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William Hill higher after receiving two bid approaches

A look at some of the major movers in London on Friday

Pantheon Resources PLC -

William Hill PLC (LON:WMH) shares surged down the back straight, rising 36% to 295.9p after reports swirled around the City of a bid approach.

According to the Bloomberg news agency, Apollo Global Management is considering taking a punt on the bookmaking giant.

Update: William Hill responded to the speculation by confirming that it had received separate cash proposals from Apollo Management International and Caesars Entertainment. Discussions between William Hill and the respective parties are ongoing; the bookie gave the usual caveat that there is no guarantee that they will result in an offer being made.

12.05pm: Revolution Bars slumps after responding to press speculation

Revolution Bars Group PLC (LON:RBG) lost a fifth of its value at 8.75p after it confirmed it is considering a company voluntary arrangement (CVA).

A CVA is a scheme whereby, with the agreement of its creditors, an insolvent company can pay off its debts over a fixed period and thus continue trading.

A day after the 10.00pm curfew on pubsn bars and restaurants came into force in England, the bars operator confirmed that a CVA is one of the options it is considering but ihas not made its mind up yet.

11.15am: Tiziana Life Sciences rises ahead of airing of TV interview

Tiziana Life Sciences PLC (NASDAQ:TLSA, LON:TILS) shares rose 8.3% to 137.5p after the company said it would feature on The RedChip Money Report television programme.

The biotechnology company focused on innovative therapeutics for oncology, inflammation and infectious diseases said an interview with Kunwar Shailubhai, its chief executive officer, will air this Sunday on Bloomberg International.

If you can’t wait, you can view the recent interview Tiziana’s chairman Gabriele Cerrone gave to Proactive.

10.10am: H&T big-wigs buy in

H&T GROUP PLC (LON:HAT) nudged 3.9% higher to 270p after two executives bought shares in the pawnbroking business.

Chief financial officer Richard Withers bought 10,000 shares at 267p a share while Christopher Gillespie acquired 60,000 shares at 272p each.

9.15am: Minnows Pantheon and Bahamas lead the way in the oil sector

Pantheon Resources PLC (LON:PANR) ascended 8.3% higher to 34.1p in early trade on Friday after the publication of a resource statement for the Shelf Margin Deltaic on its 89.2% owned Talitha Project.

Independent consultant Lee Keeling & Associates (LKA) has confirmed a prospective resource of 302mln barrels of recoverable oil for the Shelf Margin Deltaic (SMD) horizon.

“LKA have detailed an expectation of a high-quality reservoir with porosity over 15% and recovery factors of 30%, The certified resource estimate of the SMD announced today, combined with the yet to be determined resource potential of the Slope Fan System and the Kuparuk formation, yields a truly world-class drilling opportunity that should rank Talitha amongst the most impactful oil wells planned anywhere in the world for 2021,” said Bob Rosenthal, Pantheon’s technical director in a statement.

Meanwhile, sector peer Bahamas Petroleum Company PLC (LON:BPC) surged 9.6% higher to 2.58p after it told investors that Stena Drilling’s Stena IceMAX vessel will be used to drill the Perseverance-1 exploration well.

The company revealed that Stena has formally notified the group that it has nominated IceMAX for the well, which is consistent with the existing rig contract.

Stena also indicated that the start of the contracted window - stated as December 15, 2020 – will be the approximate time for the arrival of the drillship in the field. Bahamas Petroleum pointed out that IceMAX is one of the most advanced drillships in the world.

Proactive news headlines:

Bahamas Petroleum Company PLC (LON:BPC) has told investors that Stena Drilling’s Stena IceMAX vessel will be used to drill the Perseverance-1 exploration well. The company revealed that Stena has formally notified the group that it has nominated IceMAX for the well, which is consistent with the existing rig contract. Stena also indicated that the start of the contracted window - stated as December 15, 2020, – will be the approximate time for the arrival of the drillship in the field. Bahamas Petroleum pointed out that IceMAX is one of the most advanced drillships in the world. That means a well spud date is likely to follow about 3 or 4 days later, Bahamas Petroleum noted, and the company specifically said that it expects the well will spud before Christmas.

Tiziana Life Sciences PLC (NASDAQ:TLSA) (LON:TILS), a biotechnology company focused on innovative therapeutics for oncology, inflammation and infectious diseases, has said an interview with its CEO, Dr Kunwar Shailubhai will air on The RedChip Money Report television programme on Sunday, September 27, 2020, at 6.00pm. EST on Bloomberg International, available in 100+ million homes across Europe. In the exclusive interview, Dr Shailubhai discusses the company's planned spinout of StemPrintER into a new company, Accustem Sciences, as well as its plan to initiate a clinical study with nasally administered Foralumab, a fully human anti-CD3 monoclonal antibody, in patients with coronavirus (COVID-19) in Brazil. The interview will also air in the US on the Action Channel on Sunday, September 27, 2020, at 11.00am ET and is available via live stream on American Business TV.

Sativa Group PLC (LON:SATI) said it has become a member of the Association for the Cannabinoid Industry (ACI) novel food consortium and its landmark toxicology study as part of what it said is its “ongoing commitment to continually deliver the highest level of regulatory compliance and substantiate 'CBD you can trust'". The cannabidiol (CBD) products group said the toxicology study will provide safety data required for novel food dossiers validated by the UK’s Food Standards Agency (FSA) to remain on the market after March 31, 2021. Sativa said its team of scientists and quality & compliance professionals in the UK and Poland have worked with the ACI to ensure its products meet quality management criteria.

Circle Property PLC (LON:CRC) has notched up the fourth successive year of growth in its net asset value (NAV). The regional offices specialist revealed that its NAV per share rose by 3% to 285p at the end of March 2020 from 277p a year earlier, in its full-year results statement. Rental income in the year rose to £7.50mln from £6.88mln the year before. Circle saw a 14.16% increase in contracted annual rental income to £8.71mln at the end of March from £7.61mln a year earlier.

San Leon Energy PLC's (LON:SLE) interim results illustrate a company with a strong financial position and outlook. In 2020 to date, the company with investments in Nigerian oil assets received US$41.5mln in payments from operators, via loan note arrangements. Some US$88.7mln of future loan note payments remain. With US$35.6mln in cash at the end of the half-year - US$22.6mln by September 18, 2020, after US$6.8mln was put in escrow – the company said it is positioned to invest and grow further. In early September, new deals were announced which will see San Leon secure an interest in the Oza field, onshore Nigeria.

Genel Energy PLC (LON:GENL) has confirmed a flush of liquidity, receiving US$10.8mln from oil sales and completing a US$300mln bond issue. Pareto Securities was book-runner and manager for the bond issue which sees Genel issuing senior unsecured bonds, carrying a 9.25% coupon and maturity set for October 2025. Genel also confirmed it will use US$223mln to repurpose existing unsecured bonds, due December 2022. A separate statement by Genel confirmed receipt of payment from the Kurdistan Regional Government for oil sales conducted this August. Some US$4.7mln was paid to the Taq Taq field partners, giving Genel a net share of US$2.6mln. Tawke field partners received US$33.8mln which means that Genel received US$8.2mln.

Red Rock Resources PLC (LON:RRR) said its Australian gold mining joint venture, Red Rock Australasia has appointed David Holden as exploration manager. Holden was involved in the initial discoveries at Nimary/Jundee, Brocks Creek, Mt Todd (Australia), Ngaka Coal Field (Tanzania), and Big Sandy lithium (USA), said Red Rock. Red Rock Australasia, a 50.1%-owned Australian joint venture with Power Metal Resources (49.9%) has applied for twelve exploration licences in the Central Victoria Gold Fields.

genedrive PLC (LON:GDR) said its coronavirus testing kit has been verified to work with the RNA extraction technology of its collaboration partner. Initial testing took place using Beckman Coulter Life Sciences' chemistry on respiratory swabs in conjunction with gendrive’s 96 SARS-CoV-2 equipment. This indicated the Beckman product was suitable for use in the genedrive testing workflow.

Powerhouse Energy Group PLC (LON:PHE), the waste-plastic-to-energy firm, has said Cameron Davies is to hand over the chairman duties for the group to his deputy, Tim Yeo. Davies will remain on the board of Powerhouse as a non-executive director. “We are all pleased that we will still have the benefit of his wise counsel as he will continue as a non-executive director,”  Yeo said in a statement.

Supply@Me Capital PLC (LON:SYME) said it has been informed by its chief executive Alessandro Zamboni, for clarification purposes, that the purchase of a call option for consideration by Orchestra Group, announced on September 24, is an arms-length arrangement with a regulated institutional entity which is not a related party of Orchestra Group. The inventory monetisation group also said that following an update to its inventory funding and institutional investor relationships on September 10, 2020, and according to the confidentiality agreements signed with its partners and client companies, that it “looks forward to updating shareholders further on its business operations and their related financial impacts in the coming days”.

World High Life PLC (LON:LIFE) has updated on the status of the deferred consideration for Love Hemp Ltd, which it agreed to acquire in October 2019. Under the initial terms of the acquisition, the company was required to pay £1.5mln in cash on the date falling six months and one day from the date of completion, provided that at the firm’s election it could alternatively pay to the sellers an amount equal to £2mln to be satisfied by the issue of ordinary shares of World High Life, while a further £1.5mln cash payment was due twelve months and one day from the date of completion. However, the company said on Friday that it has entered into a deed of variation to alter the initial terms so that the sellers will instead be paid with 22.2mln shares on September 25, 2020, in their relevant proportions at a price of 9p each. The group will also pay £1.5mln in cash to the sellers on January 15, 2021.

Alien Metals Limited (LON:UFO), a minerals exploration and development company, said that, following the receipt of exercise notices, it has issued 17,500,000 ordinary shares of no par value in the capital of the company at an issue price of 0.15p per share and 4,800,000 new ordinary shares of no par value in the capital of the company at an issue price of 0.25p per share.

Integumen PLC (LON:SKIN) - soon to be renamed DeepVerge PLC – has said that further to its announcement of a recommended all- equity offer for Modern Water PLC (LON:MWG) it has sought and obtained approval from the Panel on Takeovers and Mergers to extend the deadline for publication of the offer document which the group currently expects will be published by Friday, October 9, 2020.

Base Resources Limited (LON:BSE) (ASX:BSE) has said its 2020 Annual General Meeting will be held at 1.00pm Perth time on Friday, November 20, 2020, as a hybrid meeting at Kimberley Room, Katitjin Centre, Australian Institute of Management WA, 76 Birkdale Street, Floreat, Western Australia; and online via the Lumi software platform accessible at https://web.lumiagm.com

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