The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Admiral Acquisition Ltd - company focused on identifying a prospective target business that will not be limited to a particular industry or geographic region - Starts trading on main market of London Stock Exchange as 54.0 million shares are admitted. Last Wednesday, the company reported it raised $550.0 million ahead of its initial public offering consisting of a placing of shares priced at $10.00 each, and a further $10.5 million through the subscription of founder preferred shares.
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EnSilica PLC - semiconductor designer and supplier - Reports its application specific integrated circuits, or ASIC, used in an automotive vehicle launched in June last year is now designed into additional models by the unnamed premium automotive company. It adds that from 2025 the ASIC will be included in additional vehicle models in the manufacturer’s range, including in new electrical vehicles. ‘Accordingly, revenue from supply of the ASIC is anticipated to be approximately $40 million over the next 6 years, reflecting the expected material increase in supply starting in 2025. Management expects to start seeing the additional revenues from this increased demand in FY 2025, further strengthening the group’s forward order book,’ the company explains.
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Enwell Energy PLC - Ukraine-focused oil and gas exploration and production company - Says has not been able to secure services of new auditor for its 2022 results, noting that it has agreed terms for Ukrainian component of audit, but not UK. Says it is highly unlikely it will achieve AIM publication deadline of June 30. Adds shares will be suspended from July 3 until publication of results.
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Gensource Potash Corp - Saskatoon, Canada-based fertiliser development company focused on sustainable potash production - Posts non-brokered private placement of up to C$800,000 via placing 5.3 million shares at C$0.15 each. Says each placing share comes with warrant for one share at C$0.30.
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Henderson European Focus Trust PLC - London-based investment trust - Net asset value as at March 31 grows 20% to 177.47 pence per share from 147.67p at September 30. NAV total return in the six months to March 31 is 23%, outperforming its benchmark, the FTSE World Europe ex UK Index, which returns 22%. Declares interim dividend of 1.30p per share, up 8.3% from 1.20p a year prior. Looking ahead, Chair Vicky Hastings notes near-term risks but also long-term opportunities for investors with the long-term capital to deploy.
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Jadestone Energy PLC - London-based oil and gas production company, focused on the Asia-Pacific region - Closes $200 million reserves-based lending facility after satisfaction of conditions. Last week Friday, it said it signed the facility with ‘a group of four, reputable, international banks’ in support of its strategy as an operator in the Asia-Pacific region.
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More Acquisitions PLC - special purpose acquisition company - Updates on its proposed conditional takeover by Megasteel Ltd, which it expects to close in the early third quarter of this year. Says Megasteel will pay £31.5 million, down at least 39% from the original figure of £52 million to £65.5 million. More Acquisitions says: ‘The directors believe that this material reduction in valuations retains the relative post-completion ownership of the enlarged group, and, equally importantly, makes the enlarged group an even more attractive long-term investment prospective for all existing and future stakeholders.’ Executive Director Rod McIllree says: ‘The company is focussed on completing the acquisition. Given difficult markets, it is fortunate that the enlarged group finds itself in the position of not having to raise new funds in order to close the transaction. Therefore, we have restructured the terms of the agreement to eliminate the market ’risk’ in terms of completion.’
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