Proactive news headlines: ClearStar, Tiziana Life Sciences, Sunrise Resources, Shield Therapeutics …
ClearStar Inc (LON:CLSU) has agreed to a buyout offer from private equity group Hanover Bidco worth 40p a share in cash. The offer values the issued share capital of staff vetting specialist at approximately GBP14.7mln and represents a 23% premium to the last practicable share price. Hanover Bidco said it had already received acceptances from more than 50% of shareholders, which is its acceptance target for the offer. Artemis Investment has also indicated it intends to accept the bid for its stake.
Tiziana Life Sciences PLC (LON:TILS, NASDAQ:TLSA) expects its demerged StemPrintER business will be floated on the London Stock Exchange’s standard list late in the fourth quarter, followed potentially by a dual Nasdaq quote next year. The new, independent diagnostics business will be known as Accustem Sciences, and the spin-off will allow Tiziana to focus on its clinical portfolio. Tiziana is using dividend in specie to affect the split. This where a dividend is paid not in cash, but in assets of the company.
Sunrise Resources PLC (LON:SRES) said it has received an Air Quality Operating Permit for its CS Pozzolan-Perlite project in Nevada, the final permit required for a mine and mineral processing plant. No adverse comments or objections were received during the public comment period which ended on September 11, 2020. CS had already received a mining permit from the Federal Bureau of Land Management and a reclamation permit from the Nevada authorities.
Shield Therapeutics PLC (LON:STX), the iron deficiency treatment specialist swung strongly into profit in its first half following an US$11.4mln upfront payment from ASK Pharm, its partner in China. Revenues for the half-year to June 30, 2020, jumped to GBP8.9mln (2019: GBP430,000) with net sales in Europe of Feraccru, its flagship product, rising by 50%. Shield posted a profit for the six month period of GBP3.1mln against a loss of GBP4.2mln over the same period a year ago, while there was a cash inflow of GBP2mln that has boosted the total balance to GBP6.5mln.
KRM22 PLC (LON:KRM) has entered into a new GBP3mln convertible loan facility provided by its largest shareholder Kestrel Partners, and at the same time has confirmed stronger revenues in the first half of 2020. The interim results statement from the investment software firm included total revenue of GBP2.3mln, up from GBP1.8mln in the same period last year, with organic revenue growth at 19%. Adjusted underlying earnings (EBITDA) in the first half was marked as a GBP0.3mln loss, while the loss before tax narrowed significantly to GBP1.2mln from GBP4.4mln in 2019.
Seeing Machines Limited (LON:SEE) said its aftermarket driver monitoring technology Guardian has gathered over 5bn kilometres of naturalist driving data due to its extensive customer list globally. The advanced computer vision technology company, which designs AI-powered operator monitoring systems to improve transport safety, said access to this set of driving data is fundamental to its success and underpinned by Human Factors research, providing the platform from which the company’s automotive-grade driver monitoring technology has been developed and refined.
Panther Metals PLC (LON:PALM) has released results from an airborne geophysics survey for the Big Bear Gold Project in Ontario, Canada. The survey delivers processed high-resolution data. The property presently comprises a total of 253 identified geophysical anomalies and of those 39 are designated for priority investigation. “We are pleased to release processed imagery for the airborne geophysics survey Panther flew over the Big Bear Gold Project this summer,” Darren Hazelwood, chief executive said in a statement.
Inspiration Healthcare Group PLC (LON:IHC) has provided a final update on the status of ventilator deliveries to the UK National Health Service (NHS), saying in total it has delivered a total of approximately GBP7mln of ventilators directly in response to the coronavirus (COVID-19) pandemic. The global medical technology company said that in the past few weeks, further deliveries have been made with a value of GBP2mln taking the total value of all orders delivered by Inspiration Healthcare to approximately GBP5mln. In addition, the company said that S.L.E. Ltd, a wholly-owned subsidiary acquired in July 2020, recently completed orders of ventilators for COVID-19 for the NHS worth a total value of GBP2.1mln.
IQ-AI PLC (LON:IQAI) said its subsidiary Imaging Biometrics has announced that the Keck Medical Center of USC (University of Southern California) has purchased its IB Clinic software used for automatically generating IB’s quantitative parameter maps. The installation provides Keck Medical Center with a processing solution that allows for standardised brain tumour imaging across multiple sites and platforms for its patients. “We are excited that Keck Medical Center has adopted our brain tumour imaging platform,” Michael Schmainda, Imaging Biometrics’ chief executive said in a statement. “IB Clinic’s quantitative output is ideal for major cancer centers such as Keck Medical Center as it automates and standardises care across sites, scanners, and patients. We are equally excited for the collaborative research relationships now established between our two organisations and translating future developments that may result,” he added.
Futura Medical PLC (LON:FUM) has said it is “actively engaged” in commercial discussions about its erectile dysfunction (ED) gel ahead of a key meeting with US regulators. The company said it has hired corporate advisers to organise the interaction with potential licensing and marketing partners for MED3000. It believes there is scope for the new treatment to become an over the counter (OTC) product, tapping into a large unmet need. The progress report was provided as part of Futura’s interim results statement in which it was revealed the company had, as at June 30, 2020, cash reserves of GBP2.62mln. This is enough to see Futura through to the second quarter of 2021 under current plans.
Baker Steel Resources Trust Limited (LON:BRST) saw its net asset value (NAV) rise by 4.5% to 77.2p in the half-year to June 30, 2020. Over the period, Baker Steel sold most of its holdings in Polymetal and Ivanhoe, its two largest listed holdings, and reinvested the money in a portfolio of mining shares and some unlisted businesses. That decision helped the first-half performance, said the trust. Significant events are also possible for its largest holding, Bilboes Gold over the second half, the specialist mining investor added.
Frontier IP Group PLC (LON:FIPP) announced that its portfolio company Nandi Proteins has raised GBP720,000 via a convertible loan, including a GBP360,000 investment from the UK Government’s Future Fund. The commercialising intellectual property specialist said the investment from the Future Fund, established to support innovative businesses through the coronavirus (COVID-19) outbreak, has been matched by GBP320,000 from the group and GBP40,000 invested by Shackleton Finance, which specialises in secondary venture and development capital investments. Frontier IP holds a 20.1% stake in Nandi.
Pan African Resources plc (LON:PAF) has confirmed that 2020 gold production exceeded guidance, and said it is firmly on track to hit its 2021 target of 190,000 ounces. The group’s results for the year ended June 30, 2020, confirmed a production tally of 179,457 ounces, marking a 4.1% improvement. It drove a 25.9% rise in revenue to US$273.7mln for the year, up from US$217.4mln for 2019. Profit improved by 16.6% to US$44.3mln, from US$38mln, while headline earnings increased 93% to US$44.2mln. Pan African’s chief executive Cobus Loots said the company showed resilience over the past year, and, the board has recommended a record dividend of ZAR312.9mln (which equates to 0.83582 US cents per share).
Eckoh PLC (LON:ECK) has said that given the continued resilience of its business combined with its high levels of repeat and recurring revenues, and with a further three months of trading behind it, its board has approved the payment of a special dividend of 0.61p per ordinary share. The company said its board will continue to keep its dividend policy under close review whilst the current macro-economic and coronavirus (COVID-19) uncertainty remains. Eckoh added that its financial position remains strong with net cash of GBP12.2mln as at the end of August 2020, and its management remain confident of further progress in the second half of the year. In a separate statement, Eckoh announced that all resolutions put before its annual general meeting on Wednesday were duly passed.
accesso Technology Group PLC (LON:ACSO), the ticketing and virtual queuing group, said trading recently has been better than expected as more venues have reopened following the coronavirus (COVID-19) lockdown. Revenue in the half-year to end June 2020 was US$24.6mln (US$50.7mln) as the company faced enforced venue closures from March onwards, though the outcome was ahead of its earlier expectations, the AIM-listed company said. Going forward, accesso noted that nearly 80% of passport and 60% of LoQueue customer venues had reopened, while it has won several new contracts in the ski sector ahead of the winter season.
TomCo Energy plc (LON:TOM) told investors it has received a Pre-FEED for the proposed Greenfield Energy LLC oil sands plant in Utah. The report, authored by Valkor subsidiary Crosstrails Engineering, set out to confirm the technical feasibility of a 10,000 barrel of oil per day operation, and make first estimates of capital and operating costs. According to TomCo, the report provides a high level of confidence in the project.
Alien Metals Ltd (LON:UFO) has said the latest sampling programme conducted on the San Celso and Los Campos silver projects in Mexico has returned results that strongly correlate with historic work, increasing confidence in future drilling programmes to be undertaken at both, with the grades highly encouraging. The company also said it has signed final legal documentation to allow it to carry out exploration work with an option to acquire the Nueva Andromeda permit located contiguous to the east of the San Celso project area. Both of these events tie into the long-term development plans for these projects, and it is notable that Alien continues to increase its silver footprint in Mexico.
Ferro-Alloy Resources Limited (LON:FAR) has raised GBP733,000 from an equity issue with the proceeds earmarked for enhancements to operations in Kazakhstan. The group said the proceeds will fund connection to an adjacent high voltage power line, a project described by the company as a project of major importance as it will provide a more reliable power supply, have greater capacity and cut power costs by more than half. To raise the cash, the company is issuing GBP500,000 of equity, some 6.25mln shares sold at 8p each, and is issuing 150 bonds on the Astana Stock Exchange for a total of US$300,114. The bonds are unsecured, carry interest at 7% and mature in March 2023.
NQ Minerals PLC (AQSE:NQMI) (OTCQB:NQML) (OTCQB:NQMIY), the base and precious metals producer from its Hellyer Gold Mine in Tasmania Australia, said it has raised GBP274,805 gross at 7p per share from a UK based Institutional investor and a group of private investors for general working capital purposes and the company will issue 3,925,789 new ordinary shares under this equity issue.
Chaarat Gold Holdings Ltd. (AIM:CGH), the AIM-quoted gold mining company with assets in the Kyrgyz Republic and Armenia, said its board of directors has exercised its discretion to waive the requirement for a mandatory offer for the company by Labro Investments Limited upon the acquisition of up to 3,000,000 ordinary shares in the company in the market, subject to such purchases being completed by 5.30pm UK time on December 31, 2020. Labro currently holds 203,151,215 ordinary shares representing approximately 38.73% of Chaarat’s issued share capital and has loan notes for US$1,000,000 convertible into 2,849,330 ordinary shares assuming full conversion of principal and interest to maturity. Chaarat boss Martin Andersson, who is indirectly beneficially interested in the majority of shares of Labro, is beneficially interested in 5,829,996 ordinary shares and, under restricted share awards and share options may become entitled to a further 18,474,057 ordinary shares. If Andersson were to acquire all the shares to which he may become entitled, on a combined basis, Labro and Andersson would together hold 233,304,625 ordinary shares representing 42.91% of the resulting enlarged share capital.
ADES International Holding PLC (LON:ADES), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has said it will announce its interim results for the six months ended June 30, 2020, on Tuesday, September 22, 2020. A conference call will be held the same day at 3.00pm (Egypt), 2pm (UK), 5pm (Dubai), 9am (New York). To participate in the call, investors can email: [email protected]
Belvoir Group PLC (LON:BLV), the UK’s largest property franchise, has confirmed that Dorian Gonsalves, its chief executive officer and Louise George, its chief financial officer, will present at the Shares and AJ Bell investor webinar taking place at 6.00pm BST on Thursday, September 17, 2020. A copy of the presentation given via webinar will be available to view post-event on the Reports & Presentations page of the company’s website – www.belvoirgroup.com – however, the group said, no material new information will be disclosed.
Symphony Environmental Technologies PLC (LON:SYE) has announced that its management will provide a live presentation relating to its results for the six months ended June 30, 2020, via the Investor Meet Company platform on Friday, September 18, 2020, at 11.00am. The online presentation is open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and add to meet Symphony via: https://www.investormeetcompany.com/symphony-environmental-technologies-plc/register-investor
Hardman & Co. has issued a research note on Filta Group PLC (LON:FLTA) noting that the group remained EBITDA-positive in the first half of 2020, despite most of its customers closing for part of the period. It’s analysts noted: “Business is returning as customers reopen, with sports stadia expected to be the last to resume catering. Filta has used the period to reduce costs and improve its business model. We expect it to emerge as an even better business when COVID-19 is tamed.” The full report can be accessed by the following link: https://www.hardmanandco.com/research/corporate-research/fog-is-lifting/
Power Metal Resources PLC (LON:POW) said its Australian gold joint venture (RRAL) has now received all historical reports and assessments bar two for its licence applications in Victoria. Paul Johnson, Power Metal’s chief executive, said: “A key priority for RRAL is finalisation of the NI 43-101 technical report, which now provides coverage of the recently acquired Kilmore West license application. The project Reports provide extensive evidence of gold mineralisation throughout the licence application ground and demonstrates multiple initial targets for exploration work.” Red Rock Australasia Pty Ltd (RRAL) is a joint venture between Power Metal Red Rock Resources (LON:RRR).