Lakehouse Share News (LAKE)

LONDON (Alliance News) - The following is a summary of director dealings reported in London on Friday.
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Lakehouse said members of its board bought shares in that wake of a profit warning that the asset and energy support services company issued on Monday.

Chairman Stuart Black, Chief Executive Officer Sean Birrane, Chief Financial Officer Jeremy Simpson, and Michael McMahon, managing director of Lakehouse's Everwarm business, each bought 71,430 shares.

The shares were purchased at 35 pence each on Thursday.

Lakehouse on Monday said budget cuts within its housing association clients have resulted in it winning fewer contracts than expected. The company said it has seen good bidding success since the start of its financial year on October 1, but said it is currently operating in a backdrop of active cost reductions taking place across its housing association clients, in particular a requirement for social landlords to cut rents by 1.0% a year for the next four years.

The stock closed up 14% to 40.25p.
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Frontier Resources International said it has raised GBP1.4 million through a subscription for 4.75 billion shares at a placing price of 0.03 pence per share, as it outlined plans to sell its current oil exploration ventures and invest in new projects.

The proceeds of the subscription will be used for working capital and to support investment in new projects. Frontier Resources said it does not plan to provide any further capital to its existing exploration projects, and it plans to consider the future of this projects following the completion of the subscription.

The company said it has urgently needed to arrange additional funding for its immediate requirements over the last six months. It cited "very challenging" conditions for oil companies, with volatility in financial markets and the steep decline in oil prices. As a result it has been "exceptionally difficult" for the company to progress any farm-out discussions, and it has not been able to secure a farm-out partner on credible terms for any of its oil exploration projects.

Frontier Resources does not believe there is "any immediate prospect of a material improvement in market conditions in the oil sector or investor sentiment", and as such has decided to pursue alternative options, including selling its existing oil exploration projects and investing in new projects outside of the sector.

The subscription price is a 57.1% discount to the company's closing mid-market price Wednesday, and values the company's existing ordinary share capital at around GBP108,600. This discount reflects the company's current financial position, it said.

Frontier Resources also outlined a number of proposed changes to its board to support its shift in direction, including appointing Adam Reynolds as Chairman with immediate effect. On completion of the subscription Jack Keyes and John O'Donovan will both cease to be directors of Frontier with immediate effect.

Director Neil Herbet has subscribed for 333 million shares in the company at the subscription price, taking his interest in the company to 3.39%.

In an effort to provide shareholders with "some ability to subscribe" on similar terms, Frontier Resources has proposed to issue new warrants to shareholders on a basis of one warrant for every share held. The exercise price of these warrants will be at the same price as the subscription.

The stock closed up 33% at 0.0800p Friday.
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Babcock International Group said Non-Executive Director Victoire de Margerie bought 1,000 shares at a price of 880 pence per share Thursday. The purchase is her only holding after joining the Babcock board on February 1. Shares in the engineering support services company closed up 1.8% at 904.76p Friday.
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Tesco said Non-Executive Director Byron Grote bought 5,000 American Depositary Receipts at USD7.59 each Thursday. One ADR equals three shares. The stock closed up 2.8% at 174.68p Friday.
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Ixico said Chief Executive Derek Hill bought 10,000 shares at a price of 33.68 pence per share on Thursday. Following this transaction, Hill is beneficially interested in 487,169 shares, representing a 1.84% stake. Shares in the brain health company closed up 1.5% at 34.00p Friday.
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St Modwen Properties said Finance Director Rob Hudson bought 8,298 shares at a price of 385.6 pence per share on Thursday. The purchase is his only holding after being appointed in September 2015. Shares in the land regeneration company closed down 5.3% at 356.20p Friday.
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GVC Holdings said Chief Financial Officer Richard Cooper bought 51,230 shares at a price of 488 pence per share Friday. Following this transaction, Cooper holds 757,553 shares equating to 0.26% stake. The stock closed down 1.4% at 492.00p Friday.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun

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