Hyve Group PLC (LON:HYVE), the events organiser, was up 6.8% at 125p after it received its first insurance pay-out relating to cancelled events.
The company revealed it is engaged in “positive and constructive dialogue” with its insurers regarding event cancellation and postponement insurance and has thus far submitted claims concerning 17 of its cancelled events in the current fiscal year (which runs to the end of March).
A first interim payment of £7.35mln covering a number of these claims has now been received.
2.00pm: Tiziana up after US patent breakthrough
Tiziana Life Sciences PLC (LON:TILS) was a hot stock on Friday, rising 19% to 107.5p after it receives US patent protection for an oral delivery method for monoclonal antibody treatment.
The patent protects the “lyophilised and stabilised free-flowing powder” of Foralumab contained in enteric-coated capsules for oral treatment of disease.
This first-in-class formulation allows Tiziana to work on drugs for Crohn’s, multiple sclerosis and Alzheimer’s disease that can be administered by mouth rather than requiring a painful intravenous line or injection.
12.45pm: Trifast seeks to raise up to £15mln
Trifast PLC (LON:TRI) slipped 4.9% to 127p after it proposed to raise up to £15mln by placing shares.
The pricing of the share issue will be announced after the fastening specialist’s broker has completed the book-building process.
The board revealed that the company is expected to report revenues of around £200mln the year to the end of March 2020, which the board believes represents a resilient performance in the face of challenging market conditions and the initial impact of the coronavirus (COVID-19) outbreak in the early months of 2020.
11.30am: IQ-AI Limited surges on Imaging Biometrics news
IQ-AI Limited (LON:IQAI) hardened 14% to 3.375p after positive news regarding its subsidiary, Imaging Biometrics (IB).
IB has had its MRI DSC perfusion technology, first made available through the company’s IB Neuro product, recognised as the national standard in the US for use in high-grade brain tumours.
DSC, which stands for dynamic susceptibility contrast, is the most common perfusion MRI technology used for the evaluation of brain tumours.
10.30am: Agronomics does U-turn on merits of a stock market listing
Agronomics Limited (LON:ANIC) caused a bit of share price aggro – the shares are down 26% at 5p – after floating the idea of delisting its shares.
The directors believe that in current and foreseeable market conditions, the company, as an investor in early-stage pre-revenue companies, is unlikely to be able to secure the level of funding on public equity markets required to pursue its investment strategy to maximum effect. The company last tapped the market a year ago.
It is proposing to delist and at the same time make a tender offer for shareholders’ shares so they can easily exit the stock.
9.30am: Upbeat trading statement from Studio Retail offsets CMA decision news
Studio Retail Group PLC (LON:STU) shot up 14% to 208p in early trade on Friday after the group said it continued to trade strongly and well ahead of last year.
The news more than offset the effect of this morning’s news that the proposed sale of Findel Education to YPO will be subject to a Phase 2 review by the Competition and Markets Authority (CMA).
“Whilst we will face increased competition from the high street over the coming months, we are confident that the strength of our offer will continue to resonate amongst value-conscious shoppers,” said Phil Maudsley, the chief executive officer of Studio Retail Group.
Urban Exposure PLC (LON:UEX) rose 13% to 54p after the company estimated an orderly wind-down of the company has the potential to produce net returns for shareholders of 70p-83p.
The company reckons that 80% of proceeds should be returned to shareholders within seven to 15 months.
Meanwhile, the company has announced a number of senior management changes, including the departure of its chief executive officer, Randeesh Sandhu, and its chief operating officer, Daljit Sandhu.
Proactive news headlines:
TomCo Energy PLC (LON:TOM) said it has now terminated the placing it announced earlier this week and confirmed changes to its joint venture agreement with Valkor. The Greenfield Energy joint venture has still been established, with TomCo taking a 50% stake, and Valkor has agreed that it will assign to Greenfield the benefit of a licence to use MSAR Technology developed by Quadrise International Fuels PLC (LON:QFI). TomCo will no longer be required to provide funding to Greenfield of up to US$1.5mln, as was previously envisaged, until such time as TomCo has such funds available.
Tiziana Life Sciences PLC (LON:TILS) (NASDAQ:TLSA) has received a US patent for a breakthrough oral formulation of a monoclonal antibody that has been hailed as offering a “transformational avenue for immunotherapies”. The patent protects the “lyophilised and stabilised free-flowing powder” of Foralumab contained in enteric-coated capsules for oral treatment of disease. This first-in-class formulation allows Tiziana to work on drugs for Crohn’s, multiple sclerosis and Alzheimer’s disease that can be administered by mouth rather than requiring a painful intravenous line or injection.
In a separate statement released after the market close on Thursday, Tiziana Life Sciences also announced that Gregor MacRae is standing down as a director of the company with immediate effect. Gabriele Cerrone, chairman of Tiziana commented: “I thank Gregor for his contribution to the Board and the Company and wish him well in his other interests. We are currently in the process of recruiting a new, seasoned non-executive director with extensive NASDAQ audit committee experience and hope to make a formal announcement shortly”.
Catenae Innovation PLC (LON:CTEA) said its partner Newcastle Premier Health has successfully completed a proof-of-concept pilot trial of the Cov-ID app. Cov-ID is GDPR compliant identity documentation exchange system to record an individual’s coronavirus (COVID-19) test status through a mobile application. The project is a joint initiative by a consortium of companies led by the Z/Yen Group, and it is expected the fully validated product will be rolled out to businesses.
Inspiration Healthcare Group PLC (LON:IHC) said it has agreed to acquire S.L.E. Limited, a designer and manufacturer of ventilators and capital equipment used in neonatal intensive care, for a consideration of £18mln. The medical technology firm said it will complete the acquisition using £16.2mln in cash while the remaining £1.8mln will be paid in shares. Inspiration said the acquisition is expected to be earnings enhancing in the short to medium term with “significant commercial synergies”. To help fund the purchase, the company said it has raised £16.5mln through a placing and subscription of around 25.4mln new shares at a price of 65p each, a 1.5% discount to its closing price on Thursday, to new and existing investors.
Learning Technologies Group PLC (LON:LTG), the provider of services and technologies for digital learning and talent management, has said it continues to see demand in line with expectations. At the company’s virtual annual general meeting held on Friday, chairman Andrew Brode will tell shareholders that the company is in “a strong and resilient position”, ready to further consolidate the digital learning and talent sector. In a review of 2019, Brode described it as an excellent year for the company, and that it was “particularly pleasing to see our Content & Services business return to organic constant currency growth, as expected”.
Directa Plus PLC (LON:DCTA) has said its G+ graphene-enhanced facemasks, Co-mask, are now available for retail sale at a new, dedicated website. The Co-mask range of G+ masks has been designed to be suitable for use by commuters, in the workplace, and during sport and exercise. The company pointed out that G+-enhanced fabric is naturally bacteriostatic, which means that it stops bacteria reproducing on the mask while the fabric itself is dermatologically tested and hypoallergenic.
Gore Street Energy Storage Fund PLC (LON:GSF) is to receive an investment worth £2.83mln from JXTG Nippon Oil & Energy Corporation, Japan’s largest oil company. In addition, the UK listed trust will raise funds from a separate placing and retail offer via PrimaryBid. The price of the subscription, placing and retail offer has been set at 96.1p, in line with the trust’s net asset value and a small discount to last night’s closing price. Alex O’Cinneide, chief executive of the company’s investment adviser Gore Street Capital, said the subscription from JXTG provides the basis for a long-term collaboration.
IQ-AI Limited (LON:IQAI) said its subsidiary, Imaging Biometrics (IB), has had its MRI DSC perfusion technology, first made available through the company’s IB Neuro product, recognised as the national standard in the US for use in high-grade brain tumours. DSC, which stands for dynamic susceptibility contrast, is the most common perfusion MRI technology used for the evaluation of brain tumours. The company said the recognition was the outcome of the DSC-MRI Standardisation Subcommittee of the Jumpstarting Brain Tumor Drug Development Coalition, which provides evidence-based best practices for routine clinical use from both an MR acquisition and post-processing perspective. Additionally, IQ-AI chief executive Trevor Brown said the company has recommenced the process to find a buyer for its Stonechecker software, with discussions now underway with two parties.
Woodbois Limited (LON:WBI), the timber and veneer group, said it has negotiated a debt restructuring in principle with the majority of its convertible bondholders. Owners of 75% of US$30mln of outstanding bonds have agreed to convert into voting and non-voting shares and a zero-coupon convertible bond subject to equity funding also being carried out. Discussions are underway as well with the holders of its internal trade finance facility (ITF), including Lombard Odier, which is also a substantial shareholder, the group added. Woodbois said the aim is to retire the ITF as part of the planned restructuring and fundraise. Operationally, Woodbois said it wants to increase capacity at its veneer plant in Gabon to increase margins. Sawmill operations have restarted in Gabon while the group’s operations in Mozambique recommenced last month on a 50:50 profit share basis.
Regency Mines PLC (LON:RGM) has struck a deal to acquire a 50% interest in Weirs Drove Development Ltd (WDD), a developer of energy storage and solar projects in the United Kingdom. The venture starts with an initial site in Cambridgeshire. This flagship project, in Burwell, will be for 30 megawatts and benefits from an offtake with a subsidiary of Shell New Energies, Litejump Ltd. Regency is acquiring the stake via its Flexible Grid Solutions division and it is paying £25,000 in cash for the acquisition and commits to lend £100,000 once the first project becomes ‘shovel ready’ which is expected soon. To support this new activity, Regency is raising £200,000 with a share placing arranged by the company at a placing price of 1p per share, a 5.3% premium to Thursday’s closing price. The principles of Weirs Drove Development participated in the share placing, taking £30,000 of the shares.
Avation PLC (LON:AVAP) said it has entered commercial agreements to lease five aircraft that were formerly used by Virgin Australia, which went into administration in April. The company said it has agreed to lease two former Virgin Australia ATR 72-500s to another commercial airline in Australia until the end of 2021 at current market leasing rates. Avation also said it had signed a conditional letter of intent for another former Virgin Australia ATR 72-500 with an airline customer for an operating lease period of five years at current market rates. Meanwhile, the firm has entered finance leases for the sale of its last two Fokker 100 aircraft over September at a price 6% above book value.
Ncondezi Energy Limited (LON:NCCL) has provided a general update on the progress of its coal-fired power project and coal mine in Tete, Mozambique. The AIM-listed company said it has agreed additional work requirements and updated its development programme which has been submitted for approval to the state-owned Electricidade de Moçambique (EDM). Ncondezi also said it has commissioned studies on both updated transmission integration and the Mozambican power market outlook, which are targeted for completion in the third quarter of 2020.
Bezant Resources PLC (LON:BZT) has reached an agreement to acquire 100% of Virgo Resources Ltd, picking up a big interest in the Hope Copper-Gold Project in Namibia. Virgo’s subsidiary Hepburn Resources owns majority stakes (70%-80%) in Namibian companies which in turn hold the licences that comprise the Hope project. Hope spans 92,310 hectares of the Matchless Copper Belt, with applications pending for a further 30,960 hectares. The project is to date estimated to host some 10.2mln tonnes of JORC compliant resources – with a copper grade of 1.9% and 0.3 grams per tonne gold – of which around 30% is classified as indicated resources. Meanwhile, Bezant is raising £350,000 of new capital in a share placing arranged by broker Novum Securities. Some 406mln new shares will be sold to investors at a price of 0.08p each. Chairman Colin Bird is at the same time subscribing for £50,000 of new shares on the same terms as the placing, with his holding marked at 3.29% of the enlarged share capital.
Thor Mining PLC (LON:THR) (ASX:THR) said it has posted the notice for its general meeting to be held at the company’s office at 58 Galway Avenue, Marleston, South Australia on July 7, 2020, at 5.00 p.m. (Australian Central Standard Time). The purpose of the meeting is to ratify the recently announced share issues in respect of the placing for A$970,000 and the potential acquisition of American Vanadium Pty Ltd (AVU). The General Meeting will also propose the issue shares to certain directors in lieu of cash payment for director’s fees for the period from January 1 to June 30, 2020. In light of the impact of coronavirus (COVID-19) and following the introduction by both the UK and Australian governments of restrictions on the number of people who can attend meetings, the attendant social distance rules and allied matters, the general meeting will be held in Australia with only two directors or senior employees present each of whom is either a shareholder, or a proxy, or a corporate representative appointed by a shareholder. No other shareholder, proxy or corporate representative should attend the general meeting in person.
Genel Energy PLC (LON:GENL) had announced that payments have been received from the Kurdistan Regional Government for oil sales during May 2020. The group said Taq Taq partners have received a gross payment of $3.4mln, with Genel’s net share of the payment being $1.9mln. The Tawke partners have received a gross payment of $26.8mln, with Genel’s net share of the payment being $6.6mln, it added.
Galileo Resources PLC (LON:GLR), the exploration and development mining company, said it was notified on Thursday that Colin Bird, its CEO & chairman had bought 2,600,000 Galileo ordinary shares at a price of 0.7346p each. Following the transaction, the group noted, Bird is interested in 63,035,000 Galileo ordinary shares, representing approximately 8.90% of the issued share capital of the company.
APQ Global Limited (LON:APQ) has announced that, as at the close of business on May 30, 2020, its unaudited book value per ordinary share was 17.49 US cents, equivalent to 14.15p.
Kodal Minerals PLC (LON:KOD), the mineral exploration and development company said it has posted to shareholders a circular containing a notice of general meeting to be held at 12.30pm on July 6, 2020, in order to propose resolutions to renew the directors’ authority to issue and allot new ordinary shares, including on a non-pre-emptive basis. As a result of the current measures implemented by the UK government, shareholders will not be permitted to attend the meeting but are strongly encouraged to submit their votes by proxy as soon as possible. Relevant questions related to the meeting from shareholders can be raised in advance via the “Contact” section of the company’s website, and in so far as is relevant to the business of the meeting, will be responded to by email and taken into account as appropriate at the meeting itself.
Chesnara PLC (LON:CSN), the life assurance group, has said it will report its results for the half year ending June 30, 2020, on Monday, September 28, 2020.