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Alan Green discusses Polarean Imaging #POLX, Open Orphan #ORPH & Metro Bank #MTRO on Vox Markets podcast

Alan Green discusses Polarean Imaging #POLX, Open Orphan #ORPH and Metro Bank #MTRO with Justin Waite on the Vox Markets podcast. The interview starts at 30 minutes 31 seconds.

BigDish #DISH – Appointment of Tom Sumner as New CEO and Operational Update

BigDish Plc (LON: DISH), a food technology company that operates a yield management platform for restaurants, is pleased to announce the appointment of a new CEO and to provide an operational update.

The Company has appointed Tom Sumner as the new Chief Executive Officer commencing 2 December 2019.  Tom has worked in the restaurant discount industry for the past six years.  From 2013 to 2016 he was National Partnership Manager, managing a 10 person telesales team at Gourmet Society and Tastecard which are the largest diner membership clubs in the United Kingdom.  These brands are operated by The Dining Club Group and each has over 6,000 restaurant partners.

Highlights:

·    New CEO with a proven track record of restaurant acquisition in the industry

·    Company to open a telesales operation in Manchester to accelerate restaurant acquisition

·    Financial position update

·    Q1 2020 launch of BigDish Premium

New CEO

It is the view of BigDish that the appointment of Tom Sumner is a major coup for the company, as he is a proven person in terms of his performance and ability. His relative youth and dynamism sits well with the ethos of a tech company such as BigDish, and as “player/manager” is likely to be inspirational for the team he leads.

Tom joined TableNow in 2016 initially as Product Development Manager and subsequently became Head of Operations and in May 2018 he was appointed as Managing Director.  TableNow is a dining discount app that enables diners to book discounted restaurant seats in the UK.  In April 2019 the Company rebranded with a new app and embarked upon a nationwide rollout. Following the rebrand, Tom grew the platform, with a 10 person telesales team, from 250 to 3,000 restaurants across the United Kingdom over a six month period.  TableNow monetizes by charging consumers either a membership fee or a booking fee. Given that BigDish is free to consumers if scale can be achieved it is likely to have greater appeal.

Sanj Naha, will remain with the Company but in a new role where he will focus on the acquisition of restaurant groups and technology integrations with Electronic Point of Sale (ePOS) companies and other third party restaurant technology platforms with whom he has developed relationships with.

Restaurant Acquisition

The Company has used a ‘boots on the ground’ approach to restaurant acquisition through Territory Managers.  While there has been some success in certain aspects of the business, achieving scale is the goal both in terms of the consumer experience, but also to ensure that BigDish achieves the critical mass to disrupt and erode existing players.

As has been evident throughout the technology space, once companies achieve critical mass, their strategic value alone can rise by significant multiples.  Therefore prompt and significant action has already been taken in the run up to this update to ensure an accelerated rollout of restaurants via management and strategy enhancements.

At 11 November 2019 there are a total of 177 restaurants which are live on the BigDish platform. The primary focus for the next 12 months is restaurant acquisition and accelerating the growth of restaurant numbers.  A shift to consumer traction and further product development is then envisaged.

The Company has chosen not to retain 7 of its 9 Territory Managers.  The best performing Territory Managers are focused on Birmingham and Brighton and will remain with the Company and progress will be monitored.

Rather than “boots on the ground”, the Company, led by Tom Sumner, will launch a telesales operation in Manchester on 2 December 2019 as its prime strategic initiative for restaurant acquisition.  The Company notes that Tastecard, Gourmet Society and TableNow all have proven the effectiveness of telesales within their operations and have all favoured this to a ‘boots on the ground’ approach to restaurant acquisition.

In addition to Tom Sumner, two other persons will join the team who have experience working with Tom in restaurant acquisition and collectively have 12 years industry experience.  The objective is to rapidly build up a telesales team of approximately 10 persons.

The cost of the telesales operation will be considerably less than the ‘boots on the ground’ strategy.  This will result in very substantial cost savings.

Financial Position Update

At 30 September 2019 (interims reporting period date) the Company had total cash of £ 1,288,666 and immaterial cash liabilities.  The new strategy will result in substantial cost savings well in excess of £ 250,000 per annum.  A new budget has been worked based on the most conservative basis possible.  The Company has sufficient funding until the period of the third quarter of 2020.  This has been estimated using purely a cash burn assumption – the most pessimistic scenario.

The Company’s auditors, Mazars LLP, noted in their Independent Auditors Report that they had “reviewed future forecasts for at least twelve months from the date of approval of the financial statements and reviewed the underlying assumptions for reasonableness and reliability”. Furthermore they concluded that “Based on our work, we found the Going Concern basis to be appropriate.”  The Financial Statements were approved on 31 July 2019.

The Company’s technology and business support operations in Manila remain lean and cost a total of approximately £ 19,300 per month.  The Company currently employs 13 persons in its Manila office.  This is considerably less than the cost of having these functions based in the UK.  The Company also operates a Salary Sacrifice Scheme to ensure that management cash costs are kept as lean as possible.

Other Updates

The Company announced its Brand Ambassador Program on 2 July 2019.  This will now be launched at a later date once there are a critical mass of restaurants that will ensure that any marketing initiatives relating to Brand Ambassadors will have the maximum impact.  Brand Ambassadors will be paid in shares as previously announced.

The BigDish App will be made more attractive to both consumers and restaurants.  There will be more flexible discount options available and consumers will be able to book up to 7 days in advance rather than just 48 hours in advance.

The technology team is also developing a BigDish Premium product that will be a different revenue model.  This is expected to be ready for launch in the first quarter of 2020 and more details will be provided in due course.

Outlook

With early stage technology companies it is often difficult to forecast accurately and the Company will be mindful of this with all future public statements.  The Company’s business model is a proven one in the restaurant sector, and Bigdish now feels it has made the dramatic changes required in order to achieve its ambitions.  Going forward, improvements will continue, as necessary.

The United Kingdom is currently dominated by consumer paid dining membership products.  The BigDish Yield Management app is a free consumer product and empowers the restaurants to select the discount options and the availability in order to fill empty tables.   We are therefore presenting the marketplace both with a compelling consumer proposition as well as offering more flexibility to restaurants.  This ‘win-win’ scenario continues to present an exciting opportunity for BigDish and the Company believes that the new and improved strategy will create value for shareholders.

Tom Sumner, incoming CEO commented:

“I am really excited to be joining BigDish on 2 December, especially to add to my track record of restaurant acquisition.  It is a great looking App and I am confident that the free consumer model will be a big hit in the United Kingdom.  The technology is sector leading and with the launch of the Manchester operation I hope to achieve the same results for BigDish that I have at TableNow, Tastecard and Gourmet Society.”

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)

 

Enquiries:

Zak Mir, Digital Communications Officer, BigDish

+44 (0) 7867 527658

zak@bigdish.com

Jonathan Morley-Kirk, Non-Executive Chairman

+44 (0) 7797 859986

jmk@bigdish.com

Notes to Editors

BigDish Plc is a London Stock Exchange listed food technology company that operates a yield management platform for the restaurant industry.

Yield Management is a dynamic pricing strategy based on understanding and influencing human behaviour in order to maximise revenue from a fixed, time limited resource.  Yield Management has been very effective for selling airline seats and hotel rooms.  BigDish believes that Yield Management can benefit restaurants to optimize revenue by bringing diners to empty tables.

BigDish is a free consumer product.  Consumers can book a table with a discount via the BigDish App or website.  Restaurants pay BigDish a fixed fee per diner seated.

IMC Exploration Group #IMC – Update re. Collaboration with Trinity College Dublin

IMC, in association with the Raw Materials Characterization Laboratory at Trinity College Dublin, is continuing studies on the precious metals to be found at IMC’s wholly-owned Avoca deposit and Kilmacoo gold prospect in Co. Wicklow, Ireland. The collaboration between the Raw Materials Research Group at Trinity College Dublin and IMC was announced on 24th September 2019. The aim of the continuing work is further to characterise the form and distribution of gold to assess the extent of syn-tectonic enrichment during the Caledonian Orogeny. IMC’s project represents an opportunity to apply a state-of-the-art microanalytical approach to a major, historical deposit which has significant exploration upside.  The study is refining the understanding of metal zonation and sulphide paragenesis within the Avoca orebodies and Kilmacoo Au prospect and it will allow the development of a robust mineral deposit model for gold mineralisation across the Avoca District in particular and South-East Ireland in general.

The project will contribute important mineral chemical data on sulphide phases hosting gold, benefiting exploration and supporting future metallurgical work on the mineralisation at Avoca and Kilmacoo.

Eamon O’Brien commented, “It is significant that our Kilmacoo project at Avoca, Co. Wicklow is being worked on by the Raw Materials Characterization Laboratory of Trinity College Dublin. The presence of an inferred resource of gold, silver, lead, copper and zinc in the Avoca spoils’ and tailings’ project has already been set out in IMC’s Mineral Resource Estimate (“MRE”) announced on 11th September 2019, which was prepared in accordance with the JORC Code (2012). The MRE is of great significance to IMC, with the gold estimate alone coming in at 20,000 ozs. The microanalytical approach will also benefit and support our forthcoming metallurgical testing.”

This regulatory release has been approved by Eur Geol Professor Garth Earls, PGeo, FSEG, who is an independent consulting geologist and a Competent Person as defined in the JORC 2012 reporting code.

Eamon P. O’Brien,
Executive Chairman,
5th November 2019

The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) JV Partner FE Limited Commences Drilling Program at Hillside Project in the Pilbara Targeting Copper, Gold and Manganese.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that its Joint Venture Partner Fe Limited (“FEL”) has commenced a Reverse Circulation (RC) drilling campaign at the Hillside Project in the Pilbara Region of Western Australia where high-grade copper and manganese results were returned in recent sampling, as reported by Macarthur on October 9, 2019.

Cadence Minerals Holding in Macarthur

Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

FE Limited Drilling Program Highlights: 

  • Road access and site earthworks at the Hillside Project have been completed.
  • Programme of Works approvals have been received from the Western Australian Department of Mines, Industry, Resources and Safety (DMIRS).
  • Heritage clearance obtained from the Native Title Claimants.
  • Mobile Camp and RC drill rig has been mobilised to site.
  • Drilling planned to commence today

Drilling has been planned to test potential supergene and hypogene mineralisation above and below the water table along the majority of the 14-kilometre Gossan line. This program will also test outcropping quartz vein mineralisation identified through prospecting activities.

Additional follow-up exploration will also be conducted in the vicinity of the high-grade manganese outcrop identified during recent field work.

FE Limited Earn-in with Macarthur

Macarthur Lithium Pty Ltd (“MLi”), a wholly owned subsidiary of Macarthur entered into an exclusive option agreement (“Option Agreement”) with FEL as announced on May 14, 2019, to earn up to 75% in its Pilbara lithium and gold projects in respect of 18 tenements in the Pilbara ranging from south of Nullagine to north of Pilgangoora.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=4745802456957360&qm_symbol=MMS

This news release is not for distribution to United States Services or for Dissemination in the United States.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.  

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Fedr8 and Rainmaker Solutions announce completion of first commercial project with Staffordshire County Council.

Fedr8, the application discovery company, and Rainmaker Solutions, the business transformation specialists, announce the completion of their first technical project together.

Staffordshire County Council asked Rainmaker to build a business case and roadmap for moving out of their on-premises data centre and into the cloud. This project didn’t just involve comparing cloud and on-premises running costs, but factoring in the time as well as effort needed to migrate to the cloud so a programme could be created to drive changes forward effectively with funding secured.

Rainmaker had 10 weeks to complete this work and wanted to deliver the kind of detail that would normally require months of comprehensive application discovery. Aware of the client’s needs and with Rainmaker always looking to leverage new and innovative technologies to support our clients, Rainmaker engaged Fedr8 to analyse Staffordshire’s applications on their Green Rain application analysis platform. This was completed in one morning, including the uploading of Staffordshire’s applications source code to the platform. The immediate output meant that this part of the project could be completed in a much more efficient manner and to a greater level of detail than what would normally be expected, significantly reducing the time spent investigating, testing and ultimately delivering.

Tom Gouldon, Engagement Lead, Rainmaker commented:

“Estimating the time and expense to migrate in-house apps to the cloud used to take weeks and months of work – in a matter of hours we found applications that can be quick wins for migrations and for the rest we can build business cases supported by quantitative analysis. This is a real game changer for us in assessing readiness for the cloud.”

Vic Falcus, Head of ICT, Staffordshire County Council said:

“I was impressed with the functionality of the Green Rain software; the council has a reliance on some applications that were developed in-house, where off the shelf functionality was unavailable or to enhance digital processes delivered through our website. Any Business Case investigation around the cloud migration of a complex ICT estate requires analysis of a raft of variables to avoid unforeseen costs or unpleasant surprises down the line. Fedr8’s software has quickly and efficiently given us robust data around this aspect of the potential change.”

Damion Greef, CEO of Fedr8 added:

“The Green Rain application analysis platform yet again proves that no application needs to remain as a “black box” that can’t be moved updated or upgraded. Working with Rainmaker and Staffordshire we exposed the DNA of 5 key applications in one day.”

 

Fedr8

Damion Greef, CEO

Tel. 07823328816

Email. info@fedr8.com

Email. sales@fedr8.com                                                                             Web. www.fedr8.com

Fedr8’s Green Rain software solves one of the major IT problems in the world today: How does a company move to the cloud and capitalize on the efficiencies and economies that the cloud brings? The shift to cloud technologies and the digital transformation projects undertaken by large enterprise organizations pose many challenges, there are the unknown figures relating to cost and time for migration or transformation. In addition, there are unknown risks relating to relocating or changing the applications that support their businesses. Fedr8 reduces the risk in legacy software applications, identifies the most appropriate cloud to move to, accelerating the application analysis by 90% whilst significantly reducing the costs by 50%.

Fedr8 solves this problem using it’s proprietary artificial intelligence engine which interrogates software at a code level allowing the code in that software to be changed to suit the major cloud companies’ cloud platforms.

Our mission is to support our customers in embracing the business benefits of the adoption of the Digital Economies through accelerated adoption of Cloud Environments.

 

Rainmaker Solutions

All media enquiries to:

Linn Karppinen

Tel. +44 (0)7388498292

Email. linn.karppinen@rainmaker.solutions

Rainmaker Solutions is an independent business transformation specialist, with offices in London, Johannesburg and San Francisco. Working collaboratively, at the heart of the most challenging projects, Rainmaker helps organisations transform for the digital age by using its world-leading methodology to plan, implement, and embed lasting change.

Founded in 2010, Rainmaker has delivered exceptional results for clients including Amazon, Cambridge University Hospitals, Credit Suisse, Croydon Council, Department for International Trade, Direct Line Group, EBRD, the Food Standards Agency, HS2, and Newham Council amongst others.

For more information, visit https://rainmaker.solutions

Tiziana Life Sciences #TILS – Issue of convertible unsecured loan notes with warrants to raise £1,434,000

New York/London, 1 November 2019 – Tiziana Life Sciences plc (Nasdaq: TLSA / AIM: TILS), a biotechnology company focusing on the discovery and development of innovative therapeutics for inflammation and oncology indications, announces that it has raised £1,434,000 of finance by way of the issue of convertible unsecured loan notes (the “Loan Notes”), with warrants attached, for working capital purposes.

The Company previously announced its intention to raise additional equity share capital by way of an offering of its NASDAQ listed ADSs in the US. However, the Directors decided that given current market conditions, such an equity fundraise would be on dilutive terms which would be punitive to existing shareholders particularly in light of the recent positive news from the Company’s scientific programs. Accordingly, the Company has decided to raise convertible debt finance from supportive existing shareholders.

The Loan Notes are expected to be short term instruments and carry a coupon of 16% per annum and are convertible (together with all accrued interest) into ordinary shares of nominal value £0.03 each in the capital of the Company (“Ordinary Shares”) at a conversion price of 42p. The warrants issued in connection with the Loan Notes entitle the holders to subscribe for one additional share per conversion share at the same price of 42p. The warrants may be exercised for a period of up to 5 years from their issue.

The person who arranged for release of this announcement on behalf of the Company was Tiziano Lazzaretti, Chief Financial Officer of Tiziana.

About Tiziana Life Sciences

Tiziana Life Sciences plc is a UK biotechnology company that focuses on the discovery and development of novel molecules to treat human disease in oncology and immunology. In addition to milciclib, the Company is also developing foralumab for liver diseases. Foralumab is the only fully human anti-CD3 monoclonal antibody known to the company in clinical development in the world. This compound has potential application in a wide range of autoimmune and inflammatory diseases, such as non-alcoholic steatohepatitis (NASH), primary biliary cholangitis (PBS), ulcerative colitis, multiple sclerosis, type-1 diabetes (T1D), inflammatory bowel disease (IBD), psoriasis and rheumatoid arthritis, where modulation of a T-cell response is desirable.

For further enquiries:

Contact:

Tiziana Life Sciences plc

Gabriele Cerrone, Chairman and founder                               +44 (0)20 7495 2379

Cairn Financial Advisers LLP (Nominated adviser)                  +44 (0)20 7213 0883

Liam Murray / Jo Turner

Shore Capital (Broker)                                                             +44 (0)20 7408 4050

Antonio Bossi / Fiona Conroy

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) JV Partner FE Limited Expands Hillside Copper, Gold and Manganese Drilling Program at Hillside in the Pilbara.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement yesterday from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that its Joint Venture Partner Fe Limited (“FEL”) has announced the company is fully funded for upcoming drilling at the Hillside Project in the Pilbara Region of Western Australia where high-grade copper and manganese results were returned in recent sampling, as reported by Macarthur on October 9, 2019.

Cadence Minerals Holding in Macarthur

Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

Highlights:

  • Fe Limited’s (ASX: FEL) cash balance has been boosted by the September quarter iron ore royalty payment of $645,775 from mining conducted by Mineral Resources Ltd at the Deception Iron Ore Mine in WA.
  • The Q3 payment is 2.5 times the June quarter payment with further increased quarterly royalty payments expected as mining at Deception ramps-up.
  • This payment will allow FEL to ramp-up exploration at the Hillside earn-in project in WA’s Pilbara region where recent sampling produced copper results of up to 18.8% as well as a surprising manganese oxide result of 59.4%.

Macarthur Minerals Executive Chairman Cameron McCall commented; “I am pleased to report that Fe Limited is expanding its drilling program at the Hillside Project in the Pilbara. FEL has raised over $1.2m since commencement of the Joint Venture which will be used to fund exploration and drilling activities across the tenements.  FEL has obtained exciting rock chip samples containing high grade copper, manganese and gold at the Hillside Project.  We look forward to reporting further positive results from the drilling program.”

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=4571037186219115&qm_symbol=MMS

Cadence CEO Kiran Morzaria commented; “FEL’s announcement yesterday will allow the company to ramp-up exploration activities at the Hillside Project and, following the assay results announced earlier this month, is both great news for Macarthur Minerals and for Cadence as a major shareholder in Macarthur. We look forward to further drilling results from the Hillside project.”

This news release is not for distribution to United States Services or for Dissemination in the United States.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Tiziana Life Sciences #TILS – Change to ADS ratio

London, 30 October 2019 – Tiziana Life Sciences plc (“Tiziana”, AIM: TILS, NASDAQ: TLSA), announces a ratio change to its sponsored Level I American Depositary Receipt (“ADR”) programme.

The former ratio of ten (10) ordinary shares to one (1) American Depositary Share (“ADS”) has been changed to five (5) ordinary shares per one (1) ADS effective on 29 October 2019. There will be no change to the underlying ordinary shares.

ADR record date:

21 October 2019

ADR payment date:

28 October 2019

ADR effective date:

29 October 2019

Symbol:         

TLSA

Traded:

NASDAQ

CUSIP:

88875G101

Old Ratio:

1 ADR: 10 ordinary Shares

New Ratio:

1 ADR: 5 ordinary Shares

Underlying ISIN:

GB00BKWNZY55

Country of incorporation:

United Kingdom

Depositary:

J.P. Morgan Chase Bank, N.A.

Custodian:

J.P. Morgan Chase Bank, London

 

To effect this change, ADR holders will receive one (1) additional ADR for every one (1) ADR held as of 21 October 2019, the ADR record date. Existing ADRs will continue to be valid and will not have to be exchanged for new ADRs. In connection with this change, the register held by JPMorgan has been closed for issuances and cancellations from the close of business 21 October 2019 and will reopen on 31 October 2019.

For further information, please contact:

JPMorgan Service Centre     ADR Settlements

001 800-990-1135                   001 302-552-0230

 

Contacts:

 

Tiziana Life Sciences plc

Gabriele Cerrone, Chairman and founder

+44 (0)20 7495 2379

Cairn Financial Advisers LLP (Nominated adviser)

Liam Murray / Jo Turner

+44 (0)20 7213 0883

Shore Capital (Nominated brokers)

Antonio Bossi

+44 (0)20 7408 4050

Kibo Energy #KIBO – MED Signs Comprehensive Joint Development Agreement for Flexible Power Portfolio

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to provide an update on its 60% owned subsidiary, MAST Energy Developments Limited (‘MED’), a private UK registered company targeting the development and operation of flexible power plants to service the UK reserve power generation market.

Highlights

  • Comprehensive Joint Development Agreement (‘JDA’ or ‘the Agreement’) signed with AB Impianti S.R.L (‘AB’) a subsidiary of the AB Group, a global leader in engineering, manufacture, and after sales service of Combined Heat and Power (‘CHP’) generation solutions, for the development of selected flexible power plants in the UK;
  • Agreement provides access to end-to-end Engineering, Procurement, and Construction (‘EPC’) solution with exclusive access to AB construction and engineering capacity and capability as well as cogeneration plant and equipment; and
  • JDA includes a comprehensive funding solution for the construction and commissioning of all sites ultimately approved and accepted for development, by AB.

Louis Coetzee, CEO of Kibo Energy, commented, “Executing a comprehensive JDA with a global player such as AB, is a key deliverable in terms of the overall development plan for MED. More specifically, it is a critical step towards securing the delivery of a fully operational site at Bordesley by end of Q1 2020 and the associated first revenue generation for the Company.  There is a roll out plan for MED and we remain both supportive and excited on the delivery of further plants, widening our international partnership network and delivery of energy solutions in the UK and Africa.” 

“The comprehensive funding solution that forms part of the JDA provides Bordersley and MED with a unique opportunity to potentially have all sites approved for development, fully funded from the outset. This provides an opportunity to fast-track the parallel development of sites and simultaneously de-risk the MED overall development strategy.

“On a wider level we are in Maputo this week continuing negotiations with Vale Mozambique to finalize the Power Purchase Agreement and Coal Supply Agreements for the Benga Power Plant Project for which term sheets have already been announced. The Kibo portfolio is progressing and I look forward to announcing further updates as we continue to advance our multi project portfolio.”

Gary Collins Regional Sales Manager of AB, commented, “I am delighted with this arrangement which will see AB & MED design, manufacture and deliver world class projects in this critical sector of the UK’s power generation market. With an ever-increasing push for energy efficiency, renewable energy technology, and growing energy digitalization, this partnership will help to accelerate the implementation of local embedded power generation that the UK desperately needs.”

Details

As part of its strategy to develop a portfolio of small-scale Reserve Power generation projects, initially in the UK, MED concluded a Joint Development Agreement with AB, a subsidiary of the AB Group, a global leader in engineering, manufacture, and after sales service of Combined Heat and Power (‘CHP’) generation solutions. 

Under the terms of the JDA, MED has and will operate a portfolio and pipeline of projects in the UK and AB will engage in providing a comprehensive solution including the supply of co-generation plants under a rent or alternative funding option.

MED will initially present a list of three prospective projects which it considers suitable and are candidates for the comprehensive solution offered by AB in terms of the JDA (with Bordersley being the first site already under review). MED and AB will together establish a joint working/steering committee (‘SC’) to verify the progress of the JDA. AB agreed to, via the SC, make its best efforts within the agreed timeframes to assess the prospective projects in order to pursue those it considers feasible.

For each single project presented by MED, AB shall directly negotiate with MED all commercial, technical and legal terms and conditions, potentially leading to signature of the contract for the sale of the equipment and the AB financial structure (the ‘Contract’).

Mutual exclusivity clauses exist in the JDA, where for the initial 12-month term (renewable with the consent of both parties), and two years following the expiration of the agreement, MED agrees to and undertake to appoint AB as the exclusive contractor for the supply of the plants for its UK projects, and AB agrees and undertakes to develop and fund any UK Reserve Power generation projects exclusively with MED.

The AB Group is present in 19 Countries and has installed over 1 600 Mw in over 1 250 plants. Over 1,100 plants are managed by AB Service.

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

For further information please visit www.kibo.energy or contact:

Louis Coetzee

info@kibo.energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Jason Robertson

+44 (0) 20 7374 2212

First Equity Limited

Joint Broker

Bhavesh Patel/Stephen Allen

+44 20 3440 6800

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis /

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

Notes

Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company’s objective to become a leading independent power producer in the region.

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project (‘MCPP’) in Tanzania; the Mabesekwa Coal Independent Power Project (‘MCIPP’) in Botswana; and the Benga Independent Power Project (‘BIPP’) in Mozambique.  By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance.

Additionally, the Company has a 60% interest in MAST Energy Developments Limited (‘MED’), a private UK registered company targeting the development and operation of flexible power plants to service the Reserve Power generation market.

Johannesburg

30 October 2019

Corporate & Designated Adviser

River Group

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