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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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De La Rue PLC - Basingstoke, England-based designer and manufacturer of security and authentication features on physical currencies - Says "disagrees" with assessments made by Crystal Amber Fund Ltd, De La Rue's second-largest shareholder. Crystal Amber owns just shy of 10% stake. Crystal Amber says: "At the time of De La Rue's GBP100 million rescue equity fundraise in July 2020, Crystal Amber was De La Rue's largest shareholder and supported the company by investing a further GBP18 million at 110p a share. During regular engagement since this investment, Crystal Amber has sought to assist De La Rue's management. However, in the last 18 months, De La Rue's share price has fallen by 53%." Crystal Amber has called on De La Rue Chair Kevin Loosemore to step down. Crystal Amber says Loosemore has accused it of "market manipulation". Crystal Amber says: "Having taken legal advice, Crystal Amber believes that Kevin Loosemore's statement is libellous. It is clearly defamatory. Crystal Amber believes that not only is this response inconsistent with how a chairman of a listed plc should engage with a long-term and significant part owner of a business, it is contrary to De La Rue's principles set out in its 2022 report & accounts that the chairman's 'role is to promote a culture of openness and debate.' Importantly, it is illustrative of poor judgment. The same poor judgment manifests itself by De La Rue having failed to deliver on its turnaround plan, having produced two profit warnings in 2022 and a share price that languishes on eight times earnings." Crystal Amber says profit warning, turnaround plan failure and "overexposure" to De La Rue are reasons why Loosemore should step down. In response, De La Rue says: "The board unanimously disagrees with the analysis portrayed by the incomplete correspondence contained in the letter and will make no further comment."
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Resolute Mining Ltd - Perth-based gold miner in Africa - Announces institutional placement and 1-for-1.11 non-renounceable entitlement offer. Moves will "strengthen balance sheet and provide financial platform for growth". Notes an underwritten AUD140 million, about GBP76.7 million, portion. This will be used to reduce net debt to USD65 million from USD156 million. Says up to an additional AUD60 million to come from non-underwritten retail entitlement offer. This will "further reduce debt, provide general working capital and fund growth initiatives, including the potential expansion optionality at Syama North".
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Dekel Agri-Vision PLC - palm oil and cashew grower in west Africa - October fresh fruit bunches processed declines 34% year-on-year. Crude palm oil production down 28% and CPO sales down 32%. Average CPO price per tonnes improves to EUR1,057 from EUR960 a year prior. "The cashew operation capacity increased significantly during October and is well on track to meet the company's 2023 objective of processing 10,000 tonnes of raw cashew nuts," Dekel says.
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Phoenix Copper Ltd - base and precious metals explorer in US state of Idaho - Reports assay results from three holes at Empire open pit copper project in Idaho, US. "The copper, gold, and silver values in the drilling, as well as the length of the mineralized intercepts, are robust and may add further material to the open pit resources," Chief Executive Ryan McDermott says. "The metallurgical drilling program is progressing as planned with approximately 3,479 feet (1,060 metres) completed since June. However, assay results are taking longer than originally anticipated due to laboratory backlog."
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Echo Energy PLC - producing from Santa Cruz Sur project, onshore Argentina - Says upgrades to workover rig owned by the Santa Cruz joint venture partners have completed successfully. "The scheduling of activities, on a well-by-well basis, remains dependent on the availability of materials required for individual well interventions and operational activities, including the timing of the future mobilisation of the now upgraded workover rig, will also be optimised from cash flow at the asset level in order to maximise the benefit of funds available," Echo Energy says. Echo notes production at Santa Cruz Sur in first month of fourth quarter was "strong", amounting to 1,610 barrels of oil equivalent on average per day, net to Echo's 70% interest. "This represents the highest monthly average production achieved in 2022 and a 13% increase over the monthly average during Q3 2022," company adds.
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Predator Oil & Gas Holdings PLC - operator of Guercif petroleum agreement onshore Morocco and developer of onshore fields in Trinidad - Predator Oil intends to issue Paul Griffiths 15.0 million new shares. Company is aiming to put the executive chair's holding back to where it was ahead of him transferring 15.0 million of his shares to settle a placing. Issues 10.0 million to Griffiths to partially fulfil this. On Tuesday, Predator said drilling at MOU-2 well is to begin within the first two weeks of December.
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Bens Creek Group PLC - London-based mining company focused in North America - Notes that on October 27, its largest shareholders MBU Capital Group Ltd entered into a charge over shares with Bluestar Global Capital Ltd on all the shares it owns in the North America-focused mining company. Company says 212.6 million of its shares are subject to the charge, representing 57% of its share capital. Lenders often take share charges as security for money owed to them.
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Touchstone Exploration Inc - Calgary, Canada-based upstream oil and gas company - Says average crude oil volumes produced in third-quarter amount to 1,272 barrels per day, a 10% fall from second quarter and a 5% annual decline. Realised petroleum sales amount to USD9.9 million, up from USD7.7 million a year earlier. Average price per barrel improves to USD84.85 from USD62.37.
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88 Energy Ltd - Alaska-focused oil explorer - Named highest bidder on 10 leases covering approximately 25,600 contiguous acres. Area is located "immediately south" of Prudhoe Bay on North Slope of Alaska. Area is named project Leonis. "The new project Leonis leases remain subject to an adjudication process, regulatory approvals and formal award which is expected in 1H 2023. The project is superbly located adjacent to TAPS and the Dalton Highway, enhancing future potential development commercialisation," 88 says.
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Caledonia Mining Corp PLC - gold producer with operations in Zimbabwe - Revenue in first nine months of 2022 rises 21% annually to USD107.9 million from USD89.2 million. Pretax profit increases to USD14.2 million from USD12.8 million.
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Zephyr Energy PLC - Oil & gas exploration and development in US Rocky Mountains - Firm's lender First International Bank & Trust completes regularly scheduled semi-annual redetermination of revolving credit facility. "The redetermination process resulted in a 30% increase to the RCF, with the new borrowing base set at USD13 million. As of today, USD8 million is currently outstanding on the RCF, providing the company with an additional USD5 million of liquidity which can be drawn at Zephyr's discretion," company explains.
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Rambler Metals & Mining PLC - Surrey, England-based copper and gold producer - Undertaking new efficiency programme. "This process is targeting cost reductions and improvements in operational efficiency that the management expects to yield cost savings of up to USD1 million per month," Rambler says. "In addition, the company has embarked on a strategic process to evaluate how to best reduce debt and restructure its balance sheet. The goal of this process is to ensure that the company's current operational success translates into financial success for all stakeholders."
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Caracal Gold PLC - East Africa-focused gold producer - Shares resume trading following suspension, amid belated annual results.
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Alba Mineral Resources PLC - explorer with assets in Greenland, Ireland and the UK - Raises GBP500,000 through placing of 500 million shares at 0.1p each. "The proceeds from the placing are intended to be used to accelerate value-enhancing activities across the company's 100% owned project portfolio," Alba says. On Tuesday, company lauded a "key milestone" at Amitsoq graphite project in south Greenland, where it owns a 54% stake. It said advanced spheronisation test work confirmed graphite at project is suitable for the production of spherical graphite. It is a "solid foundation" for future talks with possible electric vehicle industry partners. GreenRoc Mining PLC noted the Amitsoq announcement.
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Powerhouse Energy Group PLC - Bingley, England-based hydrogen-from-waste-plastic producer - Updates on infrastructure for Plot 10b of the Protos Energy Park. Says two "important infrastructure items have been completed". "Firstly, the emergency access to the site has been completed and secondly, the service ducting into the site has now also been installed," Powerhouse says.
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Malvern International PLC - London-based learning and skills development company - Raises GBP200,000 from placing of 2.5 million shares at eight pence each. Proceeds will be principally used "to redeem the final tranche of company's outstanding loan notes", which currently amount to GBP178,102.
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Arecor Therapeutics PLC - Essex, England-based biopharmaceutical company - Signs exclusive formulation study collaboration with the pharmaceutical arm of a major chemicals marketing and pharmaceuticals firm. The firm focuses on the development and commercialisation of speciality drugs. Arecor will use the Arestat formulation technology platform to develop a "differentiated, stable, liquid drug product". "The new liquid formulation of the product supports safe medication practices and operational efficiency by eliminating the need for reconstitution. The partner will fund the development work and has the option to acquire the rights to the new proprietary formulation and associated intellectual property under a technology licensing model to further develop and commercialise the product," Arecor says.
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SuperSeed Capital Ltd - venture capital for early-stage business-to-business technology companies in UK - Total income in third quarter of 2022 amounts to GBP52,693. In period between October 6, its incorporation, and September 30, it amounts to GBP182,811. "In light of the current market uncertainty, the manager has worked with fund portfolio founders to trim their budgets and ensure they have the runway they need. But this has not stopped them from continuing to execute and deliver solid performance for the quarter," SuperSeed says.
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Regional REIT Ltd - London-based real estate investment trust - Says trades well in third quarter of 2022. EPRA occupancy overall increases to 84.6% from 83.8% at end of June. Adds there are "advanced asset management plans in place to further improve this figure".
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Lift Global Ventures PLC - invests in financial media and technology platform - Issues maiden annual results. In year to June 30, pretax loss amounts to GBP474,578. Reports administration expenses of GBP286,280 and listing fees of GBP188,298.
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Zegona Communications PLC - London-based company focussed on communications and entertainment opportunities - Says management increase holding in company. Chair Eamonn O'Hare ups stake by
564,571 shares at GBP1.438 each, GBP811,853 in total. Chief Operating Officer Robert Samuelson lifts holding by 282,286 shares, at same price, GBP405,927 in total. Samuelson now has 8.5% stake, raised from 4.6%. O'Hare stake lifted to 17% from 9.4%.
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Redx Pharma PLC - Macclesfield, England-based clinical-stage biotechnology company focused on the treatment of cancer and fibrotic disease - Phase 2 clinical studies of RXC004 will begin enrolment into combination arms, which will see treatment iin tandem with immune checkpoint inhibitors.
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By Eric Cunha; ericcunha@alliancenews.com
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