2nd May 2025 22:05
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Pineapple Power Corp PLC - cash shell with a focus on acquisitions in clean and renewable energy sectors - Says talks to buy FUSE-AI Gmbh have been terminated after failing to reach an acceptable agreement. Instead, Pineapple Power agrees to buy Buffalo Battery Metals PTY in an all-share transaction. Buffalo Battery Metals is a privately owned Australian company focused on the exploration, development, and production of various minerals, including lithium, copper and gold, in Zimbabwe. It is envisaged that, in conjunction with the proposed acquisition, there will be an equity financing to fund future investment and the working capital requirements of the enlarged group. On completion the current directors of BBM will form a majority of the board. James Harvie, managing director of Buffalo Battery Metals, comments: "We are pleased to have concluded the head of terms for a proposed reverse takeover transaction with Pineapple Power Corporation. This marks a significant milestone for Buffalo Battery Metals as we move toward a listing on the London Stock Exchange."
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Xtract Resources PLC - Australia and Zambia-focused miner - reports further assay results for the second batch of diamond drillholes completed on the Silverking Project located in the Mumbwa District of Zambia. These show continued high-grade copper and silver intercepts over significant mineralised widths. The strike length of the mineralised trend now extends to more than 160m in length. Amenability of lower grade mineralisation has the potential to materially increase production tonnage and copper output subject to successful test work, Xtract says.
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Prospex Energy PLC - Europe-focused gas and power project investor - provides an update from the Selva Malvezzi production concession in Italy in which Prospex has a 37% working interest. Revenue in the first quarter at the concession is EUR3.39 million, with EUR1.24 million net to Prospex. Also notes preparation for the 3D geophysical survey acquisition on the Selva Malvezzi production concession progressed during the quarter.
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Hemogenyx Pharma PLC - biopharmaceutical company focused on treatments for blood diseases - announces that the second patient has been successfully treated as part of the ongoing Phase I clinical trial of HG-CT-1, its proprietary CAR-T cell therapy for the treatment of relapsed or refractory acute myeloid leukemia in adults. Follows the successful first-in-human treatment with HG-CT-1, which demonstrated a favourable initial safety profile with no adverse effects observed. Company believes that continued clinical execution will not only advance a potentially transformative treatment for adult patients with limited therapeutic options but also generate long-term value for shareholders.
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Gfinity PLC - London-based e-sports and gaming services company - updates on the deployment of its exclusive licence agreement with 0M Technology Solutions Ltd. Says it is now commercialising OM's Connected IQ technology under the licence. Adds that first revenue was received in April from campaigns and that it is currently in commercial discussions with multiple large advertising agencies to use CIQ. This would be for brand campaigns, "and also to potentially provide white labelled technology services to these agencies for use within their own proprietary technology", and Gfinity has expanded its UK and US commercial sales headcount to support this. Also, Gfinity announces the formation of new business unit Yentra.AI, of which it owns 51%, "to bring together the company's software engineering, artificial intelligence consulting and web 3 development for commercial customers". The other 49% of Yentra is owned by the management team, led by Ignatius Rautenbach. Gfinity says Yentra also provides it with "a low cost internal resource to develop further ventures in the vertical AI space to take advantage of developments in AI".
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Kavango Resources PLC - London-based, Botswana and Zimbabwe-focused precious metals exploration company - reports encouraging assay results from its recently completed preliminary resource drilling at Prospect 3 on the Hillside Gold Project in Matabeleland, southern Zimbabwe. Drilling intercepted higher than expected gold grades, within 6 defined mineralised shear zones that appear to increase in grade at depth. These results suggest Prospect 3 has the potential for near-term, shallow open-pit mining of selected mineralised zones, followed by a progression to underground mechanised mining.
The shallow drilling programme provided Kavango with sufficient geological information and positive assay results to begin its first direct resource definition. Kavango is also finalising details for a follow-up drill programme to further test gold mineralisation open at depth and along strike at Prospect 3, with an announcement to follow in due course.
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Genedrive PLC - Manchester-based point-of-care pharmacogenetic testing company - says the review and subsequent independent certification process of the Genedrive CYP2C19 ID Kit has been delayed by around one month.
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GlobalData PLC - London-based data analytics and consultancy - decides to suspend share buyback programme, announced in February, while under offer period.
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Asiamet Resources Ltd - copper mine development in Indonesia - announces an update to the ore reserve estimate for its 100% owned BKM Stage 1 Copper Project in Central Kalimantan, Indonesia. Says the ore reserve tonnage supports the company's strategic decision to redesign the BKM heap leach facility and materially lower upfront construction capital by mining a lower volume, higher-grade reserve at a dramatically reduced strip ratio. The BKM Stage 1 ore reserves now comprise 15.0 million tonnes of proved ore, 13.3 mt of probable ore for a total 28.3 mt of ore.
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Versarien PLC - Gloucestershire, England-based advanced materials engineering group - Further to announcements in February, July and November 2024, Versarien says that following a further case management hearing held last week, a court hearing has now been scheduled for between February 23 and March 6 2026.
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Geiger Counter Ltd - announces applications have been received from shareholders to subscribe for 101,658 new shares at 74.58 pence per share. Given the ordinary share price is materially lower than the subscription price, both currently and during the run up to the close of the subscription rights exercise, board considers it would not be in the best interests of the company to issue new shares at this level. Accordingly, that no new shares will be issued as a result of the subscription rights exercise for 2025.
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Anexo PLC - Liverpool-based specialist integrated credit hire and legal services company - Iconik Capital KG, which holds an around 3% stake in Anexo, publishes an open letter indicating significant minority shareholder opposition (currently around 18% of share capital) to the potential takeover of Anexo by DBAY, Alan Sellers, and Samantha Moss, cautioning them against proceeding with the offer in its current form. Iconik says it is "dedicated" to preventing a delisting and ensuring that the company's full value is recognised, protecting minority shareholders from "detrimental" actions.
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By Jeremy Cutler, Alliance News reporter
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Related Shares:
Pineapple PowerXtractProspex EngHemogenyxGfinityKavango ResourcesGenedriveGlobalDataAsiamet ResVersarienGeiger CounterAnexo