TRADING UPDATES: Ridgecrest ends Blue Air deal; Vast's Baita Plai hit

Mon, 25th Oct 2021 17:53

(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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Ridgecrest PLC - cash shell - Terminates talks on possible takeover of Blue Air, a Romanian low-cost airline headquartered in Bucharest. Blue Air unable to raise pre-reverse takeover funding that was a principal condition of deal. Ridgecrest says: "The board of Ridgecrest has concluded that it is in the company's shareholders' best interests to pursue an alternative transaction. The company anticipates being able to make a further announcement regarding an alternative transaction in the near future," company explains. Trading of Ridgecrest shares were suspended on July 6. Ridgecrest has six months from suspension date to seal reverse takeover or become an investing company or else shares will be cancelled.

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Vast Resources PLC - miner with projects in Romania and Zimbabwe - Says schedules for short-term implementation of mine plan at Baita Plai polymetallic mine in Romania delayed due to labour shortages, technical challenges, supply chain issues and Covid-19 restrictions. "These have had the effect of pushing back the start of the planned higher production volumes," Vast says. company adds: "These operating issues have been addressed and the board believes that Baita Plai is on target to become profitable on a monthly basis by the end of 2021, and the company's internal projections for the period from May 2022 to April 2023 remain substantially the same as previously indicated to the market. Those prior to May 2022 to April 2023 have been revised downward."

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Tlou Energy Ltd - power company focused on sub-Saharan Africa - Notes Lesedi project has all "approvals in place to allow development to commence". "During the quarter, the company agreed the terms including the interest rate for a facility to fund initial development of the Lesedi project. Legal agreements in relation to this proposal are being prepared. These agreements will need to be finalised and signed before the package becomes binding," Tlou says. At Mamba project, meanwhile, Tlou says asset is in "exploration and evaluation phase with further operations required on these licences". Tlou adds: "The next stage of exploration is likely to be core hole drilling. Positive results from operations at Mamba could expand the reserves footprint across Tlou's project areas."

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Condor Gold PLC - mine developer in Nicaragua - Says preliminary economic assessment technical report at La India project in Nicaragua filed. Outlines two scenarios, one with 120,000 ounce average annual gold output, and another with 150,000 oz production. Says initial USD160 million capital requirement in scenario one of 150,000 oz average annual gold output. Notes 1.5 million ounces of gold to be produced over 12-year mine life under this scenario. In 120,000 oz scenario two, there is USD153 million initial capital requirement and nine-year mine life, with total of 862,000 oz of gold.

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Anglo Pacific Group PLC - London-based natural resources royalty investor - Enjoys most lucrative quarter yet. In third quarter of 2021, total portfolio contribution rises 74% quarter-on-quarter to USD23.6 million. It is the "highest individual quarter in the company's history". For nine-month period, total portfolio contribution up 44% year-on-year to USD46.9 million. "Results benefitted from very high coking coal prices being captured at Kestrel during the third quarter, resulting in revenue of USD11.7 million," Anglo Pacific says.

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Arc Minerals Ltd - copper and cobalt explorer in Zambia - Says sample from first drill hole at Cheyeza East target confirms presence of copper sulphide mineralisation. Arc adds: "The first hole at Cheyeza East intersected massive and disseminated copper sulphide mineralisation and represents the most significant copper sulphide discovery since the company's drilling campaign started."

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Cindrigo Holdings Ltd - renewable energy company with experience in waste to energy and biomass energy projects - Completes issue of series 4 zero coupon 2031 convertible loans notes worth GBP1.6 million. Convertible at price of 10 pence and into a maximum of 15.8 million new shares.

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eEnergy Group PLC - London-based energy efficiency-as-a-service provider - Says eEnergy Insights Ltd, entity holding the MY ZeERO smart metering and analytics platform, seals development of next generation of intelligent smart meters. They are now ready for commercial launch. "This new generation of meters offers enhanced accuracy at a lower price point than the previous generation of meters. This opens up additional use-cases, including shared savings contracts, for the group's customers," eEnergy says. Exercises warrants and boosts stake in eEnergy Insight to 51% from just under 38%.

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Good Energy Group PLC - Chippenham-based renewable energy utility - Partners with Barrow Green Gas for shipping services. "Barrow has been contracted by Good Energy for gas shipping services, ensuring continuity of supply for the renewable energy company's gas customers following the market exit of CNG. The partnership will build on the two companies' existing relationship and will help Good Energy transition to becoming its own gas shipper," Good Energy says.

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MJ Hudson Group PLC - London-based service provider to asset management industry - Gets Guernsey Financial Services Commission approval for acquisition of Saffery Champness Fund Services Ltd. "SCFL is a Guernsey based, fund administration business and its acquisition adds scale and expertise to the group's existing operations," MJ Hudson explains. Formal completion set for end of October.

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Dispersion Holdings PLC - decentralised finance investor using blockchain and cryptocurrencies to remove financial intermediaries from transactions - Buys shares in Defi Yield Technologies Inc that it does not already own. The acquisition of Defi, a platform for investment into decentralised financial services, satisfied through issue of 348.7 million Dispersion shares.

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Pioneer Media Holdings Inc - Vancouver, Canada-based e-sports and mobile games investment company - To raise up to CAD1.0 million, about GBP586,850, in non-brokered private placement. To sell one unit, a company share plus a warrant for purchase of another share, at CAD1.00 each. Pioneer adds: "The company intends to use the funds raised to acquire additional investments in the eSport, on-line gaming and related sectors (including NFT related investments), and for general working capital purposes."

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Rutherford Health PLC - Hereford, England-based cancer care centre provider - Says waiver date for Proton Partners International Health Care Investments LLC takeover extended. Rutherford Health now has until November 16 to seal buy.

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Oxford BioDynamics PLC - Oxford, England-based biotechnology company - Raises GBP3.6 million through subscription of 7.8 million shares at 46.5 pence each. Investment comes from US-based healthcare fund Armistice Capital Master Fund Ltd. In addition, Armistice Capital receives warrants for 7.8 million shares, exercisable at 58.13p each, a 25% premium to subscription price. Oxford BioDynamics also updates on trading. Says focus in year ended September 30 was development and launch of EpiSwitch Covid Severity Test and EpiSwitch Explorer Array Kit. Adds: "The group's work with pharmaceutical companies has continued successfully through the year. The board is optimistic about the possibility of further commercial projects with existing customers and collaborators. Business development engagement with potential customers, negatively impacted by the Covid-19 pandemic, is now increasing."

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EP Global Opportunities Trust - Edinburgh-headquartered investor in quoted equities globally - Says board to assume overall control of company's investment policy. "It is proposed that the company's present portfolio manager, Sandy Nairn, will be appointed as a director and Nairn will have responsibility for day-to-day investment management of the company," EP Global says. Eyes changing investment policy, allowing investments into other financial assets, including "equity and equity-linked securities (both listed and unquoted), investments in other investment companies and funds which provide exposure to a wide range of financial asset classes and to allocate a portion of portfolio assets to be managed by one or more specialist investment sub-advisors". Intends to put forward tender offer to shareholders. Adds: "The board believes that most shareholders will wish to maintain their investments in the company, but recognises that some may wish to realise part, or potentially all, of their shareholding. In order that such shareholders will have the opportunity to do so the company intends to put forward a tender offer for approval by the shareholders."

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Tintra PLC - Windsor, Berkshire-based investment and advisor company formerly known as St James House - Says to begin trading on OTCQB Venture Market in US by end of week. "The company believes that having its ordinary shares traded on the OTCQB is a cost-effective solution which will provide enhanced investor benefits, including easier trading access for investors located in the US, and greater liquidity due to a broader geographic pool of potential investors," Tintra says.

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By Eric Cunha; ericcunha@alliancenews.com