The cash shell company said this investor may subscribe to enough shares to reach a stake of 30%.
However, at this stage there is no certainty that an agreement will be reached nor how much the shares would be placed at.
11.45am: Petro Matad stumbles as Mongolia progress delayed by extended lockdown
Petro Matad Ltd (LON:MATD) shares tumbled 11% to 2.44p after its meeting with government officials in Mongolia was further delayed as the country went into lockdown.
The AIM-listed company had been expecting to hold a meeting with relevant government bodies last month to review and approve the Heron Reserves Report as the next step in the process of awarding the Block XX exploitation licence.
But after the first cases of community spread in Mongolia, the country went into full lockdown that was recently extended until December 11, including restrictions on all business meetings.
Petro Matad said it is ready for the meeting whether it is convened virtually during lockdown or after restrictions are lifted.
10.25am: Ascent on the rise as HSBC takes 5.2% stake
HSBC’s holding in the company was previously below the notification threshold.
The announcement followed Wednesday’s announcement that the energy group had secured a new £500,000 loan facility – not from HSBC.
9.15am: Hunters Property being stalked
The approach is from fellow estate agent The Property Franchise Group PLC (LON:TPFG), shares in which dropped 4.4% to 172.50p.
No financial details were released and Hunters said terms remain subject to due diligence and further discussions between the two groups.
Full-year profit before tax is expected to be at least 10% ahead of the current market consensus of £25.2mln, McBride told investors.
However, the group said it remains mindful of the uncertainty created by Brexit and coronavirus (COVID-19), while it estimates increases in certain input costs in the second half.
Proactive news headlines:
88 Energy Ltd (LON:88E) has announced a farm-out deal for Project Peregrine in Alaska, which will fund the proposed Merlin-1 exploration well. The partnership is with Alaska Peregrine Development Company (APDC), which is described by 88 Energy as ‘a consortium of private US entities managed by individuals that have extensive experience in oil and gas.’ APDC will earn a 50% stake in Project Peregrine by paying US$11.3mln of the costs of the Merlin well, slated to spud in February. Meanwhile, 88 Energy is expected to cover around US$1.3mln as its share of the well costs.
Coinsilium Group Limited (LON:COIN) (OTCQB:CINGF) said it has completed a follow-on investment agreement with IOV Labs Ltd, the parent company of smart contract platform RSK, while the two parties have also agreed to expand the geographical scope of the IOV Labs Asia joint venture (JV) from regional to worldwide. The Aquis-listed blockchain, decentralised finance (DeFi) and crypto finance venture firm said IOV will invest £330,000 in Coinsilium by way of a private placement, subscribing for 11mln new shares at a price of 3p each, a 22% premium to its closing price on Thursday. A warrant will also be issued for every two subscription shares with an exercise price of 4.5p each. IOV Labs will have the right to appoint one director to the Coinsilium board, while the firm’s holding in the group will increase to 13.9%.
SkinBioTherapeutics PLC (LON:SBTX) has said it is planning a ‘self-managed’ human study of its AxisBiotix programme targeting psoriasis in the first quarter of next year. And, subject to a positive read-out, it expects to begin commercialising a product, investors were told in an update running alongside the firm’s full-year results. The market will also be keenly tracking the progress of SkinBiotix, a cosmetic additive being developed under a deal the company has with FTSE 100 speciality chemicals and ingredients giant Croda International PLC (LON:CRDA). The launch of this new line is expected in 2022.
DiscoverIE Group PLC (LON:DSCV), the customised electronic components specialist, said it has bought Limitor, a German designer and manufacturer of thermal safety components and sensors. DiscoverIE is initially paying €14.5mln to acquire Limitor on a debt-free, cash-free basis, which will be funded from the group’s existing debt facilities. A contingent payment of €3.5mln may be triggered depending on the performance of the acquired business over the next three years.
Feedback PLC (LON:FDBK) has said its Bleepa product will feature in a Healthcare UK virtual healthcare mission to India next week. The medical imaging technology company said the initiative by Healthcare UK, part of the Department for International Trade (DIT), would build on the success of trade delegations that have visited India over the last four years. Innovation in healthcare delivery is a key priority for healthcare providers in India, as India’s healthcare market is projected to grow to US$372bn by 2022, Feedback said.
Gfinity PLC (LON:GFIN) said it has acquired EpicStream, a leading online news community for fantasy and sci-fi movies, television, video games, collectable cards and comic books. The AIM-listed esports media firm said it will monetise all of EpicStream’s social channels and that it believed the site’s user numbers and revenues can be “grown through the deployment of a search engine optimisation strategy, technology toolkit and advertising performance optimisation techniques” which it said have delivered strong results for its existing platforms. EpicStream.com currently reaches 600,000 unique visitors per month, with a majority of visitors based in the “attractive high-value advertising markets” of the US and Canada as well as a growing following in the UK.
Metal Tiger PLC (LON:MTR) announced that it has subscribed for 141,956 units in Marimaca Copper Corp, at C$3.15 per unit, for a total investment of C$447,161 (approximately £257,000). The AIM-listed investor in natural resource opportunities said the investment is being made as part of Marimaca’s C$28.98 million equity financing which was announced as having closed on December 3, 2020. Each unit acquired consists of one common share in Marimaca and one-half of one common share purchase warrant exercisable at C$4.10 for a period of 24 months following the closing date of the fundraising. Accordingly, Metal Tiger now holds, in aggregate, 146,956 shares in Marimaca, representing approximately 0.2% of the group’s issued share capital and 70,978 warrants.
MetalNRG PLC (LON:MNRG) has said that it plans to revise the pre-feasibility study (PFS) on Imwelo Project when it completes the acquisition of the project owner, Lake Victoria Gold. The company plans to get the consultant that did the original PFS and reserves estimate to revise, optimise and update the numbers and projections to take into account the significantly higher gold price at present and planned investment optimisation. It is envisaged that the updated study will facilitate the project’s fast track to production, with the resultant cash flows supporting further resource development and underground mining studies.
Horizonte Minerals PLC (LON:HZM) said it has made “significant progress” with key workstreams required to commence construction at its Araguaia nickel project in Brazil. In an operational update, the AIM-listed firm said it has completed a value engineering phase at the project with improvements made to plant design and flow sheet to optimise operational performance, while the capital and operational expenditure remain in line with a feasibility study following a comprehensive review. Horizonte also said an operational readiness plan is “well advanced” with all key permits in place for the commencement of the construction phase while key environmental and social programmes are underway in preparation for this stage.
BlueRock Diamonds PLC (LON:BRD) announced that it has recovered a 12.6-carat diamond from its Kareevlei Diamond Mine in the Kimberley region of South Africa. In a statement, Mike Houston, executive chairman of the AIM-listed diamond mining company, commented: “In line with our reporting policy to inform the market of diamonds recovered estimated to be valued at over $50k, we are delighted to announce that another large diamond has been recovered from Kareevlei. “To put this into perspective, given the average engagement ring weight in the UK is 0.6 carats, a 12.6-carat diamond is considered exceptional. We are hopeful that the recovery of this diamond marks the start of mining better quality diamonds, having worked through a difficult area in recent months.”
Tissue Regenix Group PLC (LON:TRX), the regenerative medical devices company, has said it intends to appoint Brian Phillips and Trevor Phillips (no relation) as independent non-executive directors of the company. It noted that Brian Phillips is an entrepreneurial investment professional with over 25 years’ experience. He is the current principal of Ethos partners which he co-founded in 2018 to assist individuals in establishing a portfolio of assets under private equity investments. The group pointed out that Trevor Phillips is the current chairman of the Board at NEPeSMO and has extensive experience in the UK and US in corporate development, M&A and operations in the pharmaceutical and life science industries including previously held positions as executive chairman of hVIVO (2017-2020), chief operating officer for Vectura Group PLC (2011-2017) and former CEO and COO of Critical Therapeutics, Inc. (2002-2008).
United Oil & Gas PLC (LON:UOG) has told investors that an outstanding milestone payment attached to last year’s sale of the Crown asset is now expected in the second quarter of 2021. Crown was sold to Anasuria Hibiscus, a subsidiary of Malaysian firm Hibiscus Petroleum Berhad, last December and, at that time, a US$3mln payment (US$2.85mln net to United) was anticipated before the end of 2020. The payment is triggered by the approval of a field development plan for Marigold – a project that now includes Crown – and amidst the coronavirus (COVID-19) pandemic this milestone has slipped to 2021.
Panther Metals PLC (LON:PALM), the company focused on mineral exploration in Canada and Australia, has announced the completion of a placing for a total of 3,000,000 ordinary shares at 10p each, raising gross proceeds of approximately £300,000. The Placing Shares being issued represent approximately 5.54% of Panther’s issued ordinary share capital before the placing. The placing price represents a 3.5p premium to the company’s last fundraise in July 2020.
Tavistock Investments PLC (LON:TAVI) has said it will shortly be writing to shareholders to postpone the general meeting (GM) of the company that had been scheduled to take place at 11.30am on Wednesday, December 16, 2020. The purpose of the GM is to seek shareholders’ support for a proposal to replace the existing long-term incentive arrangements for members of the company’s leadership team, including executive directors Oliver Cooke and Brian Raven, with an alternative long-term incentive scheme. The group said its board has received feedback on the proposal from several shareholders which has highlighted that certain aspects of the proposal could inappropriately favour the interests of the company’s leadership team over those of shareholders in certain circumstances. It said this is counter to the board’s intention and, as a consequence, the board recognises that certain aspects of the proposal need to be amended. The company’s board said it welcomes constructive engagement with shareholders and now wishes to take the opportunity to reflect on these discussions, to consult further with the company’s advisers and to revise the proposal as appropriate. It added that it will write to shareholders again in the New Year to provide them with further details.
Diversified Gas & Oil PLC (LON:DGOC), the US-based owner and operator of natural gas, natural gas liquids and oil wells and midstream assets, said that its dividend in respect of the second quarter to June 30, 2020, of 3.75 cents per share will be paid on December 18, 2020, to those shareholders on the register on November 27, 2020. The company added that shareholders who have elected to receive their dividends in GBP sterling will receive an equivalent payment of 2.78p per share, based on a December 3, 2020, exchange rate of GBP0.74055=US$1.00.
Polarean Imaging PLC (LON:POLX), the medical imaging technology company, with a proprietary drug‑device combination product using hyperpolarised xenon-129 gas to enhance magnetic resonance imaging (MRI) in pulmonary medicine, has announced the appointment of Stifel Nicolaus Europe as its joint corporate broker with immediate effect.