TRADING UPDATES: Altona Rare Earths positive on Monte Maumbe project

Wed, 08th Jun 2022 21:23

(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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Cambridge Cognition Holdings PLC - Cambridge-based assessment software provider - At its annual general meeting, 51% of voters voted against resolution seven, the disapplication of pre-emption rights. 9.8% of voters also vote against resolutions one and six, approving the 2021 reports and accounts and the authority to allot shares.

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Plaza Centers NV - Amsterdam-based property investor in India - Says that negotiations between the parties for a sale of Elbit Imaging Ltd's rights in the Bangalore property have not yet matured into a binding agreement. The dispute is between Elbit Plaza India Real Estate Holdings Ltd - a subsidiary held equally by the company and Elbit Imaging Ltd - and an unnamed local investor. Company says Elbit Imaging is preparing to open an arbitration proceeding in Singapore against the investor.

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Red Rock Resources PLC - London-based natural resource development company with interests in Africa and Australia - Issues 28.3 million shares at a price of 0.38 pence per share, raising gross proceeds of GBP108,280, on Tuesday.

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Gem Diamonds Ltd - London-based diamond miner - At its annual general meeting, 41% of voters voted against resolution 14, the renewal of directors' authority to allot securities. 13% of voters also voted against resolution two to approve the directors' remuneration report. 9% of voters voted against resolution six, seven, and eleven which regarded the reelection of Harry Kenyon-Slaney, Michael Lynch-Bell, and Clifford Elphick.

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MetalNRG PLC - London-based investor in natural resources and energy - Provides an update on the legal proceeding taken against the company by former director Pierpaolo Rocco regarding his now-terminated employment with MetalNRG. Sheriff Philip Mann denied all applications made by Rocco in the Scottish Courts. Company says this ruling "effectively disposes" of Rocco's claims. Rocco has now brought a separate claim in the Scottish Employment Tribunal for wrongful and unfair dismissal. Company says it will vigorously defend this action when it is heard.

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Geiger Counter Ltd - Jersey-based investor in uranium exploration and production stocks - Issues 1.4 million shares for cash at a price of 55 pence per share. Company says the issue was in response to market demand.

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DP Eurasia NV - Amsterdam-based master franchisee of Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia - At its annual general meeting, 34% of voters voted against resolution 14b, "reappointment of Mr P. Williams by the general meeting excluding the controlling shareholder". 9.1% of voters also voted against resolution 14a, the reappointment of Williams by the general meeting.

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Challenger Energy Group PLC - Isle of Man-based oil and gas company focused on the Caribbean and the Atlantic-margin - Notes the intention of Predator Oil & Gas Holdings PLC to initiate a litigation process regarding the Inniss-Trinity Well participation agreement between Predator and FRAM Exploration Trinidad Ltd. FRAM is a wholly-owned subsidiary of Challenger. FRAM denies owing any amount to Predator regarding the agreement. Company says FRAM will defend any legal proceedings.

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Phoenix Copper Ltd - London-based base and precious metals explorer focused on the US state of Idaho - Engages a syndicate of brokers to execute the placement of floating rate corporate bonds. The bonds are to finance the construction and development of the Empire Open Pit Copper Mine in Idaho, US. Company expects minimum gross raise of USD60 million. Chief Financial Officer Richard Wilkins says: "We have previously indicated that we intended to finance construction of the Empire Open Pit Mine with minimal or no dilution to existing shareholders, and we expect the bond placement to achieve this, as the bonds will be non-convertible. Furthermore, with repayment scheduled after 10 years, the bond placement should free up significant additional cash during the initial few years of the mine life, which would otherwise have been used to repay more traditional forms of mine finance."

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EP Global Opportunities Trust PLC - Edinburgh-based investment company investing predominantly in quoted equities - Transitions to a self-managed investment trust following approval from the UK financial conduct authority. Intends to change its name to Global Opportunities Trust PLC. Company also appoints Juniper Partners Ltd as company secretary and administrator. Company terminates a management agreement with AIFM Franklin Templeton Investment Trust Management Ltd and a depositary agreement with Northern Trust Global Services Ltd.

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Altona Rare Earths PLC - London-based mining exploration company focused on projects in Africa - Announces preliminary results from its phase two drilling programme at its Monte Muambe project in Mozambique. Says the programme is progressing with schedule, with a maiden resource statement by the first quarter of 2023 and a preliminary economic assessment by the second quarter of 2023. Results from the phase two exploration shows continuing improvement in grades and orebody dimensions. Company says Monte Muambe has the potential to become one of the highest-grade carbonatite rare earth elements projects in Africa.

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By Heather Rydings; heatherrydings@alliancenews.com