(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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MetalNRG PLC, up 15% at 0.086 pence, 12-month range 0.070p - 0.37p. Says that 7.3% stake holder Edward Spencer has requested the company to convene a general meeting. Spencer proposes to remove Chair Christopher Latilla-Campbell and Chief Executive Rolf Gerritsen from the board, and to appoint himself, Adrian Pocock, Paul McKillen and Christopher Palmer as directors of the company. MetalNRG is an investor in natural resources and energy. It made no comment on the requisition other than to say the meeting must be held within 28 days of the letter's date of November 28.
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NARF Industries PLC, up 4.3% at 1.04 pence, 12-month range 0.91p - 3.08p. Signs agreement with New York University to develop new electric grid cyber defence solutions within a two-year USD1.9 million competitive grant. The US-focused cybersecurity provider explains the funding for the project comes from the US Department of Energy. NARF will work with NYU to enhance its flagship power grid cybersecurity product, TIGR, with cyber physical and artificial intelligence models that automate defence against power flows created by hackers that attempt to physically damage the power grid. The grant is part of a larger USD45 million funding project to create, accelerate and test technology that will protect the US electric grid from cyber-attacks and accelerate the migration to clean renewable energy, NARF says.
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SMALL-CAP - LOSERS
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HeiQ PLC, down 3.7% at 71.30 pence, 12-month range 64.00p - 109.41p. Buys Chem-Tex Laboratories Inc, which has been leasing its property in North Carolina to HeiQ's US subsidiary, for USD2.5 million from three trusts. HeiQ will issue 2.2 million new shares to sellers of Chem-Tex at GBP0.744 per share. HeiQ's US subsidiary HeiQ ChemTex had been leasing Chem-Tex's property since 2017, which HeiQ has been using "to develop and manufacture specialty chemicals for the functional flooring, textile, and industrial chemicals industries." The materials and textile technology company says the acquisition will help it focus its future manufacturing investments in the US, which it adds have "proven" to be less exposed to energy price rises than Europe.
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PYX Resources Ltd, 4.9% at 32.10 pence, 12-month range 32.10p - 82.00p. Wins a USD2.5 million investment from L1 Capital Global Opportunities Master Fund to accelerate its production growth plans. The zircon-producing mining company says the investment is further to the initial USD4.5 million invested by L1 Capital Global for USD5 million worth of PYX Resources shares via a placement, as announced on March 11. The latest USD2.5 million investment is in exchange for USD2.8 million worth of PYX Resources shares. PYX Resources explains that the investment proceeds will be used to grow production volume at its Mandiri deposit in central Kalimantan, Indonesia, and to start planning operations at the Tisma deposit, also in Kalimantan.
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By Heather Rydings; heatherrydings@alliancenews.com
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Heiq (HEIQ)
Narf (NARF)
PYX Resources (PYX)
Metalnrg Plc (MNRG)