TRADING UPDATES: Central Asia Metals cancels share premium account
The following is a round-up of trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Poolbeg Pharma PLC - London-based clinical stage biopharmaceutical firm focused on cancer immunotherapy - Receives formal notification for the grant of its POLB 001 cancer immunotherapy-induced cytokine release syndrome patent application from the Canadian patent office. Says the patent covers use of any any p38 MAPK inhibitor, including POLB 001, for the prevention of cancer immunotherapy-induced CRS. Notes the patent further strengthens its global intellectual property portfolio, and marks an important milestone for the company. Says its IP portfolio now spans both cancer immunotherapy-induced CRS and severe influenza across multiple jurisdictions. ‘This Canadian patent grant, coming shortly after our first oncology patent grant in Australia, further strengthens our IP position for POLB 001 and demonstrates the momentum we have built in expanding this patent family globally,’ says Chief Executive Jeremy Skillington.
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Coppa Collective PLC - London-based operator of restaurant, clubhouse and hotel sites, formerly Various Eateries PLC - Reports group like-for-like sales growth of 1.8% for the interim period ended March 29, with revenue of £25.0 million, up from £24.7 million a year prior. Says Coppa Club continued leading performance as it delivered like-for-like sales growth of 3.2%, ‘outperforming the wider market’. Notes that at Noci, like-for-like sales were ‘modestly’ behind the prior year, reflecting ‘softer conditions’ in the broader casual dining market. Says it is progressing an active pipeline of opportunities across both organic growth and targeted acquisitions. Adds that its cost base remains well protected against recent volatility in global energy markets, with electricity hedged for five years and has for a further 18 months. Says it is trading in line with market expectations for the full-year. Expects to report its interim results on or around June 24. ‘We see a good pipeline of opportunities and will stay disciplined on both quality and terms as we look to grow. While there are some known headwinds in the second half, we are well prepared for them and remain confident in the direction of the business,’ says CEO Mark Loughborough.
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Panther Metals PLC - Canada-focused mineral deposits exploration company - Reports the fifth batch of vibracore sample assay results for the Winston Tailings Project near Schrieber, Ontario, Canada. Notes the vibracore tailings sampling is in support of the mineral resource estimate programme which is part of a series of workstreams advancing to quantify, evaluate and permit the contained high-grade gold, gallium, silver, zinc, copper, indium and cobalt, as well as other recoverable minerals located within the Winston Lake Mine tailings storage facility. Says results continue to show good grade consistency across the vertical depth profile and laterally between vibracore hole collar locations. ‘These latest results continue to confirm continuity across the Winston Tailings Project footprint, strengthening our confidence in the project’s scale, consistency and commercial potential,’ says CEO Darren Hazelwood.
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Atlantic Lithium Ltd - Sydney-based lithium exploration company - Consents under an agreement for Elevra Lithium Ltd to sell its rights and interests with respect to the agreements related to its Ewoyaa Lithium Project in Ghana, to Zhejiang Huayou Cobalt Co Ltd. Notes that Elevra holds a 22.5% interest in the company’s lithium projects in Ghana, inclusive of the project. Should the relevant regulatory approvals be granted, the company says Elevra will transfer all of its rights, obligations, title and interests associated with the project and in the Ghaa portfolio to Huayou. Says that if the agreement is completed, Huayou has agreed that development cost conditions precedent are deemed satisfied or otherwise waived. Notes therefore that Huayou will then begin sole funding the project’s development costs up to the remainder of the sole funding obligations under the project agreement. ‘The company considers that the agreement provides a clear pathway for the development of the project, which is expected to expedite the delivery of the benefits that the Project promises for Ghana, notably including the project’s host communities in Ghana’s Central Region,’ says Atlantic Lithium.
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Kropz PLC - Africa-focused phosphate producer and developer - Says it has made the final drawdown of R 40 million from the R 250 million loan facility announced back in December agreed between Kropz Elandsfontein (Pty) Ltd and ARC Fund. Notes the loan is now fully drawn.
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Central Asia Metals PLC - Kazakhstan and North Macedonia-focused mining company - Notes shareholders at its extraordinary general meeting on March 30 passed a resolution to cancel the company’s share premium account. Says that it has now obtained court approval for the capital reduction, and that the reduction is now effective as of April 29 following the registration of the court order at Companies House. Explains that the share premium cancellation has created further distributable reserves to support the company’s ability to make future dividend payments and undertake further buybacks in appropriate circumstances.
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Galileo Resources PLC - copper, gold and lithium mine developer in Zambia, Zimbabwe and Botswana - Enters into an unsecured convertible loan funding facility for £600,000 with Sanderson Capital Partners Ltd. Notes the facility is convertible on fixed conversion terms at a price of 1.00 pence per share over three tranches. Explains that the facility is a standby facility offering additional working capital for Galileo. Says it can use the facility at its discretion to fund its working capital requirements with it not required to drawdown under the facility. ‘The board of Galileo has put in place a working capital facility with no compulsion to draw down but remains in place for contingencies. The board is mindful of the negative effects of large placings and dilution and feel that the instrument is the correct type in light of the progress potential of the Company’s current portfolio,’ says Chair & CEO Colin Bird.
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