The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Oxford Cannabinoid Technologies Holdings PLC - pharmaceutical company developing prescription cannabinoid medicines - Expects financial performance in line with management expectations for the eleven months ended April 30, with around £2.9 million invested in research & development, and £5.6 million costs before tax credits. ‘With a diversified pipeline and the potential to provide innovative solutions to the global pain market the board is confident that the company will continue to build on recent momentum as it continues to develop next generation, non-addictive pain medications,’ the firm says.
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Myanmar Investments International Ltd - Myanmar-focused investor - In the six months to March 31, pretax loss widens to $18.1 million from $8.0 million year-on-year, as net asset value per share drops to $0.35 from $0.87. The performance reflects Myanmar’s state of ‘deep crisis’ after more than a year of military rule, the firm says, but the ‘worst may be over’.
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Eden Research PLC - Oxfordshire-based sustainable crop protection and animal health firm - Reports ‘positive strides’ despite ‘unprecedented backdrop’, with modest sales growth following regulatory progress with biopesticide products Cedroz and Mevalone. Awaits US approval of the products and three active ingredients, which will significantly expand its addressable market. Expects stronger year-on-year growth going forward.
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Scirocco Energy PLC - Leeds, England-based oil & gas investment company - and Wentworth Resources PLC - Tanzania-focused natural gas production company - At general meeting, Scirocco shareholders vote in a majority to approve deal in which Wentworth will acquire its 25% non-operated working interest in the Ruvuma Production sharing agreement in Tanzania. However, 37% vote against the proposal. Intends to engage with the shareholders about the ‘significant benefits of the deal’. Acknowledging the development, Wentworth notes: ‘The transaction remains subject to certain regulatory approvals plus the non-exercise or waiving of pre-emption rights by the other Ruvuma Asset JOA partners. Wentworth will continue to update the market accordingly.’
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Aquila European Renewables Income Fund PLC - Hamburg-based investor in renewable energy infrastructure in Europe, advised by Aquila Capital Investment GmbH - Says wholly-owned subsidiary Tesseract Holdings Ltd closes acquisition of 100% interest in Tiza, a 30 megawatt peak operating solar photovoltaic asset in the South of Spain. ‘Tiza benefits from a recently signed, 6.5 year fixed price Power Purchase Agreement with Axpo Iberia, a subsidiary of Axpo Solutions, which covers 70% of P50 production,’ the firm says.
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Harland & Wolff Group Holdings PLC - Belfast-based offshore construction company - Receives extension on deadline to publish annual results for the 17-month period ended December 31 from AIM. Now has until September 30 to release the results, but expects to report the accounts ‘well in advance’ of this date. ‘This additional period is in view of the adverse impact of Covid-19 on the audit and annual report finalisation process. The company’s auditors have been clearing a large backlog of work that built up during the previous lockdown and immediately thereafter,’ the company explains. Confirms it does not expect the financial information in the preliminary results to differ from the 2021 accounts.
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BiON PLC - Kuala Lumpur-based renewable energy services - Will be suspended from trading from July 1 on AIM market, as it will be unable to complete and publish its audited report and accounts for 2021 by the deadline of June 30.
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Mila Resources PLC - London-based gold company focused on Australia - Announces more positive assay results from stage 1 drilling at Coffey deposit, its flagship target at Kathleen Valley Gold project in Western Australia. Results include 8.0 metres at 3.2 grams per tonnes gold, 7.4 grams per tonne silver and 3.1% zinc from hole KVRD0032. ‘Armed with some very impressive results from our Stage 1 drilling, Mila will shortly be embarking on our fully funded Stage 2 and Stage 3 campaigns with the knowledge that the Coffey Deposit bears all of the geological signatures of a major new mineralised system,’ says Executive Director Mark Stephenson.
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Phoenix Global Resources PLC - London-based upstream oil and gas company focused on Argentina - Agrees increase to bridging facility with Mercuria of $36.0 million to $133.5 million, for a repayment and maturity date of December 31. Continues to seek a restructuring of the existing facilities with Mercuria, but does not expect to do so until later in the year. Will use the increased facility to fund its planned work programmes.
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VH Global Sustainable Energy Opportunities PLC - invests in sustainable energy infrastructure - Raises £122 million in placing, open offer, subscription and intermediaries offer. Will use proceeds to invest in a number of potential infrastructure investments in sustainable energy that Victory Hill Capital Advisors has negotiated for acquisition, or is in the process of doing so. Investment advisor confident it will be able to invest or commit the net proceeds within three to six months after admission. ‘Since IPO in February 2021 we have successfully committed or deployed around £290 million across an attractive portfolio of 24 assets diversified by both technology and geography. This further capital commitment of £122 million, from both new and existing shareholders, will support our future growth ambitions and takes our total capital raised to over £455 million in less than 18 months,’ says Chief Executive Officer Benard Bulkin.
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DP Aircraft I Ltd - Guernsey-based aircraft leasing company - Will proceed with fundraising via tap issue of 30.0 million new shares at $0.025 each to raise $750,000. Price represents a ‘significant’ discount to net asset value per share of $0.17 at December-end. The tap issue will close on Wednesday morning next week. Fundraise follows consultation with its largest shareholders, and will be used as additional working capital.
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Trackwise Designs PLC - Tewkesbury, Gloucestershire-based products using printed circuit technology - Expects to publish annual results for 2021 in the second half of July, after the completion of audit. Expectations for the year remain unchanged from the previous guidance issued in January. Delay is due to impacts from Covid-19 such as staff absences. Receives one-month extension to the June 30 reporting deadline from AIM.
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Asiamet Resources Ltd - developing copper-gold deposits in Indonesia, including BKZ deposit in Central Kelimantan - Says due diligence undertaken by PT Delta Dunia Makmur Tbk (DOID) has been completed for the BKM copper project in Central Kalimantan, Indonesia. The due diligence found no ‘red flags’ for the project, and DOID continues to be a ‘very supportive shareholder’. DOID and Asiamet are working to finalise the next steps on advancing the BKM project. ‘Having now completed extensive diligence on the BKM copper project with DOID, Asiamet is in a strong position heading into project financing. This extended diligence process has also allowed us to incorporate the recommendations of the proposed ITE into the feasibility update currently being undertaken by NewPro and hence fast track a key component of the financing process,’ says Asiamet Chair Tony Manini.
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Ironveld PLC - South Africa-focused exploration and development company - Receives requisition notice which requires the board to convene a general meeting to consider proposals to remove the Chair Giles Clarke and Chief Executive Officer Martin Eales as directors. The notice comes from Align Research Ltd, whose owners Richard and Catherine Jennings hold 9.0% of Ironveld’s share capital. Board maintains the timing of the notice is ‘inappropriate’, and that the resolutions are ‘vexatious’ and linked ‘a number of commercial proposals Mr Jennings has put to the company’. Will respond to the notice as required in due course, but urges shareholders to take no action in the meantime.
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MiLOC Group Ltd - Hong Kong-based pharmaceutical and beauty product company - Raises HK$540,000, around £55,147, through issue of 275,737 shares at 20p each to three individual shareholders. Will use the proceeds for general working capital purposes.
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BMO UK High Income Trust PLC - invests for dividend income plus prospects for capital growth - Will change name to ‘CT UK High Income Trust PLC’ effective Thursday, under the ticker ’CHI’, ’CHIB’ and ’CHIU’ for its ordinary shares, b shares and units respectively. New name reflects that its investment manager, BMO GAM (EMEA) was acquired in November and is being integrated into Columbia Threadneedle, and will be changing its name to Columbia Threadneedle Investments to unify the brand globally.
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MetalNRG PLC - London-based investor in natural resources and energy - Receives request for general meeting to be convened to consider instructing an independent professional advisor to investigate certain transactions conducted by the company between January 2021 and February 2022, and the use of £1.8 million in net placing proceeds from the placing conducted in May 2021. The company considered the request, and rejected it on the grounds the requesting party did not hold the prerequisite number of shares to make such a request. ‘In order to avoid the need to requisition a general meeting, and the costs associated therewith, to obtain information which is already readily available to shareholders, the company has decided to provide the information voluntarily and transparently,’ the firm stated, alongside details of the pertinent matters.
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Strategic Minerals PLC - London-based exploration and production company - Receives approval for planned mining activities of wholly-owned subsidiary Leigh Creek Copper Mine, from the South Australian Department of Energy & Mining. The approval was in line with its expectations, and covers the mining and processing of copper oxide at the Paltridge North deposit. ‘The approval, while having taken longer due to a number of factors, is welcomed, anticipated news. This provides a focal point by which to progress discussions currently underway with potential funders/joint venture partners,’ says Managing Director John Peters.
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Minoan Group PLC - Surrey-based Greek hotel investor - Says discussions are progressing to adjust an agreement with the Ecclesiastical Foundation Panagia Akrotiriani, which may be required in the terms of its long leasehold title of its project site in Crete. ‘The company’s frequent meetings with the Foundation covering the key legal, technical and economic aspects of the project, have revealed that the new law on Epifania (the equivalent of a long term ground lease in English law) best serves the interests of both parties and, therefore, is the preferred option to enable development of the project. The use of Epifania would be in line with the most advantageous of the Business Plans referred to in Minoan’s preliminary results announcement of 28 April 2022,’ the firm explains.
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Ross Group PLC - London-based supply chain management and distribution company - Delays publication of annual report for 2021, as its auditors needed more time to complete their work before the June 30 deadline. Its shares will be suspended from July 1 in line with FCA guidance.
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Tower Resources PLC - Africa-focused oil and gas company - Says subsidiary Tower Resources Cameroon SA executes term sheet with BGFI Bank Group for medium term loan of CAR4.42 billion, around $7.1 million, to partially finance the NJOM-3 well on the Thali block in Cameroon. ‘We are delighted to announce this step forward in the financing of the NJOM-3 well, and also in our relationship with BGFI Bank Group. As we announced last month, the expected cost of the well has increased to approximately $18 million, and so this facility and the $4 million or so we have already invested, will still leave us with a balance - but a much smaller and more manageable balance - of the NJOM-3 well to finance,’ says Chief Executive Officer & Chair Jeremy Asher. Asher says the firm is considering financing options at asset level, and seeking an option more favourable to shareholders than the farmout structure that had previously been considered.
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Pacific Assets Trust PLC - Asia Pacific-focused investor - Says Independent Non-Executive Director Robert Talbut becomes senior independent director, effective since the end of the AGM on Tuesday. Talbut succeeds Charlotta Ginman, who will remain the chair of the audit committee.
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BWA Group PLC - London-based minerals exploration investment company - Completes mechanised auger sampling programme at Nkoteng project, with selection of 20 samples to be submitted to German for heavy mineral separation testwork. Results are expected late in the third quarter. ‘The company are processing the raw geological data collected from the recent programme and are still in the early stages of evaluating the lithological data and database in general. BWA are very encouraged by the presence of observed intervals of Ilmenite, Rutile, Zircon and Kyanite over continuous zones within the programme area. BWA look forward to receiving the results of the heavy mineral separation testwork,’ the firm says.
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ICG Enterprise Trust PLC - London-based private equity investor - Makes two new direct co-investments and invests in a secondary portfolio on behalf of its shareholders. ICGT invests unspecified amount in software company Precisely alongside Clearlake Capital and Insight Partners, in a direct investment. Expects to invest an additional $20 million in Precisely. Also invests in ECA Group, a maritime autonomous systems and navigation solutions company, alongside ICG Europe Mid-Market Fund I, and will make a direct co-investment of around €15 million. Thirdly, directly co-invests alongside ICG in Prodject Ludgate Hill IIIA, a secondary portfolio of North American Investments, and will make direct co-investment of $25 million.
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