Tuesday 21 April 2020
Here is our summary of the day's hottest RNS alerts from across London's Alternative Investments Market (AIM).
Barkby Group Plc (BARK.L)
Agreement with Cambridge Sound Technologies
Barkby Life Sciences, a division of The Barkby Group PLC, announced that further to its announcement on 3 March 2020, it has signed an agreement with Cambridge Sound Technologies UK Ltd for the exclusive design of, and acquisition of the intellectual property rights related to, a device to improve and facilitate natural sleep.
Barkby has agreed revised terms which now comprise initial cash consideration of £120,000 to cover design costs incurred to date with two further payments of £60,000 upon completion of certain milestones. The acquiring vehicle has been granted a license for the algorithm of the product on a perpetual basis in exchange for a royalty payment per unit sold.
Barkby expects to advance a total of £1.5m of working capital into the acquiring vehicle, Cambridge Sleep Sciences Ltd. Commercial production of the device is expected to commence in the second half of 2020.
Barkby will subsequently own 85.0% of Cambridge Sleep Sciences Ltd, with the remaining 15.0% by the management team.
Dr Julian Stone and Dr Chris Dickson have been appointed CEO and Executive Chairman, respectively, of Cambridge Sleep Sciences Ltd. Dr Julian Stone has over 20 years' experience in medical technology, big data and analytics and has a strong track record of advising SMEs on strategic, operational and commercial planning. Dr Chris Dickson has 37 years' experience in the medical industry, holding a number of roles including Head of Healthcare Services for Bupa and Director of International Strategy at EMIS Group. He currently holds several non-executive director roles in the healthcare technologies space and is Executive Chairman at VivoPlex Group Ltd. Charles Dickson and Douglas Benzie, Executive Chairman and Chief Financial Officer of the Group respectively, will also join the Board of Cambridge Sleep Sciences Ltd.
The Board expects that Cambridge Sleep Sciences Ltd will be earnings accretive to the Group's financial performance in the year ending 30 June 2021.
Power Metal (POW.L)
Alamo Gold Project Update
Power Metal Resources plc the AIM listed metals exploration and development company provided an update in respect of the Alamo gold project in Arizona, USA.
Readers are advised to review the Company's announcement dated 3 December 2019 outlining the terms of the Alamo gold project transaction and which can be viewed through the following link:
In addition, the Company's announcement dated 4 February 2020 which provided an update on progress with due diligence, including the results of a site visit and which may be viewed through the following link:
Following a successful site visit in January 2020, the Company's local partner has now completed the staking of additional claims to significantly expand the Project footprint;
The additional claim areas are being registered with the County and Bureau of Land Management and the footprint of the Project will cover the area potentially containing a proximal bedrock gold source for the gold nugget mineralisation identified near surface (circa 60 ounces of gold nuggets at surface having been found in the original project area);
The Project due diligence period for POW has been extended to 30 June 2020 with the agreement of all parties, with no extension fees payable, reflecting the disruption to normal activity due to lockdowns in respect of Covid-19;
In addition the Company is reviewing additional gold project opportunities in the US to potentially build a US gold operations portfolio.
For full RNS details, see: https://www.investegate.co.uk/power-metal/rns/alamo-gold-project-update/202004210700032668K/
Titon Holdings Plc (TON.L)
Re-start of Limited Production at Haverhill
Titon Holdings Plc, a leading international manufacturer and supplier of ventilation systems, and window and door hardware, makes a further statement on the COVID-19 pandemic.
Further to the statement issued on 24 March 2020, Titon is pleased to announce that limited scale production will re-start at the Group's factory in Haverhill, Suffolk from today. This follows careful and detailed planning with the Group putting in place measures in the factory in accordance with the UK Government's guidelines on social distancing in the workplace to safeguard the health and safety of our employees.
Initially, production will predominantly be to satisfy existing orders from certain customers, who have maintained operations during the various lockdown regimes imposed across the world. Since the factory's temporary closure in March we have retained an ongoing dialogue with all of our customers and responded to their queries. At this time, we anticipate that the orders fulfilled will only represent a small proportion of our normal level of sales, but as and when restrictions are gradually withdrawn across the world and demand returns, Titon hopes to increase levels of production back to normalised levels.
At this stage, there have been no material changes to the Group's cash position or balance sheet since the Company's statement on 24 March 2020. The next scheduled reporting event is the Company's Interim Report for the six month period ended 31 March 2020, which is due to be published on 14 May 2020.