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TRADING UPDATES: Petra Diamonds chair to retire

14th Nov 2023 18:43

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

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Cobra Resources PLC - South Australia-focused gold and rare earth exploration company - Says it will acquire the remaining 25% of the Wudinna Gold and Rare Earth project from Andromeda Metals for GBP260,050 and the issue of 52m new shares at 1.0 pence per share. It will now hold a 100% stake in the site. Says its subsidiary Lady Alice Mines Pty Ltd will acquire the exploration rights which are currently held by Andromeda subsidiary Peninsula Resources Pty Ltd. Says it will raise GBP990,000 via placing of 99.1 million new shares at 1.0p each. Says placing proceeds will be used for the cash consideration, and a planned work programme. Chief Executive Rupert Verco said: "We are delighted to have concluded an agreement to acquire the remaining 25% of the Wudinna Gold and Rare Earth Project from Andromeda. Andromeda will retain an ongoing interest by way of a shareholding in Cobra while enabling them to focus on bringing their Great White Kaolin mine into production. Cobra can progress the project, which includes Australia's only ionic rare earth discovery with in situ recovery potential, as the sole owner and dominant holder of palaeo-channel ground in the region."

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Anglesey Mining PLC - has base metals operations in North Wales, Sweden and Canada - Says Finance Director Danesh Varma to resign effective immediately.

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Petra Diamonds Ltd - Southern Africa-focused diamond miner and supplier - Says Chair Peter Hill will not stand for re-election, and will retire at the annual general meeting. Hill says: "Petra has an exceptional management team and world-class diamond assets. It has successfully weathered a number of exogenous pressures over the last few years and is very well placed for the future and I feel it is now appropriate for a new Chair to take the Company on to its next phase of development and growth." Appoints Varda Shine, senior independent director as interim chair. Says Shine will look for permanent replacement.

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Genel Energy PLC - Kurdistan-focused oil and gas exploration and production company - Says its Iraq-Turkey pipeline remains shut, but that it is confident exports will resume. Has received no guidance on status of pipeline reopening. Says gross production from its 25% owned Tawke oil field was 25,980 barrels of oil per day in the third quarter, while Tawke sales were 13,300 barrels per day. Notes that it saw no export sales. Says domestic sales from Tawke expected to rise in third quarter. Chief Executive Paul Weir says: "We are on track to deliver the cost reductions that we forecast at our half-year results. Tawke is now cash generative from local sales, and monthly spend across the business is set to reduce further once we have exited the Sarta licence and completed Somaliland civil works. This year we have reduced debt by almost 10% at opportunistic prices while retaining our significant cash balance, providing us with the financial strength to deliver on our objectives and diversify through the addition of resilient income streams. "

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Finsbury Food Group PLC - Cardiff-based baked goods manufacturer - Says UK High Court of Justice sanctions scheme of arrangement for Funsbury's acquisition by Frisbee Bidco. Says Finsbury shares expected to be cancelled on London's AIM from November 17. Long stop date is January 31.

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By Harvey Dorset, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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