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Share Price: 1.125
Bid: 1.05
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Change: 0.00 (0.00%)
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TRADING UPDATES: RTW investee IPOs in US; Greatland tests Scallywag

Mon, 19th Apr 2021 19:25

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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Evraz PLC - blue-chip Russian steelmaker - Issues consent solicitations for USD500.0 million 6.75% 2022 notes, USD750.0 million 5.375% 2023 notes and USD700.0 million 5.250% 2024 notes.

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Greatland Gold PLC - precious and base metals exploration and development in Western Australia and Tasmania - Says further results from Scallywag drill programme show license is "prospective for intrusion-related mineralised systems." Chief Executive Shaun Day adds: "In particular, it is very pleasing that initial targets have once more intersected pathfinder elements associated with systems seen nearby at Havieron and Telfer, and regionally at Winu." Company completed a total of seven holes for 3,761 metres at Scallywag during the 2020 field season, testing targets at the Kraken, London and Blackbeard prospects. Exploration work at Scallywag is focussed on the discovery of intrusion related gold-copper deposits such as Havieron, Telfer and Winu.

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RTW Venture Fund Ltd - investment company focused on the life sciences sector - Portfolio company Biomea Fusion Inc prices USD153 million US initial public offer. Biomea's IPO raised USD153 million by offering 9 million shares at USD17.00 per share. On the first day of trading, Biomea's share price increased by 9.41% to close at USD18.11 per share. "Biomea is a preclinical-stage biopharmaceutical company focused on the discovery, development and commercialization of irreversible small molecules to treat patients with genetically defined cancers. Biomea is advancing its lead preclinical program BF-219, an irreversible menin inhibitor, for the treatment of menin-dependent cancers," company explains. Prior to IPO, the company together with other funds managed by RTW Investments, participated in a USD56 million Series A financing round in Biomea in December 2020.

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Supply@Me Capital PLC - London-headquartered fintech platform - Says due diligence for TradeFlow Capital Management Pte Ltd deal continues and, it notes, does the integration plan for the Supply@ME and TradeFlow inventory funding business models. "The terms of the transaction and its financing are being structured so as to maximise existing shareholders' value," company says. It adds: "SYME and TradeFlow are keen to complete the acquisition as soon as practicable. A further announcement will be made in due course."

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Bushveld Minerals Ltd - South Africa focused-vanadium producer - Notes unprotected industrial action at its Vametco operation has temporarily stopped production with effect from April 16. "It is understood that the unprotected industrial action is in relation to expectations of payments under the Employee Participation Plan at Vametco, however, the company is yet to receive a formal notice from organised labour," company says. It adds: "The company recently concluded an EPP with the recognised labour union. The plan is designed to provide a framework whereby employees, excluding senior management, can share in the favourable performance of the company. This is in addition to production related bonuses employees receive during the ordinary course of the year. The expectations for payments are not in keeping with the EPP recently signed." Says senior management team has held a series of meetings with representatives of the recognised trade union.

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Cambria Automobiles PLC - franchised motor retailer - Says talks with management team, Mark Lavery, James Mullins and Tim Duckers, over possible acquisition deal ongoing. Management team sizing up deal to buy entire issued share capital of the company, not already owned by them, at of 80 pence in cash per share. Deadline for management team to make firm offer extended to May 17.

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Tavistock Investments PLC - Berkshire-based investment manager - Receives further letters from Paul Simpson and Denise Simpson, who own 1.0% of Tavistock, stating their intention to reject the possible all share offer by TEAM PLC. Notes now has letters of intent to reject deal from 35.1% of shareholders, on top of 16% owned my management who will turn down deal. Company believes offer undervalues Tavistock and feels there is no commercial logic to justify a combination of the two businesses. On March 23, Jersey-based investment manager Team announced a possible all-share offer for Tavistock worth GBP15.2 million, or 2.5 pence per share.

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By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

More News
14 Mar 2024 15:30

IN BRIEF: Bushveld receives USD3.0 million loan from Southern Point

Bushveld Minerals Ltd - vanadium producer operating the Vanchem and Vametco processing facilities in South Africa - Receives a further ZAR56.3 million, around USD3.0 million, from Southern Point Resources Ltd as an interest-free loan. This brings the total paid to Bushveld by the South Africa-focused investment fund to USD12.5 million.

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29 Feb 2024 18:52

EARNINGS AND TRADING: Frontier IP sells last of Exscientia holding

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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16 Feb 2024 10:57

IN BRIEF: Bushveld up after receiving delayed Southern Point payment

Bushveld Minerals Ltd - Vanadium producer operating in South Africa - Receives an additional ZAR76 million, around GBP3.2 million, from Southern Point Resources Ltd, a London-based investment fund. The payment is part of a subscription agreed between the pair in December for GBP9.9 million, which Southern Point was due to transfer to Bushveld's UK bank account. Payments received to date have been sent to a Bushveld subsidiary's bank account, which the company says would result in further funding delays if these were used to satisfy Southern Points obligations under the subscription agreement. Bushveld adds that it lost 11 and 3 days of production in January at its Vanchem and Vametco projects, respectively, as a result of the delayed settlement.

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5 Feb 2024 10:10

Bushveld Minerals suspends guidance, production dips but sales rise

(Alliance News) - Bushveld Minerals Ltd on Monday reported a surge in annual sales despite production falling, but said it has suspended full-year guidance until it receives funds from Southern Point Resources Ltd.

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1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

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1 Feb 2024 11:44

IN BRIEF: Bushveld shares soar as refinances loan with OMF Fund

Bushveld Minerals Ltd - integrated primary vanadium producer - Completes the refinancing of its unsecured convertible loan notes issued to OMF Fund III (F) Ltd, which was dated September 29, 2020. It says it has refinanced its convertible debt obligations of USD47.1 million. Back in November, the firm entered an agreement to refinance its existing convertible loan notes with Orion Mine Finance. It extended the maturity date for existing convertible loan notes to January 31, 2024 (from December 21, 2023) and refinanced the convertible debt obligations of around USD46.9 million. This included a new convertible loan note of around USD14.1 million and a term loan of around USD28.1 million. Chief Executive Craig Coltman says: "I am pleased to announce all conditions set out on the definitive agreement with Orion were met and the refinancing transaction is now completed. We thank Orion for their ongoing support towards the company."

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1 Feb 2024 10:31

AIM WINNERS & LOSERS: Bushveld jumps as refinances loan with OMF Fund

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

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29 Jan 2024 17:40

IN BRIEF: Bushveld Minerals finance director resigns after probe

Bushveld Minerals Ltd - integrated primary vanadium producer - Finance Director Tanya Chikanza resigns after investigation into Chikanza's alleged failure to disclose a material conflict of interest. Says it has been established that Chikanza made an oral disclosure to the previous CEO, which she accepts breached the company's conflict of interest policy. She will leave the company on Wednesday.

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19 Jan 2024 20:55

IN BRIEF: Bushveld still awaiting full Southern Point settlement

Bushveld Minerals Ltd - integrated primary vanadium producer - Receives payment of ZAR40 million, or approximately USD2 million, from Southern Point Resources of USD12.5 million due as part of Bushveld's USD18.4 million equity capital raising. Southern Point remains in default of the agreement until Bushveld receives the entire USD12.5 million. Says Southern Point previously claimed late transfer was caused by processing delays, but more recently said delay was due to an institutional funding partner defaulting on its agreement to provide funds. Southern Point says it will provide the funds no later than February 28.

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15 Jan 2024 12:03

IN BRIEF: Bushveld Minerals warns of suspension if receives no funds

Bushveld Minerals Ltd - integrated primary vanadium producer - Says it has not yet received USD12.5 million in funds from Southern Point Resources under its USD18.4 million equity capital raising. Company says it has had to constrain production, suspend some operational activities and defer creditor payments. Further, it warns that it may have to consider suspending operations if further payment delays occur.

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10 Jan 2024 17:40

Bushveld Minerals shares fall as yet to receive SPR funds

(Alliance News) - Bushveld Minerals Ltd on Wednesday said it has issued a letter of demand following the late payment of funds under the Southern Point Resources under its subscription in the recent equity issue.

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3 Jan 2024 21:30

IN BRIEF: Bushveld Minerals yet to receive subscription payment

Bushveld Minerals Ltd - integrated primary vanadium producer - Says it has yet to receive payment from Southern Point Resources under its subscription in the recent equity issue. Notes that while it is "confident" that the USD12.5 million in funds will be received in the coming week, and has been assured as such by Southern Point, it is "obliged to inform the market of the current state of affairs". Adds that shares due to SPR have been issued as a share certificate and remain in the company's possession. The money due is classified as a short-term receivable on the balance sheet until it has been received.

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19 Dec 2023 13:35

Busheld Minerals granted SARB approval for 100% ownership of Vametco

(Alliance News) - Bushveld Minerals Ltd on Tuesday said it had received approval for the acquisition of minority interests in the Vametco vanadium mine and production facility.

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15 Dec 2023 11:59

LONDON MARKET MIDDAY: FTSE 100 hurt by "mixed bag" of PMI data

(Alliance News) - The FTSE 100 in London was down at midday Friday, seeing Thursday's rally from hopes of interest rate cuts in the US coming to an end.

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15 Dec 2023 10:58

Bushveld Minerals inks deal with Southern Point Resources

(Alliance News) - Bushveld Minerals Ltd saw its shares rise on Friday, after entering into a definitive agreement with Southern Point Resources Ltd.

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