Hornby, Empyrean Energy and Minoan

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“Blue-chips opened the week on the front foot, shrugging off sterling gains on the dollar and euro and being helped by rises among oil majors,” says AJ Bell Investment Director Russ Mould.

“Model railway and collectables group Hornby edged higher in early trading following the board’s dismissive response to a mandatory offer by its largest shareholder, Phoenix UK Fund. Hornby’s board believes the Phoenix offer significantly undervalues the company and its future prospects. Hornby has been trying to turnaround its fortunes for some time and last week executive chairman Roger Canham resigned following criticism of the group’s performance under his leadership. Hornby believes its turnaround plans are on track but simmering discontent among shareholders remains as the group again shelved any dividends. Hornby’s shares were up by 0.39%.

Empyrean Energy was a double-digit riser after testing began on the Mako South-1 well offshore Indonesia. The well, which is operated by Conrad Petroleum, reached its planned total depth of 1,707 feet and coring and logging have been completed. The well is currently undergoing a drill stem test to establish an indicative flow rate. Empyrean’s shares were up by 16% in early trading.

Minoan’s shares jumped after appeals against a presidential decree granting land use approval for the group’s Itanos Gaia project in Crete were dismissed. Minoan now has an un-appealable presidential decree that gives outline planning consent for the project. Minoan shares were up by more than 22%.”

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