Lunchtime small cap wrap; who’s flying and who’s unstuck

Here are the key gainers and losers at 12 AEST.

The ASX Small Ords was trading up 16 points at 2,671.30 at 12.30 AEST.

In the green

Vaccuum retailer Godfreys (ASX:GFY) has surged after a takeover bid from its 99-year-old co-founder.

Shares were trading up 40 per cent at 29.5c – just shy of the takeover bid of 32c a share.

Co-founder John Johnston told the market he intended to delist the company ‘to give Godfreys the best opportunity to restore its value and restore the confidence of its employees, franchises and suppliers with respect to its performance’.

The company has recommended shareholders take no action until it reviews the offer.

Immutep (ASX:IMM) was up 16 per cent at 2.8c with no news in the market.

Last week it released an operational update, telling shareholder its first two patients in the additional cohort of Phase 1 had commenced treatment.

The company is targeting cancer using immunology – and their focus is on a protein called lymphocyte activation gene 3 (LAG-3), that can identify cancer cells to regulate immune responses, allowing patients to fight the disease using their own cells.

Superior Resources’ (ASX:SPQ) Lucky Creek was a hit with investors, shares surging 16 per cent to 1.4c on an exploration update.

SPQ told the market it had commenced a pre-drilling field inspection exercise for nickel and cobalt and identified three zones of interest.

Rotary air blast drilling is planned to begin in a month, subject to finalising land access and weather.

Nova Minerals (ASX:NVA) today announced details of a second pegmatite cluster at its Thomson Brother Lithium Project.

News sent shares soaring up to touch 4c before settling back to trade up 13 per cent at 3.3c.

It told the market its consulting geologists had discovered historical data that would have to be confirmed by independent sampling but was an encouraging indication of the project’s scale.

Knowledge management tech Knosys (ASX:KNO) was trading up 13 per cent at 9.1c.

In an update to shareholders, chief John Thompson said it would be a break out year for the company – off the back of success of major contracts such as that with Singtel and Optus announced earlier this year.

KNO bragged it had beat large and established software vendors from the US and Singapore to win the deals, which would be in operation by May and June.

In the red

Property developer Land and Homes Group (ASX:LHM) was down 21 per cent to trade at 1.8c.

Last week, the company announced it had been granted development approval for the redevelopment of its Barry Parade property in Brisbane but there was no other news in the market.

Xstate Resources (ASX:XST) had no news on the market but was down 20 per cent to 0.8c.

In its year end report the company cited litigation woes as setbacks but was hopeful of a rebuild in the year to come.

“Unfortunately, the company and its directors were required to devote their efforts to three areas: firstly litigating against the three defaulting investors for failure to meet the terms of their binding subscription agreements; secondly seeking new business opportunities; and thirdly raising capital to fund Xstate’s participation in the spudding of Dempsey 1-15 gas appraisal and exploration well.”

Victorian gold miner Nagambie Resources (ASX:NAG) shared details of a cluster of four sulphide-gold targets today, sending its stock down 16 per cent to 22.5c.

Chair Mike Trumbull told shareholders he was ‘confident of being able to locate many more sulphide clusters within our tenements which cover over 2,000 sq km and encompass all the 10 significant gravity-indicated crustal faults in the Waranga Province’.

Mistakes in directors declarations have seen Auris Minerals (ASX:AUR) drop 13 per cent to 5.7c.

In a note to the ASX it said director Rob Martin’s holdings had been incorrectly reported.

Body scanning app MyFiziq (ASX:MYQ) fell 13 per cent to 26.5c, settling after good news of a deal with Singaporean insurer Prudential last week.

The company today issued 500,000 unlisted options to advisor Red Leaf Securities, the firm that was the subject of questions from the ASX earlier this month.