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TRADING UPDATES: Sopheon extends bid deadline; Fenikso receives funds

Tue, 28th Nov 2023 18:14

(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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Sopheon PLC - Surrey, England-based enterprise software provider - Extends put up or shut deadline for a possible bid from Wellspring Worldwide Inc until December 26. Explains an offer is subject to Wellspring receiving regulatory clearance for which an application has been submitted. This is expected to be received in or before late December. Due diligence has been completed and bid talks are well advanced.

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Atlantic Lithium Ltd - Sydney-based lithium exploration and development company, with assets in Ghana and Ivory Coast - Announces that multiple broad intervals of visible spodumene have been observed in drilling outside of the current mineral resource estimate at the Ewoyaa Lithium Project in Ghana. This significantly increases the potential for a resource upgrade. Executive Chair Neil Herbert says: "These intervals further improve our confidence in delivering an updated MRE upon completion of the current drilling programme in [the second quarter of] 2024."

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Intuitive Investments Group PLC - investment company focused on the life sciences and technology sectors - Appoints Giles Willits as chief investment officer. Notes Willits is an investor in recently acquired Hui10. Willits was most recently group chief financial offer at IG Design Group PLC.

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Gulf Investment Fund PLC - Isle of Man-based investment fund focusing on Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait and Oman - Convenes annual general meeting at which the company will seek the approvals to give effect to the 2024 tender offers. Meeting to be held on December 22.

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Fenikso Ltd - investor in Nigerian oil and gas assets, previously known as Lekoil Ltd - Announces the receipt of funds under the Lekoil & Gas Investments Loan entered in to on December 31, 2022 as part of the Fenikso restructuring. Receives USD884,976 as partial repayment of the loan of around USD51.9 million. The remaining balance is around USD45.9 million. The next payment is scheduled before the end of December. The proceeds will go towards repaying the Savanah Energy Investments Ltd loan and towards building up cash in Fenikso. Post the payment to Savanah Energy expects to have over USD1.5 million of cash on its balance sheet.

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Valereum PLC - Gibraltar-based company, which links mainstream currency products denominated in US dollars and pound sterling into cryptocurrencies - Announces that the existing convertible loan note under the previous terms of the funding facility announced on January 31, 2022 will be terminated with immediate effect. An agreement has been reached by both parties which will result in no more conversion notes being actioned. Chair James Formolli says: "This is fantastic news for the company and all its shareholders. Removing the current funding facility is the right thing to do; helping support our strategic ambitions for sustainable growth and shareholder value ahead of any further communications".

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By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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