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Mosman Oil & Gas #MSMN – says Winters-2 well could be one of the biggest producers in its portfolio
Mosman Oil and Gas Ltd (AIM:MSMN)’s Andy Carroll speaks to Proactive following the news the Winters-2 well in Polk County, Texas was drilled to target depth and encountered potential pay in the Yegua and Wilcox sands. It was drilled to the target depth of 7,011 feet and wireline logs, side wall cores and formation pressure tests have been completed. The drilling rig has now moved on to the Stanley-5 well location.
https://www.proactiveinvestors.co.uk/companies/news/964243/mosman-oil-gas-says-winters-2-well-could-be-one-of-the-biggest-producers-in-its-portfolio-964243.html
MetalNRG #MNRG – Holdings in Company
1. Issuer Details
ISIN
GB00B15FS791
Issuer Name
METALNRG PLC
UK or Non-UK Issuer
UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
Edward Peter John Spencer
City of registered office (if applicable)
Milton Keynes
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
25-Oct-2021
6. Date on which Issuer notified
25-Oct-2021
7. Total positions of person(s) subject to the notification obligation
|
|
% of voting rights attached to shares (total of 8.A) |
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2) |
Total of both in % (8.A + 8.B) |
Total number of voting rights held in issuer |
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Resulting situation on the date on which threshold was crossed or reached |
7.000000 |
0.000000 |
7.000000 |
72465363 |
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Position of previous notification (if applicable) |
3.000000 |
0.000000 |
3.000000 |
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
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Class/Type of shares ISIN code(if possible) |
Number of direct voting rights (DTR5.1) |
Number of indirect voting rights (DTR5.2.1) |
% of direct voting rights (DTR5.1) |
% of indirect voting rights (DTR5.2.1) |
|
GB00B15FS791 |
72465363 |
7.000000 |
||
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Sub Total 8.A |
72465363 |
7.000000% |
||
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
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Type of financial instrument |
Expiration date |
Exercise/conversion period |
Number of voting rights that may be acquired if the instrument is exercised/converted |
% of voting rights |
|
Sub Total 8.B1 |
||||
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
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Type of financial instrument |
Expiration date |
Exercise/conversion period |
Physical or cash settlement |
Number of voting rights |
% of voting rights |
|
Sub Total 8.B2 |
|||||
9. Information in relation to the person subject to the notification obligation
1. Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.
|
Ultimate controlling person |
Name of controlled undertaking |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
25-Oct-2021
13. Place Of Completion
London
Mosman Oil & Gas #MSMN – Stanley-5 Spud
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces that the Stanley-5 well in Polk County, East Texas has now been spudded.
Stanley-5 is a development well targeting the Yegua formation, at approximately 5,000 feet.
Mosman’s interest in this well is c36.5% and will fund its share of the USD 350,000 drilling costs from existing cash resources.
Qualified Person’s Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
Updates on the Company’s activities are regularly posted on its website:
MetalNRG #MRNG – Italian Waste to Energy Plant Update
MetalNRG plc, (LON:MNRG), the natural resources and energy investment company, is pleased to provide an update on progress being made on the recommissioning of EQTEC Italia MDC waste-to-energy plant.
MetalNRG is part of a consortium of co-investors, led by EQTEC plc (AIM: EQT) (“EQTEC”), which recently formalised the intention to recommission the 1 MW biomass-to-energy plant in Tuscany, Italy.
The facility, originally commissioned in 2015, is built around EQTEC Advanced Gasification Technology and when operational, Italia MDC will transform straw and forestry wood waste sustainably sourced from local farms and forests into green electricity and heat for the local community.
EQTEC recently stated that recommissioning of the project is continuing on track, with recent developments including that:
· the EQTEC technical team has been on site, completing engineering surveys, as well as meeting EPC partners and local stakeholders;
· the site has been fully cleaned;
· disassembly of relevant components was completed earlier this month; and
· EQTEC Advanced Gasification Technology and associated technology items, including the syngas filter, water treatment unit, heat exchanges and thermal cracker reactor burner, have now been ordered and deliveries are due to start arriving in late November.
We announced to the market at the financial close of this transaction that we expected the plant to be fully recommissioned by Q2 2022. We are confident, at this stage of proceedings, that this announced time-line will be maintained. We expect to provide another update on progress to the market in early 2022.
A series of pictures can be viewed on the Company’s web site, www.metalnrg.com .
The release of this information was arranged by Rolf Gerritsen, Chief Executive Officer.
END
Contact details:
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MetalNRG PLC Rolf Gerritsen |
+44 (0) 20 7796 9060 |
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Corporate Adviser |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500 |
ECR Minerals #ECR – Change of Registered Office
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The directors of ECR Minerals PLC (the “Directors”) are pleased to announce that the Company has changed its registered office with immediate effect to: Office T3, Hurlingham Studios MARKET ABUSE REGULATIONS (EU) No. 596/2014 The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain. FOR FURTHER INFORMATION, PLEASE CONTACT:
ABOUT ECR MINERALS PLC ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, and has eight licence applications outstanding including two licence applications lodged in eastern Victoria (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region. ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia. Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited. ECR has earned a 25% interest in the Danglay gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences. View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005459/en/ |
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Power Metal Resources #POW – Ditau Project Botswana – Exploration Update
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update in regards to the Ditau Project located in southwestern Botswana targeting Rare Earth Elements (“REEs”) and base metals.
The Ditau Project is held in a 50/50 Joint Venture with Kavango Resources plc (“Kavango”). Kavango is the Operator.
HIGHLIGHTS:
· Further to the exploration programme announced on 02 July 2021, Kavango has increased the exploration scope of Ditau to include base metals as well as REEs
· Accelerated drilling on I10 Target
o Previous exploration by Kavango has identified a 2.5km by 2.8km target area at I10 with high AMT resistivity, coincidental with a gravity high anomaly.
o Spectral Geophysics is to conduct a Time Domain Electromagnetic (“TDEM”) survey over I10 imminently.
o Drilling of I10 planned in Q4 2021, together with a downhole electromagnetic survey (“EM”).
o Environmental Management Plan currently in place.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“We believe the Ditau Project holds much potential and it is very good to see the next phase of work underway culminating in drilling of a key target planned for this year.
The interest in REEs is growing worldwide and to be actively progressing Ditau could not be more timely.
The Power Metal Botswana portfolio of projects continues to advance with exploration work underway across all interests. Within Botswana, we expect the reverse circulation drill programme currently underway at the Tati Project targeting gold and nickel near Francistown, to be completed in the coming days.”
Power Metal/Kavango Resources Joint Venture Structure
The Ditau Project is held by Kanye Resources Pty Ltd, a Botswana joint venture company in which Power Metal and Kavango each company hold a 50% interest. Exploration costs are equally shared. Kavango is the operator.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Kavango Resources #KAV – Ditau & block listing update
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce an update on the Company’s Ditau Project (“Ditau”), searching for Rare Earth Elements (“REEs”) and base metals.
Ditau is held in a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator.
Highlights
Ø Further to the exploration programme announced on 02 July 2021, Kavango has increased the exploration scope of Ditau to include base metals as well as REEs
Ø Accelerated drilling on I10 Target
– Previous exploration by the Company has identified a 2.5km by 2.8km target area at I10 with high AMT resistivity, coincidental with a gravity high
– Spectral Geophysics to conduct a Time Domain Electromagnetic (“TDEM”) survey over I10 imminently
– Drilling of I10 planned in Q4, together with a downhole electromagnetic survey (“EM”)
– Environmental Management Plan in place
Ø Following consultantation with the FCA the block listing (announced 15 October 2021) has been reduced to 144,888,469 to account for all warrants and options issued by the Company in 2020 and which were described in the Prospectus (published 20 November 2020)
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We’ve been extremely happy with the work Spectral Geophysics has done on our behalf in the Kalahari Suture Zone. The TDEM technology holds a great deal of promise to unlock the region’s prospective potential. The more we can test its use with drilling, the better.
Given the progress we are making in the KSZ, we have now decided to deploy Spectral’s TDEM equipment to Ditau. We are keen to complete a first TDEM survey at I10 to see if we can identify a conductive body.
Based on the ground AMT, gravity and magnetic surveys we have completed over I10 this was already a priority drill target. Our hope is that the TDEM survey will provide us with additional valuable data, ahead of drilling here later this quarter.”
Block listing update
Further to the announcement of 15 October 2021, and following consultantation with the FCA, the block listing has been reduced to 144,888,469 to account for all warrants and options issued by the Company in 2020 and which were described in the Prospectus (published 20 November 2020)
The FCA and LSE have approved the block listing in respect of 144,888,469 Ordinary Shares.
The POW/KAV Joint Venture
The Ditau Project is held by Kanye Resources Pty Ltd a Botswana joint venture company in which Power Metal and Kavango each company hold a 50% interest. Exploration costs are equally shared. Kavango is the operator.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Resources #KAV – Issue of Shares, Total Voting Rights, PDMR Dealing
PRESS RELEASE
21 October 2021
KAVANGO RESOURCES PLC
(“Kavango” or “the Company”)
Issue of Shares, Total Voting Rights, PDMR Dealing
Issue of Shares and PDMR Dealing
On 11 August 2021 Kavango announced its agreement with Michael Moles, a non-executive director, to settle his directors’ fees (net of statutory deductions) in shares. Accordingly, Kavango announces it is now issuing 111,803 new ordinary shares of 0.001 each in the Company to Michael Moles (“Director Shares”).
This issue of shares relates to the period 1 July 2021 to 30 September 2021. The number of shares due has been calculated at an issue price equal to the average of the closing mid-price of the Company’s shares over that quarter. During that period the average closing mid-price of the Company’s shares was 5.27 pence per share.
Admission and Total Voting Rights
Application will be made for the Director Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and dealings in the Director Shares will commence at 8.00am on or around 28 October 2021.
Following Admission, the total issued share capital of the Company will consist of 406,470,762 Ordinary Shares. The Company does not hold any shares in treasury. Therefore, the total number of voting rights in the Company is 406,470,762 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
An updated Total Voting Rights announcement will be made by the Company following admission, in accordance with the requirements of DTR 5.6.
PDMR Dealing – Issue of Director Shares
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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Charles Michael Moles |
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2
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Reason for the notification
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a)
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Position/status
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Non-Executive Director |
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b)
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Initial notification /Amendment
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Initial Notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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Kavango Resources plc |
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b)
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LEI
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2138007PZJFATXWUTS29 |
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4
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Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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||||
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a)
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Description of the financial instrument, type of instrument |
Ordinary shares of 0.001 each
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|||
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Identification code |
ISIN: GB00BF0VMV24 |
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b)
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Nature of the transaction
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Issue of ordinary shares of 0.001 each |
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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£0.0527 |
111,803 |
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d)
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Aggregated information |
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– Aggregated volume |
N/A |
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– Price |
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e)
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Date of the transaction
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2021-10-20 |
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f)
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Place of the transaction
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Outside a Trading Venue |
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Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
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END
Ananda Developments #ANA – Interim Results to 31 July 2021
Unaudited Interim Results for the six months ended 31 July 2021
The Directors present the interim results of Ananda Developments Plc for the period from 1 February 2021 to 31 July 2021.
These interim results have not been audited nor have they been reviewed by the Company’s auditors under ISRE 2410 of the Auditing Practices Board.
UPDATE ON INVESTMENTS AND ACTIVITIES
Ananda’s ambition is to be a UK-based grower of carbon neutral, consistent, high quality medical cannabis for domestic and international markets.
ICAN Israel Cannabis Limited (“iCAN”)
In the period under review, iCAN has expanded its conference platform and increased the number of companies in its incubator group. Since the end of the reporting period, iCAN has transitioned to an online offering to maintain revenue streams during the COVID-19 pandemic. The Company has converted its convertible debt into additional equity in iCAN.
Liberty Herbal Technologies Limited (“LHT”)
LHT launched hapac®, a dry herb medicinal cannabis inhaling technology, in Italy in late 2018. LHT was founded by ex-British American Tobacco executives from the e-cigarette innovation and sales divisions, who bring with them a deep understanding of strict regulatory environments and the procedures and protocols required to develop and commercialise technologies of this nature. Sales increased from launch however due to COVID they stagnated and fell during mid 2020. The Italian operations remain open, ready for relaunch when COVID allows, and the company continues to refine the dry herb vaping device and explore opportunities to grow the business in the North American, European and UK markets.
Tiamat Agriculture Limited (“TAL”) and DJT Group Limited (“DJT”)
TAL is a wholly owned subsidiary of the Company and DJT is owned 50% by TAL and 50% by TAL’s joint venture partners Anglia Salads Limited and JEPCO Marketing Limited (together, “JEPCO”). DJTG is the 100% owner of DJT Plants Limited (“Plants”)
In October 2019, Plants submitted its application to the Home Office Drugs and Firearms Licencing Unity (“DFLU”) to grow >0.2% THC cannabis in Lincolnshire. Throughout the year Plants and its advisors continued to correspond with DFLU officials in order to progress the licence application through the various phases to the current position of awaiting a site visit from the DFLU. The Home Office made a physical site visit on 17 March 2021 and the Licence was received on 17 May 2021.
On 15 February 2021, Ananda announced that it had raised £300,000 for the build out of its research facility at the Licence location. As reported to shareholders at the time, these funds were set aside for the build out. DJT Plants will therefore immediately commence the build out and commissioning of the research facility.
On 8 June 2021, Ananda announced that it had entered into a non-binding Heads of Terms for the proposed acquisition by Ananda of the 50% shareholding in DJT currently owned by JEPCO. This transaction is ongoing.
On 14 July 2021, Ananda announced that it had raised £550,000 by way of the issue of 1p convertible loan notes (“CLNs”) with a fixed life of 2 years and an interest rate of 12.5%. The interest accrued on these notes will be rolled up and satisfied by the issue of ordinary shares at the end of the 2-year terms. The proceeds from the issue of the CLNs will be used to fund the ongoing build of Plants’ cannabis cultivation and research facility.
On behalf of the board
Melissa Sturgess, Chief Executive Officer
21 October 2021
| 6 months to 31 July 2021
Unaudited |
Year ended 31 January 2021 Audited |
6 months to 31 July 2020
Unaudited |
||
| Note | £ | £ | £ | |
| Administrative expenses | (688,498) | (496,110) | (151,089) | |
| Interest received | – | 114 | 114 | |
| Loss from operations | (668,498) | (495,996) | (150,975) | |
| Taxation | – | – | – | |
| Foreign Exchange Translation Gain / (Loss) | 1 | (149) | (887) | 1,157 |
| Total loss for the period | (688,647) | (495,109) | (149,818) |
| Earnings per share | ||||
| Basic and diluted earnings per share (pence) | 2 | (0.10p) | (0.11p) | (0.07p) |
There was no other comprehensive income in the period.
| 6 months to 31 July 2020
Unaudited |
Year ended 31 January 2021 Audited |
6 months to 31 July 2020
Unaudited |
||
| £ | £ | £ | ||
| Fixed assets | ||||
| Investments | 1,313,811 | 1,280,618 | 1,401,250 | |
| 1,313,811 | 1,280,618 | 1,401,250 | ||
| Current assets | ||||
| Debtors | 50,000 | 12,718 | 28,672 | |
| Cash at bank and in hand | – | – | 3,638 | |
| Total current assets | 50,000 | 12,718 | 32,310 | |
| Creditors: amounts falling due within one year | 863,564 | 462,299 | 308,898 | |
| Net current assets | (813,564) | (449,581) | (276,588) | |
| Total assets less current liabilities | 500,247 | 831,037 | 1,124,662 | |
| Capital and reserves | ||||
| Share capital | 1,589,004 | 928,278 | 882,194 | |
| Share premium | 766,336 | 689,229 | 689,229 | |
| Share option reserve | 67,361 | 447,337 | 441,755 | |
| Retained earnings | (1,922,454) | (1,233,807) | (888,516) | |
| Total equity and liabilities | 500,247 | 831,037 | 1,124,662 | |
The interim financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
Melissa Sturgess
Chief Executive Officer
[
21 October 2021
| Share Capital | Share Premium | Share Option Reserve | Retained Earnings | Total | |
| £ | £ | £ | £ | £ | |
| As at 1 February 2021 | 928,278 | 689,229 | 447,337 | (1,233,807) | 831,037 |
| Total comprehensive loss for the period | – | – | – | (688,647) | (688,647) |
| Proceeds from share issue | 660,726 | 77,107 | – | – | 737,833 |
| Issue of share options | – | – | (379,976) | – | (379,976) |
| Balance at 31 July 2021 | 1,589,004 | 766,336 | 67,361 | (1,922,454) | 500,247 |
| Share Capital | Share Premium | Share Option Reserve | Retained Earnings | Total | |
| £ | £ | £ | £ | £ | |
| As at 1 February 2020 | 836,111 | 689,229 | 441,755 | (738,698) | 1,228,397 |
| Total comprehensive loss for the year | – | – | – | (495,109) | (495,109) |
| Proceeds from share issue | 92,167 | – | – | – | 92,167 |
| Issue of share options | – | – | 5,582 | – | 5,582 |
| Balance at 31 January 2021 | 928,278 | 689,229 | 447,337 | (1,233,807) | 831,037 |
| Share Capital | Share Premium | Share Option Reserve | Retained Earnings | Total | |
| £ | £ | £ | £ | £ | |
| As at 1 February 2020 | 836,111 | 689,229 | 441,755 | (738,698) | 1,228,397 |
| Total comprehensive loss for the period | – | – | – | (149,818) | (149,818) |
| Proceeds from share issue | 46,083 | – | – | – | 46,083 |
| Balance at 31 July 2021 | 882,194 | 689,229 | 441,755 | (888,516) | 1,124,662 |
The following describes the nature and purpose of each reserve within owners’ equity:
| Reserve | Description and purpose |
| Share capital | This represents the nominal value of shares issued. |
| Share premium | Amount subscribed for share capital in excess of nominal value. |
| Retained earnings | Cumulative net gains and losses recognised in the statement of comprehensive income. |
ACCOUNTING POLICIES
General information
Ananda Developments Plc’s interim financial statements are presented in British Pound Sterling (GBP) which is the functional currency of the parent company. These interim financial statements were approved for issue by the Board of Directors on 21 October 2021.
The financial information set out in these interim financial statements does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Company’s statutory financial statements for the year ended 31 January 2021 have been filed with the Registrar of Companies. The auditor’s report on those financial statements was unqualified and did not contain a statement under Section 498(2) of the Companies Act 2006.
These interim results have not been audited nor have they been reviewed by the Company’s auditors under ISRE 2410 of the Auditing Practices Board.
Basis of preparation
These interim financial statements are for the six month period ended 31 July 2021. They have been prepared following the recognition and measurement principles of FRS 102. They do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements for the period ended 31 January 2021.
These interim financial statements have been prepared on a going concern basis which the Directors believe to be appropriate.
These interim financial statements have been prepared in accordance with the accounting policies adopted in the financial statements for the period ended 31 January 2021.
1. Foreign currency transactions
Transactions in foreign currencies are translated to GBP at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to GBP at the exchange rate on that date. Foreign exchange differences arising on translation are recognised in the statement of comprehensive income.
2. Earnings per share
The calculation of earnings per share is based on the loss attributable to ordinary shareholders divided by the average number of shares in issue during the period.
The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess |
+44 (0)7717 573 235 ir@anandadevelopments.com |
| Investor Relations Jeremy Sturgess-Smith |
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| PETERHOUSE CAPITAL LIMTED Corporate Finance Mark Anwyl Guy Miller |
+44 (0)20 7469 0930 |
| Corporate Broking Lucy Williams Duncan Vasey |
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| CELICOURT COMMUNICATIONS Mark Antelme Ollie Mills |
+44 (0)20 7520 9266 |
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Open Orphan #ORPH – Directorate Change
Open Orphan (AIM: ORPH), a rapidly growing specialist contract research organisation (CRO) and world leader in vaccine and antiviral testing using human challenge clinical trials , announces the appointment of Yamin ‘Mo’ Khan as an Independent Non-Executive Director to the Board of Open Orphan with immediate effect. Mo will also Chair both the Audit and Risk and Nomination Committees.
Mo is a business leader and customer-focused CRO executive with over 25 years of global clinical research experience across clinical operations, project management, business development and executive management functions. He previously worked at Pharm-Olam International, a global CRO, from 2000-2019 across a variety of senior positions including Executive Vice President of Clinical Development and Global Director of Clinical Operations. Mo was a key leader in driving the expansion and growth of the company from a small niche European CRO to a global player with offices across all continents. Laterally, he led global business development at Pharm-Olam resulting in significant growth and a successful sale in 2017, delivering substantial returns to its shareholders. Prior to this he worked at Innovex and Quintiles CRO (IQVIA).
As part of Mo joining the Board, Michael Meade is stepping down from the Board with immediate effect. Michael joined the Board of Open Orphan as part of the acquisition of hVIVO and helped to steer the Company to the stronger and more successful position that it occupies today.
The disclosures required by Schedule 2(g) of the AIM Rules for Companies and Rule 5.22 (b) of Chapter 5: Additional Rules for the Euronext Growth Market operated by Euronext Dublin in respect of Mo are set out in the Appendix to this announcement.
Cathal Friel, Executive Chairman, Open Orphan, said: “We are delighted to announce the appointment of Mo Khan to the Board of Open Orphan. Mo has extensive CRO knowledge and experience in a fast growth business and will be an invaluable addition to the Company as we capitalise on our position as a leading European CRO and world leader in testing vaccines and therapeutics for infectious and respiratory diseases, as this market exponentially grows to an expected $250bn by 2025.
We would also like to thank Michael Meade for all of his help and assistance in the 22 months since we acquired hVIVO, Michael’s knowledge of the City and his financial acumen has been invaluable to us.”
Mo Khan, Incoming Non-Executive Director, Open Orphan, said: “I am delighted to join the Board of Open Orphan. I have been very impressed by the outstanding progress that Cathal Friel, the Board and the team have made in such a short period of time. These are exciting times for Open Orphan and its subsidiaries in the light of their current full-service, high quality offerings in conjunction with the increased interest in challenge studies. I look forward to working with them in the next stage of the evolution of Open Orphan.”
For further information please contact:
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Open Orphan plc |
+353 (0)1 644 0007 |
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Cathal Friel, Executive Chairman |
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Arden Partners plc (Nominated Adviser and Joint Broker) |
+44 (0)20 7614 5900 |
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John Llewellyn-Lloyd / Louisa Waddell / Oscair McGrath |
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finnCap plc (Joint Broker) |
+44 (0) 20 7220 500 |
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Geoff Nash / James Thompson/ Richard Chambers |
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Davy (Euronext Growth Adviser and Joint Broker) |
+353 (0)1 679 6363 |
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Anthony Farrell |
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Walbrook PR (Financial PR & IR) |
+44 (0)20 7933 8780 or openorphan@walbrookpr.com |
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Paul McManus / Sam Allen / Louis Ashe-Jepson |
+44 (0)7980 541 893 / +44 (0) 7502 558 258 / +44 (0) 7747 515393 |
Appendix
Full name: Yamin Mohammed Khan
Age: 52
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Current directorships / partnerships |
Previous directorships / partnerships (in the last five years) |
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None |
Pharm-Olam International (UK) Limited |
Mo Khan does not hold any shares or options over shares in the Company.