logo-loader

Proactive news snapshot: Gfinity, Bango, FastForward Innovations UPDATE …

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

Newspapers and coffee cup
Your daily round-up from the world of Proactive

Gfinity PLC (LON:GFIN) shares surged on Tuesday afternoon as the esports firm cut its losses by 45% in its first half. For the six months ended 31 December, the AIM-listed company reported an adjusted operating loss of £2.4mln, down from £4.4mln a year ago, while revenues decreased 20% to £3.5mln.

Bango PLC (LON:BGO) shares jumped on Tuesday as the group inked a carrier billing deal with Hong Kong virtual network operator Sun Mobile. The deal will allow Sun Mobile customers to purchase apps and other content through the Google Play store, charging the cost to their mobile phone bill.

FastForward Innovations Limited (LON:FFWD) revealed that its portfolio firm, EMMAC Life Sciences Limited has secured pharmaceutical wholesaler and narcotics handling permits that will allow it to sell medical cannabis products in Germany. The investment firm said the permits will allow EMMAC to “drive immediate revenue growth” in Germany, Europe’s largest medical cannabis market.

Ncondezi Energy Ltd (LON:NCCL) has announced the submission of a tariff proposal to the Mozambican Government and state-owned Electricidade de Moçambique (EDM). The AIM-listed firm, which operates a 300MW coal-fired power project and coal mine in Tete, said it represents the last milestone to start formal tariff negotiations with EDM, which will be completed in the second quarter. The energy company added that “other key workstreams” are expected to start in parallel. 

Columbus Energy Resources PLC (LON:CERP) told investors that it looks forward to the next stage of continuous gas injection at the Inniss-Trinity project, in Trinidad. Inniss-Trinity is being progressed as a pilot project, testing enhanced oil recovery within a mature field. It is being funded by joint venture partner Predator Oil & Gas Holdings PLC (LON:PRD) which has the right to acquire the project outright in due course.

Power Metal Resources PLC (LON:POW) has noted that Katoro Gold PLC (LON:KAT) has raised £215,000 in new money. Power Metal holds 10mln shares in Katoro Gold, or 4.7% of the company, as well as 10mln warrants exercisable at 1.25p. Katoro’s fundraising was done at 1.25p.

Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) has confirmed that operations at the Cobre magnetite stockpile have been unaffected by the recent decision of the state of New Mexico, USA to undertake a partial lockdown in response to the threat of the coronavirus. The movement of the magnetite material is considered an essential service and, as such, operations associated with it are exempt from conditions required during the partial lockdown.

AfriTin Mining Ltd (LON:ATM) has said it will suspend open mining operations at its Uis tin mine in Namibia, following the announcement of a 21-day lockdown by the country's government. In a statement, AfriTin said it will continue feeding the processing plant from the run-of-mine stockpile during this period. The company has more than two months' worth of production on its stockpile and does not believe this will have a detrimental impact on the progress at site.

e-therapeutics PLC (LON:ETX) announced that its Annual Report and Financial Statements for the year ended 31 January 2020, which includes the notice convening the Company's 2020 Annual General Meeting have been posted to shareholders today and can now be downloaded from the company's website at https://www.etherapeutics.co.uk/investors/reports-results/. The 2020 AGM will take place at 11:00 am on 2 June 2020 at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH. It said as current advice is that attendance at a general meeting by a shareholder, (other than one specifically required to form the quorum for that meeting), does not meet government meeting criteria, shareholders who wish to register their votes on the resolutions to be put to the AGM without attending in person should do so by completing and signing the proxy form that accompanied the 2020 AGM Notice.

EQTEC PLC (LON:EQT), the technology solution company for advanced gasification in waste to energy projects, said its board has approved the creation of an Employee Incentive Warrant Pool (EIWP) instrument that allows for the issue of 590,906,437 warrants over new ordinary shares in the company to employees. The group said the warrants represent approximately 15% of its current issued ordinary share capital and will be used to incentivise performance and align the interests of employees with those of shareholders.  The exercise price of the warrants granted under the EIWP will be 0.25p per ordinary share, representing a premium of 43% to the last middle market closing price and each warrant is exercisable for a period of 36 months from the date of the instrument.

MetalNRG PLC (LON: MNRG) announced that it will hold its Annual General Meeting (AGM) on Monday, 20 April 2020 at 12:00pm. The group said that as significant restrictions on personal movement are expected to still be in place due to coronavirus (COVID-19), it is utilising the provisions which allow meetings to be held on electronic platforms so that voting on the resolutions at the AGM will be conducted on a poll and all questions which shareholders wish to raise be submitted to [email protected] in advance.

Blue Star Capital PLC (LON:BLU) announced that, at its AGM held on Tuesday all resolutions were duly passed.

OptiBiotix Health PLC (LON:OPTI) has signed an exclusive licence agreement for its OptiBiome weight loss ingredient with Australian firm OptiPharm Pty Ltd. The AIM-listed firm said the deal for OptiBiome, an alternative trademark for its SlimBiome product, will grant OptiPharm exclusive use of the brand in over 20 markets including Australia, parts of Asia, New Zealand, the Middle East, the Gulf States and North America, which will be linked to minimum order quantities.

Verona Pharma PLC (LON:VRP) (NASDAQ:VRNA) said it has delivered positive efficacy and safety data from a phase II trial of its drug for chronic obstructive pulmonary disease. The study 40 moderate to severe COPD patients assessed ensifentrine’s potential when administered using pressurised metered-dose inhalers similar to the ones used by asthmatics. It found the treatment delivered “statistically significant and clinically meaningful” increases in lung function across a range of doses.

88 Energy Ltd (LON:88E) has told investors that the Charlie-1 well has reached target depth and it encountered ‘shows’ and ‘elevated log responses’ over several horizons. The company, in a statement, said that the logging data to date is “largely consistent” with what was recorded at the Malguk-1 well. Malguk-1 was drilled in 1991 by BP and is the discovery well that the Charlie-1 appraisal is designed to follow-up.

Synairgen PLC (LON:SNG) said it has now commenced dosing patients in its trial of SNG001 (inhaled formulation of interferon-beta-1a) in coronavirus (COVID-19) patients. The respiratory drug discovery and development company said the first patient has been dosed at the University Hospital Southampton NHS Foundation Trust. Another six trial sites are expected to start dosing in the next few days.

MTI Wireless Edge Ltd (LON:MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, has said its final dividend of $0.02 per share, announced on March 2, will be paid on April 10 instead of April 3 as originally stated. The record date and ex-dividend date will remain unchanged. Moni Borovitz, MTI’s CEO commented: "In light of the current COVID-19 crisis, earlier this month the board reviewed its decision to pay a dividend and having considered the Company's strong balance sheet and the outlook for our industry, we decided that the dividend payment should proceed".

Xpediator PLC (LON:XPD), a provider of freight management services, has told investors that Chinese freight volumes have started to improve over the last couple of weeks. In a trading update that focused on the impact of the coronavirus (COVID-19) outbreak, the company said so far this year activity levels have remained broadly in line with management expectations.

Columbus Energy Resources PLC (LON:CERP) has agreed a short-term extension to its oil field service contract at the Goudron field, to allow more time to finalise a longer-term arrangement. The Trinidad based oiler, in a statement, told investors that the Goudron Incremental Production Service Contract (IPSC) with Heritage Petroleum Company was due to expire at the end of today. But it has now inked a temporary extension, giving the companies until this Friday, April 3, to put the longer-term agreement in place.

Mkango Resources Ltd (LON:MKA)(CVE:MKA) said it remains focused on the completion of the feasibility study for the Songwe rare earths project in Malawi and the development of downstream opportunities through Maginito Ltd, which includes Maginito's 25% interest in Hypromag Ltd, a UK-based company that specialises in rare earth magnet recycling. Mkango added that it is taking the necessary pre-emptive precautions in response to the coronavirus pandemic and providing ongoing advice to its staff in Malawi.

Nektan PLC (LON:NKTN) has reported a 157% rise in revenue for its first half, while also managing to reduce its adjusted underlying loss in the period, and sees EBITDA break-even by the end of this current financial year. For the six months ended December 31, 2019, the online gambling software group reported revenues from continuing operations of £797,000, up from £310,000 in the prior year, while its adjusted EBITDA loss fell to £1.65mln from £1.77mln.

ANGLE PLC (LON:AGL) (OTCQX:ANPCY), in what is now becoming a common theme in medical research, has revealed its activities as a liquid biopsy specialist thave been disrupted by the coronavirus (COVID-19) pandemic. Operations in the UK, Canada and the US have been affected by measures by the respective governments to contain the spread of the virus, the company said in a statement. As a result, it has implemented its business continuity plan.

Savannah Resources PLC (LON:SAV) said it has been able to continue with many key activities on its projects, including finishing the environmental impact assessment at the Mina do Barroso lithium project in Portugal, and continuing with advanced negotiations with potential partners in the face of the coronavirus (COVID-19) pandemic. The company said it had a cash position of £3.5mln at the 2019 year-end and has no debt. This is sufficient to maintain current work programmes

Europa Oil & Gas Holdings PLC (LON:EOG) told investors it is cutting costs in response to the coronavirus (COVID-19) along with the associated stock market volatility and oil price weakness. In a statement, the group added that it aims to conduct a comprehensive review and a phase of cost reductions across the company in order to retain enough cash to fund current and upcoming activity, including the Wressle field development project. Farm-outs will continue to be sought, albeit work programmes in Ireland and Morocco are due to be reduced, it said.

Red Rock Resources PLC (LON:RRR) booked a profit before tax from continuing operations in the six months to 31 December 2019 of £337,000. Losses in the comparable period a year earlier amounted to £283,000. Net finance income was at similar levels to that in the comparable period of the previous financial year, at £524,000, but this was not offset as in the previous period by impairments and project development costs.

Power Metal Resources PLC (LON:POW) has said its field operations remain unaffected by the coronavirus (COVID-19) pandemic, supported by its £725,000 cash balance The group added, however, it is to delay the publication of its financial results for the year ended 30 September 2019.

Nu-Oil & Gas PLC (LON:NUOG), which is now effectively a cash-shell, has used its interim results statement to highlight “good progress” in its evaluation of potential new opportunities. The company aims to pivot into the environmental industries sector following last year’s management changes, debt refinancing and the divestment legacy oil and gas assets.

Midatech Pharma PLC (LON:MTPH) (NASDAQ:MTP) has announced that, in view of prevailing conditions in the capital markets and the prospects for raising additional funds and partnering of assets, its board is in the process of implementing a strategic review of its operations and has shuffled its board, leading to the departure of its CEO.

Mosman Oil And Gas Ltd’s (LON:MSMN) financial results statement for 2019, released Tuesday, reflected a period of growth and progress, with its earlier decision to focus on the Stanley project appearing to be paying off. Since then, however, amid severe macroeconomic volatility, the company has rolled back its strategy and is now preserving cash resources in the face of the coronavirus (COVID-19) pandemic.

ECR Minerals PLC (LON:ECR) posted a loss of £762,586 for the year to end September 2019, a small increase compared with the loss of £721,460 booked for the year to 30 September 2018. The largest contributor to the total comprehensive loss was the line item “other administrative expenses”, which represents the costs of operating the company and carrying out exploration at its projects, where these costs are ineligible for capitalisation under applicable accounting standards.

Scotgold Resources Limited (LON:SGZ) reported a US$1.25mln loss for the twelve months ended 31 December 2019, and, said it ended the year with US$4.56mln of cash and equivalents.

Horizonte Minerals PLC (LON:HZM) (TSX:HZM), the nickel company focused in Brazil, has said that following recent exemptions granted to the market by Canadian securities regulatory authorities, the company will release its full-year financial results to end-December 2019 beyond the three-month deadline usually required under the listing rules on the Toronto Stock Exchange. This has been driven by delays encountered in the audit process and is consistent with the wider audit environment at present throughout the world. As a result, the company expects to publish its Annual Audited Financial Statements, its Management Discussion & Analysis, and its Annual Information Form for the year ended December 31, 2019, on or before the end of the available 45-day extension period.

Westminster Group PLC (LON:WSG), a leading supplier of managed services and technology-based security solutions worldwide, announced that in view of the coronavirus (COVID-19) pandemic it has received the required support and agreement from noteholders to extend the maturity date of its Convertible Secured Loan Notes (CLNs) to 1 May 2021. As previously announced, the company had commenced a staged redemption programme of its CLNs in January 2020, reducing the outstanding amount by £561,250 to £1,683,750, which was then expected to be fully redeemed before the previous maturity date of 30 June 2020. This extension provides the company with the flexibility to make redemptions at any time up to 1 May 2021, thereby prudently conserving cash during the current uncertain times, although the company will still look to make redemptions at the earliest opportunity as and when appropriate. All other terms of the CLNs remain unchanged.

Vast Resources PLC (LON:VAST), the AIM-listed mining company, said it has elected to pay the interest due on March 29, 2020, on the $7,101,947 Atlas Bond, announced on January, 31, 2020, by the issue of 13,703,171 shares at a price of 0.17415p each. Under the terms of the Atlas bond, the company is entitled to elect to make payment of interest on the bond in shares at an issue price of 90% of the Volume Weighted Average Price of its shares on the business day prior to the interest payment date.

Tower Resources PLC (LON:TRP), the AIM-listed oil and gas company with its focus on Africa, said it has issued warrants in lieu of £68,000, in aggregate, to Peter Taylor and David M Thomson, non-executive directors of the company, and Jeremy Asher, its chairman, in settlement of fees due for the period from 1 January 2020 to 30 June 2020, to conserve the company's working capital. The group said the warrants are exercisable at a price of 0.2p each which is the closing share price on March 30, 2020, and are exercisable for a period of 5 years from the date of issue.

Arkle Resources PLC (LON: ARK), the Irish gold and zinc exploration and development company, announced that a circular has been sent to shareholders convening an extraordinary general meeting to be held at 162 Clontarf Road, Clontarf, Dublin 3 on April 22 at 10.30am to consider the share capital reorganisation linked to the conditional placing it announced on March 27.  The group added that, given the current coronavirus (COVID-19) pandemic, shareholders are encouraged to vote online or by proxy.

Redx Pharma PLC (LON::REDX), the drug discovery and development company focused on oncology and fibrosis, has provided further guidance regarding attendance at its Annual General Meeting at Alderley Park on April 23. It said the company has already taken steps to ensure that the meeting will be quorate, and therefore in line with the UK government’s measures, further shareholders are not permitted to attend the meeting, and any shareholder seeking to attend will be refused entry to the meeting. The group added that shareholders are strongly encouraged to vote by proxy, using the card distributed with the notice of meeting, and the proxy is also available in the investor resources section of the company's website.

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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 OptiBiotix Health PLC named herein, including the promotion by the Company of OptiBiotix Health PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Amundi Physical Gold ETC: Europe's cheapest ETC now trading on the London...

Amundi Physical Gold ETC's Ashley Fagan who's head of ETF, Indexing & Smart Beta Development for UK and Ireland introduces the product to Proactive London's Andrew Scott. She says they've seen a great deal of demand from European as well as UK investors and that's what lead them to list...

1 day, 9 hours ago

15 min read