The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Panther Securities PLC - London-based property investment company - Sees a material non-cash movement in its swap position. At June 30, combined swap liability position was £3.9 million. At August 31, this falls to £400,000. At September 30, this moves to become an asset of £7.4 million. Firm has two financial derivatives which comprise the current swap liability: a fixed rate of 2.01% on £25 million with around nine years to run, and a fixed rate of 5.06% on £35 million with 16 years to run. The second fixed rate drops to 3.4% on September 1, 2023, for the remainder of its term. Says these instruments protect the company from the cost of rising interest rates. Says it will not be affected by interest rate rises for at least nine years on its current drawn facility.
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Georgia Capital PLC - Tbilisi, Georgia-based investor in businesses in Georgia - Completes second stage of the disposal of its water utility business, Georgia Global Utilities JSC for $180 million. Says the proposed demerger by GGU of its renewable energy business completes. As a result, all conditions under the share purchase agreement relating to the disposal have been satisfied. JSC Georgia Capital now 100% owns the renewable energy assets previously held by GUU, as well as a 20% interest in the business.
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Horizonte Minerals PLC - nickel company focused on Brazil - Says construction at its 100% owned Araguaia nickel project in Brazil is progressing to schedule. Reports 16% progress as of September 30, with engineering 71% complete. Project remains on schedule to deliver first nickel in the first quarter of 2024. Adds inflationary pressure combined with engineering improvements to de-risk the operation have results in a 13% cost increase. Project capital expenditure now forecast at $537 million.
Separately, Horizonte proposes a fundraise to raise proceeds of £61.7 million, at a price of 90.5 pence per placing share. Fundraise comprises of a conditional placing to raise £35.2million and a conditional subscription to raise £26.4 million. Proceeds will be used to help fund the Araguaia project.
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