Der Carpe-diem mit 9 Millionen Euro Verlust.
Die Gesundheits-Getränkelinie "Carpe Diem" von Dietrich Mateschitz hat bei unverändert hohen Verlusten 2008 einen dramatischen Umsatzeinbruch verzeichnet, berichtet das am Montag erscheinende Wirtschaftsmagazin "trend" in seiner am Montag erscheinenden Ausgabe.
Die Bilanz der Carpe Diem GmbH & Co. KG, die zur Gänze im Eigentum des Red-Bull-Gründers steht, weist einen Umsatzrückgang von 23 Prozent auf 15,8 Millionen Euro auf, der Verlust konnte nur geringfügig von 10,5 auf 9,4 Millionen Euro reduziert werden.
Für 2009 erwartet das Unternehmen laut eigenen Angaben dagegen ein "gut zweistelliges Wachstum", schreibt der "trend". Seit Jahresbeginn sind die Carpe-Diem-Produkte (u.a. Kombucha, Botanic Water) wieder in den Märkten von Rewe Austria (Billa, Merkur) gelistet.
-apa, ots -
Sonntag, 13. Dezember 2009
Dienstag, 8. Dezember 2009
Fortis and BlackRock, Inc. - Notification
In accordance with the rules on financial transparency, BlackRock, Inc. issued a notification on 4 December 2009 to declare that they now hold an interest of 3.39% in Fortis, following their acquisition of Barclays Global Investors (BGI) on 1st December 2009. Further to this acquisition, the combined holdings of BlackRock, Inc. has exceeded the statutory threshold of 3% of the shares issued by Fortis.
The notifications received by Fortis are available on the Fortis website under "Investor relations - The share - Transparency requirements"
A copy of the notification form from sent by BlackRock, Inc.
(http://www.fortis.com/Shareholders/transparency_requirements.asp).
- Hugin -
The notifications received by Fortis are available on the Fortis website under "Investor relations - The share - Transparency requirements"
A copy of the notification form from sent by BlackRock, Inc.
(http://www.fortis.com/Shareholders/transparency_requirements.asp).
- Hugin -
M&G Equity Investment Trust P.L.C. Net Asset Value(s)
8 December 2009
The Board of M&G Equity Investment Trust P.L.C. announce that the net asset value at 12:00 noon today was £158.5 million.
Income Shares* 3.58p 'XD'
Capital Shares 0.00p
Zero Dividend Preference Shares 87.65p
Package Units 91.23p 'XD'
The net asset values have been calculated on a cum-income basis, with dividends payable deducted from net assets on the ex-dividend date.
Financial assets are valued on a mid-market price basis; financial liabilities are included at book value (including amortised costs).
* The ex-income NAV of each Income Shares is 0.00p.
HUGIN /Source: M&G Equity Investment Trust PLC /LSE: MEQI /ISIN: GB0005511992
The Board of M&G Equity Investment Trust P.L.C. announce that the net asset value at 12:00 noon today was £158.5 million.
Income Shares* 3.58p 'XD'
Capital Shares 0.00p
Zero Dividend Preference Shares 87.65p
Package Units 91.23p 'XD'
The net asset values have been calculated on a cum-income basis, with dividends payable deducted from net assets on the ex-dividend date.
Financial assets are valued on a mid-market price basis; financial liabilities are included at book value (including amortised costs).
* The ex-income NAV of each Income Shares is 0.00p.
HUGIN /Source: M&G Equity Investment Trust PLC /LSE: MEQI /ISIN: GB0005511992
CQS RIG FINANCE FUND LIMITED Estimated Net Asset Value(s)
(a closed-ended investment company incorporated in Guernsey with registration number 45805)
Estimated Net Asset Value (Estimated NAV)
As at the close of business on 7 December 2009 the Estimated NAV per share was 16.96 pence.
This Estimated NAV has been prepared by the Company's Investment Adviser and is based on unaudited valuations sourced from third party brokers. Neither the Company nor its Investment Adviser accept any responsibility for, and make no representation or warranty in respect of, the accuracy of the Estimated NAV provided, and neither is any implied. This Estimated NAV is provided for indicative purposes only.
Enquiries:
Secretary
Kleinwort Benson (Channel Islands) Fund Services Limited
Telephone (01481) 727111
Date: 7th December 2009
HUGIN /Source: CQS Rig Finance Fund Ltd
Estimated Net Asset Value (Estimated NAV)
As at the close of business on 7 December 2009 the Estimated NAV per share was 16.96 pence.
This Estimated NAV has been prepared by the Company's Investment Adviser and is based on unaudited valuations sourced from third party brokers. Neither the Company nor its Investment Adviser accept any responsibility for, and make no representation or warranty in respect of, the accuracy of the Estimated NAV provided, and neither is any implied. This Estimated NAV is provided for indicative purposes only.
Enquiries:
Secretary
Kleinwort Benson (Channel Islands) Fund Services Limited
Telephone (01481) 727111
Date: 7th December 2009
HUGIN /Source: CQS Rig Finance Fund Ltd
Davidson Kempner European Partners LLP Rule 8.3 - Cadbury PLC
FORM 8.3
DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
(Rule 8.3 of the Takeover Code)
1. KEY INFORMATION
Name of person dealing (Note 1) DAVIDSON KEMPNER EUROPEAN PARTNERS, LLP
Company dealt in CADBURY PLC
Class of relevant security to which the dealings being disclosed relate (Note 2) ORDINARY SHARES
Date of dealing 7 December 2009
2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)
Long Short Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than options) 14,734,821 1.07%
(3) Options and agreements to purchase/sell
Total 14,734,821 1.07%
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)
Class of relevant security:
Long Short
Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than options)
(3) Options and agreements to purchase/sell
Total
(c) Rights to subscribe (Note 3)
Class of relevant security:
Details
3. DEALINGS (Note 4)
(a) Purchases and sales
Purchase/sale
Number of securities Price per unit (Note 5)
(b) Derivatives transactions (other than options)
Product name, e.g. CFD Long/short (Note 6) Number of securities (Note 7) Price per unit (Note 5) EQUITY SWAP LONG 400,000 789.25p
(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying
Product name, e.g. call option Writing, selling, purchasing, varying etc. Number of securities to which the option relates (Note 7) Exercise price Type, e.g. American, European etc. Expiry date Option money paid/received per unit (Note 5)
(ii) Exercising
Product name, e.g. call option Number of securities Exercise price per unit (Note 5)
(d) Other dealings (including new securities) (Note 4)
Nature of transaction (Note 8)
Details Price per unit (if applicable) (Note 5)
4. OTHER INFORMATION
Agreements, arrangements or understandings relating to options or derivatives
Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.
None.
Is a Supplemental Form 8 attached? (Note 9) NO
Date of disclosure 8 December 2009
Contact name SUZANNE CURL
Telephone number 0207 292 6768
If a connected EFM, name of offeree/offeror with which connected
If a connected EFM, state nature of connection (Note 10)
Notes
The Notes on Form 8.3 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk
HUGIN Davidson Kempner European Partners LLP
DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
(Rule 8.3 of the Takeover Code)
1. KEY INFORMATION
Name of person dealing (Note 1) DAVIDSON KEMPNER EUROPEAN PARTNERS, LLP
Company dealt in CADBURY PLC
Class of relevant security to which the dealings being disclosed relate (Note 2) ORDINARY SHARES
Date of dealing 7 December 2009
2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)
Long Short Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than options) 14,734,821 1.07%
(3) Options and agreements to purchase/sell
Total 14,734,821 1.07%
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)
Class of relevant security:
Long Short
Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than options)
(3) Options and agreements to purchase/sell
Total
(c) Rights to subscribe (Note 3)
Class of relevant security:
Details
3. DEALINGS (Note 4)
(a) Purchases and sales
Purchase/sale
Number of securities Price per unit (Note 5)
(b) Derivatives transactions (other than options)
Product name, e.g. CFD Long/short (Note 6) Number of securities (Note 7) Price per unit (Note 5) EQUITY SWAP LONG 400,000 789.25p
(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying
Product name, e.g. call option Writing, selling, purchasing, varying etc. Number of securities to which the option relates (Note 7) Exercise price Type, e.g. American, European etc. Expiry date Option money paid/received per unit (Note 5)
(ii) Exercising
Product name, e.g. call option Number of securities Exercise price per unit (Note 5)
(d) Other dealings (including new securities) (Note 4)
Nature of transaction (Note 8)
Details Price per unit (if applicable) (Note 5)
4. OTHER INFORMATION
Agreements, arrangements or understandings relating to options or derivatives
Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.
None.
Is a Supplemental Form 8 attached? (Note 9) NO
Date of disclosure 8 December 2009
Contact name SUZANNE CURL
Telephone number 0207 292 6768
If a connected EFM, name of offeree/offeror with which connected
If a connected EFM, state nature of connection (Note 10)
Notes
The Notes on Form 8.3 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk
HUGIN Davidson Kempner European Partners LLP
Pace plc - Director/PDMR Shareholding
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).
(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.
(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
Please complete all relevant boxes should be in block capital letters.
1. Name of the issuer
Pace plc
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R,
(ii) a disclosure made in accordance LR 9.8.6R(1) or
(iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
(iii)
3. Names of persons discharging managerial responsibilities/directors
Neil Gaydon
David mckinney
anthony dixon
helen kettleborough
Jill ezard
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
PERSONS NAMED ABOVE
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
Ordinary Shares of 5p
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
PERSONS NAMED ABOVE
8 State the nature of the transaction
EXERCISE OF SHARE OPTIONS UNDER THE SHARESAVE PLAN
9. Number of shares, debentures or financial instruments relating to shares acquired
Neil Gaydon 9,782 SHARES
David mckinney 12,521 SHARES
anthony dixon 6,260 SHARES
helen kettleborough 3,521 SHARES
Jill ezard 12,521 SHARES
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
Neil Gaydon .003%
David mckinney .004%
anthony dixon .002%
helen kettleborough .001%
Jill ezard .004%
11. Number of shares, debentures or financial instruments relating to shares disposed
n/a
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
n/a
13. Price per share or value of transaction
OPTION EXSRCISE PRICE OF 46P
14. Date and place of transaction
7 DECEMBER 2009, London
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
Neil Gaydon Beneficial holding 51,466 0.017%
Under Option 1,323,551 0.437%
David McKinney Beneficial holding 38,159 0.013%
Under Option 922,069 0.305%
Anthony Dixon Beneficial holding 102,057 0.034%
Under Option 454,465 0.151%
Jill Ezard Beneficial holding 12,521 0.004%
Under Option 458,958 0.152%
Helen Kettleborough Beneficial holding 15,150 0.005%
Under Option 317,651 0.105%
16. Date issuer informed of transaction
7 dECEMBER 2009
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
17 Date of grant
18. Period during which or date on which it can be exercised
19. Total amount paid (if any) for grant of the option
............
20. Description of shares or debentures involved (class and number)
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
22. Total number of shares or debentures over which options held following notification
............
23. Any additional information
............
24. Name of contact and telephone number for queries
Anthony Dixon
01274 537007
Name and signature of duly authorised officer of issuer responsible for making notification
Anthony Dixon
Company Secretary
Date of notification
8 DECEMBER 2009
/HUGIN /Source: Pace plc /LSE: PIC /ISIN: GB0006672785
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).
(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.
(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
Please complete all relevant boxes should be in block capital letters.
1. Name of the issuer
Pace plc
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R,
(ii) a disclosure made in accordance LR 9.8.6R(1) or
(iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
(iii)
3. Names of persons discharging managerial responsibilities/directors
Neil Gaydon
David mckinney
anthony dixon
helen kettleborough
Jill ezard
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
PERSONS NAMED ABOVE
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
Ordinary Shares of 5p
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
PERSONS NAMED ABOVE
8 State the nature of the transaction
EXERCISE OF SHARE OPTIONS UNDER THE SHARESAVE PLAN
9. Number of shares, debentures or financial instruments relating to shares acquired
Neil Gaydon 9,782 SHARES
David mckinney 12,521 SHARES
anthony dixon 6,260 SHARES
helen kettleborough 3,521 SHARES
Jill ezard 12,521 SHARES
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
Neil Gaydon .003%
David mckinney .004%
anthony dixon .002%
helen kettleborough .001%
Jill ezard .004%
11. Number of shares, debentures or financial instruments relating to shares disposed
n/a
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
n/a
13. Price per share or value of transaction
OPTION EXSRCISE PRICE OF 46P
14. Date and place of transaction
7 DECEMBER 2009, London
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
Neil Gaydon Beneficial holding 51,466 0.017%
Under Option 1,323,551 0.437%
David McKinney Beneficial holding 38,159 0.013%
Under Option 922,069 0.305%
Anthony Dixon Beneficial holding 102,057 0.034%
Under Option 454,465 0.151%
Jill Ezard Beneficial holding 12,521 0.004%
Under Option 458,958 0.152%
Helen Kettleborough Beneficial holding 15,150 0.005%
Under Option 317,651 0.105%
16. Date issuer informed of transaction
7 dECEMBER 2009
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
17 Date of grant
18. Period during which or date on which it can be exercised
19. Total amount paid (if any) for grant of the option
............
20. Description of shares or debentures involved (class and number)
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
22. Total number of shares or debentures over which options held following notification
............
23. Any additional information
............
24. Name of contact and telephone number for queries
Anthony Dixon
01274 537007
Name and signature of duly authorised officer of issuer responsible for making notification
Anthony Dixon
Company Secretary
Date of notification
8 DECEMBER 2009
/HUGIN /Source: Pace plc /LSE: PIC /ISIN: GB0006672785
Helphire Group PLC -Holding(s) in Company
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii HELPHIRE GROUP PLC
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights X
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the
notification obligation: iii Moore Europe Capital Management, LLP
4. Full name of shareholder(s)
(if different from 3.):iv R H Moore, LP
5. Date of the transaction and date on which the threshold is crossed or reached:
v 30 November 2009
6. Date on which issuer notified: 7 December 2009
7. Threshold(s) that is/are crossed or reached: vi, vii 5% to 6%
8. Notified details:
A: Voting rights attached to shares viii, ix Class/type of shares if possible using the ISIN CODE Situation previous to the triggering transaction Resulting situation after the triggering transaction Number of Shares Number of Voting Rights Number
of shares Number of voting rights % of voting rights x
Direct Direct xi Indirect xii Direct Indirect
GB0004195219 19,093,819 19,093,819 20,182,067 20,182,067 N/A 6.09% N/A
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial
instrument Expiration
date xiii Exercise/
Conversion Period xiv Number of voting rights that may be acquired if the instrument is exercised/ converted. % of voting rights
Not specified Not specified Not specified Not specified Not specified
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Type of financial
instrument Exercise price Expiration date xvii Exercise/
Conversion period xviii Number of voting rights instrument refers to
% of voting rights xix, xx
Not specified Not specified Not specified Not specified Not specified Nominal Delta
Not specified Not specified
Total (A+B+C)
Number of voting rights Percentage of voting rights
20,182,067 6.09%
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi
Not specified
Proxy Voting:
10. Name of the proxy holder: N/A
11. Number of voting rights proxy holder will cease
to hold: N/A
12. Date on which proxy holder will cease to hold
voting rights: N/A
13. Additional information:
Investment Manager - Moore Europe Capital Management, LLP
14. Contact name: Nick Tilley, Company Secretary
15. Contact telephone number: 01225 321218
HUGIN Helphire Group PLC /LSE: HHR /ISIN: GB0004195219
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii HELPHIRE GROUP PLC
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights X
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the
notification obligation: iii Moore Europe Capital Management, LLP
4. Full name of shareholder(s)
(if different from 3.):iv R H Moore, LP
5. Date of the transaction and date on which the threshold is crossed or reached:
v 30 November 2009
6. Date on which issuer notified: 7 December 2009
7. Threshold(s) that is/are crossed or reached: vi, vii 5% to 6%
8. Notified details:
A: Voting rights attached to shares viii, ix Class/type of shares if possible using the ISIN CODE Situation previous to the triggering transaction Resulting situation after the triggering transaction Number of Shares Number of Voting Rights Number
of shares Number of voting rights % of voting rights x
Direct Direct xi Indirect xii Direct Indirect
GB0004195219 19,093,819 19,093,819 20,182,067 20,182,067 N/A 6.09% N/A
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial
instrument Expiration
date xiii Exercise/
Conversion Period xiv Number of voting rights that may be acquired if the instrument is exercised/ converted. % of voting rights
Not specified Not specified Not specified Not specified Not specified
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Type of financial
instrument Exercise price Expiration date xvii Exercise/
Conversion period xviii Number of voting rights instrument refers to
% of voting rights xix, xx
Not specified Not specified Not specified Not specified Not specified Nominal Delta
Not specified Not specified
Total (A+B+C)
Number of voting rights Percentage of voting rights
20,182,067 6.09%
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi
Not specified
Proxy Voting:
10. Name of the proxy holder: N/A
11. Number of voting rights proxy holder will cease
to hold: N/A
12. Date on which proxy holder will cease to hold
voting rights: N/A
13. Additional information:
Investment Manager - Moore Europe Capital Management, LLP
14. Contact name: Nick Tilley, Company Secretary
15. Contact telephone number: 01225 321218
HUGIN Helphire Group PLC /LSE: HHR /ISIN: GB0004195219
Montag, 23. November 2009
Delhaize Group Closes the Acquisition of Greek Retailer Koryfi
BRUSSELS, Belgium, November 23, 2009 -
Delhaize Group (Euronext Brussels: DELB - NYSE: DEG), the Belgian international food retailer, announced today that it has completed, through its subsidiary Alfa-Beta Vassilopoulos, the earlier announced acquisition of 11 stores and a distribution center operated under the banner Koryfi for an amount of EUR 7.0 million. This highly complementary acquisition will reinforce the position of Alfa-Beta in Thrace (Northeastern Greece) where it currently has a limited presence.
Konstantinos Macheras, Chief Executive Officer of Alfa-Beta, commented: "The acquisition of Koryfi supports Delhaize Group's objective of accelerating profitable revenue growth and fits in the company's strategy to reinforce its presence in existing or adjacent markets through fill-in acquisitions with strong synergies. Thanks to this perfect fill-in acquisition of 11 well-located stores and a distribution center, Alfa-Beta reinforces its position in the Northeastern part of Greece where it so far only had a limited presence. We are pleased to welcome the employees to the Alfa-Beta family and to continue to serve the Koryfi customers."
In 2008, the revenues of the 11 acquired stores amounted to EUR 30 million. The transaction includes the real estate ownership of two stores and a distribution center. Alfa-Beta plans to convert the acquired stores to Alfa-Beta banners before the end of 2010. The results of the 11 Koryfi stores will be consolidated in Delhaize Group's results from November 23, 2009.
Alfa-Beta is the second largest food retailer in Greece. At the end of the third quarter of 2009, Alfa-Beta's network consisted of 204 stores under the banners Alfa-Beta, AB City Market, ENA cash & carry, AB Foodmarket and AB Shop n' Go. In 2008, Alfa-Beta realized EUR 1.3 billion revenues and it employed 8 821 people.
» Delhaize Group
Delhaize Group is a Belgian international food retailer present in six countries on three continents. At the end of the third quarter of 2009, Delhaize Group's sales network consisted of 2 697 stores. In 2008, Delhaize Group posted EUR 19 billion (USD 28 billion) in revenues and EUR 467 million (USD 687 million) in net profit (Group share). At the end of 2008, Delhaize Group employed approximately 141 000 people. Delhaize Group's stock is listed on Euronext Brussels (DELB) and the New York Stock Exchange (DEG).
This press release is available in English, French and Dutch. You can also find it on the website http://www.delhaizegroup.com. Questions can be sent to investor@delhaizegroup.com.
cautionary note regarding forward looking statements
Statements that are included or incorporated by reference in this press release and other written and oral statements made from time to time by Delhaize Group and its representatives, other than statements of historical fact, which address activities, events and developments that Delhaize Group expects or anticipates will or may occur in the future, including, without limitation, statements about strategic options, future strategies and the anticipated benefits of these strategies, are "forward-looking statements" within the meaning of the U.S. federal securities laws that are subject to risks and uncertainties. These forward-looking statements generally can be identified as statements that include phrases such as "guidance", "outlook", "projected", "believe", "target", "predict", "estimate", "forecast", "strategy", "may", "goal", "expect", "anticipate", "intend", "plan", "foresee", "likely", "will", "should" or other similar words or phrases. Although such statements are based on current information, actual outcomes and results may differ materially from those projected depending upon a variety of factors, including, but not limited to, changes in the general economy or the markets of Delhaize Group, in consumer spending, in inflation or currency exchange rates or in legislation or regulation; competitive factors; adverse determination with respect to claims; inability to timely develop, remodel, integrate or convert stores; and supply or quality control problems with vendors. Additional risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements are described in Delhaize Group's most recent Annual Report on Form 20-F and other filings made by Delhaize Group with the U.S. Securities and Exchange Commission, which risk factors are incorporated herein by reference. Delhaize Group disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.
by HUGIN
Delhaize Group (Euronext Brussels: DELB - NYSE: DEG), the Belgian international food retailer, announced today that it has completed, through its subsidiary Alfa-Beta Vassilopoulos, the earlier announced acquisition of 11 stores and a distribution center operated under the banner Koryfi for an amount of EUR 7.0 million. This highly complementary acquisition will reinforce the position of Alfa-Beta in Thrace (Northeastern Greece) where it currently has a limited presence.
Konstantinos Macheras, Chief Executive Officer of Alfa-Beta, commented: "The acquisition of Koryfi supports Delhaize Group's objective of accelerating profitable revenue growth and fits in the company's strategy to reinforce its presence in existing or adjacent markets through fill-in acquisitions with strong synergies. Thanks to this perfect fill-in acquisition of 11 well-located stores and a distribution center, Alfa-Beta reinforces its position in the Northeastern part of Greece where it so far only had a limited presence. We are pleased to welcome the employees to the Alfa-Beta family and to continue to serve the Koryfi customers."
In 2008, the revenues of the 11 acquired stores amounted to EUR 30 million. The transaction includes the real estate ownership of two stores and a distribution center. Alfa-Beta plans to convert the acquired stores to Alfa-Beta banners before the end of 2010. The results of the 11 Koryfi stores will be consolidated in Delhaize Group's results from November 23, 2009.
Alfa-Beta is the second largest food retailer in Greece. At the end of the third quarter of 2009, Alfa-Beta's network consisted of 204 stores under the banners Alfa-Beta, AB City Market, ENA cash & carry, AB Foodmarket and AB Shop n' Go. In 2008, Alfa-Beta realized EUR 1.3 billion revenues and it employed 8 821 people.
» Delhaize Group
Delhaize Group is a Belgian international food retailer present in six countries on three continents. At the end of the third quarter of 2009, Delhaize Group's sales network consisted of 2 697 stores. In 2008, Delhaize Group posted EUR 19 billion (USD 28 billion) in revenues and EUR 467 million (USD 687 million) in net profit (Group share). At the end of 2008, Delhaize Group employed approximately 141 000 people. Delhaize Group's stock is listed on Euronext Brussels (DELB) and the New York Stock Exchange (DEG).
This press release is available in English, French and Dutch. You can also find it on the website http://www.delhaizegroup.com. Questions can be sent to investor@delhaizegroup.com.
cautionary note regarding forward looking statements
Statements that are included or incorporated by reference in this press release and other written and oral statements made from time to time by Delhaize Group and its representatives, other than statements of historical fact, which address activities, events and developments that Delhaize Group expects or anticipates will or may occur in the future, including, without limitation, statements about strategic options, future strategies and the anticipated benefits of these strategies, are "forward-looking statements" within the meaning of the U.S. federal securities laws that are subject to risks and uncertainties. These forward-looking statements generally can be identified as statements that include phrases such as "guidance", "outlook", "projected", "believe", "target", "predict", "estimate", "forecast", "strategy", "may", "goal", "expect", "anticipate", "intend", "plan", "foresee", "likely", "will", "should" or other similar words or phrases. Although such statements are based on current information, actual outcomes and results may differ materially from those projected depending upon a variety of factors, including, but not limited to, changes in the general economy or the markets of Delhaize Group, in consumer spending, in inflation or currency exchange rates or in legislation or regulation; competitive factors; adverse determination with respect to claims; inability to timely develop, remodel, integrate or convert stores; and supply or quality control problems with vendors. Additional risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements are described in Delhaize Group's most recent Annual Report on Form 20-F and other filings made by Delhaize Group with the U.S. Securities and Exchange Commission, which risk factors are incorporated herein by reference. Delhaize Group disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.
by HUGIN
Fortis and Fidelity International - Notification
Fidelity International has taken an interest in Fortis. In compliance with the rules on financial transparency, Fidelity International sent a notification to Fortis on 6 November 2009 mentioning that it had a stake of 3.01% of the shares issued by Fortis, i.e. just above the statutory threshold of 3%. On 9 November 2009, Fidelity International sent a further notification that its interest now amounts to 2.90% of the shares issued by Fortis, just below the statutory threshold of 3%.
The copies of the notification forms emanating from Fidelity International are attached to this press release.
The notifications received by Fortis are available on the Fortis website under "Investor relations - The share - Transparency requirements" (http://www.fortis.com/Shareholders/transparency_requirements.asp).
Fortis consists of (1) a 75% ownership of AG Insurance, (2) Fortis Insurance International, (3) a 45% stake in Royal Park Investments - a structured credit portfolio entity - and (4) financial assets and liabilities of various financing vehicles.
AG Insurance is overall market leader and a leading player in the Employee Benefits market. The international insurance activities (Fortis Insurance International) are located in the UK, where Fortis is the third largest player in the market for private car insurance, France, Hong Kong, Luxembourg (Non-Life), Germany, Turkey, Russia, Ukraine and joint ventures in Luxembourg (Life), Portugal, with Millenniumbcp Fortis being a clear market leader, China, Malaysia, India and Thailand. Fortis currently employs over 10,000 people.
HUGIN /Source: FORTIS /BXS: FORB /ISIN: BE0003801181
The copies of the notification forms emanating from Fidelity International are attached to this press release.
The notifications received by Fortis are available on the Fortis website under "Investor relations - The share - Transparency requirements" (http://www.fortis.com/Shareholders/transparency_requirements.asp).
Fortis consists of (1) a 75% ownership of AG Insurance, (2) Fortis Insurance International, (3) a 45% stake in Royal Park Investments - a structured credit portfolio entity - and (4) financial assets and liabilities of various financing vehicles.
AG Insurance is overall market leader and a leading player in the Employee Benefits market. The international insurance activities (Fortis Insurance International) are located in the UK, where Fortis is the third largest player in the market for private car insurance, France, Hong Kong, Luxembourg (Non-Life), Germany, Turkey, Russia, Ukraine and joint ventures in Luxembourg (Life), Portugal, with Millenniumbcp Fortis being a clear market leader, China, Malaysia, India and Thailand. Fortis currently employs over 10,000 people.
HUGIN /Source: FORTIS /BXS: FORB /ISIN: BE0003801181
Dienstag, 10. November 2009
Medusa Mining Limited Exercise of Options and Issue of Equity
MEDUSA MINING LIMITED
ABN: 60 099 377 849
Como WA 6152
Internet: www.medusamining.com.au
Medusa Mining Limited Exercise of options
Medusa Mining Limited ("Medusa" or "the Company") announces that it has today issued:
750,000 new ordinary shares of nil par value in the Company, following the exercise of options by certain employees of the Company at an exercise price of Aus$0.7128 per share; and
190,000 new ordinary shares of nil par value in the Company, following the exercise of options by certain employees of the Company at an exercise price of Aus$1.25 per share.
The new ordinary shares will rank pari passu with existing ordinary shares and application will be made for 940,000 new ordinary shares to be admitted to trading on AIM, which is expected to occur on 16 November 2009.
Following the issue of the new ordinary shares, the Company has a total of 169,781,960 ordinary shares of nil par value in issue.
HUGIN /Source: Medusa Mining Ltd /LSE: MML /ISIN: AU000000MML0
ABN: 60 099 377 849
Como WA 6152
Internet: www.medusamining.com.au
Medusa Mining Limited Exercise of options
Medusa Mining Limited ("Medusa" or "the Company") announces that it has today issued:
750,000 new ordinary shares of nil par value in the Company, following the exercise of options by certain employees of the Company at an exercise price of Aus$0.7128 per share; and
190,000 new ordinary shares of nil par value in the Company, following the exercise of options by certain employees of the Company at an exercise price of Aus$1.25 per share.
The new ordinary shares will rank pari passu with existing ordinary shares and application will be made for 940,000 new ordinary shares to be admitted to trading on AIM, which is expected to occur on 16 November 2009.
Following the issue of the new ordinary shares, the Company has a total of 169,781,960 ordinary shares of nil par value in issue.
HUGIN /Source: Medusa Mining Ltd /LSE: MML /ISIN: AU000000MML0
adidas AG Convertible bond 2003/2018 (ISIN DE0009038968) fully converted
adidas AG announces that, following notice of redemption bv the issuer adidas International Finance B.V. on October 8, 2009, the € 400 million convertible bond 2003/2018 (ISIN DE0009038968) has been fully converted.
This development corresponds to Management's original expectation that, in light of the current adidas AG share price, most or all bondholders would exercise their conversion rights.
Following completion of the conversion process, 15,684,274 new shares based on the Contingent Capital 2003/II of the Company will have been issued. The new shares will be entitled to dividends as of the beginning of the financial year 2009.
As a result of the conversion, adidas AG will reduce its net debt by about € 400 million and increase its equity in the same amount. This development will contribute to the early achievement of the Company's medium-term target of financial leverage below 50% by year-end 2009.
About the adidas Group
The adidas Group is one of the global leaders within the sporting goods industry offering a broad range of products across the three core brands adidas, Reebok and TaylorMade-adidas Golf. Headquartered in Herzogenaurach, Germany, the Group has more than 38,000 employees and generated sales of EUR 10.8 billion in 2008.
Please visit our corporate website: www.adidas-Group.com
HUGIN /Source: adidas AG /GER: ADS /ISIN: DE0005003404
This development corresponds to Management's original expectation that, in light of the current adidas AG share price, most or all bondholders would exercise their conversion rights.
Following completion of the conversion process, 15,684,274 new shares based on the Contingent Capital 2003/II of the Company will have been issued. The new shares will be entitled to dividends as of the beginning of the financial year 2009.
As a result of the conversion, adidas AG will reduce its net debt by about € 400 million and increase its equity in the same amount. This development will contribute to the early achievement of the Company's medium-term target of financial leverage below 50% by year-end 2009.
About the adidas Group
The adidas Group is one of the global leaders within the sporting goods industry offering a broad range of products across the three core brands adidas, Reebok and TaylorMade-adidas Golf. Headquartered in Herzogenaurach, Germany, the Group has more than 38,000 employees and generated sales of EUR 10.8 billion in 2008.
Please visit our corporate website: www.adidas-Group.com
HUGIN /Source: adidas AG /GER: ADS /ISIN: DE0005003404
Evotec to Voluntarily Delist from NASDAQ
Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX) a leading provider in the discovery and development of novel small molecule drugs today announced that it plans to voluntarily delist its American Depositary Shares from the NASDAQ stock market and concentrate its share trading on the recently re-entered TecDAX platform.
Dr Werner Lanthaler, Chief Executive Officer of Evotec stated: "Evotec follows the trading behaviour of its shareholders thereby reducing unnecessary complexity in the capital market presence and related costs. Despite this delisting we intend to continually improve the information and service quality for our global shareholder base."
Evotec has given formal notice to the NASDAQ of its intention to voluntarily delist its American Depositary Shares. Evotec intends to file a Form 25 with the NASDAQ on 20 November 2009 to initiate the delisting which will become effective on 30 November 2009. As soon thereafter as the Company is eligible, the Company intends to file a Form 15 with the Securities and Exchange Commission to terminate the registration of the American Depositary Shares and the underlying ordinary shares.
During the second quarter of 2008 Evotec acquired Renovis and, in the context of this transaction, listed on NASDAQ. The Evotec ADSs are listed on the NASDAQ Global Market under the trading symbol "EVTC". Based on the "Evotec 2012 - Action Plan to Focus and Grow" Evotec implemented strict restructuring measures during the course of the second quarter 2009. As a consequence of these measures, Evotec closed its US operations in South San Francisco, California, during the third quarter 2009.
Forward-Looking Statements
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements about our expectations and assumptions concerning regulatory, clinical and business strategies, the progress of our clinical development programs and timing of the results of our clinical trials, strategic collaborations and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: risks that the Company may be unable to reduce its cash burn through recent restructuring and cost containment measures and may not recognize the results of such measures within the expected timeframe; risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured; the risk that we will not achieve the anticipated benefits of our collaborations, partnerships and acquisitions in the timeframes expected, or at all; risks relating to our ability to advance the development of product candidates currently in the pipeline or in clinical trials; our inability to further identify, develop and achieve commercial success for new products and technologies; the risk that competing products may be more successful; our inability to interest potential partners in our technologies and products; our inability to achieve commercial success for our products and technologies; our inability to protect our intellectual property and the cost of enforcing or defending our intellectual property rights; our failure to comply with regulations relating to our products and product candidates, including FDA requirements; the risk that the FDA may interpret the results of our studies differently than we have; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully secure regulatory approval of and market our drug candidates; and risks of new, changing and competitive technologies and regulations in the U.S. and internationally.
The list of risks above is not exhaustive. Our most recent Annual Report on Form 20-F, filed with the Securities and Exchange Commission, and other documents filed with, or furnished to the Securities and Exchange Commission, contain additional factors that could impact our businesses and financial performance. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
HUGIN /Source: Evotec AG /GER: EVT /ISIN: DE0005664809
Dr Werner Lanthaler, Chief Executive Officer of Evotec stated: "Evotec follows the trading behaviour of its shareholders thereby reducing unnecessary complexity in the capital market presence and related costs. Despite this delisting we intend to continually improve the information and service quality for our global shareholder base."
Evotec has given formal notice to the NASDAQ of its intention to voluntarily delist its American Depositary Shares. Evotec intends to file a Form 25 with the NASDAQ on 20 November 2009 to initiate the delisting which will become effective on 30 November 2009. As soon thereafter as the Company is eligible, the Company intends to file a Form 15 with the Securities and Exchange Commission to terminate the registration of the American Depositary Shares and the underlying ordinary shares.
During the second quarter of 2008 Evotec acquired Renovis and, in the context of this transaction, listed on NASDAQ. The Evotec ADSs are listed on the NASDAQ Global Market under the trading symbol "EVTC". Based on the "Evotec 2012 - Action Plan to Focus and Grow" Evotec implemented strict restructuring measures during the course of the second quarter 2009. As a consequence of these measures, Evotec closed its US operations in South San Francisco, California, during the third quarter 2009.
Forward-Looking Statements
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements about our expectations and assumptions concerning regulatory, clinical and business strategies, the progress of our clinical development programs and timing of the results of our clinical trials, strategic collaborations and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: risks that the Company may be unable to reduce its cash burn through recent restructuring and cost containment measures and may not recognize the results of such measures within the expected timeframe; risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured; the risk that we will not achieve the anticipated benefits of our collaborations, partnerships and acquisitions in the timeframes expected, or at all; risks relating to our ability to advance the development of product candidates currently in the pipeline or in clinical trials; our inability to further identify, develop and achieve commercial success for new products and technologies; the risk that competing products may be more successful; our inability to interest potential partners in our technologies and products; our inability to achieve commercial success for our products and technologies; our inability to protect our intellectual property and the cost of enforcing or defending our intellectual property rights; our failure to comply with regulations relating to our products and product candidates, including FDA requirements; the risk that the FDA may interpret the results of our studies differently than we have; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully secure regulatory approval of and market our drug candidates; and risks of new, changing and competitive technologies and regulations in the U.S. and internationally.
The list of risks above is not exhaustive. Our most recent Annual Report on Form 20-F, filed with the Securities and Exchange Commission, and other documents filed with, or furnished to the Securities and Exchange Commission, contain additional factors that could impact our businesses and financial performance. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
HUGIN /Source: Evotec AG /GER: EVT /ISIN: DE0005664809
Serabi Mining Plc -Placing of Shares, Convertible Facility and Open Offer
10 November 2009 Serabi Mining Plc ("Serabi" or the "Company")
Placing of 139,867,833 new Ordinary Shares
£300,000 Convertible facility
Proposed open offer to raise £300,000
Highlights
Placing and Convertible facility to raise in total £2.398 million.
£300,000 open offer enables existing shareholders to participate on the same terms as the placing.
Funding will be used to undertake follow-up exploration around Palito.
Mike Hodgson, Chief Executive, commented:
"We are delighted to have completed this financing. The proceeds will be used to enhance the Palito project by investigating and evaluating a series of anomalies which have already been identified by the Company. I am confident that these funds will enable the Company to make further discoveries which will ultimately lead to an increase in its geological resource base through the investigation of the wider potential around Palito and provide shareholders with the potential for future growth of the business after what has been a difficult year.
I am also pleased to welcome our new strategic investor Greenwood Investments and Mr Christopher Kingsman and the Company is very appreciative of the support received from existing and new institutional investors. The open offer enables our smaller shareholders to participate in the Company's financing."
Enquiries:
Serabi Mining plc Website: www.serabimining.com
10 November 2009
Serabi Mining Plc
("Serabi" or the "Company")
Placing of 139,867,833 new Ordinary Shares
£300,000 Convertible facility
Proposed Open Offer to raise £300,000
1. Introduction
The Board of Serabi is pleased to announce that the Company has today placed 139,867,833 New Ordinary Shares at a price of 1.5 per Ordinary Share (the "Placing Price") to raise £2,098,017 (before expenses) (the "Placing"). In addition, the Company has arranged an unsecured £300,000 convertible loan facility (the "Convertible"), convertible into up to 20,000,000 New Ordinary Shares at the Placing Price. The proceeds of the Placing and the Convertible will in aggregate raise gross proceeds of £2,398,017 (before expenses) which will be used to fund the Company's next stage of exploration at the Palito mine.
The Board also intends to raise up to £300,000 (before expenses) by way of an open offer to be made to eligible shareholders of up to 20,000,000 New Ordinary Shares at the Placing Price. The open offer will not be underwritten and a circular will be sent to shareholders as soon as practicable.
2. Background to and reasons for the Placing, Convertible and the Open Offer
Following the decision to suspend the underground mining operation at Palito towards the end of 2008, the Directors have considered a variety of options to introduce new capital into the Group's projects and in particular the Palito mine. A number of contributing factors led to the failure to maintain necessary rates of mine development and ultimately, in the absence of sufficient working capital to finance this development, the need to suspend underground mining operations. The Directors have, however, concluded that even if the necessary finance could be raised it would, having placed the underground mine on care and maintenance, be the wrong strategy to pursue a near term re-establishment of underground mining at the Palito mine. The Directors are of the opinion that whilst they believe that the current Palito mine can be operated profitably, ultimately the long term value will be derived from the discovery and development of an enlarged reserve base which would support a mining and processing operation capable of producing at least 70,000 gold equivalent ounces per annum.
In January 2008, the Group commissioned a 6,000 hectare helicopter borne geophysical survey over and around the Palito mine. The full independent interpretation and evaluation of the results of this survey was completed in September 2008. The gold mineralisation at Palito is hosted within sulphide ore bodies which are conductors. The survey identified 66 anomalous areas where conductivity readings were greater than those of the surrounding area. Orientation readings were obtained by taking measurements over the Palito mine itself. Interpretation of the anomalous readings and correlation with other exploration data held by the Group has resulted in the prioritisation of 18 specific targets.
The Directors believe that the general geological characteristics around Palito, the existence of past garimpeiro activity in the area of the survey and the hydrothermal nature of the Palito deposit itself, are indicative that the Palito deposit is unlikely to be the only occurrence of gold mineralisation within the surveyed area. They therefore feel that evaluation through further exploration of the 18 prioritised anomalies provides an excellent opportunity to identify the Board's target of two to three Palito "look-a-likes". Assuming that each of these would be of a similar size to Palito, such an outcome could support a total reserve (including Palito) of up to 500,000 to 600,000 gold equivalent ounces and an additional resource of up to 1.2 million gold equivalent ounces.
The first stage of exploration will focus on conducting a variety of geophysical and geochemical analyses over the anomalies to improve the geological understanding of each of these. The Group anticipates that if the results of these initial studies are suitably encouraging the programme could result in 7-10 targets being advanced to a drill-ready status during the next 12 months and it plans to conduct an initial small scale drill programme over three of these targets during this time.
Subject to results, the Group intends over the following year to drill the remaining drill-ready targets and in addition, undertake further geophysical and geochemical analysis to advance the remaining anomalies to a drill-ready status. This programme would require additional capital to be raised of a similar amount to the Placing, at that time. Should two to three Palito "look-a-likes" be identified by this process, subsequent further in-fill drilling would be undertaken together with initial mine development and on-lode exploration to establish formal reserves and resources required for any bankable feasibility study. The Group anticipates that with an estimated cost of US$4-$5 million to bring the Palito deposit back into production, a further US$8-$10 million for the development cost of two additional deposits and an allowance of US$4-5 million for plant expansion and upgrades, the future costs to reach full scale production could be between US$16 million and US$20 million.
Based on such an enlarged resource, the Directors consider that a new operation whereby the Group has three concurrent but discrete mines in close proximity each at production rates of circa 25,000 gold equivalent ounces per annum feeding a central processing plant, would provide the best opportunity to develop the Palito area into an interesting and profitable operation, generating cash flow to support the Group's future exploration needs.
The Group has during 2009 operated Palito as a small scale surface mining operation focussed on the near surface oxide ore zones. The revenues from this operation have to date helped to minimise the working capital needs of the Group when taken in conjunction with significant cost reduction measures that have been taken. However, in the long term, the development and exploration at Palito as outlined above requires additional capital.
3. Details of the Placing
The Company has today conditionally placed 139,867,833 New Ordinary Shares at the Placing Price with selected institutional and private investors to raise £2,098,017 (before expenses). Application will be made for the New Ordinary Shares, which will rank pari passu with the Existing Ordinary Shares, to be admitted to trading on AIM and trading is expected to commence on 18 November 2009. The Placing is conditional on the Placing Shares being admitted to trading on AIM.
As part of the Placing, Greenwood Investments Limited ("Greenwood") has subscribed for 81,384,000 Placing Shares at the Placing Price. Greenwood is a private company incorporated in England and Wales, of which the controlling shareholder and sole director is Mr Christopher Kingsman. Mr Kingsman who has an existing beneficial interest in the Existing Ordinary Shares of Serabi worked as an analyst and fund manager in London from 1998 to 2005 and currently manages a family office based in Munich, Germany.
On completion of the Placing, Greenwood and Mr Kingsman together will be interested in approximately 29.35 per cent. of the Enlarged Share Capital of Serabi. If any person (or group of persons acting in concert) acquire an interest in securities (as defined in the City Code on Takeovers and Mergers (the "Takeover Code")) which, taken together with shares in which he and persons acting in concert are interested, carry 30 per cent. or more of the voting rights of a company, that person or those persons may be required by Rule 9 of the Takeover Code to make a general offer to all of the shareholders to acquire the remaining issued share capital. Greenwood did not wish to subscribe for Ordinary Shares as part of the Placing which would (together with any person with whom it is acting in concert) have increased its interest in securities to or above such 30% threshold.
Accordingly, in addition to its subscription under the Placing, Greenwood entered into a convertible loan agreement with the Company ("Convertible") under which Greenwood has made available a facility of £300,000 to the Company. The full amount of the Convertible is convertible at the election of Greenwood into New Ordinary Shares at the Placing Price at any time on or before 31 October 2014. A maximum of 20,000,000 New Ordinary Shares may be issued on conversion of the Convertible. The Convertible is unsecured and will pay a coupon of one per cent. per annum and, unless otherwise converted, will be repaid on 31 October 2014.
Greenwood has entered into an orderly market agreement with the Company and Beaumont Cornish, in which Greenwood has agreed that it will not dispose of any Ordinary Shares for a period of one year following admission, subject to certain exemptions as set out in Appendix II below.
The Company has also agreed that, for as long as Greenwood is interested in Ordinary Shares representing 15 per cent. or more of the entire issued share capital of Serabi from time to time, Greenwood shall have the right to nominate a director to the Board of the Company.
The Company intends to use the proceeds of the Placing and the Convertible to commence the first stage of exploration and further evaluation of the 18 prioritised anomalies identified within the surveyed area together with further oxide resource definition (expected to amount in aggregate to approximately US$1.7 million in the first year) as well as to fund the general working capital requirements of the Group including new project development.
4. Open Offer
The Company considers it important that, where reasonably practicable, Shareholders have an opportunity to participate in the fundraising on equivalent terms and conditions to the Placing. The Board also intends to raise up to £300,000 (before expenses) by way of an open offer to be made to eligible shareholders of up to 20,000,000 New Ordinary Shares at the Placing Price. The open offer will not be underwritten and a circular will be sent to shareholders as soon as practicable. A further announcement will be made concerning the timetable for the open offer when the circular is posted to shareholders.
5. Additional issue of shares
The Company has also issued today 5,054,551 New Ordinary Shares to certain suppliers and consultants in satisfaction of outstanding liabilities of £77,503. Application will be made for these New Ordinary Shares, which will rank pari passu with the Existing Ordinary Shares, to be admitted to trading on AIM which is expected to commence on 18 November 2009.
In addition, the Company intends to issue New Ordinary Shares to the Directors in settlement of accrued but unpaid remuneration and benefits under the terms of their existing service contracts amounting to £95,917 at the Placing Price.
Pursuant to the Placing, the Company has issued Adviser Warrants to Beaumont Cornish Limited, the Company's Nominated Adviser and broker, to subscribe for up to 1,550,000 new Ordinary Shares at the Placing Price.
Website: www.serabimining.com
Qualified Person's Statement:
The technical information contained within this announcement has been reviewed and verified by Michael Hodgson as required by the AIM Guidance Note on Mining, Oil and Gas Companies dated June 2009. Michael Hodgson is an Economic Geologist by training with 20 years experience in the mining industry.
He has a BSc (Hons) Geology, University of London, an MSc Mining Geology, University of Leicester and is a Fellow of Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK.
Appendix I RISK FACTORS
ALL THE INFORMATION SET OUT IN THIS ANNOUNCEMENT SHOULD BE CAREFULLY CONSIDERED, IN PARTICULAR THE ATTENTION OF PROSPECTIVE INVESTORS AND SHAREHOLDERS IS DRAWN TO THE RISKS DESCRIBED BELOW. THE ORDINARY SHARES SHOULD BE REGARDED AS A SPECULATIVE INVESTMENT AND AN INVESTMENT IN ORDINARY SHARES SHOULD ONLY BE MADE BY THOSE WITH THE NECESSARY EXPERTISE TO FULLY EVALUATE THE INVESTMENT.
INVESTMENTS MAY FALL AS WELL AS RISE IN VALUE. THE DIRECTORS BELIEVE THAT THE FOLLOWING RISKS SHOULD BE CONSIDERED CAREFULLY BY INVESTORS BEFORE ACQUIRING ORDINARY SHARES. PROSPECTIVE INVESTORS ARE ADVISED TO CONSULT AN INDEPENDENT ADVISER AUTHORISED UNDER FSMA.
IF ANY OF THE FOLLOWING RISKS ACTUALLY MATERIALISE, THE GROUP'S BUSINESS, FINANCIAL CONDITION, AND PROSPECTS COULD BE MATERIALLY AND ADVERSELY AFFECTED TO THE DETRIMENT OF THE COMPANY AND ITS SHAREHOLDERS. IN THAT CASE, THE MARKET PRICE AND LIQUIDITY OF ORDINARY SHARES COULD DECLINE AND ALL OR PART OF AN INVESTMENT IN THE ORDINARY SHARES COULD BE LOST.
THE DIRECTORS CONSIDER THE FOLLOWING RISKS TO BE MATERIAL. THE RISKS SET OUT BELOW DO NOT NECESSARILY COMPRISE ALL THOSE ASSOCIATED WITH AN INVESTMENT IN THE COMPANY AND THE ORDINARY SHARES. THERE MAY BE ADDITIONAL RISKS THAT THE DIRECTORS DO NOT CURRENTLY CONSIDER TO BE MATERIAL OR OF WHICH THE DIRECTORS ARE NOT CURRENTLY AWARE. NO INFERENCE OUGHT TO BE DRAWN AS TO THE RELATIVE IMPORTANCE, OR THE LIKELIHOOD OF THE OCCURRENCE, OF ANY OF THE FOLLOWING RISKS BY REFERENCE TO THE ORDER IN WHICH THEY APPEAR.
RISKS SPECIFIC TO THE GROUP
Exploration and development risk
The Company is engaged in the exploration of mineral properties, an inherently risky business, and there is no assurance that an economically viable mineral deposit will be discovered. Most exploration projects do not result in the discovery or development of commercially mineable ore deposits. A significant amount of the Placing proceeds will be used towards exploration in evaluating the 18 anomalies identified. However, there is a risk that no economically viable mineral deposits will be found.
Reserve and resource estimates
The estimation of mineral resources and reserves is in part an interpretative process and the accuracy of any such estimates is a function of the quality of available data, and of engineering and geological interpretation and judgement. No assurances can be given that the volume and grade of reserves recovered, and rates of production achieved, will not be less than anticipated. The Company contracts the services of independent professional experts to prepare resource and reserve estimates.
Political risk
Political risk is the risk that assets will be lost through expropriation, unrest or war. Brazil, the only country in which the Group has operations, currently has a stable political system with established fiscal and mining codes and a respect for the rule of law but there can be no guarantee that the Group will not be adversely affected by political risk. Elections are due in 2010 and the current president will not be eligible for a further term which may lead to a period of change and political uncertainty. The country has however enjoyed strong economic growth and for this reason it is considered unlikely that political change will seek to put this at risk by making significant changes that would make the country less attractive for foreign investment.
Surface Oxide risk
Whilst oxide mining operation continues at this time, insufficient ore sources have been identified to date to allow any estimation or indication of the expected life or future production levels of gold from this mining activity. Exploration to identify additional oxide ore sources are on-going. Mining of the oxide ore may be suspended at any time if there is insufficient mineable material identified to maintain the viability of this operation.
Commodity risk
Commodity risk is the risk that the price earned for minerals will fall to a point where it becomes uneconomic to extract them from the ground. The principal metals in Serabi's portfolio are gold, copper and silver. The prices of these metals are affected by numerous factors beyond the control of the Company, including producer hedging activities, demand, political and economic conditions and production levels. During 2008, the price of certain commodities including copper fell significantly on world markets. Future commodity prices may go down as well as up.
Liquidity risk
Liquidity risk is the risk of running out of working and investment capital. Serabi's goal is to finance its exploration activities with cash flow from operations, but in the absence of such cash flow, the Group relies on the issue of equity share capital, joint venture and option agreements to finance its activities. There can be no assurance that adequate funding will be available when required to finance the Group's activities.
Currency risk
Fluctuations in currency exchange risks can significantly impact cash flows. The Group finances its overseas operations by transferring US dollars from the UK to meet local operating costs in its Brazilian subsidiary. The Group currently receives income from gold sales in Brazilian Reais although the price at which these sales are calculated is made by reference to world market prices which are quoted in US dollars. Any income of the Group may become subject to exchange control or similar restrictions.
Because the primary market for the Ordinary Shares and the underlying business of the Company are in a currency other than Euro, investors from countries whose currency is the Euro are reminded that changes in exchange rates may also have an adverse effect on the value, price or income of the Ordinary Shares.
Changes in legislation
Exploration and production activities are subject to local laws and regulations governing prospecting, development, production, exports, taxes, labour standards, occupational health and safety, mine safety and other matters. Such laws and regulations are subject to change and can become more stringent, and compliance can therefore become more costly.
Environmental protection
The Group's exploration, development and production activities are subject to extensive laws and regulations governing environmental protection. The Group is also subject to various reclamation-related requirements.
A failure to comply with environmental laws and regulations may result in enforcement actions causing operations to cease or be curtailed, the imposition of fines and penalties, and may include corrective measures requiring significant capital expenditures. In addition, certain types of operations require the submission and approval of environmental impact assessments.
Title to mineral properties
While the Company has undertaken all the customary due diligence in the verification of title to its mineral properties, this should not be construed as a guarantee of title. The properties may be subject to prior unregistered agreements or transfers and title may be affected by undetected defects.
RISKS RELATING TO THE COMPANY'S SHARES
Value of Ordinary Shares and liquidity
It is likely that the Company's share price will fluctuate and may not always accurately reflect the underlying value of the Group's business and assets. The price of the Ordinary Shares may go down as well as up and investors may realise less than the original sum invested. The price that investors may realise for their holdings of Ordinary Shares, if and when they are able to do so, may be influenced by a large number of factors, some of which are specific to the Group and others of which are extraneous. Such factors may include the possibility that the market for the Ordinary Shares is less liquid than for other equity securities and that the price of the Ordinary Shares is relatively volatile.
The Directors are unable to predict when and if substantial numbers of Ordinary Shares will be sold in the open market. Any such sales, or the perception that such sales might occur, could result in a material adverse effect on the market price of the Ordinary Shares.
Dividends
There can be no assurance as to the level of future dividends. The declaration, payment and amount of any future dividends of the Company are subject to the discretion of the Shareholders or, in the case of interim dividends, to the discretion of the Directors, and will depend upon, among other things, the Group's earnings, financial position, cash requirements, availability of profits, as well as relevant laws or generally accepted accounting principles from time to time. For the time being the Company does not pay dividends and this is unlikely to change in the near future.
Suitability
An investment in the Company involves a high degree of risk and may not be suitable for all investors.
Investors are reminded that the price at which they may realise their Ordinary Shares and the timing of any disposal of them may be influenced by a large number of factors, some specific to the Group and its proposed operations, some which may affect the sector in which the Group operates and some which relate to the operation of financial markets generally. These factors could include the performance of the Group's operations, large purchases or sales of shares in the Company, liquidity or absence of liquidity in the Ordinary Shares, legislative or regulatory changes relating to the business of the Group and general economic conditions.
GENERAL RISKS
Financial markets and global economic outlook
The performance of the Group will be influenced by global economic conditions and, in particular the conditions prevailing in the United Kingdom and Brazil. The global economy has been experiencing difficulties during 2008 and 2009, with the natural resources sector, in particular, being affected from the autumn of 2008 onwards. The financial markets have deteriorated dramatically in this period. This has led to unprecedented levels of illiquidity, resulting in the development of significant problems at a number of the world's largest banks and insurance companies and considerable downward pressure and volatility in share prices. In addition, recessionary conditions are present in the United Kingdom, as well as in other countries around the world.
If these levels of market disruption and volatility continue, worsen or abate and then recur, the Company is likely to experience difficulty in securing debt finance, if required, to fund its long term development strategy. The Group may be exposed to increased counterparty risk as a result of business failures in the countries in which it operates and will continue to be exposed if counterparties fail or are unable to meet their obligations to the Group. The precise nature of all the risks and uncertainties the Group faces as a result of the current global financial crisis and global economic outlook cannot be predicted and many of these risks are outside of the Group's control.
Changes in tax and other legislation
The information in this announcement is based upon current tax and other legislation and any changes in legislation or in the levels and basis of, and reliefs from, taxation may affect the value of an investment in the Company. There can be no certainty that the current taxation regime in the UK and in Brazil where the Company operates will remain in force or that the current levels of corporation taxation will remain unchanged.
There can be no assurance that there will be no amendment to the existing taxation laws applicable to the Group's operations, which may have a material adverse effect on the financial position of the Group. Individual tax circumstances may differ from investor to investor and persons acquiring Ordinary Shares are advised to seek tax advice based upon their personal circumstances.
Additional capital requirements
The Group will require additional capital in the future, which may not be available to it. Future financings to provide this capital may dilute Shareholders' proportionate ownership in the Company. The Company may raise capital in the future through public or private equity financings or by raising debt securities convertible into Ordinary Shares, or rights to acquire these securities. Any such issues may exclude the pre-emption rights pertaining to the then outstanding shares.
If the Company raises significant amounts of capital by these or other means, it could cause dilution for the Company's existing Shareholders. Moreover, the further issue of Ordinary Shares could have a negative impact on the trading price and increase the volatility of the market price of the Ordinary Shares. The Company may also issue further Ordinary Shares, or create further options over Ordinary Shares, as part of its employee remuneration policy, which could in aggregate create a substantial dilution in the value of the Ordinary Shares and the proportion of the Company's share capital in which investors are interested.
Forward looking statements
Events in the past, or experience derived from these, or indeed present facts, beliefs or circumstances, or assumptions derived from any of these, do not predetermine the future. Hopes, aims, targets, plans or intentions contained in this announcement are no more than that and should not be construed as forecasts.
This announcement contains certain forward-looking statements that are subject to certain risks and uncertainties, in particular statements regarding the Group's plans, goals and prospects. These statements and the assumptions that underpin them are based on the current expectations of the Directors and are subject to a number of factors, many of which are beyond their control. As a result, there can be no assurance that the actual performance of the Group will not differ materially from the matters described in this announcement.
Admission to trading on AIM
The Existing Ordinary Shares are, and the New Ordinary Shares will be, admitted to trading on AIM a market designed primarily for emerging or smaller companies to which a higher investment risk tends to be attached than to larger or more established companies. The Ordinary Shares will not be admitted to the Official List. An investment in AIM quoted shares may carry a higher risk than an investment in shares quoted on the Official List.
The investment described in this announcement is speculative and may not be suitable for all recipients of this announcement. Potential investors are accordingly advised to consult a person authorised under FSMA who specialises in advising in investments of this kind before making any investment decisions. A prospective investor should consider carefully whether an investment in the Company is suitable in the light of his/her personal circumstances and the financial resources available to him/her.
Appendix II Additional Information
The undertaking by Greenwood not to dispose of any of its interest in Serabi for period of 12 months following the placing, shall not apply to a transfer of Ordinary Shares made:
1.1 pursuant to:
(a) an acceptance of a takeover offer for the entire issued share capital of Serabi (or such share capital other than any shares held or acquired or contracted to be acquired by the offeror or by any associate of the offeror within the meaning of section 988 of the Act) recommended for acceptance by the Board (or, if applicable, the independent Board members in relation to such takeover offer) or which has become unconditional as to acceptances;
(b) a compromise or arrangement between Serabi and is creditors or any class of them or between Serabi and its members or any class of them which is agreed to by the creditors or members and sanctioned under sections 895 to 901 of the Act or section 110 of the Insolvency Act 1986;
(c) any offer by Serabi to purchase its own Shares which is made on identical terms to the holders of Shares of the same class and otherwise complies with the Act;
(d) any disposal to a member of the same group of companies as that of which the Investor is a member, provided that such transferee enters into an undertaking in the same terms as hereof;
1.2 in order to prevent Greenwood being required to make a mandatory offer pursuant to Rule 9 of the Takeover Code; or
1.3 on the sale by Greenwood of Shares arising on the exercise of a right to subscribe such Shares under a Serabi open offer or rights issue, provided that (in any case):
(a) such exercise is made by Greenwood in respect of a larger number of Shares than those so sold;
(b) the number sold is no more than is necessary to make such exercise (taking into account such sale) a self-financing transaction for ; and
(c) the sale is made on or as soon as practicable after such exercise.
DEFINITIONS
"Admission" admission of the New Ordinary Shares to trading on AIM becoming effective in accordance with the AIM Rules
"AIM" a market operated by the London Stock Exchange
"AIM Rules" the AIM Rules for Companies published by the London Stock Exchange as amended from time to time governing admission to, and the operation of, AIM
"Beaumont Cornish" Beaumont Cornish Limited, the Company's nominated adviser and broker, a member of the London Stock Exchange and authorised and regulated by the Financial Services Authority
"Company" or "Serabi" Serabi Mining Plc
"Convertible" The unsecured £300,000 convertible loan facility, convertible into up to 20,000,000 New Ordinary Shares at the Placing Price
"Directors" or the "Board" the directors of the Company, as at the date of this announcement
"Disclosure and Transparency Rules" the Disclosure and Transparency Rules issued by the FSA
"Enlarged Share Capital" the 291,455,916 Ordinary Shares in issue on Admission, including the Placing Shares, the New Ordinary Shares to be issued to certain suppliers and consultants and any New Ordinary Shares issued to Directors in settlement of accrued but unpaid remuneration and benefits
"Existing Ordinary Shares" the 140,139,065 Ordinary Shares of the Company in issue at the date of this Document
"FSA" the Financial Services Authority of the UK
"FSMA" the Financial Services and Markets Act 2000 (as amended)
"Greenwood" Greenwood Investments Limited, a company limited by shares registered in England and Wales with registered number 7057380 and a registered office at Lubbock Fine City Forum, 250 City Road, London EC1V 2QQ
"Group" the Company and its subsidiaries
"London Stock Exchange" London Stock Exchange plc
"New Ordinary Shares" the Ordinary Shares in the Company to be issued pursuant to the Placing and the additional share issues described in the announcement
"Ordinary Shares" ordinary shares of 0.5 pence each in the capital of the Company
"Overseas Shareholders" Shareholders resident in, or citizens of, jurisdictions outside the United Kingdom
"Placing" the conditional placing by the Company of the Placing Shares at the Placing Price
"Placing Price" 1.5 pence per New Ordinary Share
"Placing Shares" the 139,867,833 New Ordinary Shares to be issued pursuant to the Placing
"Prospectus Rules" the rules made by the Financial Services Authority pursuant to sections 73A(1) and (4) of FSMA
"RIS" Regulated Information Service
"Shareholder" a holder of Ordinary Shares from time to time
"UK" the United Kingdom of England, Scotland, Wales and Northern Ireland
"UKLA" the Financial Services Authority acting in its capacity as the competent authority for the purposes of Part VI of FSMA
"US", "USA" or "United States" the United States of America, each State thereof (including the District of Columbia), its territories, possessions and all areas subject to its jurisdiction
GLOSSARY
"On-Lode Exploration" exploration by the establishment of underground mineral development which follows the mineralised structure
"Mineral Resource" a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories An Inferred Mineral Resource is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability. An Indicated Mineral Resource is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed. A Measured Mineral Resource is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity
"Ore Reserve" the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified. Ore Reserves are sub-divided in order of increasing confidence into Probable Ore Reserves and Proved Ore Reserves. A Probable Ore Reserve is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified. A Proved Ore Reserve is the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified
"VTEM" Versa time domain electromagnetic - a particular type of electromagnetic geophysical survey to prospect for conductive bodies below surface.
HUGIN /Source: Serabi Mining plc /LSE: SRB /ISIN: GB00B074J639
Placing of 139,867,833 new Ordinary Shares
£300,000 Convertible facility
Proposed open offer to raise £300,000
Highlights
Placing and Convertible facility to raise in total £2.398 million.
£300,000 open offer enables existing shareholders to participate on the same terms as the placing.
Funding will be used to undertake follow-up exploration around Palito.
Mike Hodgson, Chief Executive, commented:
"We are delighted to have completed this financing. The proceeds will be used to enhance the Palito project by investigating and evaluating a series of anomalies which have already been identified by the Company. I am confident that these funds will enable the Company to make further discoveries which will ultimately lead to an increase in its geological resource base through the investigation of the wider potential around Palito and provide shareholders with the potential for future growth of the business after what has been a difficult year.
I am also pleased to welcome our new strategic investor Greenwood Investments and Mr Christopher Kingsman and the Company is very appreciative of the support received from existing and new institutional investors. The open offer enables our smaller shareholders to participate in the Company's financing."
Enquiries:
Serabi Mining plc Website: www.serabimining.com
10 November 2009
Serabi Mining Plc
("Serabi" or the "Company")
Placing of 139,867,833 new Ordinary Shares
£300,000 Convertible facility
Proposed Open Offer to raise £300,000
1. Introduction
The Board of Serabi is pleased to announce that the Company has today placed 139,867,833 New Ordinary Shares at a price of 1.5 per Ordinary Share (the "Placing Price") to raise £2,098,017 (before expenses) (the "Placing"). In addition, the Company has arranged an unsecured £300,000 convertible loan facility (the "Convertible"), convertible into up to 20,000,000 New Ordinary Shares at the Placing Price. The proceeds of the Placing and the Convertible will in aggregate raise gross proceeds of £2,398,017 (before expenses) which will be used to fund the Company's next stage of exploration at the Palito mine.
The Board also intends to raise up to £300,000 (before expenses) by way of an open offer to be made to eligible shareholders of up to 20,000,000 New Ordinary Shares at the Placing Price. The open offer will not be underwritten and a circular will be sent to shareholders as soon as practicable.
2. Background to and reasons for the Placing, Convertible and the Open Offer
Following the decision to suspend the underground mining operation at Palito towards the end of 2008, the Directors have considered a variety of options to introduce new capital into the Group's projects and in particular the Palito mine. A number of contributing factors led to the failure to maintain necessary rates of mine development and ultimately, in the absence of sufficient working capital to finance this development, the need to suspend underground mining operations. The Directors have, however, concluded that even if the necessary finance could be raised it would, having placed the underground mine on care and maintenance, be the wrong strategy to pursue a near term re-establishment of underground mining at the Palito mine. The Directors are of the opinion that whilst they believe that the current Palito mine can be operated profitably, ultimately the long term value will be derived from the discovery and development of an enlarged reserve base which would support a mining and processing operation capable of producing at least 70,000 gold equivalent ounces per annum.
In January 2008, the Group commissioned a 6,000 hectare helicopter borne geophysical survey over and around the Palito mine. The full independent interpretation and evaluation of the results of this survey was completed in September 2008. The gold mineralisation at Palito is hosted within sulphide ore bodies which are conductors. The survey identified 66 anomalous areas where conductivity readings were greater than those of the surrounding area. Orientation readings were obtained by taking measurements over the Palito mine itself. Interpretation of the anomalous readings and correlation with other exploration data held by the Group has resulted in the prioritisation of 18 specific targets.
The Directors believe that the general geological characteristics around Palito, the existence of past garimpeiro activity in the area of the survey and the hydrothermal nature of the Palito deposit itself, are indicative that the Palito deposit is unlikely to be the only occurrence of gold mineralisation within the surveyed area. They therefore feel that evaluation through further exploration of the 18 prioritised anomalies provides an excellent opportunity to identify the Board's target of two to three Palito "look-a-likes". Assuming that each of these would be of a similar size to Palito, such an outcome could support a total reserve (including Palito) of up to 500,000 to 600,000 gold equivalent ounces and an additional resource of up to 1.2 million gold equivalent ounces.
The first stage of exploration will focus on conducting a variety of geophysical and geochemical analyses over the anomalies to improve the geological understanding of each of these. The Group anticipates that if the results of these initial studies are suitably encouraging the programme could result in 7-10 targets being advanced to a drill-ready status during the next 12 months and it plans to conduct an initial small scale drill programme over three of these targets during this time.
Subject to results, the Group intends over the following year to drill the remaining drill-ready targets and in addition, undertake further geophysical and geochemical analysis to advance the remaining anomalies to a drill-ready status. This programme would require additional capital to be raised of a similar amount to the Placing, at that time. Should two to three Palito "look-a-likes" be identified by this process, subsequent further in-fill drilling would be undertaken together with initial mine development and on-lode exploration to establish formal reserves and resources required for any bankable feasibility study. The Group anticipates that with an estimated cost of US$4-$5 million to bring the Palito deposit back into production, a further US$8-$10 million for the development cost of two additional deposits and an allowance of US$4-5 million for plant expansion and upgrades, the future costs to reach full scale production could be between US$16 million and US$20 million.
Based on such an enlarged resource, the Directors consider that a new operation whereby the Group has three concurrent but discrete mines in close proximity each at production rates of circa 25,000 gold equivalent ounces per annum feeding a central processing plant, would provide the best opportunity to develop the Palito area into an interesting and profitable operation, generating cash flow to support the Group's future exploration needs.
The Group has during 2009 operated Palito as a small scale surface mining operation focussed on the near surface oxide ore zones. The revenues from this operation have to date helped to minimise the working capital needs of the Group when taken in conjunction with significant cost reduction measures that have been taken. However, in the long term, the development and exploration at Palito as outlined above requires additional capital.
3. Details of the Placing
The Company has today conditionally placed 139,867,833 New Ordinary Shares at the Placing Price with selected institutional and private investors to raise £2,098,017 (before expenses). Application will be made for the New Ordinary Shares, which will rank pari passu with the Existing Ordinary Shares, to be admitted to trading on AIM and trading is expected to commence on 18 November 2009. The Placing is conditional on the Placing Shares being admitted to trading on AIM.
As part of the Placing, Greenwood Investments Limited ("Greenwood") has subscribed for 81,384,000 Placing Shares at the Placing Price. Greenwood is a private company incorporated in England and Wales, of which the controlling shareholder and sole director is Mr Christopher Kingsman. Mr Kingsman who has an existing beneficial interest in the Existing Ordinary Shares of Serabi worked as an analyst and fund manager in London from 1998 to 2005 and currently manages a family office based in Munich, Germany.
On completion of the Placing, Greenwood and Mr Kingsman together will be interested in approximately 29.35 per cent. of the Enlarged Share Capital of Serabi. If any person (or group of persons acting in concert) acquire an interest in securities (as defined in the City Code on Takeovers and Mergers (the "Takeover Code")) which, taken together with shares in which he and persons acting in concert are interested, carry 30 per cent. or more of the voting rights of a company, that person or those persons may be required by Rule 9 of the Takeover Code to make a general offer to all of the shareholders to acquire the remaining issued share capital. Greenwood did not wish to subscribe for Ordinary Shares as part of the Placing which would (together with any person with whom it is acting in concert) have increased its interest in securities to or above such 30% threshold.
Accordingly, in addition to its subscription under the Placing, Greenwood entered into a convertible loan agreement with the Company ("Convertible") under which Greenwood has made available a facility of £300,000 to the Company. The full amount of the Convertible is convertible at the election of Greenwood into New Ordinary Shares at the Placing Price at any time on or before 31 October 2014. A maximum of 20,000,000 New Ordinary Shares may be issued on conversion of the Convertible. The Convertible is unsecured and will pay a coupon of one per cent. per annum and, unless otherwise converted, will be repaid on 31 October 2014.
Greenwood has entered into an orderly market agreement with the Company and Beaumont Cornish, in which Greenwood has agreed that it will not dispose of any Ordinary Shares for a period of one year following admission, subject to certain exemptions as set out in Appendix II below.
The Company has also agreed that, for as long as Greenwood is interested in Ordinary Shares representing 15 per cent. or more of the entire issued share capital of Serabi from time to time, Greenwood shall have the right to nominate a director to the Board of the Company.
The Company intends to use the proceeds of the Placing and the Convertible to commence the first stage of exploration and further evaluation of the 18 prioritised anomalies identified within the surveyed area together with further oxide resource definition (expected to amount in aggregate to approximately US$1.7 million in the first year) as well as to fund the general working capital requirements of the Group including new project development.
4. Open Offer
The Company considers it important that, where reasonably practicable, Shareholders have an opportunity to participate in the fundraising on equivalent terms and conditions to the Placing. The Board also intends to raise up to £300,000 (before expenses) by way of an open offer to be made to eligible shareholders of up to 20,000,000 New Ordinary Shares at the Placing Price. The open offer will not be underwritten and a circular will be sent to shareholders as soon as practicable. A further announcement will be made concerning the timetable for the open offer when the circular is posted to shareholders.
5. Additional issue of shares
The Company has also issued today 5,054,551 New Ordinary Shares to certain suppliers and consultants in satisfaction of outstanding liabilities of £77,503. Application will be made for these New Ordinary Shares, which will rank pari passu with the Existing Ordinary Shares, to be admitted to trading on AIM which is expected to commence on 18 November 2009.
In addition, the Company intends to issue New Ordinary Shares to the Directors in settlement of accrued but unpaid remuneration and benefits under the terms of their existing service contracts amounting to £95,917 at the Placing Price.
Pursuant to the Placing, the Company has issued Adviser Warrants to Beaumont Cornish Limited, the Company's Nominated Adviser and broker, to subscribe for up to 1,550,000 new Ordinary Shares at the Placing Price.
Website: www.serabimining.com
Qualified Person's Statement:
The technical information contained within this announcement has been reviewed and verified by Michael Hodgson as required by the AIM Guidance Note on Mining, Oil and Gas Companies dated June 2009. Michael Hodgson is an Economic Geologist by training with 20 years experience in the mining industry.
He has a BSc (Hons) Geology, University of London, an MSc Mining Geology, University of Leicester and is a Fellow of Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK.
Appendix I RISK FACTORS
ALL THE INFORMATION SET OUT IN THIS ANNOUNCEMENT SHOULD BE CAREFULLY CONSIDERED, IN PARTICULAR THE ATTENTION OF PROSPECTIVE INVESTORS AND SHAREHOLDERS IS DRAWN TO THE RISKS DESCRIBED BELOW. THE ORDINARY SHARES SHOULD BE REGARDED AS A SPECULATIVE INVESTMENT AND AN INVESTMENT IN ORDINARY SHARES SHOULD ONLY BE MADE BY THOSE WITH THE NECESSARY EXPERTISE TO FULLY EVALUATE THE INVESTMENT.
INVESTMENTS MAY FALL AS WELL AS RISE IN VALUE. THE DIRECTORS BELIEVE THAT THE FOLLOWING RISKS SHOULD BE CONSIDERED CAREFULLY BY INVESTORS BEFORE ACQUIRING ORDINARY SHARES. PROSPECTIVE INVESTORS ARE ADVISED TO CONSULT AN INDEPENDENT ADVISER AUTHORISED UNDER FSMA.
IF ANY OF THE FOLLOWING RISKS ACTUALLY MATERIALISE, THE GROUP'S BUSINESS, FINANCIAL CONDITION, AND PROSPECTS COULD BE MATERIALLY AND ADVERSELY AFFECTED TO THE DETRIMENT OF THE COMPANY AND ITS SHAREHOLDERS. IN THAT CASE, THE MARKET PRICE AND LIQUIDITY OF ORDINARY SHARES COULD DECLINE AND ALL OR PART OF AN INVESTMENT IN THE ORDINARY SHARES COULD BE LOST.
THE DIRECTORS CONSIDER THE FOLLOWING RISKS TO BE MATERIAL. THE RISKS SET OUT BELOW DO NOT NECESSARILY COMPRISE ALL THOSE ASSOCIATED WITH AN INVESTMENT IN THE COMPANY AND THE ORDINARY SHARES. THERE MAY BE ADDITIONAL RISKS THAT THE DIRECTORS DO NOT CURRENTLY CONSIDER TO BE MATERIAL OR OF WHICH THE DIRECTORS ARE NOT CURRENTLY AWARE. NO INFERENCE OUGHT TO BE DRAWN AS TO THE RELATIVE IMPORTANCE, OR THE LIKELIHOOD OF THE OCCURRENCE, OF ANY OF THE FOLLOWING RISKS BY REFERENCE TO THE ORDER IN WHICH THEY APPEAR.
RISKS SPECIFIC TO THE GROUP
Exploration and development risk
The Company is engaged in the exploration of mineral properties, an inherently risky business, and there is no assurance that an economically viable mineral deposit will be discovered. Most exploration projects do not result in the discovery or development of commercially mineable ore deposits. A significant amount of the Placing proceeds will be used towards exploration in evaluating the 18 anomalies identified. However, there is a risk that no economically viable mineral deposits will be found.
Reserve and resource estimates
The estimation of mineral resources and reserves is in part an interpretative process and the accuracy of any such estimates is a function of the quality of available data, and of engineering and geological interpretation and judgement. No assurances can be given that the volume and grade of reserves recovered, and rates of production achieved, will not be less than anticipated. The Company contracts the services of independent professional experts to prepare resource and reserve estimates.
Political risk
Political risk is the risk that assets will be lost through expropriation, unrest or war. Brazil, the only country in which the Group has operations, currently has a stable political system with established fiscal and mining codes and a respect for the rule of law but there can be no guarantee that the Group will not be adversely affected by political risk. Elections are due in 2010 and the current president will not be eligible for a further term which may lead to a period of change and political uncertainty. The country has however enjoyed strong economic growth and for this reason it is considered unlikely that political change will seek to put this at risk by making significant changes that would make the country less attractive for foreign investment.
Surface Oxide risk
Whilst oxide mining operation continues at this time, insufficient ore sources have been identified to date to allow any estimation or indication of the expected life or future production levels of gold from this mining activity. Exploration to identify additional oxide ore sources are on-going. Mining of the oxide ore may be suspended at any time if there is insufficient mineable material identified to maintain the viability of this operation.
Commodity risk
Commodity risk is the risk that the price earned for minerals will fall to a point where it becomes uneconomic to extract them from the ground. The principal metals in Serabi's portfolio are gold, copper and silver. The prices of these metals are affected by numerous factors beyond the control of the Company, including producer hedging activities, demand, political and economic conditions and production levels. During 2008, the price of certain commodities including copper fell significantly on world markets. Future commodity prices may go down as well as up.
Liquidity risk
Liquidity risk is the risk of running out of working and investment capital. Serabi's goal is to finance its exploration activities with cash flow from operations, but in the absence of such cash flow, the Group relies on the issue of equity share capital, joint venture and option agreements to finance its activities. There can be no assurance that adequate funding will be available when required to finance the Group's activities.
Currency risk
Fluctuations in currency exchange risks can significantly impact cash flows. The Group finances its overseas operations by transferring US dollars from the UK to meet local operating costs in its Brazilian subsidiary. The Group currently receives income from gold sales in Brazilian Reais although the price at which these sales are calculated is made by reference to world market prices which are quoted in US dollars. Any income of the Group may become subject to exchange control or similar restrictions.
Because the primary market for the Ordinary Shares and the underlying business of the Company are in a currency other than Euro, investors from countries whose currency is the Euro are reminded that changes in exchange rates may also have an adverse effect on the value, price or income of the Ordinary Shares.
Changes in legislation
Exploration and production activities are subject to local laws and regulations governing prospecting, development, production, exports, taxes, labour standards, occupational health and safety, mine safety and other matters. Such laws and regulations are subject to change and can become more stringent, and compliance can therefore become more costly.
Environmental protection
The Group's exploration, development and production activities are subject to extensive laws and regulations governing environmental protection. The Group is also subject to various reclamation-related requirements.
A failure to comply with environmental laws and regulations may result in enforcement actions causing operations to cease or be curtailed, the imposition of fines and penalties, and may include corrective measures requiring significant capital expenditures. In addition, certain types of operations require the submission and approval of environmental impact assessments.
Title to mineral properties
While the Company has undertaken all the customary due diligence in the verification of title to its mineral properties, this should not be construed as a guarantee of title. The properties may be subject to prior unregistered agreements or transfers and title may be affected by undetected defects.
RISKS RELATING TO THE COMPANY'S SHARES
Value of Ordinary Shares and liquidity
It is likely that the Company's share price will fluctuate and may not always accurately reflect the underlying value of the Group's business and assets. The price of the Ordinary Shares may go down as well as up and investors may realise less than the original sum invested. The price that investors may realise for their holdings of Ordinary Shares, if and when they are able to do so, may be influenced by a large number of factors, some of which are specific to the Group and others of which are extraneous. Such factors may include the possibility that the market for the Ordinary Shares is less liquid than for other equity securities and that the price of the Ordinary Shares is relatively volatile.
The Directors are unable to predict when and if substantial numbers of Ordinary Shares will be sold in the open market. Any such sales, or the perception that such sales might occur, could result in a material adverse effect on the market price of the Ordinary Shares.
Dividends
There can be no assurance as to the level of future dividends. The declaration, payment and amount of any future dividends of the Company are subject to the discretion of the Shareholders or, in the case of interim dividends, to the discretion of the Directors, and will depend upon, among other things, the Group's earnings, financial position, cash requirements, availability of profits, as well as relevant laws or generally accepted accounting principles from time to time. For the time being the Company does not pay dividends and this is unlikely to change in the near future.
Suitability
An investment in the Company involves a high degree of risk and may not be suitable for all investors.
Investors are reminded that the price at which they may realise their Ordinary Shares and the timing of any disposal of them may be influenced by a large number of factors, some specific to the Group and its proposed operations, some which may affect the sector in which the Group operates and some which relate to the operation of financial markets generally. These factors could include the performance of the Group's operations, large purchases or sales of shares in the Company, liquidity or absence of liquidity in the Ordinary Shares, legislative or regulatory changes relating to the business of the Group and general economic conditions.
GENERAL RISKS
Financial markets and global economic outlook
The performance of the Group will be influenced by global economic conditions and, in particular the conditions prevailing in the United Kingdom and Brazil. The global economy has been experiencing difficulties during 2008 and 2009, with the natural resources sector, in particular, being affected from the autumn of 2008 onwards. The financial markets have deteriorated dramatically in this period. This has led to unprecedented levels of illiquidity, resulting in the development of significant problems at a number of the world's largest banks and insurance companies and considerable downward pressure and volatility in share prices. In addition, recessionary conditions are present in the United Kingdom, as well as in other countries around the world.
If these levels of market disruption and volatility continue, worsen or abate and then recur, the Company is likely to experience difficulty in securing debt finance, if required, to fund its long term development strategy. The Group may be exposed to increased counterparty risk as a result of business failures in the countries in which it operates and will continue to be exposed if counterparties fail or are unable to meet their obligations to the Group. The precise nature of all the risks and uncertainties the Group faces as a result of the current global financial crisis and global economic outlook cannot be predicted and many of these risks are outside of the Group's control.
Changes in tax and other legislation
The information in this announcement is based upon current tax and other legislation and any changes in legislation or in the levels and basis of, and reliefs from, taxation may affect the value of an investment in the Company. There can be no certainty that the current taxation regime in the UK and in Brazil where the Company operates will remain in force or that the current levels of corporation taxation will remain unchanged.
There can be no assurance that there will be no amendment to the existing taxation laws applicable to the Group's operations, which may have a material adverse effect on the financial position of the Group. Individual tax circumstances may differ from investor to investor and persons acquiring Ordinary Shares are advised to seek tax advice based upon their personal circumstances.
Additional capital requirements
The Group will require additional capital in the future, which may not be available to it. Future financings to provide this capital may dilute Shareholders' proportionate ownership in the Company. The Company may raise capital in the future through public or private equity financings or by raising debt securities convertible into Ordinary Shares, or rights to acquire these securities. Any such issues may exclude the pre-emption rights pertaining to the then outstanding shares.
If the Company raises significant amounts of capital by these or other means, it could cause dilution for the Company's existing Shareholders. Moreover, the further issue of Ordinary Shares could have a negative impact on the trading price and increase the volatility of the market price of the Ordinary Shares. The Company may also issue further Ordinary Shares, or create further options over Ordinary Shares, as part of its employee remuneration policy, which could in aggregate create a substantial dilution in the value of the Ordinary Shares and the proportion of the Company's share capital in which investors are interested.
Forward looking statements
Events in the past, or experience derived from these, or indeed present facts, beliefs or circumstances, or assumptions derived from any of these, do not predetermine the future. Hopes, aims, targets, plans or intentions contained in this announcement are no more than that and should not be construed as forecasts.
This announcement contains certain forward-looking statements that are subject to certain risks and uncertainties, in particular statements regarding the Group's plans, goals and prospects. These statements and the assumptions that underpin them are based on the current expectations of the Directors and are subject to a number of factors, many of which are beyond their control. As a result, there can be no assurance that the actual performance of the Group will not differ materially from the matters described in this announcement.
Admission to trading on AIM
The Existing Ordinary Shares are, and the New Ordinary Shares will be, admitted to trading on AIM a market designed primarily for emerging or smaller companies to which a higher investment risk tends to be attached than to larger or more established companies. The Ordinary Shares will not be admitted to the Official List. An investment in AIM quoted shares may carry a higher risk than an investment in shares quoted on the Official List.
The investment described in this announcement is speculative and may not be suitable for all recipients of this announcement. Potential investors are accordingly advised to consult a person authorised under FSMA who specialises in advising in investments of this kind before making any investment decisions. A prospective investor should consider carefully whether an investment in the Company is suitable in the light of his/her personal circumstances and the financial resources available to him/her.
Appendix II Additional Information
The undertaking by Greenwood not to dispose of any of its interest in Serabi for period of 12 months following the placing, shall not apply to a transfer of Ordinary Shares made:
1.1 pursuant to:
(a) an acceptance of a takeover offer for the entire issued share capital of Serabi (or such share capital other than any shares held or acquired or contracted to be acquired by the offeror or by any associate of the offeror within the meaning of section 988 of the Act) recommended for acceptance by the Board (or, if applicable, the independent Board members in relation to such takeover offer) or which has become unconditional as to acceptances;
(b) a compromise or arrangement between Serabi and is creditors or any class of them or between Serabi and its members or any class of them which is agreed to by the creditors or members and sanctioned under sections 895 to 901 of the Act or section 110 of the Insolvency Act 1986;
(c) any offer by Serabi to purchase its own Shares which is made on identical terms to the holders of Shares of the same class and otherwise complies with the Act;
(d) any disposal to a member of the same group of companies as that of which the Investor is a member, provided that such transferee enters into an undertaking in the same terms as hereof;
1.2 in order to prevent Greenwood being required to make a mandatory offer pursuant to Rule 9 of the Takeover Code; or
1.3 on the sale by Greenwood of Shares arising on the exercise of a right to subscribe such Shares under a Serabi open offer or rights issue, provided that (in any case):
(a) such exercise is made by Greenwood in respect of a larger number of Shares than those so sold;
(b) the number sold is no more than is necessary to make such exercise (taking into account such sale) a self-financing transaction for ; and
(c) the sale is made on or as soon as practicable after such exercise.
DEFINITIONS
"Admission" admission of the New Ordinary Shares to trading on AIM becoming effective in accordance with the AIM Rules
"AIM" a market operated by the London Stock Exchange
"AIM Rules" the AIM Rules for Companies published by the London Stock Exchange as amended from time to time governing admission to, and the operation of, AIM
"Beaumont Cornish" Beaumont Cornish Limited, the Company's nominated adviser and broker, a member of the London Stock Exchange and authorised and regulated by the Financial Services Authority
"Company" or "Serabi" Serabi Mining Plc
"Convertible" The unsecured £300,000 convertible loan facility, convertible into up to 20,000,000 New Ordinary Shares at the Placing Price
"Directors" or the "Board" the directors of the Company, as at the date of this announcement
"Disclosure and Transparency Rules" the Disclosure and Transparency Rules issued by the FSA
"Enlarged Share Capital" the 291,455,916 Ordinary Shares in issue on Admission, including the Placing Shares, the New Ordinary Shares to be issued to certain suppliers and consultants and any New Ordinary Shares issued to Directors in settlement of accrued but unpaid remuneration and benefits
"Existing Ordinary Shares" the 140,139,065 Ordinary Shares of the Company in issue at the date of this Document
"FSA" the Financial Services Authority of the UK
"FSMA" the Financial Services and Markets Act 2000 (as amended)
"Greenwood" Greenwood Investments Limited, a company limited by shares registered in England and Wales with registered number 7057380 and a registered office at Lubbock Fine City Forum, 250 City Road, London EC1V 2QQ
"Group" the Company and its subsidiaries
"London Stock Exchange" London Stock Exchange plc
"New Ordinary Shares" the Ordinary Shares in the Company to be issued pursuant to the Placing and the additional share issues described in the announcement
"Ordinary Shares" ordinary shares of 0.5 pence each in the capital of the Company
"Overseas Shareholders" Shareholders resident in, or citizens of, jurisdictions outside the United Kingdom
"Placing" the conditional placing by the Company of the Placing Shares at the Placing Price
"Placing Price" 1.5 pence per New Ordinary Share
"Placing Shares" the 139,867,833 New Ordinary Shares to be issued pursuant to the Placing
"Prospectus Rules" the rules made by the Financial Services Authority pursuant to sections 73A(1) and (4) of FSMA
"RIS" Regulated Information Service
"Shareholder" a holder of Ordinary Shares from time to time
"UK" the United Kingdom of England, Scotland, Wales and Northern Ireland
"UKLA" the Financial Services Authority acting in its capacity as the competent authority for the purposes of Part VI of FSMA
"US", "USA" or "United States" the United States of America, each State thereof (including the District of Columbia), its territories, possessions and all areas subject to its jurisdiction
GLOSSARY
"On-Lode Exploration" exploration by the establishment of underground mineral development which follows the mineralised structure
"Mineral Resource" a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories An Inferred Mineral Resource is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability. An Indicated Mineral Resource is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed. A Measured Mineral Resource is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity
"Ore Reserve" the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified. Ore Reserves are sub-divided in order of increasing confidence into Probable Ore Reserves and Proved Ore Reserves. A Probable Ore Reserve is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified. A Proved Ore Reserve is the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified
"VTEM" Versa time domain electromagnetic - a particular type of electromagnetic geophysical survey to prospect for conductive bodies below surface.
HUGIN /Source: Serabi Mining plc /LSE: SRB /ISIN: GB00B074J639
Chromex Mining plc - Zimbabwe Acquisition and Market Update
Chromex Mining plc / Epic: CHX / Market: AIM / Sector: Mining & Exploration
10 November 2009
Chromex Mining plc ('Chromex' or 'the Company')
Zimbabwe Acquisition and Market Update
Chromex Mining plc, the AIM listed chrome mining company focussed in Southern Africa, is pleased to announce that it has concluded a binding Heads of Agreement to acquire 49% of Falvect Mining (Private) Limited ('Falvect'), a company owned and operating in Zimbabwe for a nominal consideration, and provide an update on its activities in South Africa.
Under the terms of the acquisition, Chromex will have the exclusive right to co-develop all Falvect chrome concessions in the Shurugwi region and tribute agreements in the Ngezi area, and market 100% of the chrome products produced from those operations. In return, the Company will provide working capital into Falvect and funding for the development of current projects and any additional acquisitions in Zimbabwe, which is host to significant high grade chrome ore deposits.
A technical review of the contained mineralisation will commence once final agreements have been concluded. In line with the development of its business, Chromex is already investigating the economics of setting up beneficiation facilities in Zimbabwe.
In South Africa the commissioning of the first phase of its Stellite chrome beneficiation plant was completed in August 2009. By the beginning of November 2009, this facility was able to operate at full design capacity, producing 42% and 44% metallurgical grade chrome concentrate. All beneficiation to date has been fed from existing stockpiles at the Stellite mine, although due to on-going demand, the Board expects to recommence mining operations in December 2009.
Furthermore, the Company is currently finalising the design and costing of Phase 2 of the current beneficiation plant to include a dense media circuit with the ability to double current beneficiation capacity. Importantly, in addition to the capacity increase, Chromex will be in a position to market a sized lumpy chrome product in addition to the chemical and metallurgical grade concentrates that it currently produces.
On a more general level, 2009 has been a difficult year for the South African chrome industry, combining general macro-economic uncertainty with unprecedented turbulence in demand and price. In addition the South African mining industry has been significantly impacted by a very strong Rand, increasing costs and continuing power constraints.
In spite of this Chromex has continued to spend capital on its beneficiation facilities and mine, and will continue to do so in the future so as to retain operating flexibility in an ever-changing environment. Its strategy remains to produce enough chrome to provide positive cash flow, while retaining valuable chrome resources in the ground pending an upturn in prices.
Additionally, the challenge to the Group's mining right at Mecklenburg remains unresolved, largely due to delays in the process of providing evidence for the court. Chromex has complied with all requirements within the stipulated time scales, and, on the basis of our legal advice, the Company remains confident of a successful outcome.
Chromex CEO Russell Lamming said, "The investment in Falvect is in line with our strategy of building a broad portfolio of chrome and related mineral assets across southern Africa. The timing of the acquisition is linked to the lifting of the Zimbabwean ban on exports of chrome ore and fines, effective 1 November 2009 and will hopefully allow us to expand our production capabilities going forward. In spite of the challenging chrome market we have continued to invest in our operations and have a producing mine and operating beneficiation plant. Our aim is to continue to build our business, expand on our portfolio and generate value for shareholders going forward."
For further information please visit www.chromexmining.co.uk
Chromex Mining, quoted on AIM, is a dedicated chrome mining company with two primary projects on the Bushveld complex, South Africa and approximately 41Mt resources under its control. The Company has commenced production at its Stellite project on the Western Limb of the Bushveld complex, and plans to commence production at its Mecklenburg project on the Eastern Limb as soon as possible.
HUGIN /Source: Chromex Mining PLC /LSE: CHX /ISIN: GB00B16QP362
10 November 2009
Chromex Mining plc ('Chromex' or 'the Company')
Zimbabwe Acquisition and Market Update
Chromex Mining plc, the AIM listed chrome mining company focussed in Southern Africa, is pleased to announce that it has concluded a binding Heads of Agreement to acquire 49% of Falvect Mining (Private) Limited ('Falvect'), a company owned and operating in Zimbabwe for a nominal consideration, and provide an update on its activities in South Africa.
Under the terms of the acquisition, Chromex will have the exclusive right to co-develop all Falvect chrome concessions in the Shurugwi region and tribute agreements in the Ngezi area, and market 100% of the chrome products produced from those operations. In return, the Company will provide working capital into Falvect and funding for the development of current projects and any additional acquisitions in Zimbabwe, which is host to significant high grade chrome ore deposits.
A technical review of the contained mineralisation will commence once final agreements have been concluded. In line with the development of its business, Chromex is already investigating the economics of setting up beneficiation facilities in Zimbabwe.
In South Africa the commissioning of the first phase of its Stellite chrome beneficiation plant was completed in August 2009. By the beginning of November 2009, this facility was able to operate at full design capacity, producing 42% and 44% metallurgical grade chrome concentrate. All beneficiation to date has been fed from existing stockpiles at the Stellite mine, although due to on-going demand, the Board expects to recommence mining operations in December 2009.
Furthermore, the Company is currently finalising the design and costing of Phase 2 of the current beneficiation plant to include a dense media circuit with the ability to double current beneficiation capacity. Importantly, in addition to the capacity increase, Chromex will be in a position to market a sized lumpy chrome product in addition to the chemical and metallurgical grade concentrates that it currently produces.
On a more general level, 2009 has been a difficult year for the South African chrome industry, combining general macro-economic uncertainty with unprecedented turbulence in demand and price. In addition the South African mining industry has been significantly impacted by a very strong Rand, increasing costs and continuing power constraints.
In spite of this Chromex has continued to spend capital on its beneficiation facilities and mine, and will continue to do so in the future so as to retain operating flexibility in an ever-changing environment. Its strategy remains to produce enough chrome to provide positive cash flow, while retaining valuable chrome resources in the ground pending an upturn in prices.
Additionally, the challenge to the Group's mining right at Mecklenburg remains unresolved, largely due to delays in the process of providing evidence for the court. Chromex has complied with all requirements within the stipulated time scales, and, on the basis of our legal advice, the Company remains confident of a successful outcome.
Chromex CEO Russell Lamming said, "The investment in Falvect is in line with our strategy of building a broad portfolio of chrome and related mineral assets across southern Africa. The timing of the acquisition is linked to the lifting of the Zimbabwean ban on exports of chrome ore and fines, effective 1 November 2009 and will hopefully allow us to expand our production capabilities going forward. In spite of the challenging chrome market we have continued to invest in our operations and have a producing mine and operating beneficiation plant. Our aim is to continue to build our business, expand on our portfolio and generate value for shareholders going forward."
For further information please visit www.chromexmining.co.uk
Chromex Mining, quoted on AIM, is a dedicated chrome mining company with two primary projects on the Bushveld complex, South Africa and approximately 41Mt resources under its control. The Company has commenced production at its Stellite project on the Western Limb of the Bushveld complex, and plans to commence production at its Mecklenburg project on the Eastern Limb as soon as possible.
HUGIN /Source: Chromex Mining PLC /LSE: CHX /ISIN: GB00B16QP362
IIrish Continental Group plc Interim Management Statement
Irish Continental Group plc (ICG) issues its second Interim Management Statement for 2009 which covers the period from 1 July 2009.
It should be noted that ICG's business is significantly weighted towards the second half of the year (particularly the third quarter) where normally a higher proportion of the Group's operating profit is generated than in the first six months.
TRADING, TO 30 SEPTEMBER 2009
Group revenue for the nine months to 30th September 2009 was €197.8 million (2008: €265.5 million). EBITDA for the nine months was €41.7 million (2008: €55.9 million), while operating profit for the nine months was €24.1 million compared with €37.5 million in the same period in 2008. As at 30 June 2009, we had reported operating profit for the six months of €7.1 million versus €17.3 million in the same period in 2008. The comparative results in 2008 include €3.8 million profit in respect of the sale of the MV Normandy.
FINANCE
Net debt at 30 September 2009, was €30.0 million, down from €48.5 million at 30 June 2009. This is the lowest level of net debt since 1993, reflecting the Group's very strong cash flow characteristics.
CURRENT TRADING & OUTLOOK
In the period from 1 July 2009 to 31 October 2009, passenger numbers are up 1% at 643,000, cars carried are up 2% at 171,000, RoRo freight volumes are down 16% at 66,000 units. Container freight volumes for the same period are down 19% at 143,000 teu, while units lifted at our ports are down 18% at 59,000.
In the year to date (to 31 October 2009), passengers carried are down 4% at 1,264,000, while car numbers are down 2% at 330,000. RoRo freight volumes in the same period are down 20% on last year at 165,000 units partly reflecting additional competitive freight capacity. Container freight volumes are 27% lower than the previous year at 330,000 teu, while units handled at our port terminals are down by 25% at 137,000.
The economic environment remains challenging and the weakness of sterling against the euro remains an issue for the Group. Freight volumes continue to reflect subdued trading activity while passenger and car volumes have remained more resilient and have responded favourably to our marketing initiatives.
HUGIN /Source: Irish Continental Group plc /LSE: ICGC /ISIN: IE0033336516
It should be noted that ICG's business is significantly weighted towards the second half of the year (particularly the third quarter) where normally a higher proportion of the Group's operating profit is generated than in the first six months.
TRADING, TO 30 SEPTEMBER 2009
Group revenue for the nine months to 30th September 2009 was €197.8 million (2008: €265.5 million). EBITDA for the nine months was €41.7 million (2008: €55.9 million), while operating profit for the nine months was €24.1 million compared with €37.5 million in the same period in 2008. As at 30 June 2009, we had reported operating profit for the six months of €7.1 million versus €17.3 million in the same period in 2008. The comparative results in 2008 include €3.8 million profit in respect of the sale of the MV Normandy.
FINANCE
Net debt at 30 September 2009, was €30.0 million, down from €48.5 million at 30 June 2009. This is the lowest level of net debt since 1993, reflecting the Group's very strong cash flow characteristics.
CURRENT TRADING & OUTLOOK
In the period from 1 July 2009 to 31 October 2009, passenger numbers are up 1% at 643,000, cars carried are up 2% at 171,000, RoRo freight volumes are down 16% at 66,000 units. Container freight volumes for the same period are down 19% at 143,000 teu, while units lifted at our ports are down 18% at 59,000.
In the year to date (to 31 October 2009), passengers carried are down 4% at 1,264,000, while car numbers are down 2% at 330,000. RoRo freight volumes in the same period are down 20% on last year at 165,000 units partly reflecting additional competitive freight capacity. Container freight volumes are 27% lower than the previous year at 330,000 teu, while units handled at our port terminals are down by 25% at 137,000.
The economic environment remains challenging and the weakness of sterling against the euro remains an issue for the Group. Freight volumes continue to reflect subdued trading activity while passenger and car volumes have remained more resilient and have responded favourably to our marketing initiatives.
HUGIN /Source: Irish Continental Group plc /LSE: ICGC /ISIN: IE0033336516
Antisoma AGM update and Interim Management Statement
10 November 2009 - Antisoma plc (LSE: ASM; USOTC: ATSMY) holds its AGM today and provides an update, which also serves as the Company's Interim Management Statement for the period from 1 July 2009 to 9 November 2009.
Antisoma's CEO Glyn Edwards, said: "We are finishing 2009 in a strong position, with two drugs well into pivotal phase III trials and significant cash resources. We are focused on completing key studies of our late-stage drugs and preparing for their commercialisation, while also continuing to explore opportunities to add new assets to our business."
ASA404 - a potential blockbuster
ASA404, our Tumour-Vascular Disrupting Agent, continues to make good progress in the capable hands of our partner, Novartis. In September, we announced that the ATTRACT-1 phase III trial had completed patient enrolment. This 1200-patient study is evaluating ASA404 in combination with standard chemotherapy as a first-line treatment for non-small cell lung cancer. We expect data from the trial in late 2010 or early 2011, with applications for marketing to follow during 2011 if the data are positive.
Novartis is also conducting ATTRACT-2, a 900-patient phase III trial testing ASA404 as a second-line treatment for non-small cell lung cancer. Testing the drug in both the first- and second-line settings will ensure that a broad spectrum of lung cancer patients could be eligible for treatment with the drug.
Novartis also intends to develop ASA404 in another major indication, HER2-negative metastatic breast cancer. More details of the plans for this indication will be available in the near future.
Antisoma has the option to co-commercialise ASA404 with Novartis in the US, which fits with Antisoma's plans to become directly involved in the commercialisation of its products. The deal with Novartis could yield substantial milestone payments based on the progress of ASA404 as well as royalties on all sales of the drug worldwide.
AS1413 - second key phase III product
AS1413 is a novel chemotherapy drug with promising potential as a treatment for blood cancers. A key property of AS1413 is its ability to evade a variety of multi-drug resistance mechanisms, such as Pgp, MRP-1 and BCRP. These are molecular pumps used by cancer cells to expel drugs, including some of the major chemotherapies in use today. By evading these mechanisms, AS1413 has the potential to work in settings where other treatments provide limited benefit.
We are developing AS1413 initially as a treatment for secondary acute myeloid leukaemia (secondary AML), a form of AML that evolves from prior bone marrow disease or develops following radiotherapy or chemotherapy for other cancers. Patients with secondary AML often have multi-drug resistant disease and there are no drugs approved specifically for this condition.
We are enrolling patients into a pivotal, randomised phase III trial of AS1413 in secondary AML. This trial, called ACCEDE, compares AS1413 plus cytarabine with daunorubicin plus cytarabine, the most common initial treatment for AML. The ACCEDE study builds on positive data from previous studies: from a phase I trial, just published in Leukemia Research, which highlighted the drug's potential in this setting, and from a phase II trial that evaluated the drug in 88 patients with secondary AML. Final follow-up data from the phase II trial will be presented at this year's ASH meeting in December.
Results from the ACCEDE trial are expected to be available in late 2010 or early 2011. Should these be positive, we plan to market the drug ourselves in the US while seeking partners for marketing in other territories. We believe that AS1413 could achieve worldwide sales running into hundreds of millions of dollars as a treatment for secondary AML, and that there is also a wider opportunity for the drug in other blood cancer settings.
AS1411 - significant developments ahead
Earlier this year we presented positive data from a phase II trial of our aptamer drug, AS1411, in AML. The addition of 10 or 40 mg/kg/day AS1411 to cytarabine chemotherapy increased the response rate without significantly increasing side-effects. We now plan to build on these findings by conducting a phase IIb trial, which is expected to begin early next year.
The new trial will include around 90 patients in three treatment groups: a control group will get chemotherapy alone while two combination groups receive AS1411 together with chemotherapy. AS1411 will be given at 40 or 80 mg/kg/day, so the highest dose tested will be twice that used in the previous trial.
The dose of cytarabine chemotherapy will also be slightly higher than that used previously. In addition, the patient population will be refined: the prior trial included patients who had proved unresponsive (refractory) to previous therapy or who had suffered up to three relapses, whereas the new trial will only include patients in first relapse or refractory to one previous treatment.
The phase IIb trial will capture the initial response to treatment, how long patients remain disease-free and how long they survive following treatment. The goal is to provide a data-set that allows us to make optimal plans for a registration study.
In parallel with the programme in AML, we have been running a single-arm phase II trial in renal cancer. This completed patient enrolment in May, and is expected to report initial data before the end of 2009.
As with AS1413, Antisoma currently retains all marketing and commercialisation rights to AS1411. We plan to continue development through late-stage trials and to commercialise the product ourselves in the US while seeking partners for other territories.
Strong financial position
We reported in our year-end financial results that we had GBP 67.0 million at the end of June 2009, and indicated that these funds were sufficient to support all our priority programmes until mid-2011, beyond the time when data are expected from the key phase III studies of ASA404 and AS1413.
Outlook
Before the end of this year, we expect the first data from our phase II trial of AS1411 in renal cancer and additional details of Novartis' plans for developing ASA404 in breast cancer. We are moving forward with our plans to transition from a company focused on developing cancer drugs into one that can also successfully commercialise them.
While our principal focus is the completion of phase III trials on ASA404 and AS1413, we also continue to advance the earlier stage products in our portfolio and to explore opportunities to add new drugs to the pipeline.
Except for the historical information presented, certain matters discussed in this statement are forward looking statements that are subject to a number of risks and uncertainties that could cause actual results to differ materially from results, performance or achievements expressed or implied by such statements.
These risks and uncertainties may be associated with product discovery and development, including statements regarding the Group's clinical development programmes, the expected timing of clinical trials and regulatory filings. Such statements are based on management's current expectations, but actual results may differ materially.
Background on Antisoma
Antisoma is a London Stock Exchange-listed biopharmaceutical company that develops novel products for the treatment of cancer. The Company has operations in the UK and the US. Please visit www.antisoma.com for further information about Antisoma.
HUGIN /Source: Antisoma plc /LSE: ASM /ISIN: GB0055696032
Antisoma's CEO Glyn Edwards, said: "We are finishing 2009 in a strong position, with two drugs well into pivotal phase III trials and significant cash resources. We are focused on completing key studies of our late-stage drugs and preparing for their commercialisation, while also continuing to explore opportunities to add new assets to our business."
ASA404 - a potential blockbuster
ASA404, our Tumour-Vascular Disrupting Agent, continues to make good progress in the capable hands of our partner, Novartis. In September, we announced that the ATTRACT-1 phase III trial had completed patient enrolment. This 1200-patient study is evaluating ASA404 in combination with standard chemotherapy as a first-line treatment for non-small cell lung cancer. We expect data from the trial in late 2010 or early 2011, with applications for marketing to follow during 2011 if the data are positive.
Novartis is also conducting ATTRACT-2, a 900-patient phase III trial testing ASA404 as a second-line treatment for non-small cell lung cancer. Testing the drug in both the first- and second-line settings will ensure that a broad spectrum of lung cancer patients could be eligible for treatment with the drug.
Novartis also intends to develop ASA404 in another major indication, HER2-negative metastatic breast cancer. More details of the plans for this indication will be available in the near future.
Antisoma has the option to co-commercialise ASA404 with Novartis in the US, which fits with Antisoma's plans to become directly involved in the commercialisation of its products. The deal with Novartis could yield substantial milestone payments based on the progress of ASA404 as well as royalties on all sales of the drug worldwide.
AS1413 - second key phase III product
AS1413 is a novel chemotherapy drug with promising potential as a treatment for blood cancers. A key property of AS1413 is its ability to evade a variety of multi-drug resistance mechanisms, such as Pgp, MRP-1 and BCRP. These are molecular pumps used by cancer cells to expel drugs, including some of the major chemotherapies in use today. By evading these mechanisms, AS1413 has the potential to work in settings where other treatments provide limited benefit.
We are developing AS1413 initially as a treatment for secondary acute myeloid leukaemia (secondary AML), a form of AML that evolves from prior bone marrow disease or develops following radiotherapy or chemotherapy for other cancers. Patients with secondary AML often have multi-drug resistant disease and there are no drugs approved specifically for this condition.
We are enrolling patients into a pivotal, randomised phase III trial of AS1413 in secondary AML. This trial, called ACCEDE, compares AS1413 plus cytarabine with daunorubicin plus cytarabine, the most common initial treatment for AML. The ACCEDE study builds on positive data from previous studies: from a phase I trial, just published in Leukemia Research, which highlighted the drug's potential in this setting, and from a phase II trial that evaluated the drug in 88 patients with secondary AML. Final follow-up data from the phase II trial will be presented at this year's ASH meeting in December.
Results from the ACCEDE trial are expected to be available in late 2010 or early 2011. Should these be positive, we plan to market the drug ourselves in the US while seeking partners for marketing in other territories. We believe that AS1413 could achieve worldwide sales running into hundreds of millions of dollars as a treatment for secondary AML, and that there is also a wider opportunity for the drug in other blood cancer settings.
AS1411 - significant developments ahead
Earlier this year we presented positive data from a phase II trial of our aptamer drug, AS1411, in AML. The addition of 10 or 40 mg/kg/day AS1411 to cytarabine chemotherapy increased the response rate without significantly increasing side-effects. We now plan to build on these findings by conducting a phase IIb trial, which is expected to begin early next year.
The new trial will include around 90 patients in three treatment groups: a control group will get chemotherapy alone while two combination groups receive AS1411 together with chemotherapy. AS1411 will be given at 40 or 80 mg/kg/day, so the highest dose tested will be twice that used in the previous trial.
The dose of cytarabine chemotherapy will also be slightly higher than that used previously. In addition, the patient population will be refined: the prior trial included patients who had proved unresponsive (refractory) to previous therapy or who had suffered up to three relapses, whereas the new trial will only include patients in first relapse or refractory to one previous treatment.
The phase IIb trial will capture the initial response to treatment, how long patients remain disease-free and how long they survive following treatment. The goal is to provide a data-set that allows us to make optimal plans for a registration study.
In parallel with the programme in AML, we have been running a single-arm phase II trial in renal cancer. This completed patient enrolment in May, and is expected to report initial data before the end of 2009.
As with AS1413, Antisoma currently retains all marketing and commercialisation rights to AS1411. We plan to continue development through late-stage trials and to commercialise the product ourselves in the US while seeking partners for other territories.
Strong financial position
We reported in our year-end financial results that we had GBP 67.0 million at the end of June 2009, and indicated that these funds were sufficient to support all our priority programmes until mid-2011, beyond the time when data are expected from the key phase III studies of ASA404 and AS1413.
Outlook
Before the end of this year, we expect the first data from our phase II trial of AS1411 in renal cancer and additional details of Novartis' plans for developing ASA404 in breast cancer. We are moving forward with our plans to transition from a company focused on developing cancer drugs into one that can also successfully commercialise them.
While our principal focus is the completion of phase III trials on ASA404 and AS1413, we also continue to advance the earlier stage products in our portfolio and to explore opportunities to add new drugs to the pipeline.
Except for the historical information presented, certain matters discussed in this statement are forward looking statements that are subject to a number of risks and uncertainties that could cause actual results to differ materially from results, performance or achievements expressed or implied by such statements.
These risks and uncertainties may be associated with product discovery and development, including statements regarding the Group's clinical development programmes, the expected timing of clinical trials and regulatory filings. Such statements are based on management's current expectations, but actual results may differ materially.
Background on Antisoma
Antisoma is a London Stock Exchange-listed biopharmaceutical company that develops novel products for the treatment of cancer. The Company has operations in the UK and the US. Please visit www.antisoma.com for further information about Antisoma.
HUGIN /Source: Antisoma plc /LSE: ASM /ISIN: GB0055696032
Ariana Resources plc -Trench Results at the Salinbas Prospect
10 November 2009
AIM / PLUS Markets: AAU
TRENCH RESULTS AT THE SALINBAS PROSPECT
Ariana Resources plc ("the Company"), the gold exploration and development company focused on Turkey, is pleased to announce the results of trenching undertaken on the Salinbas prospect which is part of the Ardala mineralised system.
Highlights
33m at 9.6 g/t Au and 46m at 8.3 g/t Au
Further potential along strike and at depth
Drilling underway
Dr. Kerim Sener, Managing Director, commented:
"The results of the initial trenches undertaken on the Salinbas prospect highlight the potential of the broader Ardala mineral system to yield multiple zones of high-grade mineralisation located along discrete structural corridors which had been overlooked by previous explorers. The Joint Venture team has been successful in identifying these zones and in conducting a rapid and successful programme of follow-up. We now look forward to the results of our drilling programme."
Details of Programme
On the Ardala Project, mapping and sampling has confirmed that porphyry mineralisation continues to the south of the previously recognised outcrops, and this additional extension increases the size potential of the Ardala porphyry system.
A high-grade gold zone has also been identified at Salinbas, located some 3km to the southwest of the Ardala porphyry. Trenching at Salinbas has returned the following bedrock intercepts over a 360m strike length with mineralisation open to the south and at depth:
Trench Number Intercept (m) Grade (g/t Au)
1 26 5.4
2 6 2.8
3 46 8.3
4 6 2.8
5 14 7.3
And 33 9.6
6 9 4.3
Drilling of the trenched zone and at Ardala South is currently underway and results of these programmes are pending. Further information is provided in a parallel announcement by our Joint Venture partners, European Goldfields Limited.
About Ariana Resources
Ariana is an exploration and development company focused on epithermal gold-silver and porphyry copper-gold deposits in Turkey. The Company is exploring a portfolio of prospective licences selected on the basis of its in-house geological and remote-sensing database, on its own in western Turkey and in Joint Venture with European Goldfields Limited in north-eastern Turkey.
The Company's flagship assets are its Sindirgi and Tavsan gold projects. Both projects contain a series of prospects, within two prolific mineralised districts in the Western Anatolian Volcanic and Extensional (WAVE) Province in western Turkey. This Province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits. These core projects, which are separated by a distance of 75km, are presently being assessed as to their economic merits. The total resource inventory of the Company stands at 401,000 ounces of gold equivalent.
Loeb Aron & Company Ltd. and Alexander David Securities Limited are joint brokers to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.
For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com.
HUGIN /Source: Ariana Resources plc /LSE: AAU /ISIN: GB00B085SD50
AIM / PLUS Markets: AAU
TRENCH RESULTS AT THE SALINBAS PROSPECT
Ariana Resources plc ("the Company"), the gold exploration and development company focused on Turkey, is pleased to announce the results of trenching undertaken on the Salinbas prospect which is part of the Ardala mineralised system.
Highlights
33m at 9.6 g/t Au and 46m at 8.3 g/t Au
Further potential along strike and at depth
Drilling underway
Dr. Kerim Sener, Managing Director, commented:
"The results of the initial trenches undertaken on the Salinbas prospect highlight the potential of the broader Ardala mineral system to yield multiple zones of high-grade mineralisation located along discrete structural corridors which had been overlooked by previous explorers. The Joint Venture team has been successful in identifying these zones and in conducting a rapid and successful programme of follow-up. We now look forward to the results of our drilling programme."
Details of Programme
On the Ardala Project, mapping and sampling has confirmed that porphyry mineralisation continues to the south of the previously recognised outcrops, and this additional extension increases the size potential of the Ardala porphyry system.
A high-grade gold zone has also been identified at Salinbas, located some 3km to the southwest of the Ardala porphyry. Trenching at Salinbas has returned the following bedrock intercepts over a 360m strike length with mineralisation open to the south and at depth:
Trench Number Intercept (m) Grade (g/t Au)
1 26 5.4
2 6 2.8
3 46 8.3
4 6 2.8
5 14 7.3
And 33 9.6
6 9 4.3
Drilling of the trenched zone and at Ardala South is currently underway and results of these programmes are pending. Further information is provided in a parallel announcement by our Joint Venture partners, European Goldfields Limited.
About Ariana Resources
Ariana is an exploration and development company focused on epithermal gold-silver and porphyry copper-gold deposits in Turkey. The Company is exploring a portfolio of prospective licences selected on the basis of its in-house geological and remote-sensing database, on its own in western Turkey and in Joint Venture with European Goldfields Limited in north-eastern Turkey.
The Company's flagship assets are its Sindirgi and Tavsan gold projects. Both projects contain a series of prospects, within two prolific mineralised districts in the Western Anatolian Volcanic and Extensional (WAVE) Province in western Turkey. This Province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits. These core projects, which are separated by a distance of 75km, are presently being assessed as to their economic merits. The total resource inventory of the Company stands at 401,000 ounces of gold equivalent.
Loeb Aron & Company Ltd. and Alexander David Securities Limited are joint brokers to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.
For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com.
HUGIN /Source: Ariana Resources plc /LSE: AAU /ISIN: GB00B085SD50
Ad hoc: Analytik Jena Announces Preliminary Figures for the 2008/2009 Financial Year
- Sales rose to over EUR 71.0 m in the instrument business
- Operating profit (EBIT) increased by 34.0 % to EUR 6.3 m
- Earnings per share negatively impacted by increased income tax rate
Analytik Jena AG (Frankfurt DE0005213508, Prime Standard: AJA) was still in line to achieve its main target in the 2008/2009 financial year and continued to enjoy strong growth despite the difficult overall economic climate. This was the announcement made by the Company today at the German Equity Conference held in Frankfurt am Main.
Over the past 2008/2009 financial year, the analytical, bioanalytical and optical systems and applications manufacturer achieved sales of EUR 71.2 m (previous year: EUR 53.1 m) in its instrument business. The Company therefore posted sales growth of 34.1 % in its core business, including the acquired subsidiaries CyBio AG and Biometra GmbH. Organic growth alone stood at 10.3 %. In the segments analytical solutions and bio solutions, Analytik Jena gained significant ground, whilst sales in optical solutions were down year-on-year.
Operating profit (EBIT) increased by 34.0 % to EUR 6.3 m (previous year: EUR 4.7 m), which corresponds to an EBIT margin of 8.9 %. Earnings before taxes (EBT) rose from EUR 2.9 m in the previous year to expectedly more than EUR 4.0 m in this period.
Also the operating cash flow with nearly EUR 6.0 m compared with the negative value of EUR -1.7 m in the previous year was developing positively.
For earnings per share the Company cannot report any resilient figures so far. This is attributable to tax burden by subsidiaries abroad that need to be audited yet. An increased income tax compared with the previous year is expected, so earnings per share will probably be close to the previous year's result.
Considering the consolidating global economy and the positive industry forecasts, Analytik Jena expects to continue its positive development and its overall growth.
The figures given in the announcement are preliminary figures. The final results for the 2008/2009 financial year (as of September 30) will be announced by the Group on December 17, 2009.
HUGIN /Source: Analytik Jena AG /GER: AJA /ISIN: DE0005213508
- Operating profit (EBIT) increased by 34.0 % to EUR 6.3 m
- Earnings per share negatively impacted by increased income tax rate
Analytik Jena AG (Frankfurt DE0005213508, Prime Standard: AJA) was still in line to achieve its main target in the 2008/2009 financial year and continued to enjoy strong growth despite the difficult overall economic climate. This was the announcement made by the Company today at the German Equity Conference held in Frankfurt am Main.
Over the past 2008/2009 financial year, the analytical, bioanalytical and optical systems and applications manufacturer achieved sales of EUR 71.2 m (previous year: EUR 53.1 m) in its instrument business. The Company therefore posted sales growth of 34.1 % in its core business, including the acquired subsidiaries CyBio AG and Biometra GmbH. Organic growth alone stood at 10.3 %. In the segments analytical solutions and bio solutions, Analytik Jena gained significant ground, whilst sales in optical solutions were down year-on-year.
Operating profit (EBIT) increased by 34.0 % to EUR 6.3 m (previous year: EUR 4.7 m), which corresponds to an EBIT margin of 8.9 %. Earnings before taxes (EBT) rose from EUR 2.9 m in the previous year to expectedly more than EUR 4.0 m in this period.
Also the operating cash flow with nearly EUR 6.0 m compared with the negative value of EUR -1.7 m in the previous year was developing positively.
For earnings per share the Company cannot report any resilient figures so far. This is attributable to tax burden by subsidiaries abroad that need to be audited yet. An increased income tax compared with the previous year is expected, so earnings per share will probably be close to the previous year's result.
Considering the consolidating global economy and the positive industry forecasts, Analytik Jena expects to continue its positive development and its overall growth.
The figures given in the announcement are preliminary figures. The final results for the 2008/2009 financial year (as of September 30) will be announced by the Group on December 17, 2009.
HUGIN /Source: Analytik Jena AG /GER: AJA /ISIN: DE0005213508
Ismail Kola joins UCB as Executive Vice President, UCB & President of UCB New Medicines(TM
UCB today announced the appointment of Ismail Kola, Executive Vice President, UCB & President of UCB New Medicines(TM),UCB's discovery research through to 'proof of concept' organization. Ismail Kola will join UCB's Executive Committee with effect from November 23, 2009.
Roch Doliveux, Chief Executive Officer of UCB said, "We are pleased to announce Ismail's appointment to lead our internal and external discovery of new medicines to treat patients with severe diseases. UCB is gaining a highly accomplished scientist with a track record of success in academia and the biopharma field. I am confident that Ismail will make major leaps to the development of UCB NewMedicines(TM). His strong research and development background in combination with solid commercial understanding will move UCB NewMedicines(TM) beyond its current achievements to deliver UCB's breaktrough phase.''
For more then 20 years, Ismail Kola has created a bridge between the scientific and academic worlds trough various projects funded by renowned institutes such as the NHMRC (National Health & Medical Research Council) Australia, the National Institutes of Health, USA and Monash University in Australia. He has authored 159 technical publications in scientific and medical journals of the highest caliber, and is a named inventor on 12 patents. Under his leadership numerous drugs have come to the market and many are now in late-stage development.
Since March 2007, Dr. Kola has occupied the role of Senior Vice-President, Discovery Research and Early Clinical Research & Experimental Medicine, and Chief Scientific Officer at Schering-Plough. He came to Schering Plough from Merck where in January 2003 he was appointed Senior Vice President/Site Head, Basic Research. Prior to that, Ismail was Vice President, Research, and Global Head, Genomics Science and Biotechnology with Pharmacia Corporation, and served as a consultant to SmithKline Beecham Pharmaceuticals where he was also a member of the Genomics Advisory Board.
As of 23 November 2009, UCB's Executive Committee, chaired by Roch Doliveux, CEO, will have the following members, all of whom are Executive Vice Presidents: Michele Antonelli, Fabrice Enderlin, Ismail Kola, Iris Loew-Friedrich, Mark McDade, Detlef Thielgen and Bob Trainor.
About NewMedicines(TM)
Encompassing discovery research activities through to proof of concept, UCB NewMedicines(TM) is an innovative and externally networked organisation established to secure the future pipeline and deliver UCB's breakthrough products of the future.
A disseminated research organisation will maximise UCB's investment in scientific and medical breakthroughs via a highly collaborative approach to forming teams and projects to create new medicines. Based on a 'hub' model of operation, UCB NewMedicines(TM) is located on two key sites at Braine-l'Alleud, Belgium and Slough, UK. Operations at these hubs focus on the therapeutic areas of CNS (Central Nervous System) and Immunology with strong technology platforms underpinning the research. The organisation houses leaders and experts who possess the highest level skills to search, review, decide and transact on all aspects of the portfolio in all functions.
Internal resources differentiate UCB whilst external resources are accessed for routine activities or to provide specialist complementary skills and capabilities. The organisation fully embraces external networking to support our focus on the pipeline delivery and breakthrough science. Medics and patients inform choices from the outset of projects.
About UCB
UCB, Brussels, Belgium (www.ucb.com) is a biopharmaceutical company dedicated to the research, development and commercialization of innovative medicines with a focus on the fields of central nervous system and immunology disorders. Employing approximately 10 000 people in over 40 countries, UCB generated revenue of 3.6 billion euro in 2008. UCB is listed on Euronext Brussels (symbol: UCB).
Forward looking statement
This press release contains forward-looking statements based on current plans, estimates and beliefs of management. Such statements are subject to risks and uncertainties that may cause actual results to be materially different from those that may be implied by such forward-looking statements contained in this press release. Important factors that could result in such differences include: changes in general economic, business and competitive conditions, effects of future judicial decisions, changes in regulation, exchange rate fluctuations and hiring and retention of its employees.
HUGIN /Source: UCB /BXS: UCB /ISIN: BE0003739530
Roch Doliveux, Chief Executive Officer of UCB said, "We are pleased to announce Ismail's appointment to lead our internal and external discovery of new medicines to treat patients with severe diseases. UCB is gaining a highly accomplished scientist with a track record of success in academia and the biopharma field. I am confident that Ismail will make major leaps to the development of UCB NewMedicines(TM). His strong research and development background in combination with solid commercial understanding will move UCB NewMedicines(TM) beyond its current achievements to deliver UCB's breaktrough phase.''
For more then 20 years, Ismail Kola has created a bridge between the scientific and academic worlds trough various projects funded by renowned institutes such as the NHMRC (National Health & Medical Research Council) Australia, the National Institutes of Health, USA and Monash University in Australia. He has authored 159 technical publications in scientific and medical journals of the highest caliber, and is a named inventor on 12 patents. Under his leadership numerous drugs have come to the market and many are now in late-stage development.
Since March 2007, Dr. Kola has occupied the role of Senior Vice-President, Discovery Research and Early Clinical Research & Experimental Medicine, and Chief Scientific Officer at Schering-Plough. He came to Schering Plough from Merck where in January 2003 he was appointed Senior Vice President/Site Head, Basic Research. Prior to that, Ismail was Vice President, Research, and Global Head, Genomics Science and Biotechnology with Pharmacia Corporation, and served as a consultant to SmithKline Beecham Pharmaceuticals where he was also a member of the Genomics Advisory Board.
As of 23 November 2009, UCB's Executive Committee, chaired by Roch Doliveux, CEO, will have the following members, all of whom are Executive Vice Presidents: Michele Antonelli, Fabrice Enderlin, Ismail Kola, Iris Loew-Friedrich, Mark McDade, Detlef Thielgen and Bob Trainor.
About NewMedicines(TM)
Encompassing discovery research activities through to proof of concept, UCB NewMedicines(TM) is an innovative and externally networked organisation established to secure the future pipeline and deliver UCB's breakthrough products of the future.
A disseminated research organisation will maximise UCB's investment in scientific and medical breakthroughs via a highly collaborative approach to forming teams and projects to create new medicines. Based on a 'hub' model of operation, UCB NewMedicines(TM) is located on two key sites at Braine-l'Alleud, Belgium and Slough, UK. Operations at these hubs focus on the therapeutic areas of CNS (Central Nervous System) and Immunology with strong technology platforms underpinning the research. The organisation houses leaders and experts who possess the highest level skills to search, review, decide and transact on all aspects of the portfolio in all functions.
Internal resources differentiate UCB whilst external resources are accessed for routine activities or to provide specialist complementary skills and capabilities. The organisation fully embraces external networking to support our focus on the pipeline delivery and breakthrough science. Medics and patients inform choices from the outset of projects.
About UCB
UCB, Brussels, Belgium (www.ucb.com) is a biopharmaceutical company dedicated to the research, development and commercialization of innovative medicines with a focus on the fields of central nervous system and immunology disorders. Employing approximately 10 000 people in over 40 countries, UCB generated revenue of 3.6 billion euro in 2008. UCB is listed on Euronext Brussels (symbol: UCB).
Forward looking statement
This press release contains forward-looking statements based on current plans, estimates and beliefs of management. Such statements are subject to risks and uncertainties that may cause actual results to be materially different from those that may be implied by such forward-looking statements contained in this press release. Important factors that could result in such differences include: changes in general economic, business and competitive conditions, effects of future judicial decisions, changes in regulation, exchange rate fluctuations and hiring and retention of its employees.
HUGIN /Source: UCB /BXS: UCB /ISIN: BE0003739530
Milestone Group plc Appointment of joint brokers
CHANGE OF ADVISER
Milestone Group plc (AIM: MSG) is pleased to announce the appointment of Hybridan LLP as the Company's joint broker with immediate effect.
For further information, please contact:
Milestone Group plc
Milestone Group PLC website: www.milestonegroup.co.uk
Hybridan LLP, BROKER
HUGIN /Source: Milestone Group PLC /LSE: MSG /ISIN: GB0033127910
Milestone Group plc (AIM: MSG) is pleased to announce the appointment of Hybridan LLP as the Company's joint broker with immediate effect.
For further information, please contact:
Milestone Group plc
Milestone Group PLC website: www.milestonegroup.co.uk
Hybridan LLP, BROKER
HUGIN /Source: Milestone Group PLC /LSE: MSG /ISIN: GB0033127910
Montag, 9. November 2009
OctoPlus publishes third quarter business update
OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO), today publishes a business update for the third quarter of 2009.
Highlights
Financial
- Positive operating result (EBIT) achieved for the third quarter, driven by strong third quarter revenues and cost savings
- Revenues for the first nine months of 2009 are well in line with guidance for the full year of € 19 million
Operational
- Two substantial contract development service contracts signed in August and September, including one with a European mid-sized pharma company
- Expansion of drug delivery evaluation contract with an existing client signed in September
- Phase IIb clinical study with Locteron® ongoing: OctoPlus awaits top-line results from licensee Biolex
- Restructuring of the organisation is proceeding as planned
Strategy
- International adoption of OctoPlus' controlled release technology with growing number of evaluations by both small and large (bio)pharmaceutical companies
Outlook
- OctoPlus reiterates the expected 2009 revenues of approximately € 19 million
Simon Sturge, CEO of OctoPlus comments: "I am delighted to be able to report an operating profit for the third quarter of 2009, whereas we reiterate that we do not expect to achieve a positive cash flow in the second half of the year. Revenues in the first nine months of 2009 have been in line with expectations and we are very excited about the additional clients that have decided to work with us during the third quarter. Our restructured organisation has positioned the Company for a promising future."
About OctoPlus
OctoPlus is a drug delivery service company committed to the creation of improved pharmaceutical products that are based on OctoPlus' proprietary drug delivery technologies and have fewer side effects, improved patient convenience and a better efficacy/safety balance than existing therapies. OctoPlus focuses on the development of long-acting, controlled release versions of known protein therapeutics, other drugs, and vaccines on behalf of its clients.
The clinically most advanced product incorporating our technology is Biolex Therapeutics' lead product Locteron®, a controlled release formulation of interferon alpha for the treatment of chronic hepatitis C. OctoPlus licensed Locteron exclusively to Biolex in October 2008. Locteron is being manufactured for Biolex by OctoPlus and is currently in Phase IIb clinical studies.
In addition, OctoPlus is a leading European provider of advanced drug formulation and clinical scale manufacturing services to the pharmaceutical and biotechnology industries, with a focus on difficult-to-formulate active pharmaceutical ingredients.
OctoPlus is listed on Euronext Amsterdam by NYSE Euronext under the symbol OCTO. For more information about OctoPlus, please visit our website www.octoplus.nl.
This document may contain certain forward-looking statements relating to the business, financial performance and results of OctoPlus and the industry in which it operates. These statements are based on OctoPlus' current plans, estimates and projections, as well as its expectations of external conditions and events. In particular the words "expect", "anticipate", "predict", "estimate", "project", "plan", "may", "should", "would", "will", "intend", "believe" and similar expressions are intended to identify forward-looking statements. We caution investors that a number of important factors, and the inherent risks and uncertainties that such statements involve, could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. In the event of any inconsistency between an English version and a Dutch version of this document, the English version will prevail over the Dutch version.
/HUGIN /Source: OctoPlus N.V. /AEX: OCTO /ISIN: NL0000345718
Highlights
Financial
- Positive operating result (EBIT) achieved for the third quarter, driven by strong third quarter revenues and cost savings
- Revenues for the first nine months of 2009 are well in line with guidance for the full year of € 19 million
Operational
- Two substantial contract development service contracts signed in August and September, including one with a European mid-sized pharma company
- Expansion of drug delivery evaluation contract with an existing client signed in September
- Phase IIb clinical study with Locteron® ongoing: OctoPlus awaits top-line results from licensee Biolex
- Restructuring of the organisation is proceeding as planned
Strategy
- International adoption of OctoPlus' controlled release technology with growing number of evaluations by both small and large (bio)pharmaceutical companies
Outlook
- OctoPlus reiterates the expected 2009 revenues of approximately € 19 million
Simon Sturge, CEO of OctoPlus comments: "I am delighted to be able to report an operating profit for the third quarter of 2009, whereas we reiterate that we do not expect to achieve a positive cash flow in the second half of the year. Revenues in the first nine months of 2009 have been in line with expectations and we are very excited about the additional clients that have decided to work with us during the third quarter. Our restructured organisation has positioned the Company for a promising future."
About OctoPlus
OctoPlus is a drug delivery service company committed to the creation of improved pharmaceutical products that are based on OctoPlus' proprietary drug delivery technologies and have fewer side effects, improved patient convenience and a better efficacy/safety balance than existing therapies. OctoPlus focuses on the development of long-acting, controlled release versions of known protein therapeutics, other drugs, and vaccines on behalf of its clients.
The clinically most advanced product incorporating our technology is Biolex Therapeutics' lead product Locteron®, a controlled release formulation of interferon alpha for the treatment of chronic hepatitis C. OctoPlus licensed Locteron exclusively to Biolex in October 2008. Locteron is being manufactured for Biolex by OctoPlus and is currently in Phase IIb clinical studies.
In addition, OctoPlus is a leading European provider of advanced drug formulation and clinical scale manufacturing services to the pharmaceutical and biotechnology industries, with a focus on difficult-to-formulate active pharmaceutical ingredients.
OctoPlus is listed on Euronext Amsterdam by NYSE Euronext under the symbol OCTO. For more information about OctoPlus, please visit our website www.octoplus.nl.
This document may contain certain forward-looking statements relating to the business, financial performance and results of OctoPlus and the industry in which it operates. These statements are based on OctoPlus' current plans, estimates and projections, as well as its expectations of external conditions and events. In particular the words "expect", "anticipate", "predict", "estimate", "project", "plan", "may", "should", "would", "will", "intend", "believe" and similar expressions are intended to identify forward-looking statements. We caution investors that a number of important factors, and the inherent risks and uncertainties that such statements involve, could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. In the event of any inconsistency between an English version and a Dutch version of this document, the English version will prevail over the Dutch version.
/HUGIN /Source: OctoPlus N.V. /AEX: OCTO /ISIN: NL0000345718
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