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Pin to quick picksZenith Energy Share News (ZEN)

Share Price Information for Zenith Energy (ZEN)

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TRADING UPDATES: Premier Miton sizes up Tellworth Investments

Wed, 01st Nov 2023 16:54

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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Premier Miton Group PLC - Surrey, England-based asset manager - Acquires equity boutique Tellworth Investments LLP. Tellworth has GBP559 million of assets under management as of end of September. "The acquisition is in line with Premier Miton's stated inorganic strategy of buying complimentary asset management platforms with industry expertise and product diversification as part of a wider commitment to continue to invest in growth opportunities," Premier Miton says. Says initial consideration based on assets under management at completion. "At the current AuM this will be GBP5.5 million but this can vary between GBP3.5 million and GBP6 million depending on AuM at completion," it adds. Initial consideration to be 75% paid for in cash and 25% in shares. Premier Miton adds: "An additional consideration of up to GBP3 million may be payable depending on AuM growth between completion and the first anniversary of completion with the maximum amount payable if AuM at the first anniversary date exceeds GBP850 million."

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Reconstruction Capital II Ltd - closed-end investment company - Sends circular to shareholders concerning proposal to cancel AIM admission. "The directors have conducted a review of the benefits and drawbacks to the company and its shareholders in retaining its admission to trading on AIM and believe that cancellation is in the best interests of the company and its shareholders as a whole," it says. It believes AIM listing comes with "considerable cost" and mean it is unlikely to "provide the company with significantly wider access to capital". It backs its continuation, however, adding: "The directors have concluded that given the slow process of selling the investments, exacerbated by the Covid-19 crisis followed by the war in Ukraine and resulting cost of living crisis, which has had a significant impact on the main investee company Policolor and on Mamaia Resort Hotels, it is in the best interests of the company to further extend its life." Shareholders will vote on AIM cancellation proposal at November 29 annual general meeting.

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Highbridge Tactical Credit Fund Ltd - credit investment fund - Says compulsorily redeemed majority of shares and resolutions to take company into voluntary liquidation passed. Shares suspended on Wednesday, with delisting expected on Thursday.

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Asian Energy Impact Trust PLC - investment company focused on sustainable energy infrastructure projects - Enters agreement which will see Octopus Energy Generation act as its transitional investment manager. Asian Energy Impact says: "Octopus Energy Generation's immediate priorities will be to assist finalising the 31 December 2022 and 30 June 2023 valuations, 2022 audit and accounts and 2023 interim report and lifting the suspension of admission to listing and trading of the company's shares as soon as possible. This process will include undertaking detailed due diligence on the company's assets, including the in-construction 200 MW DC solar PV project in Rewa Ultra Mega solar park, to ensure the completeness and accuracy of all information required to finalise the outstanding valuations, audit and financial reports."

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Zephyr Energy PLC - Rocky Mountains-focused oil and gas company - Says Slawson Exploration Co operated wells, which Zephyr has working interest in, come online on Wednesday. "The wells will provide a significant near-term production boost and are expected to generate substantial cashflows for the company which can be reinvested into the development of its project in the Paradox Basin, Utah, US or into additional non-operated investment opportunities," Zephyr adds.

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Zenith Energy Ltd - Africa and Italy-focused oil and gas company - Begins International Chamber of Commerce arbitration case against Tunisia's national oil company, Entreprise Tunisienne d'Activites Petrolieres. Chief Executive Officer Andrea Cattaneo says: "It is deeply regrettable that Zenith Energy has been compelled to initiate a second arbitration and conduct conservative seizures against ETAP following failures to satisfy contractually binding payments for oil production. Shareholders can take comfort in the decisive action the board has taken to ensure that Zenith's interests are upheld."

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MGC Pharmaceuticals Ltd - pharmaceutical company specialising in plant-derived medicines - Receives binding commitments from "sophisticated and professional investors" to subscribe for USD7.9 million shares under a placement at USD0.255 each. Follows shareholder approval of new share placement. "The USD7.9 million secured represents the minimum amount required to fund MGC Pharma's full business plan over the next 12-month period, that is focused on the investigational new drug applications of CimetrA and CannEpil in the USA," MGC says. Adds that following completion of share consolidation, predicted to occur on Thursday, will have 4.4 million shares in issue.

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Equals Group PLC - London-based fintech payments group - Says capital reduction approved by UK court, resulting in distributable reserves of around GBP25 million. Plans to declare maiden interim dividend of 0.5 pence per share. It adds: "Furthermore, it expects that, subject to shareholder approval, the final dividend for the 2023 full year will be 1.0 pence per share, giving a total dividend of 1.5 pence for 2023."

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Chelverton Growth Trust PLC - invests in mid- to small-cap UK companies - Recommends members' voluntary liquidation of company. It explains: "The board has concluded that the reduced size of the company and its small number of investments preclude a further tender offer, and as reported in the company's annual report and accounts, it has for some time been investigating other options to maximise the return of funds to shareholders. Unfortunately, this process has been necessarily drawn out due to major economic events including Brexit, Covid-19 and the Russian invasion of Ukraine. These events have served to create market uncertainty and turmoil such that only in recent months has the board felt able to move forward with its plans within a more stable economic environment." Believes wind-up is in best interests of shareholders. Plans initial distribution of shares in AIM-listed industrial holding company CEPS PLC once liquidation proposal backed. General meeting which will include vote on proposal takes place on November 27.

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By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
15 Sep 2023 10:46

Zenith Energy strikes deal for possible buy of Kazakhstan oil assets

(Alliance News) - Zenith Energy Ltd on Friday said it has signed a second memorandum of understanding with an unnamed company in Kazakhstan to explore the potential of buying two oil development assets in the Kyzylorda region.

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4 Sep 2023 13:22

Zenith Energy signs accord for Kazakh asset, terminates two deals

(Alliance News) - Zenith Energy Ltd on Monday said it signed an accord with an Kazakh-incorporated firm, entitling Zenith a period of exclusivity of 90 days to evaluate a potential acquisition.

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29 Aug 2023 12:04

Zenith Energy buys US-listed company to use as acquisition vehicle

(Alliance News) - Zenith Energy on Tuesday said it has acquired Cyber Apps World Inc via a securities purchase agreement with Janbella Group LLC.

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4 Aug 2023 18:02

IN BRIEF: Zenith Energy ends discussions with Benin over Seme oilfield

Zenith Energy Ltd - Calgary, Canada-based energy company with production, exploration and development assets in Africa and Europe - Decides to end negotiations with the Benin Ministry of Water and Mines for the finalisation of a production sharing contract for Block 1, which contains the Seme oilfield, offshore Benin. Says the board took this decision following a "comprehensive evaluation of recent geopolitical developments in the vicinity of Benin". This is alongside the "significant long-term investment required to successfully develop the Seme oilfield, and the material progress made in other jurisdictions where Zenith now intends to maximise its technical and financial resources with comparatively reduced risk for the company's shareholders".

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3 Aug 2023 18:04

IN BRIEF: Zenith Energy agrees to acquire Texas oil & gas interest

Zenith Energy Ltd - Calgary, Canada-based energy company with assets in Africa, Europe and the Middle East - Signs accord for acquisition of interest in Texas oil & gas acreage for around USD50,000. Says seller owns 100% gross working interest, 75% net revenue interest in 320 acres in a oil and gas lease of around 320 acres from surface down to a depth of approximately 800 metres, located in the east half of section 14, block 50 at University Lands in Crockett County, Texas. The seller will retain a carried GW of 10% of all drilling and completion work necessary for the first two wells to be drilled. Confirms its intention to operate the property and conduct oil and gas extraction and exploration activities. The seller has agreed to pay "its proportionate share of all subsequent drilling and completion work to be performed, as well as its share of ongoing operating costs, including workovers".

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2 Aug 2023 14:17

IN BRIEF: Zenith Energy pays off full Vienna bond coupon

Zenith Energy Ltd - Calgary, Canada-based energy company with assets in Africa, Europe and the Middle East - Says it recently made coupon payments, in respect of four multi-currency euro medium term notes, in full and on time. Company had issued the notes on the Vienna MTF. Notes were in Swiss francs, euros, US dollars and Great British pounds.

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31 Jul 2023 14:36

EARNINGS UPDATES: Kropz annual loss widens on impairments

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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10 Jul 2023 11:07

Zenith Energy obtains USD6.5 million account seizure in Switzerland

(Alliance News) - Zenith Energy Ltd on Monday said it successfully obtained a "conservative seizure" for an amount equivalent to approximately USD6.5 million deposited in a bank account in Switzerland.

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5 Jul 2023 15:30

TRADING UPDATES: RTW plans buyback; Octopus AIM VCTs eye fundraise

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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4 Jul 2023 16:20

IN BRIEF: Zenith Energy subsidiary awarded EUR30,000 in damages

Zenith Energy Ltd - Africa, Middle East and Europe-focused energy production and development company - On Monday, says its fully owned subsidiary Anglo African Oil & Gas Congo SAU has been awarded a payment of compensatory damages by the Paris Commercial Court in its claim against SMP Energies, the rig contractor that performed drilling services in wells TLP-103 and TLP-103C of the Tilapia oilfield during 2018 to 2019. SMP Energies is ordered to pay EUR30,000 to Anglo African.

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23 Jun 2023 10:42

IN BRIEF: Zenith signs deal with South Sudan for oil and gas licence

Zenith Energy Ltd - Calgary, Canada-based energy company with production, exploration and development assets in Africa and Europe - Signs memorandum of understanding with the Minsitry of Petroleum in South Sudan for a licence negotiation. Says this relates to the acquisition and development of oil and gas production licences.

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7 Jun 2023 08:53

Zenith Energy asks arbiter for USD48 million from Tunisia for harm

(Alliance News) - Zenith Energy Ltd on Tuesday said it filed legal proceedings against Tunisia, accusing the government of harming the commercial interests of investors in the country.

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2 Jun 2023 09:34

IN BRIEF: Zenith Energy to buy various oil production assets across US

Zenith Energy Ltd - Calgary, Canada-based energy company with production, exploration and development assets in Africa and Europe - Signs deal with Stateside Energy LLC to buy a portfolio of oil production and development licences in Oklahoma, as well as certain other states in the US. Says under the deal, Zenith will incorporate a wholly owned special purpose vehicle in the US for the purpose of acquiring oil wells and licence blocks, called Newco. Says Stateside agrees to sell its oil production wells to Newco, subject to the completion of a satisfactory due diligence by Zenith for a nominal consideration.

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26 May 2023 09:11

Zenith Energy shares up on plans to move into US market

(Alliance News) - Zenith Energy Ltd shares were up on Friday, after it said it plans to buy in the US.

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17 Apr 2023 19:43

TRADING UPDATES: BATM reports Edgility progress, Rambler starts sale

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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