Tuesday 7 April
Here is our summary of the day's hottest RNS alerts from across London's AIM Market.
Global Petroleum Ltd (GBP.L)
Agreement with NAMCOR to Licence 3D Seismic Data
Global Petroleum Limited announces that it has come to an agreement to licence pre-existing 3D seismic data in its offshore Namibia Block, 2011A.
This key data, acquired by previous licensees in 2010, covers the company's Welwitschia Deep prospect and Marula lead, and will enable precise mapping of these features. Once this is complete, Global will update Prospective Resources and chances of success for Welwitschia Deep and Marula.
In consideration for the right to licence this data Global has agreed to transfer to National Petroleum Corporation of Namibia ("NAMCOR") a 7% participating interest in PEL0094. NAMCOR holds an existing 10% carried interest as required by the Namibian Government, and its total interest in PEL0094 will therefore be 17%, carried to first production. Aloe Investments, a private Namibian company holds a 5% interest, carried through exploration. Global will therefore hold a working interest of 78 per cent, and will remain operator of the licence.
Volga Gas Plc (VGAS.L)
Strategic Review including Formal Sale Process
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, announces that its Board has decided to conduct a formal review of the various strategic options available to the company to maximise value for shareholders.
These options include, but are not limited to, the potential sale of the Company through the commencement of a "formal sale process" or the farm-out or sale of one or more of the company's assets. The Board has established a special committee comprised of its independent non-executive directors to oversee the strategic review.
The Takeover Panel has agreed that any discussions with third parties may be conducted within the context of a formal sale process under the Takeover Code to enable conversations with parties interested in making a proposal to take place on a confidential basis.
The Company is not in receipt of any approaches at the time of this announcement.
Bidstack Group Plc (BIDS.L)
UK Government's "Stay Home Save Lives" campaign
Bidstack, the native in-game advertising group, is pleased to confirm that, as announced by the UK Government's DCMS on 6 April 2020, it is providing its proprietary technology to insert the message "Stay Home Save Lives" in Codemasters' Dirt Rally 2.0. video game.
This campaign has been widely noted across various media outlets including BBC News, ITV News, Radio 4, LBC, Virgin Radio, PC Gamer, Forbes, Engadget, The Daily Mail, CityAM, The Daily Telegraph, The Sun and The Hollywood Reporter.
Because Bidstack's technology is capable of geo-targeting gamers, the DCMS message is currently being sent only to UK gamers. However, the Company is working with Codemasters to extend the initiative to other European and American players with localised public safety information.
In addition, Bidstack is working directly with the DCMS to explore how its technology can be put to work to ensure this message is being delivered through other games. The Company's technology can make this easy to do in an impactful but unobtrusive way. For full RNS details, see: https://www.investegate.co.uk/bidstack-group-plc/rns/uk-government-s--stay-home-save-lives--campaign/202004070700059814I/
EIH Plc (EIH.L)
Proposed AIM Cancellation and Notice of EGM
EIH today announces its intention to seek Shareholder approval for the cancellation of admission of its Shares to trading on AIM.
A circular will be published and posted to Shareholders shortly setting out the background to, and the reasons for, the Cancellation and the implications for the Company's Shareholders . The Circular will also contain a notice convening an extraordinary general meeting of the Company at which Shareholders are invited to consider a resolution to approve the proposed cancellation.
The Directors consider these proposals to be in the best interests of Company and its Shareholders as a whole after considering, amongst other things:
- that there is a clear lack of liquidity in the Shares of the Company;
- there is considerable financial cost associated with maintaining the Company's admission to trading on AIM, which the Directors believe is disproportionate to the benefits to the Company; and,
- as announced on 29 November 2019, the vast majority of Shareholders consulted regarding the proposed Cancellation were in favour of the Cancellation in the interest of saving costs. For full RNS details, see: https://www.investegate.co.uk/eih-plc/rns/proposed-aim-cancellation-and-notice-of-egm/202004070700059801I/