MOVERS OF MONDAY 19 OCTOBER 2020
Shares in Cineworld saw some light relief today reaching 26.65p in early morning trading.
In recent weeks, shares in Cineworld Group have been trading over 87% lower than the start of 2020, meaning that the stock is sitting at its lowest level since markets crashed in March.
The cinema group now has net debt of almost $8.2 billion as recorded at the end of June.
IG Bank said a possible future takeover would rely on the buyer having belief in the long-term future of the cinema industry, ‘which is now in question as streaming sites gain traction.’
Recently, analysts at Bank of America have warned that Cineworld could run out of cash within weeks, forecasting that it could burn through £324m cash in the next six months.
According to the Evening Standard, the firm is also facing a High Court demand from AEW UK for £0.308m in unpaid rent between March and June this year during national lockdown.
While doors remain unlocked, the Cinema group has also continued certain developments, with its long-awaited IMAX extension continuing to progress in Ashford, KentOnline reported.
The online news site highlighted that work is continuing despite the closure of cinemasand that once major releases are due back on screen, the firm will bring its sites back into use.
However, for now, the cinema group remains closed until further notice in the UK and US.
The copper-gold exploration and development group recently updated investors on its transaction in relation to the disposal of its 80% interest in the Mankayan copper-gold project.
Bezant previously entered into a conditional transaction agreement with Mining and Minerals Industries (“MMIH”) back in October 2019.
Under the terms of the agreement, MMJV, a wholly owned subsidiary of MMIH, will acquire an 80% shareholding in Asean Copper Investments, a special purpose vehicle incorporated in the British Virgin Islands through which Bezant owns its interest in the Mankayan Project.
Today, Bezant Resources said that a non-binding term sheet, subject inter alia to due diligence, has been signed by AsiaPhos Ltd, a company listed on the Singapore Exchange Securities Trading Limited Catalist Board, in order for the company to acquire MMJV.
If the acquisition is completed then, under the terms set out between Bezant and MMIH, Bezant is due to be issued S$10m (circa. £5.6m) of shares in the listed entity holding MMJV.
Bezant recently responded to several media reports in Zambia by stating that it had not served any legal proceedings or restraint orders in relation to the Kalengwa Copper Project.
The media reports questioned the legal ownership of the Large Scale Exploration Licence relating to Kalengwa, in which Bezant holds a 30% interest in and acts as operator.
You can read more about the company’s response to the media reports in further detail.
The surveying services firm recently said its Gyrometric business was “well positioned” to meet the challenges of UK technologies services to achieve an increase in the country’s offshore wind turbine capacity proposed by prime minister Boris Johnson in recent weeks.
The group said this new capacity will require comprehensive monitoring to maximise performance and minimise downtime at the heart of Gyrometric's patented technology.
For now, Gyrometric continues to be in detailed technical discussions with one of the world's largest manufacturers of offshore wind turbines about the installation and testing of this Gyrometric technology on a large wind turbine early in 2021, the company told investors.
The testing aims to prove the Gyrometric designed laser system, a relatively light touch installation, and will provide monitoring of important parameters not previously measurable on a rotating turbine or indeed in the field on an extremely large and powerful wind turbine.
The R&D biotechnology company announced ‘encouraging’ headline results from a Phase I study at the University of California, San Franciscoin patients with Diffuse Intrinsic Pontine Glioma (DIPG), the name given to a tumour located in the pons (middle) of the brain stem.
The primary endpoint of the study was to determine the dosage regimen to be used in a proposed Phase II study of the safety and efficacy of MTX110 in patients with DIPG.
Preliminary high-level data from the UCSF study supports a dose of between 60micrometres and 90micrometres of MTX110, depending upon patient tolerance over the course of 12 infusions in Phase II.
As a treatment, the company’s MTX110 product enables convection-enhanced delivery (CED) at potentially chemotherapeutic doses directly to the site of the tumour in patients.
Commenting Sabine Mueller MD PhD, Principal Investigator of the UCSF study, said:
"The study has determined a proposed dose range for MTX110 for Phase II and has shown that repeated delivery of MTX110 via CED is feasible and safe. In an upcoming Phase II study efficacy in this patient population will be assessed.”
"DIPG is a devastating pediatric brain cancer with limited treatment options and very poor outcomes. The overall survival data from this Phase I study are encouraging, although further study of MTX110 in DIPG is required to establish whether it can make a difference to these patients and their families,” added Steve Damment, EVP R&D of Midatech Pharma.
Shares in Boohoo slumped after it confirmed reports that PricewaterhouseCoopers, its auditor since 2014, has resigned its role following the news of a labor scandal back in July.
An independent review published last month after claims of poor working conditions found that Boohoo ignored warnings about significant labor violations within its UK supply chain.
In July, an undercover investigation by The Sunday Times alleged that several Leicester factories supplying clothing for Boohoo were paying workers at a wage of £3.50 per hour.
Bloomberg said this morning’s news follows a FT report on Sunday stating that PwC had decided to stop auditing Boohoo for reputational reasons, citing unidentified people close to the situation.
“It seems unclear to us which came first, the launch of a competitive tender process by BOO or the indication by PwC of its intention to resign,” said analysts at Jefferies.
They added, “Regardless, we see no suggestion of any financial impropriety and would be inclined to view this as short-term noise.”
The fashion retailer raised its forecasts last month after reporting strong sales for 1H20.
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