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Proactive news snapshot: Green Dragon Gas, Ergomed, IXICO …

A glance at some of the day's highlights from the Proactive Investors newswire
Your daily round-up from the world of Proactive

Green Dragon Gas Ltd (LON:GDG) boss Randeep Grewal struck a positive tone as the company release what are seen as a significant set of financial results. "We are pleased to announce a positive set of results for the first half of 2017. It is the first time in almost a decade that we report as a pure upstream company,” the GDG chief executive said.

Ergomed Plc (LON:ERGO) is to pay up to €5.7mln to acquire Dutch-based PSR Group BV, a niche contract research organisation (CRO) specialising in orphan drug development, and is launching a £2.9mln placing to part-fund the deal. The AIM-listed drug development company completed the placing this morning, after an accelerated bookbuild, with 1.757576mln new ordinary shares issued at a price of 165p each

IXICO Plc (LON: IXI) has signed a new contract, worth US$690,000 over a two and a half year term, with an unnamed customer for its technology enabled imaging services. The AIM-listed digital technologies company focused on neuroscience said the contract is for a Phase II clinical trial evaluating the safety and tolerability of a novel treatment for patients with Huntington's disease.

Hummingbird Resources (LON:HUM) has signed a deal for a potential earn-in to a 50% interest in the Kobada Gold Project in Mali owned by African Gold Group Inc (AGG) and plans an initial investment  of C$3.6mln for a near 10%  initial stake in the group. Big Pic in September.

Jubilee Platinum PLC (LON:JLP) has moved to assure shareholders that news of the voluntary business rescue of Hernic Ferrochrome Proprietary Limited to facilitate a restructuring of some its business activities has “no current effect” on Jubilee's operations at Hernic in South Africa.

Greencoat UK Wind PLC (LON:UKW) has announced a new programme of share issuance of up to 500mln new shares to be conducted over the next 12 months through a number of tranches. The renewable infrastructure fund group said the proceeds of the programme will be used to pay down the company's Facility Agreement enabling it to “pursue further attractive investment opportunities”.

Harvest Minerals Limited (LON:HMI) has issued a bullish half year update as it moves forward with plans to market its fertiliser replacement KPfertil in Brazil. “Looking ahead, we remain committed to developing our business and believe that the stars are lining up for us,” said Brian McMaster, executive chairman.

Africa-focused forestry and agriculture group Obtala Limited (LON:OBT) expects July’s Woodbois acquisition to provide a major boost to forestry revenues going forward. “The WoodBois acquisition provides a significant kicker to the step change in revenues that we expect to deliver in 2017,” said Miles Pelham, chairman.

Construction of Ormonde Mining plc's (LON:ORM) Barruecopardo tungsten mine in Spain is making good progress and on track for commissioning in the third quarter of 2018, the junior reported. Half-year results showed a net loss of €132,000 in the six months to June, with sales of €375,000.

Kin Group Plc (LON:KIN) has said it needs current debts of approximately £2.27mln to be capitalised ahead of a possible placing. To facilitate this, Kin is exploring the possibility of seeking a creditors' voluntary arrangement (CVA), which will need the approval of at least 75% of the company's unsecured creditors.

Tekcapital PLC (LON:TEK) subsidiary Lucyd is launching a cryptocurrency token sale to fund its range of augmented reality glasses. Token sales are a new trend and usually involve a company setting up a cryptocurrency based on a digital product, in this case Lucyd's AR technology, and that use the blockchain ledger to monitor transactions.

Cabot Energy PLC (LON:CAB) is on track for production of between 800-1,000 barrels per day from Canada by the end of 2017. Keith Bush, chief executive, said a 23 well workover programme had boosted Canadian production to 600-700 barrels gross daily while sidetrack and completions should add a further 200-250 barrels. Civita, in Italy, meanwhile, is producing the equivalent of 130 barrels per day.

Underlying losses more than halved at lighting solutions provider PhotonStar LED Group PLC (LON:PSL) as it cut costs in reaction to tightening market conditions.

Evotec AG has taken a minority stake at a cost of €15mln in Exscientia, a portfolio company of Frontier IP Group Plc (LON:FIPP). Exscientia is a pioneer of artificial intelligence in drug discovery. The cash injection will enable Exscientia to accelerate growth.

Having refilled the coffers with a successful fund-raising in June, the focus now at NetScientific PLC (LON:NSCI) will be on guiding its portfolio companies towards commercialisation.

Fox Marble Holdings PLC (LON:FOX) is poised to receive a 5% stake in US natural stone importer and distributor, Pristine Stone, in return for which Pristine Stone will be granted priority rights to sell Fox Marble material in the USA.

Midatech Pharma Plc (LON:MTPH, NASDAQ:MTP) has unveiled plans to raise up to £8mln to fund the development of three key projects with “value inflexion points” in next 18 months.  A total of £6mln is expected to come via a share placing and up to a further £2mln through an open offer of stock to existing investors.

Allergy Therapeutics plc's (LON:AGY) preliminary results charted a period of strong financial and operational progress with the company predicting further progress on all fronts this year. Operating profits (pre-research and development expenditure) rose 72% in the 12 months to June 30 on revenues of £64.1mln, up 32%. The latter figure did benefit from a boost from the weak pound. Evens so, at constant currencies top-line growth was a solid 15%.

Investors were rewarded following the strong financial showing of Clinigen Group PLC (LON:CLIN), the speciality pharma business. The full-year payout will grow in line with earnings per share, which advanced 25% in the 12 months to June 30. Investors will get 5p a share.

Graphene specialist Directa Plus Plc (LON:DCTA) expects a “much stronger” second half following on from the commercial progress made in the opening six months of the year.  Revenues in the six months to 30 June fell to €0.3mln (H1 2016: €0.4mln) due to a reduction in volume of sales into the bicycle tyre market, but Directa expects to double that figure in the second half.

Internet of Things (IoT) enabler Telit Communications Plc (LON:TCM) has reassured investors that the underlying business remains strong despite recent off-field issues. Telit endured a difficult summer, with its former chief executive Oozi Cats the subject of an internal investigation into alleged historical indictments.

Stratex International plc (LON:STI) has extended the deadline for completing its controversial takeover of  Crusader Resources Limited (ASX:CAS) to 28 February 2018. Chief executive Marcus Englebrecht wants to acquire Crusader primarily because of its Borborema gold asset in Brazil, which he thinks could be moved into production quickly and generate US$30mln in cash per year.

Shares in ValiRx Plc (LON:VAL) opened higher on Thursday after the biotech firm announced it had completed the dosing stage of the phase II clinical trial of its novel cancer treatment drug VAL401 The process of final data collection, regulatory submissions for trial completion and finally for data analysis, is now underway, ValiRx added.

AIM-quoted gold explorer Katoro Gold PLC (LON:KAT) has submitted the mining licence application for its Imweru project three months ahead of schedule. The application was submitted to the Tanzanian Ministry of Energy and Minerals on Monday after it made “rapid progress” with the execution of its resource development program.

Aminex plc's (LON:AEX) progress in Tanzania was marked in the group’s interim results which show a turn into profitability supported by production from the Kiliwani North gas project. Investors, meanwhile, have been focussed on the more impactful Ntorya project where a successful appraisal well has set the company up for production growth.

Victoria Oil & Gas plc (LON:VOG) interim results have revealed an 11.4% increase in output at the Logbaba gas project, in Cameroon, in what has been described as a “very productive” period. Logbaba yielded average gross production of 14.6mln cubic feet per day over the six months to June 30, and a total of 2.3bn cubic feet of gas was sold in the period.

Jersey Oil & Gas PLC (LON:JOG) chief executive Andrew Benitz told investors that the company is in a strong position to pursue its production focussed acquisition strategy, regardless of the outcome of StatOil’s exploration efforts at Verbier. The AIM-quoted firm, in its interim results, highlighted that its cash position will stand at around £1.8mln once Statoil completes sidetrack drilling at the Verbier project, where the Norwegian group is looking to salvage value in an unsuccessful exploration well.

Lekoil Limited (LON:LEK) confirmed it has continued to increase output from the Otakikpo field, which was brought online in February and has now produced some 1mln barrels of crude. In its interim results statement the company said Otakikpo was producing 6,000 bopd at the end of June, but, that the rate has since increased further to 7,000 bopd.

Cadence Minerals Plc's (LON:KDNC) investee company Macarthur Minerals Limited (CVE:MMS) has signed an agreement with ASX-listed Artemis Resources which could see the latter earn-in up to an 80% interest in two of Macarthur’s tenements in the Pilbara region of Western Australia. The two tenements cover a total of 265 sq. km, with Artemis specifically interested in the conglomerate gold potential.

Kibo Mining PLC (AIM:KIBO) announced that all subscribers to the convertible loan notes that it issued on 27 September 2017 have elected to convert the notes to Kibo shares at a price of 0.05p each. Kibo's CEO Louis Coetzee said: "This is a clear display of reiterated support towards the Company and the direction it is heading.  I believe that the parties involved see Kibo as a long-term investment that will add value, not only to their own investment portfolios, but also to all the shareholders."

Horizonte Minerals Plc (LON:HZM (TSX:HZM) said it has launched a rural literacy development programme in schools located close to its 100%-owned Araguaia nickel project in Brazil, part of its recent social investment activities. Additionally, the nickel development company said, it has implemented a sexual health campaign as part of an ongoing public health programme in the Municipality of Conceição do Araguaia, which is the largest community around the project area.

Solo Oil PLC’s (LON:SOLO) interim results statement highlighted the irons the AIM-quoted investor has in the fire. The emphasis was naturally on the Ntorya project in Tanzania where a successful recent appraisal project has set the project up for development.

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