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Proactive news summary: Avation, Petroceltic, Photo-Me, Sound Energy and more...

A 'deeply insulting' takeover for Petroceltic, ministry approval for North River and Japanese success for Photo-Me.
Round-up of news highlights from the world of Proactive

City broker Cenkos said that Worldview’s low-ball takeover approach for Petroceltic (LON:PCI) was ‘deeply insulting’ to many of the AIM quoted company’s shareholders.

At £6.4mln, or 3p per share, the offer is some 83% lower than Petroceltic’s closing price on Thursday.

In a brief holding statement Petroceltic urged shareholders to take no action, and said it intended to make a further statement in due course.

Over at North River Resources (LON:NRRP) it has accepted the notice it received earlier this month from the Namibia mining ministry for its Namib lead-zinc project.

It was a "notice of preparedness" to grant the document and had to be accepted by February 27 otherwise would lapse.

This triggers a further 60 days, in which the firm must submit a proposal addressing further conditions, including among other things, local ownership of the project.

Meanwhile, Sound Energy (LON:SOU) is gearing up for drilling at the Tendrara project, onshore Morocco, where it has now been granted its final approval.

The drill rig from the programme has been mobilised from Mauritania, and is expected to arrive on site in early March.

In other news, Independent Resources (LON:IRG) told investors it had raised £93,500 through an issue of 77.98mln new shares price at 0.12p each. The placing funds are earmarked for general working capital purposes.

Elsewhere, Sula Iron & Gold (LON:SULA) has outlined its targets for 2016, which include securing a joint venture partner for its Ferensola gold project, which is a key priority.

The property in Sierra Leone is a multi- commodity operation, which also features iron and coltan.

At Patagonia Gold (LON:PGD) production is expected to start at its Cap-Oeste prospect in Argentina by the autumn.

Production in 2016 is estimated at 15,700 ounces of gold equivalent. Mining at its Lomada mine in Argentina will have halted after exhausting the commercially available resource.

OPG Power Ventures (LON:OPG) remained on track to meet market expectations despite the impact of the floods in Chennai. Its assets remained fully available throughout the flooding.

"With the Indian economic outlook improving we remain positive about our long term growth outlook," said chief executive Arvind Gupta.

Over at Photo-Me (LON:PHTM), strong trading in Japan and from its new automated laundries in Europe sent profits jumping in its latest quarter.

Japan’s new photo-ID cards helped third quarter turnover rise by 11% and profits in the three months to January rose 90% compared to the same period a year ago.

And finally, leasing firm Avation (LON:AVAP) now boasts a fleet of 35 owned aircraft after it delivered a new Airbus A321-200 to holiday giant Thomas Cook on a 12 year lease.


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