The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Molecular Energies PLC - Argentina and US-focused oil and gas production company - Proposes sale of its Argentinian oil and gas business, President Energy Holding UK Ltd, to PLLG Investments Ltd, a company beneficially owned by Peter Levine, for $40 million. President Energy Holding UK Ltd is the beneficial owner of President Petroleum SA, the owner and operator of the company’s business and assets in Argentina. Price comprises a $2 million cash payment on the date falling 12 months from completion of the sale; the repayment of $13 million debt and interest owed by PPSA to MEN; and the contingent consideration of up to 20% of the net free cashflow of PPSA over the next 5 years. Since Peter Levine is a director and substantial shareholder in the company, the sale represents a related party transaction.
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Aura Energy Ltd - London-based minerals company that holds projects in Mauritania and Sweden - Says scoping study reveals Haggan scale and optionality. Notes vanadium, potash, nickel, molybdenum, zinc and uranium among a diversified suite of future-facing commodities found. Explains the scoping study covers less than 3% of Haggan’s known 2.0 billion tonne mineral resource estimate. Firm says scoping study underpins application for a 25-year exploitation permit.
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Jersey Electricity PLC - Jersey-based electricity importer, generator and distributor - Confirms no approach has been received an approach by either the management team or the owner of Guernsey Electricity and no active discussions are taking place. Was responding to recent press speculation regarding a potential merger with Guernsey Electricity. States the board are always open to ways to enhance shareholder value for the benefit of shareholders.
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Panther Metals PLC - Canada-focused mineral and exploration company - Notes the Panther Metals Ltd Australian Securities Exchange announcement regarding the acquisition, by staking, of two nickel focussed exploration licences constituting the Marlin Nickel sulphide project. Panther Metals PLC holds a 24% stake in Panther Metals Ltd.
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Liontrust Asset Management PLC - London-based asset manager - Announces that on September 4, GAM Holding repaid £8.9 million plus interest under the tranche 1 facility, and this facility has been cancelled. The tranche 2 facility of a further £8.9 million, which was not drawn by GAM, was also cancelled. As a result, there is no outstanding indebtedness between Liontrust and GAM, and Liontrust’s financial support of GAM has ended. Last week, Liontrust formally declared its offer to buy GAM unsuccessful, and said it can demand repayment of a multi-million-pound sum extended to GAM within the next month.
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Artemis Resources Ltd - Gold and copper-focused exploration company with two major projects in Western Australia - Joint venture partner GreenTech Metals Ltd says reconnaissance outcrop mapping and review of historic soil geochemistry highlights multiple new targets expanding scope for additional discoveries at Ruth Well and Osborne jv in Western Australia. Notes a review of historic soil geochemistry confirms Northern and Southern pegmatite trends of 7.5 kilometre and 2.5 kilometre strike lengths respectively.
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Velocys PLC - sustainable fuels technology company - Welcomes yesterday’s announcement by the Department for Transport which confirmed its commitment to introduce a revenue certainty scheme for sustainable aviation fuel. The DfT will launch a consultation on the design and delivery of the scheme, which should attract further investment into the UK SAF industry, company says.
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Baronsmead Venture Trust PLC - venture capital trust - Intends to launch a new offer for subscription during the 2023/24 tax year, company says. Further details will be contained in a prospectus that is expected to be published before the end of January 2024.
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Baronsmead Second Venture Trust PLC - venture capital trust - Intends to launch a new offer for subscription during the 2023/24 tax year, company says. Further details will be contained in a prospectus that is expected to be published before the end of January 2024.
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