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UK TRADING UPDATE SUMMARY: Hutchison China Drug Application Accepted

Thu, 17th Sep 2020 21:35

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



Hutchison China Meditech Ltd - China-based biopharmaceutical company - New drug application for surufatinib as a treatment for advanced pancreatic neuroendocrine tumours accepted for review by China National Medical Products Administration. Application supported by data from its Sanet-p phase 3 study in China.



Securities Trust of Scotland PLC - Edinburgh-based investor - Appoints Troy Asset Management Ltd as investment manager with no change to investment objective. Portfolio to be managed by Tomasz Boniek and wider Troy team. Troy to waive management fee for 12 month and make ongoing contribution to cost of secretarial and administration services. Discount control mechanism to be introduced in order to protect shareholders from company trading at discount to net asset value.



FIH Group PLC - Falkland Islands-based conglomerate - Maintains focus on cash management, with cash as at August end GBP14.1 million. Trading has been hurt by Co As lockdown eases, revenue in both businesses steadily recovers but is still well below prior year levels with "significant loss of revenue in both UK businesses" from Covid-19. Not proposing interim dividend after cancelling financial 2020 dividend. "We still expect to record a loss for the financial year, though, before the costs of redundancies, at a lower underlying level than when we reported to shareholders in June." At its AGM, resolution 8 - which relates to "the disapplication of pre-emption rights, to allot equity securities or sell treasury shares for cash without first offering them to existing shareholders, in circumstances other than for a specific acquisition or capital investment" - fails to pass as does not get required 75% of votes. Board to consult with shareholders to understand and seek to address concerns.



Eden Research PLC - biopesticides and plastic-free formulation technology company - Collaborator Eastman Chemical Co gets authorisation to tell Cedroz in France. Cedroz is Eden's bionematicide, targeting free living parasitic worms called nematodes. French regulator also approves its Mevalone biofungicide for use in organic agriculture in France. Mevalone also gets authorisation for use on tale and wine grapes in Serbia through regional distributor K&N Efthymiadis. Mevalone is a foliar biofungicide which initially targets a key disease affecting grapes and other high-value fruit and vegetable crops.



ADM Energy PLC - natural resources investor with assets in Nigeria - Formerly submits bid with Nigerian Department of Petroleum Resources for marginal field in 2020 marginal field bid round. 57 marginal fields available to participating companies and ADM is participating in the bid round as strategic partner of OilBank International Ltd. "The company expects the bid round to be concluded by the end of Q4 2020 and will update the market in due course."



Dev Clever Holdings PLC - software and technology group based in Tamworth - Signs three-year commercial partnership with mobile pool betting applications provider Low6. Partnership allow for full integration of Low6's 'PubWars' mobile quiz based pool betting app to be integrated with Dev Clever's Engage gamification platform and 'PubPal' service.Partnership to be funded by fee of GBP115,000 paid to Dev Celevr by Low6 plus ongoing revenue share.



Beowulf Mining PLC - miner with projects in Finland, Sweden, and Kosovo - Notes findings of market assessment of Kallak North by Bo Arvidson. Highlights of assessment include that Kallak ore testwork "has produced an exceptionally high-grade magnetite concentrate" at 71.5% iron content plus only "minimal detrimental components". This makes Kallak the market leading high-grade product within all known and planned future producers. CEO Kurt Budge: "Benchmark iron ore prices climbed to around USD130 a dry metric tonne in late August, the highest level since 2014, and with prices set to remain strong for the remainder of the year, now is the time for the Swedish government to give Kallak the 'green light'."



Prairie Mining Ltd - Poland-focused coal development firm - Receives valid application for small oversubscription of 16.1 million shares at AUD0.25 issued price, raising AUD4.0 million or around GBP2.3 million. Prairie to accept all valid application with no scale back.



Cadence Minerals PLC - London-based mineral resources investment company - Notes first set of results from Hastings Technology Metals, its joint venture partner in the Yangibana rare earth project in Western Australia. First nine holes all hit economic mineralisation. Hastings COO Andrew Reid: "These results have exceeded our expectations, which are an excellent first step in defining what appears to be a significant new zone of mineralisation. With this initial shallow program, we have confirmed the presence of broad mineralised widths and extended known extents of Mineral Resources. All the deepest holes confirm mineralisation continues at depth." Cadence owns 30% of Yangibana, while Hastings owns the other 70%.



Galileo Resources PLC - miner with projects in Botswana, Zambia and South Africa - Begins helicopter-borne electromagnetic survey over two of its tenures within its Kalahari Copper Belt project, Botswana. Preliminary results expected by end of October. CEO Colin Bird: "Our initial activities will be two-fold in that we will investigate an area to the northeast which shows good geophysical potential and an area in the midst of a recent discovery. I have no doubt that time will see the Kalahari Copper Belt region emerging as a significant copper producer, since it already hosts two new world class deposits."



Pan African Resources PLC - African-focused gold producer - Remuneration committee recommends restructuring some its long-term incentive schemes in order to simplify and consolidate, improving retention capability. CEO, financial director, and other executives and prescribed officers agree to relinquish share options under current scheme. In lieu of the relinquishment, restricted B class shares in capital of OAR Gold Prop Ltd will be issues in terms of newly established B-share scheme. Pan African owns 49% share capital of PAR Gold.



Highland Gold Mining Ltd - Russian gold miner - Fortiana Holdings Ltd gets regulatory clearance from Russian Federal Antimonopoly Service in connection with its mandatory cash offer for Highland Gold. Fortiana is to acquire 145.8 million shares in Highland Gold from eight shareholders at GBP3.00 each for a total of GBP437.4 million, giving Fortiana a 40% stake in Highland and valuing the whole company at GBP1.09 billion. It has also put forward an offer to acquire all Highland shares at the same price.



By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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