Tuesday 14 April 2020
Here is our summary of the day's hottest RNS alerts from across London's Alternative Investments Market (AIM).
Ascent Resources PLC (AST.L)
(1) Cuba new market entry and Board changes
Ascent Resources Plc, the onshore European and Caribbean / Hispanic American oil and gas company, announced its first acquisition in its wider international strategy, a change of Directorate and the issue of equity.
First transaction in the Company's Caribbean entry comprising the acquisition of Energetical Limited ("Energetical"), a UK Company with exclusive rights to secure a Production Sharing Contract ('PSC') on a producing onshore Cuban oil licence. Energetical delivers exclusive rights to the 9B Block in Cuba ("Block 9B") that contains the onshore Majaguillar and San Anton fields, located on the North coast of Cuba and currently producing 190 bbls/day gross from three wells.
The Company is reviewing potential further acquisitions to develop a broad Cuban portfolio across both oil and gas and potentially mining, alongside the existing oil and gas asset in Slovenia and further European growth opportunities which are under active consideration.
Andrew Dennan joins as Chief Executive Officer, subject to regulatory due diligence, to implement the wider international strategy.
(2) Slovenian Litigation Funding Update
Further to the Company's announcement of 9 April 2020 and following further discussions between the Company and the litigation funder over the Easter weekend, the funder has now elected to withdraw from further discussions at this time, requiring a further regulatory announcement by the Company to update the Company's previous understanding as contained in its announcement of 9 April. This is understood not to be related to the substantive elements of the case and is despite the funder previously issuing the non binding LOI and recent email correspondence where the parties agreed to continue discussions after the forthcoming Slovenian visit.
As previously announced, the Company continues to assess the merits of litigation versus developing the Petisovci gas project collaboratively with the government and its partners. The Company remains confident, as demonstrated by receipt of this LOI and the strength of its case, that it can secure such funding either from this funder at a later date or other prospective funders if it elects to pursue a litigation led strategy in Slovenia.
DeepMatter Group Plc (DMTR.L)
Contract with Cancer Research UK Beatson Institute
DeepMatter, the AIM-quoted company focusing on digitising chemistry has signed a contract with the Cancer Research UK Beatson Institute and Cancer Research Technology (the commercialisation and development arm of Cancer Research UK) for its DigitalGlassware™ platform. The technology will be installed within the institute's Drug Discovery Unit to enable the accurate and reproducible sharing of its research output with its outsourced chemistry partners located in China.
The use of DigitalGlassware™ means the Drug Discovery Unit will be able to share its cutting-edge chemistry across locations, so that work is not needlessly duplicated nor time and money wasted, and ultimately so new discoveries might be made faster.
The DigitalGlassware™ platform will allow the Drug Discovery Unit to accurately and systematically record, code and enter the results of their experiments into a shared data cloud, enabling the sharing of details of their experiments from anywhere and in real-time.
A subsequent deployment in China is anticipated to take place later in 2020.
Concepta PLC (CPT.L)
Manufacturing outsourcing agreements for myLotus®
Concepta PLC, the innovative UK personalised healthcare company and developer of the proprietary self-test platform ("myLotus®"), the UK's most accurate home-use fertility tracking and pregnancy testing system, announces that it has agreed to outsource manufacturing for myLotus®; reducing overheads costs for the Company and allowing it to focus on product commercialisation.
To this end, the Company has signed agreements with Abingdon Health Ltd ("Abingdon Health"), a leading UK rapid test developer and manufacturer, to acquire Concepta's lateral flow test manufacturing site in Doncaster, for the technical transfer of the manufacturing processes, the further development of Concepta's lateral flow devices, and for the continuing contract manufacturing and supply of myLotus® testing strips.
As part of the asset purchase agreement, Concepta will assign the leases on the facility and machinery, transfer the staff, and will sell residual manufacturing equipment to Abingdon Health. Under the agreement Concepta will receive a total cash consideration of approximately £0.3m. This cash will be applied to the Company's working capital requirements.
Whilst the Doncaster site will continue to supply myLotus® testing strips to Concepta, the additional capacity at the facility will support Abingdon as it spearheads the UK Rapid Testing Consortium (UK-RTC) in its programme to deliver a new COVID-19 antibody rapid test. The site will provide Abingdon Health with a fully certified facility to efficiently support the volume requirements of this essential national programme.