The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:
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British Smaller Companies VCT PLC and British Smaller Companies VCT2 PLC - Leeds, England-based venture capital trusts - Have received applications exceeding £30 million in relation to the new share offer launched in late September. Offer aims to raise up to £65 million with an over-allotment facility of up to a further £25 million. First allotment will take place between January 29 and January 31; the second and final one will take place between April 2 and 5.
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Ethernity Networks Ltd - Airport City, Israel-based supplier of data processing semiconductor technology for networking appliances - Says it is in discussions with 5G Innovation over share subscription issue. Ethernity no longer considers 5G Innovation’s $90,000 settlement notice pursuant to subscription agreement was issued validly, due to notification of an event of default. Ethernity is seeking to come to an agreed position on the treatment of the subscription while proceedings remain suspended.
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Valereum PLC - Gibraltar-based firm linking mainstream currency products denominated in US dollars and pound sterling into cryptocurrencies - Says Gibraltar Financial Services Commission has not granted an extension on the deadline for completion of Valereum’s acquisition of the Gibraltar Stock Exchange, which it in October 2021 said it aimed to buy for an undisclosed figure. Director Patrick Young has resigned due to GSX deal issues as Valereum currently has no requirement for an exchange expert. Says it ‘will continue to have discussions with all relevant parties to find an amicable way forward.’ Also has been notified that recently secured committed funding of £5 to 8 million, announced on Aug 31, is no longer available.
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Ananda Developments PLC - London-based pharmaceutical company developing cannabinoid-based medicines for chronic pain conditions - Company pretax loss for six months ended July 31 widened to £370,287 from £330,899 the year before. Company does not generate revenue. Group pretax loss for the six months was £989,893, ‘which solely represents operational costs.’ Group administrative expenses totalled £844,456. Company administrative expenses decreased to £325,875 from £330,899. Says directors consider the loss for the period to be line with expectations.
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Petra Diamonds Ltd - Southern Africa-focused diamond miner and supplier - Says diamond production in first quarter of financial 2024 was 696,639 carats, up 12% from 620,018 in the fourth quarter of financial 2023 but down 8.3% from the previous year. Revenue increased 96% to $97.6 million from $49.9 million in the previous quarter, but decreased 3.7% from $101.4 million the prior year. Chief Executive Officer Richard Duffy says Petra is ‘taking prudent steps to enhance our business resilience in light of these market challenges and uncertainties that are expected to continue over the coming months...We are in discussions with our first lien lender to upsize our existing revolving credit facility and are evaluating options to provide further financial flexibility, such as optimising our operational expenditure and deferring capital spend.’
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Robinson PLC - Chesterfield, England-based plastic and paperboard packaging manufacturer - Says Storm Babet caused river near premises in Chesterfield to flood through part of the site. Part of the premises is occupied by Robinson’s Paperbox manufacturing business, which represented 4% of revenue in 2022. Its plastics business was unaffected. Company says ‘some damage [was] caused to facilities, materials and equipment and manufacturing operations have paused. There will be disruption as the site clean-up continues prior to recommencement of operations.’
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Altona Rare Earths PLC - mining exploration company focused on the evaluation, acquisition and development of projects in Africa - Pretax loss for year ended June 30 widened to £1.3 million from £801,000 the prior year. Administrative expenses increased to £1.1 million from £642,000. Cash balance at June 30 was £1.1 million, up from £283,000 at the same time in 2022. Says robust forecasts from the Monte Muambe scoping study validate the project’s economic viability. Adds: ‘We believe the timing for this achievement is impeccable, at a time where the global rare earths supply chain is diversifying away from China’s decades-long domination, and Western processing facilities are starting to come online.’ Commits to focus on short timelines to production and to diversifying exposure in terms of deposit type and rare earths basket.
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