TRADING UPDATES: Live Co to cut jobs; SDX Energy in strategy shift

(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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Live Co Group PLC - Surrey, England-based live events, entertainment & sports events company - Updates on corporate activities including review of its financial position. This covers all creditors including a number of legacy creditors and a number of costs associated with the recently cancelled O2 KPOP event. Explains to preserve cash in the short-term, staff numbers have been cut and salaries reduced where appropriate. Creditors have been closely monitored and communicated with and payment plans have been put in place where possible. This has resulted in some cost reduction and cash preservation but company needs to continue to pursue this going into the closing months of 2023 and into 2024, as overall creditors remain in the region of GBP3-4 million. Actively reviewing several pathways to ensure the future success of the business including cutting of non-performing business. Explains cancellation of O2 KPOP event left it with various upfront and cancellation costs plus the loss of very substantial revenue.

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SDX Energy PLC - London-based energy company with exploration, development and production assets in Egypt and Morocco - Explains new Chief Executive Daniel Gould shifting firm from a pure oil & gas business into an integrated, hybrid energy-provider in Morocco. As part of this, selling Egyptian assets to focus on growing Moroccan operations and generate initial funding to support the new strategy. Will maintain upstream Moroccan gas assets and continue to produce natural gas, selling it to offtakers. Intends, in the medium-term, to expand into renewable power generation.

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GreenRoc Mining PLC - UK and Greenland-focused mineral explorer - Receives additional proceeds of GBP75,000 by way of a placing of 3.0 million shares at a price of 2.5 pence each.

Raises total GBP535,786, including previously announced GBP460,786 placing. Net proceeds of the additional tranche will support general working capital requirements.

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Hellenic Dynamics PLC - London-based cultivator and supplier of tetrahydrocannabinol-dominant strains of medical cannabis flowers - Notes following the approval of the capital reorganisation at the general meeting applications have been made for the new shares to be admitted to the Official List. As a result of the capital reorganisation, shareholders will receive 1 new share for every 100 held.

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Fulcrum Metals PLC - Canada-focused mineral exploration and development company - Updates on Saskatchewan exploration assets. Explains through a combination of staking 29,362 hectares and acquiring an option over a further 11,481 hectares, the company has increased its Saskatchewan uranium footprint by a potential 221%. Chief Executive Ryan Mee says: "The staking and option agreements provides Fulcrum with a significant and highly prospective footprint with critical mass of strategic uranium assets in Saskatchewan, one of the best jurisdictions globally for uranium. The projects are very well placed being on trend with major structures, historical mines and projects that are being developed by well-established uranium companies that have attracted significant investment." Panther Metals which holds 19.99% stake in Fulcrum pleased by the update.

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Bushveld Minerals Ltd - South Africa-focused vanadium producer and energy storage solutions provider - Enters agreement to refinance its existing convertible loan notes with Orion Mine Finance. Extends the maturity date for existing convertible loan notes to January 31, 2024 (from December 21, 2023) and refinances the convertible debt obligations of c.USD46.9 million. This includes a new convertible loan note of around USD14.1 million and a term loan of around USD28.1 million. Explains new structure better aligns repayment with expected internal cash generation projections.

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CPP Group PLC - Leeds, England-based technology-driven assistance and insurance provider - Sells majority interest in Globiva for GBP5.1 million. Explains Globiva is non-core to the group following its revised strategy and change management programme announced in October 2022.

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Europa Oil & Gas (Holdings) PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Receives letter from a group of shareholders, including Paul Barrett and Erika Syba who own a combined shareholding of around 5.2% of the company's issued share capital, attempting to requisition a general meeting to consider resolutions to remove William Holland and Alastair Stuart from the board of directors and to replace them with Paul Barrett and Erika Syba. Company notes the two resigned as directors in 2011 and tried to requisition a general meeting in 2014. After taking legal advice, states documentation as received is materially deficient and is therefore not a valid requisition.

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Restaurant Group PLC - London-based restaurant chain operator, owner of Wagamama - Shareholder vote to approve court scheme by which bid from Apollo Global Management will be facilitated. Court hearing to sanction scheme expected on December 20 which will be the last day for dealings in company's shares.

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By Jeremy Cutler, Alliance News reporter

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