Nuvec, which delivers DNA directly into cells in a bid to encourage the production of anti-cancer antigens, has been accepted by the European Nanomedicine Characterisation Laboratory (EUNCL) to undertake a full characterisation programme.
The Men from EUNCL – and women – will provide a grant that will significantly reduce the cost to N4 of its regulatory development programme.
The shares were up 59% at 6.45p – albeit a long, long way below their 52-week high of 32.91p back in mid-February.
TV commission awards put some steel in the Zinc Media share price
Moving on to a company that knows how to spell the word “programme” … Zinc Media Group PLC (LON:ZIN) shares rose 9.5% to 0.58p after it announced several new telly commissions across its different TV production businesses.
The company formerly known as Ten Alps said Channel 5 has commissioned two series from Blakeway Productions and a third from Reef Television but Zinc cannot tell us what the series are about.
Tern Television Productions has been commissioned to make a raft of new series for the BBC Scotland Channel due to launch in the first quarter of 2019.
Collectively, the commissions are worth roughly £2.5mln in revenue to the group, which in its last financial year had revenues of £19.8mln.
More argie-bargie on the funding front for Rurelec
As ever, the fly in the ointment is Energia del Sur (EdS), which owns and operates the 136 megawatts Southern Patagonian combined cycle gas turbine power plant in Argentina.
EDS owns Rurelec Project Finance Limited (RPFL) a pile of money but has cash constraint problems of its own, not least because it expects to commence a major maintenance shutdown of its steam turbine in mid-October 2018.
CAMMESA, the organisation administering and regulating the Argentinian wholesale electricity market, had agreed to provide loan finance to EdS to enable the major maintenance to take place but like seemingly everyone in this sorry tale, it has been suffering from a shortage of liquidity.
CAMMESA has indicated it will now allow EdS to make drawdowns against the loan finance and have made the initial payments during the course of last week to fund the first €1.09 million of maintenance expenditure but doubts remain whether the full amount will be forthcoming on schedule, given recent delays and the difficult conditions encountered by the Argentinian economy at present.
The knock-on effect is that until EdS resumes full output or Rurelec finds an alternative source of funds – which may include asset sales – Rurelec's working capital position will remain severely constrained.
The independent & exploration company, which is focused on Trinidad & Tobago, said the first half of 2018 has been “a transformative period” for the company.
Revenues rose to US$30.1mln from US$20.2mln the year before but profit before tax slumped to US$10.18mln from US$25.88mln, as exceptional items this time around made a contribution of US$11.62mln versus a contribution of US$25.12mln the year before.
The company would prefer to focus on adjusted underlying earnings (EBITDA), which rose to US$9.3mln from US$5.9mln the previous year.
Operating cash flow increased to US$5.0mln from US$1.7mln.
Most of the above seems very positive but the shares have been on a good run of late, rising from 17.175p at the end of August to 20.5p overnight, and have seen some profit-taking today, resulting in a 7.6% fall to 18.95p.
Hurricane Energy wanted after Total strikes it big in the Shetlands
It is better to travel than arrive; better still to stay at home
Britain’s glorious summer has been most enjoyable for most people – especially pubs and ice-cream sellers – but it has been a bind for those firms specialising in carting thousands of pasty-skinned Brits off to foreign climes, there to turn lobster pink.
In a pre-close season update, the FTSE 250-listed firm said that, based on recent trading, its core underlying earnings (EBIT) would come in at around £280mln for the 12 months to September 30, below its previous guidance range of £323mln-£355mln.
The group said trading since its last update has been tough, particularly in its tour operator business, where its ability to drive margins in the 'lates' market has been further restricted by excess summer capacity.
The shares were down 19% at 62.95p; as recently as mid-May the shares were trading at 146p. Ah, the happy, heady days of the Beast from the East.
Thomas Cook is replacing its chief financial officer https://t.co/ieuCskUPAe— TicToc by Bloomberg (@tictoc) September 24, 2018
The company is parting ways with Bill Scott, its chief financial officer, with reports in some news agencies implying a connection between his departure and a “botched travel forecast for an unusually hot European summer”.
It sounds like their next bean-counter should be recruited from the Met Office, although perhaps not if the person they recruit has the surname Fish.
Great article by Avbuyer. Well worth considering and we’re happy to provide independent advice to prospective owners. With most types in the global fleet we understand the true cost of ownership. #yourmission #ourpassion #bizavworks #bizav #expandinghorizons https://t.co/rNRRCSQk4b— Gama Aviation (@GamaAviation) September 22, 2018
The business aviation service provider saw revenue in the first half of 2017 slide to US$104.6mln from US$108.1m the year before and the profit before tax slide to US$6.6mln from US$7.0mln.
"The first half of the year has been a busy period with the equity placing and refinancing completed, and progress across our operations,” said Marwan Khalek, the chief executive officer of Gama.
“We remain confident in delivering our future growth plans and strategic objectives,” Khalek added, although the market did not seem to share his confidence.
CycanConnode on a charge again
The shares were up by more than a tenth this morning after the company announced a US$2.9mln support contract for Indian smart metering deployment.
The order is from a state-owned utility in India and relates to the US$11.6mln purchase order announced last week, for Omnimesh IPv6-based hardware, perpetual software licences and services, received from a tier one metering partner.
The US$11.6mln contract sent the shares surging from 6.7p to 9.7p, so with the shares up 1.25p today to 13.35p, the shares have practically doubled in a week.
Breakfast of champions for Mosman Oil And Gas
Mosman is now taking a 60% interest in the Champion project and a 16% stake in the Challenger project, paying US$108,000 and US$43,500 respectively.
The market reacted well to the announcement, chasing the shares up 10% to 0.55p.
Other Proactive news headlines:
Eurasia Mining PLC (LON:EUA) saw its shares jump in early trading Monday as its subsidiary and mine contractor agreed to progress with a second open pit at its West Kytlim mine in Russia while the project itself continued to exceed expectations.
Landore Resources Limited (LON:LND) has declared its summer drilling campaign at its Junior Lake property in Ontario a success after it successfully identified a second significant gold mineralised zone 400 metres along strike to the west of the existing BAM gold deposit.
Anglo African Oil & Gas PLC (LON:AAOG) told investors it has completed ahead of schedule the construction of its extended drill pad at the Tilapia field, in the Republic of the Congo. It will be used to drill the TLP-103C well, and, the rig is expected to be in place by next week. Drilling is anticipated to start in the week starting October 8.
OptiBiotix Health PLC (LON:OPTI) has appointed City veteran Adam Reynolds to chair its spin-out business, ProBiotix Health ahead of a separate stock market listing. The new company will be home to cholesterol and blood pressure reducing bacteria strain, LPLDL.
Minds + Machines Group Limited (LON:MMX) is in “advanced discussions” with the world’s leading Ethereum wallet to integrate its ‘.luxe’ domain into the network.
India-based power utility OPG Ventures PLC (LON:OPG) has written off its Gujarat power station after a series of ongoing disputes. Efforts in future will be directed toward the Chennai power plant and OPG’s growing solar capacity. Profits here for the year to March were £6.2mln while revenues rose by 3% to £140mln. The Gujarat write-down, however, meant a loss for the year of £100.9mln (£23.1mln profit).
Mining royalty specialist Anglo-Pacific Group PLC (LON:APF) has doubled its loan facility to US$60mln to give it more liquidity as it looks for acquisitions. Already this year, Anglo Pacific has acquired copper and iron ore royalty streams to add to its existing coal, vanadium and Uranium interests, but is keen to add more.
Block Energy PLC (LON:BLOE) has hired a rig deal for a multi-well programme planned across its asset base in Georgia. The arrangement with Georgian firm JSC Norio Oil Company provides unlimited and exclusive access to two A50 workover rigs and a ZJ40 drilling rig, along with access to a variety of other drilling and workover related equipment.