×

RNS Number : 9876A

Obtala Limited

04 January 2018

 

4 January 2018

Obtala Limited

("Obtala", the "Group" or the "Company")

(AIM: OBT)

 

First Step in Expansion of Timber Trading Division

 

Obtala Limited (AIM: OBT), the African focused agricultural and forestry company, is pleased to announce the first step in the expansion of its Timber Trading Division.

 

In June 2017, Obtala acquired WoodBois International ApS ('WoodBois'). Since its founding in 2004, WoodBois has generated over $135m in cumulative revenue trading timber primarily sourced from a network of over 100 African suppliers. WoodBois have always maintained a diversified trading portfolio, with sales by customer, geography, and species shifting year to year with the market. As a result, the business has experienced only one default (a single container sent during the financial crisis). We were delighted to have acquired an exceptional trading business and management team.

 

Since the completion of the WoodBois acquisition, Obtala has been learning how to best drive profitable growth of WoodBois' trading business. Since 2013, WoodBois' profits from timber trading had been diverted towards financing timber production in Gabon. Without reinvesting profits into the pool of available trading capital, trading revenues had remained flat in the $15-19m range, less than 0.5% of our estimate of the total market size for African timber exports. According to FAOSTAT, over $770m of sawn wood and $230m of veneer and plywood were exported from the Ivory Coast, Gabon and Cameroon alone in 2016.

 

Obtala saw an opportunity to dramatically grow WoodBois' trading revenues by providing the business with an external trade finance facility (trading capital). Trade finance allows for a higher volume of business by 'freeing up' capital otherwise tied up in the form of inventory in warehouses or containers at sea. As announced in our Q3 2017 update, we have been in discussion with a number of parties to provide such a facility. During these conversations we learned that as a result of Basel III Banking Supervision measures, traditional banks are generally no longer providing commodity trade finance at affordable rates due to the greater amount of capital they must hold against commodity exposure. According to the African Development Bank's Trade Finance in Africa survey report released in October 2017, the resulting value of the trade finance 'gap' in Africa remains significant at an estimated $91bn in 2014. This despite the estimated default rate on trade finance transactions being half the average of all bank asset classes.

 

Obtala's discussion with trade finance providers have primarily been with funds, some of whom are funded by social impact investors with the shared aim of addressing the trade finance gap for African enterprises. We have found that structured commodity trade finance is typically priced at 12-18%, with equipment finance over 20% with less than 1 year duration. As these discussions have moved forward and preparations for the implementation of an external facility have been put in place (e.g. increasing insurance coverage at our warehouse and signing a new trade credit insurance policy), as announced on 2 January 4, 2018 the Board decided to raise a separate or 'internal' pool of loan capital in order to complement the proposed external facility. There are funding gaps in any external trade finance facility (even fully insured receivables cannot be funded 100%) which our own separate pool of loan capital can cover. It also provides an opportunity for the Group to develop the internal risk management discipline and processes which can help raise additional loan capital and bring down the cost of these funds, both internal and external, over time.

 

On 2 January 2018, Obtala announced it had secured an initial $1m of loan capital at an 11.5% annual interest rate to complement the external facility we are preparing to implement. This initial amount demonstrates senior management's personal commitment to each stage of the Group's fundraising and comes with a commitment to develop market leading policies and procedures to manage it.

 

Additional trade finance is just the first step in unlocking the potential of our timber trading division. Management has also been deepening relationships with our key suppliers and trading partners, identifying the most profitable trades and markets to develop in order to maximize our return on capital. We expect 2018 to be an exciting year for our timber trading division as we begin to increase our share of the growing African export market.

 

 

 

Obtala Limited Miles Pelham – Chairman Paul Dolan – CEO Martin Collins – Deputy Chairman www.obtala.com	+44 (0)20 7099 1940
Northland Capital Partners Ltd (Nomad and Joint Broker) Tom Price David Hignell	+44 (0)20 3861 6625
Brandon Hill Capital (Joint Broker) Jonathan Evans   Beaufort Securities Limited (Joint Broker) Jon Belliss	+44 (0)20 3463 5000     +44 (0)20 7382 8300

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

NRALLFSLLLISIIT

Close

×

RNS Number : 1479A

N4 Pharma PLC

22 December 2017

 

22 December 2017

N4 Pharma Plc

("N4 Pharma" or the "Company")

Filing of Patent

 

N4 Pharma Plc (AIM: N4P), a specialist pharmaceutical company which reformulates existing drugs and vaccines to improve their performance, is pleased to announce the filing of its Patent Cooperation Treaty ("PCT") patent application for the oral reformulation of Aprepitant (marketed by Merck & Co under the brand name Emend).

Aprepitant is an anti-emetic drug used to suppress nausea resulting from surgery and chemotherapy with global sales of over $500m last year and whose patent for the oral products expired in 2015.

Nigel Theobald, CEO of N4 Pharma, commented: "This filing marks the next important step in the patent process for our Aprepitant application.

Sildenafil remains our lead project for generics and in line with our stated strategy, we will continue to progress our intellectual property for other possible generic reformulation opportunities that we can then develop at a later stage."

Enquiries:

N4 Pharma CEO, Nigel Theobald	Via Alma PR
Stockdale Securities Tom Griffiths	Tel: +44(0)207 601 6100
Beaufort Securities Elliot Hance	Tel: +44(0)207 382 8300
Alma PR Josh Royston Robyn Fisher	Tel: +44(0)778 090 1979 Tel: +44(0)754 070 6191

 

About N4 Pharma

N4 Pharma is a specialist pharmaceutical company which reformulates existing drugs and vaccines to improve their performance.

N4 Pharma's reformulation work falls under two divisions:

• generic, already commercialised, drugs; and

• delivery of novel and existing vaccines.

N4 Pharma has identified a number of established drugs that could be improved upon through its reformulation techniques. N4 Pharma's most advanced reformulation is for sildenafil, widely marketed as Viagra, where N4 Pharma is seeking to improve the speed at which the drug takes effect whilst also extending its duration of action.

N4 Pharma's reformulation approach should take approximately three years to obtain regulatory approval as opposed to the traditional process for new drugs of on average ten years. The cost and risk profile of this model is also significantly less than the traditional process. N4 Pharma's business model for generics is to take reformulated drugs from its portfolio through to the stage where it will license its newly reformulated drugs to pharmaceutical companies to commercialise them. N4 Pharma's revenues should be derived from up front milestone and royalty payments associated with the licence.

N4 Pharma's business model for vaccines is to undertake the required clinical work to demonstrate the capability of its delivery system as a cancer vaccine or therapeutic treatment so that it can license the technology to major players developing treatments in this area, again in return for up front milestone and royalty payments associated with the licence.

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

RESEAPAFAANXFFF

Close

×

RNS Number : 1832A

Integumen PLC

22 December 2017

 

Integumen plc

 

("Integumen" or "the Company")

 

 

Integumen signs Letter of Intent with men's grooming company Champion Shave

Shareholders of Champion Shave include Usain Bolt and Ronaldinho

Integumen (LSE: SKIN), the personal health care company developing and commercialising technology and products for the human integumentary system, is pleased to announce it has on 21 December 2017 signed a non-binding letter of intent ("LoI") with Champion Shave Inc ("Champion Shave"), a men's grooming company whose shareholders include Usain Bolt, the fastest man on the planet, and Ronaldinho, one of the greatest footballing legends, amongst others, to establish a joint venture under which Integumen will be able to distribute Champion Shave's range of blade shaving systems in the United Kingdom and the Republic of Ireland (the "Agreement"). Champion Shave produces and distributes high-end razor blades at an affordable price.

 

The LoI envisages that a five-year exclusive agreement ("Agreement") will be signed by the end of January 2018 enabling Integumen to use Champion Shave's EU Trademark and branding, and to distribute the Champion Shave products both online and offline in the United Kingdom and the Republic of Ireland. It is expected that under the Agreement, Integumen will manage online sales including warehousing and third-party logistics (3PL) agreements and sign all offline and retail distribution agreements. Champion Shave will work alongside the Company to advertise the brand by continuing to sign on world class athletes as well as top European football clubs. The joint marketing of Champion Shave will include promotional activities such as free ticket giveaways, the opportunity to meet athletes, and autographed memorabilia which will be made available on all digital platforms.  It is expected that Integumen will have the rights to negotiate the distribution of Champion Shave products to all other European Free Trade Association territories. To date, Champion Shave has launched in nine markets globally.

The LoI envisages that on signing the Agreement, consideration in the form of ordinary shares of 1p each in the share capital of the Company ("Shares") will be due to Champion Shave. It is anticipated that Shares constituting up to 10 per cent. of the current issued share capital will be issuable, which will phased as to 4 per cent. on signing, with up to a further 6 per cent. contingent on sales performance. In addition Champion Shave is expected to receive a royalty on all sales made. The Company will make a further more detailed announcement as and when the Agreement is signed.

Declan Service, CEO of Integumen, said:

"In line with our objective, an agreement with Champion Shave will broaden Integumen's portfolio of products and enables us to accelerate our revenue generation.  Champion Shave is a brand proposition backed and owned by world class athletes like Usain Bolt and we look forward to working with them to make it one of the leading razor brands in the UK and the Republic of Ireland."

Usain Bolt, a shareholder of Champion Shave said:

"The Champion Shave team is excited to work with Integumen to get into the UK and Irish markets to give people the chance to "Feel like Champions" by having an amazing shave at an incredible price."

Integumen plc	Declan Service, CEO	+ 353 (0) 87 770 5506
SPARK Advisory Partners Limited (Nominated Adviser)	Neil Baldwin/Andrew Emmott	+44 (0) 113 370 8974
Turner Pope Investments (TPI) Ltd (Broker)   Hybridan LLP (Broker)	Ben Turner/James Pope     Claire Noyce	+44 (0) 20 3621 4120     +44 (0) 203 764 2341
Cardew Group	Shan Shan Willenbrock David Roach	+44 (0) 20 7930 0777 [email protected]

 

About RNS Reach announcements

RNS Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases such as marketing messages, corporate and product information into the public domain. This contrasts with an RNS Regulatory announcement which is required to be notified under the AIM Rules for Companies.

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

NRAEAKAAADFXFEF

Close

×

RNS Number : 9941Z

Verditek PLC

21 December 2017

 

21 December 2017

 

Verditek PLC

("Verditek" or the "Company")

 

Partnership programme with Paragraf to develop the world's first Graphene based Solar Panel

 

Verditek plc (AIM:VDTK), the clean technology company, and Paragraf Ltd ("Paragraf"), the leading Cambridge based experts in graphene technology development, are delighted to announce agreement of terms for a Joint Development Programme ("JDP") targeting new solar technology. The objective is to harness the significant potential advantages of graphene to improve the output of solar power generation over state of the art cells and panels.

 

Paragraf's proprietary manufacturing process of large scale, high quality, graphene lends itself for development to integrate with Verditek solar technology. The program will investigate, develop and verify the application of graphene to solar devices, imparting the advanced electrical and mechanical properties of graphene to solar cells to realise a new generation of highly robust, ultra-light weight panels that will potentially revolutionise the photovoltaic market.

 

Paragraf's new approach to two-dimensional materials, in particular graphene, developed at the University of Cambridge, enables for the first-time highly reproducible, large scale production of these potentially game changing materials. With the capabilities to functionalise properties for the end application and readily combine with industry standard device materials, and current processing line tools, the possibilities for two-dimensional materials to significantly improve todays technologies is being enabled.

 

Verditek has today also secured terms for the delivery of the final piece of machinery to be shipped to Greenflex's new facility in San Marino, Italy, which is currently in the process of securing TUV certification. The lightweight flexible solar panels, which will be manufactured at the facility, can transform residential and commercial buildings through the embracing of solar energy. The Verditek solar module is expected to excel where function and design are equally appreciated.

                                                                                                                                                                                      

Dr Geoff Nesbitt, Verditek's Non-Executive Chairman, commented: "This is an exciting development for both our organisations. The opportunity to apply the breakthrough graphene production technique developed by Paragraf to the Verditek solar cells moves us both to the cutting edge of the solar industry."

 

Dr Simon Thomas, CEO of Paragraf, commented: "The potential of two-dimensional materials, such as graphene, to significantly improve the performance of todays technologies is well understood. However, to achieve real improvements in combination with commercial viability requires well founded, proven technology and cutting-edge R&D. The synergy of Verditek market disrupting solar cell design with Paragraf's revolutionary materials has the potential to dramatically advance todays solar energy generation capabilities, providing a potentially market defining opportunity for the partnership."

 

 

Enquiries:

 

Verditek plc

 

Geoffrey Nesbitt (Non-Executive Chairman)                                      +44 (0) 20 7129 1110

Theodore Chapman (Chief Executive Officer)                                    [email protected]

 

Stockdale Securities Limited (NOMAD and Broker)

 

Antonio Bossi                                                                                                    +44 (0) 20 7601 6100

Hanan Lee                                                                                                          

 

Yellow Jersey PR (PR & IR)

Georgia Colkin                                                                                                  +44 (0) 7825 916 715

Harriet Jackson                                                                                                 +44 (0) 7544 275 882

Henry Wilkinson                                                                                              +44 (0) 7951 402 336

 

 

About Verditek plc

AIM listed Verditek plc is a holding company with three businesses operating within the clean technology sector. The Company has a unique liquid gas absorption technology expected to revolutionize the global CO2 capture industry; two solar manufacturing production lines in San Marino each of 25MWp (total 50MWp) producing what is believed to be an innovative and un-paralleled solar PV building material; and a pioneering filtration deodorization technology, which is commercially proven and tackles a wide range of odours within air and water at a high efficiency.

 

For more information please visit or contact the following: https://www.verditek.plc.uk/

 

About Paragraf ltd.

Paragraf is a spin out from the high-profile Centre for Gallium Nitride group of Professor Sir Colin Humphreys, in the department of Materials Science at the University of Cambridge. The novel IP and know-how developed by Paragraf is starting to deliver the extraordinary capabilities of two-dimensional materials, improving current technologies and enabling long speculated, potentially life changing applications. Through Paragraf's breakthrough, high impact applications, capable of improving the quality of life globally, are being brought within reach, for example delivery of significantly improved efficiency green power generation, such as solar energy harvesting.

 

For more information please contact: [email protected], or visit paragraf.com

 

 

 

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

MSCURABRBNAUUAA

Close

×

RNS Number : 9943Z

Veltyco Group PLC

21 December 2017

 

 

21 December 2017

 

Veltyco Group plc

("Veltyco", the "Company" or the "Group")

 

Blockchain and Cryptocurrency

 

 

The Board of Veltyco Group plc (AIM:VLTY), the online marketing company for the gaming industry, is pleased to announce that is has commenced discussions with blockchain and cryptocurrency providers to enter into partnerships to enable Veltyco's customers to use cryptocurrencies to create one wallet for the Group's various operating partners in the gaming industry.

A cryptocurrency is a digital currency in which certain principles of cryptography are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of any central bank.  Cryptography is used to secure the transactions and to control the creation of new coins. 

Veltyco is planning to offer its customers the use of a crypto wallet that can be used across the platforms of all of Veltyco's partners, allowing customers access to each platform without having to make separate deposits on the individuals platforms as well as enabling Veltyco to cross-sell the different platforms to its customer base.

Veltyco will provide further updates in this regard as appropriate.

 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

 

For further information, please contact:

 

Veltyco                                                                                                      +44 (0)16 2460 5764

David Mathewson, Chairman                                    

Marcel Noordeloos, CFO

 

Strand Hanson Limited (Nominated Adviser)                            +44 (0)20 7409 3494

James Harris

Richard Tulloch

James Dance

 

Northland Capital Partners Ltd (Broker)                                      +44 (0)20 3861 6625

Tom Price

 IFC Advisory (Financial PR)                                                              +44 (0)203 053 8671

Graham Herring

Tim Metcalfe

Miles Nolan

 

About Veltyco

Veltyco is a group of companies primarily focused on generating marketing leads and entering into marketing contracts for the activities of various partners in the gaming industry.  Veltyco focuses on complementary activities under one umbrella, leveraging its historical cash generative activities of marketing online casinos and sports betting. 

Website: http://www.veltyco.com

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

MSCBRBDDIBDBGRG

Close

×

RNS Number : 8603Z

Midatech Pharma PLC

20 December 2017

 

Midatech Pharma PLC

("Midatech" or the "Company")

 

Midatech Pharma US initiates Gelclair® Phase IV trial to study oral mucositis in stem cell transplant patients

 

Trial to be conducted at the Dana-Farber / Brigham and Women's Cancer Center to determine ability to improve OM outcomes and reduce overall hospitalisation costs

 

Midatech Pharma (AIM: MTPH, Nasdaq: MTP), the international specialty pharmaceutical company focused on developing and commercialising products in oncology, today announced its US subsidiary has initiated a Phase IV clinical trial at Dana-Farber/Brigham and Women's Cancer Center to study the effects of Gelclair® (bioadherent oral gel) on various aspects of oral mucositis (OM), a common side effect experienced by patients undergoing stem cell transplant.

 

Approximately 200 centers across the United States treat 20,000 patients with stem cell transplant therapy (SCT) on an annual basis. One of the most frequently observed side effects of SCT is severe OM, an intensely painful inflammation of the surface of the mouth, which may lead to the need for supplemental prescription pain products (such as opioids), parenteral nutritional therapy and which may result in extended time to patient discharge from highly specialised SCT units, resulting in increased healthcare costs.

 

This trial is a blinded, randomised, controlled study designed to investigate the efficacy and tolerability of Gelclair and the ideal timing of initiation of therapy for the management of OM in allogeneic stem cell transplant recipients conditioned with high-dose chemotherapy.  Understanding how best to use Gelclair to address OM pain, incidence, and severity, as compared to the use of standard of care practices, will help to optimise how health care providers support their patients as they manage this common side effect of stem cell transplantation.

 

Based on Symphony Health Solutions data, Gelclair is the leading gel barrier prescription product prescribed for OM in the retail sector. Gelclair has been used effectively on thousands of ambulatory patients who suffer from OM due to various cancer therapies such as radiation and chemotherapy.  The newly initiated trial in SCT will provide data on the applicability of Gelclair therapy for OM caused by SCT; which, if positive, would support the use of Gelclair in the in-hospital setting.

 

"Oral mucositis causes significant discomfort and pain in SCT patients, and may delay hospital discharge or result in the use of additional and costly therapies," said David R. Benharris, Midatech Pharma U.S. President. "We have worked collaboratively with the experts at Dana Farber to design a trial that will provide health care professionals the necessary information to determine if Gelclair can help SCT units better manage or prevent the symptoms and additional issues related to oral mucositis which are commonly seen in this patient population."

 

The company anticipates that the trial will complete enrollment in the second half of 2018.

 

– Ends –

 

For more information, please contact:

 

Midatech Pharma PLC

Jim Phillips, CEO

Tel: +44 (0)1235 841575

www.midatechpharma.com

 

Panmure Gordon (UK) Limited (Nominated Adviser and Broker)

Corporate Finance

Freddy Crossley / Atholl Tweedie

Corporate Broking

Tom Salvesen

Tel: +44 (0)20 7886 2500

 

Consilium Strategic Communications (Financial PR)

Mary Jane Elliott / Ivar Milligan / Nick Brown

Tel: +44 (0)20 3709 5700

Email: [email protected]

 

Westwicke Partners (US Investor Relations)

Chris Brinzey

Tel: +1 339 970 2843

Email: [email protected]

 

Notes for Editors

 

About Midatech Pharma PLC

Midatech is an international specialty pharmaceutical company focused on the research and development of a pipeline of medicines for oncology and other therapeutic areas, and marketing these through its established US commercial operation which includes four cancer care supportive products and two further co-promoted products.  Midatech's strategy is to internally develop oncology products, and to drive growth both organically and through strategic acquisitions.  The Company's R&D activities are focused on three innovative platform technologies to deliver drugs at the "right time, right place": gold nanoparticles ("GNPs") to enable targeted delivery; Q-Sphera polymer microspheres to enable sustained release ("SR") delivery; and Nano Inclusion ("NI") to provide local delivery of therapeutics, initially to the brain. The Group, listed on AIM: MTPH and Nasdaq: MTP, employs c.100 staff in four countries. For further company information see: www.midatechpharma.com

 

About Gelclair® (Bioadherent oral gel)

Gelclair® is an easy-to-use bioadherent oral gel indicated for the management and relief of pain of various etiologies, including oral mucositis/stomatitis, irritation due to oral surgery, ulcers caused by braces or ill-fitting dentures, disease, and for diffuse aphthous ulcers. Gelclair® has a unique formulation and does not contain alcohol, thereby reducing the risk of painful burning and drying. Gelclair® has been broadly studied, demonstrating rapid and effective relief of pain, improvement in patients' ability to eat and drink and reducing the need for rescue analgesics. Midatech has exclusive U.S. commercial rights to Gelclair® through a license agreement with Helsinn Healthcare SA in Switzerland.

 

Gelclair® Important Safety Information

Do not use Gelclair® if there is a known or suspected hypersensitivity to any of its ingredients. No adverse effects have been reported in clinical trials, although post marketing reports have included infrequent complaints of burning sensation in the mouth. Do not eat or drink for at least 30-60 minutes following treatment. If Gelclair® is swallowed accidently, no adverse effects are anticipated.

 

For additional information, including a copy of the Full Prescribing Information, please visit our web site at www.gelclair.com

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

UPDUKAORBUAUAUA

Close

×

RNS Number : 7233Z

Prospex Oil and Gas PLC

19 December 2017

 

Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas

19 December 2017

Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Acquiring up to 49.9% of proven gas project in southern Spain

 

Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce it has agreed to acquire up to a 49.9% interest in the Tesorillo Project ('Tesorillo' or 'the Project') in southern Spain ('the Acquisition').  Tesorillo contains a known gas discovery, which a Competent Person's Report undertaken by Netherland Sewell and Associates ("NSAI") in 2015 estimated could hold gross unrisked Prospective Resources of 830 billion cubic feet of gas (Best Estimate), with upside in excess of 2 Tcf.  The Acquisition is in line with the Company's strategy to build a portfolio of high impact onshore and shallow offshore European opportunities with short timelines to production.  This year the Company has acquired interests in three onshore European projects and participated in the drilling of two new wells, both of which have resulted in gas discoveries. 

 

Tesorillo: multiple development/appraisal gas plays with company-making potential

·    Comprised of two petroleum exploration licences, the Tesorillo and Ruedalabola Permits, covering 38,000ha in a proven hydrocarbon region in the Cadiz Province of southern Spain

·    Tesorillo contains the Almarchal-1 discovery well ('Almarchal' or 'the Well'), which was drilled in 1956 by Spanish operator Valdebro

o The Well intersected a thick section of possible gas pay including some zones which flowed gas to surface on testing

o Located on a gravity and seismically delineated thrust ramp anticline, with closure area exceeding 70 km2 and multi-Tcf potential

o Drillstem tests and log analysis confirm 48m of gas pay from two Miocene Aljibe Formation sandstone intervals, with a further 492m of potential gas pay interpreted from logs but unconfirmed by testing

·    Ruedalabola contains 1957 Puerto de Ojen-1 well, 15km to the east of Almarchal which displayed similar gas shows to Almarchal but could not be tested for mechanical reasons

·    Large Resource: unrisked prospective resource of 830 Bcf (Best Estimate), with upside in excess of 2 Tcf independently certified by NSAI in May 2015 (see table below for further details)

·    Excellent access to infrastructure: Project located 3.9 km from the North African Maghreb gas pipe line European landing point providing access to high priced European gas markets  

 

Three stage acquisition process

·    Acquiring up to 49.9% of Schuepbach Energy Espania S.R.L. ("SEE"), which has a 100% interest in Tesorillo, from Schuepbach Energy International LLC ("SEI") in three tranches:

o Stage 1: buy 2.50% for €48,750, effective immediately

o Stage 2: option to buy another 12.50% for €280,000 (increasing stake to 15%)

o Stage 3: option to buy a further 34.9% for €1,725,000 when drilling of a well is due to commence (increasing stake to 49.9%)      

·    Prospex's take up of the Stage 2 and 3 options will be based on the results of an upcoming work programme planned by SEE to further delineate and de-risk the Project's prospectivity.  It is envisaged that on acquisition of the third tranche a drill programme would have been agreed

 

Similar geology to existing portfolio of investments in European onshore projects

·    Tesorillo is a much larger variant of the fore-deep play which Prospex successfully tested with two recent discoveries in Romania and in Italy

o Bainet gas discovery on Suceava in Romania due to commence production in Q2 2018

o Podere Maiar-1d well in the Po Valley of Italy where flow testing is due to commence shortly

 

Prospex Exploration Manager, Carlos Venturini, said, "The external sector of the Western Baetic Cordillera of Spain is possibly the final under explored basin with conventional hydrocarbons potential in the country.  Exploring this area will allow us to test gas bearing sandstone sequences which are already known, within a variant of the fore-deep play which we have successfully tested with two recent discoveries in Romania and in Italy."

 

Prospex non-executive Chairman, Bill Smith, said, "Tesorillo offers the potential for very significant growth during 2018 and 2019 and caps a highly active and successful year for Prospex.  In line with our strategy we have acquired interests in three onshore European projects and participated in the drilling of two new wells, both of which have resulted in gas discoveries.  As with our Suceava Concession in Romania and the Podere Gallina Exploration Permit in Italy, Tesorillo offers multiple development and appraisal gas opportunities.  With independently certified unrisked prospective resource of 830 Bcf (Best Estimate), with upside in excess of 2 Tcf, the company-making potential of our latest investment is clear.  We are confident our in-house experience and wide European industry network will provide invaluable knowledge in assisting SEE to take this very exciting project to the next stage and beyond. 

 

"We expect to build on the momentum behind the Company in the year ahead.  This will see the Bainet gas discovery brought on line in Romania; flow testing at the Podere Maiar-1d well in Italy and the commencement of a work programme at Tesorillo to de-risk further the prospectivity that has already been mapped.  In parallel with this, we continue to evaluate additional projects that match our criteria, as we look to build a pipeline of value trigger events each of which have the potential to generate significant value for our shareholders and a re-rating of the Company.  We look forward to keeping our shareholders updated on progress in the New Year."

 

Acquisition Details:

 

PXOG Muirhill Ltd ("Muirhill"), a wholly owned subsidiary of Prospex, has entered into a Share Purchase Agreement ("SPA") with SEI to acquire up to 44,910 ordinary shares of SEE ("SEE Ordinary Shares"). The shares not acquired are owned by SEI.  The initial purchase of 2,250 SEE Ordinary Shares is for a consideration €48,250.  The SPA provides for Muirhill, at its sole discretion to acquire a further and second tranche of 11,250 SEE Ordinary Shares for a consideration of €280,000 by 31 December 2018.   Purchase of the second tranche of SEE Ordinary Shares would take Muirhill's total holding to 15% of the entire issued share capital of SEE.  The SPA provides for Muirhill at its sole discretion to acquire a further tranche of 31,410 SEE Ordinary Shares for a consideration of €1,725,000 before the mid-way point of the sixth year of the licence.  Purchase of the third tranche of SEE Ordinary Shares would take Muirhill's total holding to 49% of the entire issued share capital of SEE.  The SPA restricts the issuance of new SEE Ordinary Shares or options over such shares in the period to acquisition of the third tranche and contains the usual provisions and warranties for an agreement of this nature.

 

As part of the arrangements Muirhill will enter into a secured loan facility with SEI to provide SEI with initial funds for its share of SEE's working capital of up to €126,750.  The security to be provided is 5,100 SEE Ordinary Shares held by SEI.  The loan facility will incur interest at 3 per cent per annum, to accrue until repayment of the principal.  The loan amount is repayable at the Second Closing (as defined in the SPA), when the acquisition of the second tranche of shares completes.  Muirhill, SEI and SEE have entered into a detailed Shareholders' Agreement ("SHA") to regulate the future relationship between SEE and its shareholders.

 

Under the terms of the SHA the parties have agreed to fund their share of the costs going forward in line with their respective proportional ownership. The SHA is consistent with others recently entered into by Prospex and its subsidiaries.  It contains usual industry standard provisions for sole risk, default and for the operations and directional control of SEE.

 

ASX quoted Petrel Energy Limited (ASX Code: PRL), an Australian based petroleum exploration, development and production company, owns 63% of SEI, with Schuepbach International Holdings LLC holding the remaining 37%. Schuepbach International Holdings LLC is a Delaware corporation and is part of the Schuepbach Energy Group, a private equity back group with activities in United States, Spain, Switzerland and Uruguay.

 

Further details on the Permits:

The permits received Royal Decree on December 2010 and following partial relinquishment in 2014 cover a combined area of 382 square km.  The permits were awarded for an initial six-year term, 4 + 2, but in July 2016 the Ministry of Energy ordered that the clock stopped in October 2013, toward the end of the third year.  The annual work commitment for the first term has been met.  The remaining work commitment is one well.

 

In May 2015 Netherland Sewell and Associates ("NSAI") independently certified an unrisked Prospective Resource of 830 billion cubic feet of gas (best estimate) with upside in excess of 2 TCF for the Tesorillo Project as outlined below:

 

Tesorillo	Prospective Resource BCF(Gross)	Original Gas In Place BCF (Gross)
Low Estimate (P90)	220	734
Best  (Median) Estimate (P50)	830	1,661
High Estimate (P10)	2,289	3,270

 

 

The estimates of gross volumes for each prospect were determined by Mr Dan Walker, of Netherland, Sewell and Associates Inc., Dallas, Texas, USA, on 5 May 2015, in accordance with Petroleum Resources Management System guidelines.

 

 

SEE expects to restart activities on the permits shortly with the passive MT survey, the work for which already has government approval.

 

 

Carlos Venturini, Fellow of the Geological Society of London, Exploration Manager has reviewed and approved the technical information contained within this press release in his capacity as a qualified person, as required under the AIM Rules.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

* * ENDS * *

 

For further information visit www.prospexoilandgas.com or contact the following:

 

Edward Dawson	Prospex Oil and Gas Plc	Tel: +44 (0) 20 3766 0325
Rory Murphy Ritchie Balmer Jack Botros	Strand Hanson Limited	Tel: +44 (0) 20 7409 3494
Jon Belliss	Beaufort Securities Limited	Tel: +44 (0) 20 7382 8300
Duncan Vasey	Peterhouse Corporate Finance	Tel: +44 (0) 20 7469 0932
Frank Buhagiar Charlotte Page	St Brides Partners Ltd	Tel: +44 (0) 20 7236 1177

Notes

Prospex Oil and Gas Plc is an AIM quoted investment company focused on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's strategy is to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low cost re-evaluation techniques to identify and de-risk prospects. 

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

ACQFFISSUFWSEFE

Close

×

RNS Number : 7234Z

Redhall Group PLC

19 December 2017

 

For immediate release	19 December 2017

 

 

 

Redhall Group plc

("Redhall" or the "Company")

 

Jordan Manufacturing Wins Nuclear Contract

 

Redhall (AIM: RHL), the high integrity manufacturing and services group, announces that its Jordan Manufacturing business has secured a key role in support of Cavendish Nuclear, a subsidiary of Babcock International Group PLC ("Babcock"), for the delivery of specialist handling and containment systems to process nuclear material for Sellafield Ltd ("Sellafield").

 

Babcock announced on 18 December 2017 that Cavendish Nuclear has been awarded a 10-year contract with Sellafield. Worth up to £95 million over the first three years, Cavendish Nuclear will provide Sellafield with design, manufacture and supply of complex bespoke equipment for the treatment and management of nuclear materials.

 

Jordan Manufacturing has secured, through a Teaming Agreement with Cavendish Nuclear, a key role in the delivery of this contract and will manufacture containment systems and associated process equipment.  It is anticipated that this will be worth up to £18 million over the first three years.

 

Phil Brierley, CEO of Redhall, said: "We are delighted to have secured a key role supporting Cavendish Nuclear in the delivery of this strategically important programme. This opportunity clearly reflects the capabilities Jordan Manufacturing has developed over many years in the supply of highly complex containment systems and gives the business good visibility over its order book for a number of years to come."

 

Contact details:

 

Redhall Group plc	Tel: +44 (0) 1924 385 386
Phil Brierley, Chief Executive Chris Kelly, Group Finance Director Wayne Pearson, Chief Operating Officer
Buchanan, PR Adviser	Tel: +44 (0) 20 7466 5000
Mark Court, Sophie Wills, Gemma Mostyn-Owen
GCA Altium, Financial and Nominated Adviser
Tim Richardson, Simon Lord	Tel: +44 (0) 20 7484 4040
WH Ireland, Broker
Adrian Hadden, Ed Allsopp	Tel: +44 (0) 20 7220 1666

 

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

CNTEAEANFAEXFEF

Close

×

RNS Number : 5736Z

Croma Security Solutions Group PLC

18 December 2017

 

CROMA SECURITY SOLUTIONS GROUP PLC

("CSSG" or the "Group")

 

New Contract Win

 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulations No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

Croma Security Solutions Group Plc is delighted to announce a very significant contract win. The contract with a major UK local authority is the largest the group has ever won. The 6 year contract for the provision of a range of security services is worth £27m in total.

Sebastian Morley Chairman of CSSG comments:

"This contract award is extremely significant and is the largest that the Group has won to date. It is a testament to the unique offering that Croma Vigilant brings to the market. The ex-military ethos of the business is resonating strongly with both our clients and our staff; majoring on discipline, operational excellence and continuity. We are delighted with this award and its effect upon the Group's development. We look forward to updating the market further in the new calendar year."

 

For further information contact:

 

Croma Security Solutions Group plc Sebastian Morley, Chairman	Tel: +44 (0)7768 006 909
WH Ireland Limited (NOMAD and Broker) Mike Coe / Jessica Cave	Tel: +44 (0)207 220 1666

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

CNTBQLLFDLFXFBL

Close

×

RNS Number : 6148Z

Gunsynd PLC

18 December 2017

 

Gunsynd plc

 

("Gunsynd" or the "Company")

 

Investment in Human Brands

 

Gunsynd Plc (AIM: GUN, NEX: GUN) is pleased to announce that it has invested £130,000 in Human Brands plc ("Human Brands"), a US based premium spirits company, on the following terms:

 

·     £130,000 invested by way of convertible loan note ("Loan Note");

 

·     The Loan Note will accrue interest at 9% per annum;

 

·     The repayment of the Loan Note is due on the 30th day of the 24th month after the date of issue of this note ("Repayment Date").  The payment at maturity will include the principal amount of the Loan Note plus all accrued interest;

 

·     While currently not quoted on any exchange, Human Brands intends to seek admission to trading on an exchange during 2018. The Company shall be entitled at any stage after the date falling thirty (30) days after Human Brands has achieved trading status on a recognised securities exchange and prior to the Repayment Date to convert all or any part of the Loan Note (and any outstanding interest thereon) into ordinary shares in the capital of Human Brands; and

 

·     The Loan Note shall be converted into ordinary shares of Human Brands at a price equal to a 55% discount to the three day average volume weighted average price of the shares as recorded immediately prior to the conversion date.

 

 

About Human Brands

Human Brands is a private US company that produces, distributes and markets premium spirits, wine and beer in the USA and Asia. Their two key products, which they both own the brand of and distribute, are an aged tequila (Copa Imperial Tequila) and a Japanese Whiskey (Shinju Whiskey) which are in two of what the Directors believe to be the fastest growing areas of the US spirits industry.  In the year ended 31 December 2016, Human Brands had turnover of $1.04m and profit after tax of $90k.

 

 Hamish Harris, the Company's Executive Chairman, commented:

"We are very pleased to have been able to subscribe on very attractive price in to a company well positioned in the growth areas of the premium spirits industry.  We expect to have newsflow in Q1 next year  on many fronts not least on Oyster Oil and Gas and Sunshine Mineral but also on Horse Hill Developments and Brazil Tungsten holdings, all of which we are very much looking forward to."

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

The directors of Gunsynd accept responsibility for this announcement.

 

For further information please contact:

 

Gunsynd plc Hamish Harris	+44 20 7440 0640
Cairn Financial Advisers LLP James Caithie / Sandy Jamieson	+44 20 7213 0880
Peterhouse Corporate Finance Lucy Williams	+44 20 7469 0930

 

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

MSCFMMMZRRNGNZG

Close