31st Jul 2023 21:59
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Barryroe Offshore Energy PLC - Dublin-based oil and gas explorer - Following a court hearing, appoints Kieran Wallace of Interpath Advisory as an examiner to the company. As a result, says proposed creditors voluntary liquidation and cancellation of shares announced at the end of June will now no longer proceed as planned. This is pending Wallace having an initial period to "ascertain whether he can formulate a scheme of arrangement for the Company in order to restructure its affairs". Says its shares will remain suspended from trading, pending publication of its annual accounts for 2022 and resolution of its solvency issues. Notes petitioner Vevan Unlimited Co has agreed to support the company during the examinership process.
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Echo Energy PLC - Latin America-focused energy company - Says audit process for 2022 financial result remains ongoing and anticipates they will be published by the end of August. As a result, shares will continue to be suspended until publication. Says it will continue to make announcements "as and when there are any developments that require announcement in accordance with its obligations under the AIM rules".
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Egdon Resources PLC - Gloucestershire, England-based oil and gas explorer and producer - Extends accounting period that ended July 31 to December 31. Says this follows shareholder approval of the terms of a recommended all cash acquisition by Petrichor Partners LP for all Egdon shares, as the move will align Egdon with the accounting period of Petrichor and also minimise ongoing audit costs. As a result, it will now publish interim results for six months to July 31 at the end of October. Adds it would have planned to file its audited annual accounts for the extended period by June 30 2024, but if it remains a public company beyond December 31, says it will then publish its audited accounts for the extended period by March 30, 2024.
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Ethernity Networks Ltd - Airport City, Israel-based supplier of data processing semiconductor technology for networking appliances - Receives settlement notice of USD100,000 from 5G Innovation Leaders Fund LLC, regarding the share subscription agreement from February. As a result, issues and allots 4.9 million new shares at an issue price of 1.6 pence each to 5G Innovations Leaders Fund. Following receipt of settlement, says remaining outstanding balance under the subscription agreement is USD1.4 million or GBP1.1 million.
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Panthera Resources PLC - London-based gold explorer with projects in India and Africa - Says it continues to work closely with LCM Funding SG Pty Ltd on progressing due diligence phase. This is regarding Indo Gold Pty Ltd's conditional arbitration funding agreement for up to USD10.5 million in litigation financing with LCM Funding, as originally announced in February. Says it is now in "final stages" with LCM funding over due diligence. As a result, agrees to a further extension to the LCM Funding due diligence period to August 11, following extension to Friday last week earlier this month. Pending successful completion, says the parties could then move to complete a funding confirmation notice. Notes there can be no assurance that the LCM due diligence will be completed to LCM's satisfaction.
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SulNOx Group PLC - London-based greentech company specialising in liquid hydrocarbon fuel decarbonisation - In a trading update, says revenue in the first quarter of its financial 2024 rises to GBP82,197 from GBP32,899 a year earlier, but marginally down from GBP82,546 in the fourth quarter of its financial 2023. Says the first quarter saw "static revenues but considerable progress in business development that we expect to bear fruit in the rest of the financial year". Also notes "continued progress" in cost reduction. Unaudited cash balance at June 30 rises to GBP839,137 from GBP522,872 on March 31 following "new strategic investment".
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Scottish Oriental Smaller Companies Trust PLC - Asia focused investment trust - Reaches agreement with its alternative investment fund manager First Sentier Investors (UK) Funds Ltd to switch its benchmark index to the MSCI AC Asia ex Japan Small Cap Index from the MSCI AC Asia (ex-Japan) Index. Says: "This change will bring the basis on which the AIFM's performance fee is measured into line with the basis on which both the performance of the company and the trigger for the company's recently introduced performance-related, conditional tender offer are measured."
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Artemis Resources Ltd - Gold and copper-focused exploration company with two major projects in Western Australia - In an update of its activities in the quarter ended June 30, says its joint venture partner GreenTech Metals identified lithium-bearing pegmatite with the Osborne JV (51% GreenTech; 49% Artemis Resources), with high tenor rock samples assaying up to 3.6% lithium oxide. At the Greater Carlow project, identifies anomalous lithium and lithium pathfinder element trends within tenements E47/1746 and E47/1797, of which it 100% owns. At the Paterson Central project, notes a "positive" independent review of the project, which focused on the company's exploration program since the granting of tenure in 2020. Says the review also re-evaluated the prospectivity across the project area for orogenic and strata bound copper-gold mineralisation. Say it is evaluating all options to de-risk the Paterson Central project including third party funding options and or joint venture.
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European Metals Holdings Ltd - Perth, Australia-based mineral exploration and development company - Says a definitive feasibility study is currently being undertaken at the Cinovec project in Czech Republic, managed by DRA Global Ltd. Says DFS is on track for completion in the fourth quarter of 2023. Says: "The extension in the time forecast for the DFS completion plus the development of the optimised flow sheet have led to additional costs in excess of the original estimate when [project partner] CEZ became a shareholder of Geomet in early 2020." Says the current forecast is for additional overall costs to the company of approximately EUR6.9 million.
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By Greg Rosenvinge, Alliance News reporter
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