The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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UniVision Engineering Ltd - Hong Kong-based CCTV and surveillance system company - Says the winding up petition bought against it one of its subcontractors T&P Solutions Ltd, formerly known as T&P Construction Co, has been dismissed by the High Court in Hong Kong. Costs have been awarded to UniVision on an indemnity basis, it adds.
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Chill Brands Group PLC - Grand Junction, Colorado-based CBD products company - Launches redeveloped eCommerce website on the chill.com domain. Says this is a key part of its omnichannel strategy, ‘providing a refined user experience with enhanced visuals and a streamlined customer journey’. Expects the site to deliver improved customer acquisition and conversion rates to build on its direct-to-consumer sales channel. Says it intends to onboard a select number of complementary products to Chill.com as it seeks to establish a ‘curated wellness marketplace that will generate additional site traffic, revenue, and growth opportunities.’ Chief Executive Callum Sommerton says: ‘The launch of our redeveloped ecommerce website marks an important milestone for the Chill brand. Chill.com now provides a more engaging shopping experience that is better equipped to convert and retain customers.’
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Cora Gold Ltd - West Africa-focused gold explorer - Wins an environmental permit for its Sanankoro Gold Project in southern Mali. Says this marks a ‘key milestone’, as the company moves closer to project execution at Sanankoro. ‘The award of this permit recognises the high standards that we have set for the Company as we move forwards towards construction, with all environmental work being completed in alignment with the International Finance Corporation Performance Standards,’ says Chief Executive Bert Monro.
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Midatech Pharma PLC - Cardiff-based biotechnology company focused on improving the bio-delivery and biodistribution of medicines - Receives written notice from Nasdaq Stock Market LLC that for 10 consecutive business days, from September 26 to October 9, the closing bid price of its American depositary shares has been at $1 per share or greater and, accordingly, the company has regained compliance with Nasdaq listing rules. In April, Midtech received notice from Nasdaq Stock stating that the company was not in compliance with the minimum bid requirement for continued listing on Nasdaq Capital Market. At the time, the company’s shares had not met the minimum threshold for 30 successive days.
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Logistics Development Group PLC - London-based investment company - Buys further 5.1 million shares in Cardiff-based baker Finsbury Food Group PLC at an average price of 81 pence per share, for £4.2 million. Logistics Development is now interested in 8.8 million Finsbury shares, a 6.8% stake.
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Chaarat Gold Holdings Ltd - gold miner with operations in Armenia and assets in Kyrgyzstan - Confirms that it is in early stage discussions regarding a possible offer for Shanta Gold Ltd, a Guernsey-based east Africa-focused gold producer, developer and explorer. Chaarat must either announce a firm intention to make an offer for Shanta or announce that it does not intend to make an offer for Shanta by November 15. ‘There can be no certainty that an offer will be made, nor as to the terms of any such offer,’ the company says. Shanta also confirms that it has been approached by Shandong Gold Group Co Ltd and Yintai Gold Co Ltd, and that any offer from Shangdong is likely to be solely in cash. In September, the company reported that it had swung to a pretax loss of $874,000 in the six months to June 30, from $8.6 million profit a year before, as revenue fell 10% to $51.9 million from $57.8 million. It maintained its interim dividend of 0.10 pence per share.
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Revolution Bars Group PLC - Ashton-under-Lyne, England-based bar chain - Says it is in the final stages of negotiating an acquisition, which is expected to be a ‘substantial transaction’ under AIM roles. Therefore its preliminary results for the year ended July 2 will be ‘slightly’ delayed to allow appropriate audit finalisation procedures to take place once negotiations have been completed. Adds that its preliminary results are expected to be consistent with previous guidance. In August, Revolution Bars said results for the year ended July 2 are expected to be in line with expectations, with like-for-like sales rising 1.3% in England despite Omicron-related disruption.
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TomCo Energy PLC - London-based oil explorer in the US state of Utah - Receives conversion notice resulting in the conversion of £137,500 of the second tranche of its convertible loan and associated interest of £6,875 into new shares. The conversion price has been determined to be 0.336396 pence per new share, resulting in 42.9 million conversion share being admitted to trading on London’s AIM. Following this latest conversion, £162,500 remains outstanding under the convertible loan.
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CyanConnode Holdings PLC - Cambridge, England-based narrowband radio frequency smart mesh networks - Raises £500,000 via a subscription of 4.1 million shares to an existing shareholder at a price of 12.25 pence each. Adds that the proceeds will be used for working capital purposes. Following admission of the subscription shares to trading on London’s AIM, the company’s issued share capital will be 240.7 million shares. Executive Chair John Cronin says: ‘I was delighted to be approached by an existing shareholder who wanted to make a further investment into CyanConnode. Considering these uncertain times, your board felt it prudent to accept the offer, the proceeds of which will be used to bolster working capital.’
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Gulf Keystone Petroleum Ltd - Bermuda-based oil & gas exploration company - Confirms $64.8 million, $50.7 million net to Gulf Keystone, has been received from Kurdistan regional government for Shaikan crude oil sales during June 2022.
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Genel Energy PLC - London-based oil company focused on the Kurdistan region - Receives a total payment of $59.2 million from the Kurdistan regional government relating to oil sales during June. Notes that it is now owed $3 million by Kurdistan for oil sales from November 2019 to February 2020 and a suspended override from March to December 2020, which would have earned Genel $38 million.
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