Galasys PLC (LON:GLS) announced that the trial of the Jersey proceedings related to proposals to change the composition of its board, has now been scheduled to commence on 20 September 2016, with a time estimate of approximately 3 weeks.
The Asia-based leisure and entertainment group is in the midst of a battle between its CEO and chairman. The Royal Court in Jersey will hear the case and decide whether the board can remove the chairman, a move that was previously blocked by the UK high court.
Sea Energy PLC (LON:SEA) said that its directors are of the opinion that it is now unlikely that a sale and purchase agreement can be agreed and executed in sufficient time to allow the process of shareholder approval to occur while thecompany remains solvent. The company has requested a suspension in trading pending clarification of the financial position.
Rose Petroleum PLC (LON:ROSE) moved to “substantially de-risk” the business following a strategic review of its portfolio of assets in Utah that caps costs and decommissioning liabilities.
In a stock exchange statement, the company said it was terminating its earn-in agreement governing ownership of its Mancos acreage.
In other news, Green Dragon Gas (LON:GDG) posted its first profit as gas production from its portfolio of coal-bed assets in China continued to ramp up.
The unconventional gas producer made a net profit of US$82,000 compared to a loss of almost US$36mln a year ago as gas output rose by 36% to 12.1bcf (billion cubic feet) per day.
Elsewhere, Aircraft lessor Avation PLC (LON:AVAP) bought and delivered a fifth new 600 passenger plane to regional airline Flybe Group PLC.
The plane will be operated by Flybe in Scandinavia on behalf of Scandinavian Airlines under a contract arrangement termed the "White Label" project.
Over at Frontier IP Group Plc (LON:FIPP), its investee company ex scientia is teaming up with Germany’s Evotec to discover the next wave of immuno-oncology drugs that use the body’s immune system to attack the killer disease.
The two will use Dundee-based ex scientia’s algorithmic design platform to identify candidates.
Meanwhile, less is more at online sourcing specialist blur Group PLC (LON:BLUR), after a year of dramatic change, fewer but higher quality projects is its new mantra.
It completed the transition to a company focused purely on larger organisations – the “enterprise market”, as it is known.
Over at Berkeley Energia Ltd (LON:BKY), the mining group reflected on a milestone quarter in which it transitioned the Salamanca project, in Spain, into the development phase.
It comes after a decade of exploration and feasibility work expected to outline Salamanca as one of the world’s lowest cost uranium mines.
And finally, generic top level internet domains owner Minds + Machines Group Limited (LON:MMX) is on a much sounder financial footing after its recent restructuring.
The company reported results for 2015 but much of the focus was on events this year that have seen the company slough off its loss-making registrar (domain name registration) activities and outsource the technical back-end functions of its registry service to focus purely on marketing the top level domains.