(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Entain PLC - London-based sports-betting and gaming company formerly known as GVC Holdings - MGM Resorts International confirms the receipt of a letter of support from largest shareholder InterActiveCorp supporting MGM's proposed offer for Entain. Notes a combination would position the combined company as a pure play omni-channel global leader in gaming and entertainment. Earlier in January, Entain confirmed it received a possible takeover offer from its partner, US casino operator MGM Resorts. Based on closing prices on December 31, MGM Resorts' proposal represents represents a value of 1,383 pence per Entain share and a premium of 22% to Entain's share price. Under the terms of the proposal, Entain shareholders would own just shy of 42% of the enlarged company. Entain said MGM has indicated that a limited partial cash alternative may be offered as well. Entain, however, said it told MGM Resorts that the bid "significantly undervalues the company and its prospects".
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Gulf Marine Services PLC - UAE-based marine services provider - Wins long-term contract for GMS Evolution with a network operations centre client in the Middle East and North Africa region. GMS Evolution will replace a K-Class vessel, currently on contract with the same client, from January 2021 through to the fourth quarter of 2022. Gulf Marine highlights its backlog currently stands at USD220.2 million of which USD101 million will be executed in 2021.
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Zoetic International PLC - London-based cannabidiol company - Commences trading on the OTCQX Best Market in the US, under the ticker symbol ZOEIF. Says it will continue to trade on the London Stock Exchange.
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Canadian Overseas Petroleum Ltd - oil & gas company focused on Sub-Saharan Africa - Pays USD8 million to Atomic Oil & Gas LLC as the second payment for its acquisition of Atomic. Canadian Overseas also raises GBP3 million in a private placement, taking the total amount raised in its non-brokered private placement to GBP9 million. Will use the funds raised for the acquisition of Atomic.
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Nostra Terra Oil & Gas Company PLC - Texas-focused oil and gas explorer - Raises GBP500,000 through the subscription for 80 million shares and the placing of 20 million shares, both at 0.50 pence each. Says it will use the cash raised for potential opportunities currently "under active consideration". Following admission of the new shares, its share capital will comprise 679.5 million shares.
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Tekmar Group PLC - County Durham-based technology provider for the energy market - Says Pipeshield International Ltd secures a contract worth over GBP4 million to design, engineer and manufacture a subsea scour protection solution for a major quay development project. Notes the contract is the largest win to date, adding the contract is for execution and revenue recognition in the current financial year ending September 20, 2021.
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Grafenia PLC- Manchester-based printing business - Says unaware of reason for rise in share price from 4.50 pence on Thursday to 10.15p on Friday. The stock closed at 8.26p each on Friday.
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ITM Power PLC - Sheffield-based hydrogen energy solutions - Says its consortium with Orsted, Siemens Gamesa Renewable Energy, and Element Energy has secured EUR5 million funding to study the feasibility and potential of combining an offshore wind turbine directly with an electrolyser and transporting renewable hydrogen to shore. The consortium will develop and test a megawatt-scale fully marinised electrolyser in a shoreside pilot trial. The project will start in 2021 and run until the end of 2024.
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88 Energy Ltd - Alaska-focused oil producer - Says it has been named high bidder on the Tract 29 area, a 23,4460-acre area adjacent to its Yukon leases. "Tract 29 is considered highly prospective as there is evidence of existing discoveries to the west extending into this area. We have had our eye on this lease for some time and are extremely pleased to have been announced high bidder in the recent lease sale," says Managing Director Dave Wall.
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By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
88 Energy (88E)
Itm Power (ITM)
Nostra Terra (NTOG)
COPL (COPL)
Gulf Marine Services (GMS)
Tekmar Group P. (TGP)
Entain (ENT)