Proactive news snapshot: Redx Pharma, Feedback, Bango, SIMEC Atlantis …

A glance at some of the day's highlights from the Proactive Investors newswire

Your daily round-up from the world of Proactive

Investors in Redx Pharma PLC (LON:REDX) received some welcome good news after the Company announced it had sold one of its cancer research programmes for up to US$203mln. Like all deals of this kind, the agreement with Jazz Pharmaceuticals (NASDAQ:JAZZ) of the US has a tiered payment structure. So, Redx will receive a far more modest upfront sum of US$3.5mln.

Feedback PLC (LON:FDBK) said it is prioritising its Cadran picture archiving system ahead of its TexRAD technology for uncovering biomarkers in medical images. The change of tack follows a strategic review by new chief executive Tom Oakley, who believes Cadran can become the go-to method of securely sharing patient information by mobile phone or tablet.

Bango PLC (LON:BGO) has reported a jump of almost two-thirds in first half revenues and has forecast that end user spend (EUS) on its platform will rise by over 100% in 2019. In a trading update for the six months ended 30 June, the mobile commerce firm said EUS for the period had been over £465mln compared to £220mln a year ago.

Tidal power specialist SIMEC Atlantis Energy Limited (LON:SAE) has revealed that the underwater turbines of the MeyGen operation in the north of Scotland have set a new record. The Company said it has now exported 17.5 gigawatt hours (GWh) of electricity to the national grid, eclipsing the previous record of 11GWh. This year alone, the group said it has produced enough energy to power 2,200 homes.

Powerhouse Energy Group PLC (LON:PHE) surged on Wednesday as the Japanese government threw its support behind the firm’s DMG waste-to-energy technology. The AIM-listed group said a letter of support from the Japanese Ministry of Economy Trade and Industry followed “many months” of engagement and contained a commendation regarding the environmental advantages of DMG.

Rose Petroleum PLC (LON:ROSE) shares leapt 18.3% higher to 1.77p in afternoon trading following notification that serial AIM energy investor/executive Jon Fitzpatrick has picked up a 5% stake in the company.

Canada-focused oil and gas Company Cabot Energy PLC (LON:CAB) has raised US$0.5mln from its major shareholder, High Power Petroleum (H2P). H2P has subscribed for another 4.34mln shares at a price of 9.25p each – the same as yesterday’s closing price. The additional investment will take H2P’s overall stake in Cabot to 66.2%.

Applied Graphene Materials PLC (LON:AGM) has hailed “significant technological progress” in development work on using graphene in water-based anti-corrosion coatings.

Circle Property PLC (LON:CRC) has grown the value of its assets by more than 20% for the third successive year and sees a “clear prospect of further growth” from regional office property in coming years.

Equals Group Plc (LON:EQLS) shares were lifted on Wednesday after the firm announced plans for new product launches after a strong first half. The e-banking and payments group, which changed its name from FairFX in June, said turnover for the six months ended 30 June had risen 17.5% year-on-year (YOY) to £1.3bn, in line with its expectations, while revenue margins had “slightly improved” as the effects of supply chain rationalisation outweighed the impact of the strongest growth being in its lower-margin products.

Eland Oil & Gas PLC (LON:ELA) told investors that it has completed remedial work on  the Gbetiokun-3 well, which will be part of the early production system (EPS) due online this month. In June, the company identified a small leak in the shorter of the well’s two production strings and this has now been remedied.

TLOU Energy Ltd (LON:TLOU) told investors that the Lesedi 4 production pod has now reached ‘Critical Desorption Pressure’, or CDP, which is the point at which coal bed methane wells can start being producible.

Bezant Resources PLC (LON:BZT) is to carry out further exploration at its Buffalo copper/gold option in Zambia after identifying possible extensions to the existing mine pit. A review of the historic data and site visit suggests that the steeply-dipping target shear zone is open at depth and to the southwest into the Buffalo hill.

Amur Minerals Corporation (LON:AMUR), the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, announced that it has today issued 4,751,699 new ordinary shares of no par value of the company to Cuart Investments PCC Ltd and YA II PN Ltd in settlement of US$104,602 of principal and accrued interest under the convertible loan agreement entered into on 22 March 2019.

Oracle Power PLC (LON:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in the south-eastern Sindh Province of Pakistan, advised that it has received a further tranche of £50,000 from Brandon Hill Capital Limited, the second amount drawn down under the loan agreement that was announced on 30 May 2019.  It said the total amount drawn down under this arrangement now totals £100,000.

Asiamet Resources Limited (LON:ARS) has announced the appointment of Feng (Bruce) Sheng as a non-executive director with effect from 10 July 2019.  The group noted that Sheng is the chairman of Melbourne based Asipac Group Pty Ltd, a diversified company with investments across the resources and financial sectors, and various property businesses.

Optiva Securities reiterated a ‘buy’ rating and 3.65p price target on United Oil & Gas PLC (LON:UOG) shares on Wednesday. In a note reviewing the explorers portfolio, analysts barney Gray concluded: “With the portfolio recently augmented by the provisional award of new UK acreage as part of the UKCS 31st Licensing Round and an option to farm-in to exciting new acreage in Benin signed in March, we believe that United has provided additional layers of potentially exciting upside to the portfolio.” UOG shares were steady at 3.65p.

WideCells Group Plc (LON:WDC) announced that the company has changed its name to Iconic Labs PLC (LON:ICON) to reflect its new focus as a multi-divisional new media and technology business. The change takes effect following the company's General Meeting held today, where all resolutions were duly passed.  The new ticker for the company will be ICON and will take effect on 11 July 2019.

BlueRock Diamonds PLC, the AIM listed diamond producer, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, announced that its executive chairman, Mike Houston will be delivering a presentation to investors at the SVS Securities and UK Investor Magazine investor evening on Thursday 18 July 2019 at the Skinners Hall, Dowgate Hill, London EC4R 2SP which commences at 6:00pm

ValiRx PLC (LON:VAL), the AIM-quoted clinical stage biotechnology company announced that its chief executive, Dr Satu Vainikka will also be delivering a presentation to investors at the SVS Securities and UK Investor Magazine investor evening.

Kodal Minerals PLC (LON:KOD), the mineral exploration and development company focused on the Bougouni Lithium Project in Southern Mali, said its chief executive officer, Bernard Alyward will also be delivering a presentation to investors at the SVS Securities and UK Investor Magazine investor evening on Thursday 18 July 2019. 

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of SIMEC Atlantis Energy named herein, including the promotion by the Company of SIMEC Atlantis Energy in any Content on the Site, the Company...



Full interview: Zena Pay looks to help cannabis industry navigate the...

Fig House communication’s Dave Carter joined Steve Darling from Proactive Vancouver to discuss Zena Pay. They provide software solutions that specialize in payment, plant tracking, cannabis business management software, supply chain management, compliance management and government auditing...

2 days, 9 hours ago

7 min read