310p, and this lower valuation will see the UK wind and landfill gas energy supplier IPO on a £780 million market cap. That's great news for income seekers, it implies top-end yield of 7.1% based on the group's stated £55 million payout this year.
Bulletin board favourite Quindell Portfolio (QPP:AIM) has scooped £200 million of fresh funding after sealing a speedy placing. The cash will go on expansion into insurance outsourcing markets, where it has won several big contracts of late, especially around telematics. The company also flags that profits and cash generation will hit the top end of forecasts this year, implying over £136 million of pre-tax profit. The company, which recently reported strong third quarter results, is also dropping the Portfolio from its name, and will be in future simply called Quindell.
Technology-focused defence firm Ultra Electronics (ULE) slips 5.8% to £17.87 as it warns 2013 revenues will be down year-on-year. Despite our hopes that a diversified model would mitigate the impact of the spending cuts and partial government shutdown in the US, these factors are the main cause of today's downbeat statement.
Aga Rangemaster (AGA), a running Shares Play of the Week, rises 3.6% to 128p after saying that second-half revenue should be ahead of last year thanks to a stronger housing market which is a catalyst for people buying new ovens.
There's also a positive reaction to two more running Plays of the Week. We highlighted the attraction of Restaurant Group (RTN) in July and today the shares nudge ahead 0.6% to 559.25p on a solid trading update that reveals it will accelerate the pace of new site openings in 2014. We wrote on education technology specialist Tribal (TRB) in August and it pleases investors today with a 2% rise to 178.5p by saying that trading is going well.
Avocet Mining (AVM) is at long last an unhedged gold producer after closing out an agreement that has seen the West Africa-based miner sell precious metal at below market price. The market welcomes the news, sending the shares up 7.8% to 15.5p.
An upbeat trading statement from Gem Diamonds (GEMD) looks good, helping to push the shares up 2.3% to 157p. One of our top picks in the diamond sector, Gem is growing production and will bring on a new mine next year to further enhance earnings.
Animal genetics specialist Genus (GNS) rises 3.5% to £12.92 after it expects to meet full-year targets of high single-digit profit growth for the year. This is being driven by a strong second-half following good harvests in the Northern Hemisphere, which has benefited its bovine and porcine operations.