Savannah Resources PLC (AIM:SAV, ETR:SAV, OTC:SAVNF) shares tumbled on Monday after it confirmed that it has been included in a civil claim relating to its acquisition of certain properties at its Barroso lithium project in Portugal.
Savannah has been asked to submit its defence to the proposed legal action before the end of September 2022 and will be working with its Portuguese counsel on this, the statement added..
The mining company said the claim was lodged against certain landowners, claiming they have registered some properties in excess, occupying community-owned land.
The company said it purchased properties to what had been declared by the private landowners to the Land Registry Office.
Shares fell 7% in response to the news.
Argos Resources makes unhappy return to trading
Argos Resources, the Falkland Islands based oil and gas explorer, saw its shares sink as it returned to trading after suspension.
Shares were down 6% after being much lower in early trading.
The group reported an increase in losses in 2021 with a total comprehensive loss of US$356,000 up from US$299,000 the year before. Administrative expenses went up by 17% to US$355,000 from US$303,000.
The company also reported a fall in cash reserves to US$304,000 from US$438,000 and said it planned to raise additional capital to support a licence extension in the Falkland Islands.
In June, the chair agreed a drawdown facility of £110,000 to provide additional working capital.
The company did not declare a dividend for 2021, unchanged from last year.
Venture Life surges as acquisitions deliver
Venture Life was a winner on Monday with shares in the company, which develops over-the-counter products for the self-care market, surging 12.5% to 36p.
This followed a trading statement reaffirming management’s expectations for the first half of 2022.
Revenues in the first two quarters rose 36% to £18.9mln, encouraged by the acquisitions of BBI Healthcare and Helsinn Integrative Care Portfolio.
The acquisitions delivered revenue growth of 10% and 6% respectively on a like-for-like basis, while the remainder of the business also posted modest gains.
Jerry Randall, CEO, added: The challenging retail environment continued in the first half, but I am delighted to see that, notwithstanding this, a number of our own brands, as well as some customer brands, have demonstrated strong revenue growth in the period.”
Hurricane Energy blowing up a storm
Shares in Hurricane Energy powered ahead on Monday following news that the company has completed payment of its outstanding bonds.
At 12.16pm shares in the company were 18% higher at 8.57p.
In a statement, the company told investors it had paid off the US$78.5mln of convertible bonds, plus US$1.5mln of accrued interest before the maturity date (24 July).
It leaves the company debt-free ahead of a further injection of cash due with an imminent lifting of crude from the Lancaster field’s floating production, storage and offloading (FPSO) vessel.
"The repayment of the convertible bonds is an important and key milestone for Hurricane as we move into a new phase for the company,” said Antony Maris, Hurricane's chief executive.