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EARNINGS AND TRADING: EDX Medical reports loss; Brandshield CFO leaves

Mon, 02nd Oct 2023 18:40

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

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EDX Medical Group PLC - Cambridge, England-based company that develops digital diagnostic products and services for the treatment of cancer, heart disease, and infectious diseases - Reports a pretax loss of GBP3.7 million in the year ended March 31. Revenue in the year totals GBP3,864. Company provides no comparison year. Says it is preparing the ground for "significant" business growth over the next three years. "We have invested sensibly into a number of very attractive new product areas that all have attractive future markets. As the company focuses on crystalising the many commercial opportunities into forthcoming revenues, this should trigger investor and shareholder responsiveness that matches the series of announcements that we are currently finalising," comments Chair Jason Holt.

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Canadian Overseas Petroleum Ltd - oil and gas exploration, production and development company focused on the US state of Wyoming - Amends its senior credit facility, providing a waiver of its covenant tests as of September 30. Waiver is conditional on the closing of the company's financing, which has been extended by agreement with Avavio Capital Partners LLP to Friday. Company on track to close financing prior to Friday.

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Brandshield Systems PLC - Herzliya, Israel-based provider of cybersecurity solutions - Announces that Ravit Freedman has left the company with immediate effect. Freedman was chief financial officer and a director of the company. Company begins process to appoint a successor.

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Tintra PLC - London-based DeepTech bank that uses artificial intelligence to help people in emerging markets transfer money - Reports a pretax loss of GBP2.9 million in the year ended January 31, widened from a loss of GBP954,000 the year prior. Records no revenue, compared to GBP351,000 the year prior. Total administrative expenses jump to GBP2.6 million from GBP1.4 million. "The board of directors are delighted with the significant progress that has been made in the group's transformation during the period. The legacy issues of the past are behind us," the company says.

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Stranger Holdings PLC - London-based investment company focused on making targeted acquisitions through which it can implement an operational strategy that will build value - Confirms that the UK Financial Conduct Authority has approved its prospectus regarding the proposed acquisition of up to a 70% interest in the Henkries uranium deposit and a prospecting right in South Africa. The proposed acquisition will see Stranger become the indirect owner of 50.1% of Desert Star Trading 130 Proprietary Ltd. Desert Star is the owner of a uranium prospecting right NC30/5/1/1/2/11918 in the Northern Cape of South Africa, commonly known as the Henkries project. The company will also acquire this indirect ownership via the acquisition of two intermediary holding companies, Mayflower Energy Metals Ltd and Neo Uranium Africa Proprietary Ltd. Mayflower owns 100% of the share capital of Neo Uranium Africa, and Neo Uranium Africa owns 50.1% of the share capital of Desert Star and an earn in option to increase ownership to 70%.

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Amte Power PLC - Oxford, England-based developer and manufacturer of lithium-ion and sodium-ion battery cells - Raises proceeds of GBP100,000 following the closing of a retail offer announced earlier in the day. Application has been made for the retail offer shares to be admitted to trading on AIM. Admission expected to take place tomorrow. 5.4 million shares will be issued at a price of 1.7 pence.

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Barryroe Offshore Energy PLC - company with a controlling interest in a oil and gas discovery in offshore West Cork, Ireland - Says that its examiner has secured a commitment for investment by Lorsden Ltd, the parent company of Vevan Unlimited Co which is the company's largest shareholder. Lorsden agrees to make EUR1.1 million available to the company and also advances a loan of EUR300,000 to enable Barryroe to fully explore its restructuring options. Investor also commits to make EUR5.0 million available upon agreement of an appropriate business plan. These proposals will be put to creditors and are subject to confirmed by the UK High Court. Company also announced that Colin Chrisitie has stepped down as chief financial officer.

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Genel Energy PLC - Kurdistan, Iraq-focused oil producer - Announces a reverse tender offer to holders of Genel Enegy 4 Finance PLC's USD300 million senior unsecured callable bonds. Company intends to select a maximum price and buy bonds offered at and below this maximum price. Company is targeting around USD20 million in nominal value. Buyback offer begins on Monday and will expire next Wednesday.

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Naked Wines PLC - Norwich, England-based wine retailer - Notes 24% of shareholders at its annual general meeting held on September 29 voted against resolution 8, the disapplication of pre-emption rights. Notes all resolutions were passed, however.

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Tap Global Group PLC - cryptocurrency app - Announces its intention to launch in the US, via its wholly-owned subsidiary Tap Americas, through a partnership with Zero Hash LLC, a Chicago-based cypto infrastructure platform. Says that it has built a "significant" waiting list in the US and is now able to provide customers with access to 24 digital assets. Adds the partnership with Zero Hash will also enable Tap to launch a fiat-to-crypto on-and-off-ramp later in 2023.

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By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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12 Mar 2024 08:29

IN BRIEF: Canadian Overseas Petroleum applies for debtor protection

Canadian Overseas Petroleum Ltd - oil and gas exploration company with operations in US state of Wyoming - Shares suspended from trading in London and Toronto on Monday, after COPL applies for an initial order under the companies' creditors arrangement act in Canada. COPL had warned in February of its "precarious financial situation", and the application for debt protection follows expiration of a forbearance agreement with its senior lenders. The CCAA order provides for a stay in legal proceedings, approval of debtor-in-possession financing, and the appointment of KSV Restructuring Inc to act as monitor of the company. COPL says it will continue to operate and pay critical suppliers, but there is "little prospect for a return to shareholders or bond holders". COPL on Tuesday confirms the initial CAA order has been issued by the court in the province of Alberta. At the same time, senior lenders to subsidiary COPL America Inc agree to support a sale and investment solicitation process.

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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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22 Feb 2024 14:22

TRADING UPDATES: Mycelx starts strongly; Great Southern in Chile deals

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

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12 Feb 2024 12:09

IN BRIEF: Canadian Overseas announces resignation of CFO Gaffney

Canadian Overseas Petroleum Ltd - London and Calgary, Canada-based oil and gas exploration company with operations in Wyoming, US - Announces that Chief Financial Officer Ryan Gaffney has stepped down from his role. Board "will be considering a process to identify qualified candidates" to replace Gaffney, but notes this is taking place "amidst ongoing restructuring discussions". Adds that Province LLC is supporting it through the provision of various operational and financial advisory services.

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18 Jan 2024 20:32

EXECUTIVE CHANGES: Eco Buildings chair leaves and vice chair ousted

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Thursday and not separately reported by Alliance News:

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16 Jan 2024 11:31

IN BRIEF: Canadian Overseas closes "critical" short-term financing

Canadian Overseas Petroleum Ltd - London and Calgary, Canada-based oil and gas exploration company with operations in Wyoming, US - Announces completion on Monday of "critical" USD2.5 million equity financing, issuing 1.31 billion shares to its "leading" equity and convertible bond investor Anavio Capital Partners LLP. Upon closing, Anavio holds 24.5% of company's share capital. Company will also grant Anavio 1.31 million warrants exercisable at 0.15 pence per share.

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15 Jan 2024 11:28

IN BRIEF: Canadian Overseas shares surge on exchange exemption request

Canadian Overseas Petroleum Ltd - London and Calgary, Canada-based oil and gas exploration company with operations in Wyoming, US - Requests exemptions under Policy 4, Corporate Governance, Security Holder Approvals & Miscellaneous Provisions of the Canadian Securities Exchange. Says request is with respect to CES's requirement for security holder approval of an offering. Company believes it satisfies the majority of requirements for an exemption, in part due to being in "serious financial difficulty".

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12 Jan 2024 12:00

IN BRIEF: Canadian Overseas unaware of reason for stock price surge

Canadian Overseas Petroleum Ltd - London and Calgary, Canada-based oil and gas exploration, development and production company with operations in Converse and Natrona counties in the US state of Wyoming - Notes recent movement in share price. Says it is "not aware" of reasons for this movement.

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27 Dec 2023 09:47

SMALL-CAP WINNERS & LOSERS: Canadian Overseas up as brief CEO resigns

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.

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27 Dec 2023 09:42

Canadian Overseas Petroleum CEO resigns after four months in post

(Alliance News) - Canadian Overseas Petroleum Ltd on Wednesday said Chief Executive Officer John Cowan has resigned after just four months on the job.

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27 Dec 2023 08:48

LONDON MARKET OPEN: FTSE 100 gains led by miners and industrials

(Alliance News) - Stock prices in London opened in the green on Wednesday, as hopes for US interest rate cuts in the new year continued to propel global equities higher.

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27 Dec 2023 07:52

LONDON BRIEFING: AstraZeneca buys Gracell Biotech; COPL CEO resigns

(Alliance News) - Stocks in London were expected to make gains at Wednesday's market open, as investors continued to pin their hopes on US interest rate cuts.

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18 Dec 2023 10:59

IN BRIEF: Canadian Overseas Petroleum shares plunge as JV talks end

Canadian Overseas Petroleum Ltd - oil and gas exploration, production and development company - Says its non-binding Cole Creek joint venture letter of intent has been terminated. Adds that there are no further discussions planned. COPL holds a 100% operating interest in the Cole Creek unit.

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18 Dec 2023 10:15

SMALL-CAP WINNERS & LOSERS: Canadian Overseas Petroleum JV plans axed

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.

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18 Dec 2023 09:07

LONDON MARKET OPEN: FTSE 100 edges higher as Fed rally fades elsewhere

(Alliance News) - The FTSE 100 managed to eke out some minor gains at Monday's market open, while stocks elsewhere pulled back after last week's advance.

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