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TRADING UPDATES: SulNOx, Marwyn loss widens; Kropz gets new facility

28th Oct 2022 21:18

(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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Tullow Oil PLC - London-based oil and gas exploration company - and Capricorn Energy PLC - Edinburgh-based oil and gas exploration and development company - Confirm that they will no longer proceed with a combination. The Takeover Panel has consented to the withdrawal of Tullow's associated offer. At end of September, Tullow set out plans to terminate its co-operation deal with Capricorn Energy PLC, after Capricorn proposed a merger with NewMed Energy Ltd. Capricorn also withdrew its recommendation for the previously agreed combination with Tullow.

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Inspecs Group PLC - Bath, England-based eyewear company - Chief Executive Officer Robin Christian Bjorn Totterman buys 378,376 shares at 52.47 pence each, totalling around GBP198,534.

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Kropz PLC - African phosphate developer - Enters into a new bridge loan facility of ZAR126 million, or GBP6.0 million, with its major shareholder, the ARC Fund, to meet immediate cash requirements due to delays in the ramp-up of operations at Kropz Elandsfontein Pty Ltd.

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Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - Allots and issues a total of 4.8 million new ordinary shares of 5 pence each in Diurnal. This follows the court sanctioning the scheme in relation to the recommended cash offer by Neurocrine Biosciences Inc.

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Upland Resources Ltd - London-based oil and gas company - Pretax loss in the year which ended June 30 narrows to GBP494,295 versus GBP789,892 a year ago. Administrative expenses drop to GBP354,828 from GBP570,676. Registers an intangible asset impairment cost of GBP219,216 in the prior period. Records no revenue in the period, unchanged from a year before.

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Umuthi Healthcare Solutions PLC - London-based healthcare firm - Loss from operating activities in the six months to August 31 narrows to GBP6,329 from GBP82,500, year-on-year. Administrative expenses fall to GBP6,329 from GBP82,500. Records no revenue, unchanged from a year before.

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ADM Energy PLC - London-based natural resource investor - Raises GBP500,000 net through the issue of 41.7 million new ordinary shares to Tennessee Black Gold at a subscription price of 1.2 pence per share. The shares will represent 14% of its enlarged issued share capital. Says its subscriber has also agreed to provide the company with a loan facility of USD250,000, to be advanced in five monthly instalments of USD50,000 each.

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BlueRock Diamonds PLC - Reading-based diamond producer focused on South Africa - In the third quarter of 2022, produces 195,848 tonnes from its Kareevlei diamond mine in South Africa, up 23% versus 159,867t a year before. Sells 5,475 carats, down 21% from 6,887 carats quarter-on-quarter. "In order to adhere to the mining plan there was a significant increase in activity related to stripping, waste mined and movement of stockpiles," CEO Victor Dingle says. Revises its guidance for 2022 and 2023 to reflect the outcome of a high-level review undertaken of the production and mining plan and continued uncertainty over production and grade. Expects to 600,000t to 700,000t processed, down from 620,000t to 670,000t.

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Golden Prospect Precious Metals Ltd - investment fund - Pretax loss widens in the six months to June 30 to GBP9.4 million from GBP9.2 million a year ago. Fair value through loss widens to GBP8.9 million from GBP8.8 million. Records no income, unchanged from a year before.

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Bidstack Group PLC - London-based in-game advertising platform - Notes recent press commentary regarding a private communication by the company "with certain investors" concerning an email received from Azerion. Says contrary to the press commentary, there is no litigation with Azerion, and the contract with Azerion continues to operate as expected.

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SulNOx Group PLC - London-based supplier of fuel conditioners - Pretax loss in the six months to September 30 widens to GBP964,702 versus GBP724,121 a year before, as administrative expenses jump to GBP975,069 from GBP723,718. Revenue triples to GBP74,805 from GBP24,486. Says it is starting to see "significant traction" in the sales of its SulNOxEco Fuel Conditioner product. Says revenue pipeline is strong and diversified by geography and industry.

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MAC Alpha Ltd - acquisition vehicle listed on LSE - Records a pretax loss of GBP266,043 in the period from incorporation on October 11 to June 30. Registers administrative expenses of GBP266,043.

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Marwyn Acquisition Co III Ltd - acquisition vehicle - Pretax loss in the year to June 30 widens to GBP1.1 million from GBP636,141, year-on-year. Records a GBP254,000 movement in the fair value of warrants. Administrative expenses rise to GBP892,233 versus GBP636,141. Records no revenue, unchanged from a year before. Remains confident in delivering its strategy and creating significant value for its shareholders.

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By Abby Amoakuh; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

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