ADA: 0.05 0.00 (0.00%)

Delayed:2017-07-13 16:57:10

All resolutions passed at EGM of Adams

Adams has confirmed that all resolutions were passed by shareholders at today’s Extraordinary General Meeting.

Accordingly, the Rule 9 waiver has been approved and the Underwritten Open Offer will now proceed to completion.

The Company also confirmed that it has received valid applications in respect of 3,624,144 Open Offer Shares raising £90,603.

The applications included an application by Richard Griffiths for 2,697,202 Open Offer Shares.

The remaining 37,652,472 Open Offer shares have all been taken up by Richard Griffiths pursuant to the Underwriting Agreement, raising a further £941,312 for the Company.

Consequently, the total gross proceeds of the Open Offer are £1,031,915 (before expenses).

At 1:08pm: (LON:ADA) Adams Plc share price was 0p at 0.07p

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Adams swings into profit

Adams reported a profit after tax of €14,000 for the year ended 31 March compared with a loss of €234,000 in the previous year.

The group said the improvement was due principally to movements in unrealised revaluation gains on the valuation of investments.

Net assets totalled €1.11m at year-end (2016: €1.10m).

Chairman Michael Bretherton said: “The Board will continue to maintain a highly selective investment approach in these uncertain and challenging markets and remains committed to delivering additional value for our shareholders whilst running a low cost base.”

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FLASH: Adams in the black

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FTSE jogs higher on mixed bag and resources prices fall

The FTSE 100 is jogging higher in early deals thanks to gains across a palette of sectors, although the resources sector was under pressure.

The early rise came after the US last night flagged it was withdrawing from the 2015 Paris climate agreement.

Not long after the open, the FTSE 100 was up 50.37 points, or 0.67%, to 7594.14, but it remains to be seen whether it will retain sufficient form to book a record close.

The FTSE 250 added 50.11, or 0.25%, to 20,060.7. The market is looking to UK’s construction PMI mid-morning, and US jobs data and trade balance this afternoon. Sterling was weaker on the dollar and euro.

Key stocks indices in Europe were up, too, following on from Wall St’s gains overnight. However, crude and metals prices were firmly down.

Ashtead (AHT) led the FTSE 100 up with a 2.16% rise to 1629.5p, and was followed by easyJet (EZJ), up 1.87% to 1416p, and International Consolidated Airlines (IAG), up 1.54% to 5112.5p.

Financials did well. Royal Bank of Scotland (RBS) firmed 1.37% to 262.45p, while St James’s Place (STJ) added 1.26% to 1201p, and Prudential (PRU) gained 1.22% to 1779p. More followed.

Old Mutual Wealth, the UK wealth management business of Old Mutual (OML), has completed the acquisition of financial adviser network Caerus Capital Group. OML rose 1.26% to 193.1p.

Tobacco, consumer goods, pharmas and utilities all gained to varying extents.

In keeping with the falls in resources prices, multiple miners and oilies were down. BP (BP.) fell 0.34% to 468.38p, and Antofagasta (ANTO) shed 1.04% to 809p. Several more in these sectors were also retreating.


Adams (ADA) fell 27.27% to 0.08p as it proposed raising £1.03m pursuant to an open offer, and providing it additional resources with which to fund its investment strategy. The open offer of up to 41.3m shares at 2.5p each was fully underwritten.

WYG (WYG), up 14.36% to 111.5p, has recently been awarded two major new framework contracts with UK government agencies, and a significant new contract in Africa. The contracts were estimated to be worth about £50m to WYG over the next three years.

Motif Bio (MTFB), down 11.5% to 33.63p, intends to raise about £19.4m via a conditional placing with new and existing investors to fund the further development of iclaprim, its novel antibiotic candidate.


Ormonde Mining (ORM), up 9.43% to 1.45p, has provided an update of construction activities for the Barruecopardo Project in Salamanca, Spain.

Vipera (VIP), up 8.33% to 6.5p, has announced a multi-year agreement with Bankart d.o.o., a payment processor, providing ATM, POS, card and SEPA processing services to 26 banks and other financial institutions in five countries in southeastern Europe.

Greka Drilling (GDL), up 7.56% to 3.13p, has secured a US$2.5m loan from GRECAP Limited, which is controlled by Randeep S. Grewal, a director of the company.

AFH Financial Group (AFHP), up 5.13% to 205p, has acquired Eunisure, a face-to-face adviser led financial planning business focused on the protection market based Suffolk, for a maximum of £4.5m.

Plus500 (PLUS), up 3.32% to 536.25p, said its current trading has continued the positive trends outlined in the Q1 trading update issued on 26 April 2017, adding it awaits the outcome of the FCA consultation which could affect H2.

Cohort (CHRT), up 3.23% to 431p, said subsidiary MCL (Marlborough Communications Ltd) has won two contracts worth a total of £5.5m by the Ministry of Defence to supply and support hearing protection systems and communication ancillaries for land, maritime and air applications.

Other stocks in the news included Draper Esprit (GROW), Metro Bank (MTRO), Alpha Pyrenees Trust (ALPH), Atalaya Mining (ATYM), Altitude Group (ALT), Tissue Regenix (TRX), Gfinity (GFIN), President Energy (PPC), Inmarsat (ISAT) and Acacia Mining (ACA).

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Adams to raise £1,031,915

Adams is raising £1,031,915, gross, through an underwritten open offer of up to 41,276,616 shares at 2.5p apiece.

Adams said the open offer was fully underwritten by Richard Griffiths who had a holding of 29.9% in the existing ordinary shares, inclusive of the holding by his controlled undertaking ORA Limited.

At 8:19am: (LON:ADA) Adams Plc share price was -0.03p at 0.08p

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FLASH: Adams in the black

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Adams resolutions passed at AGM

Adams has confirmed that all resolutions proposed at its annual general meeting today were passed.

At 1:14pm: (LON:ADA) Adams Plc share price was 0p at 0.09p

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