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i-Nexus surges as chairman stumps up to keep the lights on

A look at some of the major movers in London on Monday

Contango Holdings -

i-Nexus Global PLC (LON:INX) rose by a third to 6.75p after it proposed raising £1.33mln through the issue of convertible loan notes.

The loan notes can be converted into i-Nexus shares at 10p each any time on or before November 4 2023. Richard Cunningham, the company's non-executive chairman, has agreed to buy some loan notes.

The net proceeds will provide “much needed additional working capital” to keep the lights on, as the saying goes, while the software company executes its growth plan.

3.30pm: Shield Therapeutics rises as Teva Pharma withdraws its patent challenge

Shield Therapeutics PLC jumped 4.5% to 139.52p after the generics giant Teva Pharmaceutical Industries withdrew its patent challenge against the company.

The company said this means European Patent No.2668175, which covers the "process for preparing an iron hydroxypyrone" has become final and that the patent will be maintained as amended on March 14 last year.

Additionally, Teva's ending of its opposition to European Patent No.3160951 ("crystalline forms of ferric maltol") means the patent is maintained as granted, providing protection out to October 2035.

2.35pm: Market cool on Omega's consortium supply agreement

Omega Diagnostics Group PLC (LON:ODX) eased 4.5% to 94.1p as it formalised the terms of its manufacturing and supply role within the UK-Rapid Test Consortium.

Omega will manufacture not less than 25% of the demand for AbC-19 rapid coronavirus tests from the total orders placed, either from the UK Government or, where allowed, third party customers.

“The pricing model, whilst confidential, is slightly ahead of market expectations and there is the potential to create additional value by making the test available to third parties beyond the UK Government. Should that option be made available to us the UK Government maintains first right of refusal,” said Colin King, the chief executive officer of Omega.

1.40pm: Amigo comes to dividend agreement with the FCA

Amigo Holdings PLC (LON:AMGO) slipped 5.3% lower at 9.89p after coming to an accommodation with the Financial Conduct Authority over its dividend policy.

The guarantor loans provider will need to get approval from the financial watchdog whenever it wants to pay dividends under a new ‘asset voluntary requirement’.

The company said the ‘asset Vreq’ with the Financial Conduct Authority does not have an impact on its day-to-day business or its ability to pay down debt.

12.45pm: Orchard Funding to stick to its knitting as it withdraws banking licence application

Orchard Funding Group (LON:ORCH) fell 11% to 55p after it decided to withdraw its application for a banking licence.

The company indicated that the current uncertain economic conditions due to COVID-19 has put the kibosh on the application.

The finance group, which specialises in insurance premium finance and the professions funding market, will now focus on its core business activities.

11.50am: PwC elects not to reapply for boohoo auditing gig

Boohoo Group PLC (LON:BOO) dived 14% to 272.9p after it confirmed reports that PwC, its auditor since 2014, is stepping down.

Boohoo said that while PWC remains its auditor at present, it is not taking part in the competitive tender for the online fashion retailer's audit business recently begun by its audit committee.

“PwC signed an unqualified opinion on the group's 2020 financial statements and having served as the group's auditor since 2014, is not participating in this process”, boohoo said in a brief statement.

10.55am: Midatech heartened by headline results of its MTX110 study

Midatech Pharma PLC (LON:MTPH, NASDAQ:MTP) rose 11% to 36.5p after publishing the headline results of its MTX110 Phase 1 Diffuse Intrinsic Pontine Glioma (DIPG) study.

The primary endpoint of the study was to determine the dosage regimen to be used in a proposed Phase II study of the safety and efficacy of MTX110 in patients with DIPG. Preliminary high-level data from the study by the University of California, San Francisco supports a dose of between 60μM and 90μM of MTX110, depending upon patient tolerance over the course of 12 infusions in Phase II.

At the interim cut-off date (the end of September), median overall survival based on the Kaplan Meier method of analysis was 26.06 months and the overall survival at 12 months was 71.4% (five of seven patients alive). Three patients remain alive and continue to be monitored.

10.00am: IG Design rises 11% to 462.5p as it reports strong ongoing momentum in its Everyday business

IG Design Group PLC (LON:IGR) has posted a decrease in half-year revenues for both its divisions, including the newly acquired CSS Industries, though adjusted profit before tax is expected to be higher than last year.

The gift packaging designer stressed it will take all necessary actions to maximise trading opportunities in the second half, working with all customers to ensure strong service delivery throughout the key Christmas period.

It noted that customer orders are now in excess of 80% of the full-year revenue forecasts, with strong ongoing momentum in its Everyday business, such as birthday cards, particularly in the Americas.

9.00am: Contango buys gold mine in Mali

Contango Holdings PLC (LON:CGO) added a fifth to its value at 6p in early trade on Monday after it announced the acquisition of the Garalo gold project in Mali.

The company is paying US$1mln for the project, which is expected to commence production in the second half of next year.

The company has also raised £1.8mln through a placing of shares at 5p a pop.

Meawhile, Landore Resources Ltd (LON:LND) climbed 4.6% higher to 28.5p after it began an autumn-winter drilling programme on the BAM gold deposit in Ontario, Canada.

The company will drill 14,000 metres aimed at further infilling and extending the defined resource of 1,015,000 ounces of gold, and to test the depth potential of the previously delineated mineralisation.

An extensive soil sampling programme, which commenced in July 2020, has been completed on the highly prospective areas along strike from the existing BAM gold deposit, infilling and extending the successful soil sampling campaign completed in 2019. A total of 1,015 samples with controls have been submitted to the laboratory for analysis with the final results and report expected in November 2020.

Proactive news headlines:

Landore Resources Ltd (LON:LND) has begun an autumn-winter drilling programme on the BAM gold deposit in Ontario, Canada. The company will drill 14,000 metres aimed at further infilling and extending the defined resource of 1,015,000 ounces of gold, and to test the depth potential of the previously delineated mineralisation.

Symphony Environmental Technologies PLC (AIM: SYM) said the largest baker in Turkey, Uno Bakery, has launched a biodegradable packaging programme using Symphony’s d2w technology. Uno is the first major bakery in Turkey to upgrade most of its packaging with d2w biodegradable technology, Symphony said. The collaboration follows a similar partnership the company has with the largest bakery in Mexico. Packaging made with d2w can be recycled if facilities are available, but if it escapes collection and ends up in the environment as litter, it will degrade and biodegrade in a continuous, irreversible and unstoppable process, in the same way as nature's wastes and much faster than regular plastic, the biodegradable plastic specialist noted.

Shield Therapeutics PLC (LON:STX) has confirmed that the generics giant Teva Pharmaceutical Industries has withdrawn its patent challenge, which had gone to the appeal stage. The company said this means European Patent No.2668175, which covers the "process for preparing an iron hydroxypyrone" has become final and that the patent will be maintained as amended on March 14 last year. Additionally, Teva's ending of its opposition to European Patent No.3160951 ("crystalline forms of ferric maltol") means the patent is maintained as granted, providing protection out to October 2035.

Ceres Power Holdings PLC (LON:CWR) has agreed an expanded collaboration with South Korean group Doosan which gains the licence to manufacture Ceres' proprietary solid oxide fuel cell stacks. Doosan plans to build a manufacturing facility with an initial 50MW capacity by 2024. It is worth £36mln to Ceres over 3 years, plus a further £7mln potentially due subject to key performance indicators (KPIs).  This income precedes longer term royalties on the sale of fuel cell stacks.

IXICO PLC (LON:IXI), the artificial intelligence-driven data analytics company focused on neuroscience, has racked up its fourth consecutive year of strong top-line growth, seeing underlying earnings double. In a trading update for the year to the end of September 2020, the group said revenue rose by 26% to £9.5mln, up from £7.6mln the year before, signifying the fourth year in a row that revenue had increased by more than 25% year-on-year. Earnings before interest, tax, depreciation, and amortisation (EBITDA) more than doubled to achieve at least market expectations of £1.1mln (2019: £0.5mln), the firm said. In a separate announcement, the company revealed that Dr Robin Wolz, its senior vice president of Science & Innovation will present on the industry panel at the virtual SCA & ARCA Global Conference, taking place on October 19-21, 2020.

Amryt Pharma PLC (LON:AMYT) (NASDAQ:AMYT) said it has signed a distribution deal for Lojuxta covering 17 countries in central and eastern Europe (CEE). Swixx BioPharma, which also has the exclusive contract for Amryt’s Myalepta, will start deliveries later this month. Lojuxta, also known as lomitapide, has been developed to treat adults with a rare cholesterol disorder.

IQGeo Group Plc (LON:IQG) has secured a major contract extension with a large utility network operator in the USA. The company will continue to provide the client with software licenses and services. It has been using IQGeo's Inspection & Survey application for gas leak detection in its utility networks. The new contract also includes meter surveys and increases the number of divisions deploying IQGeo technology. The value is anticipated at US$600,000.

Advanced Oncotherapy PLC (LON:AVO), the developer of proton therapy systems for cancer treatment, is to set out its stall at an investor event on Monday. The company’s management team will discuss the broader market potential for proton therapy and outline how Advanced Oncotherapy’s LIGHT system could accelerate the adoption of proton therapy as a treatment modality for several different cancer indications. The team will also discuss how the LIGHT system can potentially be adapted for FLASH delivery of protons, an emerging mode of proton therapy treatment that uses ultra-high dose rates.

BlueRock Diamonds PLC (LON:BRD) said it has sold 2,900 carats at an average price of US$300 per carat. The aggregate consideration amounted to just over US$870,000. The production comes from the company’s Kareevlei diamond mine in the Kimberley region of South Africa.

88 Energy Ltd (LON:88E) told investors it has increased its stake in the area including and surrounding the previously Charlie-1 well in Alaska to 75% from 30%. The 'Area A' comprises around 40% of the gross Project Icewine acreage. A new independent resource estimate for this area is anticipated in the coming weeks. It is planned that a new farm-out process will follow the release of the report.

Coinsilium Group Limited (AQSE:COIN) has told investors that its shares begin cross-trading publicly on the OTCQB Venture Market (OTCQB) in the United States on Monday. The shares will trade under the ticker symbol ‘CINGF’. Previously, they were quoted on the OTC’s Pink Open Markets but the group said the upgrade to OTCQB provides greater access to new and materially larger pool of prospective US investors.

Europa Metals Ltd (LON:EUZ) has been awarded a €466,801.50 grant by the Centre for the Development of Industrial Technology, a Spanish government entity operating under the umbrella of the Ministry of Science and Innovation. The grant is for use towards research and development at the Europa’s wholly-owned Toral lead, zinc and silver project in the region of Castilla y León, north-west Spain. The grant is categorised as a partly refundable loan with a nil per cent interest rate.

Shanta Gold Ltd (LON:SHG) said it produced 19,973 ounces of gold from its New Luika mine in Tanzania during the third quarter of 2020. That, in turn, generated underlying earnings (EBITDA) of US$22.5mln, with all-in sustaining costs (AISC) at US$883 per ounce, the group added. The company closed out the period with net debt of US$5.1mln, following a US$7.8mln cash payment related to the acquisition of the new West Kenya project.

Afarak Group PLC (LON:AFRK) said that overall production of specialty alloys and ferroalloys during the third quarter of 2020 dropped by 60.1% when compared to the same quarter of the prior year. Specialty alloys production dropped by 31% to 17,411 tonnes, while ferroalloys production dropped by nearly 70% to 23,325 tonnes, it added. Reduced mining activity in the South African mines resulted in significant lower mining volumes as the company focused on protection of staff during the coronavirus pandemic.

Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (OTCMKTS:WHELF) has added operational and potash experience to its board through the appointment of Phil Montgomery and Peter Thomas as independent non-executive directors. These appointments, which are effective immediately, comes as the company drives the Lake Way Sulphate of Potash Project towards first production.

Power Metal Resources PLC (LON:POW) the AIM-listed metals exploration and development company said on Friday that it has received a notice to exercise warrants over 2,200,000 new ordinary shares of 0.1 pence each in the company, comprising 1,000,000 warrants at an exercise price of 0.75p per ordinary share and 1,200,000 warrants at an exercise price of 1.0 pence per ordinary.  The group said subscription monies of £19,500 have been received by Power Metal in respect of these exercises.

Genel Energy PLC (LON:GENL) has announced the appointment of BMO Capital Markets as its joint corporate broker, effective immediately. BMO Capital Markets will work alongside JP Morgan Cazenove, Genel's current joint corporate broker.

Avation PLC (LON:AVAP), the commercial passenger aircraft leasing company, said it continues to manage its capital structure through the coronavirus (COVID-19) pandemic.  In relation to the Avation Capital S.A. 6.5% senior notes due 2021 issued under Avation's global medium-term note programme, the company added it has retained PJT Partners as financial advisor and DLA Piper as legal advisor to assist with a collaborative dialogue with bondholders. The company kindly asks bondholders to disclose their holdings to the company's Identification Agents, D.F. King and Orient Capital, to facilitate this dialogue.

Base Resources Limited (LON:BASE) has said its 2020 annual general meeting will be held on Friday, November 20, 2020, at 1.00pm Perth time at the Kimberley Room, Katitjin Centre, Australian Institute of Management WA, 76 Birkdale Street, Floreat, Western Australia; and online via the Lumi software platform using the Meeting ID 379-190-456. A full version of the notice of annual general meeting (Notice), including the explanatory memorandum in respect of the items of business to be considered at the Meeting and instructions on how to access the Lumi software platform, is available at the company’s website: www.baseresources.com.au.

InnovaDerma PLC (LON:IDP), a UK developer of beauty, personal care and life science products, has announced that the company's AGM will be held on Wednesday, November 11, 2020. at 10.00am GMT. Given current measures around the coronavirus (COVID-19) situation in the UK, the group’s board has decided that the AGM will now be run as a virtual meeting. Shareholders will not be able to attend the AGM at a physical location. Shareholders are therefore requested to submit their votes, in respect of the business to be considered at the AGM, via proxy, as early as possible. All resolutions at the AGM will be decided on a poll. In order to ensure that shareholders are able to follow the proceedings of the AGM, the company will provide access to an online audio and presentation link, accessible via the online Investor Meet Company platform. Shareholders that wish to attend the AGM should register for the event in advance via the following link: https://www.investormeetcompany.com/innovaderma-plc/register-investor

Oncimmune Holdings PLC (LON:ONC), the leading global immunodiagnostics group, has said it will be announcing its full year results for the year ended May 31, 2020, on Friday, October 30, 2020. The group said Adam Hill, its chief executive officer, together with Matthew Hall, chief financial officer, will host a presentation and conference call for analysts at 11.30am GMT on the day of the results. For conference call details please contact Alexander Davis of FTI Consulting at [email protected] or 020 3727 1000. The management team will also host on Investor Meet Company a live presentation of the results on Friday, October 30, at 3.00pm GMT. Access to Investor Meet Company is free and interested parties can register to attend the presentation via the following link: https://www.investormeetcompany.com/oncimmune-holdings-plc/register-investor

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