Yapp is currently chairman of Pittards and of a number of private companies.
“His wide range of skills and experience will enable him to make a significant contribution as the board addresses challenges and opportunities arising from the impact of the pandemic upon our markets and towards the execution of our longer term strategy for profitable growth," opined Peter Harris, the chairman of the industrial equipment leasing firm.
10.10am: Attis Oil to become a cash shell
Having spent the year selling off assets the company has decided to sell its remaining property, the Austin Field, for US$200,000, payable in monthly instalments over a period of not more than three years.
Following the disposal, which will need to be approved by Attis shareholders, the company will become a cash shell.
9.15am: BigDish to offer freebies while it develops its new SaaS model
The company, which provides software that enables restaurants to attract customers during quiet periods, recently announced plans to switch to a software-as-a-service (SaaS) model under which restaurants would pay a monthly fee rather than a “per transaction” commission.
Given that the restaurant industry is expected to take some time to recover, BigDish said it will not be charging restaurants until the SaaS model is further developed. “This not only allows time to develop beyond the beta phase but also provides BigDish the opportunity to support the restaurant industry as it seeks to recover from the pandemic and build goodwill with its restaurant partners,” the company said.
Renalytix AI PLC (LON:RENX) retreated 8% to 575p after it priced its global share offering at 537p.
The artificial intelligence-enabled in vitro (aka “test tube”) diagnostics company announced the share offer on Monday, from which it expects to raise US$74.3mln, or US$85.4mln if the underwriters exercise their option in full to purchase American depositary shares.
The company also announced that non-executive director Christopher Mills has been appointed as interim chair of the company and will oversee a search for replacements for chairman Julian Baines and non-executive director Richard Evans, who stepped down from the board this week.
Proactive news headlines:
Verona Pharma PLC (LON:VRP, NASDAQ:VRNA) has raised US$200mln from new and existing investors, which it will use to fund the clinical development of its breakthrough treatment for chronic obstructive pulmonary disease (COPD). The private placement and subscription, which was open to US and UK shareholders, was oversubscribed. It received backing from companies such as RA Capital, one of Americas leading biotech investors, along with a number of other highly regarded industry names. The cash will be used to fund Veronas phase III ENHANCE clinical programme for the inhaled nebulised drug, ensifentrine.
ClearStar Inc (LON:CLSU) said it is “encouraged by the strong recovery in revenue” since the peak of the coronavirus pandemic, adding that it has not lost a single customer during the crisis. In a trading update for the six months ended June 30, 2020, the background check and medical screening provider said while the pandemic had impacted its business in the period due to widespread job losses and recruitment freezes, its revenue run rate experienced “a significant uptick” from the end of May which continued throughout June and into July. As a result, ClearStar said revenue for its first half was US$8.9mln compared to US$11.6mln in the prior year, while revenues in June were 74% higher than April and returned to the same levels seen in February.
Xpediator PLC (LON:XPD), the freight management services company, has said transportation volumes are moving back towards pre-coronavirus (COVID-19) crisis levels. Having made a solid start to the year before the pandemic hit Europe, the groups performance over the first half of the year was only marginally behind expectations management had before the massive disruption to travel conditions. The group said it has performed robustly during the pandemic with a steady recovery since April. Activity in the logistics division has remained broadly stable while transportation services, after a period of reduced sales, are gathering momentum.
Remote Monitored Systems PLC (LON:RMS) has said it is running the rule over the potential acquisition of a company operating in the medtech and biosecurity sectors. In a brief statement, the company said that if it pulls the trigger on the acquisition, it is likely that the consideration would be satisfied through the issue of new shares. Both parties are currently performing due diligence on the proposed deal, it added.
Metal Tiger PLC (LON:MTR) told investors it has subscribed for A$500,000 of shares in Artemis Resources Limited, taking up 7.14mln new shares at 7 Australian cents per share. The investment is part of a larger A$5.6mln fundraise being undertaken by Artemis. Metal Tigers shareholding in Artemis will amount to 0.6% of the company. “We are pleased to make this investment in Artemis as it progresses its aggressive exploration plans at Paterson and Carlow Castle,” Michael McNeilly, Metal Tiger chief executive said in a statement.
Inspired Energy PLC (LON:INSE) said it has now completed its acquisition of the outstanding 60% of associate Ignite Energy. The AIM-quoted energy utilisation firm is taking up the portion of Ignite that it didnt already own. It is paying £11mln in an upfront payment, split as £5.5mln of cash and £5.5mln of shares, supported by the group's recent £35mln fundraise.
Adamas Finance Asia Limited (LON: ADAM), the pan-Asian small-cap investment group, is to raise £3.13mln from a placing and open offer and change its name to Jade Road Investments Limited. Adamas said that its portfolio has undergone a transformation over the last few years and it is seeking to establish an identity that more fully represents its pan-Asian small and medium-sized enterprise focus. Adamas said it is pursuing the open offer fundraise, at an issue price of 25p per share, to enhance further its balance sheet and to enable it to pursue a wide range of investment prospects.
Power Metal Resources Plc (LON:POW) told investors that it has now converted its loan notes in Kavango Resources PLC (LON:KAV). The company converted its entire £38,000 loan note holding into 4.75mln shares priced at 0.8p each. It realises a 2.46% shareholding in Kavango. The move follows a deal agreed in April that saw Power Metal Resources acquire a controlling 51% stake in Kavangos Ditau rare earths project in Botswana. Under the terms of the prior loan note agreement, Power Metal Resources will be issued with warrants for a further 4.75mln Kavango shares with an exercise price of 1p.
MaxCyte Inc. (LON:MXCT) (LON:MXCS), the global cell-based medicines and life sciences company, has announced that Doug Doerfler, chief executive officer and founder of the company and Ron Holtz, its chief financial officer, have in aggregate exercised options over 575,000 shares of common stock of $0.01 of the company which were then sold at a price of 220p each. The sold shares represent approximately 11.0% and 11.2% of Doerfler's and Holtz's total equity and option holdings in the company's equity, respectively. This share sale is the first sale of any of Doerfler's or Holtz's equity in the cRead More – Source