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UK TRADING UPDATE SUMMARY: GYG Gets Yacht Contracts Worth EUR6 Million

Fri, 5th Jun 2020 15:45

(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Friday and not separately reported by Alliance News:

GYG PLC - Spain-based superyacht maintenance company - Secures two Refit contracts with MB92 Group worth over EUR6 million in total. Contracts are due to commence immediately in MB92 Group's facilities in Barcelona, Span, and La Ciotat, France. GYG's operations in both shipyards running as normal.

Randall & Quilter Investment Holdings Ltd - Bermuda-based insurer - Vermont, US-based subsidiary ICDC Ltd agrees to buy NationsBuilders Insurance Co, a Washington DC domiciled captive, from NationsBuilders Insurance Services. No financial details disclosed. NationsBuilders Insurance Co participated as a reinsurer of the business underwritten by its parent on casualty exposures including worker's compensation, general liability, auto liability and inland marine until it went into run-off in 2019. The sale of NationsBuilders Insurance Co provides full finality for NationsBuilders Insurance Services.

Thor Mining PLC - London-based tungsten and molybdenum explorer - Commences field activities associated with the due diligence assessment for the acquisition of American Vanadium Pty Ltd, which holds interests in uranium and vanadium focussed projects in Colorado and Utah in the US. Investigations to date, while not yet complete, have revealed no regulatory or environmental issues which would cast doubt on the transaction. Sampling and field based activities expected to continue for the next week, with results planned to be released later in June.

NetScientific PLC - Ashford-based healthcare intellectual property commercialisation group - Portfolio company PDS Biotechnology Corp to start a Phase 2 clinical trial to evaluate its lead immunotherapy product, PDS0101, in combination with standard of care chemoradiotherapy for treatment of locally advanced cervical cancer. NetScientific owns 7.2% stake in PDS Biotechnology.

Armadale Capital PLC - London-based investment group - Updated definitive feasibility study increased the net present value of Mahenge Liandu graphite project in southeast Tanzania to USD430 million. New study increases average annual production of large flake high-purity graphite at the project by 30% to 109 kilotonnes per annum from 80 kilotonnes in previous study. Application for mining licence planned to commence by the end of June.

Oilex Ltd - Australia-based oil explorer - Extends the date for the satisfaction of the conditions for the sale of its interests in the Cooper-Eromanga Basin to June 15 from June 5. Selling interests in the Cooper-Eromanga Basin to Armour Energy Ltd.

Revolution Bars Group PLC - Tameside-based bars operator - To issue 75.0 million shares pursuant to the firm placing and the placing and open offer at 20 pence per share, raising gross proceeds of GBP15.0 million. Share issue to result in net proceeds of GBP13.8 million. Directors agree to subscribe for 660,000 shares in firm placing.

Amigo Holdings PLC - subprime lender - 61% shareholder Richmond Group Ltd will sell 1% of the company every trading day until Richmond's stake is reduced to zero. Richmond is an investment vehicle of Amigo founder James Benamor.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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