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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Vertu Motors PLC - Gateshead, England-based car dealership - In advanced talks for potential buy of Helston Garages Group Ltd, a manufacturer automotive retail group based in southwest of England. ‘These discussions may or may not lead to a transaction. Funding for the transaction, were it to occur, would be from re-financed and new debt facilities, including long-term mortgage funding,’ Vertu says.
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Ondo InsurTech PLC - London-based insurtech firm - Says signs contract renewal with Hiscox Ltd for provision of LeakBot system in UK. ‘Early adopter Hiscox will continue to roll out the LeakBot system in the UK following the success of activity so far,’ Ondo says. ‘Hiscox have been benefiting from introducing the LeakBot system since 2019 and plan to continue to roll out devices to more of their customer base.’ LeakBot is a water leak alarm that spots hidden leaks.
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Bank of Ireland Group PLC - Dublin-based lender - Lifts annual guidance after enjoying a ‘strong business performance in the third quarter’. The lender said net interest income in the nine months to September was 3% higher year-on-year, helped by rising interest rates. It now expects net interest income to rise by 6% to 7% in 2022. It had previously expected it to be ‘modestly higher’. ‘This stronger outlook reflects the group’s positive gearing to higher interest rates and a faster interest rate hiking cycle in H2 2022 versus expectations earlier in the year,’ Bank of Ireland says.
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Gresham House PLC - London-based investment manager - Says assets under management rise by 15% in nine months to September 30 to £7.5 billion. Full year adjusted operating profit is expected to remain in line with market expectations, which it places in range of £25.3 million to £26.5 million.
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Mobeus Income & Growth VCT PLC - venture capital trust - Net asset value per share falls 9.8% to 68.16p on September 30, from 75.55p at end of June. ‘This decrease arises both from the 4.00 pence per share dividend paid in July 2022 as well as a fall in unrealised valuations,’ Mobeus Income says. On Tuesday, Mobeus Income & Growth 2 VCT PLC and Mobeus Income & Growth 4 VCT PLC noted a subscription offer, made alongside Mobeus Income & Growth VCT, was fully subscribed.
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Seraphine Group PLC - London-based maternity and nursing wear maker - Says capital reduction now effective, creating additional distributable reserve of £40.0 million. That sum is ‘intended to support the payment of future dividends to shareholders, with any payment being subject always to the financial performance of the company and relevant law’.
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accesso Technology Group PLC - Berkshire, England-based provider of software for leisure, entertainment and cultural sectors - Pens five-year extension to partnership with regional amusement-resort operator Cedar Fair Entertainment Co. ‘Cedar Fair will continue leveraging the fully hosted accesso Passport eCommerce ticketing suite which has powered online sales for all the operator’s venues since 2011. accesso’s best-in-class, mobile-first solution processed more than 96 million tickets and reservations for accesso clients in 2021 alone,’ company says.
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Attraqt Group PLC - online shopping technology provider - Takeover by Crownpeak Holdings LLC backed by shareholders in court and general meetings. Company agreed to the £63.2 million buyout in September.
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Windar Photonics PLC - Copenhagen, Denmark-based light detection and ranging optimisation systems developer - Strikes distribution agreement with a partner in China. The partner sells optimisation solutions to customers in China’s wind turbine industry. ‘The distribution agreement grants the partner, until 31 December 2023, certain exclusive rights in China, subject to limited exceptions in respect of existing customers of Windar, over the sale and marketing of the 4-beam WindVISION LiDAR system. The system will be sold as a retrofit after-sales solution to the wind industry in China,’ Windar says. Expects revenue of €1.4 million over term of deal. In addition, company plans to raise £2 million in placing of 13.3 million shares at 15 pence each. Proceeds to provide working capital. Windar says: ‘The board believes that the group’s operations have recovered well from the severe Covid restrictions that it was operating under during the first half of 2022.’
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IQE PLC - Cardiff, Wales-based semiconductor wafer products - Targets revenue of $650 million in 2027, three times higher than anticipated 2022 revenue. ‘This growth is underpinned by strategic long-term agreements, long-term commitments both to and from IQE’s customers, and a collaborative approach to co-investment alongside its customers,’ IQE adds. ‘It is also expected that this revenue growth, together with the operational gearing of the group, IQE’s plans to further optimise its global footprint, plus the deployment of a transformed commercial model, will result in significant margin expansion.’ Targets an adjusted earnings before, interest, tax, depreciation and amortisation margin of over 30% by 2027.
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Glanbia PLC - Kilkenny, Ireland-based nutrition company - Sets out average annual financial targets for 2023 to 2025. Eyes adjusted earnings per share growth of 5% to 10% on average at constant currency. For Glanbia Performance Nutrition, eyes revenue growth of 5% to 7%. For Glanbia Nutritional Solutions, eyes volume growth of 3% to 5%.
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SourceBio International PLC - Nottingham-based laboratory services provider - It warns on annual earnings. It expects a £2.0 million revenue and adjusted earnings before, interest, tax, depreciation and amortisation hit in 2022. A high street chain says it was incorrectly invoiced by a total of £2.7 million in relation to Covid-19 testing services supplied by SourceBio. Talks with the customer are continuing, but SourceBio said the sum is likely to not be recognised in its 2022 earnings. Also, it says cancelling its AIM listing is in its best interests, following a ‘review of the benefits and drawbacks’ of maintaining its place on London’s junior market. It plans a tender offer at 115p per share in conjunction with the AIM withdrawal. It expects 48% of its investors to not tender their shares, however. ‘The group is in advanced discussions in relation to securing the necessary financing for the tender offer,’ it says.
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PPHE Hotel Group Ltd - Amsterdam-based hotel owner and operator - Arena Hospitality Group dd, in which PPHE holds controlling stake, inks new long-term loan agreement with Privredna Banks Zagreb. Deal refinances Arena’s existing loans and investments in the Arena Grand Kazela Campsite.
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Great Western Mining Corp PLC - Nevada-focused gold, silver and copper project developer - Announces new mineral resource estimate for Olympic gold tailings project in Nevada, US. Reports inferred resource estimate of 31,000 tonnes at 1.6 grammes per tonne of gold grading and 3.0 grammes per tonne in tailings.
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East Star Resources PLC - Kazakhstan-focused, gold, rare earths and copper explorer - Completes three-and-a-half month diamond core drilling programme at Chu-Ili orogenic gold belt licences in Kazakhstan. Just shy of 5,000 metres worth of diamond core drilling completed across the two licences. ‘Visual inspection of core shows promising signs of potentially gold bearing mineralisation across all targets,’ East Star says.
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Bradda Head Lithium - North America-focused lithium development company - Receives approval to list on the TSX-V Exchange. Trading effective on Thursday.
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Edenville Energy PLC - London-based developer of Tanzania’s Brownfield Rukwa coalfields - Says works undertaken upgrade wash plant in Rukwa coal project, Tanzania have ‘yielded positive results’. Says plant running at targeted base-case output of 100 tonnes per day. ‘If sustained and assuming increases in working time on the ground as referred to below, achieves the company’s initial target of 4,000 tonnes per month,’ Edenville says. Company adds: ‘However, the period did witness interruptions to production as components for the excavator, used to extract run of mine coal for delivery to the wash plant, were damaged. These components have subsequently been replaced and operations are currently back at the 100 tonnes per day level of washed coal output. Management continues to expand the inventory of spare parts at site to minimise future downtime.’ Edenville says daily production hours may be ‘simplest way’ to up output. ‘The opportunities for longer 12 hour or even double shifts (16 hour) and seven days per week production are being examined, including seeking to ensure that on the ground machinery is capable of meeting the targeted output on an ongoing basis,’ Edenville adds.
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GreenX Metals Ltd - developing Arctic Rift copper project in Greenland - Says high-grade copper sulphides verified at ARC Discovery Zone prospect. ‘The results of this work program have demonstrated the high-grade nature of the known copper sulphide mineralization, and wider copper mineralization in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified. This new information is key to future targeting of stratabound copper of both types,’ GreenX says.
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Savannah Resources PLC - Europe-focused lithium development company - Strikes deal for potential sale of its last Mozambique mining concession. Deal struck could see MRG Metals Ltd acquire mining concession 9735C, owned by Savannah unit Matilda Minerals Lda. MRG given access to 45-day due diligence beginning on November 8 to validate, ‘all relevant costs’. During due diligence steps towards an option agreement will be made and during option period, MRG will fund $500,000 worth of work programmes at asset. During option period, MRG can buy the project through payment of £800,000 in cash or shares. In years when the licence turns profit, MRG must make 1% royalty payment on revenues from product sold, capped at no more than 50% of net profit after tax.
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Atlantic Lithium Ltd - lithium asset developer and producer focused in West Africa - Reports assay results from drilling at Ewoyaa lithium project. Says multiple ‘high-grade exploration drill intersections’ found in areas outside current mineral resource estimate.
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Mineral & Financial Investments Ltd - Cayman Islands-based investment company - Reports a high-grade copper find from a hole at Lagoa Salgada asset in Portugal, held by investee Redcorp Empreedimentos Mineiros Lda and Ascendant Resources Inc. The find ‘extends the previously defined copper-rich footwall lens by an additional 200 metres to 550m strike length’.
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