logo-loader

Bellzone Mining exploring possible sale of its major assets

Last updated: 15:40 11 Jun 2018 BST, First published: 09:30 11 Jun 2018 BST

dump truck

Bellzone Mining PLC (LON:BZM) shares dropped on Monday afternoon after the explorer confirmed it was in discussions to possibly sell off some of its major assets.

Last month the AIM-quoted firm reported a loss for the year of US$5.7mln and revealed it had a net cash position of US$2.7mln.

Bellzone said today it is exploring “options to maximise the present value of its major assets”, including its Konta port in Guinea and the Kalia iron ore project, also in Guinea.

“The company emphasises that all discussions are at an exploratory stage, and there is no certainty that any transaction will eventually be agreed,” read the statement.

Shares fell 10.5% to 0.6p.

Vela Technologies Argo stake now worth £760,000

Vela Technologies PLC (LON:VELA) got a lift today after one of its investment companies unveiled plans to list on AIM.

Argo Blockchain PLC, in which Vela has a 1.9% stake, is expected to be valued at £40mln when it joins the junior market.

Vela paid £200,000 for its shares earlier this year, which would now be worth £760,000 if Argo’s valuation holds true.

The stock rose 5.7% to 0.5p on Monday.

LightwaveRF announces surprise departure of chief executive

Smart home solutions provider LightwaveRF PLC (LON:LWRF) has parted ways with its chief executive Andrew Pearson, who is stepping down after just over a year in the role.

He will be replaced by Jason Elliott by “no later than mid-September”, while chief financial officer Kevin Edwards will keep watch until then.

Elliott will join from energy data analytics firm Onzo, where he is chief sales officer. He has also been a divisional managing director at management software group SafetyBank.

“We look forward to welcoming Jason Elliott who brings with him a strong sales track record and a good understanding of the energy and related markets, which the Company is seeking to address,” said chairman Barry Gamble.

Shares in the group, which counts Apple, Google and Amazon.com among its partners, fell 16.4% to 11.5p.

Inmarsat rockets again on hopes of bidding war

Shares in Inmarsat PLC (LON:ISAT) have jumped again this morning as investors brace themselves for a bidding war after the satellite group knocked back a takeover offer from US rival Echostar.

The stock enjoyed a similar rise on Friday on speculation that a bid was on the cards, with Inmarsat eventually confirming the approach on Friday evening.

It rejected the offer – which was below Friday’s closing price – saying it very significantly undervalued the company.

The market is obviously expecting Echostar to come back with an improved offer, with shares up another 13.5% to 537.9p, although Numis analyst John Karidis isn’t so sure.

“Echostar overlaps little with ISAT's business so cost savings will be minor; it has no real involvement in L-band businesses (>80% of ISAT's sales) so revenue synergies will be minor also.”

In the note to clients, Karidis added that he doesn’t expect Echostar to come back with an improved offer.

Tern jumps as it pours another US$300k into its IoT security portfolio company

Shares in Tern PLC (LON:TERN) continued their remarkable run on Monday morning as the Internet of Things (IoT) investor poured some more money into its portfolio company, Device Authority.

The AIM-quoted group paid just over US$300,000 to Device Authority in the form of a convertible loan, taking Tern’s total convertible loan note position with DA to US$1.18mln.

Once the IoT security business raises US$2.5mln or more, the notes will be converted into the most senior class of shares and at the lowest price.

Tern’s stock has been climbing for the past few weeks on rumours, since confirmed by the company, that DA is working on a new product with French electricals giant, Thales.

Shares were up again on Monday, rising 14.7% to 33.3p.

Webuyanycar owner receives takeover approach

BCA Marketplace PLC (LON:BCA) shares were also up this morning after the Webuyanycar.com owner rejected a takeover proposal from private equity investment group Apax Partners LLP.

The FTSE 250 group said Apax had approached the firm with a conditional all-cash offer of 200p for each share – a 5.2% discount to the BCA share price of 211p on Friday.

Investors, hoping for Apax to come back with a better offer, pushed the stock up almost 10% to 231.5p.

XLMedia plunges on profit warning

A profit warning from XLMedia PLC (LON:XLM) sparked a sell-off in the digital marketing services provider this morning.

XL said revenues and pre-tax profits would both be lower than expected due to changes in Australian and European gambling markets.

“The group has also seen some impact from regulatory changes, namely the closure of the Australian market at the end of 2017 in addition to uncertainty regarding the regulatory status of certain European markets during 2018,” read Monday’s statement. Shares dipped by a third to 118p.

Proactive news headlines:

BATM Advanced Communications Limited (LON:BVC) said it has been awarded a ‘significant’ contract by a government defence department to supply enhanced cyber communication technology.

Highlands Natural Resources PLC (LON:HNR) has updated investors on its project to explore for nitrogen gas resources, to support its DT Ultravert well services technology. It plans to re-enter and re-complete a well in Kansas. The programme is expected to deliver data that will inform future phases of exploration and de-risk future activities from a safety perspective (the area is seen to be under high pressure).

KEFI Minerals PLC (LON:KEFI) has secured US$30mln of new investment at the project level for its Tulu Kapi gold mine development in Ethiopia. "KEFI has now assembled the proposed full project funding consortium, including contractors, equity and non-equity capital and is expected to move towards full financial close later this year," said chairman Harry Anagnostaras-Adams.

PCG Entertainment PLC (LON:PCGE) has completed a fundraising through the placing of new shares as it issued an update on its current business. The AIM-listed gambling group said it had raised a total of £303,000 before expenses through the placing of around 202mln new shares at a placing price of 0.15p each.

Keyword Studios PLC (LON:KWS) has completed its fifth acquisition of the year, snapping up fellow video games services provider Blindlight in a deal worth up to US$10mln (£7.5mln).

Echo Energy PLC (LON:ECHO) has released details of what it described as “very positive” well testing results, following the successful work-over of the CSo-85 well at the Fracción D asset, Argentina. A maximum flow rate of 2.5mln cubic feet of gas per day was measured in the well during a 16-day period of stabilised gas production.

Summit Therapeutics PLC (LON:SUMM) has discovered a second series of “promising” compounds which it believes could be used to treat gonorrhoea.

Harvest Minerals PLC (LON:HMI) is to raise £9mln to strengthen its balance sheet while it ramps up operations at the Arapua fertiliser project in Brazil. Shares will be issued at 18.5p to institutional investors through a bookbuild exercise.

Pembridge Resources PLC (LON:PERE) has secured US$30mln in off-take finance from a major Japanese trading house. The deal allows Pembridge to sell copper from its Minto mine at the mine gate, thus eliminating the mine's historic need for the significant working capital reserves to tide it over when shipping isn't possible in the winter.

WideCells Group PLC (LON:WDC) has reconfirmed it has received commitments for its shares placing of at least £1.8mln, and anticipates being able to close the fundraiser before the end of the month. The sum expected to be raised is in excess of the £1.5mln it requires to continue as a going concern.

PowerHouse Energy Group PLC (LON:PHE) has highlighted the potential for its DMG System to harness the energy contained in plastic waste by converting it to clean hydrogen, as a mechanism to reduce the impact of plastics on the oceans.

MaxCyte Inc (LON:MXCT) said it has entered into an R&D agreement with the US National Institutes of Health (NIH) to develop treatments for sickle cell disease.  They will do so using next-generation CRISPR/Cas9-based single-nucleotide correction technologies enabled by MaxCyte's cell engineering platform.

New data for Motif Bio PLC’s (LON:MTFB) has confirmed that its next generation antibiotic iclaprim was better tolerated and safer than a rival drug in two recent late-stage studies.

Avacta Group PLC (LON:AVCT) has announced the appointment of Dr Eliot Forster as non-executive chairman to the board with immediate effect. The AIM-listed firm said Dr Trevor Nichols, who has acted as chairman of the board since January 2014, will remain on the Board as non-executive director.

Vast Resources PLC (LON:VAST) has recommended that shareholders approve a possible equity funding as it set the date for a general meeting, to be held on June 25 in London. The mining investor, in a letter to shareholders, said that it has identified an additional funding requirement of US$2.18mln – which would fund additional dewatering at the Baita Plai mine, pay for equipment at the Manaila mine and provide seed capital for new projects.

Chaarat Gold Holdings Ltd (LON:CGH) ended the year to December 2017 with just over US$7mln in the bank, after booking a pre-tax loss of US$18mln. The loss included a US$10mln impairment charge for assets under construction, as Chaarat continues to advance its Tulkubash gold project in Kyrgyzstan. The company subsequently made a bold and unsolicited offer for Centerra's Kumtor mine.

Active Energy Group PLC (LON:AEG)  has signed a Memorandum of Understanding (MOU) with Young Living Farms for a compost producing plant utilising its PeatSwitch technology. The two firms agreed a partnership deal in February and the plant will be built on the site of YLF's lavender farm and essential oil distillery located near Mona, Utah.

Genedrive PLC (LON:GDR) announced that it has now completed the sale of its contract research and pharmacogenomics divisions for an aggregate cash consideration of up to £1.9mln.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

2 hours, 48 minutes ago