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Proactive news snapshot: Avation, United Oil & Gas, Shanta Gold, AFC Energy …

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

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Your daily round-up from the world of Proactive

Avation PLC (LON:AVAP), the commercial passenger aircraft leasing company saw half-year revenues hit a record level in the back end of 2019. Revenue in the six months to the end of December surged to US$67.61mln, up from US$58.73mln the year before.

United Oil & Gas PLC (LON:UOG) shares were steady at open on Friday following the completion of its deal to acquire Rockhopper Exploration PLC’s (LON:RKH) Egyptian business, securing revenue generating production for the AIM-quoted firm. "Completing the Acquisition of Rockhopper Egypt represents a significant milestone in the development of United, establishing the company as a full-cycle E&P company, and putting us in a strong position for further growth,” said Brian Larkin, United chief executive.

Shanta Gold PLC (LON:SHG) reaffirmed production guidance for the current year as revenues and cashflow jumped sharply. The Tanzania-focused gold miner generated revenues of US$113mln (US$104mln) in 2019 as production rose to 84,500oz.

AFC Energy PLC (LON:AFC) chief executive Adam Bond, in financial results for 2019, described a “clear and ever-growing momentum” behind hydrogen as a means of decarbonising the UK's current and future energy mix. “With the successes and achievements delivered by AFC Energy over these same twelve months, we are well-positioned to capitalise on this growth market, particularly in support of the transition away from diesel engines in both motive and stationary applications towards clean hydrogen-based alternatives,” Bond said.

Eden Research plc (LON:EDEN) has raised £10.1mln through a placing and subscription to help fund the commercialisation of its insecticide products The AIM-listed firm said it had placed around 151.7mln new shares at a price of 6p each, a 24% discount to its Thursday closing price, raising £9.1mln.

Benchmark Holdings PLC (LON:BMK) is planning to accelerate its restricting and cost savings plans as it reiterated that it anticipates meeting expectations for its full year. In an outlook statement accompanying its results for the three months ended 31 December, the AIM-listed firm said trends in its genetics and health business continue to be positive and that following a £42mln fundraising on Thursday it is “in a stronger financial position” to prepare for the launch of its BMK08 sea lice treatment.

MetalNRG PLC (LON:MNRG) has extended an exclusivity period over an oil and gas venture in Romania until the end of March. The company, in a statement, told investors that progress has been made with the due diligence process and the findings to date are in line with the company’s strategy - which seeks “low acquisition costs, early stage cashflow generation and exploration upside”. It is also assessing a number of financing solutions to support the transaction.

Europa Metals Ltd (LON:EUZ) has revealed results from a conceptual hydrogeological study and water monitor, as part of its planning for mine development at the Toral  lead, zinc and silver project, in Spain. It set out to establish the local baseline conditions at Toral, analyse water conditions in the potential mining area, plus gather data and findings for the development.

Norman Broadbent PLC (LON:NBB) announced that its group chief financial officer, Will Gerrand has advised the board that he plans to leave the recruitment company in the near future and pursue other business interests. In a statement, the AIM-listed firm said Gerrand’s decision follows the recent group’s positive trading update which saw a return to full-year profit for 2019 on the back of increased revenues and growth at net fee income level.

SIMEC Atlantis Energy Limited (LON:SAE), the global developer, owner and operator of sustainable energy projects has named a new finance boss, with the current incumbent stepping back but remaining an executive director of the group. In a statement, the AIM-listed firm said Andrew Dagley will stand down as chief finance officer (CFO), at the end of February but will remain on the board and will lead the financing of its Uskmouth waste to energy conversion project.

Eco (Atlantic) Oil & Gas Ltd. (LON:ECO) (CVE:EOG) said it was notified on 27 February 2020 that Gil Holzman, its chief executive officer acquired on that day 50,000 AIM-listed common shares in the company at a price of 26.4p each and 24,000 TSXV-listed common shares at a price of C$0.4896 each. Following the purchases, the group added, Holzman is beneficially interested in, in aggregate, in 8,489,124 common shares representing approximately 4.60% of the company's issued share capital.

Circassia Pharmaceuticals PLC (LON:CIR), a specialty pharmaceutical company focused on respiratory disease, has confirmed the proposed appointment of Garry Watts to the Board as a senior independent director with effect from 2 March 2020.

Gore Street Energy Storage Fund PLC (LON:GSF) increased its net asset value by 3% to 96.1p over 2019 after paying out 7p in dividends. Alex O'Cinneide, the trust’s adviser, said the growth in NAV reflects the rising interest in batteries and renewable energy to combat climate change.

Afarak Group PLC (LON:AFRK) said it expects lower losses in 2020 as the South African government and major industry players look to rally round and sort out the “emergency” in the chrome industry. Lower selling prices hit the industry in 2019 but Helsinki-based Afarak, which owns a plant and three mines in South Africa, said general expectation in the industry is for prices to recover during 2020.

Incanthera PLC (LON:INC) started trading on the NEX Exchange Growth market today after raising £1.2mln to fund the development of its novel cream to treat and prevent skin cancer. Called Sol, the cream has already gone through the proof of concept stage and Incathera now wants a partner for the development and marketing stages.

ImmuPharma PLC (LON:IMM), a specialist drug discovery and development company, noted that, following the NEX admission to trading, it retains 7,272,740 ordinary shares in Incanthera, representing 11.9% of its enlarged issued ordinary share capital and, as for all Incanthera's major shareholders, has entered a standard "lock-in" agreement for these shares, for a period up to 12 months following admission. ImmuPharma also has 7,272,740 warrants at an exercise price of 9.5p, being the price at which new shares have been issued in the placing accompanying Incanthera's listing. In addition, ImmuPharma has entered into a subscription agreement with Incanthera under which ImmuPharma has the right, at any time prior to 31 October 2020, to subscribe for 2,631,579 new ordinary shares in Incanthera at the issue price (an amount of £250,000).

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