Echo Energy PLC asks for more time to redeem its loan notes

Echo Energy PLC (LON:ECHO) slipped 7.5% to 0.68p after it published plans to restructure its bond obligations.

The upstream oil and gas company focused on Latin America wants bondholders to extend the maturity of the notes by three years to May 2025.

It also wants to move all cash interest payments on the notes before the maturity date, i.e. pay all the interest due when the bonds are redeemed.

10.50am: Image Scan slumps as big orders dry up

() slumped 11% to 2.45p after it said in a trading update that the pandemic continued to hit its order intake.

The specialists in the field of real-time X-ray imaging for the security and industrial inspection markets said the security business had been hit particularly hard, with larger, multi-unit orders by its government customers drying up.

Smaller portable X-ray orders have continued to be received and have included several from significant new customers, such as the Royal Air Force order announced in January.

9.55am: Catenae soars as it is invited to participate in government’s digital identity initiative

() shares shot up 42% to 2.7p after the company was asked to participate in a government digital identity scheme.

The developer of a secure, blockchain-driven COVID passport system has been asked to participate in a government initiative to make it quicker and easier for people to verify themselves using modern technology.

The consultation is being carried out by the Department for Digital, Culture, Media and Sport (DCMS) as it develops its Digital Identity Policy.

9.00am: Clear Leisure soars as it welcomes new substantial shareholder

() rose 32% to 1.65p after it took advantage of recent share price strength to tap the market again.

Having raised £680,000 less than two weeks ago by placing shares at 0.6p, the company has raised £1mln, this time by placing shares at a penny each with an individual investor, John Story, giving him an 11.14% stake.

Ordinarily, issuing shares at a discount would lead to the share price fall but Clear Leisure’s share price is currently defying gravity thanks to its cryptocurrency development plans.

If involvement in cryptocurrency enterprises is a sure way at the moment to garner interest, so is any connection with coronavirus diagnostic tests, which explains the 15% rise to 210.9p for the share price of ().

The company put out a statement noting the recent press speculation about the UK Government take-up of Avacta’s lateral flow SARS-CoV-2 rapid antigen test and noted that the test in question was an anterior nasal swab test, not (as press reports asserted) saliva-based.

Avacta continues to be in dialogue with the Department of Health and Social Care and with other organisations in the UK and abroad, with a view to the future supply of its rapid antigen test. It is prioritising the full clinical validation of its nasal swab-based SARS-CoV-2 rapid antigen test as a pre-requisite for CE marking and broad commercialisation.

Proactive news headlines

Catenae Innovation PLC (), the developer of a secure, blockchain-driven Covid passport system, has been asked to participate in a government initiative to make it quicker and easier for people to verify themselves using modern technology.

() said it has signed a commercial supply and collaboration deal with ePIC Blockchain Technologies which it said will allow it to receive priority access to state-of-the-art ASIC mining machines. 

CentralNic Group PLC () said it has agreed to acquire Wando Internet Solutions GmbH, a Berlin-based social marketing, display advertising and search engine marketing (SEM) advertising technology company, for an initial consideration of €5.4mln (£4.7mln).

Sativa Wellness Group () said its Bath and Bristol Goodbody clinics booked up to £27,000 a day in Covid testing revenues in December as it announced the opening of a tenth in-pharmacy facility and plans for a further twenty.

Base Resources Ltd () generated revenue of US$72.8mln…