Prairie Mining surges after filing £806mln claim against Republic of Poland
Prairie Mining Ltd (LON:PDZ) has seen its shares surge as it unveiled an £806mln claim against the Republic of Poland.
To put that in context its market capitalisation before the announcement was just £29.69mln.
It is markedly higher now, with the shares up 42.31% or 5.5p at 18.5p having earlier been as high as 22p.
The Australia-headquartered coal company alleges that the Republic of Poland breached its obligations in blocking the development of its Jan Karski and Debiensko mines, thus depriving it of the entire value of its investments in Poland.
The £806mln includes an assessment of the value of lost profits as well as damages and accrued interest.
The company has a US$12.3mln litigation funding agreement in place which is currently being drawn down to cover legal, tribunal and external expert costs and operating expenses associated with the claim.
Chief executive en Stoikovich said: “The claim is proceeding at pace, with the company now having submitted its statement of claim in the Bilateral Investment Treaty arbitration, which included a valuation of damages prepared by external quantum experts.”
8.56am: IT group climbs after resilient performance
Shares in CloudCoCo Group PLC (LON:CLCO) have gone sky-high after it unveiled improved results and took steps towards making acquisitions.
The IT and communications specialist said revenues for the six months to the end of March slipped from £4.43mln a year ago to £4.14mln but trading profits up 435%.
Overall pretax losses fell from £1.57mln to £0.67mln.
Chief executive Mark Halpin said: “We have delivered a resilient performance in the period, with notable revenue and total contract value increases on the second half of 2020, despite the continued impact of COVID-19on the trading environment.
“The business is in good health, both operationally and in the pipeline of opportunities ahead of us. There will continue to be challenges to overcome, but we will meet them head on and remain confident of making further progress in the second half and beyond.”
It has appointed Darron Giddens as finance director to replace Mike Lacey who has stepped down for personal reasons.
It also has a new strategic consultant in Nigel Redwood, the former chief executive of AIM-listed Nasstar.
Halpin said: “Nigel has a track record of accelerating growth – particularly in the listed IT managed services space – and recognises the importance of fostering a strong company ethos and culture. I have no doubt his counsel will prove invaluable as we deliver our organic growth initiatives and begin to explore the possibility of M&A.”
CloudCoCo has climbed 17.24% or 0.25p to 1.7p.
Also heading higher is Blancco Technology Group PLC (LON:BLTG).
The mobile device diagnostics specialist said revenues had grown significantly in the second half of the year despite the effect of a strong pound, and it expected operating profit and cash to be significantly above expectations.
Its shares are 3.7% better at 280p.
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