After just four months of “strong” trading of its financial year to end-March 2021, the medical software business said it expects revenue for the year to be “well ahead” and underlying profit to be “substantially ahead” of current forecasts.
The FTSE 250 company, which in April cancelled its final dividend for last year to preserve liquidity during the coronavirus crisis, is going to declare a special distribution of 6.7p per share in lieu of the final dividend.
2pm: Oncimmune rises after expanding collaboration with Roche
Oncimmune Holdings PLC (LON:ONC) gained 10% to 130.75p in the early afternoon after revealing a “substantial expansion” of its collaboration with Swiss giant Roche that will see the value of its contract increase.
The immunodiagnostics specialist’s biomarker discovery platform SeroTag is being used to “explore the baseline and on-treatment autoantibody profiles as biomarkers in patients that received cancer immunotherapy”.
The timeline for the project has not changed, with initial results to be provided to Roche within three months of completion in November.
12.15pm: Indivior jumps on US lawsuit settlement for opioid treatment
Under the deal, the drugmaker admitted it falsely stated that the anti-addiction treatment, designed to reduce withdrawal symptoms from opioid misuse, was safer than others containing the active ingredient buprenorphine.
The settlement comes amid an ongoing legal battle faced by multiple pharmaceutical firms by state and local governments in the US as they grapple with a crisis that has seen millions of Americans become addicted to opioids.
11.10am: Maestrano rises on upbeat trading update
The artificial intelligence firm also said its subsidiary Corridor Technology completed the first two phases of a pilot project for machine learning in the Japanese rail network.
The project was announced in January as part of a partnership with private railway company Meitetsu.
10.10am: Midatech Pharma drops on discounted placing
The drug delivery technology company said the placing was significantly oversubscribed and brings new UK institutions into its shareholder base.
The proceeds will be used to advance its pipeline of Q-Sphera products for potential out-licensing as well as developing its technology for unique application with biologic active pharmaceutical ingredients.
Also on the fund-raising front, Echo Energy PLC (LON:ECHO) saw its shares shed 19% to 0.525p as the Latin American-focused upstream oil and gas company launched a placing to raise gross proceeds of £475,000.
The company said it has conditionally issued 95,000,000 new ordinary shares at a placing price of 0.5p each, with warrants attached on a 1-for-1 basis to subscribe for new ordinary shares at a price of 1.0p each.
The group said the net proceeds of the placing will strengthen its cash position, enable the acceleration of prioritised activities in respect of the previously announced initial portfolio of workover and intervention operations at Santa Cruz Sur in Argentina, and be applied towards the group’s general working capital requirements.
8.40am: Zinc Media plays the lead as operations resume faster than expected
Zinc Media Group PLC (LON:ZIN) was an early riser at the start of the week, shooting up 33% to 56.7p on Monday morning after unveiling better than previously forecast revenues since the easing of the coronavirus pandemic lockdown.
The TV and multimedia content producer said it is resuming previously paused production faster than expected while it has also won a further £2.7mln of new business since May.
The AIM-listed firm currently has more than 20 programmes in pre-production or production, including the resumption of a new series for the Smithsonian Channel, The curious life and death of…, the ongoing series Police Code Zero: Officer Under Attack for Channel 5, Britain’s Lost Masterpieces for BBC4 and Grand Tours of Scotland’s Lochs for BBC Scotland.
Elsewhere, Supply@Me Capital PLC (LON:SYME) advanced 8% to 0.07p after revealing it is progressing discussions with a large financial institution over an inventory monetisation pilot programme in the UK.
The target is to start a pilot programme by the end of 2020 with up to 10 UK client companies. A positive outcome may lead to a first self-funding agreement in the UK, said the AIM-listed fintech company.
Proactive news headlines:
Supply@ME Capital PLC (LON:SYME) said discussions are progressing with a large financial institution over an inventory monetisation pilot programme in the UK. The target is to start a pilot programme by the end of 2020 with up to 10 UK client companies. A positive outcome may lead to a first self-funding agreement in the UK, said the AIM-listed company. In a trading update, Supply@Me added that it is also developing a dual-funding approach to its stock monetising platform.
Oncimmune Holdings PLC (LON:ONC) said there has been a “substantial expansion” of its collaboration with Swiss giant Roche – one which will see the value of its contract increase. The immunodiagnostics specialist’s biomarker discovery platform SeroTag is being used to “explore the baseline and on-treatment autoantibody profiles as biomarkers in patients that received cancer immunotherapy”. The timeline for the project has not changed, with initial results to be provided to Roche within three months of completion in November.
Location Sciences Group PLC (LON:LSAI) has reported higher revenues in the first six months of the year and lower losses as it works to offset the impact of the coronavirus (COVID-19) pandemic on some of its business lines. In a trading update covering the six months to June 30, 2020, the location data verification specialist said it expects to report revenues of around £650,000, 43% higher than the prior year, alongside an adjusted cash EBITDA loss of £680,000 compared to an £820,000 loss in 2019.
Panther Metals PLC (LON:PALM) has acquired 135 mining claim cells, increasing the total area of the Dotted Lake gold project by 346%. The Dotted Lake property is situated in Canada, approximately 16 kilometres north of Barrick Gold Corporation’s renowned Hemlo gold mine. The new claim acquisition constitutes a strategic expansion in an area renowned for gold discoveries and gold production over the last 40 years.
ImmuPharma PLC (LON:IMM, FRA: 25I) has said its licensing partner has submitted a special protocol assessment (SPA) request to the US regulators ahead of a phase III clinical trial of its lupus drug. The SPA is a process by which the US Food & Drug Administration and Avion Pharmaceuticals will decide on the design and size of the study that will both meet the scientific and regulatory requirements and supports marketing approval for Lupuzor. The review period for an SPA request is up to 45 days, said ImmuPharma, which has been working with Avion to finalise a new optimised international protocol.
City Pub Group Plc (LON:CPC) said it has traded profitably since early July as pubs began to reopen their doors following the easing of lockdown restrictions in the UK. In a trading update for the three weeks since July 4, 2020, the company said it reopened 24 of its 48 pubs on that day, with another eight reopening over the last two weeks taking the total to 32. The firm said its pubs have delivered “an encouraging performance to date” since opening their doors again, with its remaining branches expected to reopen within the next two months or earlier if social distancing measures are relaxed further. Total sales for the three week period were £1.8mln, around 63% of previous levels on a like-for-like basis, while City Pub said “significant reductions” in costs and operational efficiencies had allowed it to trade profitably and generate cash.
IQ-AI Limited (LON:IQAI) said its subsidiary, Imaging Biometrics (IB), has reported that the development of IB Stroke, a product designed to use algorithms to generate information commonly used to diagnose strokes in patients, is currently on track. The company also said a subcommittee of the USA Jumpstarting Brain Tumour Drug Development Coalition has recently recommended that the quantitative perfusion capability, exclusive to IB, provides a singular foundation upon which to build IB Stroke and is now the consensus recommended standard for the National Clinical Trials Network.
Supermarket Income REIT PLC (LON:SUPR), the grocery chain property specialist, has acquired the Tesco Extra store in Newmarket, Suffolk for £61mln. The site comprises a 68,000 square foot net sales area with a 12-pump petrol filling station, 654 parking spaces and purpose-built online fulfilment distribution docks that support Tesco’s online grocery business across the region. The Tesco store is being acquired from the Standard Life Pooled Property Fund on a yield of 4.6% with an unexpired lease term of 16 years with annual, upward-only rent reviews. The company also said it has arranged a new revolving credit facility of £60mln with Wells Fargo. This secured, interest-only, RCF has an initial five-year term and two further one-year extension options.
Savannah Resources PLC (LON:SAV) said a report has found that its Mina do Barroso lithium project could contribute nearly €1.2bn to the gross output of Portugal, including €168mln during its construction phase and €90mln per year during the operating phase. The report was written by a team of economists from the prestigious University of Minho, based in the city of Braga, approximately 80 kilometres away from Mina do Barroso. The economic analysis drew on the results of a 2018 scoping study on the project. The report also said that Mina do Barroso would boost Portugal’s annual export revenue from metal ores by 20% with its projected €110mln per year of lithium sales.
Echo Energy PLC (LON:ECHO), the Latin American-focused upstream oil and gas company, has announced the conditional placing of new ordinary shares in the company to raise gross proceeds of £475,000. The comp[any said it has conditionally issued 95,000,000 new ordinary shares at a placing price of 0.5p each, with warrants attached on a 1-for-1 basis to subscribe for new ordinary shares at a price of 1.0p each. In addition to the placing warrants, the company has also conditionally issued 5,700,000 warrants to subscribe for new ordinary shares at any time until the second anniversary of issue and with an exercise price of 0.8p each in respect of fees incurred in connection with the placing. The group said the net proceeds of the placing will strengthen the company’s cash position, will enable the acceleration of prioritised activities in respect of the previously announced initial portfolio of workover and intervention operations at Santa Cruz Sur in Argentina and be applied towards the group’s general working capital requirements.
Base Resources Ltd (LON:BSE) (ASX:BSE) has updated the resource at its Kwale South Dune project in Kenya to reflect a 5% reduction in material bulk density, following routine reconciliations undertaken between the resource model estimates and run-of-mine operating data gained since mining commenced on the South Dune in July 2019. The resource has also been updated to reflect a reduction in the size of the prospecting licence and depletion due to mining. On the basis of current ore reserves, mining is scheduled on the Kwale South Dune until October 2022.
SIMEC Atlantis Energy PLC (LON:SAE), the global developer, owner and operator of sustainable energy projects, has announced that Ian Wakelin has resigned as a non-executive director of the company and chair of its Audit Committee, having accepted the role of chairman of waste company Viridor Group, a British waste company. Wakelin will leave the company’s Board in October and will in the interim assist the transition of the Audit Committee to a new chair. Atlantis has begun the search for a suitable replacement and a further announcement will be made in due course. John Neill, chairman of Simec Atlantis, commented: “I am delighted for Ian on his appointment as Chairman for the Viridor Group and on behalf of the Atlantis Board, wish him well. I would like to thank him for his service, contributions and leadership over the past two years. He has been invaluable in providing guidance to management and fellow board members and has put Atlantis in a very strong position to successfully complete the conversion of its flagship project, Uskmouth and to continue to pioneer and deliver sustainable energy projects across the globe.”
Powerhouse Energy Group PLC (LON:PHE), the UK technology company commercialising hydrogen production from waste plastic, has announced the appointment of Allan Vlah as a non-executive director of the company with immediate effect. With twenty years’ experience in the investment industry, Vlah is a director in Aviva Investors’ infrastructure group where he started and continues to lead Aviva Investors’ Energy from Waste equity strategy. Cameron Davies, Powerhouse commented: “On behalf of the Board, I would like to express how pleased we are to have Allan join as a non-executive director. His wide experience and specialist knowledge of the energy sector and infrastructure financing will be of immense benefit to the Company in terms of developing a strong and solid presence for our DMG waste to energy conversion technology across the UK and its roll out in selected international markets.”
Woodbois Limited (LON:WBI) has updated investors on its proposal to purchase further convertible bonds, saying it has extended the capitalisation by agreeing terms with Rhino Ventures Limited – a company affiliated with Miles Pelham and Pelham Limited) – to repurchase all remaining convertible bonds held by it and by agreeing with certain other bondholders – including Paul Dolan, chairman and CEO of the company – to repurchase the convertible bonds held by them, in each case at the placing price. The aggregate additional principal amount of convertible bonds being purchased is $6,448,800, and the total additional number of capitalisation chares to be issued in exchange for the convertible bonds (plus the accrued interest liability) is 266,178,196.
Premier African Minerals Limited LON:PREM) has announced that investors D-Beta One EQ, Ltd, YA II PN, Ltd and Riverfort Global Opportunities PCC Limited elected on July 24, 2020, to convert US$50,000 of the investment plus accrued interest of US$6,276.71, amounting to US$56,276.71 (£44,115.31) in aggregate, in accordance with the terms of the Investment agreement as announced on May 7, 2020, into new ordinary shares in the company. The company said it has therefore issued today 70,426,740 new ordinary shares to the investors at an issue price of 0.062640p per investors share, the issue price being 90% of the lowest daily volume-weighted average price during the five days trading days immediately prior to the repayment.
MTI Wireless Edge Ltd. (LON:MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors has announced that it will continue the programme to conduct market purchases of its ordinary shares which was commenced on January 24, 2019, was originally in place until no later than July 26, 2019, and subsequently extended until July 26, 2020. At a recent meeting, the company said its board of directors decided to extend the share repurchase programme until January 26, 2021, and that the share repurchase programme shall continue under the same terms and conditions as originally announced. Commenting on the share repurchase programme, MTI Wireless CEO Moni Borovitz said: “We believe that this programme has contributed to a significant increase in liquidity in MTI’s shares and it is logical therefore to extend it again.”
Faron Pharmaceuticals Oy (LON:FARN) (NASDAQFIRSTNORTH:FARON), the clinical-stage biopharmaceutical company has announced that Cairn Financial Advisers has been appointed as Nominated Adviser (Nomad) to the company with immediate effect. Panmure Gordon (UK) Limited continues to act as the company’s broker, it added.
ECR Minerals PLC (LON:ECR), the gold exploration and development company focused on Australia, announced that it has received notice to exercise warrants over 5,500,000 new ordinary shares in the company. It said that 3,500,000 new ordinary shares are at an exercise price of 1.125p per share and 2,000,000 new ordinary shares are at an exercise price of 1p per share. Subscription monies of £59,375 have been received by ECR in respect of the exercise of these warrants, the group added.
Aminex PLC (LON:AEX) has announced that John Bell, its chairman and Linda Beal, senior non-executive director, have stepped down as non-executive directors of the company with immediate effect. It added that Robert Ambrose has taken on the role of interim executive chairman and the board will commence the process for the recruitment of replacement directors. The company said it has continued to monitor UK government restrictions on gatherings indoors and confirms that this year’s annual general meeting (AGM), to be held at 2 pm on Wednesday 29 July 2020, will be a closed meeting. Accordingly, shareholders will not be admitted to the AGM however they will be able to listen to the proceedings of the meeting remotely by teleconference using the following dial-in details: United Kingdom (local) 020 8322 2500; Ireland (local) 01 4360958; All other locations +44 (0) 20 8322 2500; Listen-Only Access Code 475052.
Baker Steel Resources Trust Ltd (LON:BST) has announced that its annual general meeting will be held on Friday, August 14, 2020, at 10.00am. Further details are available on the company’s website: www.bakersteelresourcestrust.com