The following is a round-up of updates by London-listed companies, issued on Thursday not separately reported by Alliance News:
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Schroder BSC Social Impact Trust - Investment Trust - Reports net asset value at December 31 was 105.84 pence per share compared to 104.66p a year prior. Noted period was characterised by market volatility, with inflation reaching 40-year highs, and the rising cost of living, especially energy. Says the largest positive contribution to the NAV came from investment income (1.34p per share) and valuation gains (1.08p per share). Adds total share price return during the period was negative 12%. Intends to move to quarterly valuations.
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Visum Technologies PLC - Northamptonshire, England-based video technology company focussed on the global leisure market - Reports loss for the half year to December 31 of £457,088 on revenue of £119,930. No comparisons given. Total net assets were £2.7 million compared to £3.0 million in the comparative period in 2021. Continues to look at mergers and acquisitions to strengthen value proposition in the travel and leisure sector. Explains the IPO listing fees significantly impacted the net loss position in the results. Visum listed in June 2022. ‘Given that a large proportion of the listing costs have now been covered, we expect the financial position to improve in the next 6 months,’ the company said.
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Aquis Exchange PLC - London-based exchange services company - Posts results for the 12 months to December 31. Reports net revenue up 24% to £20.1 million from £16.2 million a year prior, pretax profit up 27% to £4.5 million from £3.6 million, and basic earnings per share unchanged at 17p. Profited from significant growth in the technologies division, along with strong performances in pan-European secondary market trading, the primary market activities of Aquis Stock Exchange and data revenue. Reports encouraging current trading, with trading in line with expectations, notwithstanding continued macroeconomic uncertainty.
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AVI Japan Opportunity Trust PLC - Investment Trust - Submits opinions on best practices for takeovers to the Fair Acquisition Study Group of Ministry of Economy, Trade and Industry following a request. Believes that the uncertainties left behind by the recent judicial decisions on takeover defences have had a detrimental effect on hostile acquisitions and unsolicited takeover bids in Japan. Thinks less emphasis should be placed on management’s assessment of corporate value when considering the benefits of a potential takeover. States in all cases a shareholder vote should be required to trigger anti-takeover measures to avoid the risk of arbitrary use by management. Feels a fairer and more transparent system for hostile and unsolicited takeover bids in Japan will allow for a more active takeover market that should led to enhanced corporate value for shareholders.
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Great Western Mining Corp PLC - Irish exploration company developing gold, silver and copper targets in Nevada - Gives operational update. Prepares for the start of drilling operations and the 2023 exploration programme in Mineral County, Nevada. Waiting for suitable weather to start next construction phase at 50%-owned milling joint venture in Mina, Nevada. Highlights exciting potential for M2 copper resource which could far exceed current expectations.
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TomCo Energy PLC - oil development group operating in the US - Obtains unsecured facility of up to £1 million via a convertible loan note and associated subscription and put option agreement. Convertible Loan is intended to further bridge general working capital requirements as the firm seeks to finalise a potential funding package to enable the previously stated development plans for Greenfield Energy and Tar Sands to be executed.
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Develop North PLC - leading provider of property development finance - Reports net asset value fell to 81.8p per share as at November 30 2022, having been 83.9p twelve months earlier. Adds revenue for the year increased to 3.68p per share from 3.09p a year prior. Declared a fourth interim dividend of 1p per share.
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Nordea Bank AB - Helsinki, Finland-based financial services group operating in northern Europe - States Common Equity Tier 1 requirement will increase by 100 basis points following the decision of the Finnish Financial Supervisory Authority to impose a systemic risk buffer of 1.0% on banks in Finland. The decision will apply from 1 April 2024 and is not expected to impact Nordea’s capital return plans. As of the fourth quarter of 2022 Nordea’s CET1 ratio was 15.7%, 2.7 percentage points in excess of the increased regulatory requirement as of 1 April 2024.
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