LONDON (ShareCast) - Shares in Anglo Asian Mining rallied after the International Bank of Azerbaijan (IBA) agreed to an unsecured $5m credit facility for the group's Gedabek copper and gold project in Western Azerbaijan.
The credit facility will be available on 1 October. It is repayable after three years and carries an interest rate of up to 15%.
“The IBA has also confirmed that it is willing to entertain providing further loans to advance the development of Gedabek,” added the group.
Zenergy Power, which develops applications for superconductive materials, has received the first commercial order for a full scale HTS induction heater from German industrial aluminium supplier Weser Alu.
No financial details of the deal have been disclosed but the group said that the current addressable market for its induction heaters is estimated at €2bn per year.
Professional education provider BPP Holdings gained after its BPP College of Professional Studies subsidiary was granted the power to award degrees.
“In light of the opportunity, the board has decided to increase the level of investment in the Business School planned for 2007 to up to £2.5m, compared with the previously budgeted £1.3m,” said the group.
The additional spend will mainly be used to complete the development of new degree programmes and marketing activities.
Marketing services group Adventis posted a 57% increase in pre-tax profit and said it is actively pursuing strategic acquisitions.
Pre-tax profit rose to £1.3m for the six month to 30 June compared to £799,000 last time on turnover up by 52% to £24.9m. The interim dividend increased by 5% to 0.23p.
“We are confident that our strong cash position, profit performance and balance sheet will enable the group to maintain its growth momentum and build its market share, while ensuring our profit record is sustained,” said chief executive Charles Phillpot.
Central China Goldfields said drilling results from the Dong Mao Huo in Mongolia confirmed the presence of ‘significant’ gold mineralisation.
“These initial drilling results confirm the presence of gold mineralisation in oxide form although the geological control on the mineralisation needs further clarification,” said managing director Jeff Malaihollo.
Gold assay results of the first five holes have confirmed the presence of mineralisation for at least 160 metres of strike length.
Surface technology group Norman Hay posted a 38% jump in pre-tax profit and announced plans to expand into Malaysia and Australia in the latter part of this year.
Pre-tax profit increased to £1.3m in the six month ended 30 June against £924,000 last year on sales up by 7% to £11.6m. The interim dividend rose to 1.8p per share up from 1.3p last time.
“Trading continues to be strong, running at a similar level to the first half of the year, as we prepare to expand our operations further into Malaysia and Australia in the latter part of this year,” said the chairman Peter Hay.
Xtract invested another $2m in Canadian oil and gas exploration Elko through a private placement.
Emission control systems provider KleenAir Systems has seen a significant increase in orders in the week since receiving approval from Transport for London to supply its Free Flow Filters to all HGV operators needing to comply with London's low emission zone requirements.
Tantalum miner Noventa declined as first-half pre-tax losses almost doubled to $7.97m from $3.97m following production delays at its Marropino mine.
Telecoms and technology recruitment firm Networkers saw pre-tax profits rise by 44% to £2.3m and said market conditions remain robust in all its key sectors.
AIM-listed Expomedia narrowed pre-tax losses to €239,000 from €498,000 previously and added it is very confident of its current and future prospects.
Oil services group Velosi said turnover rose 68% to $48.4m, helping profits rise 53% to $5.5m. The group also said it had made significant contract wins since the year end.
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