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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Block Energy PLC - development and production company focused on Georgia - Reports revenue for 2020 of USD1.3 million compared to USD310,000 the year ago, resulting in pretax loss of USD5.5 million versus USD6.1 million in 2019. Block Energy says production of oil and gas from the two horizontal wells in its West Rustavi licence area was suspended in April 2020 to avoid selling oil at low prices. Despite that, the company says it sold 34,421 barrels, up from 5,210 barrels the year prior. Meanwhile, on February 15, the company says it has achieved its first gas sales.
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Kanabo Group PLC - medical cannabis research & development company - Reports narrowed loss for 2020 to USD131,000 from USD363,000 in 2019. "The annual report provides the results of the cash shell prior to the closing of the Kanabo transaction. At the beginning of 2021, we completed the transaction and successfully raised GBP6 million pounds to support our growth plans. We look forward to the future and to executing our business plan," explains Chief Executive Avihu Tamir.
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Hargreaves Services PLC - company which delivers services to industrial and property sectors - Expects to report results in line with market expectations which have recently been upgraded amid strong performance of Hargreaves Services' joint venture in Germany and the accelerated completion at the Unity joint venture in Hargreaves Land.
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Shires Income PLC - investment trust - Generates positive returns during the year ended March 31 as well as outperforming its benchmark, the FTSE All-Share Index, with a net asset value total return of 34% and a share price total return of 31%, versus a benchmark return of 27%. NAV per share as at the end of March rises to 132.9p from 105.0p the year before. Proposes a final dividend of 4.2p per share, unchanged year-on-year.
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Schroder Real Estate Investment Trust Ltd - investment company - Reports net asset value of GBP296.8 million or 60.4p per share as at March 31, lower than GBP309.8 million or 59.7p per share the year before. Despite that, the company reports continued outperformance of the underlying portfolio with a total return of 4.6% versus the MSCI Benchmark Index at 1.8%. Dividends totalling GBP8 million or 1.59p per share paid during financial year.
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Aurora Investment Trust PLC - investment company - Proposes to pay a final dividend of 0.55p per share, down from 4.5p the year prior. During 2020 the company's revenue reduced by 69%. This was due to the cuts in the dividends of the company's underlying investments amid the Covid-19 pandemic. The NAV total return for 2020 was negative 5.3% against the benchmark FTSE All-Share Index, which fell by 9.8%. NAv per share was down to 216.93p from 232.07p year-on-year.
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Schroder British Opportunities Trust PLC - private equity firm - Reports NAV per share of 105.73 pence as at the end of March representing an increase of 3.5% based on the estimated NAV of 102.16p.
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Savannah Resources PLC - resource development company - Reports widened pretax loss of GBP8.3 million for 2020 compared to GBP3.8 million the year before. This includes loss from continued operations of GBP2.9 million, narrowed from GBP3.6 million in 2019, and loss from discontinued operations, which widened to GBP5.4 million from GBP227,672 year-on-year. Going forward, the company notes that lithium prices have rebounded, interest in its flagship project and its spodumene concentrate have increased and it is in a strong financial position.
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Bezant Resources PLC - copper-gold exploration and development company - Reports that preliminary evaluation of data from its recently completed airborne electromagnetic and magnetic survey over a large part of its Hope copper-gold licence block in Namibia has provisionally highlighted several potential strong drill targets. Detailed data processing by the survey contractor is currently under way, with the final data and report expected in six weeks.
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Mosman Oil & Gas Ltd - exploration, development and production company - Awards the contract for an airborne gravity and gradiometry survey over EP145, in the Amadeus basin in the Northern Territory of Australia, to CGG Aviation (Australia) Pty Ltd. The acquisition of data is planned for mid-June in order to identify where to focus the seismic programme. The survey will be acquired using the high resolution Falcon airborne gravity gradiometry system which has the ability to image salt and subsalt geometry across a range of depths.
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GCM Resources PLC - London-based mining company - Says Power Construction Corp of China Ltd agrees to an extension of memorandum of understanding for a further six months from June 6 to December 6 on the same terms. This extension will enable the company to further progress a strategic partnership for development of the proposed coal mine at the Phulbari coal & power project in North-West Bangladesh.
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Altus Strategies PLC - mining royalty company - Says diamond drilling at Tabakorole gold project in southern Mali extends strike by 150 metres. Altus holds a 49% equity interest and 2.5% net smelter return royalty on the project. Exploration activities at Tabakorole are being funded by Marvel Gold Ltd under its joint venture with Altus. The company also noted that results of 5,100 metres aircore drilling programme testing strike extension are pending.
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Trinity Exploration & Production PLC - exploration & production company focused on Trinidad and Tobago - Confirms that its onshore lease operatorship agreements have been renewed for a ten year period from January 2021. Trinity says it has renewed its agreements for its WD-2, WD-5/6, WD-13 and WD-14 blocks. The agreements were originally set to expire at the end of 2020 and were previously extended to the end of May 2021.
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SolGold PLC - copper-gold company focused on Ecuador - and Cornerstone Capital Resources Inc have agreed to work cooperatively to advance the Cascabel project in northern Ecuador. Concurrently with advancing the Cascabel project, the companies will explore and evaluate a range of strategic and financing options focused on maximizing value for their respective shareholders.
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United Oil & Gas PLC - oil & gas company - Secures approval from the minister of petroleum of the award of a development lease covering the ASD-1X discovery. This is a part of the Abu Sennan licence, Egypt, in which United holds a 22% non-operating interest. The well encountered 22 metres net pay, and on preliminary testing flowed at gross rates of 1,619 barrels of oil per day from the Lower Bahariya reservoir and 1,215 barrels of oil daily from the Abu Roash "C" reservoir. Meanwhile, a workover at the ASH-1ST2 well was successfully completed in May, the company says. The workover involved replacing the existing tubing, cleaning the wellbore, and carrying out reservoir stimulation work.
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Jersey Oil & Gas PLC - oil & gas company ‎focused on UK - Says subsurface evaluations and independent peer review of subsurface and facilities concept select scopes completed at its Greater Buchan area development project. The company says evaluation of export pipeline options underway. Also, the company says it submitted applications for UK electricity grid connection and awarded pipeline & subsea electricity cable survey contract. Finally, farmout process underway with broad interest and participation from multiple parties, Jersey Oil & Gas says.
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Enwell Energy PLC - oil & gas exploration and production firm - Updates its hydrocarbon reserves and contingent resources at its wholly owned, and operated via LLC Arkona Gas-Energy, Svystunivsko-Chervonolutskyi exploration licence in Ukraine. Enwell says it engaged independent petroleum consultants, DeGolyer and MacNaughton, to prepare an assessment of the remaining reserves attributable to the exploration licence as of start of 2021. The report is consistent with Enwell's current field development plans, which includes the acquisition of 150 square kilometres of 3D seismic and the drilling of the SC-4 well.
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Scottish American Investment Co PLC - investment company - Agrees to issue GBP15 million of long-term private placement debt to augment its existing long-term borrowings. The debt will be secured, unlisted and denominated in sterling. The notes will have a fixed coupon of 2.23% with a repayment date of June 25, 2036. All coupons will be payable semi-annually. "In arranging this refinancing, the board has considered the benefit to the company of having additional long term debt and the likely returns and income which will be produced for shareholders by associated investments over time, as well as the cost of this borrowing," says Chair Peter Moon.
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Hemogenyx Pharmaceuticals PLC - biopharmaceutical company - Says its patent application has been approved and issued by the US Patent & Trademark Office. This patent covers a method of use of a bi-specific antibody, one of the company's product candidates, for conditioning bone marrow/hematopoietic stem cell transplantation. It also covers a composition of matter of monoclonal antibodies against target proteins existing on the surface of hematopoietic stem cells/hematopoietic progenitors, and/or a number of leukemias such as acute myeloid leukemia as well as a protein that exists on the surface of immune cells.
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Destiny Pharma PLC - biotechnology company - Reports positive progress with its lead clinical programme, NTCD-M3, a novel microbiome therapeutic being developed to reduce the recurrence of C difficile infections in the gut. These infections are the leading cause of hospital acquired infection in the US and current treatments lead to significant recurrence. Destiny Pharma says it is progressing the planning for the single phase 3 clinical study that needs to be completed before submitting marketing authorisation applications in the US and Europe. The phase 3 clinical study remains on schedule to commence in 2022.
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MetalNRG PLC - natural resources and energy investment company - Says its investee BritNRG has set a number of operational priorities following completion of the acquisition of oil & gas assets in Lincolnshire in January. The plan includes engagement with key stakeholders, in respect to priority business objectives, risk & compliance management of the assets and a workover of one of the blocked-in wells. "These developments are in line with our plans aimed to baselining the group financial position and providing consistent cashflow, so as to place the company in a good position to achieve our growth objectives," says MetalNRG CEO Rolf Gerritsen.
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ProPhotonix Ltd - designer and manufacturer of LED illumination systems - Reports an extension to its existing UVC LED product range, the Cobra Clean FX1. This UVC LED Lamp is offering system developers greater flexibility to test and develop UVC LED disinfection systems across a number of applications including water, air and surface disinfection.
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Avingtrans PLC - critical components supplier - Says Booth Industries has reincorporated as Booth Industries International Ltd and has become a standalone company, independent of its current parent company Stainless Metalcraft, from Tuesday. Booth Industries remains part of Avingtrans' Process Equipment & Rotating Solutions division. The move follows a turnaround at Booth Industries that has seen the manufacturer exceed all internally set performance targets since it was acquired out of administration in 2019.
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Phoenix Spree Deutschland Ltd - Jersey-based investor specialising in German residential real estate - Notes that share price continues to trade at a discount to net asset value. As at Tuesday, this discount stood at 17%, a level that the company believes does not reflect the track record and performance of the underlying portfolio. Phoenix Spree Deutschland says it will, with immediate effect, make a material allocation of capital to the buyback programme funded through a combination of existing cash balances, refinancing, condominium sale proceeds and the disposal of non-core assets.
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Pennpetro Energy PLC - oil & gas company - Reports the execution of a three-year GBP20 million share subscription facility agreement with GEM Global Yield LLC SCS and GEM Yield Bahamas Ltd. Pennpetro says it will control the timing and the maximum number of drawdowns under this facility and has no minimum drawdown obligation. In addition to the subscription of equity through the facility, the company has agreed to the issuance of up to 12 million warrants at 40p each.
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Staffline Group PLC - recruitment and training company - Says its adult skills and training division PeoplePlus has concluded three contracts with two of the UK's outsourcing providers. The combined value of the contracts is material to PeoplePlus, representing an opportunity of up to a maximum of GBP90 million over four years in aggregate revenue at the higher rate performance outcome and are expected to commence in the second half of 2021.
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Augmentum Fintech PLC - investment company focussing on the fintech sector - Makes a GBP5 million investment into UK-based Cushon and a EUR2.5 million investment into France-based Epsor, both workplace savings providers. "We believe that workplace savings and investments are ripe for disintermediation and with public policy across Europe increasingly seeking to encourage people to save more we believe there is a significant opportunity to successfully challenge incumbents. Cushon and Epsor give us access to this space and we believe both companies can be highly disruptive and are well positioned in their respective markets to win market share," says Augmentum CEO Tim Levene.
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Quantum Blockchain Technologies PLC - investment company - Enters into a one-year service agreement with an undisclosed UK based international cryptography company whose specialism is cryptocurrency mining blockchain optimisations. Implementation on a first set of existing optimisations is expected to be ready for testing in the coming weeks. The company says it intends to apply for patents over any relevant intellectual property generated from the process.
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Evrima PLC - Ontario, Canada-based investor - and portfolio company Eastport Ventures Inc have been in frequent and ongoing commercial discussions surrounding a partnership to advance a number of prospective mineral opportunities in Botswana and an equity investment in Eastport Ventures' pre-initial public offering financing round. Evrima says it has now entered a conditional project investment agreement with Eastport Ventures over the Selebi North & Keng nickel-copper-platinum group metals projects. Evrima says it will fund USD400,000 of qualifying exploration expenditures over the projects within 24-months of executing. The company will also commit to a minimum of USD150,000 in exploration expenditures within six months of execution of the agreement. Upon completion of the requisite exploration expenditures, Evrima will maintain a 25% investment interest in the projects.
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Newbury Racecourse PLC - company which is engaged in hospitality and catering retail activities - Says 2021 trading prospects remain dependent on the timescales for the easing of lockdown restrictions. To date the company says it relied on the income generated from its Betting & Media Rights to support the business whilst its hospitality businesses remain closed. Newbury also says it entered into a joint-venture partnership agreement with Levy Restaurants - a division of Compass Group PLC - to provide its raceday, events, hotel and nursery catering. The company says it is confident that this relationship will provide the racecourse with access to innovative technology solutions, new restaurant, bar and food outlet concepts and improved commercial benefits for many years to come.
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Amryt Pharma PLC - biopharmaceutical company - Says the US Food & Drug Administration has accepted for filing its new drug aplication for Oleogel-S10 for the treatment of epidermolysis bullosa. Oleogel-S10 is a potential treatment for the cutaneous manifestations of junctional and dystrophic epidermolysis bullosa, a rare and distressing genetic skin disorder affecting young children and adults.
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Octopus Titan VCT PLC - investment firm - Says terms have been agreed for Etsy Inc to acquire its investee Depop Ltd at a headline price of USD1.63 billion. The resulting cash proceeds attributable to Titan are not materially different from the value at which Titan currently holds its investment in Depop. The consideration will consist primarily of cash and is expected to complete in the third quarter of 2021.
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Rurelec PLC - power producer - Says the Argentinian Secretary of Energy has announced a new tariff that governs Spot prices. This impacts the price at which Energia del Sur SA can charge for the electricity it generates. Energia del Sur is the Argentinian powerplant owned by Patagonia Energy Ltt in which Rurelec has a 50% holding. As a consequence of these changes Rurelec will continue to experience working capital pressure, it says. The company, meanwhile, continues to explore potential funding opportunities including the sale of its other assets, and in particular, the frame 6B turbine in Chile and the 701 turbines situated in Italy.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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