Prairie Mining surges after filing £806mln claim against Republic of Poland

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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.

Proactive news headlines

Seeing Machines Limited (LON:SEE) said it has been appointed by software firm CAE Australia to integrate its precision eye-tracking technology for a customer in the Australian defence industry.

Walls & Futures REIT PLC (LON:WAFR), an ethical housing investor and developer, said it has joined P1 Investment Management’s Net-Zero Carbon target as part of its Ethical Investment Policy rollout.

Ncondezi Energy Ltd (LON:NCCL) said Ncondezi Green Power, its renewable energy subsidiary, and Captive Power Ltd have signed a relationship agreement giving Ncondezi first refusal to fund up to US$5.5mln of commercial and industrial solar and battery storage projects in Mozambique.

Sativa Wellness Group Inc (LON:SWEL) said new research suggests cannabinoids may be able to treat inflammatory lung disease. A King’s College London research paper has been published which includes the results of an investigation on the potential therapeutic use of cannabinoids for the treatment of respiratory diseases.

MGC Pharmaceuticals Ltd (ASX:MXC, LON:MXC) has appointed David Lim as joint company secretary with immediate effect, bringing over 15 years of experience working for ASX-listed companies.

Avation PLC (LON:AVAP) has updated investors on its current revenue collection and cash situation as it supported its customers through the effects of the coronavirus (COVID-19) pandemic.

Cornish Metals Inc. (LON:CUSN, TSX-V:CUSN) announced an increase in resource estimates at the iconic South Crofty tin mine in Cornwall. An updated mineral resource estimate (MRE) showed a 10% increase in indicated resources in both the lower mine and upper mine areas and an almost 130% gain in inferred resources at the lower mine.

Custodian REIT PLC (LON:CREI) said it acquired five industrial units on Knowsley Business Park in Liverpool for £3.5mln. The units, which cover a total area of 40,419 sq ft, are occupied by Portakabin, Green Thumb, Central Electrical Armature and Med Imaging.

Sirius Real Estate Limited (LON:SRE) said it has appointed Joanne Kenrick to the board as an independent non-executive director with effect from September 1.

SIMEC Atlantis Energy Ltd (LON:SAE) provided an update for investors on Tuesday on the status of its major shareholder.

Remote Monitored Systems PLC’s (LON:RMS) executive chairman Antony Legge said he is looking forward to “several positive developments in the coming months”.

TomCo Energy PLC’s (LON:TOM) joint venture Greenfield Energy has entered a deal to acquire a site in Utah.

Empire Metals Limited (LON:EEE) announced that managing director Shaun Bunn, non-executive director Mike Struthers and finance director Greg Kuenzel will provide a live presentation via the Investor Meet Company platform on Thursday 17 June 2021 at 10:00am BST. 

Arecor Therapeutics PLC (LON:AREC) notified that three directors had bought shares in the company.
Dr Andrew Richards, non-executive chairman, purchased 12,500 at a price of 242.7p; Christine Soden, non-executive director, also bought 12,500 shares at the same price; and Jeremy Morgan, non-executive director, purchased 20,503 shares at a price of 242.5p apiece.

Condor Gold PLC (LON:CNR, TSX:COG) announced that with immediate effect it has appointed H&P Advisory Limited as joint broker to the company. Mark Child, Chairman and CEO said: “On behalf of the board I am delighted to appoint Hannam & Partners as a joint broker to the company at an exciting time when Condor has purchased a complete new SAG Mill Package, significantly advanced several Feasibility Level engineering designs and studies, commenced site clearance and preparation and is heading towards gold production on Condor’s fully permitted La India Project.”

Oriole Resources PLC (LON:ORR) said company management will be undertaking a pre-recorded shareholder presentation and Q&A session ahead of the Company’s annual general meeting on 23 June 2021. The Company requests that all shareholder questions be submitted to [email protected] on or before 11 June 2021. The recording will subsequently be made available on the Company’s website on or around 16 June.

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