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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Appreciate Group PLC - Merseyside, England-based multi-retailer redemption product provider to corporate and consumer markets - Says that the court hearing to sanction the acquisition by PayPoint PLC will be held in the Royal Courts of Justice on February 23. In November, the Hertfordshire, England-based payment services provider PayPoint said it is buying Appreciate in a deal that values the company at around £83 million. PayPoint will pay 33 pence in cash and 0.019 of a new PayPoint share for each Appreciate share. PayPoint expects the takeover scheme to become effective in the first half of 2023.
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Corcel PLC - London-based mining and mineral resource development company - Completes the sale of a 100% stake in the Burwell Energy Storage project outside of Cambridge to Burwell AL Ltd for cash proceeds of £200,000, plus reimbursement of Corcel’s grid deposit of £50,000. The outstanding balance of its corporate debt is £672,941, it says. ‘The sale of the Burwell energy storage project amidst ongoing timing uncertainties and potentially substantial additional upgrade costs at the local substation, completes the closure of the Flexible Grid Solutions business, which has been unwound at a small profit,’ CEO Scott Kaintz comments.
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Totally PLC - Derby, England-based provider of healthcare, corporate fitness and wellbeing services - Notes that its subsidiary Greenbrook Healthcare Ltd terminated its contracts for the provision of urgent treatment centres Central Middlesex Hospital, Ealing Hospital and Hillingdon Hospital. The contracts were due to expire on January 31, it adds. Says that Greenbrook will continue to provide services at the urgent treatment centres until there is an orderly handover to a temporary provider.
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Destiny Pharma PLC - Brighton-based clinical-stage biotechnology company - Picks up on an increased focus on the importance of infection prevention by the Center for Disease Control, Food & Drug Administration, and the medical community in general. Says that it is currently developing the XF-73 Nasal gel for the prevention of post-surgical infections. ‘The Centre for Disease Control’s announcement clearly recognizes the need for new and effective decolonization agents and their importance for public health. They have made a clear call to simplify the pathway to regulatory approval and suggested the need for establishing new surrogate endpoints. Destiny Pharma views this as a very encouraging shift in the agency’s thinking that could be very supportive to our clinical development of XF-73 Nasal,’ Chief Medical Officer Yuri Martina comments.
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AQRU PLC - London-based decentralised finance incubator - Notes that its subsidiary Accru Finance Ltd launched a liquidity pool to allow investors to generate yield from tax credit receivables originating from US Internal Revenue Service programmes. ‘We look forward to seeing retail and institutional investors worldwide take advantage of this opportunity to generate significant returns in the crypto and decentralised finance sectors,’ Chief Executive Philip Blows comments.
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East Star Resources PLC - gold and copper exploration company focused on Kazakhstan - Identifies a substantial copper-lead-zinc deposit at Rudny Altai VMS belt in Kazakhstan. Says that the deposit is within the greater Verkhuba Ore District. Reports historical flotation recovery rates of 94% to 96% copper and 60% to 90% zinc into concentrate. ‘Rudny Altai is a significant copper-producing region with excess processing capacity from both Glencore and KAZ Minerals. The identification of the Verkhuba Deposit is yet another validation our exploration thesis and we are excited to commence resource delineation drilling with additional updates to be delivered as digitisation of historic drilling continues and the 2023 exploration programme commences,’ CEO Alex Walker comments.
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Wentworth Resources PLC - Tanzania-focused natural gas production company - Notes that the operator of the Mnazi Bay asset got a notification from Tanzania Petroleum Development Corp in relation to the settlement of gas purchase invoices, which states that TPDC has requested that all future gas purchase invoices be settled in Tanzanian shillings by applying the exchange rate available on the date of payment. Expects this matter to be the subject of further discussion between the operator and TPDC.
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Gresham House Renewable Energy VCT 1 - investment firm - Cancels its interim dividend of 2 pence announced on December 21. Explains that a valuation adjustment which had previously been made to certain investments held by VCT 1 was reclassified as a realised loss. Believes that the distributable reserves of VCT 1 are reduced to a level at which the proposed interim dividend should not be paid.
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Landore Resources Ltd - Mining exploration and development company in Canada - Finds 822 parts per million nickel, 1087ppm copper, and 81 parts per billion platinum on the Felix-Lamaune prospects at its Junior Lake Property in Ontario, Canada. ‘The exploration campaign on the Felix-Lamaune area has clearly confirmed that, in addition to the advanced 1.5 million ounce BAM Gold deposit, the Junior Lake property hosts significant volumes of highly valuable battery metals, including palladium enriched sulphide Nickel with associated Cobalt and Copper, the presence of which has now been established through drilling for 11 kilometres from the Carrot Top Zone in the west to the B4-7, Alpha zone and VW Nickel-Copper-Cobalt-PGEs compliant deposits in the east, with the remaining 20 kilometres of the highly prospective greenstone-shear zone, transecting Landore’s Junior Lake property, yet to be explored,’ CEO Bill Humphries says.
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Predator Oil & Gas Holdings PLC - operator of Guercif petroleum agreement onshore Morocco and developer of onshore fields in Trinidad - Suspends the MOU-2 well with an option to re-enter after reaching a depth of 1,260 metres measured depth. Says that the MOU-1 testing programme is being progressed and revised to gather as much information as possible on the connectivity of potential gas sands over a wide area. ‘MOU-2 has been an extremely challenging well to drill due to the presence of a particular geological formation not previously encountered. The prudent and safer option was to suspend the well and leave it in a state to re-enter once a better understanding of the mud programme required to drill this particularly complex interval efficiently and cost-effectively. Whilst this is not the result we wanted the pre-drill objectives and potential resources remain unchanged. The Star Valley rig will remain in place over the wellhead,’ Executive Chair Paul Griffiths comments.
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