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TRADING UPDATES: Europa Oil & Gas refused Cloughton planning permit

ALN

The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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Tomahawk Metals PLC - London-based firm building a portfolio of antimony, gold and silver projects in Western Australia and Slovakia - Completes its name change from Shortwave Life Sciences PLC. Remains listed on the Aquis Stock Exchange Growth Market with the ticker ’TMHK’. Tomahawk also reports that it has received £80,000 in cash from its £100,000 subscription, announced on April 20, and expects to ‘shortly’ receive the remaining £20,000. Says it will seek to issue 5.3 million shares for the £80,000 amount and expects admission to take effect on or around Friday. Additionally, it says Stephen Molly has stepped down as executive director, noting his work in advancing its digital asset management programme. Says it no longer intends to pursue a digital asset strategy, ‘and will instead focus exclusively on its gold and antimony options and securing an exist from its clinical assets business’. Tomahawk has also appointed a financial advisor regarding its proposed move to AIM, and has engaged SRK Consulting to assist with due diligence on antimony and gold options and to develop ‘recommendations for the first year of operational plans and budgets for the work to be carried out on the asset if the transaction is completed.’

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Europa Oil & Gas Holdings PLC - UK, West Africa and Ireland-focused oil and gas exploration, development and production company - North Yorkshire Council says the Local Planning Authority has refused planning permission for the Cloughton gas appraisal well. Europa says this is despite the council’s planning officers recommending that the LPA approve the application, ‘after rigorously analysing the planning application and the 13 independent experts whose separate reports all supported the application’. Europa ‘is disappointed with the LPA’s decision and strongly disagrees with the basis of the refusal.’ Says it is assessing its options with a view to appealing the decision, and is confident that it will gain planning permission on appeal.

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Winvia Entertainment PLC - London-based entertainment business focused on the UK prize draw and Romanian online gaming markets - Enters an asset purchase agreement with Robert, Peter and Amy Savage to acquire the trade, business and key assets of Rev Corp Ltd, also known as Rev Comps. Says the acquisition is conditional upon the migration of Rev Comps onto its core technology platform and certain customary conditions. Expects to complete the deal by July 1. Says UK prize draw platform Rev Comps has ‘a loyal and growing customer base,’ along with ‘a strong brand presence within the UK prize draw market,’ and says it ‘has demonstrated consistent engagement across its player community.’ Winvia has agreed to pay £11.8 million in cash for Rev Comps, in three instalments: 45% upon completion, 34% following a final determination of Rev Comp’s accounts for the year ending May 31, and 21% payable on the second anniversary of completion. Adds that the Savages may be entitled to earnout payments based on achieved adjusted profit before tax growth across 2027 and 2028. Winvia expects the deal to be earnings-enhancing in the first full financial year following completion. Chief Executive Officer Mihai Manoila adds that Winvia ‘continues to engage with a number of exciting potential acquisition targets in the UK prize draw sector.’

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Riverstone Energy Ltd - London-based investor in energy infrastructure and energy transition credit, which began its wind-down process in August - Reports net asset value per share of $15.97 as at March 31, down from $16.07 at December 31. Reports cash balance of $62 million as at March 31, which decreased to $22 million after it completed its second compulsory partial redemption on Friday. Notes that it completed the sale of its Onyx Power interest to ResInvest Group on January 30, and has received cumulative proceeds of approximately $171 million, representing a 2.86x gross multiple on invested capital on $60 million of invested capital. Chair Richard Horlick says Riverstone ‘continued to make tangible progress’ with the wind-down during the first quarter, adding: ‘Energy markets remained highly volatile, with geopolitical developments in Venezuela and Iran reinforcing the importance of having a reliable and diversified energy supply. Against this backdrop, the board remains focused on preserving value in the remaining portfolio, maintaining discipline on costs and returning capital to shareholders as proceeds are realised.’

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Blencowe Resources PLC - developing the Orom-Cross graphite project in Uganda - Reports the maiden mineral resource estimate for the Orom-Cross project’s Beehive deposit, which adds 21.3 metric tonnes at 6.58% total graphitic carbon and increases the project’s total mineral resources to 64.3Mt at 6.03% TGC across the Northern Syncline, Camp Lode, Iyan and Beehive discoveries. Says a higher-grade component was also defined at 17.5 Mt at 7.0% TGC. Says this further demonstrates that Orom-Cross is a multi-deposit, long-life, large-scale graphite development, noting that its total mineral resources have more than doubled since the start of its stage 7 programme. Also notes that the current Beehive MRE has only been modelled over around 22% of the anomaly, mainly within the upper 25 to 30 metres tested by shallow drilling, and believes that the deposit ‘retains significant upside potential beyond the current modelled area.’ Adds that it ‘has been progressing further DFS optimisation work to incorporate the enlarged inventory, evolving downstream pathways, and ongoing commercial discussions.’

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Celebrus Technologies PLC - Sunbury-on-Thames, England-based data management platform - Board approves a buyback programme of up to 1.0 million ordinary shares, starting on Monday and ending no later than August 18. Says the maximum price per share is to be no more than 105% of the average middle market closing price for the five business days preceding the date of any buyback.

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