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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and Friday and not separately reported by Alliance News:
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ADM Energy PLC - London-based natural resource investor - Notes PetroNor E&P Ltd extends the long-stop date for Panoro Energy ASA to sell 100% ownership in OML-113 to PetroNor. Expects transaction to complete within 14 days. "ADM Energy holds a 9.2% profit interest in the Aje field in OML 113, which covers an area of 835 square kilometres offshore Nigeria. Aje has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date. It currently has two producing wells, Aje-4 in the Cenomanian and Aje-5 in the Turonian," ADM explains.
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Primorus Investments PLC - London-based investment firm focused on small and mid cap firms in financial services, technology and natural resources - Notes investee Alteration Earth PLC begins trading on the Main Market of the London Stock Exchange. Primorus holds 28% of ALTE's share capital, at 5.0 million shares, having invested GBP100,000 in its seed round, and GBP250,000 in its subscription round. Also says it has acquired 1.0 million shares in AIM-listed Landore Resources Ltd at 22.60 pence each, for GBP225,978 in total. Landore is a holding company for its 100% owned subsidiary Landore Resources Canada Inc, which is an acquirer, developer and explorer of precious and base metal projects in Eastern Canada.
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San Leon Energy PLC - Dublin-based oil and gas production, development and exploration company focused on Nigeria - In discussions with Decklar Resources Ltd to extend the option period for the firm to increase its shareholding in Decklar to 15% from 11%. This would entail a further loan of USD2.5 million, and the previous deadline for the option was Thursday.
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4D Pharma PLC - Leeds, England-based pharmaceutical company - Pauses recruitment of new patients in its ongoing clinical studies, citing the firm being put into administration as the reason for doing so. Will affect three studies into MRx0518, one study of MRx-4DP0004, and one study of MRx0005 or MRx0029. "4D pharma is working with the administrators to enable an exit from administration as soon as possible and, in the event that the company does exit administration, currently plans to recommence recruitment so long as additional capital funding is secured. Further announcements will be made in due course," the firm says.
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Petropavlovsk PLC - Russian gold producer - Says MHA MacIntyre Hudson, the UK member of Baker Tilly International has resigned as its external auditor. Had changed its accounting reference period to February 28 year-end from December 31, as it considered completion of the audit "unlikely". The firm maintains this position.
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PCF Group PLC - London-based specialist bank - Signs agreement with majority shareholder Somers Ltd for subscription of around GBP1.4 million in 27.9 million new shares. Somers' stake in the firm will increase to 73.2% from 70.8% after the new shares are admitted, expected on Monday. Reiterates intention to raise additional capital through open offer for up to EUR8 million, in which Somer is not expected to participate.
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Seed Innovations Ltd - Guernsey-based wellness and life sciences company - Notes announcement from investee Little Green Pharma Ltd that in the nine months to March 31, its revenue grew by 50% year-on-year. Seed holds a 3.1% stake in LGP. "It has been an exceptional year for LGP, as it continued its growth in Australia and advanced its strategy to expand into other markets. During the period, LGP became a leading cannabis company in the European Union with its GMP-licensed Danish facility and its continued development of its supply channels into new markets such as Italy and Denmark," says Alfredo Pascual, vice president of Investment Analysis.
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Pembridge Resources PLC - London-based copper-focused mining company - Receives second repayment of CAD1 million due to it from Minto Metals Corp. Pembridge lent CAD4 million in total to Minto to fund Minto's surety account, in 2019 and 2020. The loan has an interest rate of 8%, and is due in quarterly instalments of CAD1 million over 2022. The first repayment was received in March, as planned. "With this second CAD1 million repayment from Minto, Pembridge is in a much stronger cash position, which will improve further with the repayments which are still to come," says Chair & Chief Executive Officer Gati Al-Jebouri.
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Capital Ltd - Africa-focused mining services provider - Wins new contracts for drilling and laboratory services. Its Tanzanian subsidiary CMS (Tanzania) Ltd wins a three-year comprehensive drilling services contract with AngloGold Ashanti Ltd. The contract "further cements" the long-term relationship between the two parties, which started back in 2006. Expects the new deal to generate USD150 million over the three-year term, which makes it the second-largest award of new business in Capital's history, the firm says. Also wins first contract with B2Gold Corp at Fekola gold mine, for reverse circulation drilling services, and a two-year extension to MSALABS contract for onsite laboratory services with Kinross at the Tasiast gold mine in Mauritania. "We are pleased to maintain our long-standing relationship with AngloGold Ashanti at their Geita Gold Mine with the award of this revised and expanded long-term contract that will extend our relationship to almost 20 years. The full range of drilling services included in the contract is not only a reflection of our excellent operational and safety performance, but also highlights our strategy to increase our service offering with long-term mine-site based clients," says Executive Chair Jamie Boyton.
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Tristel PLC - Cambridgeshire-based maker of infection prevention, contamination control and hygiene products - Submits its De Novo request for approval to the US Food & Drug Administration for Tristel Duo ULT, a high-level disinfectant foam for ultrasound probes. "Ultrasound probe disinfection is one of Tristel's most important areas of focus within the hospital infection prevention market and accounts for approximately 40% of the company's global revenue, which analysts forecast at GBP28 million for the current financial year," the company says. Says timeframe for FDA decision is 150 days, but additional data requests are commonplace, with the average duration for review and approval is around 11 months.
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By Elizabeth Winter; elizabethwinter@alliancenews.com
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