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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SLF Realisation Fund Ltd - Realising all remaining assets in portfolio of ordinary share class and 2016 C share class - Reports net asset value per share at December 31 of 12.34 pence, down from 19.15p year-on-year. Declares no first half dividend, unchanged from a year prior. Notes that the wind down of the company is ongoing, expects exit of majority of the portfolio to take between 12 and 18 months.
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Mila Resources PLC - London-based post-discovery gold exploration firm - Posts pretax loss of £205,404 for six months ended December 31, from loss of £760,806 a year prior. Says that project progress has been slower than anticipated on difficult equity markets. The firm is now evaluating the geological data from Kathleen Valley and refining its exploration model. Once it has worked through the options and budget available, Mila will update the market with its next programme at the project.
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Rainbow Rare Earths Ltd - Guernsey-based mining company focused on South Africa and Burundi - Narrows pretax loss to $1.5 million from $2.1 million in six months to December 31. Key workstreams have commenced to advance Phalaborwa to the definitive feasibility study stage, with the pilot plant due to commence commissioning in the second quarter of 2023. The project remains on track to reach production in 2026 - five years after initial work commenced on site in 2021. Chief Executive Officer George Bennett: ‘I am pleased by the headway we are making with plans to implement a continuous pilot plant operation at Phalaborwa to advance the project to definitive feasibility study stage, with key workstreams having successfully commenced. The project remains on track to commence production in 2026 and this fast-track development has made the company of interest to global strategic investors, with whom financing discussions are progressing well.’
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Henderson High Income Trust PLC - Pure income trust investing in dividend-paying UK companies - Reports NAV per share as at December 31 of 164.24p versus 177.92p year-on-year. NAV total return for 2022 falls 1.9% annually, beating the firm’s benchmark, which was down 3.3%. Reports 2022 total dividend of 10.15p from 9.95p. Tells investors that there are early signs inflation pressures are abating.
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RTW Venture Fund Ltd - Investment company focused on the life sciences sector - Posts NAV per share as at December 31 of $1.54, down from $1.71 year-on-year. 2022 NAV total return was negative 10% from negative 15% a year prior. The firm says it believes there is demand for capital to support scientific innovation. Chief Investment Officer Roderick Wong says: ‘Due to the adverse market conditions, 2022 saw just two of our portfolio companies IPO. RTW added three new companies to the portfolio and disposed of seven. Disposals crystalised a positive 1.6% contribution to NAV for the year with the proceeds being redeployed into other public opportunities.’
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EJF Investments Ltd - Mumbai, India-based closed-ended investment company investing in assets benefiting from regulatory and structural change in the financial services - Reports NAV as at February 28 at 183p per share, down from 184p at December 31. Posts total return for 2022 of 14% versus 11% in 2021. Says this exceeded its target return of 8% to 10% per annum. Dividends for the year totalled 10.7p per share. Says it is well positioned to benefit from rising interest rate environment.
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Pantheon Resources PLC - Alaska-focused oil and gas exploration and production company - For the six months ended December 31, posts revenue of £455,309, up from nothing year-on-year. Narrows pretax loss to £2.3 million from £5.9 million a year prior. Says it sees great potential in the Alkaid project in Alaska. CEO Jay Cheatham says: ‘Alkaid #2 was designed as a test well to gain data to optimise future wells. This is industry standard practice - at Prudhoe Bay, America’s largest oilfield and only 20 miles north of us, the initial wells were dry holes! Alkaid was anything but a dry hole; far from it, our modelling points to Alkaid being a potential commercial development.’
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Amaroq Minerals Ltd - Mine development company focused on Southern Greenland - Narrows financial 2022 operating loss to $22.1 million from $24.8 million. In year ahead, plans further project development at Nalunaq, starting in May 2023 with resource drilling along strike from the initial mining face. Also plans to collect additional data from Vagar Ridge, with ground and drill preparations starting this year to be ready for 2024.
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Upland Resources Ltd - London-based oil and gas company, which has assets in Malaysia, Tunisia and the UK North Sea - For six months to December 31, reports pretax loss of £385,971, widened from £269,594 year-on-year. Posts no revenue, unchanged from last year. Administrative expenses widen to £366,433 from £189,985.
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