The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Next Fifteen Communications Group PLC - London-based growth consultant - Raises £50 million from placing of 4.5 million shares at 1,110 pence each. Cash to go towards funding deal to buy Engine Acquisition Ltd. Engine is a ‘broad-based digital transformation, communications and creative’. It has 600 staff members and 300 UK and international clients.
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N Brown Group PLC - Manchester-based digital-only retailer of clothing and footwear - Says revenue from strategic brands grew 9% in year ended February 27. The strategic brands include JD Williams, Jacamo, Simply Be and Ambrose Wilson. Expects annual results in line with guidance. Expects adjusted earnings before interest, tax, depreciation and amortisation between GPBP93 million and £96 million, improved from £86.5 million. However, for new financial year, N Brown expects adjusted Ebitda to return to financial 2021 levels. Company notes ‘escalating and fast-moving inflationary environment’. ‘We enter FY23 with confidence in generating revenue growth from our strategic brands. Within other brands, the managed decline in revenues experienced in recent years will moderate significantly as we no longer cycle against the drag from the Figleaves website closure,’ N Brown adds.
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PetroTal Corp - Calgary, Canada-based oil and gas company focused on Peru - Says reduced output following social pressures at PetroTal’s loading dock. Conservation group Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua gathered outside Bretana oilfield, blocking access to loading dock. ‘To ensure employee / contractor safety and minimize environmental risk, the company has constrained its production level to approximately 4,000 barrels of oil per day, accumulating into field storage facilities, while aiding in protest negotiations,’ PetroTal says.
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Kefi Gold & Copper PLC - gold and copper exploration and development company with projects in Ethiopia and Saudi Arabia - Says development activities at the Tulu Kapi gold project have recommenced. ‘Following the abatement of Ethiopia’s civil war at the end of 2021 and its State of Emergency being lifted, TKGM has worked intensely with the Ethiopian Ministry of Mines (the ’Ministry‘) to monitor the situation to ensure that it is appropriate for the recommencement of activities at the Tulu Kapi site and in the wider district,’ Kefi says. Says anticipated final capital estimate for the project has not changed from previous guidance. On Monday, Kefi said Hawiah copper-gold project contiguous Al Godeyer exploration licences in Saudi Arabia has made ‘rapid progress’. Executive Chair Harry Anagnostaras-Adams said: ‘Our 2022 projects in Saudi Arabia took off two months ago, with the reporting of a significantly expanded and upgraded Mineral resource estimate at Hawiah, the granting of the Al Godeyer exploration licences and the informal indications from the Saudi Arabian Ministry of Mineral Resources that our Jibal Qutman gold project will have its mining licence application processed this year.’
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Europa Oil & Gas Holdings PLC - exploration and production company focussed on Morocco and Ireland - Raises £7.0 million through placing of 390.0 million shares at 1.8 pence each. Proceeds from the fundraise will go towards the acquisition of a firm-in of UK Continental shelf block 13/23c, also known as Serenity in the North Sea.
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Eco Atlantic Oil & Gas Ltd - London-based oil and gas company focused in Africa - Says joint Venture partnership at Block 2B, offshore South Africa enters into drilling contract with Island Drilling Company AS at Gazania-1 well.
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Strategic Minerals PLC - London-based exploration and production company - Reports rollover of access to the magnetite stockpile in New Mexico for 10th year in succession. ‘The 10th yearly rollover of access to the Cobre magnetite stockpile ensures continuity of profitable operations for the year ahead and augurs well for future rollovers,’ Strategic explains. ‘While the quarter ended 31 December 2021 and January 2022 saw a significant drop in demand, February 2022 has seen sales 12% higher compared to February 2021 and the first two months of 2022 combined are only marginally below that of comparable 2021 sales.’ In addition, Strategic says a receiver for CV Investments LLC was successful in getting US district court for New Jersey to enter an order establishing claims procedure. ‘This will involve the company’s wholly owned subsidiary, Southern Minerals Group lodging a claim for $21.9 million as per its recent arbitration. This development is encouraging and may indicate some sort of financial result for SMG before the end of the year, although there is no guarantee as to timing or amount,’ Strategic adds.
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Tungsten West PLC - Owner and operator of Hemerdon tungsten and tin mine in Plymouth - Signs engineering, procurement and construction management contract with Fairport Engineering Ltd at Hemerdon tungsten and tin mine in Plymouth.
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Jadestone Energy PLC - oil and gas assets in Australia, Malaysia, Indonesia, Vietnam and the Philippines - Applies to authorities in Canadian provinces of British Columbia and Alberta to cease being a reporting issuer in the jurisdictions. Would no longer designate Jadestone as a designated foreign issuer under Canadian securities regulations. Would mean company no longer has to file financial statements and other continuous disclosure documents with the Canadian securities regulatory authorities. ‘This application continues the pivot away from the company’s legacy Canadian securities market presence, and is justified by the very low and decreasing level of Canadian based shareholding in the company,’ company adds.
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IMC Exploration Group PLC - Dublin-based exploration company focused on Ireland - Says ‘substantial amount of massive sulphide mineralisation’ found in three drillholes at West Avoca project. ‘Grades of up to 1.5% copper and 7.7% lead + zinc mineralisation encountered to the south-west of the old workings provide optimism that continuity of mineralisation and further economic grade intersections can be targeted in the West Avoca area,’ Chair Eamon O‘Brien says. On Monday, company posted a €57,586 pretax loss for six moths to December 31.
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Atome Energy PLC - green hydrogen and ammonia production-focused company - Appoints AECOM to provide engineering consultancy services for UK procurement of core equipment for Atome Mobility. ‘Significant progress is being made in the procurement of core equipment for Atome Mobility, with the business on track to commence transport operations, initially in Paraguay, before the end of Q2 2023. Further announcements are anticipated in due course,’ Atome adds. ‘At the same time, material progress is being made in discussions on the sourcing of non-equity funding for core equipment procurement and the company has well-founded confidence that this can be put in place at the appropriate time.’
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Scotgold Resources Ltd - gold and silver explorer and producer in Scotland - Enters into short term loan facility worth £250,000 with Bridge Barn Ltd, owned by Non-Executive Nathaniel Le Roux. ‘The short term loan facility has been provided to cover the company’s immediate working capital requirements which have been impacted by the delay in shipment of the Company’s gold concentrate from port, due to current macro and geo-political events impacting global shipping lines. Production and the company’s mine optimisation plan to ramp up the production profile of its Cononish gold mine continue to progress in line with management’s expectations,’ Scotgold says. Loan carries 9.0% interest and is payable within 30 days of drawdown.
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1Spatial PLC - Cambridge, England-based IT service management company - Expects revenue for year to January 31 to rise to £26.4 million from £24.6 million. Adjusted Ebitda to rise to £3.8 million from £3.6 million, ‘in line with expectations’.‘With a healthy sales pipeline and increased levels of recurring revenue, the board is confident that the group’s progress over the last year is set to continue in the coming year,’ 1Spatial adds.
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Synairgen PLC - Southampton, England-based drug discovery and biotechnology company - Says studies conducted in the Netherlands have shown SNG001 has potent antiviral activity against SARS-CoV-2 Delta and Omicron variants at concentrations that are readily achievable. SNG001 is a formulation for inhalation containing the broad-spectrum antiviral protein interferon beta.
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HydrogenOne Capital Growth PLC - hydrogen investment fund managed by HydrogenOne Capital LLP - Invests £3.3 million in Gen2 Energy AS. ‘With this purchase of a minority equity stake, HydrogenOne has the right to a board seat at Gen2, and the potential to co-invest in Gen2’s projects,’ company adds.
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MTI Wireless Edge Ltd - Israel-based technology company - Says Antenna division receives trial order from tier 1 original equipment manufacturer for automatic beam steering. ABS forms part of MTI’s 5G solution. ‘With this order, MTI now works with five out of the seven leading OEM vendors and this is the first order from a TIER 1 OEM vendor for the ABS antenna solution,’ MTI adds.
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Image Scan Holdings PLC - Leicestershire, England-based X-ray imaging systems provider - Awarded contract to supply industrial scanning system to new customer. ‘The new customer is a significant player in this market, with a global manufacturing footprint. There is potential, over the next few years, for further orders, should the widescale deployment seen with Image Scan’s other customers be adopted by this new one,’ Image Scan says.
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Bidstack Group PLC - London-based in-game ad platform - Teams with farming game Goodville: Farm Game Adventure. ‘The partnership will see Bidstack’s SDK integrated into the title allowing ads to be served seamlessly onto banners and billboards around the game’s virtual world without intruding on the playing experience,’ company explains.
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M&C Saatchi PLC - London-based advertising agency - Agrees to extend to March 31 the ’put-up-or-shut-up’ deadline for AdvancedAdvT Ltd to announce a firm intention to make a takeover offer or to walk away.
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Vaalco Energy Inc - Houston-based hydrocarbon exploration company - Says 2021 year-end SEC proved reserves increase to 11.2 million barrels of oil from 3.2 million in 2020. ‘We are very pleased with the substantial growth of our proved reserve base. The increase resulted from a combination of positive factors including improved well performance, Etame field life extension resulting from our changeover to a more cost-effective FSO this year, PUD additions, positive oil pricing revisions and acquisitions,’ CEO George Maxwell says. Company on Tuesday said all associated engineering, long-lead equipment and significant contracts related to floating storage and offloading vessel offshore Gabon proceeding in line with project timelines. Deployment eyed in third quarter of 2022.
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Sovereign Metals Ltd - Perth, Australia-based rutile miner in Malawi - Signs offtake pact to supply 25,000 tonnes of natural rutile per year to Hascor. Hascor is a processor and distributor of rutile products for the welding industry.
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Palace Capital PLC - investor with portfolio of UK regional commercial properties - Seals sale of Pelham House, Pelham Square, Brighton for £1.6 million. Asset is 14th of 15 to be sold in plan to dispose of non-core properties. Brings total proceeds from plan to £31.5 million, 20% above the total book value of the 14 properties and 12% ahead of the original purchase prices paid plus any capital expenditure. Palace Capital adds: ‘Of the proceeds secured to date, £15.7 million has been allocated towards debt reduction, leaving £15.8 million for redeployment into properties that satisfy the company’s acquisition criteria.’
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SimiGon Ltd - Israel-based software company - Says Tel Aviv District Court cancels restraining order heaing scheduled for March 10. In February, company said it was in process of preparing an application requesting cancellation of ex parte temporary restraining order made against SimiGon. ‘Pending further updates with regard to the foregoing, there is currently no change to the expected timetable for the merger and [share] cancellation. Further announcements and updates will be provided as appropriate,’ SimiGon says.
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