Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
L10CCS seeks to store 5 MM tonnes of CO₂ annually, equivalent to a third of the total CO2 emissions from Dutch domestic vehicles in one year. All partners have signed up to a FEED Cooperation Agreement and Neptune has awarded the Facilities FEED contract to Petrofac, with the contract having kicked off last month.
The storage license application for L10CCS was submitted in the second quarter of 2023. The project is awaiting award of the license by the Dutch Ministry of Economic Affairs & Climate Policy. Talks with emitters, looking for a safe place to store their carbon in depleted gas fields under the North Sea, are ongoing and necessary contractual arrangements will be progressed during this project phase.
https://www.oilfieldtechnology.com/drilling-and-production/14122023/dutch-large-scale-co-storage-project-l10ccs-reaches-feed-phase/amp/
5 December 2023 • 10:59
SUSTAINABILITY
CLIMATE CHANGE
ENVIRONMENT
UAE
FINANCIAL SERVICES
The UAE's largest bank, First Abu Dhabi Bank (FAB), on Tuesday said that it will lend, invest and facilitate over 500 billion dirhams ($135 billion) in sustainable and transition financing by 2030.
The new target is an 80% increase over the lender's 2021 commitment of AED275.4 billion, and represents the "largest sustainable finance commitment made by any MENA bank to date", FAB claimed in a statement on Tuesday.
The bank will expand its target to include transition financing projects and early-stage innovative climate solutions, it added.
https://www.zawya.com/business/banking-and-insurance/uaes-first-abu-dhabi-bank-commits-135bln-in-sustainable-finance-by-2030-vlbg5x0e?amp=1
Petrofac ("Petrofac" or the "Group") is pleased to announce that it has extended US$700 million of its banking facilities, at its request, with the unanimous support of lenders. These extensions comprise a US$610 million extension of its existing revolving credit facility to 2 June 2022, with an option to extend for a further six months (1), and a US$90 million extension of its bilateral term facility with Abu Dhabi Commercial Bank to 1 April 2022 (2). The increase in margin on these facilities reflects market conditions and remains competitive. Existing financial covenants remain unchanged and will be tested on a quarterly basis. In line with our liquidity policy, the extended revolving credit facility includes a minimum liquidity covenant of US$100 million. The revised facilities of US$700 million represent a reduction in facility size of US$450 million, in line with business requirements and reflecting the Group's transition to a capital light business model. Both facilities were due to be repaid or prepaid on or before 2 June 2021.
This is what they arranged last time 👍
Seen some utter drivel posted on here today 🤣stay safe let’s hope they pull it out the bag
Look back through Pfc history it’s been heavily shorted periodically, April 2021 the last big one 9.5% declared
Started at 83p went on to reach £1.31 short term and £1.95 4 month later.
Shorts can only deal with the information presented to them, PFC would have know the potential issue months ago, so potential solutions have been thought up since then you’d imagine.
Closing cash at the end of June 2023 of £9.8m (30 June 2022: £17.7m) and no debt give a forecast runway to end August 2024
Funded ☑️
Delivered on their promise of teir 1 contracts. Value of $100m + per year 25% net to Miri. ☑️
Details to be shared before the end of Q4 once fully functioning ☑️
Also found it interesting they are recruiting someone with experience with “unreal engine”
The administrators advised customers that orders will not be fulfilled by the company in administration. They continue to explore the possibility of selling certain business and assets to a third party.
Https://x.com/gmb_union/status/1718958837359632561?s=46&t=4s-AQzZhMmeWz3Ire1AEsA
It’s a common misconception that any insolvent company can enter into administration – it can’t. Administration is only an option if the business is insolvent but remains viable. That is:
It’s a reasonable size
It generates a consistent level of cash-flow
It has the potential to return to profitability
Although the immediate goal of the administration process is to ensure the company’s creditors receive the best possible return, it also gives the business the chance to make changes to its core operations in a bid to return to profitability. To achieve this goal, the administrator can sell assets, reduce staff and negotiate a Company Voluntary Arrangement (CVA) to repay its debts without the threat of legal action from creditors.
If a business has no assets of value, no ongoing cash-flow and no real prospect of returning to profitability, administration would not be appropriate. In that case, the only option is to liquidate the company.
How Long Does Going into Administration Take?
The process of going into administration can take anything from just a few hours to several weeks depending on your circumstances and the size of your business. Once the process has begun, it typically lasts for 12 months, although it can be extended with agreement from the courts. The business will not usually be run by the administrator for this length of time. Typically, the administrator will only be in control of the business for a period of around six weeks.
Can a Company Still Trade When it Goes into Administration?
Yes. If the administrator decides that’s in the best interests of the creditors, then a company can continue to trade during the period of administration. This is known as a ‘trading administration’, and is often used when the administrator believes the business is still viable and its recovery is likely.
If the eventual plan is for the company to be sold as a going concern, the administrator may also allow the business to continue to trade. Trading companies typically preserve more of their value. That would increase the return for the creditors when the company is sold.
What are the Potential Outcomes of Administration?
There are three potential outcomes of administration. The administrator must achieve one of these outcomes when the period of administration comes to an end:
Rescue the company as a going concern so it can continue to trade
Achieve a better return for the creditors than if the company had been liquidated
Repay one or more secured or preferential creditors
To achieve one of these outcomes, there are a number of different steps the administrator can take. That includes:
Negotiate a Company Voluntary Arrangement (CVA) so the company can continue to trade and pay its debts over time.
Sell the business as a going concern to another company, either via a pre-pack administration or an open market sale. The business will be able to keep its clients, its workforce and order
Once a company goes into administration, it enters what is known as a ‘moratorium’. A moratorium is a legal stay that prevents creditors from taking legal action against the company. That gives the administrators the breathing space they need to implement rescue procedures or restructure the business and return the company to profitability.
The first step for the administrator is to take stock of all the company’s assets and debts so they can understand the financial position the business is in. The administrator will have a period of eight weeks to assess the situation and decide how they want to proceed.
They’ll then send out detailed proposals to all of the creditors explaining the course of action they plan to take and the anticipated outcome. The creditors will have a meeting to decide whether they approve of the administrator’s plans. If the proposals are agreed, the administrator will be able to put their plan into action.
Who can put a Company into Administration?
A company can be put into administration by its directors/owners and its secured creditors. The directors will use the administration process to try and protect the company and their position
If you look too the switch to a new profiler caused a one off payment of £1.7m, radio ads £1.4m and remuneration package for the former ceo was 600k. They’re £3m of costs that probably forced their hands. I’d be interested to see how much they need to stay afloat because I’d bet it isn’t significant
Could be a slim chance yet
https://www.bbc.co.uk/news/uk-england-south-yorkshire-67255380.amp
Unions and councils getting involved, won’t take much to save them.
Can’t help but think they had to go into administration to prevent breach of the debt covenants, which would’ve completely wiped them out
“At this time, the Group remains compliant with the covenants of its £7.5m borrowing facility. However, if the losses forecast for the remainder of the year materialise, this would generate a material shortfall versus the existing covenants of the RCF in November. Therefore, under the current facility terms, access to the RCF at that time could be fully restricted.  Â
Â
Alongside the discussions with existing shareholders and other third parties described above, the Board has had good discussions with the Group's bank, who have remained supportive, regarding renegotiating terms of the RCF in the form of a covenant waiver. This is yet to be formally agreed and is expected to be inter-conditional with the working capital injection referred to above.”
Would explain the quickness of the suspension/administration, as creditors cannot touch them during this 10 day window.
As reported in our half year trading update on 27 July, our numerous mitigation actions returned the business to profitability at the end of the first half despite reduced volumes in this more challenging market. I am pleased to confirm that we achieved our profit expectations in July and August. Pleasingly, our order intake has not fallen this far, it is currently down c.11% YoY which shows our product offering is withstanding wider market pressures better than others.
There’s certainly a solid business under there that has weathered many things over the years, hopefully the bank and councils can put a recovery plan in place and get people back to work 🙏
Biomarker detection is reproducible and quantifiable in less than a microliter of plasma by western blot, giving very favourable outputs in two independent archived cohorts, with 170 and 160 samples respectively.
For set 1, mean CIZ1b level in individuals without diagnosed tumours established a threshold that correctly classified 98% of small cell lung cancers (SCLC) and non-SCLC patients (receiver operator characteristic AUC 0.958).
Within set 2, comparison of stage 1 non-SCLC with asymptomatic age-matched smokers, or individuals with benign lung nodules, correctly classified 95% of patients (AUCs 0.913, 0.905)
Thus, CIZ1b performs with clinically useful accuracy, and could potentially satisfy the unmet need for a circulating biomarker for early detection of lung cancer.
The total consideration to be paid at Closing (the “Merger Consideration”) by MURF to the Conduit shareholders will be six hundred and fifty million dollars ($650,000,000) and will be payable in shares of Class A common stock, par value $0.0001 per share, of MURF (“MURF Common Stock”). The number of shares of MURF Common Stock to be paid to the shareholders of Conduit as Merger Consideration will be 65,000,000, with each share being valued at $10.00. All cash proceeds remaining in the trust will be used to pay transaction costs and as growth capital for MURF.
https://www.sec.gov/Archives/edgar/data/1896212/000149315222032104/form8-k.htm
The present invention also provides an anticancer drug for use in treating cancer wherein the subject has been identified as having cancer by the method of the invention.
The present invention further provides an anticancer lung cancer drug for use in treating lung cancer wherein the subject has been identified as having lung cancer by the method of the invention.
🧐
Excess expression of either the replication or immobilisation domain of Ciz1 has also been demonstrated in cancers, for example in NSCLC, breast, colon, kidney, liver, bladder and thyroid cancers. A correlation of domain expression with the stage of the cancer has also been determined (see WO 2012/078208).
Hello… how many cancers?
Https://patents.justia.com/patent/20230266327
US patent filed and published already 23rd august