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This week: Forbidden allows Atos, an illuminating update from PhotonStar and Avation flies high

Published: 09:14 13 Feb 2013 GMT

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The Small Cap Club provides regular networking events for key participants, leaders and advisors of quoted small cap companies in the UK. It is hosting its next Small Cap Club meeting on 13 February 2013, tonight, at The Eight Club, Moorgate, 1 Dysart St, EC2A 2BX from 6pm. www.smallcapentrepreneurs.com.

A mixed week in the financial markets last week, with the FTSE 100 closing 90 points lower at 6,260 points, and AIM closing 6 points higher at 746. News during the week saw the Bank of England leave interest rates unchanged at 0.5 per cent, whilst also not furthering its Quantitative Easing programme, and also construction data being released which showed that the industry grew by more 0.9 per cent in the last quarter- much higher than the 0.3 per cent originally thought. The UK inflation rate was also said to be unchanged at 2.7 per cent (CPI) in January, though the Retail Price Index inflation figure increased from 3.1 per cent to 3.3 per cent in January. The week ahead sees Bank of England Inflation Report Meetings and Retail sales figures being announced.

 AGTA Second beef retail unit, ANR Project Dragon Update, AVAP Interim results, Bango Placing, BOD Agreement on 13 prospecting licences, CTH Trading update, CGNR Appoints Seamus FitzPatrick as Deputy Chairman, DDD Trading update and licence agreement renewal with Samsung, DSN Trading Update, EGX Founder Steps Down, ETX placing, FBT agreement with Atos, GAS Strategic Alliance, HAL Trading Update, IMTK Trading update, IDH llaboration, IPP Interim Results, PSL Trading update, PGR License extension, PRES Trading update, RLD Sales Stolen, SAR US Patent Grant, SDI Chinese to Install Systems, SDM Trading Update, STT Awarded £1.07m contract, SUMM Grant from Foundation to Eradicate Duchenne, THAL Supplemental Contract, UTW Trading update, VENN Russian JV

Agriterra (LON:AGTA)

Agriterra, the African agricultural company, has opened its second beef retail unit in Mozambique, as part of its strategy to maximise the margin of its rapidly growing integrated beef business. The new retail unit, located in Tete, is being supplied by carcasses from Agriterra’s newly constructed 4,000 head per month capacity abattoir located in Chimoio, which commenced operations in December 2012. Cattle for both units are being supplied to the abattoir from the Company’s own ranches at Mavonde and Dombe, and the feedlots at Vanduzi, as well as being bought from the local community. The Company intends to roll out a further four retail units in 2013. 

Altona Energy (LON:ANR

As announced on 12 December 2012, the timeline for the conversion of EL1 to a Mining Licence in which Altona will have an indirect 95 per cent beneficial interest (ML) was extended to 30 June 2013. Since that announcement, good progress has been made towards securing the necessary approvals from authorities for issue of the ML. In meetings between representatives of Altona and the local government responsible for sanctioning mining, in the area where EL1 is located, the local government representatives have given verbal approval for mining to proceed. This verbal approval is subject to the conditions to be attached to the ML (likely to relate to the boundaries of the licence area, permitted production volumes etc). In that regard, the ML application has been fully prepared with all supporting technical and mine planning information, and has now been submitted to the Xinjiang Regional Government for final written approval, which is now expected to be received prior to 30 June 2013. Assuming the ML is issued, coal production will begin as soon as practicable thereafter to take as much advantage as possible of the mining conditions, which are at their best during the spring/summer period. 

Avation (LON:AVAP

The aircraft rental and leasing company announced interim results for the six months to 31 December 2012, which saw a 26.4 per cent increase in revenues to £12.7m and a 39 per cent increase in profits to £2.9m. The period saw four new aircraft additions, taking the total up from fifteen to nineteen with a value of £174m, whilst commercial funding of $82m has also been secured for an additional five ATR72 aircraft for delivery in 2013.  With the additional aircraft, lease revenues are expected to grow by an additional £2.3m in the 6 months to 30th June 2013. An order for seven additional ATR72 aircraft has been placed for delivery in 2014.

Bango (LON:BGO

The mobile payments and analytics Company announced a placing to raise £6.5m before expenses. Shares were placed at 200p per share, and funds from the Placing (which was apparently oversubscribed) are to be used to increase its capability to underwrite emerging market opportunities, to have greater capacity to fund further business development with a view to gaining more mobile network operator partners and to generally strengthen the balance sheet. This follows a fundraising of £3m in May 2012, as part of the Company’s scale up and its intention to realise opportunities in Brazil, Latin America, India and other parts of Asia.

Botswana Diamonds (LON:BOD

Botswana Diamonds, the diamond exploration and development company that holds exploration licences in Botswana and Cameroon, has entered into an agreement with a private South African company which holds an 85 per cent interest in 13 prospecting licences located to the southwest of the Orapa region of Botswana. This region contains the Ghaghoo Diamond mine being developed by Gem Diamonds Ltd. and the X-36 diamond discovery made by Petra Diamonds Ltd., as well as 21 known kimberlites. The license area covers a total of 6,518 sq kms. The agreement stipulates a three-month exclusivity period during which Botswana Diamonds will review the available data on the licences. Should the analysis prove positive Botswana Diamonds will negotiate an equity interest in the licences.

CareTech Holdings (LON:CTH)

CareTech Holdings, the UK provider of specialist social care services, has reported that trading in the year to date has been in line with the Board's expectations. Demand for its services remains at a good level and the new schemes planned for opening in 2012/13 are progressing well. While fee discussions with local authorities are at a very early stage in the process, initial indications are that the current fee environment is consistent with the Company’s expectations which are for minimal change on 2012. The management believes that CareTech's diversified model to provide high quality children and adult care, based on value for money outcomes, and the expanding breadth of its service offering, positions the Company favourably in the current public sector funding environment. 

Conroy Gold and Natural Resources (LON:CGNR)*

Conroy Gold and Natural Resources, the gold exploration and Development Company developing a gold mine at Clontibret in Co. Monaghan, Ireland, last week announced the appointment of Mr Seamus FitzPatrick as Deputy Chairman (Non-executive). Mr FitzPatrick, who has been a Non-Executive Director of Conroy for the past five years, has worked in both corporate finance and private equity in London and New York with Morgan Stanley International, J.P. Morgan Capital Partners and Bankers' Trust. In 1999 he co-founded CapVest Associates LLP, and he is chairman of the Mater Private Hospital and Valeo Foods Limited, and is a board member of Reno Norden AB. He is also a member of the board of Karelian Diamond Resources (LON:KDR 0.7p/£0.65m). Conroy has under licence the entire thirty mile gold trend which it has discovered in the Longford-Down Massif in Ireland and has discovered a series of significant gold targets along the trend. Scoping studies have been completed by independent consultants Tetra Tech WEI Inc. on Clontibret with positive technical and financial results. 

DDD Group (LON:DDD

The 3D solutions company provided a trading update for the year to 31 December 2012. Total revenues are expected to be 56 per cent up from 2011 to $8.6m, reflecting increased demand for its TriDef 3D technologies in the television (with approximately 15m units shipped, up 67 per cent from 2011) and personal computer (which grew 172 per cent) markets, though Mobile IP shipments decreased by 58 per cent due to delays in next generation mobile and tablet 3D display panel availability. Gross margins are expected to increase by 3 per cent to 97 per cent, and net cash of $3.6m (2011: $3.1m) was on the balance sheet. With a number of other key announcements during the year, including the introduction of the Yabazam! 3D Smart TV app on both Samsung and LG Electronics' 3D TV platforms, the licensing of certain patent rights to Samsung Electronics under which Samsung may undertake offline conversion of content from 2D into 3D, and a listing on the OTCQX(R) marketplace, the Company looks to further expansion in 2013. Also announced was the renewal of its license agreement with Samsung Electronics Co., Ltd. to bundle DDD's TriDef(TM) 3D solutions with Samsung's lineup of 3D monitors which has so far seen over three million copies shipped to date in the 3D PC market.

Densitron (LON:DSN

On 5 November 2012, the Company announced that it expected its results for the year ended 31 December 2012 to be behind market expectations. At that time the Company expected certain orders to be booked and delivered to customers in the period up to the year-end. However, for reasons outside the control of the Company some of this business has now been delayed into 2013. As a result of these delays the Company's operating profit for the 2012 financial year will be materially below that achieved in 2011. Also, in November 2012 the Company updated its shareholders on the position of the proceedings that had been taken against it in respect of a lease of a property located at Wallsend, Tyne and Wear, near Newcastle- the directors have been unable to enter mediation due to the unwillingness of the other parties, though the directors continue to work to achieve a negotiated settlement. Grahame Falconer, Chief Executive Officer of Densitron said: "The end to the year was disappointing, but reflects how cautious the market remains, with customers not wishing to overcommit. However, orders booked in the year were ahead of those booked in 2011, which, together with the introduction of new services and products, gives us confidence for 2013. It is disappointing that we were unable to get the other parties to the litigation to agree to a mediation process but the Board is continuing to try to resolve this matter by way of a negotiated settlement." 

Energetix Group (LON:EGX

Energetix Group, the developer and provider of energy efficient products and retail energy services through the Flow brand, announced that Adrian Hutchings, Deputy Chairman, has stepped down from the Board with immediate effect, but will remain as an employee of the Company until 31 October 2013. Adrian Hutchings founded Energetix Group in 1998 and has been instrumental in overseeing the technical development of the Company's flagship product, the Flow boiler: a highly efficient, compact, lightweight, wall mounted microCHP (Combined Heat and Power) appliance for the home. With the technical development of the product nearing its conclusion Adrian has decided to pursue other interests outside the Company. Peter Richardson, who took on the Group Chief Executive Officer role from Adrian in September 2012, is now well established in the business and has the skills and experience, developed through his 15 years as Chief Operating Officer at Dyson, to drive the production, delivery and installation of high volumes of the Flow boiler throughout the UK. 

e-Therapeutics (LON:ETX) 

Drug discovery and development company e-Therapeutics yesterday proposed to raise £40m through an issue of new ordinary shares to existing and new institutional investors. The new shares will be priced at 32p, a premium of 4 per cent to the closing mid-market price on the Friday 8th. Irrevocable undertakings of support have been received from shareholders representing approximately 86 per cent of the Company's equity in advance of a general meeting where approval for the issue will be sought. Following the proposed issue, the Company will have pro-forma net cash and liquid resources of approximately £48m. Together with expected receipts from R&D tax credits and interest, these resources are intended to support the Company’s entire currently planned discovery and development activities into 2017, by which time the Directors believe an out-licensing deal could be concluded for the Company's lead cancer drug, ETS2101. The principal planned uses of the Company's enlarged cash resources are to complete phase I trials for ETS2101 and advance the drug seamlessly into and through the next phase of its clinical development, which is expected to include a randomised phase II trial in brain cancer (glioma) and a phase Ib/II trial that will explore the drug's activity in four to six other cancer indications. e-Therapeutics plans to spend around £25m on this programme for ETS2101 and expects to complete the studies in time to conclude a licensing deal or deals during 2017 if the data are supportive. This money is also to continue investment in new drug discovery using the Company's network pharmacology platform and to advance newly discovered drugs and existing product assets into and through preclinical and clinical development, with the aim of building an increasingly diverse and mature portfolio of drug candidates.

Forbidden Technologies (LON:FBT

Forbidden Technologies, the AIM quoted owner and developer of the FORscene cloud-based video editing platform, yesterday announced that Atos (Pty) Ltd, a systems integrator in South Africa, has entered into a contract with Forbidden. The formalisation of the contract follows the memorandum of understanding agreed in September 2012. The licence agreement allows Atos to add FORscene to its South African portfolio of solutions and to run its own FORscene Cloud, providing hosting and administration, customer support and consulting on web-enabled workflow solutions to media clients in South Africa and across the African continent, including broadcasters, advertising agencies and advertisers in the African region. The licence provides for a relatively small up-front payment to Forbidden, with the majority of revenue expected to arise from royalties as Atos clients licence the platform from Atos. The installation of the Atos FORscene Cloud Server is planned to begin this month. 

Gasol (LON:GAS

Gasol, the West African energy development company, announced that its affiliate, African Power Generation Limited (Afgen), has signed a strategic alliance agreement with Dredging International, in relation to dredging, marine engineering and pipeline construction works in Cotonou harbour, Benin, for its proposed LNG Import Project. The strategic alliance agreement enables the parties to work together to develop the detailed specifications and agreements for the project on an exclusive basis. Alan Buxton, Chief Operating Officer at Gasol, said: "Our alliance with Dredging International substantially de-risks our Benin LNG Import Project. Dredging International will lead a consortium which represents best in class in dredging, land reclamation and marine engineering. Their familiarity with Cotonou harbour, given the other recent work they have undertaken for the Port Authority, means that they are the most suited partner, and I am delighted that we are working together. The fact that we have been able to conclude such a strategic alliance is a strong endorsement of the development works done by Gasol and its affiliate Afgen on behalf of the Project." 

HaloSource (LON:HALO

HaloSource, Inc., the clean water technology company, will announce its preliminary results for the year ended 31 December 2012 on 11 March 2013. Revenue for the full year ended 31 December 2012 is expected to be in line with current market expectations at approximately $13.3m. The successful placing in October 2012 has strengthened the Company's balance sheet and enabled it to take advantage of and maximise the value in growth opportunities in its core business segments. At year end, total cash, including restricted cash and short-term investments, was approximately $27m, giving the Company adequate resources to fund its plans for growth. The Company announced several key achievements and milestones in the second half of 2012 which will provide a solid foundation for future growth. The Company successfully executed several new partnerships, launched new products, and revived partnerships with key players in certain global markets. With these core partnerships and products in place, the Company expects to accelerate its growth trajectory in 2013. 

Imaginatik (LON:IMTK)

Imaginatik, the provider of collaborative innovation software and processes, announced a trading update for the year to 31 March 2013, which saw three long-standing customers who were expected to renew in the second half of the year, opting not to do so due to budgetary constraints (expected to generate licence fee income of approximately £0.35m). The Company also announced uncertainty over the timing of the signatures on some potential new contracts, which may impact the level of loss for the year and working capital requirements, resulting in the likelihood of revenues and operating losses below market expectations. As a result, the Company is considering the possibility of seeking shareholder approval of the cancellation of trading in the Company shares on AIM, with a further announcement to be made in due course.

Immunodiagnostic Systems Holdings (LON:IDH

Immunodiagnostic Systems Holdings announced a collaboration with Diagnostica Stago (Stago), a leading French based producer of coagulation and haemostasis diagnostic kits and instrumentation, following a successful feasibility project. The collaboration will see Stago assisted in the development of coagulation and haemostasis assays for use on the IDS-iSYS immunoanalyser, whilst Stago will help fund IDS' development of the IDS-iSYS mark II instrument and eventually deploy it in their fields of expertise. Stago will pay IDS EUR3.5m in a series of milestone payments and also contribute EUR1m to the development of the IDS-iSYS mark II, and IDS also expects to earn revenues from the sale of instruments, ancillary products and royalties. Of the milestone payments, 30 per cent (equating to, in total, EUR1.05m) is to be paid to Mr. Rousseau, Engineering Director of IDS PLC and co-owner of the intellectual property rights of the IDS-iSYS.

IPPlus (LON:IPP

IPPlus announced its unaudited interim results for the six months ended 31 December 2012. The Ansaback division continued to win new fixed seat business, as its revenue was up by 15 per cent on the prior year period and CallScripter secured important international contracts increasing revenue by 27 per cent in the period. IP3 Telecom achieved a level 1 credit card compliant solution with PCI-PAL and Ancora Solutions revenue improved after successful contract wins, up 52 per cent on the prior year period. The profit before taxation, after non-recurring costs of £71,252, was £174,732 (2011: £179,959) and the net cash of £445,557 at 31 December 2012 (30 June 2012: £317,350) showed an improvement on the prior period. Notwithstanding a difficult economic backdrop, the Group has successfully grown its revenue and developed new business over the six month period to 31 December 2012. 

PhotonStar LED Group (LON:PSL

PhotonStar LED Group, the UK designer and manufacturer of smart LED lighting solutions, has provided a trading update for the year ending December 2012. Revenues in the year were up 44 per cent to £8.7m, with gross profit up 62 per cent to £3.4m. The Company ended the year with £2m of cash compared with £0.7m in 2011. On an unaudited basis, EBITDA for the year, before share based payments, is expected to show a loss of approximately £0.4m. The Company expects affordability of good quality LED to accelerate adoption rates in 2013. PhotonStar has a substantial IP platform, comprising a total of 15 patent families covering advanced LED chip design, optimal low cost packaging, advanced colour mixing and control.  In December 2012, it signed its first licensing agreement for its next generation LED chip design patents and an associated design services supply agreement with a leading LED chip manufacturer.

Premier Gold (LON:PGR

Premier Gold, the gold exploration and development company operating in Kyrgyzstan, has reported that a five year extension to 31 December 2017 has been granted for its Cholokkaindy licence by the State Agency for Geology and Mineral Resources, the controlling mining authority in the Kyrgyz Republic. The application follows extensive trenching and sampling work undertaken on the licence, the results of which support the Company’s view that Cholokkaindy is a single mineralising system with the potential to form a sizeable and commercially viable gold deposit. Exploration work in 2012 identified two trends with lengths up to 3.5kms over a five sq.km. area. Soil samples returned positive results, highlights of which included 3.7g/t Au over eight metres and as high as 64g/t Au from grab samples.

Pressure Technologies (LON:PRES) 

Pressure Technologies, the designer and manufacturer of speciality engineering solutions for high pressure systems, has reported a positive start to the year ending September 2013. This has been underpinned by a strong order book in the Cylinders division and the completion of a Chesterfield Biogas upgrader order for a project in Stockport. In Engineered Products, Hydratron had a weaker first quarter, when compared with the same period in the previous year, but an improvement in order levels is expected in the second quarter. Al-Met has enjoyed rapid growth since the financial year end, with a record sales month in November, and has a strong order book in the current quarter. 

Richland Resources (LON:RLD

Richland Resources Ltd, the gemstone producer and developer of associated minerals, announced an operational, sales and marketing update. In Q4 2012, the Company achieved an estimated US$3.9m in revenue. This was lower than expected due to the theft of US$1.46m of tanzanite in the period which would otherwise have been sold during the period. Both the insurance claim investigation and police investigation are progressing well and the Company believes that it will be in a position to update the market soon. The Company is also pleased to report that it has started to receive significant assistance from the Government in addressing the illegal mining activities. As announced on 27 November 2012, TanzaniteOne Mining Limited, a wholly-owned subsidiary of Richland Resources Ltd, is in ongoing negotiations with the Government of Tanzania regarding a potential shareholding by the Government. The potential joint venture and shareholding currently under discussion relates to the ownership structure of the Mining Licence covering Block C at Merelani. Further announcements will be made as soon as these negotiations are concluded. The Tanzanian Minerals Audit Agency is currently re-auditing financial records of the Company's subsidiary; TanzaniteOne Mining Limited with regards to the additional, retrospective royalties claim relating to the period from 2004 to 2008 and whilst no additional information is currently available the Company will update shareholders in due course. 

Sareum Holdings (LON:SAR)*

Sareum, the specialist cancer drug discovery business, announced that the U.S. Patent and Trademark Office has issued notification that a patent will be granted for one of Sareum's key drug discovery inventions on 19 February 2013. This patent, which relates to compounds that inhibit or modulate the activity of kinase enzymes, forms the basis of Sareum's SKIL® drug discovery platform. The granting of this patent means that Sareum has approved patent protection in the US for key elements of its SKIL platform and many of its drug discovery programmes.  The Company expects to receive similar  protection in Europe and other major markets in due course. SKIL (Sareum Kinase Inhibitor Library) is Sareum’s drug discovery technology platform that has so far produced the Company's Aurora+FLT3, Aurora+ALK VEGFR-, FLT3 & TYK2 kinase cancer and auto-immune disease research programmes. SKIL can also generate drug research programmes against other kinase targets. 

Scientific Digital Imaging (LON:SDI

Scientific Digital Imaging, a leader in innovative digital imaging systems for life science, technology and astronomy applications, announced that its Synbiosis Division has sold 25 ProtoCOL 3 automated colony counting and inhibition zone sizing systems, in one order worth US $120,000, to major government organisation, the Chinese State Food and Drug Administration (SFDA). The SFDA (the Chinese equivalent of the EMEA and FDA) formulates policies and programmes for the administration of drugs, medical devices, health food and cosmetics. Microbiologists at the SFDA will be using the ProtoCOL 3 systems to help increase productivity of vaccine and antibiotic testing at their regional laboratories across China. The order for 25 units of Synbiosis' ProtoCOL 3 systems came via Hua Yue Enterprise Holdings Ltd, one of SDI's expert Chinese distributors. This sale is the largest order for these colony counters in 2013 and closely follows another large installation of 27 ProtoCOL 3 systems in Asia in 2012. 

Stadium Group (LON:SDM

A leading electronic technologies group announced that trading for the year ended 31 December 2012 will be in line with the Board’s expectations, and that the preliminary results will be announced on Tuesday, 12 March 2013. Further to previous announcements, the Board has also completed its strategic review of the UK EMS operations, where the Company has underutilised manufacturing capacity. Faced with the prevailing difficult market conditions in this sector, and after extensive consultation with employees, the Company announces the closure of the Rugby facility and the transfer of production to Hartlepool and Asia. It is anticipated that this initiative will significantly improve Stadium’s overall competitiveness in the EMS market. The costs associated with this closure will largely be provided for in 2012, with the balance falling in 2013. The closure costs are expected to be recovered in lower operating costs during 2013 and 2014.

Straight (LON:STT

Straight, the environmental products and services group announced it has been awarded a £1.07m contract with Dumfries and Galloway Council. Straight will supply the products to support the Council's maiden kerbside recycling initiative. The products, detailed below, are being supplied to the council now for roll out in 2014. Jonathan Straight, Chief Executive said: "We are delighted to have been chosen to support the Council on its first ever kerbside recycling initiative. The contract win is testament to our recycling expertise and hardwearing products that have been tested across UK Local Authorities over many years. We very much look forward to working with the Council." 

Summit Corporation (LON:SUMM)* 

A drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy (DMD) and C. difficile infections announced that it has entered into collaboration with Dr Yetrib Hathout from the Children’s National Medical Center in Washington DC, for the development of utrophin biomarkers for DMD.  The collaboration is being financially supported by a grant from the Foundation to Eradicate Duchenne and is part of a comprehensive biomarker programme being undertaken by Summit to advance its utrophin modulator programme for DMD. The development of new biomarkers that accurately quantify utrophin protein levels in DMD muscles will play an important role in providing evidence for the potential effectiveness of Summit’s utrophin modulator drugs in future patient clinical trials.  DMD is caused by genetic mutations that prevent patients from making the structural protein dystrophin, which leads to progressive muscle wasting and is ultimately fatal.  Summit is pioneering utrophin modulation to stimulate production of utrophin, a functionally similar protein to dystrophin that is expressed in foetal and regenerating muscle, and which has the potential to restore and maintain healthy muscle function.  This disease modifying approach would benefit all DMD patients, regardless of the underlying genetic fault causing their illness.  SMT C1100 is the Company’s leading utrophin modulator drug and successfully completed a Phase 1 clinical trial in late 2012. 

Thalassa Holdings  (LON:THAL

Further to the Company's announcement on 18 January 2013, the Board of Thalassa announced that its subsidiary, WGP Energy Services Ltd, has entered into a supplemental contract with Joint Stock Company Sevmorgeo (SMG), the Russian geological sea survey company. The supplemental contract, which has a value of approximately US$1,000,000, is to supply 11 containers containing ocean bottom nodes and instrument rooms as part of seismic data acquisition surveys being conducted by SMG in Ecuador. The work is scheduled to commence immediately and is expected to be completed by 7 March 2013. The survey in Ecuador is scheduled to last until 15 June 2013. 

Utilitywise (LON:UTW

The leading independent utility cost management consultancy provided an update on trading for the six months ended 31 January 2013. The Company has performed in line with management’s expectations, and comfortably ahead of the prior six month period ended 31 July 2012. Utilitywise intends to announce its interim results for the six months ended 31 January 2013 in the third week of April.

Venn Life Sciences (LON:VENN) 

A growing Clinical Research Organisation (CRO) providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, last week announced its expansion into Russia through the establishment of Venn Russia, a new Joint Venture with a locally established CRO. Venn Russia, which will operate from offices in Moscow, adds to an already excellent pool of talent and geographic reach throughout Europe. Venn Russia complements the existing European CRO business with their unique on-the-ground knowledge of local regulatory standards, exceptional investigator relationships and multilingual staff. Since Venn’s successful AIM IPO in December 2012, the Management have been pursuing its strategy (as outlined in the Admission Document) of seeking out acquisition opportunities that extend both service capability and geographic reach, a strategy which they see as a key value driver for shareholders and which will build Venn into a mid-sized pan-European CRO. A number of opportunities, in addition to the Venn Russia Joint Venture, have been identified and good progress has been made with a number of targets. Discussions with a sizeable European CRO are progressing well and the acquisition of this business would further extend Venn’s reach into European territories not currently covered by the Company.

*A corporate client of Hybridan LLP

 

 

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