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Proactive news snapshot: Remote Monitored Systems, SDX Energy, S&U, Tekcapital, Eden Research …

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

Remote Monitored Systems PLC (LON:RMS) has said its Cloudveil subsidiary has received an “unprecedented level of enquiries” for its services over the last two months. The company said Cloudveil, which provides security, intelligence and risk management services, has recently won a contract to deliver a governance framework for the security programme of a prominent London based academic institution and is currently bidding to provide a security testing programme to one of the largest public sector institutions in the UK financial services sector. RMS also said its GyroMetric business, in which it owns a 58% stake, has secured an order for 10 units from a global leader in marine propulsion systems.

Iconic Labs PLC (LON:ICON) soared on Wednesday after announcing its service to counter misinformation about the coronavirus pandemic has reached 1 mln readers in a week. The website was established last week in partnership with MP Damian Collins, former chair of the Parliamentary Committee on Culture, Media and Sport and is receiving support from governments and organisations.

SDX Energy PLC (LON:SDX) has announced a new discovery at the South Disouq project in Egypt, with the SD-12X (Sobhi) well encountering 108 feet of net high-quality gas-bearing sands. "This is an excellent result for SDX and fully justifies our confidence to drill this well on a sole risk basis,” Mark Reid, SDX chief executive said in a statement.

S&U PLC (LON:SUS) has increased its profits for the twentieth year running and the car finance specialist's chairman forecast that it would come out of the coronavirus crisis in better shape than ever. The group's profits in the year to January rose by 2% to £35.1mln on revenues 8% higher at £89.9mln. S&U said sales fell in March, however, and its collections performance was just below normal, though cash generation remained strong.

Eden Research plc (LON:EDEN) announced that its sustainable biopesticide Mevalone, branded 3LOGY in Italy and Araw in Spain, has received certification for use in organic farming in the two European Union (EU) countries. The certification follows the initial approval of Eden's three EU-registered active ingredients for use in organic farming earlier this year.

Tekcapital PLC (LON:TEK) said its portfolio company Guident has made four significant new hires, including the appointment of Harald Braun as chairman and chief executive. He was previously CEO of both Siemens Networks USA and Aviat Networks as well as serving as a senior executive at Nokia Siemens Networks, North America. Guident, which develops technology for autonomous vehicles and drones, also announced the appointment of Daniel Grossman as chief revenue officer; Michael Trank as vice president of software development; and Dr Gabriel Castaneda as lead architect of artificial intelligence software.

Tavistock Investment PLC (LON:TAVI) has said its two protected unit trusts have proved themselves during the current market volatility caused by the coronavirus pandemic. Trading results for the year to March will be in line with market expectations, said the fund manager, with the highlight the performance of the two ACUMEN protected funds. These funds fell by less than 5% and 3%, respectively, between January and March, said Tavistock, a period when the FTSE 100 dropped 24%.

Diversified Gas & Oil PLC (LON:DGOC) has unveiled a new US$110mln acquisition of upstream and midstream assets in the Appalachia region of the United States. The deal, with Carbon Energy Corporation and its affiliates, sees DGOC pick up some 9,900 barrels oil equivalent production in 6,500 “mature, low decline conventional” wells. It noted that 97% of the production is gas. “This proposed complementary acquisition, if completed, remains consistent with our commitment to pursue prudent growth that enhances our dividend per share to shareholders,” Rusty Hutson, DGOC chief executive said in a statement.

Power Metal Resources PLC (LON:POW) shares rose on Wednesday as investee company Katoro Gold PLC (LON:KAT) agreed to sell its Imweru gold project. Katoro has struck a deal to offload Imweru to Lake Victoria Gold for a staged consideration of US$1mln and a 1.5% net smelter royalty on all future gold production from the project. AIM-listed Power Metal owns a 4.38% stake in Katoro Gold.

Panther Metals PLC (LON:PALM) told investors that its directors have taken a 51% pay cut as part of measures taken in response to the challenges created by the coronavirus (COVID-19) pandemic. The company, in a statement, said that due to the rapid and global spread of COVID-19 it has acted immediately to mitigate risk for shareholders and commercial partners.

Ormonde Mining plc (LON:ORM) has said it expects to see more new investment opportunities arise as a result of the present macroeconomic environment, given the turmoil created by the coronavirus pandemic. In its full-year results statement, the company told investors it has assessed more than 60 new opportunities over the past two months, and a number of those are now being considered ‘for advancement’.

Enteq Upstream PLC (LON:NTQ) has told investors that its financial results for the twelve months ended March 31, 2020, will be “broadly in-line” with expectations, though it cautioned over the impact of coronavirus (COVID-19) on its current and future trading environment. The oil services firm, in a statement, said revenue for the year would be in the region of US$11mln and underlying adjusted earnings (EBITDA) is expected at around US$3mln. It ended March with US$10.3mln of cash.

Proactive Research released a note on Enteq in the wake of Wednesday's update. Analyst Ed Stacey said: “The shares now trade on an enterprise value (EV)/sales multiple of 0.24x (using trailing Mar 2020 revenues). While the market may be sceptical about any kind of valuation metrics applied to the energy sector at present, we believe that this multiple implies substantial upside potential for Enteq shareholders once the energy market enters a recovery.”

Horizonte Minerals PLC (LON:HZM) highlighted, in its final results for 2019, that it is well-funded through the current global coronavirus (COVID-19) crisis. It added that the company has implemented strict health and safety policies in Brazil and the UK, in response to the pandemic. Value engineering and project finance work continues, tracking project schedules, and the company said it is “well advanced” in the financing process for the Araguaia nickel project.

Greencoat UK Wind PLC (LON:UKW) has said its unaudited net asset value as of March 31, 2020, was £1,839.5mln, or 121.2p per share. The FTSE 250-listed company also announced a quarterly interim dividend of 1.775p per share with respect to the same quarter.

European Metals Holdings Limited (LON:EUZ) has sent out a notice ahead of its shareholder meeting to approve a £25.6mln investment in the company’s Cinovec battery-grade lithium project. The Czech state power utility CEZ has agreed to plough in the cash. The formal notice being circulated to investors outlines the full details of the funding obligations and right of CEZ to withdraw from the project on reaching one of two “specified milestones”.

Supermarket Income REIT PLC (LON:SUPR), the real estate investment trust providing secure, inflation-protected, long income from grocery property in the UK, has declared an interim dividend in respect of the period from January 1, 2020, to March 31, 2020, of 1.460p per ordinary share, payable on or around May 22. The group said the dividend will be paid as a Property Income Distribution (PID) in respect of the company's tax-exempt property rental business to ordinary shareholders on the register on May 1 and the ex-dividend date will be April 30.

Landore Resources Limited (LON:LND) filed a new mineral resource statement for the BAM project, at the Junior Lake property.

Verona Pharma PLC (LON: VRP) (NASDAQ:VRNA), a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for respiratory diseases, said its upcoming Annual General Meeting (AGM) to be held at the offices of Shakespeare Martineau at 60 Gracechurch Street, London at 10.30am on April 16, 2020, will be held as scheduled, however, given the UK government’s present restrictions on public gatherings of more than two people, the board requests shareholders to vote by proxy rather than attend in person. Any shareholders seeking to attend the AGM in person will be refused entry.

Capital Drilling Ltd. (LON:CAPD) has confirmed that the payment of its second-half dividend of 0.7 cents per share will be paid as scheduled on May 4, 2020, as previously stipulated. The group noted that shareholders are required to approve the payment of a final dividend at its Annual General Meeting (AGM), however, due to a delay in the holding of the AGM because of the impact from the coronavirus (COVID-19) global pandemic, the dividend for the second half will now be classed as a further interim dividend and will be equal to but in lieu of a final dividend.

Galantas Gold Corporation (LON:GAL), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Northern Ireland's Omagh gold mine, has announced that, subject to TSX Venture Exchange approval, it will complete the 1-for-10 consolidation of its common shares with effect from the opening of markets on the revised date of April 17, 2020. The consolidation was approved by shareholders at a special meeting of shareholders held on February 18.

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