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Animalcare Group ANCR – Enters into a conditional share purchase agreement to acquire the entire issued share capital of European animal health company Ecuphar NV. The consideration for the Acquisition is structured on a consolidated Animalcare/Ecuphar Enlarged Issued Share Capital ratio of 37:63 (after taking into account dilution from certain Animalcare incentive arrangements), and will be satisfied through the issue of shares & cash to the Ecuphar vendors. The cash component will be satisfied in part through a placing of approximately 8.6m new shares (representing approx 40.4% of the existing share capital) to raise gross proceeds of not less than £30m, with the balance (of £4m) to be funded by existing cash held by the Group. The number of shares to be issued to the vendors of Ecuphar, will be determined following completion of the placing.
Blur Group BLUR – Continues to burn cash in its update today, cash balances at 31 May of $1.14m. Trading since 31 Dec 2016 has been in line with expectations, with finals from Blur due on 29 June 2017. As a result of the current cash balances, the company are sounding out new and existing potential cornerstone investors and evaluating alternative sources of near-term funding, which may or may not be forthcoming, within the next three to six weeks. If alternative sources of financing are not available the board would be required to take action to protect the interests of creditors and which could result in the value attributable to shareholders being severely reduced or becoming nil.
Trinity Exploration TRIN – Following the difficulties of 2015 and 2016, Trinity now has a clear strategic focus going forward, which is to grow reserves and production to maximise the cash flow from our assets while achieving a market value that is more reflective of underlying assets and business. Production has declined significantly from average levels of 3,600 barrels of oil per day in 2014 to current levels of approximately 2,500 bopd due to a lack of investment. The funding required to stabilise operations and recommence value extraction from the asset base was received in January, the primary focus during H1 has been to initiate essential maintenance and upgrades to infrastructure and to sustain base production levels whilst undertaking parallel planning activities to grow production across the portfolio from a range of; workovers, swabbing, re-activations, re-completions and new infill drilling.