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Fish waste-based alternative to plastic wins Dyson Award

A biodegradable bioplastic made from red algae and waste products from the fishing industry has won the UK section of the 2019 James Dyson Award.

Created by Sussex University Graduate Lucy Hughes, MarinaTex is an alternative to the single-use plastics such as those used in sandwich packets.

BBC Click’s Lara Lewington reports in Video here.

A bio-plastic made of organic fish waste that would otherwise end up in landfill, with the potential to replace plastic in everyday packaging, has landed its UK graduate designer a James Dyson award.

Lucy Hughes, 23, a recent graduate in product design from the University of Sussex, sought to tackle the dual problems of environmentally harmful single-use plastics and inefficient waste streams by harnessing fish offcuts to create an eco-friendly plastic alternative.

Her solution, a biodegradable and compostable material called MarinaTex, can break down in a soil environment in four to six weeks and be disposed of through home food waste collections.

Hughes, from Twickenham, in south-west London, used red algae to bind proteins extracted from fish skins and scales, creating strong overlapping bonds in a translucent and flexible sheet material. Although it looks and feels like plastic, initial testing suggests it is stronger, safer and much more sustainable than its oil-based counterpart.

It is estimated people in the UK use 5m tonnes of plastic every year, nearly half of which is packaging. Only 51% of local authorities in England have separate food waste collections and even where recycling schemes are in place, the majority of bio and compostable plastics are not generally suited to existing waste treatment infrastructures.

An estimated 492,020 tonnes of fish waste are produced by the fish processing industry every year in the UK and it is considered a huge and inefficient waste stream with low commercial value.

Unwanted offcuts include offal, blood, crustacean and shellfish exoskeletons and fish skin and scales, all of which ends up in landfill or incineration. Through research carried out on the Sussex coast, Hughes found fish skins and scales were the most promising sources for the plastic alternative, due to their flexibility and strength-enabling proteins. A single Atlantic cod could generate the organic waste needed for 1,400 bags of MarinaTex, she found.

“Plastic is an amazing material, and as a result we have become too reliant on it as designers and engineers,” Hughes said. “It makes no sense to me that we’re using plastic, an incredibly durable material, for products that have a life cycle of less than a day. For me, MarinaTex represents a commitment to material innovation and selection by incorporating sustainable, local and circular values into design. As creators, we should not limit ourselves to designing to just form and function, but rather form, function and footprint.”

 

Maurice Treacy of Open Orphan #ORPH, plus Alan Green talks Fair Oaks Income #FAIR, Open Orphan #ORPH, Helios Underwriting #HUW & Kibo Energy #KIBO

Maurice Treacy of Open Orphan #ORPH discusses their agreement to complete the build out Open Orphan Health Data platform, plus Alan Green talks about: Fair Oaks Income #FAIR, Open Orphan #ORPH, Helios Underwriting #HUW & Kibo Energy #KIBO.

Open Orphan #ORPH signs strategic collaboration agreement with Empiric Logic

Open Orphan, a European-focussed, rare and orphan drug consulting services platform, is pleased to announce it has signed a new strategic collaboration agreement (“the Collaboration”) with Empiric Logic to build on the earlier work performed by Open Orphan and complete the build out of Open Orphan’s Health Data platform, Europe’s first rare disease, advocacy-led genomic database.

Empiric Logic, a leading managed software service company which provides software to the Life Sciences, Pharma, Pharma Services and Biotech sectors, will incorporate its propriety, privacy preserving, and artificial intelligence enabled software into Open Orphan’s Health Data platform to aid the collection and management capabilities of the software.

The Collaboration is the final stage in the completion of Open Orphan’s Genomic Health Data platform and will speed up its launch. The platform builds on the genomic analysis, database architecture know-how and prior professional experience between the founders of Empiric Logic and Maurice Treacy, Chief Commercial Officer at Open Orphan.

Cathal Friel, Chief Executive of Open Orphan commented:

“This is an exciting step towards the completion of our genomic Health Data platform, and we are delighted to have Empiric on board to help us quickly and securely become one of the largest databases of rare disease patients in Europe.”

Gareth O’Sullivan, CEO at Empiric Logic commented:

“Empiric Logic is delighted to be supporting the Open Orphan team with the final steps of preparing the Genomic Health Data platform to accept first data.

As part of the rollout of the Open Orphan database, it will be making substantial use of our artificial intelligence capabilities, such as for identification of rare-disease genetic mutations, but also for the potential identification of patients for clinical trials going forward.”

Enquiries:

Open Orphan plc Tel: +353 1 644 0007
Cathal Friel, Chief Executive Officer

Arden Partners (Nominated Adviser and Joint Broker) Tel: +44 (0)20 7614 5900
John Llewellyn-Lloyd / Ruari McGirr / Benjamin Cryer

Davy (Euronext Growth Adviser and Joint Broker) Tel: +353 (0)1 679 6363
Anthony Farrell (Corporate Finance)

Camarco (Financial PR) Tel: +44 (0)20 3757 4980
Tom Huddart / Billy Clegg / Dan Sherwen

 

Notes to Editors on Open Orphan:

Open Orphan plc is a European-focused, rare and orphan drug consulting services platform. The Company intends to roll up a number of orphan drug services business. Open Orphan has two data driven digital platforms, a Genomic Health Data Platform, which is establishing a rare disease database and a Virtual Rep platform enabling pharmaceutical companies to engage key opinion leaders and physicians. The Company is targeting rapid growth in one of the fastest growing sectors in the global pharmaceutical industry targeting under-supplied treatment for life threatening or very serious diseases and rare disorders.

Notes to Editors on Empiric Logic:

Empiric Logic is a platform provider for health and genomics data analysis.  This platform uses proprietary analysis software to automate key aspects of the collation, correlation and analysis of complex health and genomics data.

Andrew Hore Quoted Micro 14 October 2019

NEX EXCHANGE

National Milk Records (NMRP) increased its pre-tax profit by one-fifth to £2.4m in the year to June 2018. Revenues improved from £21.4m to £22.8m. The farm-based milk recording business grew, but the main growth came from the much smaller traceability and reproductive businesses. These figures are for the period before the recent virus attack. The dividend has been halved from 2.5p a share to 1.25p a share because management wants to invest in laboratories and IT. Net debt was £1.7m.

Good Energy (GOOD) has clarified its interim figures. The renewable energy supplier says that there was a misclassification of £4.9m relating to cash and current assets and current liabilities. The problem was the timing of payments. This does not change NAV and profit. There was a £20m in the bank at the end of September 2019. Good Energy has signed a technology platform agreement with Octopus Group, which could involve investment of £4m in order to improve efficiency. The existing technology will be written down over the 12 months to June 2019. Operating cost savings should cover the investment in 18 months of full implementation.

Vox has ended merger discussions with PCG Entertainment (PCGE) and Align Research saying that it is difficult to raise money for any business involving Align Research. Vox is concerned that this will hamper fundraisings for future deals, and it believes it could have a negative effect on its main business.

VI Mining (VIM) has acquired rights to near-surface oxide gold at the Aripuana project in Brazil. The company’s other assets are in Peru.

Reyker Securities has been suspended as a broker on NEX Exchange.

AIM  

PCI-compliant payment services provider PCI PAL (PCIP) is making progress in winning new contracts in North America. Recurring annual contract value is £1.9m, compared with forecast revenues of £4.8m in the year to June 2020, up from £2.8m. PCI Pal will continue to lose money as it builds up revenues. Net cash was £1.5m at the end of June 2019. A new £2.75m facility will provide the working capital required to cover losses until the company starts to generate cash. Net debt of £1.5m is forecast at the end of June 2021, so this is well within the funding available.

Uhuru Corporation is a Japanese Internet of Things technology company planning to join AIM this month. Tokyo-based Uhuru (www.uhuru.co.jp/en) is involved in consultancy and engineering, as well as providing creative content and data analysis. Customers include NEC, Dentsu, Honda, Komatsu, Yamaha and Mitsubishi Heavy Industries.

Duke Royalty (DUKE) raised £461,500 at 44p a share via PrimaryBid.com, which takes the total raised to £16.55m. A two-for-51 open offer has been launched to raise a further £3.45m.

AIM shell Wilmcote Holdings (WCH) had discussions about the participation in the purchase of US-based speciality chemicals company Arclin Inc, but these have ended. The costs of the work done on this potential transaction have reduced the cash pile to £900,000. Wilmcote is holding talks with investors about how to fund expenses while it seeks another speciality chemicals acquisition. Trading in the shares has recommenced and the share price slumped from 97p to 65p.

Oil and gas producer Amerisur Resources (AMER) has issued revised bidding instructions to the potential acquirers that were provided data as part of the strategic review and formal sale process. The process will hopefully conclude before the end of the year.

Applied Graphene Materials (AGM) is focusing on the customers that are utilising its dispersion know-how and provide the best near-term revenue potential. That will enable the graphene producer to cut its operating costs and make the cash in the bank last at least another two years. Net cash was £6.1m at the end of July 2019 and a tax credit of £600,000 has since been received. Manufacturing will be streamlined, and the annual cost base could fall from £4.3m to £3.2m. Revenues remain modest.

Pawnbroker Ramsdens Holdings (RFX) will make a one-off gross profit of £600,000 from scrapping slow moving jewellery in order to take advantage of the rise in the gold price. Trading is in line with expectations. The interims will be published on 3 December.

United Oil and Gas (UOG) is on course to acquire Rockhopper Egypt for $16m before the end of 2019. A share issue is required in order to fund the initial cash payment of at least $11m. The rest of the payment will be in shares issued at the placing price. The main asset being acquired is a 22% interest in the Abu Sennan concession.

Time Out Group (TMO) has raised £17.1m at 127p a share. The June 2016 flotation price was 150p. The cash will be used to cut debt and roll-out more Time Out Market sites, with Chicago and Montreal due to open later this year and more contracted sites for the future. Net debt was £34.4m at the end of June 2019.

Investors give no quarter when it comes to profit warnings these days. Public housing software provider Castleton Technology (CTP) says recurring revenues are still going well, but there is a shortage of one-off revenues. This has led to a 15% cut in forecast revenues for the year to March 2020. That leads to a cut in pre-tax profit forecast from £6.4m to £5.3m. A similar reduction has been made in the forecast for 2020-21, which is £5.8m. The share price fell by more than one-third to 57p, which is less than ten times prospective earnings.

Trading in the shares of Solo Energy (SOLO) has been suspended ahead of a proposed acquisition of assets from ONE-Dyas for an initial €30.1m. That will be funded by debt and a share issue raising £20m, which will involve an open offer. The 14 gas fields are in the Dutch sector of the North Sea. Tom Reynolds is moving from non-executive to chief executive. The admission document should be published in November and the name will be changed to Scirocco Energy.

Dekeloil (DKL) is still being hampered by a low crude palm oil price but it is optimistic that the price will improve. There was a 11% decrease in third quarter crude palm oil production to 4,803 tonnes. However, there was a 30% increase in sales to 7,138 tonnes. The average price achieved was 16% lower at €456/tonne. The cashew processing project is on course for first production in 2020. The company is changing its name to Dekel Agri-Vision Ltd.

Managed services provider Redcentric (RCN) says that first half trading was on track. It is on course to improve pre-tax profit from £7.2m to £9.8m.

MAIN MARKET

Nottinghamshire-based nmcn (NMCN) is acquiring Lintott Control Systems (LCS), which designs and manufactures water and wastewater treatment systems and process software. The total cost of LCS could be as high as £3.76m. The initial payment is £1, plus up to £676,000 dependent on the receipt of payment for certain invoices. The rest is dependent on profit levels over the three years to the end of 2021.

Argo Blockchain (ARB) has increased third quarter revenues by 75%, compared with the second quarter. Revenues were £3.63m and the cryptocurrency mining margin is 73%, even though the bitcoin price has dropped. The number o machines in production should double to 12,000 by the end of the year.

Rainbow Rare Earths (RBW) used cash of £2.31m in operations in the year to June 2019. Rainbow generated revenues of £1.54m from trial rare earths mining at Gakara in Burundi, but production costs were double that level. Write downs mean that net assets were £3.37m at the end of June 2019. More exploration activity is required before production levels are increased.

Stranger Holdings (STHP) has agreed terms to acquire two mineral companies. One has assets in Cameroon and the other is in Idaho. Minerals include cobalt and nickel. Previous potential transactions have been terminated.

Standard list shell Auctus Growth (AUCT) is still seeking an acquisition. There is still £912,000 in the bank.

Andrew Hore

Podcast – Alan Green talks to Louis Coetzee, CEO of AIM listed Kibo Energy (KIBO)

Alan Green talks to Louis Coetzee, CEO of AIM listed Kibo Energy (KIBO). Louis discusses yesterday’s £1.5m fundraising, and explains how the funds will be used to further Kibo’s energy projects in Africa, and also the likely timelines for first revenues from the projects. Louis talks about the strong, cross board participation in the fundraising, and the stronng support shown from existing shareholders. Finally there are some key takeaway points for investors to consider.

Kibo Energy #KIBO – Placing to Raise a minimum £ 1.5 Million

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce that it will be seeking to raise a minimum of GBP1,500,000 (the ‘Placing’), of which GBP1,000,000 (the ‘Underwritten Placing’) is fully underwritten by TS Capital Limited (‘Underwriter’) on behalf of TS Capital Clients, at a price of 0.45 pence per share. The proceeds from the Placing will be utilized primarily to further develop the Company’s diverse energy portfolio, on which a status update is provided below, and working capital requirements.

Highlights

·     Underwritten Placing for GBP1,000,000;

·     Confirmed GBP500,000 participation in the Placing by Directors, Management and arranged parties in addition to GBP1,000,000 Underwritten Placing;

·     Total project portfolio of 1,055 MW power generation capacity with 355 MW already covered under Heads of Terms (‘HoT’) Power Purchase Agreements (‘PPA’) with the balance in advanced negotiations with potential private and utility off-takers;

·     Kibo to ultimately transition 100% of its energy generation capacity to sustainable and affordable renewable energy generation.

Louis Coetzee, CEO of Kibo, commented, “2018 was transformational for the Company, as we repositioned Kibo to become a significant energy solutions provider in Africa and beyond, by implementing a strategy focussed on providing innovative energy solutions that will:

·     Guarantee long term sustainability and affordability in electricity supply;

·     Act as key catalyst for socio-economic development priorities in the various project jurisdictions; and

·     Give priority to implement energy solutions and strategies that will ensure the lowest possible environmental impact.

To enable and execute this strategy, within the space of 18 months, we built a well-diversified portfolio, and concurrently developed it to bankable feasibility level, except for the MCIPP, which is at feasibility level. Our project portfolio therefore not only provides Kibo with the ideal platform from where it can execute its corporate strategy but is also strategic in materially mitigating its country and project risk, whilst taking full advantage of the lucrative commercial opportunities they presented in a fast-growing African energy sector.

2019 in turn delivered the first key successes towards the execution of our corporate strategy; the first HoT power purchase agreements and HoT definitive coal supply agreements across various projects were entered into and others are in an advanced stage of negotiation.

“We are therefore very pleased to have secured a fully underwritten Placing that also enjoys significant participation by the Kibo Directors and Management.  We view this as a strong vote of confidence in the Company’s value proposition, strategy and ability to realise this value to its full extent.”

Placing and Underwriting

Kibo will be seeking to raise minimum cash proceeds of GBP1,500,000, with the Underwriter subscribing for up to GBP1,000,000 of placing shares that are not taken up by third party investors on completion of the Placing expected to be on or around 16 October 2019.

In addition:

·     The Company has a firm commitment from Directors and Management and other parties arranged by them including Sanderson Capital Partners Ltd (“Sanderson”), to participate in the Placing for GBP500,000 in addition to the Underwritten Placing (‘the Subscription’); and

·     Shares issued in the Placing (“Placing Shares”) will have warrants attached (together with the Placing Shares, “Units”) with each Unit comprising one Placing Share, one warrant exercisable at 0.8p per share for the period of 18 months from the date of issue and half a warrant exercisable at 1p per share for the period of 36 months from the date of issue.

Details of the shares purchased by Directors and Management are as follows:

NAME

TITLE

PRICE PER SHARE

NUMBER OF SHARES PURCHASED

SHARES HELD AFTER PURCHASE

% HOLDING POST PURCHASE

Christian Schaffalitzky (& related parties)

Non-Executive Chairman

0.45p

3,885,000

6,004,842

0.53%

Louis Coetzee (& related parties)

CEO

0.45p

11,440,000

19,505,996

1.71%

Tinus Maree

Executive Director

0.45p

4,485,600

7,419,800

0.65%

Andrew Lianos (& related parties)

Non-Executive Financial Director

0.45p

9,485,000

17,073,633

1.50%

Noel O’Keeffe (& related parties)

Non-Executive Technical Director & Secretary

0.45p

3,445,600

7,037,047

0.62%

Wenzel Kerremans

Non-Executive Director

0.45p

815,000

1,191,241

0.10%

Louis Scheepers

COO

0.45p

7,380,600

10,390,514

0.91%

Pieter Krugel

CFO

0.45p

12,330,000

12,330,000

1.08%

Note: Percentage holding post purchase in the table above assumes GBP1,500,000 is raised at 0.45 pence per share.

The Directors and Management of the Company shown in the above table are Persons Discharging Managerial Responsibility (“PDMRs”) under the Market Abuse Regulation 2016 (“MAR”). In compliance with MAR and the Company’s Share Dealing Code they have submitted dealing request forms to the designated Company executives seeking permission to participate in the Placing and authority has been granted. Dealing notification form will be completed by the PDMRs and submitted to the FCA within 3 days of completion of the Placing in accordance with MAR.

Sanderson have agreed to subscribe for 55,555,556 Placing Shares, pursuant to the Placing. Sanderson is a related party of the Company for the purposes of the AIM Rules by virtue of their status as a substantial shareholder, holding 10% or more of the existing Ordinary Shares.  The Board of Directors consider, having consulted with the Company’s nominated adviser, RFC Ambrian Limited, that the terms of the transaction are fair and reasonable insofar as the Company’s shareholders are concerned.

Kibo Project Status Update

Project Development: Progress

The Company is continuing to make good progress as it develops a diverse portfolio of advanced power generation and associated mining projects in Sub-Saharan Africa and the UK, in collaboration with several international blue-chip partners with whom Kibo has established strong working relationships. These include General Electric, SEPCOIII, Vale Mozambique, Steag Energy Services, ESS Inc and Statkraft among others. Sovereign risk is significantly and actively mitigated by managing a portfolio of projects deliberately located in three different African countries.

This diverse project portfolio positions Kibo favourably to serve Africa’s urgent increasing demand for reliable, sustainable and affordable electricity.  Approximately 60% of Africa’s population is without electricity which includes 620 million people in Sub-Saharan Africa that currently rely on firewood, kerosene and charcoal for their energy needs with the associated adverse environmental impact of using these fuel sources.  Kibo’s strategy is to develop its African projects with the latest clean coal burning technologies, since coal remains the only affordable electrical energy source in African developing economies. At the same time, Kibo recognizes the environmental necessity and benefits of renewable energy generation and therefore actively seeks opportunities to integrate this technology with the traditional base load generation solutions in a practical and affordable manner.

Although presenting in a different shape and form, the energy crisis is not limited to Africa only. Three years ago, engineers forecasted an unprecedented “energy gap” in the UK in a decade’s time, with demand for electricity likely to outstrip supply by more than 40%, which could lead to blackouts. Kibo identified this as an ideal opportunity which compliments its strategy and hence Kibo’s participation in the MAST Energy Developments projects which is expected to start providing Flex Power (dispatchable power) into the UK grid from early 2020.

As an example of its commitment to sustainable and affordable clean electricity generation and the Company’s objective to ultimately transition 100% of the company’s total energy portfolio to renewable power generation, the Company has recently partnered with ESS, a US company which has developed iron flow battery technology that offers more than double the operating lifetime and cycle capacity of lithium-ion battery storage systems, with a non-flammable chemistry and minimal maintenance requirements. ESS is currently producing batteries with this technology to help utilities defer major capital expenditures on distribution equipment by storing energy during times of lower demand or excess supply and releasing energy when demand peaks. These innovative energy storage systems can enhance the availability of fossil fuel generation plants, shifting to a more sustainable model over time and Kibo is working closely with ESS to utilize the proven benefits of these storage systems in its coal fired power plants. Further detail on the Company’s transition strategy to 100% renewable generation will be provided in due course.

Kibo’s project portfolio comprises of a portfolio of well-advanced, innovative projects as illustrated below:

·     Mozambique:

Benga Power Plant Project, Mozambique (65% interest) – This project is Kibo’s first pure energy project, which is supported by both its Joint Venture partner, a local energy company Termoeléctrica de Benga S.A., and the Government.  The Company recently delivered a DFS and subsequently signed term sheets for coal supply and power purchase agreements with Vale Mozambique, S.A., and continues encouraging discussions with Electricidade de Moçambique (‘EDM’) under the existing MoU as part of the PPA process.

·     Botswana:

o  Mabesekwa Coal Independent Power Project, Botswana (85% interest) – this integrated Project comprises 300-600 MW coal fired power plant and is currently at definitive feasibility stage. The Project has a clear development path ahead, with achievable short-term deliverables.

o  KP1 – a bespoke 300MW power station, envisaged to provide power to a Petrochemical plant (‘PCP’) which will provide first Botswana, with up to 80% of its domestic liquid / gas fuel requirements, and later the Southern African market at large. (See RNS dated 25 September 2019)

o  Kibo Energy Botswana – that owns a coal resource of 761 million tonnes with the following coal supply arrangements (See RNS dated 25 September 2019):

§ Supply of approximately 4.5 million tonnes p/a to PCP for which a binding Coal Supply Agreement already exists;

§ Supply of approximately 1.5 million tonnes p/a to KP1 to satisfy 100% of its fuel needs; and

§ Supply of approximately 1.5 million tonnes p/a to the MCIPP Power Station to satisfy 100% of its fuel needs.

·     Tanzania:

Mbeya Coal to Power Project (MCPP), Tanzania (100% interest) – a project fully developed to construction ready status, comprising of a 39 MT mineable reserve and a 300-600 MW power plant is making headway and remains an exciting opportunity as highlighted by the recent confirmation from TANESCO that Kibo has the option to develop the project for the severely undersupplied power export market. Kibo is actively pursuing the export market alongside opportunities within the domestic market.  Recently, the Company was granted seven Mining Licences and the Project’s Water Permits was successfully renewed, showing continued dedicated work, progress and development on the MCPP.

·     United Kingdom:

Mast Energy Development Ltd, UK (60% interest) – this company is looking to support the UK energy mix with much needed flexible energy projects by developing a portfolio of small-scale power generation assets.  To this end, one site has already been acquired and due diligence on several others are nearing conclusion.  Notably, Kibo has a direct 100% interest in the shovel-ready reserve power generation project, Bordersley Power Limited, which is expected to commence commercial production towards the end of Q1 2020.  With a PPA now in place with Statkraft, the Company anticipates that revenues from this project will contribute significantly to ongoing Kibo Group funding requirements.

**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

09 October 2019

Alan Green talks to James Perry, CEO LocoSoco Group Plc

Alan Green has a quick chat with James Perry, CEO of LocoSoco Group Plc. James explains how LocoSoco’s re-filling retail approach is ideally positioned to take advantage of the ‘return to local’ as buyers shun supermarkets and multi nationals in favour of sustainable, eco-friendly and independent products and services. He also explains how LocoSoco are helping to build assets in communities through their everyday purchases and introduce technology to enable this at scale. Added to this, individuals and local businesses have the opportunity to grow their revenues and increase their asset ownership through LocoSoco Group Plc and Community owned enterprises. James also discusses the Wiener Borse listing, and how to buy shares in the company. More here: https://locoso.co

Open Orphan #ORPH presents at Shares Investor Evening, Manchester

Open Orphan, a European-focussed, rare and orphan drug consulting services platform, is pleased to announce that the Company will be attending and presenting at Shares Investor Evening at Macdonald Manchester Hotel, Manchester, M1 2PG from 18:00 on Thursday 10th October.

Cathal Friel, Open Orphan’s Chief Executive Officer, will be in attendance and will be presenting to update existing and potential investors on the Company’s business plans for 2019.

The event will provide an opportunity for investors to hear about the progress being made by the Company following the reverse takeover of Venn Life Sciences and the potential for Open Orphan moving forward.

A link to the presentation will be made available on the Company website following the event.

For further information on the event, please visit the event website https://www.sharesmagazine.co.uk/events/event/shares-investor-evening-manchester-101019

Enquiries:

Open Orphan Plc Tel: +353 (0)1 6440007
Cathal Friel, Chief Executive Officer

Arden Partners (Nominated Adviser and Joint Broker) Tel: +44 (0)20 7614 5900
John Llewellyn-Lloyd / Ruari McGirr / Benjamin Cryer

Davy (Euronext Growth Adviser and Joint Broker) Tel: +353 (0)1 679 6363
Anthony Farrell (Corporate Finance)

Camarco (Financial PR) Tel: +44 (0)20 3757 4980
Tom Huddart / Billy Clegg / Daniel Sherwen

Notes to Editors:

Open Orphan plc is a European-focussed, rare and orphan drug consulting services platform. The Company consists of four elements: a European clinical research organisation and consultancy; an orphan drug services business; a Virtual Rep and Data Access Platform consisting of physicians and key opinion leaders; and a Health Data Platform to partner with Patient Advocacy Groups. The Company is targeting rapid growth in one of the fastest growing sectors in the global pharmaceutical industry targeting under-supplied treatment for life threatening or very serious diseases and rare disorders.

Alan Green CEO of Brand Communications talks about: Metro Bank #MTRO CVS Group #CVS Bacanora Minerals #BCN & i3 Energy #I3E

Interview starts at 20 minutes 45 seconds

Andrew Hore Quoted Micro 7 October 2019

NEX EXCHANGE

Wines and beer maker Chapel Down Group (CDGP) increased interim sales by one-fifth to £6.74m with growth coming from all parts of the business. Gross margins improved, but the first half loss increased due to investment in developing brands. Cash has been spent on developing additional vineyards, a gin works and a new brewery, although there is still £5.19m in cash on the balance sheet. Bank debt is £6.45m and this is associated with the Ashford brewery, where there have been teething problems with commissioning the new equipment. The associated restaurant and retail store opened in May.

Property investor Ace Liberty and Stone (ALSP) increased revenues by 44% to £5.07m in the year to April 2019. There was a disposal gain of £284,000 and that contributed to the rise in pre-tax profit from £361,000 to £759,000. Total dividends doubled to 2.5p a share. Property assets have increased by 52% to £88.3m. NAV is £21.2m.

Net assets of Western Selection (WESP) have fallen by one-third to 64p a share. The investment in loss-making Tudor Rose International has been written off. The value of the stakes in Bilby (BILB) and Brand Architekts (BAR), formerly Swallowfield, has fallen sharply. There is no final dividend.

IFA AFH Financial (AFHP) has confirmed that trading has been strong in the year to October 2019 and there will be a renewed focus on organic growth following a period of acquisition activity. There could be some small purchases, but there will be no requirement for cash from share issues.

KR1 (KR1) generated a gross profit of £5m in the six months to June 2019, although £4.29m of that is unrealised gains. The reported pre-tax profit is £4.62m. The NAV is £10.7m.

Dozens Savings (DSO1/DSO2) has had its 5% secured bonds October 2020 admitted to the NEX Exchange Growth Market. The bonds are offered to customers of parent company Project Imagine.

Angelfish Investments (ANGP) says that investee company YBOO has been placed in administration and Quantuma appointed to handle the process. Angelfish invested £650,000 for a 35% stake and lent just over £1m for working capital, where a repayment demand led to the administration. Writing down this investment was predominantly behind the £1.72m loss reported for the year to June 2019. It has also meant that there are net liabilities of £2.27m. A capital raising was hit by the closure of SVS Securities.

Shareholders in SG Recruitment (SGRL) did not approve the AGM reappointment of Steven Howson as a director. David Sumner, who owns the majority of the shares in the company, has been appointed chief executive.

Healthcare company MiLOC Group (MLP) increased its interim revenues from HK$5.27m to HK$6.1m. The loss was still substantial, although it did decline from HK$25m to HK$19.4m. The launch of a traditional Chinese medicine-based body care product should happen in the coming months. MiLOC raised HK$652,000 at 30p a share.

Cannabis company Freyherr International Group (FRYR) generated revenues of £1.17min the first half of 2019 and it should reach more than £2m for the full year. There was a small profit in the first half, which was before Freyherr joined NEX.

MESH Holdings (MESH) has left NEX. Veni, Vidi, Vici (VVV), Global Capital (GCAP) and Secured Property Developments (SPD) have all had trading in shares suspended because of a failure to publish accounts. Trading in Queros Capital Partners 8% bonds 2025 (QCP) has been suspended because of a breach of rules. This involves the failure to appoint new independent non-execs.

DXS International (DXSP) has appointed Hybridan as broker.

AIM  

Directa Plus (DCTA) is paying €2.1m to acquire a 51% stake in Romanian waste management and remediation services company Setcar. A placing and one-for-38 open offer at 75p a share will raise up to £8.24m before expenses for the graphene business. GVC Investment Company, which has a business in offshore oil and gas services, will acquire 47% of Setcar with an existing shareholder retaining 1.97%. Directa Plus and Setcar have worked together on the development of Grafysorber mobile decontamination units. This is one of the two main focuses for Directa Plus. The other is textiles.

Linde is taking a 20% in energy storage and clean fuel products developer ITM Power (ITM) in return for £38m. The two firms are entering into a joint venture that will supply hydrogen to large scale industrial projects with an installed electrolyser capacity of 10MW and above. A further £14m is being raised at 40p a share, which is the same price that Linde is paying. An open offer could raise up to £6.8m.

Duke Royalty (DUKE) is raising up to £20m at 44p a share, including an offer via PrimaryBid.com. The cash will enable Duke to sign up another royalty partner and undertake five follow-on investments. The total cost will be approximately £25m. There will also be spare cash and facilities to sign up other royalty partners.

Trading in antimicrobial technology developer Byotrol (BYOT) shares has been suspended because it has not published its accounts for the year to March 2019. It blames the effects of revenue recognition policy IFRS 15 and the Medimark acquisition for the delay. The preliminary figures have been published and they were better than expected due to changes in revenue recognition related to IFRS15. Some revenues originally recognised in the year before has been moved to last year. Revenues increased from £1.8m to £5.7m, with £1.8m coming from Medimark, and Byotrol moved from loss to a pre-tax profit of £600,000. There was £2.8m in the bank at the end of March 2019. Even if there are no further licence deals this year, Byotrol should trade at around breakeven.

Evgen Pharma (EVG) says that the trial investigating the potential of SFX-01 to reverse acquired resistance to endocrine therapies. The data suggest that there are no safety concerns in patients suffering from ER+ metastatic breast cancer. In combination with endocrine therapy, SFX-01 helped to stabilise the disease and showed some anti-tumour activity.

STM Group (STM) says that the Pension Regulator has confirmed that Carey Workplace Pension Trust is an approved Master Trust for auto-enrolment. This means that STM is well-placed to become a consolidator in the market.

MAIN MARKET

Avation (AVAP) has repossessed two Airbus A321 aircraft from Thomas Cook and they are undergoing maintenance. They will subsequently be leased to other clients.

Flavourings supplier Treatt (TET) says it will achieve expectations in the year to September 2019 even though there has been a sharp fall in citrus raw material prices. Orange oil prices have halved, and this accounts for one-third of revenues. Non-citrus revenues are growing. Net cash is £15.8m. The full year results will be published on 26 November.

Andrew Hore

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