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TRADING UPDATES: Digital 9 dismisses call for strategic review

30th Oct 2023 19:16

(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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Golden Metal Resources PLC - Nevada, US-focused tungsten, gold, copper, silver and zinc exploration company - Announces a number of key developments from its Golconda Summit gold project, located in Nevada. States additional rock sampling demonstrates continued strong arsenic anomalism along the Golconda thrust fault, validating the presence of a "feeder zone" and therefore the potential for Carlin-Type gold mineralisation at depth. Explains arsenic anomalism is a lead indicator for Carlin-type gold systems and is "highly encouraging." Recognising the potential for a significant gold discovery, expedites the submission of a new permit notice application to the Bureau of Land Management for both trenching and drilling. This notice has been accepted.

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Starcrest Education Ltd - Cayman Islands-based developer and operator of education services - Cancels the planned acquisition of Fairview IB World Schools which was announced in March 2022. The deal would have amounted to a reverse takeover. Further, says shares have been suspended pending publication of financial statements for the year ended December 31, 2022 and the interim results for the period ended June 30.

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Artemis Resources Ltd - Gold and copper-focused exploration company with two major projects in Western Australia - Updates on the lithium exploration program at Osborne joint venture within the Karratha region of Western Australia. Says rock chip samples peaked at 1.8% lithium oxide. Executive Chair Guy Robertson comments: "Given the level of activity in the region and the success of Azure Minerals Ltd project to the east of our tenements, we are pleased with the continued success of the Osborne JV in returning high levels of Li2O [lithium oxide] in the rock chip assays. We look forward to a successful maiden drilling program being undertaken by our joint venture partner Greentech Metals." Preparations for drilling programs will commence in the fourth quarter.

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Fenikso Ltd - investor in Nigerian oil and gas assets, previously known as Lekoil Ltd - Receives USD992,674 as part of the Lekoil & Gas Investments loan entered in to on December 31, 2022 as part of the Fenikso restructuring. Explains this is a partial repayment of the USD51.9 million loan, which has a remaining balance of USD46.8 million. The next payment is scheduled for the end of November. Proceeds will go towards completing the payment of the first instalment of the Savanah Energy Investments Ltd loan and towards building up cash resources. Post the payment to Savanah Energy, expects to have over USD500,000 of cash on its balance sheet.

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TruSpine Technologies PLC - London Gatwick Airport-based medical device company - US Food & Drug Administration says company's FDA 510(k) application has been progressed to the substantive review stage. Chief Executive Laurence Strauss says: "I am delighted that after the prompt response of the company in providing clarification and documentation to the US FDA in support of our 510(k) application for Cervi-LOK, the FDA have moved the application on to the substantive review stage. I hope to be able to provide news of further developments in the near future."

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Digital 9 Infrastructure PLC - invests in infrastructure of internet, including subsea and terrestrial fibre, data centres, and wireless networks - Responds to letter from Aqua Ventures, which holds a 3.5% stake in company. Aqua Ventures calls for immediate independent strategic review of the business. Aqua Ventures explains it is closely engaged with shareholders representing in excess of 20% of the firm's share capital, who have expressed their support for Aqua Ventures Ltd. Aqua Ventures says it will request an emergency general meeting should an undertaking to a strategic review not be given. Company says while it is keen to quickly protect and enhance the value of D9, a certain amount of work and time is required to allow it to thoroughly consider all of its options. Believes prioritising the sale of 100% of Verne Global is in the best interests of shareholders, and thinks initiating a strategic review now could destabilise the sale process.

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EnQuest PLC - London-based oil and gas producer with assets in the UK and Malaysia - Plans to submit formal to delist shares on Nasdaq Stockholm on December 5 with the last day of trading likely to be around two weeks after the application date. The company's shares will remain listed on the London Stock Exchange.

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Round Hill Music Royalty Fund Ltd - private equity firm exclusively dedicated to investments in revenue-generating music copyright assets - Court sanctions scheme by which the takeover by Alchemy Copyrights will be implemented. Shares in the company will be suspended on October 31.

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Ethernity Networks Ltd - Airport City, Israel-based supplier of data processing semiconductor technology for networking appliances - Announces the extension of the temporary suspension of proceedings order. This has received court approval with the extension running until December 31.

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ThomasLloyd Energy Impact Trust PLC - investment company focused on sustainable energy infrastructure projects - Changes name to Asian Energy Impact Trust PLC with effect October 31.

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UP Global Sourcing Holdings PLC - Manchester-based owner of homeware brands, including Salter and Beldray - Changes name to Ultimate Products PLC. Explains name change took effect on October 26.

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Black Sea Property PLC - property developer in Bulgaria - Agrees extension to the deadline for payment of the balance of the consideration due for the acquisition of 98% of the Grand Hotel Varna AD. This was announced in July. The outstanding balance, around EUR16 million, is now due for payment on November 6.

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Safestyle UK PLC - retailer and manufacturer of PVCu replacement windows and doors - Appoints Richard John Harrison of Interpath Ltd and William James Wright of Interpath Ltd as administrators.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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