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(Alliance News) - London's FTSE 100 made an impressive start to the new year, shrugging aside drab manufacturing data, lifted by rising oil majors, gold miners and retailers.
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(Sharecast News) - Morocco-focussed potash developer Emmerson announced a litigation funding agreement worth up to $11m on Thursday, and confirmed the appointment of Boies Schiller Flexner (BSF) as its litigation counsel.
Read more(Alliance News) - Emmerson PLC on Thursday said it has signed a deal with a specialist litigation funding firm to secure USD11.0 million in financing.
Read more(Alliance News) - Stocks in London were mixed around midday on Thursday with rising commodity prices boosting gold miners and oil majors, helping to offset falls for banks and airlines.
Read more(Alliance News) - The following stocks are the leading risers and fallers on AIM on Thursday.
Read more(Sharecast News) - Morocco-focused potash developer Emmerson announced on Friday that it has raised £0.85m to fund its next move in its dispute with the Moroccan government.
Read moreEmmerson PLC - developer of the Khemisset potash mine in Morocco - Has raised GBP850,000 through an oversubscribed placing of 130.8 million new shares at 0.65 pence per share. Emmerson says it attached 43.6 million warrants to the placing with an exercise price of 3p per share and with a seven year term. Net proceeds are to be utilised for general and administrate expenses including redundancy costs, core listing expenses and legal fees associated with its investment dispute with the Moroccan government. Chair Hayden Locke and Chief Executive Graham Clarke both participated in the placing, purchasing 807,692 shares each, bringing their holdings up to 0.8% and 0.2% respectively. Chair Hayden Locke said: "The government of the Kingdom of Morocco has failed to respond to our notice of dispute. Accordingly, working with our specialist arbitration legal team, Boies Schiller Flexner, we have presented our case to funders of potential arbitration claims and have received significant interest...A core group of investors, which were involved in the recent, successful, GreenX arbitration victory over the Polish government, are taking up a position in this capital raise ... they share our view on the strength of our case."
Read more(Alliance News) - The following stocks are the leading risers and fallers on AIM on Friday.
Read more(Sharecast News) - Potash development company Emmerson announced on Friday that it has formally notified the Moroccan government of an investment dispute, citing breaches of the 1990 Bilateral Investment Treaty (BIT) between the UK and Morocco.
Read more(Alliance News) - Emmerson PLC on Friday said it has entered into a formal investment dispute with the Moroccan government, with the intention to escalate to arbitration if discussions are unsuccessful.
Read more(Alliance News) - Emmerson PLC on Monday said no further progress can be made on its Khemisset project, as a negative regulatory recommendation puts the company's balance sheet under pressure.
Read moreEmmerson PLC - developing Khemisset potash mine in Morocco - Shares plunge more than 70% on Monday, after Emmerson says a government commission in Morocco has made an unfavourable recommendation on a regulatory filing for the Khemisset project. Emmerson on Monday says it "has been made aware" that Commission Regionale Unifiee de l'Investissement had made a unfavourable recommendation regarding the approval of Emmerson's updated environmental & social impact assessment for Khemisset, but it has not yet received formal notification of a decision. Emmerson says it is seeking clarification on the recommendation and a decision and is reviewing its options for appeal.
Read more(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Friday and not separately reported by Alliance News:
Read more(Sharecast News) - Emmerson updated the market on the development of its Khemisset Potash Project in Morocco in its interim results on Friday, having submitted an updated environmental and social impact assessment (ESIA) in the second quarter, incorporating optimisations from the Khemisset multi-mineral process (KMP).
Read moreEmmerson PLC - Morocco-focused resource development company - provides an update on activities from its 100% owned Khemisset Potash project in northern Morocco during the second quarter of 2024. Says updated environmental & social impact assessment is currently under review by Morocco's Unified Regional Investment Commission, known as CRUI. Chief Executive Graham Clarke says: "Following the positive news at the end of Q1 that our recourse application for the environmental approval had been upheld and would be referred back to the CRUI for reconsideration, we were delighted to update our ESIA to show the significant improvements brought about by the KMP optimisations in addition to the previous design optimisations. The overall environmental credentials of the project are now even more robust, and, together with the compelling economics of the KMP update, should mean that we can obtain the necessary approvals and move forward with the project swiftly."
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