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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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UK Oil & Gas PLC - oil and gas exploration company - Notes Surrey County Council's refusal to grant planning consent for its 100% owned Loxley-1/1z Portland gas appraisal project, going against the recommendation of the Council officers' report. Says: "The company is carefully considering its position but is likely to lodge an appeal on the grounds that the decision is unreasonable given the evidence presented and the Council officers' positive recommendation. Further developments will be advised in due course."
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Rainbow Rare Earths Ltd- mining company focussed on production from, and expansion of, the high grade Gakara rare earth project in Burundi, East Africa - Conditionally issues 42.7 million shares at 6 pence each, raising gross proceeds of GP2.6 million. Placing price represents a 5% discount to Wednesday's 6.3p closing price. Proceeds will go towards initial USD250,000 payment under Phalaborwa rare earths project earn-in agreement and for drilling at Phalaborwa, which starts in December. Funds will also be used for initial metallurgical test-work at Phalaborwa and to make capital additions to the firm's Gakara trial mining fleet and pilot processing plant.
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Symphony International Holdings Ltd- Hong Kong-based investor - Reports rise in net asset value to USD0.6530 per share as at September 30 from USD0.6216 June 30 as a result of a 6.2% increase in the value of Symphony's unlisted investments. Share price continues to trade at a 59% discount to NAV per share. Chair Anil Thadani: "Although stock markets have improved with many reaching highs last seen in February, there is still a long journey ahead for countries to rebuild their economies. Economic stimulus is unlikely to reverse all the damage that has been caused by Covid-19. As we enter the last quarter of the year, we remain cautiously optimistic of an improvement in the business environment in the months ahead."
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Deepverge PLC- York-based skin product test services company formerly known as Integumen PLC - Reports interim results from Labskin partnership with University of Aberdeen after analysis of study to investigate behaviour of SARS-CoV-2 virus, which causes Covid-19, on Labskin's cloned human skin microbiome. The goal is to allow testing of Covid-19 anti-viral and dental products. Scientists succeeded in populating and maintaining the virus on skin models in a way that allow such testing to take place. Investigation has been extended to include studying the viability of the virus when full coronavirus particles are transferred from plastic and metal models to the human skin model and the potential risk of infection via the skin. Also investigated will be the ability of SARS-CoV-2 to activate innate immune response on the Labskin model. Will also test virus's ability to reproduce on the skin and how long it stays viable and infectious.
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IXICO PLC - AI data analytics company - Executes contract to provide neuroimaging services supporting a phase 1b/2 clinical trial for Huntington's disease, a progressive and inherited condition that affects the nervous system and for which there is currently no cure. IXICO notes that: "This will build on the company's existing relationship with the sponsor with whom they contracted a prior safety and efficacy trial in 2019."
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SAGA PLC - specialist in travel and insurance and services for people over 50 years old - Becomes first cruise operator to win the new Covid-19 health assurance accreditation by martine safety expert Lloyds Register. Saga says: "Being awarded the accreditation demonstrates that Saga exceeds the compliance criteria in every category set out by the UK Chamber of Shipping in their guidance for Covid secure cruising, which has been supported by the government."
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Bahamas Petroleum Co - Caribbean and Atlantic margin focused oil and gas company - Provides update on cost estimates and funding arrangements for its Bahamas well operations. Due to sustained Covid-10 impacts, BPC and Stena Drilling have opted to implement implement enhanced Covid-19 mitigation measures such as increased testing and mandatory quarantines. These measure means that the cost estimate for Perseverance #1 has been revised upward by around 15%, to between USD24 million and USD28 million with the contingency element expanded to USD7 million from USD5 million. To give additional headroom, the firm's conditional convertible note facility has been increase by GBP4.8 million to GBP15 million in total with an initial GBP3 million subscription notice issued.
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By Anna Farley; annafarley@alliancenews.com
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