LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.----------
FTSE 100 - WINNERS----------
Randgold Resources, up 0.8%. The gold miner said operations at its Tongon mine have been disrupted by industrial action. Randgold said the mining subcontractor at Ivory Coast's Tongon is negotiating with workers, while Randgold is working with local and national authorities for a solution. Tongon is not meeting forecast production, Randgold said, though it expects it to get back to full capacity to try and recover lost output. Overall group production guidance for 2018 remains unchanged.----------
Sky, up 1.0%. The pay-TV provider noted two alternative remedy proposals submitted by Twenty-First Century Fox to the UK Competition & Markets Authority. Fox is seeking to acquire the 61% of Sky it does not already own. Fox has proposed the creation of Newco, which would be a wholly-owned subsidiary of Sky, and the business of Sky News would be transferred into this newly incorporated company. Alternatively, Fox said, The Walt Disney Co has expressed an interested in acquiring Sky News "whether or not Disney's proposed acquisition of [Fox] proceeds".----------
FTSE 250 - WINNERS----------
Bakkavor, up 2.3%. The fresh food company said it has appointed Jane Lodge as an independent non-executive director of the company. Lodge was at Deloitte & Touche LLP for 25 years, reaching the position of senior audit partner. Other non-executive roles include Costain, DCC, Devro, and Sirius Minerals . "Jane's extensive experience in the food industry as an audit partner and also a non-executive director will be of significant benefit to the board and equips her well to guide the audit and risk committee in the years ahead," said Chairman Simon Burke.----------
FTSE 250 - LOSERS----------
Spectris, down 2.2%. The instrumentation and controls firm said it has bought US-based Revolutionary Engineering Inc for
USD19.0 million. Spectris is to add Revolutionary Engineering to its Millbrook business and will rebrand it as Millbrook Revolutionary Engineering. The purchase, it said, is part of a strategy of expanding Millbrook's geographical footprint as well as expanding its testing propulsion systems capabilities. Revolutionary Engineering is based near Detroit in the US state of Michigan, and specialises in driveline testing services and solutions. It also has a presence in China and Germany, Spectris said. ----------
OTHER MAIN MARKET AND AIM - WINNERS----------
Cradle Arc, up 13%. The miner said it has had a significant increase in its resource at its Mowana copper mine in Botswana, and it has secured an extra
USD10 million in funding. Cradle Arc will implement an accelerated development plan following the positive resource update in order to fast-track access to deeper ores. An estimate from the Mowana mine shows a grade of 1.2% copper for 861,000 tonnes of contained copper from 75 million tonnes. Measured and indicated resource estimates are 40 million tonnes at 1.2% copper for 466,000 tonnes of contained copper. On a directly comparable basis, at a cut-off, the resource grade has increased by 18% and contained copper by 6%. A
USD10 million debt funding has been secured for the accelerated development plan and will enable the company to refinance offtake linked pre-payment facility provided by Fujax Minerals and Energy Ltd. An additional mining fleet of 25 vehicles, including trucks, excavators, loaders and support equipment will be delivered to the site to facilitate the accelerated development.----------
Flybe, up 1.5%. The airline reported a strong set of figures of its fourth quarter, though said disruption caused by bad weather in the past two months will impact annual revenue to the tune of around
GBP4.0 million. Poor weather in February and March led to airport closures and flight cancellations throughout Europe, and with Flybe's entire business in the region, it was particularly badly hit. However, in its fourth quarter, Flybe's load factor rose 6.8 percentage points to 73.5%, a "strong" performance in the winter season. This led to estimated passenger revenue per seat rising 9% to
GBP50.84, and passenger numbers were up 3.4% despite capacity falling 6%.----------
OTHER MAIN MARKET AND AIM - LOSERS----------
Weatherley International, down 33%. The Namibia-focused copper miner said it has rescheduled its debt repayments due to Orion Mine Finance. The first repayment of facility B, previously due on March 31, is now due at the end of June and payable quarterly until December 2019, with a final payment due by the end of February 2020. The facility B final maturity date remains unchanged at February 2020. Facility B will be repayable in eight equal repayments of capital and accrued interest of
USD14.1 million. Repayment of capital and accrued interest of
USD11.0 million under facilities C and D of the amended facility has been deferred until June 30. Orion has agreed, effective until June's end, to limit its acceleration and enforcement rights on the terms set out in the amended facility. ----------
Prairie Mining, down 29%. The miner has commenced legal proceedings against Poland's environmental ministry over the non-award of a mining usufruct agreement for the Jan Karski project in the country. Prairie was the only company with the right to apply for a mining concession at Jan Karski until Monday, but could not as it had not received an environmental consent decision despite filing an environmental & social impact assessment. It applied for a mining usufruct agreement in December, but this has not been given, and proceedings have been filed to protect Prairie's security of tenure for Jan Karski. No concession can be given to another party while legal proceedings are ongoing.----------
Air Partner, down 19%. The aviation services company said it has identified a
GBP3.3 million accounting error following internal investigations. The issue is related to the collection of receivables from customers and accounting for uncollected amounts since financial year 2010/11, the company said. Principally, certain uncollected receivables were inappropriately offset against deferred income rather than being expensed to the income statement in the appropriate financial year. The company stressed this is a "non-cash item and has no bearing on cash balances" and that at "no point was a customer, operator or supplier impacted or disadvantaged". Further, the company "continues to maintain a strong net cash position".----------
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