Shefa Gems to become tech cash shell
Previously the company has been focused on exploration and development of multi-gemstone mining projects in Israel but it wants to distribute the company’s current mining business to all of the company’s existing shareholders via a dividend in specie, raise news funds and look for acquisitions in the web technology and software sector.
“This combined transaction we are asking shareholders to approve … is the result of lengthy negotiations, which were carried out under a number of key objectives, including both the benefits for the company and its shareholders (including, promoting profitability and new opportunities in a rising sector using the Israeli innovation opportunities, closing burdensome liabilities, cutting costs, and also preserving the shareholders’ holdings in the gem mining in Israel,” said Tali Shalem, the chief executive officer of Shefa Gems.
1.40pm: Return to sender
The letters and parcels service operator was expected to make the step up as part of the quarterly reshuffle of the index by FTSE Russell, but with the completion of the takeover of RSA Insurance, Royal Mail did not need to participate in the play-off process.
As of Tuesday, the company was automatically returned to blue-chip status, after a two-and-a-half-year absence.
12.45pm: NIghtcap falls out of bed
The company has been informed it is to receive a waiver in relation to the financial covenants attached to certain of the London Cocktail Club’s bank loans for the year ending 30 June 2021.
Earlier this month, the bars operator raised £10mln through a placing of shares at 23p.
11.50am: Amigo friendless after accepting court decision
In his ruling, Justice Wills threw out the company’s proposed scheme of arrangement and said the creditors who had voted in favour lacked the necessary information or experience to assess the alternatives.
UK financial regulator the FCA had also opposed the scheme on the grounds it placed too much burden for the company’s survival on customers rather than shareholders and bondholders.
10.55am: M&C Saatchi raises guidance
The advertising agency said new business performance has been robust.
The company also announced it has entered into a new revolving credit facility.
10.00am: Powerhouse surges as its partner chooses site for second plastic to hydrogen facility
Peel NRE, part of Peel L&P, is to develop the facility at the Rothesay Dock on the north bank of the River Clyde in West Dunbartonshire.
The 13,500-tonne facility will be the second in the UK to use pioneering DMG technology developed by Powerhouse, after plans for a similar facility at Peel NRE’s Protos site in Cheshire were approved in 2019.
9.05am: Sareum rises after tapping market; Springfield Properties raises guidance
The shares jumped 16% – about one-sixth if you are into fractions – to 3.025p after the specialist drug development company said it had raised £900,000 by issuing shares at 2.8p a pop.
Each parcel of five shares comes with a single five-year warrant that can be converted into a Sareum share at a cost of 2.8p but only if the Sareum mid-market share price has been above 5p for five consecutive days.
The Scottish housebuilder revealed it expects revenue and profit to be ahead of market expectations, reflecting significant year-on-year revenue growth.
The group has also continued to substantially reduce net debt throughout the year.
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Powerhouse Energy Group PLC (LON:PHE) said a second site using its waste-plastic-to-hydrogen technology is to be developed by its partner, Peel L&P, at the Rothesay Dock on the north bank of the River Clyde in Scotland.
CentralNic Group PLC (LON:CNIC) reported higher earnings for the first quarter of 2021 as it said “significant investment” in its management, staff and systems had accelerated organic growth to record levels.
Sensyne Health PLC (LON:SENS) said it has signed a production contract with the UK’s Department of Health & Social Care (DHSC) to use the company’s MagnifEye artificial intelligence (AI) technology to read coronavirus (COVID-19) lateral flow diagnostics tests as part of the country’s asymptomatic testing programme.
Redx Pharma PLC (LON:REDX), the drug discovery and development company focused on cancer and fibrosis, said non-executive chairman Iain Ross is stepping down from his role as a director.
Bloomsbury Publishing PLC (LON:BMY) confirmed its acquisition of Red Globe Press from Macmillan Education Limited has completed. The consideration was £3.7mln, of which £1.8mln has been satisfied in cash on completion and up to £1.9mln will be paid when certain contracts are assigned.
IronRidge Resources Ltd (LON:IRR) said it plans to demerge its gold assets in Côte d’Ivoire and Chad into a separate gold-focused listed company and hopes that this restructuring will unlock further value in its Cape Coast lithium portfolio.
Scotgold Resources Ltd (LON:SGZ) said it has produced gold concentrate and gravity separated gold doré from the Cononish gold project in Scotland following the previously announced resolution of various technical issues affecting the processing plant. The first shipment of concentrate, a major milestone for the company, was made on May 11.
Galileo Resources PLC (LON:GLR) said it plans to raise about £2.0mln, before expenses, via a placing and will use the majority of the proceeds to fund the next stage of exploration development on its copper/silver licences in the Kalahari Copper Belt of Botswana.
Chariot Oil & Gas Limited (LON:CHAR) said it expects to imminently complete its acquisition of Africa Energy Management Platform (AEMP).
i3 Energy Plc (LON:I3E, TSX:ITE) is doubling up in Canada with a deal to acquire a further 49.5% interest in the South Simonette oil property, taking its stake to 99%.
Ferro-Alloy Resources Ltd (LON:FAR) shares were boosted as it banked investment from Vision Blue Resources, named its next chairman and provided an update on its Balausa vanadium concentrate project in Kazakhstan.