The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
----------
Marwyn Value Investors Ltd - St Helier, Jersey-headquartered closed-ended investment company with investments including AdvancedAdvT Ltd, 450 PLC and Zegona Communications PLC - Net asset value per share at June 30 was 167.55 pence, down from 176.81p at the same time one year prior. Reports total NAV return of negative 2.7% for the first half of 2023, underperforming against the FTSE All-Share benchmark index which delivered positive 2.6%. Declares 4.53p per share half-year dividend, expects total annual dividend of 9.06p. Company notes ‘prevalent speculation and a somewhat unrealistic expectation regarding a return to ultra-low interest rates.’ Chair Robert Ware says portfolio ‘is exceptionally poised to capitalise on forthcoming opportunities, and we eagerly anticipate witnessing the growth and evolution of our portfolio companies.’
----------
Fintech Asia Ltd - investment firm established to acquire Asian financial services companies - Pretax loss for year ended June 30 was £1.3 million, widened from a £397,971 loss in financial 2022. Notes change of financial year end, announced in late June, from June 30 to December 31. Says it has continued to advance discussions regarding reverse takeover of InvesCore Financial Group Pte Ltd following head of terms agreement in March. Hopes to agree terms to conclude a definitive acquisition agreement and seek regulatory approval for its shares, suspended in mid-March, to be readmitted to the Main Market. Confirms that ‘the process remains active and ongoing’ but cannot confirm that the above will be successful.
----------
DG Innovate PLC - Bradford, England-based electric mobility and energy storage company - Pretax loss for first half of 2023 was £1.9 million, reduced from £6.5 million the year before. Revenue increased to £30,240 from no revenue, while grant income increased to £399,641 from £344,831. Cash at June 30 was £159,958, down from £1.7 million at the same time in 2022. Total administrative expenses (including share-based payments) increased 33% to £2.3 million from £1.7 million. Incurred zero reverse acquisition expenses, down from £5.1 million. Says testing of its Pareta high-performance electric vehicle drive is ongoing; plans to move into pilot manufacturing and volume supply ‘in due course.’
----------
Ovoca Bio PLC - Dublin-based, women’s health-focused biopharmaceutical company - Reports €2.4 million pretax loss for the first half of 2023, narrowed from €5.6 million the prior year. Administrative expenses fell to €1.0 million from €3.0 million. Says its focus remains on developing Orenetide, but says it ‘will need to adapt its approach’ following ‘disappointing’ phase 2 study results announced on August 31. The study found that Orenetide did not show statistically significant superiority compared with a placebo in treating a lack or loss of sexual desire in female test subjects. Ovoca says near-term efforts will be directed towards reviewing ‘the current situation’ and assessing all current opportunities.
----------
Kelso Group Holdings PLC - London-headquartered investor backing small and mid-cap UK companies - NAV at June 30 was 2.2p per share, up from 1.1p on the same day in 2022. Pretax profit for the six months ended June 30 was £1.3 million, up from £56,960 the year before. Revenue increased from nothing to £1.8 million. Says medium-term aim is to grow its investment business, which is prepared to work actively with portfolio companies. Portfolio currently consists of THG PLC and TheWorks.co.uk PLC; it announced its purchase of 2.0 million TheWorks shares for 31.3p each on Monday. Says it is building its third investment and aims to start investing in a further company shortly, and says that value opportunities ‘remain plentiful.’
----------
Landore Resources Ltd - Ontario, Canada-focused precious and base metal project explorer and developer - Pretax loss for the first half of 2023 was £822,251, widened from £794,385 last year. Operating loss was virtually unchanged at £1.2 million. Cash and equivalents at June 30 totalled £397,109, down from £1.2 million at December 31. Exploration costs decreased 39% to £242,502 from £398,341. Says preparatory work is currently underway to follow up on promising drill and soil test results at BAM gold project, which it will focus on advancing throughout the remainder of 2023.
----------
Copyright 2023 Alliance News Ltd. All Rights Reserved.
