UK TRADING UPDATE SUMMARY: AVI Global Notes Ban On China Investments

Wed, 13th Jan 2021 19:19

(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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AVI Global Trust PLC - invests in family-controlled holding companies, closed-end funds and asset backed opportunities - Notes US Executive Order banning investment in Chinese companies that have been identified as Communist Chinese Military Companies. Confirms it has no direct holdings in any of these 35 companies and, to the best of the investment manager's knowledge, no indirect holdings via any of its investee companies. "No investments will be made directly into any CCMCs and no investments will be made into companies which are known to own CCMCs. The investment manager will continue to monitor the portfolio of investments to ensure that, to the best of their knowledge, no investee company is, or holds an investment in, a CCMC for as long as Executive Order 13959 remains in effect," AVI adds.

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Argo Blockchain PLC - London-based cryptocurrency mining - Gets approval from the OTC Market Group Inc to start trading on the OTCQB Venture Market. Argo's shares will continue to trade on the London Stock Exchange. "The OTCQB offers transparent trading in entrepreneurial and development stage companies that have met a minimum bid price test, are current in their financial reporting and have undergone an annual verification and management certification process," Argo adds. Trading on the US OTC market has no impact on existing Argo ordinary shares trading on the Main Market, Argo notes, and no new ordinary shares will be issued as part of the cross-trade.

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ICG-Longbow Senior Secured UK Property Debt Investments Ltd - UK real estate debt-related investor - Receives repayment in full of the GBP4.3 million Carrara loan, following a sale of the property securing the loan. The repayment is accompanied by interest and fees of about GBP100,000 in aggregate. "In the light of the forthcoming extraordinary general meeting to consider a resolution to change the company's investment objective and investment policy, the company intends to retain the proceeds pending the determination of such resolution," ICG adds.

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Gem Diamonds Ltd - diamond miner - Says Letseng mine in Lesotho will remain fully operational following the announcement of new Covid-19 lockdown restrictions as published by the Lesotho Government. "The health and safety of all of our employees and contractors remains paramount to Gem Diamonds and we shall continue with the testing and precautionary measures which have been effective at Letseng and our other operations during this pandemic," Chief Executive Clifford Elphick says.

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Wishbone Gold PLC - precious metals trading and exploration company with assets in Australia - Notes Mag Spec Airborne Surveys Pty Ltd has advised that the airborne close spaced high resolution aerial magnetic and radiometric survey on its Red Setter project, in the Paterson Ranges in Western Australia, has been flown and that the filed data has been checked and uploaded for processing. "When completed this survey will cover the entire Red Setter project area down to a depth of approximately one kilometre. This will provide a considerably more detailed picture of the property than the government survey data which we have had up until now," Wishbone adds.

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Oracle Power PLC - UK-based natural resource and power project developer - Completes the processing and interpretation of the available magnetic and induced polarisation geophysical datasets across the Northern Zone gold project, located east of Kalgoorlie in Western Australia. Chief Executive Naheed Memon says: "The processing of magnetics and IP geophysical data across the Northern Zone has provided us with a direct target model for further drilling to be undertaken. We are strongly encouraged by the IP chargeability anomalies, which are yet to be drill tested. In addition, down dip extensions to known mineralisation have been identified and remain as high priority drill targets. Our next phase of activities will involve detailed modelling of previous drilling results, with the aim of defining a comprehensive geological model to target further drilling."

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Biome Technologies PLC - bioplastics and radio frequency technology - Completes three-month feasibility project to develop and test a new generation of biodegradable tree shelters to be manufactured from the company's bioplastics. "The initial feasibility project has allowed the company to explore the performance of a variety of bioplastic materials in this application and culminated in the manufacture of prototypes at Biome's customer's premises," Biome adds. The polymers that Biome are using in this project are bio-based and biodegradable. Some are novel and represent some of the results of over six years and GBP6.5 million of directed investment in research collaboration between Biome and a number of UK universities.

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Mosman Oil & Gas Ltd - oil exploration, development, and production company - Sells remaining 510,000 shares that it owned in the Canadian listed Norseman Silver Inc. The sale is a considerable surplus to the written down value as at June 30, 2020 of about AUD27,000, about USD160,000. Mosman now holds no interest or shares in Norseman.

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By Paul McGowan; paulmcgowan@alliancenews.com