(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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Mineral & Financial Investments Ltd - the company, which invests in natural resources - Makes a seed-round investment in Ideon Technologies Inc, a private company applying cosmic-ray muon tomography to define underground 3D rock density images. Mineral & Financial invested CAD100,000, about CAD58,473, as part of CAD1.3 million private fundraising.
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Regency Mines PLC - the natural resource exploration & development company - Announces the sanction of the 2020 exploration season at its 50%-owned Dempster vanadium project in Canada. Programme is expected to commence in August and include soil and geochemistry programmes. Regency Mines anticipates project to be positioned for a drilling campaign in 2021.
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President Energy PLC - the oil & gas company - Makes further progress on its drilling and workover plans in Rio Negro Province, Argentina. Workovers of two wells are now expected to commence by end August, both at the Estancia Vieja field. The wells being EV-20 and EV-x1 are not currently producing and the workovers are targeting total initial production of 3.5 million standard cubic feet per day of gas and 50 barrels of oil per day. After this drilling programme, President Energy said it will then take time to review the results and re-commence drilling in the first quarter of 2021.
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Salt Lake Potash Ltd - the company which holds sulphate of potash assets in Australia - Has been granted "Green" label certification for debt issued to develop its Lake Way project. The "Green" loan label confirms the positive environmental aspects of the Lake Way project for the company's debt partners, as well as all other stakeholders including the local community, offtakers and suppliers.
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Pensana Rare Earths PLC - the company which is focused on rare earth projects - Reports results from a further 34 holes of the 8,000 metre drill programme completed at the Longonjo project in Angola. The programme is in support of the bankable feasibility study work programmes, based on the weathered zone mineralisation at Longonjo. New results confirm particularly high-grade intersections from surface in the area of proposed first mining.
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Lekoil Ltd - the Lagos-based oil exploration & production company - Says the Otakikpo joint venture has executed definitive agreements for the next phase of the Otakikpo marginal field development. The joint venture is made up of Green Energy International Ltd, the operator of the Otakikpo marginal field, and the technical partner, LEKOIL Oil & Gas Investments Ltd, in which Lekoil has a 90% economic interest. The Otakikpo joint venture has executed additional service agreements with Schlumberger, which cover the comprehensive infrastructure upgrades and field management services in relation to the planned upstream drilling programme. A further announcement on the financing and timelines for the upstream drilling project will be made in due course.
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Global Ports Holding PLC - cruise port operator - Ends pursuit of premium listing on London Stock Exchange to save cash, allowing it to provide flexibility to respond to challenges created by the ongoing Covid-19 disruption. Global Ports currently has a standard listing on London's Main Market. Also ends relationship deed with its controlling shareholders, Global Ports Holding BV and Global Yatırım Holding AS, as it is not seeking premium listing.
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Metal Tiger PLC - the company which invests in mining companies - Says phase 1 drilling operations at Kalahari Metals Ltd's Kitlanya East project have now resumed. Metal Tiger has a 62% equity interest in Kalahari Metals. Metal Tiger says the drill rig is now drilling hole KIT-E_03, which is designed to test a disruption in marker conductors delineated from detailed airborne electromagnetic data, along an interpreted, locally developed, anticlinal structure, which may provide a trapsite for mineralisation in a similar setting to Sandfire's A4 deposit to the north.
Separately, Metal Tiger said its 7.3%-owned Pan Asia Metals Ltd lodged initial public offering with the Australian Securities & Investment Commission. Indicative IPO timetable established, with anticipated listing date set for late September. Metal Tiger currently intends to participate in the IPO offering.
Finally, Metal Tiger said it has entered into a further equity derivative collar financing arrangement pursuant to the umbrella facility. Back in December, Metal Tiger received 6.3 million new shares in Sandfire Resources NL and has entered into an equity derivative collar financing arrangement with a global investment bank pursuant to an equity option and loan facility. Under new arrangements, the undisclosed investment bank can borrow up to, in aggregate 280,141 Sandfire shares from Metal Tiger. In addition, Metal Tiger obtained the right to sell 93,536 and/or 186,605 Sandfire shares to the investment bank in three years' time at 80% of the reference price, being AUD5.203 and AUD5.216, respectively. In turn, the company said the investment bank has a right to buy 93,536 and/or 186,605 Sandfire shares from Metal Tiger in three years' time at an agreed premium of 145% of the reference price. Metal Tiger also borrowed, in aggregate, AUD1.2 million from the investment bank, with a maturity date of July 10, 2023.
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Valeura Energy Inc - the natural gas producer - Reports strong financial position, with no debt and a cash balance of USD30.7 million. Second quarter 2020 production averaged 521 barrels of oil equivalent per day, comprised primarily of gas produced from Valeura's ongoing conventional shallow gas programme. This is a decrease of 27% over the prior quarter, reflecting lower natural gas demand from its customer base due to the combined impact of a reduction in local industrial activity in light of the Covid-19 pandemic and national holidays in Turkey. More positively, Valeura said toward the end of the quarter, economic activity and gas demand had begun to ramp up, as Turkey's lockdown restrictions reduced, resulting in production increasing by 40% in June, compared to the lower rates experienced in May.
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Alternative Income REIT PLC - the real estate investment trust - Says its annual passing rent roll from its 21 tenants is GBP6.6 million. The company said it expects that at least 84% of third-quarter rents due will be collected by September. Alternative Income REIT remains in discussion with a small number of tenants, representing 11% of the rent roll, in respect of potential deferral of their rent payments in support of their near term cash flow requirements. To date, no rent free periods or rent adjustments, except for the Travelodge, have been agreed across the portfolio, the company noted. The rent due from Travelodge in respect of the company's hotel in Swindon represented 5% of the its total annual rent roll.
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Nanoco Group PLC - the quantum dots developer - Signs a litigation funding agreement with an undisclsoed US litigation finance specialist. Back in February, Nanoco had filed a patent infringement lawsuit against various Samsung Electronics Co entities in the US District Court for the Eastern District of Texas. The lawsuit claims infringement of a number of Nanoco's US patents which relate to Nanoco's unique synthesis and resin capabilities for quantum dots. Under the agreement, the unnamed US firm will fund the costs of the litigation against Samsung. In return, the US litigation finance specialist can expect to receive a multiple of its invested capital in the event of a settlement or judgement in favour of Nanoco.
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Luceco PLC - the lighting products manufacturer - Reports revenue for the six months to the end of June 14% lower than a year ago, with demand steadily improving as lockdown conditions have eased. Sales stabilising at about 90% of prior year levels by period end. Luceco said adjusted operating profit of GBP9.0 million is GBP1.8 million better than the prior year, with gross margin improvement and stringent control of overheads sufficient to more than offset Covid-related disruption. Adjusted operating margin of 13%, in the middle of the company's targeted range of 10% to 15%. Luceco said it considers it is likely that dividends will be reinstated at interim stage.
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Intelligent Ultrasound Group PLC - the company which provides training software for medical practitioners - Says turnover for the six months to the end of June, which is currently generated entirely by its Simulation division, is expected to be GBP2.5 million compared to GBP3.1 million a year earlier. The shortfall is due to the effect of Covid-19 on Intelligent Ultrasound's reseller sales, especially in the Chinese and European markets, which declined to GBP600,00 from GBP1.4 million year-on-year. The company said its direct sales in the period grew to GBP1.9 million form GBP1.8 million the year before, despite Covid-19 impacting US revenue. The adjusted loss before interest, tax, depreciation and amortization for the period is seen between GBP1.3 million and GBP1.4 million versus Ebitda loss of GBP1.3 million in the first half of 2019.
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Corero Network Security PLC - the Buckinghamshire-based defence firm - Makes a "solid" start to the year, despite the "current unprecedented times", continuing to build on the momentum achieved in the second half of 2019. Order intake increased by 58% in the six months to the end of June to USD7.9 million compared to USD5.0 million a year ago. Revenue for the first half is anticipated to be USD6.2 million, representing an increase of 48% compared to the prior year. The company continues to invest in sales and marketing, with progress achieved against its strategy to both augment its direct sales efforts and increase momentum through its channel partners in more regions.
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Gfinity PLC - the esports and gaming provider - Says Gfinity Plus will go live on Wednesday, allowing gamers to register and be eligible for giveaways and incentives. Gfinity Plus is a reward-based product for Gfinity's online community, that will also offer exclusive content, forums and gamification from August. Gfinity is using its own technical IP for the first time on its websites to provide functions that deepen visitor engagement such as fan forums and capability to comment on articles.
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Frontier IP Group PLC - the IP commercialisation company - Says portfolio company Pulsiv Solar Ltd continues to make strong commercial and technical progress with its patented technology to improve the energy efficiency of the power converters used in a host of everyday products. The company, in which Frontier IP holds a 19% stake, also announces that it is presently in discussions with investors to raise further funding which, if completed, would be at a significant premium to the current book value at which it is held by Frontier IP.
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BP Marsh & Partners PLC - the private equity investor - Says its investee company EC3 Brokers has won the Dubai International Financial Centre Group Health Insurance Master Policy Scheme. The scheme will provide participating companies with access to health insurance for their employees and dependants and specifically aims to support small and medium-sized enterprises in gaining access to high-level health benefit plans while streamlining their costs to be more comprehensive and reasonable.
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Hemogenyx Pharma PLC - the pharmaceutical company - Has signed a biological investigation & material supply agreement with Eli Lilly & Co, a pharmaceutical company engaged in the research, development, manufacture and marketing of human pharmaceutical and veterinary products. Under the agreement, Lilly will supply Hemogenyx with biological materials and related confidential information in order for company to perform research and development activities aimed at the discovery and validation of novel materials to be used for the treatment of systemic lupus erythematosus and possibly other autoimmune diseases. No financial details of the deal were disclosed.
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ITM Power PLC - the hydrogen energy equipment manufacturer - Says Robert Pendlebury has decided to retire from his role as a non-executive director with effect from the end of July.
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IP Group PLC - the intellectual property company - Has indicated its intention to sell 9.2 million shares in Ceres Power Holdings PLC, through a placing to institutional investors by means of an accelerated bookbuild, which will be launched on Monday. The placing shares represent 5.4% of the company's issued share capital. Joh Berenberg Gossler & Co KG is acting as sole bookrunner and placing agent in relation to the placing. Following completion of the placing, IP Group will continue to hold 288,784 shares in Ceres Power, representing 0.2% of the issued share capital. IP Group has agreed to lock-in arrangements in relation to the balance of its ordinary shares for 90 days following the completion of the placing.
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Gulf Marine Services PLC - the United Arab Emirates-based support vessels provider - Says large shareholder Seafox urged Gulf Marine Services shareholders to approve the appointment of the Seafox nominees to the board. The call comes after Seafox - a 30% shareholder in Gulf Marine Services - requisitioned general meeting in order to consider two resolutions to appoint Hassan Heikal and Hesham Halbouny to the board of directors. The board recommended to shareholders to vote against the two resolutions at the AGM on June 30. The resolutions were not passed. However, Seafox on Monday said Gulf Marine Services's board is in urgent need of further director appointments to provide the experience and know how required in order to address its recent poor performance and further deterioration of its financial position.
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4d Pharma PLC - the drug developer - Has successfully raised gross proceeds of GBP7.7million, through a placing of 16.8 million shares and subscription of 5.1 million shares, with existing and new investors at an issue price of 35 pence per share. The placing has now closed. The issue price represents a 15% discount to the closing mid-market price of 41.0p on Friday last week, the business day before the announcement of the fundraising. The fundraising shares represent 17% of the company's issued share capital following completion of the fundraising. Overall, 4d Pharma now has 131.4 million shares.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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