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TRADING UPDATES: Capital inks contract; Lansdowne becomes cash shell

20th Sep 2023 14:37

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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Capital Ltd - UK-based mining services company, with operations in Africa, the US and the Middle East - Signs three-year comprehensive drilling services contract with Nevada Gold Mines LLC for a "wide range" of services, including both surface and underground, and underground reverse circulation. The contract will consist of nine rigs, and will include equipment with advancements in automation for improved safety and efficiency. Capital expects the contract to generate annualised run rate revenues of around USD35 million once all the rigs are fully operational from 2025. Capital will purchase new rigs with associated equipment for the contract with capex expected to be around USD20 million, predominantly falling in 2024. Also adds that it has started the ramp up of operations at its load and haul, crushing and drilling contract with Ivindo Iron SA.

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Lansdowne Oil & Gas PLC - North Celtic Sea-focused oil and gas company - Confirms that it has been designated as a cash shell with effect from Wednesday morning. Follows an announcement in August that this would happen if a decision was not made on the arbitration process regarding the Barryroe lease undertaking application. In May, Barryroe received a letter from the Irish Department of the Environment, Climate & Communications indicating that the Barryroe lease undertaking application would not be granted. In June, Lansdowne's legal advisors, Ashurst LLP, submitted a letter requiring Ireland to participate in discussions, with a view to settling the dispute over Barryroe within three months. A further letter was submitted by Ashurst on August 9 after no further communication was received from Ireland. A receipt of this letter was acknowledged by the Irish State Solicitors Office on Monday. Lansdowne said that unless the decision not to award the Barryroe lease undertaking is revoked prior to the expiration of the three-month time frame, the company will become a cash shell from September 19. As an AIM Rule 15 cash shell, the company is required to make an acquisition, or acquisitions, which constitutes a reverse takeover within six months of September 19.

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Hercules Site Services PLC - Cirencester, England-based company - Says that its Civils Projects division has been awarded contracts with a combined value of over GBP3.1 million since May 1 to deliver work for two clients relating to nine wastewater treatment and water management projects. The contracts include GBP2.3 million awarded from Thames Water across six sites, the largest contract being at Ufton Nervet WTW in West Berkshire. A further GBP895,000 was awarded from Anglian Water across three sites, the largest contract being at Towcester in Northamptonshire. Construction Director Paul Field says: "H2 2023 kicked off to a busy start and the team's extensive experience in the water sector has enabled us to secure a significant portfolio of work as companies in this space focus on resolving a range of well-documented issues."

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Avacta Group PLC - Wetherby, England-based life sciences company, which develops targeted oncology drugs and diagnostics - Enters consultancy agreement with Christina Coughlin, who is already a non-executive director of the group, as it seeks to appoint a full-time medical officer. Ahead of this appointment, Avacta says it will leverage Coughlin's expertise on a temporary basis through the agreement. She was previously the chief executive officer of Cytolmmune Therapeutics LLC, a clinical-stage biotechnology company, focused on the development and commercialisation of novel cancer immunotherapy products designed to use the patient's own immune system to eliminate cancer cells. The firm will pay her a monthly fee of USD15,000 for an initial 6 months, with an option to extend by a further 6 months. The fee is capped at USD180,000 in total. Also announces that Chief Development Officer Neil Bell will be leaving the company.

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Union Jack Oil PLC - Onshore hydrocarbon producer, explorer and developer - Buys a disclosable interest in Beacon Energy PLC, a full cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore German assets through its wholly owned subsidiary, Rhein Petroleum GmbH. Union Jack holds 430.0 million ordinary shares of no par value in Beacon, representing 3.2% of Beacon's issued share capital following the completion its recent fundraise. Executive Chair David Bramhill says: "In line with our stated strategy to seek growth opportunities in foreign jurisdictions with politically safe regimes, we are very pleased to declare our initial investment in Beacon. We consider the investment to be a good use of capital generated from consistent cash flows principally from our flagship asset at Wressle."

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e-Therapeutics PLC - Oxford, England-based computer-based drug discovery company - Says that that Michael Bretherton has stepped down from his role as interim chief financial officer and will now focus on his role as a non-executive director of the company. Timothy Bretherton, director of finance and operations, will assume the CFO role with immediate effect. CEO Ali Mortazavi says: "It is with great pleasure that I appoint Tim as CFO. Tim has demonstrated exceptional dedication and expertise during his time with e-therapeutics and I look forward to continuing to work with him to deliver our strategic objectives."

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Genflow Biosciences PLC - London-based biotechnology company focused on longevity - Says it has received written comments from the Federal Agency for Medicines & Health Products of Belgium, and that it pleased with the advice to begin clinical trials of its drug, GF-1002. This follows results from the its research in in-vitro human cells and in-vivo rodent studies. CEO Eric Leire says: "We are thrilled that the FAHMP has recommended Genflow to commence Phase I/II clinical trials in NASH patients rather than with healthy volunteers. We hope that this will provide a first signal of efficacy in humans more speedily. We will continue to seek guidance and recommendations from the FAHMP to develop an appropriate program in conducting our proposed clinical trial in humans."

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By Holly Beveridge, Alliance News reporter

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