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LSE news summary: Reed Elsevier, Reckitt Benckiser, SABMiller, RSA Insurance, Sterling Energy

Last updated: 01:51 24 Nov 2010 AEDT, First published: 02:51 24 Nov 2010 AEDT

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RSA Insurance Group (LON:RSA) will issue 38,463,140 ordinary shares of 27.5 pence each to shareholders who have elected to receive new ordinary shares instead of a cash dividend, for the 2010 interim dividend.

Beverage group SABMiller (LON:SAB) announced that Liz Doherty will step down as a non-executive director of SABMiller with effect from 31 December 2010 because of her appointment as Chief Financial Officer of Reckitt Benckiser (LON:RB) with effect from 1 January 2011, which was also announced today.

Reed Elsevier (LON:REL) announced the retirement of Andy Prozes from his role as Chief Executive Officer of LexisNexis and from the boards of Reed Elsevier with effect from 31 December 2010.

Prozes will not be replaced on the boards and no further executive board appointments will be made at this time, said Reed Elsevier.

Goldplat PLC (LON:GDP) has entered into a Memorandum of Agreement (MoA)with Canadian mining group Gulf  Coast Resources Inc to buy the latter’s subsidiary that controls a mining lease in Ghana.

Shares in Sterling Energy PLC (LON:SEY) took a beating in early trade after the group announced that its Sangaw North-1 exploration well suffered a pressure surge that damaged the drill pipe.

Egdon Resources (LON:EDR) has completed it acquisition of two license interests in France. The company bought EnCore (E&P) Ltd - who have an interest in the Mairy and Nimes licenses - for £100,000 in cash.

Fusion IP (LON:FIP) partner company Diurnal has now completed Phase I and initiate Phase II trials of lead product Chronocort after successfully raising £770,000. After participating in the investment round, Fusion IP now holds a 43.2% stake in Diurnal.

Stratex International (LON:STI) is set to fast-track drilling at the Muratdere copper-gold-molybdenum project in Turkey, after it agreed a new joint venture. The company has set up a new joint venture with Turkish engineering and construction firm the Aydeniz Group.

Shanta Gold’s (LON:SHG) New Luika mine development programme is improving on the economics initially expected in the feasibility study. This morning it revealed that it has ordered two new ball mills, which have greater capacity and are cheaper than those previously envisaged in the feasibility stage.

Four top biotech analysts gave Renovo (LON:RNVO) very positive write-ups after a successful trial for a new formulation of the Juvista scar treatment. The company told investors that it has successfully trialled a new formulation of its potentially ground-breaking treatment for scarring.

Xcite Energy (LON:XEL, TSX-V:XEL) said the work programme for the horizontal section of the 9/3b-6z well is progressing on plan and, subject to weather conditions, it expects to undertake the flow testing of the well during the first week of December.

Oxford Advanced Surfaces (LON:OXA) shares shot up 16 percent, after it completed an important government-funding project. The company successfully completed a Technology Strategy Board funded project to address a problem in the electronics industry.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

8 hours, 16 minutes ago