SSE +0.23%, Centrica +0.2%
The U.K’s biggest energy providers will cut customers’ gas and electricity prices to reflect regulatory changes, announced by the Government on Monday. The government has confirmed that all UK major energy suppliers will pass on the savings to their customers. Free home insulation to low-income households will be slowed down while a £12.00 rebate will be supported by the government to cover the cost of a levy that will support people who cannot afford to heat their homes. Centrica PLC has stated the regulatory changes will result in an annual saving of £53.00 for gas and electricity, while SSE predicts an average saving of around £50.00.
Dixons Retail has completed a deal to form a holding company owning both Unieuro and Marco Polo that has brought together two leading specialist electrical retailers in Italy. Dixons Retail chief exec has said: “I’m delighted to have completed this deal, ensuring a sustainable future for both businesses. The combined group has an exciting outlook and I know that it will continue to flourish with an improved geographical spread of stores across Italy.”
Sareum Holdings, +8.70%
Sareum Holdings, a cancer drug discovery business, has signed a co-development agreement with Hebei Medical University Biomedical Center to advance its cancer programme. Under the agreement, HMUBEC has been granted exclusive rights to carry out pre-clinical and clinical studies within Greater China to obtain approval for sales. Sareum said it will receive a significant milestone payment once a product receives authorisation for marketing.
Oil and Gas exporter Oilex has secured a rig to drill its 77-H well at Cambay, India with spudding scheduled for Q1 next year. Essar Oilfield Services is supplying the rig, Rig 4, which is currently located in Dubai and will take between 65-75 days to mobilise. If successful, it will provide Oilex with proof of concept that it can use US fracking techniques to release tight hydrocarbon resources in India.
Debenhams has been downgraded to an “underweight” rating by equities research analysts at Barclays in a research note issued to investors today. Debenhams currently have a 80p price target on the stock, down from their previous target of 97p. Their current target price suggests potentially a downside of 17.94% from the company’s current price.
Strategic Natural Resources, -36.36%
Strategic Natural Resources faces the prospect of its 74% Elitheni Coal Ltd subsidiary being put into liquidation in South Africa, putting its own financial obligations in doubt. Strategic Natural Resources is taking legal advice in South Africa as it believes the amounts claimed significantly exceed legitimate claims from the relevant creditors.
HydroDec, a cleantech industrial oil re-refining group, has confirmed significant damage following reports of an explosion at its re-refining facility in Canton, Ohio. There are no reports of any casualties and the company’s emergence shut-down systems executed successfully. The plant is currently shut down while the incident is being investigated.
Cyan Holdings, -16.67%
Cyan Holdings shares fell as plans unveiling the placing of shares at 0.15p each to raise £1.1m were revealed. The system and software design company is planning to spend the funds on business development and working capital needs in India, Brazil and China. The placing has been managed by XCAP Securities as joint broker to the company.
ViaLogy have posted a H1 loss of £1,130,356 over the six month period ending 30 Sept 2013 which includes a non-cash loss of £239,627. During the six months, ViaLogy has been focused on consolidating ViaLogy’s commercial arrangements with existing clients, establishing significant working relationships with CGG and exploring new business opportunities.