03 July 2020
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AEX Gold (TSXV:AEV) is intending to admit its shares to AIM alongside a £45m placing. The Company, led by CEO Eldur Ólafsson, has established the largest land package of gold assets in Greenland with a current portfolio of licences covering 3,356 square kilometres, in the two known gold belts in Southern Greenland, the Nanortalik and Tartoq gold belts. Nalunaq is a high-grade gold asset with an updated Inferred Mineral Resource covering 422,770 tonnes at 18.5 grams per tonne of gold, or 250,970 ounces of gold, which covers the area in and around the historical mine. Due July. Current mkt cap C$66.7m.
Our daily digest of news from UK listed Small and Mid caps
Staffline 33p £22.75m (LON:STAF)
Grafton Recruitment Ireland Ltd, which was acquired by the Group in July 2018, has formally rebranded to Staffline Recruitment Ireland with effect from 1 July 2020. Staffline Recruitment Ireland is the leading recruitment business in Ireland by market share. It currently has 10 offices, offering dynamic recruitment solutions across fintech, cyber security, pharma, science, agrifood, manufacturing and professional services. The rebrand will enable this division to leverage the established Staffline brand and is also in-line with the Company's strategy to unify its existing brands within recruitment, in order to drive synergies and grow opportunities. In addition, management remains focused on reducing the operational silos that exist across the Group as it continues to leverage the best in its people's skills and experience to ultimately increase market share. Draper Esprit 474p £564m (GROW.L)
The venture capital firm investing in and developing high growth digital technology businesses, notes the announcement released by Zynga Inc, a global leader in interactive entertainment, on July 2 that it has now completed its previously announced acquisition of all of the issued and outstanding common shares of Peak Games, the Istanbul-based creator of Toon Blast and Toy Blast, for a total purchase price of approximately $1.85 billion, comprised of approximately equal proportions of cash and Zynga Inc common stock. Draper Esprit expects to receive the cash portion of the transaction of approximately £39 million (net of escrow balances) in the coming days. The remaining consideration of shares in Zynga Inc are to be held subject to a further 6 months lock-up. On the basis of the current Zynga Inc share price the sale indicates a fair value holding for Draper Esprit of approximately £88 million, representing a fair value uplift of £26 million recognised in the year ended 31 March 2020, and a further £20 million post year-end. The sale is the first realisation of this financial year to 31 March 2021, and follows total exits realised in the 12 months to 31 March 2020 of £40 million (2019: £16 million).
Trakm8 Holdings 22p £11m (LON:TRAK)
Further to the announcement of 27th April, the global telematics and data insight provider, has now agreed the fleet optimisation contract with a major UK food retailer that had been expected in March but was delayed due to the COVID19 outbreak. The contract is initially for 2 years and utilises Trakm8's market leading algorithm to optimise home deliveries. There will be some initial customer funded engineering integration activity in advance of product going live later in the year.
Volga Gas 25p £20.2m (LON:VGAS)
Update on its average production volumes for June 20 20 . The average production in June 20 20 was 3 , 248 barrels of oil equivalent per day ( 4 % lower r than May 2020). This decline was attributable to the gas plant working at lower capacity for 7 days due to planned maintenance on Gazprom's facilities. International oil pricing has been recovering during the month positively affecting domestic pricing for oil and condensate. In addition, LPG price rose significantly as a result of seasonal increases in demand.
Providence Resources 3.7p £31.14m (LON:PVR)
The Irish based Oil & Gas Exploration Company, today announces the appointment of Andrew Mackay as Independent Non-Executive Director with effect from the 3 July 2020. Andrew Mackay has over 40 years’ experience in the industry. He founded NRG Group in 1988 and served as CEO since. He has extensive experience, in the upstream oil & gas business including service company engineering positions in the early years, through Senior Drilling engineering positions for Saudi Aramco, followed by 4 years in the UK government’s oil & gas division..
Manolete Partners 545p £237m (LON:MANO)
The insolvency litigation financing company, today announces its audited results for the year ended 31 March 2020. · Revenue increased by 36% to £18.7m (FY19: £13.8m) · Gross profit up 43% to £14.4m (FY19: £10.1m) · EBIT pre-exceptionals increased by 36 % to £9.8m (FY19: £7.2m) · Profit before tax (before exceptional IPO costs of £882K in FY19) up 40% to £9.5m (FY19: £6.8m) · Diluted earnings per share up 70% to 17 pence (FY19: 10 pence) · Proposed final dividend of 3.0 pence per share, 100% increase on FY19 final dividend of 1.49p · Investment in cases up 78% to £32.4m (FY19: £18.2m) Gross cash of £8.4m and borrowings of £7.5m as at 31 March 2020 and £12m borrowings available on Revolving Credit Facility with HSBC
Jadestone Energy 65p £300m (LON:JSE)
Jadestone has commenced arbitration proceedings against Teikoku Oil Co. Ltd, a wholly-owned subsidiary of Inpex Corporation , in respect of Jadestone's acquisition of an interest in Block 05-1 PSC, offshore Vietnam. On August 9, 2016, Jadestone, as buyer, signed a definitive sale and purchase agreement ("SPA") with Teikoku, as seller, for the acquisition of a 30% working interest in Block 05-1 PSC, for a total cash consideration of US$14.3 million, subject to normal closing adjustments. On February 22, 2018, Inpex delivered to Jadestone a purported notice of termination of the SPA, despite Teikoku having just received on February 9, 2018, (i) the waiver by Vietnam Oil and Gas Group ("Petrovietnam") of their statutory pre-emption rights, held under Vietnamese law; and (ii) direction from Petrovietnam to complete and submit all documents necessary to effect the transfer of interest to Jadestone. As noted in our press release of February 26, 2018, the Company has not accepted Inpex's alleged termination, and views the obligations of both parties under the SPA as continuing.
SigmaRoc 45p £114m (LON:SRC)
Its wholly owned Belgian subsidiary, Carrières du Hainaut ('CDH'), which was acquired in Q4 2019, has signed an agreement with the Walloon Government in Belgium according to which it will co-fund c.€0.7m of an estimated €3.0m of infrastructure works in the context of its quarry extension project at Soignies .
Pressure Technologies 80p £14.9m (LON:PRES)
Disposal of entire equity security holding in Greenlane Renewables Inc. Execution of a Framework Agreement with Greenlane Renewables Inc, Creation Partners LLP, and Brad Douville . Following the execution of the Framework Agreement PT sold a total of 7,663,920 common shares and the underlying common shares of 5,094,765 share purchase warrants . The PT Securities were issued to PT in connection with the disposal of its wholly owned subsidiary PT Biogas Holdings Limited. The Group expects to receive net proceeds of approximately £2.5 million upon settlement of the sale which, together with the sale of 2,525,610 shares on 10 June 2020, means Pressure Technologies will have realised cash proceeds of approximately £3.1 million.
Fuller Smith & Turner 759p £245m (LON:FSTA)
Fuller, Smith & Turner P.L.C. today announces the reopening plan for its Managed Pubs and Hotels business. The Company is undertaking a phased, gradual reopening across the estate. On 4 July 2020, 27 pubs will open, with further pubs opening in groups over the following weeks. By the end of July, over 80% of Managed Pubs and Hotels will be open. FSTA expects the majority of its Tenanted Inns to also reopen during July.