Rockhopper Exploration leaps 79.8% to 14.3p on arbitration success
Falklands-focused oil and gas company Rockhopper Exploration (RKH) saw its shares jump after it reported the successful outcome of its arbitration with the Republic of Italy. The International Centre for Settlement of Investment Disputes ruled that Italy had breached its obligations under the Energy Charter Treaty and awarded Rockhopper €190m plus interest at 4% compounding annually from January 2016 until the time of payment.
Italy has 120 days to apply for an annulment of the award, of which Rockhopper will receive a net 80%, although an agreement with the Falkland Island Government means no distributions can be made. CEO Samuel Moody commented: “This positive milestone builds on our recent transaction with Navitas and while work still needs to be done on Sea Lion, we believe after collection of the award, it will make a material contribution towards our share of the development costs.”
GSTechnologies leaps 26.6% to 1.31p on crypto exchange acquisition
Fintech and information technology solutions company GSTechnologies (GST) saw its shares jump as it announced the completion of the acquisition of the whole of the issued share capital of UAB Glindala, a holder of a Crypto Currency Exchange Licence registered in Lithuania, after approval by the country’s Financial Crime Investigation Service.
GST plans to utilise Glindala to launch a regulated cryptoasset exchange platform to offer crypto products and GS Money stablecoin settlements to retail and institutional clients, with a targeted opening of Q4 2022 after securing an exchange infrastructure technology partner. The company stated that the principal business model for its GS Fintech subsidiaries remains to roll out GS Money based on three initial use-cases: international money transfers, borderless accounts, and private stablecoin.
Allied Minds falls 41.3% to 11p after it considers delisting
Intellectual property investor Allied Minds (ALM) saw its shares tank after it said that it was considering a delisting in the face of “prohibitively high” cost of maintaining a premium listing on London’s main market. Following a formal strategic review begun in March, it said that it would now formally consult with shareholders before a vote. “A public listing is no longer in the best interests of the company and its shareholders as a whole,” it said. ALM’s shares have fallen 57% in a difficult year which has seen it rack up further losses and its chairman, Harry Rein, step down.
OptiBiotix Health shares slide 25.7% to 20.25p as sales fall short
Lifestyle disease specialist Optibiotix Health (OPTI) slumped after it warned that sales under the group’s new structure would be “materially lower than expected” in the first half, and that normalised H2 sales wouldn’t make up the deficit. It blamed customers delaying restocking for the shortfall, and regulatory approvals for partner launches taking longer than expected.
However, it expects a return to healthy growth in 2023, underpinned by a strong balance sheet after the flotation of subsidiary ProBiotix Health on the AQSE Growth Market in March 2022. Stephen O'Hara, CEO of OptiBiotix, commented: "The Company has invested in expanding its commercial and business development team in key strategic markets like the USA and Asia and as part of its drive to build its direct-to-consumer sales. We hope to see the return on this investment later this year and more significantly in FY 2023.”