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 company - Says delivered a trading profit above prior year levels during three months to May 31, boosted by acquisition of Helston, shaking off ‘continued inflationary-driven cost headwinds’. Predicts results for year ending February 2024 will be in line with current market expectations. Says during the three-month period, it saw new car retail and Motability like-for-like volume growth of 11%. However, used vehicle like-for-like volumes declined 5.9%, amid supply constraints. Service revenue alone, meanwhile, rose 4% like-for-like against a year earlier. ‘The board remains optimistic for the future. New vehicle supply continues to improve whilst constraints in used vehicle supply in the UK are likely to persist, helping to underpin used vehicle values and gross profit. The market outlook, however, remains unclear due to uncertainty of consumer demand in the light of the impact of inflationary pressures and higher interest rates,’ Vertu says. The Helston deal, announced in December, was worth £117.0 million.
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Atrato Onsite Energy PLC - London-based renewable energy investment trust - Enters into power purchase agreement for electricity generated at Skeeby solar asset in Richmond, North Yorkshire. Asset has an expected energisation date of March of next year, Atrato adds. Ovo Energy Ltd, part of the UK’s third-largest supplier of domestic energy, will be supplied with 49 gigawatt hours of clean energy per year. Deal lasts three years. ‘The [power purchase agreement] will provide the company with a 3-year revenue stream at a set price with fixed annual uplifts for the energy produced by Skeeby,’ Atrato adds.
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Golden Metal Resources PLC - Nevada, US-focused tungsten, gold, copper, silver and zinc exploration company - Signs letter of intent with Towanda, Pennsylvania-based Global Tungsten & Powders LLC for tungsten offtake for Golden Metal’s Pilot Mountain asset. Terms outline GTP, a supplier of tungsten powders and semi-finished parts, will acquire 50,000 metric ton units of tungsten trioxide contained in tungsten concentrates. This may be increased to 70,000. ‘Pricing will be in US dollars and based on a discount to the European APT (ammonium Paratungstate) quote provided by Fast Markets,’ Golden Metal says. ‘GTP and Golden Metal also intend to discuss and consider cooperation opportunities for the development of a Western World supply chain strategy which will align with recent policy announcements from the US Department of Defense and the US Defense Logistics Agency with regard to the building of strategic stockpiles of critical minerals, including tungsten products.’ Power Metal Resources PLC, which has 62% stake in Golden Metals, notes announcement.
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Premier African Minerals Ltd - Zimbabwe-focused tungsten producer - Says receives purported notice of termination from Canmax Technologies Co Ltd Zulu lithium project offtake pact, just days after Premier African issued a force majeure notice due to issues at the asset. A force majeure is a clause that is included in contracts to remove liability for unforeseeable and unavoidable catastrophes that interrupt the expected course of events and prevent participants from fulfilling obligations. The force majeure meant Premier African’s offtake and pre-payment agreement with Canmax, including those associated with delivery and any consequences associated with it, had been suspended. Premier African says advised that notice of termination ‘cannot be served at this time’. The notice would force a repayment by Premier African of around $34.6 million within 90 days. Chief Executive George Roach says: ‘The company has been advised that this notice of termination has no force or effect. Premier has repeatedly extended an invitation to Canmax to attempt to resolve this situation as set out in the agreement, and does so again, now, and publicly.’
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Spectral MD Holdings Ltd - London-headquartered artificial intelligence company focused on medical diagnostics for wound care treatment - Reports research and development revenue of $5.1 million for first quarter of 2023, down 13% from $5.8 million. Net loss widens to $3.6 million from $528,000. Puts wider loss down to ‘expanded work completed by the company in additional indications of its technology’. Spectral announced in April that it would list on the Nasdaq in the US by combining with special purpose acquisition company Rosecliff Acquisition Corp.
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TruSpine Technologies PLC - medical device company - Repays £100,000 loan under agreement with Annabel Schild. Repaid from existing cash resources following receipt of UK tax credit of £200,000. ‘The company has limited working capital resources and continues to carefully manage its cash position,’ TruSpine cautions.
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Puma Alpha VCT PLC - venture capital trust - Makes further allotment of 465,134 shares, as part of wider fundraise. Subscription offer was sized at £15.0 million, with option of £5.0 million over-allotment. Price for shares allotted range from £1.31 to £1.33.
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Chenavari Toro Income Fund Ltd - invests in asset backed securities and other structured credit investments in liquid markets - Net asset value per share at March 31 half-year end inches up to 64.06 euro cents from 64.05 cents at the end of September.
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