CyanConnode Holdings PLC higher after signing partnership agreement

() shares, up 9.8% at 9p, were on a charge after the company was selected by EESL Energy Solutions as a technology partner.

CyanConnode, a specialist in narrowband radio frequency (RF) smart mesh networks, said it would collaborate with EESL India to develop and deliver large-scale projects in the Middle East and African markets.

EESL India is a joint venture of four Indian public-sector undertakings; NTPC Limited, Power Finance Corporation Limited, Rural Electrification Corporation Limited and POWERGRID Corporation of India Limited.

12.50pm: Catenae higher after warrants update

() was 21% to the good at 3.75p after it confirmed it would issue a warrant over 2mln new shares in the company.

The warrant is exercisable at a price of 2.5 pence per ordinary share and will vest with immediate effect. The provider of digital media and technology said the warrant may be exercised at any date to 8 April 2023.

The warrant over 10mln shares to be issued to a related party of BHA-Medical (Pty) Limited referred to in the company’s announcement on October 16 remains unissued.

11.55am: Ridgecrest crashes after reality check

Ridgecrest PLC (LON:RDGC), down 39% at 0.925p, was the worst performer in London in late-morning trading as the cash shell issued a reality check.

The board continues to assess a number of opportunities, it has dawned on the directors that while a reverse takeover candidate would value Ridgecrest at a premium to its net asset value, such a valuation would be at a material discount to its current market capitalisation, which currently stands at more than three times net asset value.

As at the end of last week, the company’s cash position (net of current liabilities) was about £2mln, which equates to 0.44p per share).

11.00am: Pelatro upbeat about revenue visibility

(), the telecoms marketing software specialist, was 7.3% firmer at 40.25p after its full-results annu=ouncement.

The company said it ended 2020 with good visibility on revenues for the coming twelve months.

The AIM-listed group added said sales dropped to US$4mln (2019:6.67mln) in the year to end-December 2020, due to a switch to a recurring revenue-based model and Coronavirus (Covid-19) caused contract delays.

10.05am: Vela gets coated with the COVID-19 treatment magic dust

Investment company PLC () gained 5.8% at 0.08p after an update published yesterday evening by St George Street .

The update was on the status of the ARCADIA clinical trial to test SGS002, a drug that could be beneficial to diabetic patients suffering from COVID-19.

St George Street holds 7.95% of Vela’s share capital, and its holding is subject to a lock-in agreement until the successful completion of Phase II of the ARCADIA trial, or for a period of two months following completion of the ARCADIA trial, should the outcome of the trials not meet the minimum threshold.

9.10am: tops the charts after Trinidad discovery; 88  Energy back in favour

(), up 23% at 112.5p, topped the risers after flow-back testing of the Cascadura Deep-1 well confirmed a ‘liquids rich’ discovery.

The company, which owns an 80% stake in the well, highlighted that it had perforated the top 199 feet of 449 feet of potential pay identified previously, and an average flow-back rate of 4,262 barrels of oil equivalent per day (boepd) was measured. That rate comprised 22.9mln cubic feet of natural gas and 449 barrels of natural gas liquids (NGL).

A peak rate was measured at 4,567 boepd during the testing. The well, located on the Ortoire block onshore Trinidad and Tobago, flowed a total of 48.8mln cubic feet of natural gas and 1,081 barrels of NGLs during the testing programme.

Was not expecting such a quick comeback from Touchstone. Only bought in last week at 90p. I’ve had my eyes on this for a year looking for a dip!. #txp pic.twitter.com/JWwy3ONID1

— @SharesChat (@SharesChat) April 12, 2021

Sector peer (), whose shares have been very volatile this month,…