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Proactive news headlines: ImmuPharma, Braveheart Investment, Plexus Holdings, 88 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

ImmuPharma PLC (LON:IMM) said its licensing partner has made headway with the regulatory authorities in the US ahead of a new optimised phase III study of the former’s lupus treatment. It said the US Food & Drug Administration (FDA) has agreed to accept a submission made by Avion Pharmaceuticals supporting a request for a Type-A meeting that would provide clinical guidance for a phase III trial of the ImmuPharma-developed drug Lupuzor. The information for the Type A meeting was forwarded to the FDA on November 6, 2020, and, normally, a meeting would take place within 30 days. However, this cannot be guaranteed, ImmuPharma said.

Braveheart Investment Group PLC (LON:BRH) said its investee company Paraytec has the resources required to bring its coronavirus (COVID-19) testing kit to the market with the need for a fast and effective Covid screening technology undiminished by the discovery of a vaccine. Braveheart welcomed the vaccine success of Pfizer and BioNTech, which it said was “hugely encouraging”. But it added: “[The] directors believe that the rollout of a vaccine will not lessen the urgent need for a fast, specific and sensitive test for COVID-19 which is what Paraytec is focusing on bringing to market as soon as possible.“

Plexus Holdings Plc (LON:POS), the owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, has entered into a licence agreement with Cameron International Limited, a Schlumberger group company, the world's leading oilfield services provider. The agreement grants a non-exclusive licence to enable Cameron to use the company's POS-GRIP and HG metal-to-metal seal method of wellhead engineering for the development of conventional and unconventional oil and gas surface wellheads. Cameron will pay a royalty based on the number of wellheads sold, leased, rented or otherwise supplied in each calendar year in the range of 3% to 6%, which shall apply up to the end of the 2029 calendar year.

88 Energy Ltd (LON:88E, ASX:88E) has released an updated assessment of the conventional resources for Project Icewine, defining some 1.77bn barrels of oil equivalent across multiple features. The Lima Fan prospect in the Seabee formation, notably, is seen to have substantial volumes of oil with prospective resources estimated at 1.4bn barrel, equating to most of the newly stated resource. Project Icewine’s remaining resources are estimated across a series of six Torok formations, the Stella F1 to Stella F6 prospects.

Feedback PLC (LON:FDBK) shares were higher on Tuesday as the company said its Bleepa clinical messaging app has been selected for DigitalHealth London’s 2020 12-month accelerator programme to promote innovative technologies to London National Health Service (NHS) hospitals. The AIM-listed firm said the accelerator aims to speed up the adoption of technology within London's NHS, relieving high pressure on services and empowering patients to manage their health.

Jubilee Metals Group PLC (LON:JLP) has reported a 132% rise in total revenue for the twelve months ended June 30, 2020, up to £54.8mln from £23.6mln. The group's underlying earnings (adjusted EBITDA) also increased sharply, it noted, rising 132% to £22.6mln whilst earnings per share was marked at 0.94p, up 96%. Cash flow from operating activity was described as strong, reported at £19.4mln versus £4.76mln in 2019.

Powerhouse Energy Group PLC (LON:PHE) has told investors it is delighted that its DMG technology will play a key role in Peel L&P Environmental's Plastic Park strategy. The company’s comment comes as Peel L&P Environmental advances its project at the Protos site, in Cheshire, where it is developing an operation to create hydrogen from waste plastics. It is envisaged that the hydrogen fuel can then be used to fuel cars, buses and heavy goods vehicles. The envisaged energy and resource hub is situated on a 54-hectare site.

Crossword Cybersecurity PLC (LON:CCS) said it will be working with Verifiable Credentials Ltd (VCL) and East Kent Hospitals University NHS Foundation Trust on a proof of concept trial for coronavirus immunity certificates using VCL’s Identiproof middleware. The AIM-listed firm said InnovateUK has awarded funding to support the trial to create a local system that allows NHS testing laboratories in East Kent to issue the immunity certificates to individuals to hold securely on their smartphones, and for selected organisations to check the validity of those certificates when presented without compromising any unnecessary personal information.

Ceres Power Holdings PLC (LON:CWR) has said its South Korean partner, Doosan, is to jointly develop a solid oxide fuel cell system with shipping company, Navig8. The solid oxide fuel cell system (SOFC) will provide cleaner power for ships and will be based on Ceres’s proprietary SteelCell SOFC stack technology. Doosan will develop and install a SOFC power and propulsion system in a 50,000-ton chemical tanker owned by Navig8 as a pilot programme for commercialisation.

Frontier IP Group PLC (LON:FIPP) said its portfolio company Alusid, in which it holds a 35.6% stake, has received a £125,000 investment from the UK government’s Future Fund as part of a £250,000 fundraising via a convertible loan. The investment firm said the investment from the Future Fund, which was established to support innovative UK businesses currently affected by the coronavirus, has been matched by £100,000 from Frontier IP and £25,000 from a private investor. Frontier IP said the funds will be used to accelerate the development and commercial scale-up of Alusid’s patented technology to create premium quality tiles and other surfaces from recycled ceramic, glass and other industrial waste.

Tavistock Investments PLC (LON:TAVI) has announced a sharp increase in half-year adjusted underlying profits (EBITDA) despite the challenges thrown up by the coronavirus pandemic. The company's reported adjusted EBITDA in the six months to the end of September 2020 rose by 25% to £1.26mln from £1.01mln the year before, despite revenues easing 7% to £13.38mln from £14.31mln the previous year. The directors of the wealth management firm said they plan to resume dividend payments this (fiscal) year.

Union Jack Oil PLC (LON:UJO) has relayed a statement from Egdon Resources which is operator of the Biscapthorpe project, where a planning application is slated for February. Egdon’s statement noted that it will, on behalf of all partners, submit an application for planning permission for side-track well drilling, associated testing and, in a success case, long-term oil production. The project operator added that its application will be accompanied by an Environmental Impact Assessment, after the Lincolnshire County Council (LCC) sought opinion on the need for such a study. Union Jack owns a 30% economic interest in Biscapthorpe.

Power Metal Resources PLC (LON:POW) and Red Rock Resources PLC (LON:RRR) said that Red Rock Australasia Pty Ltd, a company jointly owned by the two firms, has been notified that a further seven of its license applications have been accepted and have been given a highest ranking, following the notification in respect of the first three applications received in early July. Red Rock Australasia will now advertise the seven applications in newspapers with statewide and local circulation, and after a three-week exposure period, the Department of Jobs, Precincts and Regions of the State of Victoria will begin the application assessment process.

City Pub Group Plc (LON:CPC) has announced the appointment of Toby Smith to its board in the newly created role of chief operating officer with effect from November 10, 2020.  The group noted that Smith is a very experienced and senior operator with over 25 years' experience in UK hospitality. He has held CEO roles with Stonegate Pub Company, Novus Leisure and Town and City Pub Company. Prior to these, he also held senior roles at Laurel Pub Company, Spirit Group and Scottish and Newcastle Retail.

finnCap Group PLC (LON:FCAP) said Cavendish Corporate Finance has welcomed Jamie Blewitt as Head of Alternative Capital. Sam Smith, finnCap CEO, commented: "Alternative capital and in particular family offices are becoming increasingly important players in the private company space, with the sectors they are interested in backing aligning really well with our key sectors, especially technology.  ESG is also a focus for possible investment opportunities. I am very excited about Jamie joining to build this division. Longer-term, I really believe this form of capital will be a key player in the growth company space." Jamie Blewitt, Head of Alternative Capital said: “I am really pleased to be joining Cavendish and the wider finnCap Group and really look forward to developing the group's relationships with family offices and the wider investor group. With the exponential growth seen in private and growth equity allocations coming from alternative capital sources, there is no better time to provide specific coverage in this area and I am excited by the prospect of connecting them with some of the country's leading entrepreneurs."

DeepVerge plc (LON::DVRG) has announced, following the offer for Modern Water PLC being declared unconditional in all respects on November 9, 2020, the appointment of Dr Nigel Burton as a non-executive director of the company with effect from Tuesday, November 10, 2020. Burton is a non-executive director of Modern Water, and since 2017 has been instrumental in restructuring and recapitalising several AIM quoted companies, including two successful reverse takeovers. His earlier career included over 14 years as an investment banker at leading City institutions including UBS Warburg and Deutsche Bank, including as the managing director responsible for the energy and utilities industries, and 15 years as chief financial officer or chief executive officer of a number of private and public companies. Ross Andrews, chairman of DeepVerge commented: "I'm delighted that Nigel has accepted our invitation to join the Board and I very much look forward to working with him as DeepVerge moves through its next phase of growth." Burton added: "I'm pleased to join the team at DeepVerge, who I have enjoyed working with as relationships with Modern Water strengthened, and look forward to supporting them as they create further value in the next exciting phase of the growth of DeepVerge. In a separate statement, DeepVerge also announced that it has received notification from a warrant holder to exercise warrants over 40,000 shares in the share capital of the company at an exercise price of 20p each. The consideration for the exercise of the warrant shares amounts, in aggregate, to a cash value of £8,000.

Seneca Global Income & Growth Trust PLC (LON:SIGT) said it has renewed its £10 mln revolving credit facility with The Royal Bank of Scotland International Limited, London Branch for a further two years. The facility bears interest at 1.05% over LIBOR and may be used for the acquisition of investments in accordance with the company's investment policy and for the funding of share buy backs and dividend payments.

Vast Resources PLC (LON:VAST), the AIM-listed mining company, said it has entered into a non-conversion agreement with Atlas Special Opportunities LLC regarding the Tranche 1 Bonds issued to Atlas, announced on January 31, 2020, under the terms of the Atlas Bond Issuance Deed. Atlas has informed Vast of its intention to exercise certain conversion rights and in the event that Atlas excercises these conversion rights then under the provisions of the Bond Issuance Deed the company has the right to cash settle.  However, against the background of Vast’s progress on asset-backed financing the company has agreed with Atlas that in consideration of the right to settle the principal outstanding on the Bond Issuance Deed (including a redemption premium calculated to be in accordance with the terms) for certain stage payments and then a fixed sum, by December 31, 2020, it will issue no further conversion notices pursuant to the Bond Issuance Deed prior to January 1, 2021. The agreement does not affect the potential drawdown by the company of Tranches 2–4 of the Bond issuance Deed for its diamond division in Zimbabwe.

Power Metal Resources PLC (LON:POW) the AIM-listed metals exploration and development company said that drilling has commenced at the Silver Peak silver project in British Columbia, Canada. Paul Johnson, chief executive officer of Power Metal commented: "I am extremely pleased to announce the commencement of drilling at the Silver Peak project enabling us to secure sample core for laboratory assay testing and complimenting the work undertaken to date including the summer channel sampling which produced bonanza silver grades and significant copper and lead grades." He added: "Given the significant results from the sampling programme we conducted recently we are obviously eager to see the assay results from this drilling programme." In a separate, earlier statement, Power Metal Resources said it has received a notice to exercise warrants over 3,750,000 new ordinary shares of 0.1p each in the company at an exercise price of 0.7p per share. Subscription monies of £26,250 have been received by Power Metal in respect of these exercises.

Remote Monitored Systems PLC (LON:RMS) said that on November 9, 2020, it granted a total of 77,603,512 options over ordinary shares of 0.01 pence each in the company under its existing share incentive scheme. The group said 38,801,756 options were granted to Trevor Brown, executive director of the company, and 38,801,756  were granted to Paul Ryan, non-executive chairman of the company. This grant of options accounts for approximately 5% per cent. of the company's total issued share capital. The options have an exercise price of 1.40p per share (being the closing mid-market share price on November 9, 2020), vest immediately, and are exercisable for a period of 5 years. In a separate statement, Remote Monitored noted that Ryan has exercised warrants representing 10,000,000 ordinary shares in the company, at 0.5p per warrant shares and has also sold 6,700,000 ordinary shares in the company.  Following these transactions, Ryan's shareholding in the company will increase to 70,893,249 shares, representing 4.57% of the enlarged issued share capital and total voting rights of the company.

H&T GROUP PLC (LON:HAT) has announced that, following a thorough, competitive tender process, it has appointed PKF Littlejohn as auditor to the company with immediate effect. PKF replaces Deloitte which has formally resigned as the company's auditor and has confirmed to the company that, in accordance with Section 519 of the Companies Act 2006, there are no circumstances in connection with its resignation which it considers need to be brought to the attention of the company's members or creditors. The group said PKF will conduct the audit of the company's financial statements for the financial year ending December 31, 2020. The appointment of PKF as auditor for the following financial year will be subject to approval by shareholders at the next annual general meeting of the company to be held in 2021.

Falcon Oil & Gas Ltd. (CVE:FO) (LON:FOG) has said it will hold its annual general and special shareholder meeting via conference call on December 10, 2020, at 4.00pm (Dublin time). A complete notice and related documents are now available on Falcon’s website at www.falconoilandgas.com and are being sent to shareholders of record as at November 2, 2020.

Allergy Therapeutics PLC (LON:AGY) has said it intends to hold its annual general meeting (AGM) electronically on Tuesday, December 8, 2020, commencing at 2.00pm GMT. In light of the compulsory government measures in force in response to the coronavirus (COVID-19) pandemic, and with the health and well-being of colleagues, shareholders and the wider community in mind, the AGM this year will be run as a virtual meeting in accordance with the provisions of the Corporate Insolvency and Governance Act 2020. Shareholders are therefore not able to attend the AGM in person. The group said its board is arranging a listen-only webinar facility to allow shareholders to attend the AGM and follow proceedings remotely. The webinar details will be published on the homepage of the Company's website  - www.allergytherapeutics.com - approximately 72 hours before the date and time of the meeting. Shareholders can submit questions for the board in advance of the AGM by email to investor.relations@allergytherapeutics.com and the board answer such questions at the meeting.

Impax Environmental Markets PLC (LON:IEM) said its monthly factsheet for October 2020 is now available on the company's website at: https://impaxenvironmentalmarkets.co.uk/wp-content/uploads/2019/05/factsheet-Impax-Environmental-Markets-Plc-october-2020.pdf  

Greatland Gold PLC (LON:GGP), the AIM-listed precious and base metals exploration and development business , has announced that its annual general meeting (AGM) will be held virtually on Tuesday, December 8, 2020, at 9.30am. Shareholders can attend the virtual AGM by clicking on the following link: https://www.investormeetcompany.com/greatland-gold-plc/register-investor.

Oriole Resources PLC (LON:ORR), the AIM-quoted exploration company focused on West Africa, said it will hold a virtual investor event on "Senala: Oriole's prime position in a richly endowed mining district", where the company's UK management team will give a live presentation on its Senala project in Senegal, followed by a Q&A session. The virtual investor event will take place at 3pm GMT/10am EST on Tuesday, November 17, 2020, and can be accessed by registering at the following link: https://my.6ix.com/bYj5LEYf

Proactive Research has issued a note on Custodian REIT PLC (LON:CRE), a real estate investment trust (REIT) focused on UK commercial property, managing a portfolio of 161 properties spread across UK regions and property sectors. Analyst Ed Stacey pointed out that: "Dividend income has been a big factor in Custodian's impressive total shareholder returns, and the company remains committed to dividend payments in spite of the challenges that the COVID crisis poses for the commercial real estate space."

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