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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Creo Medical Group PLC - medical device company headquartered in Chepstow, Wales - Acquires Boucart Medical SRL, the biggest independent supplier of gastrointestinal consumables in Luxembourg and Belgium, for an initial EUR4.5 million cash plus up to EUR500,000 of performance-related payments over the next two years also in cash. Creo notes Boucart's 2019 pretax profit of EUR600,000 and its earnings before interest, tax, depreciation, and amortisation figure of EUR700,000. Boucart 2019 end gross assets EUR2 million. Creo notes: "Following the acquisition of Boucart Medical, the company now has a direct sales presence in the key markets of Spain, France, Germany, the UK, the USA, Belgium and Luxembourg."
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Pantheon Resources PLC - oil and gas exploration company focused on the Alaska North Slope - Application to form Alkaid Unit, encompassing 22,804 acres, approved by Alaska's Department of Natural Resources. Company notes it has submitted a first plan of exploration outlining proposed activities relating to the unit, including a commitment to reprocess around 50 square miles of 3D seismic as well as to engage third party specialists to produce an engineering study on a conceptual 'hot-tap- into the trans Alaska pipeline system. No firm drilling commitment but plan does propose drilling two wells from gravel pads near the Dalton highway. "Under the POE, drilling and long-term production testing on the first of these wells, the Alkaid number 2 well, is targeted for Spring/Summer 2021. Dependent upon the results of Alkaid 2, the POE anticipates the drilling and testing of the Alkaid 3 well to commence in 2022."
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Alba Mineral Resources PLC - mineral exploration and development - Completes underground drilling programme at Clogau-St David's gold mine, Wales in which it has 90% ownership. Seven holes drilled under campaign, for 559.5 metres. Underground bulk sampling programme also completes successfully, collecting seven bulk samples for a total of 36 tonnes of material. Executive Chair George Frangeskides says: "We now move straight into our surface drilling campaign. The surface drill rig is on site and our team has started collaring the first hole."
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Dekel Agri-Vision PLC - West Africa-focused agriculture company - Acquires further 14% interest in large scale raw cashew nut processing project at Tiebissou, Ivory coast. Consideration 28.6 million Dekel shares or 6.3% stake. Dekel now has controlling 52% interest in the project. Says buy "represents excellent value for Dekel shareholders" with completion of plant approaching in the second quarter of 2021. Retains option for further 17% interest in Pearlside Holdings Ltd, parent of Capro CI SA, which is developing the plant. The Ivory coast has been the centre of violence and tensions after elections on Saturday, which ushered President Alassane Ouattara into a contested third term. Several thousand people have fled into neighbouring west African countries from the Ivory Coast, fearing more violence following a presidential election there marred by deadly unrest, according to the United Nations.
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Yourgene Health PLC - molecular diagnostics group - Subsidiary Yourgene Health Taipei inks regional marketing and services agreement with Take2 Health Ltd, a company based on Hong Kong. Agreement will see the subsidiary promote Take2's genomic test for nasopharyngeal carcinoma, a major type of head and neck cancer, in Taiwan and establish a clinical network for collecting patient blood samples. This test is known as the Take2 Prophecy Test for NPC. Memorandum of understanding also signed to consider granting Yourgene sole rights to deliver Take2 Prophecy testing services in Taiwan from the Yourgene's Taipei laboratory. Yourgene is, under the agreement, "responsible for driving the clinical demand of the test in the region, working with clinicians and healthcare professionals on the benefits of using Take2 Prophecy, and widely distributing the test to facilitate early cancer screening in Taiwan."
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Plaza Centers NV - Netherlands-based property firm - Enters into addendum to pre-sale agreement with AFI Europe NV. This is in connection with the sale of the Plaza subsidiary which holes a 75% stake in the Casa Radio project, Romania. Long stop date is extended to 2021 end. Parties further agree that if any litigation or arbitration process results in any loss of rights under the agreement with the government of Romania to develop the Casa Radio site, then AFI is no longer bound by its obligations under the agreement and Plaza will reimburse the entire EUR200,000 advance payment made by AFI. Bondholder approval for addendum is required.
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IXICO PLC - London-based data analytics company - Secures new contracts in Alzheimer's disease clinical trials, including phase 1 study with "new biotechnology customer". Other contracts include for a phase 2 trial with an existing biotechnology company plus initiation of an open-label extension phase 3 trial with "existing large pharmaceutical company". IXICO notes: "These contracts were included in management's expectations of performance for the coming year and contribute to the company's strong order book. These contracts relate to trials at different stages of drug development and are with several different customers, strengthening diversification in the company's order book."
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Rurelec PLC- power generator and power plants developer based in London - Notes that Argentine resolution 220 PPA has now expired. The resolution governs capacity and offtake revenue generated by the steam turbine at Energia del Sur SA, a power plant owned by Patagonia Energy Ltd. Rurelec holds a 50% interest in the plant. Energia del Sur management, with support of Rurelex board, in talks to establish new tariff. Negotiations are in final stages but it is not possible to say when they will conclude, having already been extended beyond Energia del Sur's expectations due to political change and Covid-19. Contingency plans in place to cut costs, possibly by shutting down parts of operation, as capacity and offtake revenue generated from the steam turbine is being remunerated at spot prices, which could have "significant adverse implications" in terms of revenue and cash generation. In Chile, Rurelec obtains extension to the Central Illapa project construction period to November 2021.
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Mkango Resources Ltd - mineral exploration and development focused on rare earth elements - Begins extensive hand-auger drilling and soil sampling programme to identify rutile prospects at Mchinji licence, Malawi. Liecne held by wholly owned subsidiary MKA Exploration Ltd. This follows reconnaissance work which resulted in discovery of rutile during September's shallow soil sampling and auger programme. Initial work limited by equipment availability during pandemic but results encouraging. Chief Geologist Paul Armitage: ""This drilling programme and soil sampling will help us to target saprolite-hosted mineralisation. It will test the extent of the rutile and ilmenite mineralisation over a large part of our licence area and aims to confirm the potential for discovering high-grade rutile deposits in the licence. Given that rutile is in high demand and that there is a shortage of supply, confirmation of rutile prospects on the Mchinji licence could prove to be highly significant for the company."
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By Anna Farley; annafarley@alliancenews.com
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