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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Fulham Shore PLC - owner of the Franco Manca restaurant chain - Says it traded in line with management expectations in six months ended September, ‘in spite of challenging political and macroeconomic circumstances as well as recent sporadic train and tube disruptions’. Revenue rises 35% compared to pre-Covid three years earlier, and up 25% year-on-year. Company adds: ‘Macroeconomic challenges including inflation, rising interest rates and political uncertainty continue to affect consumer confidence and, combined with input cost inflation, are presenting trading conditions that are more unstable and unpredictable than at any time in recent memory. These rising costs and what, if any, relevant government support leads to a lack of transparency for short-term trading.’
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Vertu Motors PLC - Gateshead, England-based car dealership - Buys business and assets of two BMW Motorrad outlets in Yorkshire, expanding ‘partnership further with’ BMW AG. BMW Motorrad is BMW’s motorcycle arm. Unit bought from Saltaire Motor Co Ltd, which trades as Allan Jefferies. In year ended September 29, 2021, business achieved revenue of £20.5 million. Vertu buys unit for £4.2 million.
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Dunedin Enterprise Investment Trust PLC - UK mid-market private equity house - Says September 30 net asset value per share amounts to 576.6p, up slightly quarter-on-quarter from 567.5p. Prices tender offer, which will see £41 million returned to shareholders. Tender price is 537.17p per share.
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Galileo Resources PLC - mining company focused on US and Africa - Says initial targets selected for follow-up at Queens mine in Bulawayo gold project. Says two sets of gold-bearing areas identified west of Queens mine. In addition, Galileo says new nickel target identified at Bembeshi. ‘Located east of the Fingo Prospect and representing an entirely new potential nickel host that does not appear on the geological maps of Zimbabwe,’ Galileo says.
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Tertiary Minerals PLC - mineral exploration and development company focused on energy transition metals - Hails ‘successful summer programme’ at Brunton Pass project in Nevada. ‘The programme included trenching, sampling, geochemical analysis, petrological evaluation and field follow-up,’ Tertiary adds. In two trenches, wide intervals of low-grade copper observed. ‘These wide low-grade copper intervals are a possible halo to more significant mineralisation and suggest the possible presence of a deeper porphyry copper target,’ Tertiary adds. A north-trending zone will be drill tested for gold mineralisation at deeper levels.
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Zinnwald Lithium PLC - High Wycombe, England-based mineral exploration and development company - Signs deal with Epiroc Rock Drills AB for development of ‘state-of-the-art mine’ in Zinnwald lithium asset in Germany. Zinnwald adds: ‘Under the terms of the non-binding memorandum of understanding, Zinnwald Lithium and Epiroc will develop plans to implement high-end technology and deliver a low-cost mining operation focused on minimising CO2 emission. With an approved mining licence, the project is designed to be a long-life underground lithium mine with associated processing facilities, enabling the company to become an important local supplier of battery-grade lithium hydroxide to the European battery sector.’
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Caracal Gold PLC - London-based gold producer with operations in East Africa - Says has not been able to complete audited full-year results ahead of four-month deadline. Applies for temporary suspension of trading in its shares. ‘The audit is in the final stages and Caracal does not expect this suspension to last very long,’ company adds.
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Vaalco Energy Inc - Houston, Texas-based hydrocarbon explorer - Approves share buyback ahead of its planned all-share merger with Calgary, Alberta-based TransGlobe Energy Corp. Buyback amounts to $30 million. Chief Executive Officer George Maxwell says: ‘We continue to demonstrate the strong rationale for the business combination with TransGlobe and, with our share buyback, are fulfilling the first of the two key commitments that we made regarding returning meaningful value to our shareholders on a sustainable basis.’ Affirms plan to nearly double its annualised dividend to $0.25. Maxwell adds: ‘We believe right now is a particularly opportune time to initiate the buyback programme given the recent market price levels of our equity. We believe that this is an excellent opportunity to buy our common shares at a significant discount to their intrinsic value and are a very attractive investment of our strong cash balance.’
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Quantum Blockchain Technologies PLC - London-based cryptocurrency researcher and investor - Venice Court issues final judgement in company’s claim against former management and internal audit committee of Sipiem. Claim is held by Clear Leisure 2017, former unit of Quantum Blockchain. Court rules in favour of Clear Leisure 2017 and defendants were ordered to pay €6.2 million in damages, plus €85,499 in legal expenses. ‘
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Quetzal Capital PLC - London-based investor - Signs deal to acquire Tap Global Ltd, a crypto payment firm, through reverse takeover. Quetzal shares were suspended as a result. Tap Global shareholders to receive 450.0 million Quetzal shares under consideration for deal. Quetzal says it id to be renamed Tap Global PLC once deal is sealed.
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Rogue Baron PLC - London-based distiller - Updates on trading in third quarter of 2022. Says UK distribution expands amid availability of Shinju whisky brand on Amazon and Whisky Exchange. ’In addition the UK based brand manager has made good headway in getting Shinju listed in a number of on trade locations in the UK, a majority in London, as well as pushing additional sales in multiple EU countries,‘ Rogue says. Notes has slowed sales in US amid transition to new distributor. Has expanded presence in Costco stores in US. Enters deal with Boludo USA LLC. Boludo buys Legacy Retail Group LLC and issue to Rogue $75,000 worth of cash or stock in exchange, through proposed transaction with publicly-listed Rogue One Inc. Rogue Baron adds: ’The sale will have no effect on Rogue Baron’s revenue as the investment was a non-controlling stake. It will allow management to fully concentrate on its flagship Shinju whisky.‘
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