Mirriad Advertising #MIRI – Executive LTIP award, Director and PDMR dealings

Mirriad Advertising plc, the computer vision and AI platform company, announces that, under the terms of the Company’s long-term incentive plan (“LTIP”), the following awards were granted on 18 May 2020.

Name and position

Number of shares subject to option

Mark Melvin, EVP, Commercial Development

1,023,622

David Dorans, Chief Financial Officer

1,660,800

Niteen Crawford-Prajapati, Chief Technology Officer

1,440,000

Lianne Norry, Global Chief Marketing Officer

405,000

Rajasekhar Parakkal, MD India

586,667

Phil McLauchlan, Chief Scientist

476,000

Simon John Redding, Head of Engineering

476,000

Tim Jones, Head of Research

435,960

Michael Rees, MD APAC

720,000

The options will accrue to recipients evenly over 36 months and will only be capable of exercise at the end of the three-year vesting period. The exercise price for the options is 15p. 

The notifications below are made in accordance with the requirements of the Market Abuse Regulations.

 

Mirriad Advertising plc

Stephan Beringer, Chief Executive Officer

David Dorans, Chief Financial Officer

 

Tel: +44 (0)207 884 2530 

Nominated Adviser & Broker:

Canaccord Genuity Limited

Simon Bridges

Thomas Diehl

 

Tel: +44 (0)20 7523 8000

 

Financial Communications:

Charlotte Street Partners  

Tom Gillingham

Andrew Wilson

 

 

 

Tel: +44 (0) 7741 659021

Tel: +44 (0) 7810 636995

 

 

Notes to Editors

About Mirriad

Mirriad’s award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad’s market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions.

Alan Green talks African Airtel #AAF, Capita #CPI, Blue Prism #PRSM & Bluefield Solar #BSIF on Vox Markets podcast

Alan Green discusses African Airtel #AAF, Capita #CPI, Blue Prism #PRSM & Bluefield Solar #BSIF with Justin Waite on the Vox Markets podcast. Interview starts at 41 minutes 42 seconds.

China demand pushes iron ore back above $90 a tonne – Financial Times

Iron ore, the steelmaking commodity that is the main source of income for global miners BHP, Rio Tinto and Vale, broke above $90 a tonne this week for the first time since mid-March, supported by strong demand from China.

The country is the world’s biggest producer of steel and demand for the metal, widely used in construction, has been steadily increasing since Beijing began in late March to ease nationwide lockdowns put in place to contain the spread of coronavirus.

Government data released on Friday showed industrial output in China recovering in April after collapsing during the most intense phase of the outbreak.

Daily crude steel production at big plants in China increased 13 per cent to 2.1m tonnes in the first 10 days of May — the highest level of activity this year, according to brokerage Argonaut Securities.

“The rising steel production didn’t result in an oversupply and price depression as signalled by markets. Rather, steel inventory has quickly declined and steel prices gradually increased,” said Helen Lau, an analyst at Argonaut.

For the week to May 15, total steel inventory in China dropped 34 per cent to 17m tonnes, led by a 37 per cent decline in stocks of steel reinforcement bars, a product widely used in the construction industry.

At the same time as demand in China has been rising, exports from Brazil, a key producer, have stalled because of lower shipments from Vale’s operations in the Amazon rainforest. The cause of the decline is unclear, but analysts said it could be linked to a rising number of Covid-19 cases in the state of Para.

“With China’s crude steel output now at a higher level than a year ago, demand for iron ore is outpacing shipment arrivals. As a result, China’s iron ore port inventories are gradually eroding,” analysts at Morgan Stanley said in a report.

Mike Henry, the chief executive of BHP, told investors this week that if China were to avoid a second wave of Covid-19 infections he expected raw steel production in the country to rise this year, offsetting double-digit declines in the rest of the world. The country accounts for more than 50 per cent of global steel production.

Benchmark ore with an iron ore content of 62 per cent was priced at $93.25 a tonne on Friday, according to an assessment by S&P Global Platts, up 5.4 per cent on the week.

At that price, BHP, Rio and Vale are generating billions of dollars of cash from their iron ore mines.

Analysts said reports China might impose import restrictions on Australian iron ore in retaliation for Canberra’s call for an inquiry into the origins of Covid-19, were probably off the mark.

Beijing has suspended imports of red meat from four Australian abattoirs and is planning to impose punitive tariffs on barley shipments.

“China relies on Australia for over 60 per cent of iron ore imports,” said Glyn Lawcock, analyst at UBS. “With the market tight, Chinese port stocks declining, and Brazilian exports down 12 per cent year to date, options today appear limited.”

Kibo Energy #KIBO – Binding Term Sheet to Supply 200MW Energy to Baobab Resources in Mozambique

Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company is pleased to announce that it has signed a binding term sheet (the ‘Agreement’) with Baobab Resources Ltd (‘Baobab’) to supply c. 200MW energy to its Tete Steel and Vanadium Project (‘TSV Project’) in Mozambique.

Highlights

· Baobab to exclusively deal and negotiate with Kibo regarding entering into a Power Purchase Agreement (‘PPA’) to supply c. 200MW energy to its TSV Project in Mozambique

· Located approximately 36km away from Kibo’s Benga Power Plant Project (‘Benga’), the TSV Project is recognised as a key development project in Mozambique

Louis Coetzee, CEO of Kibo, said: “We are delighted to have secured this strategically important agreement with Baobab. The TSV Project represents one of Mozambique’s key development projects that could contribute significantly to the growth of the country. We are therefore delighted that our Benga project will be supporting this growth by providing 100% of TSV Project’s c. 200MW energy requirements, subject to reaching final agreement on an appropriate PPA.  This PPA will be one of a number of supply agreements we are targeting for Benga, in line with our commitment to creating reliable, sustainable and affordable electricity in Mozambique and we look forward to providing further updates in due course as these agreements progress. It is envisaged that the c. 200MW requirement of the TSV Project will be developed as part of the existing Benga Power Project, and talks are currently underway with our JV-partners in Benga, to determine whether the latest addition to the Benga portfolio will have any impact on the economic interest of each JV partner, given Kibo’s added efforts in increasing the utilisation of Benga. We look forward to updating the market with further developments in due course”.

Details

Kibo remains focused on developing the Benga Power Plant Project in Mozambique with its joint venture partner, Termoeléctrica de Benga S.A, which will now comprise a thermal power plant with min capacity of 350MW, as well as planned renewable energy projects. To this end, it has signed a binding term sheet with Baobab to supply the complete c. 200MW energy requirements to its TSV Project.

Located approximately 36km away from Benga, TSV is being developed to produce half a million tonnes of construction steel per annum and is construction-ready with all licences, concessions, and agreements in place.  This is recognised as a key development project in Mozambique and is set to be the anchor industry for the Revuboe Industrial Free Zone (‘RIFZ’), Mozambique’s newest and largest industrial zone.

Under the terms of the Agreement, which is valid until 30 September 2020 (or such extended date as may be agreed upon in writing between the parties), Baobab agrees to exclusively deal and negotiate with Kibo with regard to entering into the proposed PPA.  Kibo can continue to seek and secure other PPAs, including the agreement it is currently pursuing with Mozambican state-owned electric utility Electricidade de Mocambique (‘EDM’) (see RNS dated 11.05.20 for further information) providing that such agreements do not negatively affect the uninterrupted supply of 100% of the energy needs and requirements of the TSV Project.

For more information on Baobab Resources LTD and the TSV Project please follow: http://www.baobabresources.com/

**ENDS**

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

Philip Adler

+44 (0) 20 7392 1494

ETX Capital 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 UK Reserve Power generation market.

Open Orphan #ORPH – Update on antibody test agreement and recent share price movement

Open Orphan plc (ORPH) the rapidly growing specialist CRO pharmaceutical services company which has a focus on orphan drugs and is the world leader in the testing of vaccines and antivirals using human challenge study models, notes the increase in the Company’s share price and media comment regarding its collaboration with Quotient Limited. Furthermore, it also notes the substantial increase in interest in antibody testing for Covid-19 following recent announcements by the UK Government.

The Company confirms that the MosaiQ COVID-19 Antibody Microarray machine is on site at hVivo’s laboratory in East London and is undergoing testing. It is expected to be fully operational within two weeks following which it will have capability to undertake up to 3,000 tests a day, in line with expected performance as stated by Quotient Limited. The Company intends to enter into discussions with channel partners to secure testing volumes with pricing to be determined as part of these negotiations. It is not the company’s intention to deal directly with consumers and while there can be no certainty on pricing until such time as terms are agreed, the Company notes current market prices ranging from c.£70 for home testing kits and upwards towards c.£150. It is the intention to supply testing capability to channel partners, who will in turn deal with the end users and the final price points. The Company will update shareholders in due course.

Further information on the Company’s approach to Covid-19 antibody testing and vaccine trials is available on the Company’s website

 

ENDS

For further information please contact

Open Orphan plc

Cathal Friel, Executive Chairman

+353 (0)1 644 0007

Arden Partners plc (Nominated Adviser and Joint Broker)

+44 (0)20 7614 5900

John Llewellyn-Lloyd / Benjamin Cryer

finnCap Ltd (Joint Broker)

+44 (0)20 7220 0500

Geoff Nash /James Thompson/Richard Chambers

Davy (Euronext Growth Adviser and Joint Broker)

+353 (0)1 679 6363

Anthony Farrell

Camarco (Financial PR)

+44 (0)20 3757 4980

Tom Huddart / Hugo Liddy

Notes to Editors:

Open Orphan is a rapidly growing specialist CRO pharmaceutical services company which has a focus on orphan drugs and is a world leader in the provision of virology and vaccine challenge study services and viral laboratory services. It has Europe’s only 24-bedroom quarantine clinic with onsite virology lab in Queen Mary’s Hospital London. hVIVO supports product development for customers developing antivirals, vaccines and respiratory therapeutics, all particularly relevant and topical in the environment of heightened awareness of Covid-19 in 2020. The Company also has a leading portfolio of 8 viral challenge study models which are: 2 FLU, 2 RSV, 1 HRV, 1 Asthma, 1 cough and 1 COPD viral challenge models. As announced in early March, Open Orphan is rapidly advancing a Coronavirus challenge study model and expects to be very active with many companies in the development of a Covid-19 vaccine. No other company in the world has such a portfolio, with only two competitors globally having 1 challenge study model each. 

Open Orphan comprises of two commercial specialist CRO services businesses (Venn and hVIVO) and is developing an early stage orphan drug genomics data platform business. This platform captures valuable genetic data from patient populations with specific diseases with designated orphan drug status and incorporating AI tools. In June 2019, Open Orphan acquired AIM-listed Venn Life Sciences Holdings plc in a reverse take-over and in January 2020 it completed the merger with hVIVO plc. Venn, as an integrated drug development consultancy, offers CMC (chemistry, manufacturing and controls), preclinical, Phase I & II clinical trials design and execution. The merger with hVIVO created a European full pharma services company broadening the Company’s customer base and with complementary specialist CRO services, widened the range of the Company’s service offerings.

Catenae Innovation #CTEA – Cov-ID Project Update

Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of digital media and technology, is pleased to report that, further to the announcement on 1 May 2020, the Company has commenced trialling and finalisation of the Cov-ID app.

The Cov-ID website is at  www.cov-id.io

Guy Meyer, Interim Chief Executive Officer, commented:  “We are pleased with the progress made, especially by our technical teams. There is interest in our solution and we look forward to updating the market with progress in the near future.”

Although the prototype Cov-ID app has been developed, there is no guarantee that it will be finalised nor enter the commercialisation stage, nor that in the event that it is commercialised, that any sales will be generated. 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Guy Meyer, Interim Chief Executive Officer of the Company.

– Ends –

For further information please contact:

 

Catenae Innovation PLC

+44 (0) 191 580 8545

Guy Meyer, Interim Chief Executive Officer

Cairn Financial Advisers LLP (Nominated Adviser)

+44 (0)20 7213 0880

Liam Murray

Jo Turner

Brandon Hill Capital Limited (Broker)

Andy Gutmann

+44 (0) 20 3463 5000

+44 (0)78796 8313

 

Yellow Jersey PR (PR & IR)

+44 (0)20 3004 9512

Sarah Hollins

Annabel Atkins

Andrew Hore – Quoted Micro 18 May 2020

AQUIS STOCK EXCHANGE

Arbuthnot Banking (ARBB) says customer loan balances had increased by 4% in the quarter to March 2020. Customer deposits increased by 2%. There were net inflows to the investment management business despite the uncertainty in the markets.

Gunsynd (GUN) has extended the deadline for the Oyster Oil and Gas deal from 30 April to 30 October. If the conditions are not satisfied by October, then the sale of the Oyster shares can be terminated.

Inqo Investments (INQO) says that its February 2020 accounts may not be published until September because of delays to audits. The company’s investments have been affected by COVID-19. Kuzuko Lodge in South Africa was closed in early April and Inqo believes that it could take another two years to fully recover. Kentegra Biotechnology and South Lake Medical Centre in Kenya are both continuing to trade. Four One Financial Services could find trading difficult.

Eastinco Mining (EM.P) is completing the wash plant and starting operations at its tantalum mine in Rwanda. Cash is running out and management wants to raise cash through the exercise of warrants at 1.5p each. If 30% of warrants are exercised it will raise £700,000. If a shareholder exercises warrants, they will receive another warrant exercisable at 3p a share. The cash raised will finance capital investment and exploration.

NQ Minerals (NQMI) has raised £151,000 at 5.75p a share. SulNOx Group (SNOX) has raised £230,000 at 40p a share. Each share comes with a warrant exercisable at 40p.

Belvedere Leisure (BELV) says that the COVID-19 lockdown has stopped it obtaining additional subscriptions. Phase one of the company’s development will be split into two parts. The first 50 self-catering lodges are due to open next February.

Veni Vidi Vici (VVV) had cash of £354,000 at the end of 2019. The company is committed to paying A$300,000 towards initial spending of the joint venture that holds the Shangri La gold, copper and silver project in Western Australia.

Two directors and a managing partner of EPE have bought shares in EPE Special Opportunities (ESO) at 160p each. The total amount invested is £44,259. Boston Trust Company has increased its stake from 2.9% to 4.3%.

AIM

Amryt Pharma (AMYT) has moved into a positive EBITDA position in the first quarter, which is earlier than expected. The orphan drugs provider is on course to generate revenues of $172m this year. An underlying EBITDA of $19.5m is forecast for 2020 and that move above $50m next year. Amryt has cash on the balance sheet that is more than enough for its current requirements, but there is also debt, including convertibles. Net debt is expected to increase to $160m by the end of 2020 before reducing the following year.

Acquisitions helped Focusrite (TUNE) to grow in the first half. There was a decline in the revenues of continuing operations, although trading was strong in the corresponding period. Overall revenues were 24% ahead at £49.9m. there were first time contributions from ADAM Audio and Martin Audio (two months). Lower margins and higher interest charges meant that pre-tax profit fell from £7.15m to £6.38m. Focusrite has moved into a net debt position due to the money spent on acquisitions. Martin is likely to be hardest hit by lockdowns around the world due to its event-based customers, whereas demand for other products is holding up as people make music at home.

Payments platform provider Bango (BGO) has signed a new deal that should be worth £1.5m over three years and there is potential for it to be worth even more. Bango could move into profit this year.

Appreciate (APPS) says that the first 11 months trading was in line with expectations, but March trading was hit by COVID-19. Corporate activity has declined by around two-thirds, while Christmas savings have fallen 10%. There was still free cash of £30m at the end of March 2020. This year’s figures will be much harder hit by COVID-19 and profit is likely to plummet. Achieving a profit will be dependent on an upturn in the second half. Cash is also likely to decline.

MAIN MARKET

Diversified Gas and Oil (DGOC) moves from AIM to a premium listing on 18 May. Diversified has raised £69.4m at 108p a share. This cash will go towards financing two potential oil and gas asset acquisitions. Trident Resources (TRR) will be going in the opposite direction on 2 June.

Andrew Hore

Kibo Energy #KIBO – Notice of Extraordinary General Meeting to Approve Reorganisation of the Company’s Share Capital

Kibo Energy PLC (“Kibo” or the “Company”), the multi-asset, Africa focused energy company, announce that a shareholder circular (the “Circular”) containing details of a proposed share capital reorganisation and including a Notice of Extraordinary General Meeting (“EGM”) & Sample Proxy Form (“Notice of EGM”) is now available on its website (http://kibo.energy/wp-content/uploads/Shareholder-Circular-Notice-of-EGM-08-June-2020.pdf). The EGM will be held at 11 a.m. on Monday 08 June 2020 at the Company’s registered office at 27 Pembroke Street Upper, Dublin 2, Ireland. Shareholders should note that the board of the Company has determined that the EGM will be a closed meeting in compliance with the Irish Government’s current advice and rules on non-essential travel and limitations on public gatherings as a result of the current COVID-19 pandemic. Shareholders can register their votes by appointing the Chairman of the meeting (appointment of no other proxy is permissible) on the proxy form accompanying the Notice of EGM. Shareholders are urged to read carefully the Important Notice letter (http://kibo.energy/wp-content/uploads/8370-KIBO-EGM-Important-Notice.pdf) accompanying the Circular as well as the Circular itself for detailed information on the arrangement for the meeting and the options for returning proxies.

The Circular will be dispatched by post today to those shareholders who have indicated to us a preference to receive hard copies of the Notice of EGM. The Circular contains information on the background to and reasons for the Share Capital Reorganisation, and the actions to be taken by the shareholders of the Company. Certain key sections of the Circular have been extracted and included below.

Background and Reasons for the Share Capital Reorganisation

The adverse impact of the COVID-19 pandemic on international business and the uncertainty surrounding the global economic outlook has provided the Directors with cause to re-evaluate its current business plans and consider how the Company can be best positioned to move forward when the current restrictions on business activities are relaxed or removed. The purpose is to exploit the restrictive global lockdown period to reset and reposition the Company to be able to take full advantage of the “new normal” post COVID-19, especially within its area of strategic interest.

As a group operating across UK, Mozambique, Botswana, Tanzania and South Africa, the Company  is well placed to avail of the many business opportunities this geographic spread can create but it is also exposed to many risks, not least, the disruption to its on-going international operational and financing activities that the current crises is causing. This disruption and current temporary reduction in field operational activity presents an opportunity for the Company to implement a share capital reorganisation that your Board believes will ultimately benefit the Company, make it more attractive for further investment and crystalize the inherent value of its energy projects.

The Directors believe that now is the correct time to implement the proposals contained herein to best prepare the Company for the challenging economic environment expected in the aftermath of the pandemic.  The Directors believe that the universal need for reliable, sustainable and affordable electricity will be more critical than ever when this pandemic is over, and we wish to prepare the Company to emerge from this unprecedented period well placed to meet this challenge head on.

In addition to the share capital reorganisation proposal outlined in this document, the Company is currently carrying out an in-depth internal review of all its projects to assess and determine how the timeline to bring each to fruition can be accelerated and shortened and in which way resources can and should be reallocated and redeployed to achieve this objective. Projects, in terms of which the review might find no clear and realistic opportunity exists for an accelerated development path, might be considered for disposal in an appropriate manner. The scope of the review also includes an assessment to determine how the Company can accelerate the implementation of its renewable energy strategy as announced to the market in earlier announcements and also take advantage of new opportunities that have come about as a result of the adverse impact of COVID-19.

The Company is seeking approval from shareholders at the EGM to subdivide and consolidate its share capital, buy-back and cancel deferred shares created in previous share capital reorganisations and increase its authorised share capital. Following, and contingent on passing of the Resolutions, the Board proposes to settle outstanding salaries and fees to directors and senior management in the amount of €624,370 by the issue of New Ordinary Shares (“Settlement Shares”) at an issue price equal to the adjusted 10-day VWAP for the period following the date of the EGM.

Each Settlement Share issued will also carry a 3-year warrant with a strike price equal to the issue price of the Settlement Shares. Due to austerity and rationalisation measures introduced by the Company over the last 14 months, the Board and senior management have agreed to defer salaries and fees since February 2019 to assist the Company’s cash flow and the payment to other staff and service providers, at no additional charge / interest to the Company, while continuing to work tirelessly to manage the Company through what was and continues to be a very challenging period. Their agreement to settle these deferred payments with Settlement Shares on the terms outlined indicates the continued commitment of the Board and management and their belief in the prospects of the Company and its projects.

The Board believes that the Share Capital Reorganisation (and the payment of the Settlement Shares Settlement) best position the Company to continue to fund its activities, encourage increased share trading on AIM and the JSE (AltX), manage its existing debt liabilities and enhance short-term working capital. For these reasons the Directors are recommending the Share Capital Reorganisation to Shareholders and will be voting for it in respect of their individual holdings in the Company at the EGM.

The effect of the Share Capital Reorganisation would be to initially sub-divide the nominal value per Existing Ordinary Share by a factor of ten, creating Pre-consolidation Shares and 2020 Deferred Shares, and then to decrease the number of Existing Ordinary Shares in issue at the date of this document  pro rata to approximately 127,227,218  by way of the consolidation into 1 New Ordinary Share of every 10 Pre -consolidation Shares.

There are currently 1,272,272,188 Existing Ordinary Shares in issue, all of which are listed for trading on AIM and JSE.

The nominal value of the Existing Ordinary Shares is €0.001, and this will remain the nominal value for the New Ordinary Shares following the Share Capital Reorganisation.

The Existing Ordinary Shares have been trading on AIM over the past six months at prices ranging between GBP 0.25p and GBP 0.75p. The price at close of business on 12 May 2020 was GBP 0.33p per share.

Details of the Share Capital Reorganisation

It is proposed that:

Subdivision and consolidation

· each of the issued Existing Ordinary Shares be subdivided into one new 2020 Deferred Share and one (1) pre-consolidation new ordinary share of €0.0001 each (“Pre-consolidation Share(s)”);

· all of the authorised but unissued Existing Ordinary Shares be subdivided into one (1) 2020 Deferred Share and one Pre-consolidation Share;

· all of the Pre-consolidation Shares in the capital of the Company, whether issued or unissued, be consolidated into New Ordinary Shares  on the basis of one (1) New Ordinary Share for every ten (10) Pre-consolidation Share each such New Ordinary Share having the rights and being subject to the restrictions set out in the Articles, provided that any fractions of Existing Ordinary Shares  to which any holder of ordinary shares as defined in the Company’s constitution would otherwise be entitled arising from such consolidation shall be aggregated and consolidated so far as is possible into New Ordinary Shares;

Deferred share buy-back and cancellation

· all the issued 2013 Deferred Shares will be purchased by the Company for the total sum of €1.00 following which all the authorised but unissued 2013 Deferred Shares will be cancelled; and

· all of the issued 2019 Deferred Shares will be purchased by the Company for the total sum of €1.00 following which all the authorised but unissued 2019 Deferred Shares will be cancelled; and

Increase in authorised share capital

· the authorised share capital of the company will be adjusted to reflect the cancellation of the Existing Deferred Shares and to increase the ordinary share capital from two (2) billion New Ordinary Shares to Five (5) billion New Ordinary Shares to ensure sufficient authorised capital headroom is in place to issue more New Ordinary Shares when required.

Table 1 shows the share capital of the Company as at (1) the date of the Circular and (2) following the EGM (assuming the Company issues no further shares between the date of the Circular and the EGM and all Resolutions are carried).

Table 2 shows the details of share warrants outstanding at the (1) date of the Circular, (2) following the EGM.

The Existing Deferred Shares shall be bought back from the proceeds of a new issue of shares in the Company pursuant to the Companies Act, 2014 as the Company does not hold any distributable reserves for this purpose. As the Company’s Articles of Association permit each class of Existing Deferred Shares to be bought back by the Company for an aggregate amount of €1.00 each, New Ordinary Shares in the amount of 2,000 (“New Issue Shares”) will be allotted at par value by the Board to accommodate this. These New Issue Shares are included in the total number of ordinary shares in issue following the EGM shown on Table 1. The amount of Settlement Shares will depend on the VWAP ten days after the EGM but should it be calculated  on the Company share price on AIM at close of business on the 12 May 2020 of GBP 0.33p, it would result in an additional issue of 16.7 million New Ordinary Shares and 16.7 warrants. This would result in approximately 143.9 million shares and 83 million warrants in issue in the Company following the Share Capital Reorganisation and issue of Settlement Shares.

Shareholders should expect to see the security description updated on the Record Date under new ISIN number IE00BGMGP573 and SEDOL BGMGP57 (SEDOL BGMGQ32 for South African Shareholders), in order to reflect their holding in Kibo Energy Public Limited Company.

TABLE 1 – SHARE CAPITAL – BEFORE AND AFTER SHARE REORGANISATION

ORDINARY SHARES of €0.001

2013 DEFERRED SHARES OF €0.009

2019 DEFFERRED SHARES OF €0.014

AUTHORISED

ISSUED

AUTHORISED

ISSUED

AUTHORISED

ISSUED

At date of this document

2,000,000,000

1,272,272,188

3,000,000,000

1,291,394,535

1,000,000,000

805,053,798

2020 DEFERRED SHARES OF €0.0009

AUTHORISED

ISSUED

Following the EGM

5,000,000,000

127,229,218*

2,000,000,000

1,272,272,188

*This figure includes the additional 2,000 ordinary shares of €.001 each  to be issued to buy back the 2013 Deferred Shares and the 2019 Deferred Shares.

TABLE 2 -WARRANTS IN ISSUE – BEFORE AND AFTER SHARE REORGANISATION

NUMBER OF WARRANTS

EXERCISE PRICE (£)

ISSUE DATE

EXPIRY DATE

At date of this document

442,222,280

0.008

03 Dec 2019

03 May 2021

221,111,140

0.01

03 Dec 2019

03 Nov 2022

Following the EGM

44,222,280

0.08

03 Dec 2019

03 May 2021

22,111,114

0.1

03 Dec 2019

03 Nov 2022

RIGHTS & RESTRICTIONS OF SHARES AFTER SHARE CAPITAL REORGANISATION

Upon implementation of the Share Capital Re-Organisation, Shareholders on the register of members of the Company at 07:00 p.m. on the Record Date, which is expected to be 08 June  2020, will exchange ten (10) Existing Ordinary Shares of €0.001 each for one (1) New Ordinary Share of €0.001 each in proportion to the number of Existing Ordinary shares of €0.001 then held by each such Shareholder.  The proportion of the issued ordinary share capital of the Company held by each Shareholder following the Share Capital Reorganisation will, save for fractional entitlements, be unchanged and the nominal value of the ordinary shares of the Company will remain unchanged.

The New Ordinary Shares arising on implementation of the Share Capital Reorganisation will have the same rights as the Existing Ordinary Shares, including voting, dividend and other rights.

In accordance with the Articles, the Board has determined that fractional shares resulting from the consolidation of Pre-consolidation Shares will be treated as follows:

1. No Shareholder will be entitled to a fraction of a New Ordinary Share and where, as a result of the consolidation of Pre-consolidation Shares  as  described above, any Shareholder would be entitled to a fraction only of a New Ordinary Share in respect of their holding of Existing Ordinary Shares at the Record Date (a “Fractional Shareholder”) such fractions shall be aggregated with the fractions of New Ordinary Shares to which other Fractional Shareholders of the Company may be entitled so as to form full New Ordinary Shares and sold for the benefit of the Company. This means that any such Shareholder will not have a resultant shareholding of New Ordinary Shares exactly equal to 10% of their holding of Existing Ordinary Shares. Fractional entitlements will not be paid to Shareholders.

2. It is proposed that the number of New Ordinary Shares held by Shareholders following the Share Capital Reorganisation would be rounded down to the nearest whole number where a Shareholder’s total shareholding in the Company is not exactly divisible by 10.

Shareholders should be aware that if they hold fewer than 10 (ten) Existing Ordinary Shares they would not be entitled to receive any New Ordinary Share under the Share Capital Reorganisation and would lose their entire shareholding.

The 2020 Deferred Shares

The 2020 Deferred Shares will not entitle holders to receive notice of or attend and vote at any general meeting of the Company or to receive a dividend or other distribution or to participate in any return on capital on a winding up other than the nominal amount paid on such shares following a substantial distribution to the holders of ordinary shares in the Company, as detailed in the Articles. Accordingly, the 2020 Deferred Shares will, for all practical purposes, be valueless and it is the Board’s intention, at an appropriate time, to purchase the 2020 Deferred Shares for an aggregate consideration of €1.00.

Shareholders should note that contingent on approval and implementation of the proposals outlined in this document, the 2020 Deferred Shares will be the only class of deferred shares remaining in the share capital of the Company following the buy-back and cancellation of the 2013 Deferred Shares and the 2019 Deferred Shares.

Recommendation of the Board

The Directors consider that the proposed Share Capital Reorganisation is in the best interests of the Company and its Shareholders as a whole.

Accordingly, the Directors unanimously recommend that you vote in favour of the Resolutions being proposed at the Extraordinary General Meeting, as they intend to do or procure to be done in respect of their own and their connected persons’ beneficial holdings, representing approximately 4.56 per cent. of the Existing Ordinary Shares.

Resolutions

The following resolutions are being put before the meeting:

1.To subdivide the issued share capital of the Company

2.To amend the share capital clause of the Memorandum of Association following subdivision of share capital of the Company

3.To amend the share capital clause of the Articles of Association following the subdivision of share capital of the Company

4.To consolidate the authorised but unissued Pre-consolidation Shares of the Company

5.To consolidate the issued Pre-consolidation Shares of the Company

6.To authorise the Company to purchase the 1,291,394,535 2013 Deferred Shares

7.To authorise the Company to purchase 805,053,798 2019 Deferred Shares

8 To decrease the authorised share capital of the Company by the cancellation of the authorised 2013 Deferred Shares of the Company.

9. To decrease the authorised share capital by the cancellation of the authorised 2019 Deferred Shares of the Company.

10.To amend the share capital clause of the Memorandum of Association following reduction in share capital

11.To amend the share capital clause of the Articles of Association following the reduction in share capital

12.To increase share capital of the Company following the subdivision and consolidation

13.To amend the share capital clause of the Memorandum of Association following the increase in authorised share capital

14.To amend the share capital clause of the Articles of Association following the increase in share capital and the buyback of the 2013 Deferred Shares and 2019 Deferred Shares.

The expected timetable of events for the EGM and capital reorganisation is set out below:

EXPECTED TIMETABLE OF PRINCIPAL EVENTS – AIM SHAREHOLDERS

Record Date for posting to Shareholders

Friday,08 May 2020

Document posted to Shareholders

Friday,15 May 2020

Last Day to trade to be eligible to vote at EGM

Friday, 05 June 2020

Latest time and date for receipt of Forms of Proxy

11:00 a.m. on Saturday, 06 June 2020

Latest date to lodge Crest Deposits with Crest for Existing Ordinary Shares

Friday, 05 June 2020

Extraordinary General Meeting

11:00 a.m. on Monday, 08 June 2020

Record Date for the Share Capital Reorganisation

Admission effective and commencement of dealings in the New Ordinary Shares

New Ordinary Shares credited to certificated accounts and to CREST or STRATE accounts

Despatch of definitive share certificates for New Ordinary Shares in certificated form by no later than

 Monday, 08 June 2020

7:00 a.m. on Tuesday, 09 June 2020

Tuesday, 09 June 2020

Friday, 19 June 2020

*EXPECTED TIMETABLE OF PRINCIPAL EVENTS – JSE (ALTX) SHAREHOLDERS

Record date for Shareholders to receive the circular and Notice of meeting

Friday, 08 May, 2020

Circular and Notice of Extraordinary General Meeting announced on SENS and distributed on

Friday, 15 May, 2020

Last day to trade to be eligible to participate and vote at the Extraordinary General Meeting

Tuesday, 02 June, 2020

Extraordinary General Meeting record date for Kibo shareholders to be entitled to participate

Friday, 05 June, 2020

Last day to lodge forms of proxy with Transfer Secretaries by 17h:00 on

Friday, 05 June, 2020

Suspension of movement of existing ordinary shares (close of business)

Friday, 05 June, 2020

Extraordinary General Meeting to be held at 12h00 on

Monday, 08 June, 2020

Results of Extraordinary Meeting published on SENS on

Monday, 08 June, 2020

Finalisation information announced on SENS by 14h00 on

Monday, 08 June 2020

Last day to trade in the existing ordinary shares for the consolidation

Monday, 08 June 2020

Trading in the New Ordinary Shares under the new ISIN

IE00BGMGP573 and SEDOL BGMGQ32 on

Tuesday, 09 June 2020

Admission of the New Ordinary Shares on the JSE on

Tuesday, 09 June 2020

Record date to be eligible to participate in the Share Capital Reorganisation

Thursday, 11 June 2020

Movement of existing ordinary shares open (commencement of business)

Friday, 12 June 2020

Dematerialised shareholders accounts at CSDP/broker updated to reflect the New Ordinary Shares

Friday, 12 June 2020

Issue of replacement share certificates or other documents of title to certificated shareholders, provided that the old share certificates have been lodged with the South African transfer secretaries by 12:00 on Friday, xx June 2020 (share certificates received after this time will be posted within 5 business days of receipt)

Friday, 12 June 2020

* All dates and times quoted above are local dates and times in South Africa. The above dates and times are subject to change. Any changes will be released on SENS.

*Share certificates may not be dematerialised or rematerialised between Tuesday, 09 June 2020 and Thursday, 11 June 2020, both days inclusive, nor may transfers of shares between subregisters in the United Kingdom and South Africa take place between Friday, 05 June 2020 and Thursday, 11 June 2020, both days inclusive

References to times and dates in in the tables above are to times and dates in Dublin, Ireland unless otherwise indicated

If any of the details contained in the timetable above should change, the revised times and dates will be notified to Shareholders by means of an announcement through a Regulatory Information Service.  All events listed in the above timetable following the EGM are conditional on the passing of the resolutions contained in the Notice of EGM.

Capitalised terms not otherwise defined herein shall have the same meaning given to such terms in the Circular.

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

 

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) 834408365

River Group

Corporate and Designated Adviser on JSE

Philip Adler

+44 (0) 20 7392 1494

ETX Capital 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 UK Reserve Power generation market.

 

Johannesburg

15 May 2020

Corporate and Designated Adviser

River Group

Tiziana Life Sciences #TILS – Online Publication of Two Abstracts at ASCO Reporting Clinical Activity & Safety of Milciclib in Patients with Advanced Hepatocellular Carcinoma

New York and London, May 14, 2020 – Tiziana Life Sciences plc (NASDAQ: TLSA, AIM: TILS) (“Tiziana” or the “Company”), a biotechnology company focused on innovative therapeutics for oncology, inflammation and infectious diseases , today announces the online publication of two abstracts on clinical studies with Milciclib, a small molecule pan-inhibitor of cyclin dependent kinases (CDKs) in the proceedings of the virtual annual meeting of American Society of Clinical Oncology 2020 (ASCO20)

The first abstract reports Phase 2a clinical data with orally administered Milciclib in sorafenib-resistant hepatocellular carcinoma (HCC) patients, for which it met the primary endpoint, that oral treatment with Milciclib was well tolerated with manageable toxicities and no recorded drug-related deaths. The second abstract reports preliminary clinical data from an ongoing investigator-originated trial with a combination of orally administered Milciclib and Regorafenib in liver transplant patients with recurrent HCC. Thus far, the study has shown mean AFP levels (a common tumor biomarker) reduced by approximately 20% within one month of treatment.

MAJOR HIGHLIGHTS

Abstract #298561: Phase 2a Safety and Efficacy of Milciclib, a Pan-Cyclin Dependent Kinase Inhibitor, in Unresectable, Sorafenib-Refractory or -Intolerant Hepatocellular Carcinoma Patients. First Author: Erica Villa, MD., et al.

· Phase 2a multi-centered clinical evaluation of Milciclib (100 mg once daily; 4 days on/3 days off for 4 weeks; defining each cycle) for 6-month in 28 evaluable out of 31 enrolled patients in Italy, Greece and Israel.

·     The trial successfully met the primary endpoint that oral treatment with Milciclib was well tolerated with manageable toxicities and no recorded drug related deaths.

· The secondary endpoints for clinical activity assessment were based on the independent radiological review using the modified Response Evaluation Criteria in Solid Tumors (mRECIST)

· Positive demonstrated clinical activity included:  

1.  50% (14 out of 28) evaluable patients completed 6-month duration of the trial.

2.  64% (9 out of 14) patients requested and were approved by their respective ethical committees to continue the treatment.

3.  Both median time to progression (TTP) and progression free survival (PFS) were 5.9 months (95% Confidence Interval (“CI”) 1.5-6.7 months) out of the 6-months duration of the trial.

4.  Approximately 57% of evaluable patients showed ‘Stable Disease’ (SD; met at least once in an 8-week interval) and 3.6% patients showed ‘Partial Response’ (PR).

5.  Approximately 61% of patients showed ‘Clinical Benefit Rate’ defined as CBR=CR+PR+SD (with CR representing Complete Remission).  

6.  Five patients on compassionate use continued the treatment for a total of 9, 9, 11, 13 and 16 months, respectively. Two patients continuing the treatment have reached 16 months.

“Advance cases of patients with HCC have limited therapeutic options because of the poor safety and tolerability of existing drugs. Thus, a newer drug, preferentially with a different mechanism of action, such as Milciclib is a necessary medical need,” stated Prof. Angelo Sangiovanni, M.D. principal investigator of the study and site investigator at Fondazione IRCCS Cà Granda Ospedale Maggiore Policlinico, Milan, Italy. In this context, safety, and tolerability of oral treatment with Milciclib is remarkable. Results from the phase 2a clinical study demonstrating clinical activity in these advance cases of HCC are notable. The fact that many of the treated patients continued with the treatment, even after completing 6 months duration of the study, is particularly very impressive.”

Abstract #307309: Safety and Clinical Activity of Combination Treatment with Regorafenib and Milciclib in Liver Transplant Patients with Hepatocellular Carcinoma Recurrence. First Author: Alessandro Pivetti. MD., et al.

· Seven patients enrolled to date in this ongoing study

· Combination treatment of Milciclib and Regorafenib was well tolerated with manageable toxicities

· Mean AFP levels reduced by 20% within one month of treatment

· Patients treated for longer duration had 50% reduction in AFP levels

· Currently, patients enrolled in the study are in 2 to 10 months of treatment period

“Our center has been involved with clinical evaluation of several drug candidates in advanced HCC patients and both of the above-mentioned studies were conducted at our site. The oral treatment with Milciclib is not only very well tolerated but it also showed clinical activity. Most of these patients with advance cases of HCC are exhibiting stabilization of disease and have continued the treatment under a compassionate use program, which in my opinion is very impressive,”added Prof.  Erica Villa, M.D. , site Investigator at the Policlinico di Modena, Modena, Italy.   Moreover, the positive clinical activity and impressive safety and tolerability of Milciclib in combination with Regorafenib in liver transplant patients with recurrent HCC is certainly noteworthy. Thus, clinical data from these two studies are very encouraging and warrant continued development of Milciclib, either as monotherapy or combination therapy.”

About Milciclib (TZLS-201)

Milciclib (PHA-848125AC) is a small molecule inhibitor of several cyclin dependent kinases such as CDK1, CDK2, CDK4, CDK5 and CDK7. CDKs are serine threonine kinases that play crucial roles in progression of the cell cycle from G1 to S phase. Overexpression of CDKs and other downstream signalling pathways that regulate cell cycles have been frequently found to be associated with development of resistance towards chemotherapies. In a phase I study, oral treatment with Milciclib was found to be well-tolerated and the drug showed promising clinical responses in patients with advanced solid malignancies such as in NSCLC, pancreatic and colon cancer, thymic carcinoma and thymoma.  

About Tiziana Life Sciences

Tiziana Life Sciences plc is a dual listed (NASDAQ: TLSA & UK AIMS: TILS) biotechnology company that focuses on the discovery and development of novel molecules to treat human diseases in oncology inflammation and infectious diseases. In addition to milciclib, the Company will be shortly initiating phase 2 studies with orally administered foralumab for Crohn’s Disease and nasally administered Foralumab for progressive multiple sclerosis. Foralumab is the only fully human anti-CD3 monoclonal antibody (mAb) in clinical development in the world. This phase II compound has potential application in a wide range of autoimmune and inflammatory diseases, such as Crohn’s Disease multiple sclerosis, type-1 diabetes (T1D), inflammatory bowel disease (IBD), psoriasis and rheumatoid arthritis, where modulation of a T-cell response is desirable. The company is accelerating development of anti-Interleukin 6 receptor (IL6R) mAb, a fully human monoclonal antibody for treatment of IL6-induced inflammation, especially for treatment of COVID-19 patients.

About ASCO

The American Society of Clinical Oncology (ASCO) was established in 1964 with the sole purpose of improving the care of people with cancer. Membership currently stands at 40,000 physicians and scientists. ASCO is one of the premiere organizations for the advancement of cancer treatments and the annual ASCO meeting is an important forum for discussion of new cancer therapies and treatments.

 For more information go to  http://www.tizianalifesciences.com

THE PERSON WHO ARRANGED FOR THE RELEASE OF THIS INFORMATION IS DR KUNWAR SHAILUBHAI, THE COMPANY’S CHIEF EXECUTIVE AND CHIEF SCIENTIFIC OFFICER.

Contacts :

Tiziana Life Sciences plc

United Kingdom:

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 (Broker)

Antonio Bossi / Fiona Conroy  +44 (0)20 7601 6125

 

United States:

Investors

CORE IR

ir@coreir.com

Media

Jules Abraham

CORE IR

(917) 885-7378

julesa@coreir.com  

Catenae Innovation #CTEA – Result of General Meeting and Issue of Equity

Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of digital media and technology, announces that, at the General Meeting of the Company held earlier today, all resolutions were duly passed.

As a consequence, further to announcement of 20 April 2020, application will be made for the 32,000,000 new ordinary shares to be admitted to trading on AIM, which is expected to occur on or around 20 May 2020. The 32,000,000 new ordinary shares will rank pari passu with the existing ordinary shares of Catenae.

Following admission, the Company will have in issue 139,236,017 ordinary shares with voting rights. The above figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency rules.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Guy Meyer, Interim Chief Executive Officer of the Company.

– Ends –

For further information please contact:

Catenae Innovation PLC

+44 (0) 191 580 8545

Guy Meyer, Interim Chief Executive Officer

Cairn Financial Advisers LLP (Nominated Adviser)

+44 (0)20 7213 0880

Liam Murray

Jo Turner

Brandon Hill Capital Limited (Broker)

Andy Gutmann

+44 (0) 20 3463 5000

+44 (0)78796 8313

 

Yellow Jersey PR (PR & IR)

+44 (0)20 3004 9512

Sarah Hollins

Annabel Atkins

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