Proactive news headlines: IQGeo Group, [email protected] Capital, Xpediator, Bahamas Petroleum Company …


IQGeo Group Plc (LON:IQG) has agreed to sell its remaining 5.6% stake in its former RTLS SmartSpace business for a total consideration of GBP2.5mln. The transaction is with the majority owners of the business, which are tied to Investcorp Technology Partners. It also includes provisions that would provide IQGeo receive a partial share of any potential upside consideration if the RTLS SmartSpace business is sold on within six months of the disposal at a greater valuation.

[email protected] Capital PLC (LON:SYME) provided investors with an update as it continues to move towards important milestones in its inventory monetisation business. The company, in a statement, highlighted that – alongside partner StormHarbour Securities LLP – it has now successfully completed the legal documentation, process definition and operating structure for a repeatable and scalable securitised investment product.

Xpediator PLC (LON:XPD) has announced a deal to sell EshopWedrop Holdings (ESWD), a non-core B2C logistics subsidiary. ESWD is being bought out by Inert Logistics, a vehicle in which ESWD managing director Mircea Bandean is the controlling stakeholder. Inert Logistics is to pay GBP300,000 in cash, over instalments over the next three years.

Bahamas Petroleum Company PLC (LON:BPC) has updated on the ongoing court process in relation to the Perseverance-1 exploration well. Oral arguments were heard in the Supreme Court of The Bahamas on December 30, the company noted. The arguments were heard addressing various matters and the Court has now reserved judgment, it added.

Red Rock Resources PLC (LON:RRR), in its final results, highlighted that actions taken earlier in 2020 have mitigated impacts of the COVID-19 pandemic. During the year, the company noted that it amended its field programmes so that they fell within what was permissible and practicable for local teams. No operations were taken to a full halt. It highlighted that a ground geophysics field programme is underway in Congo. In 2021, it is expected that ground exploration activities will begin once again in Kenya.

Panther Metals PLC (LON:PALM) chief executive Darren Hazelwood, in a statement, highlighted that the company is positioned well as it enters 2021. The company joined London’s AIM market in January 2020 and has now released an update on New Year’s Eve and has noted that it has a “clear runway” for the coming year. “2020 has created challenges no one could have imagined, especially for those doing business in the global marketplace, and it’s been a pleasure witnessing just how strong our board has been in the face of these circumstances,” Hazelwood said.

Zoetic International PLC (LON:ZOE) told investors that the previously delayed long-stop date has now passed for the completion of a sale of the non-core DT Ultravert business unit. The company, in a statement, noted that it remains committed to exiting its legacy natural resources activities. Management will actively investigate solutions in relation to its interest in DTU, including continuing discussions with the proposed counterparty, Path Investments PLC.

Scirocco Energy PLC (LON:SCIR), the AIM-listed investing company targeting attractive production and development opportunities within the European energy market, has announced the appointment of WH Ireland Limited as sole corporate broker to the company, effective immediately. To continue to preserve cash, the company also said its board has agreed to extend the Director Options plan, announced on July 2, 2020, granting nominal cost options to non-executive chairman Alastair Ferguson and non-executive director Jon Fitzpatrick through to December 31, 2021. To date, it noted that no board member has been paid in cash since March 2020. The extension of the Directors Option plan to year-end 2021 will save the company GBP 144,000 in cash by part settling the 2021 non-executive directors fees through the issue of nominal cost options. The company said it has worked hard to ensure that the business has reduced its cost base in line with its current level of activity and is estimating a baseline FY2021 corporate overhead of around GBP500,000 (excluding exceptional expenses and contingencies). As of December 31, 2020, the company noted that it has in excess of US$3.6mln in cash and near-term equivalents. Additionally, the group has access to a committed US$1mln tranche (and up to a further undrawn US$3mln under certain conditions) under the Cash Facility Agreement that the company entered into with Prolific Basins in June 2020.

Franchise Brands PLC (LON:FRAN) a multi-brand franchise business, announced that for the next six-month period from January 1, 2021, to June 30, 2021, the company will continue its discretionary programme to buy ordinary shares of 0.5p each up to an aggregate value of GBP200,000. The company said it will use its employee benefit trust (EBT) to purchase the ordinary shares. The programme seeks to mitigate the dilutive impact of share option awards and to improve overall shareholder return. During the period July 1, 2020, to December 31, 2020, the EBT purchased 264,848 Franchise Brands ordinary shares at an average price of 96p each. The EBT currently holds 155,625 ordinary shares which represents 0.16% of the company’s current issued share capital.

Argo Blockchain PLC (LON:ARB), the leading cryptocurrency miner said it has received notices of exercise of certain warrants over ordinary shares of GBP0.001 each in the capital of the company which were granted in connection with the company’s admission to the Official List and to trading on the Main Market, some of which were due to expire in February 2021. As a result of the exercise, the company has issued in aggregate 14,155,000 new ordinary shares to the holders of the warrants at the exercise price of the relevant warrant, resulting in 5,600,000 new ordinary shares being issued at a price of GBP0.08 each, and 8,555,000 of GBP0.16 each. The aggregate gross proceeds of the warrant exercise are GBP1,816,800.

Adamas Finance Asia Limited (LON:ADAM) said that, further to its announcement on November 2, 2020, the company has still yet to receive funds from one of its placees for the amount of GBP1,142,794. To date, the company has raised GBP1,991,916 (before expenses) of its originally targeted GBP3,134,710 from the Open Offer and Placing announced on July 17, 2020. Despite the delay in receiving the outstanding funds, the company said it retains a strong balance sheet with more than adequate cash for the operation of its business and planned investment activities as we enter 2021. Strategic initiatives that have been delayed pending receipt of the final placing monies will now be progressed without any further delay, as there is no certainty of receiving the funds. However, vigorous efforts will continue to be made to collect the funds. A further announcement will follow in January 2021 outlining the business initiatives which the company expects to launch as it enters the New Year.

Power Metal Resources PLC (LON:POW) the AIM-listed metals exploration and development company said it has received notices to exercise warrants over 3,487,000 new ordinary shares of 0.1p each in the company, with 487,000 warrants exercised at a price of 1.0p each and 3,000,000 warrants at an exercise price of 0.7p each. Subscription monies of GBP25,870 have been received by Power Metal in respect of these exercises.

Critical Metals Plc (LON:CRTM), a mining investment company established to target opportunities in the overlooked and under-analysed mining sector, announced that it’s annual general meeting (AGM) will be held on January 27, 2021, at 4.00pm. Due to coronavirus (COVID-19) and the UK government’s restrictions on travel, assembly and guidance on meetings, the group’s board has decided that shareholders will not be permitted to attend the AGM this year. Shareholders are, therefore, encouraged to vote in respect of their shares by appointing the chairman of the company as their proxy.

World High Life PLC (AQSE:LIFE), the AQSE listed investment company with a focus on developing business opportunities in the regulated cannabis industry in Europe, announced that all resolutions were duly passed at its annual general meeting held on Thursday.


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