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UK TRADING UPDATE SUMMARY: Minds + Machines CEO And CFO Leave Posts

Fri, 30th Oct 2020 19:07

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



Minds + Machines Group Ltd - internet domain firm - Adjusts net income and revenue for financial 2019 and first half of 2020. Concluded formal investigation to determine whether certain revenue was correctly recognised in relation to a contract entered into in 2019. Revenue in 2019 nudged down to USD17.2 million instead of USD18.9 million. Half-year revenue now USD8.5 million and not USD8.4 million. "The board believes that revenue attached to the specific contract has been incorrectly recognised," company explained. Chief Executive Officer Toby Hall and Chief Financial Officer Michael Salazar leave board by mutual agreement and with immediate effect. Non-Executive Chair Guy Elliott become executive chair on interim basis. Tony Farrow named interim CEO. Non-Exec Brian Disher to oversee finance function.



Augmentum Fintech PLC - venture capital investor - Says demand for fundraise exceeded expectations. Says maximum of 23.4 milion shares issues as part of fundraise at 120 pence each.



St James House PLC - lottery and e-commerce company - Says payments division sees improvement in sales in September and October. "The merchant services team has now completed the deployment of a new gateway which gives access to 25 acquiring banks, the major ecommerce checkout/shopping carts, and the major alternative payment methods including PayPal, Amazon Pay, Apple Pay, Android Pay and Google Pay," St James House said. Lottery business seeing "stability" in weekly entries despite Covid-19 restrictions.



Mercia Asset Management PLC - regionally-focused asset manager - Invests GBP900,000 in Sense Biodetection Ltd, a molecular diagnostics testing firm.



Gunsynd PLC - London-based investment firm - Says conditions precedent for Oyster Oil & Gas Ltd sale to Sajawin Pty Ltd not met yet due to Madagascar government not renewing licence. "Gunsynd remains in discussions over the transaction and will update the market as and when material developments occur," Gunsynd said.



Volvere PLC - turnaround investment firm - Raises GBP10.0 million with proceeds used to further investment strategy.



Supply@ME Capital PLC - fintech platform which provides inventory monetisation - Says leading global alternative investment fund manager to subscribe to company's securitised note issue programme



Gore Street Energy Storage Fund PLC - energy storage fund - Acquires 81 megawatt battery storage portfolio for GBP28.2 million in a cash and shares deal. The new UK assets boost Gore Street's operating portfolio by almost four-fold to 110 megawatts from 29 megawatts.



Barkby Group PLC - Abingdon-headquartered company with businesses in real estate, consumer & hospitality and life sciences - Subsidiary Workshop Coffee awarded UK distribution for MiiR, a drinkware company based in Seattle. "The agreement sees the company broaden its product offering beyond coffee-specific products and into drinkware, whilst continuing to reinforce its core range of seasonally sourced coffee and carefully curated coffee accessories. The products will also be available via wholesale to retailers across the country," Barkby said.



IQ-AI Ltd - medical software company with headquarters in Jersey - Says contrast free imaging project advances to validation testing, the next stage.



SkinBioTherapeutics PLC - life science company focused on skin health - Raises GBP4.5 million through placing and open offer.



Intelligent Ultrasound Group PLC - artificial intelligence ultrasound software firm - Says GE Healthcare Voluson SWIFT, which uses Intelligent Ultrasound technology, receives 510k clearance for US sale by Food & Drug Administration.



Applied Graphene Materials PLC - graphene materials maker with headquarters in Redcar, Cleveland - Signs distribution agreement with GOBARR Kimya Ticaret ve Pazarlama Ltd. Deal expland Applied Graphene's distribution network to Turkish coatings and polymers sector.



Ariana Resources PLC - Europe-focused exploration company - Updates on proposed joint-venture with Ozaltin Holding AS. Says parties are meeting to finalise terms of transaction. "We are a further step closer to the completion of the agreements governing our proposed new joint venture in Turkey. Almost all of the necessary government approvals in Turkey have now been received, with only two important outstanding processes remaining, notably the application to the Competition Authority," Ariana Managing Director Kerim Sener said.



Power Metal Resources PLC- metals exploration company with projects in North America, Australia, and Africa - Says drilling contractor at Silver Peak silver project, Canada mobilises drill rig at Hope, a local town.



Oilex Ltd - Australian oil and gas explorer - Says plans to drill two vertical wells at Cambay field, India "well advanced". "The company advises that the sale process being conducted by GSPC for its 55% interest in the Cambay PSC remains ongoing, however, subject to significant delay due to the Covid-19 impact in India," Oilex said. Also making progress to regain interest in West Kampar, Indonesia. Amends term on series C GBP125,000 loan. Says repayment date pushed back to December 31 from October 31.



SolGold PLC - exploration company focused on Ecuador - Updates on drilling at Porvenir asset. Says a second drill hole intersects more than 658 metres of visible porphyry mineralisation.



Adriatic Metals PLC - Cheltenham-based exploration & development firm - Reports "busy" third quarter which included updated indicated and inferred mineral resource estimate at Rupice silver, gold, zinc and lead asset in Bosnia & Herzegovina. Says continues to find "near surface mineralisation" at Kizevak asset in Serbia.



Riverstone Energy Ltd - Guernsey-based closed-ended investment company focused on energy industry - Says it must propose winding-up resolution at shareholder meeting as invested capital target return not met and trading price as not reached GBP14.70 since listing in October 2013. Notes investor AKRC Investments LLC, holding a 31% stake, to vote against discontinuation. Notes affiliates of investment manager RIGL Holdings LP will also vote against resolution. Riverstone says as a result, resolution will not pass. Says net asset value per share at September 30 was GBP4.46.



Beowulf Mining PLC - mineral exploration and development company - Learns that Ministry of Enterprise & Innovation has suggested Beowulf's Kallak North application should be referred to UNESCO to assess whether permit will impact world heritage of Laponia. Ministry of Enterprise & Innovation made submission to Constitutional Committee, which is reviewing Swedish government's handling of application, Beowulf notes.



Castillo Copper Ltd - Australia and Zambia focused base metal explorer - Reports on activities during quarter ended September, Notes it begun maiden drilling campaign at Big One deposit at Mount Oxide. Also ratifying "high-priority target" at Zambia.



Dekel Agri-Vision PLC - West Africa-focused agriculture company - Told by Italian manufacturer Oltremare Srl that third shipment of milling equipment for cashew project in Cote d'Ivoire has departed Italy. Shipment is third of four, Dekel notes.



Arc Minerals Ltd - exploring for copper and cobalt in the Zambian copperbelt - Says drill results at Fwiji prospect confirm "significant mineralisation". "The initial drilling results at the Fwiji prospect have once again surpassed our expectations with evidence of significant sulphide and oxide mineralisation and more importantly showing continuity across a distance of over 1,000 meters from the first hole drilled," Executive Chair Nick von Schirnding said.



SEPLAT Petroleum Development Co PLC - a Nigerian energy company - Says revenue in first nine months of 2020 down 22% year-on-year to USD387.8 million from USD494.9 million. Swings to pretax loss of USD130.1 million from USD184.8 million. Average realised oil price plunged 40% to USD38.60 a barrel from USD64.20.



Pensana Rare Earths PLC - operator of rare earths project in Angola - Says bankable feasibility study at a rare earth processing facility "well advanced and is expected to confirm the strong economics reported in the pre-feasibility study".



Tekmar Group PLC - Newton Aycliffe, County Durham-based technology and services for offshore energy - Says first half revenue 10% lower year-on-year due to some short-term delays in contracts due to Covid-19. Changes year-end date to September 30 from March 31. "The seasonality in the group's core markets creates a peak of activity around the current financial year end and short-term delays to contracts can have a significant effect on the group's full year results," Tekmar explained.



Danakali Ltd - Colluli potash project developer - Ends September quarter with cash and cash equivalents of AUD12.4 million, about GBP6.7 million, down from AUD15.8 million.



Cobra Resources PLC - exploration and mining company focused on the Wudinna gold project in Australia - Says drilling at Baggy Green, Baggy Green North and Clarke areas of Wudinna gold project in Australia has been completed. "We are making great progress with our maiden drilling programme at Baggy Green and now will continue into the Barns area ahead of schedule. Naturally, we are eagerly awaiting the results of these analyses and encouraged by the alteration observed to date," Director Craig Moulton said.



By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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