Last checked at 
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
----------
Ormonde Mining PLC - focussed on the evaluation and execution of new opportunities, currently holds 20% stake in battery metals explorer Peak Nickel Ltd - To seek investor approval to delist from AIM and Euronext Growth. Follows proposed investment in Toronto-listed exploration company, TRU Precious Metals Corp. TRU is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada. Ormonde is to buy an initial 36.2% interest in TRU through a private subscription for 60 million shares of TRU at CAD0.05 per share for a total consideration of CAD3 million, around GBP1.8 million. Says deal would constitute reverse takeover under listing rules, so admission document for the enlarged group would be needed. This would incur "significant time and expense". "The board determined that the scale of the company's activities does not justify the significant cost burden that an admission document for AIM and Euronext Growth would require. This decision also enables the investment in TRU to proceed within the time available to execute the transaction," Ormonde says. Calls extraordinary general meeting for August 25.
----------
Online Blockchain PLC - London-based blockchain research and development company - Launches testing of artificial intelligence assistant app Synthia. Online Blockchain says: "Synthia, an AI whole-life assistant powered by Open AI technologies, has been designed to offload time-consuming tasks enabling busy individuals to focus on high value activities in their work and leisure time. With abilities to interact with other people's Synthia AIs, scheduling calls, meetings and making bookings will just be the beginning."
----------
Litigation Capital Management Ltd - asset manager specialising in dispute financing solutions - Notes a recent UK Supreme Court Ruling in relation to the case of PACCAR Inc & Ors v Competition Appeal Tribunal & Ors, Case ID: 2021/0078. The ruling concerns litigation funding agreements. LCM confirms the decision will have "very limited or not impact" on its portfolios of dispute investments. "The company had no involvement or funding obligation in relation to the matter referred to," it explains. In fact, it may well benefit from the ruling by gaining future market share, given the lack of diversity at some of its competitors. "We were fully across the risks posed by the pending decision and are confident it will not adversely impact the returns across our portfolios of investments or our business model in the UK," says CEO Patrick Moloney.
----------
GreenRoc Mining PLC - mining company, which has operations in Greenland - Possible off-taker for Amitsoq has requested graphite concentrate and samples for own testwork. Company says: "The graphite material will be sourced from the previous processing of Amitsoq graphite ore by ProGraphite in 2021 and 2022 and will comprise graphite concentrate, purified graphite concentrate, and spherical graphite. The potential off-take company, whose identity cannot be disclosed, has requested the sample material in order to conduct its own verification testwork." Also notes bulk sample of graphite ore collected last September nearing final part of processing in Germany. "The aim of the work is to provide graphite concentrate material for GreenRoc's further testwork requirements, to have material ready for analysis by potential industry customers and to understand the best options for processing the ore. The concentrate material from this exercise is expected to be available this autumn," GreenRoc says. Environmental impact assessment social impact assessment work moving along, with those expected next year. Preliminary economic assessment also advancing, with delivery to come this autumn. Alba Mineral Resources PLC, which owns 45% of GreenRoc, notes announcement.
----------
Arrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Says CN-2 well in Colombia "encountered multiple hydrocarbon-bearing intervals". "Arrow has completed testing the CN-2 well in the Ubaque formation which has approximately 60 feet of net oil pay," firm adds. "The logs responses from the Ubaque formation are very similar in both CN-1 and CN-2 wells. Due to this, the Company made the decision to proceed directly to the perforation and well production of the Ubaque in CN-2. Company drilling targets and recompletion opportunities in the future."
----------
Panther Metals PLC - company focused on mineral exploration in Canada - Notes update from Fulcrum Metals PLC. Fulcrum says newly acquired airborne data with previous magnetic and electromagnetic data over the full Big Bear claim block has significantly enhanced prospectivity of property. Panther Chief Executive Darren Hazelwood says: "The accelerated exploration program conducted at Big Bear leading to a proposed drill programme in the autumn is proving very successful. The increase in anomalies and priority targets underlies the potential within this greenstone belt." Panther holds a 2% net smelter royalty over asset.
----------
SDX Energy PLC - Egypt and Morocco-focused oil and gas - Secures financing to boost Moroccan gas production. Reports syndicated convertible loan agreement with Aleph Finance Ltd for up to USD3.3 million, with USD2 million drawn and immediately used to reduce outstanding debt to the European Bank for Reconstruction & Development, pay service providers to accelerate Moroccan drilling campaign and for general corporate purposes. SDX adds: "The convertible loan enables the company to move the business forward, towards an energy transition strategy, as it continues with the process to sell its Egyptian assets with a view to deliver value to shareholders."
----------
Silverwood Brands PLC - London-based investing company targeting food, organic food, wellness, lifestyle and leisure sectors - Receives service of legal proceedings from Lush Cosmetics Ltd and Cosmetic Warriors Ltd, together known as Lush. The action relates to the transfer of shares in Lush to Silverwood were not "compliant with their articles of association and that they were entitled to refuse to register the transfers". "Silverwood disagrees with Lush and is seeking legal advice in relation to its next steps," Silverwood adds. The parties have been at odds for a number of months, amid a Silverwood plan to buy just under a 20% stake in Lush. VSA Capital Group PLC notes the announcement. The banking and broking firm holds a 0.9% interest in Silverwood. VSA Capital adds it had a "better than expected" first-quarter to June. VSA adds: "We still expect to show an operating loss for the first half to 30 September 2023 but are cautiously optimistic about the full year results to March 2024, driven by a significant increase in M&A and strategic advisory work."
----------
TheWorks.co.uk PLC - arts and crafts, stationery, toys, and books retailer - Audtior KPMG LLP requests more time to complete full-year audit. "The board is disappointed by this additional delay which KPMG LLP has stated is necessary to allow time for the completion of standard audit processes including internal review and documentation. The remaining work relates to store impairment charges, which are non-cash items reviewed annually as part of the audit process, and which the group treats as adjusting," TheWorks says. Will not impact adjusted earnings before interest, tax, depreciation and amortisation, which are still expected to be GBP9.0 million. Annual results for year ended April 30 to now be announced on August 30.
----------
Everest Global PLC - London-based investment company focused on African agricultural sector - Revenue in year ended October 31 rises to GBP1.7 million from GBP1.4 million. Loss widens to GBP4.6 million from GBP584,633. Finance costs grow to GBP3.4 million from GBP224,631. "The company's present primary operations and source of revenue remains it 51% holding in Dynamic, our Cape Town based spice blender and trader. The company was still loss making for the year under review but has since improved its performance during the six-months ended April 2023," Everest Global says.
----------
EJF Investments Ltd - investing in structured debt and equity, loans, bonds, preference shares, convertible notes and private equity - Notes merger of Banc of California Inc and PacWest Bancorp, both New York-listed. "As a part of the merger, Warburg Pincus and Centerbridge Partners will invest USD400 million in order to obtain approximately 20% of the combined company and warrants to buy more shares," EJF says. EJF says exposure to PacWest is less than 4.5% of net asset value on look through basis. "
----------
By Eric Cunha, Alliance News news editor
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
