The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Seplat Energy PLC - Lagos-based oil and gas company focused on Nigeria - Refinances existing $350 million revolving credit facility due December 2023 with a new three-year $350 million facility due June 2025. This includes an automatic maturity extension until December 2026 once a refinancing of the existing $650million bond due April 2026 is implemented. The revolving credit facility carries initial interest of 6% over the base rate with the margin reducing to 5% after production flowing through the Amukpe-to-Escravos pipeline is stabilised at an average working interest production of at least 15,000 barrels of oil per day over a 45 consecutive day period.
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Insig AI PLC - London-based data science and machine learning - Signs development contract for delivery of a centralised cloud-based database and automated alerting mechanism with an unnamed client. Says contract is worth £200,000, with £50,000 payable on signing of the contract and the remainder payable across three instalments at certain stages of completion. Expects the project to be completed by mid-January 2023. Chief Executive Colm McVeigh comments: ‘Progressive asset managers appreciate not only the competitive advantage of utilising our machine learning solutions but the ability to improve investment returns without increasing risk. This contract win is a good example of how the enormous array of company sourced disclosures now within our repository can be accessed to target specific financial information.’
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Pantheon Infrastructure PLC - Investment trust managed by Pantheon Ventures and focused on infrastructure assets - Says proposed issue of C shares under its share issuance programme will not proceed, as a result of ‘extreme volatility of recent days in UK markets.’ Chair Vagn Sorensen says: ‘We have appreciated the high level of interest shown in PINT’s investment proposition of global private infrastructure assets by existing shareholders and prospective investors since the launch of the issue.’
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RA International Group PLC - Africa and Middle East-focused construction and support services provider - Wins new contract to provide operational support capability to the UK Ministry of Defence. Says the contract is a five-year global framework agreement which contains two additional option year. Contract is worth up to £35 million and will be drawn down as task are issued. The contract will begin on December 1. ‘This contract highlights a number of the key attributes we offer clients - our global reach, our ability to mobilise quickly and self-perform, and our track record in delivering critical projects in environments where our clients are often faced with extreme political or operational constraints,’ says Chief Executive Soraya Narfeldt.
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Coro Energy PLC - London-based gas explorer - Says the commissioning of its Vietnam rooftop solar pilot project has now been completed. The 3-megawatt pilot project, consisting of over 4,500 solar panels installed across four factory roofs in Vietnam and covering a total area of 16,120 square metre, is now delivering electrical power to Phong Phu Corp, one of Vietnam’s textile manufacturers, under a 25-year power purchase agreement. Expects, at current pricing levels, for the project to add net cash flows of around $300,000 per year.
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Independent Living REIT PLC - UK-focused real estate investment trust in the supported housing market - Says it will not proceed with its initial public offering, due to ‘current market conditions’. Earlier in September, Independent Living announced plans to raise £150 million in its IPO on London’s Main Market. Says all funds from investors will be returned. ‘The prospectus remains valid and any new timetable agreed would be announced to the market accordingly,’ it adds.
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Infrastructure India PLC - Isle of Man-based closed-ended investment company focused on assets in India - Says the buyer of Indian Energy Ltd, or IEL, has continued to experience administrative delays in finalising the transaction. IEL holds two wind farm assets within separate special purpose vehicles, Theni and Gadag, which are its only assets. The £5.8 million sale to AVSR Constructions is now expected during October. ‘The company’s creditors remain supportive, and it is expected the consideration due to the company from the sale of IEL will be partially utilised towards settlement of such creditors,’ it adds.
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