Investor Update: Sound Energy agrees deal to sell stake in East Morocco

Headlines from the Proactive UK newsroom.

Sound Energy (LON:SOU) has signed a preliminary agreement to sell just over half its stake in its Tendrara licences in East Morocco for US$113mln. The consideration is US$54mln cash and the rest is a carry for future capital expenditure. 

Ceres Power (LON:CWR) has unveiled its first zero-emission combined heat and power (CHP) system using hydrogen as a fuel. The new fuel cell gives up to a 40% cost saving on Ceres existing systems that run on natural gas.

Iofina (LON:IOF) has invested US$900,000 into Organic Vines, a hemp seed grower based in Colorado. They’ll receive non-voting preference shares that give it first call on returns from a grow cycle expected to conclude by the middle of 2020.

Beauty products group Innovaderma (LON:IDP) has seen sales buoyed by the stocking of its popular Skinny Tan line in 1,300 Boots stores. Revenues for the first four months of financial year were 38% ahead.

Marks & Spencer’s underlying half year profits fell by 17% due to weak clothing and home sales. Food sales rose but the restructuring of the struggling Clothing and Home division is running behind schedule.

Troubled shopping centre owner group Intu is preparing an equity raise alongside asset sales to ‘fix the balance sheet’.  The sale of two of its Spanish assets are at an advanced stage.


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