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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ReNeuron Group PLC - Brigdend, Wales-based stem cell and exosomes technology company - Requests suspension of trading in company’s shares. Warns company is in a highly constrained financial position and requires additional financing urgently, in order to continue as a going concern. Continues to explore a number of corporate options, including seeking to realise value for its physical and intellectual assets, but recognises that in the absence of an immediate injection of capital it needs to put staff at risk of redundancy, initiate discussions with its creditors and establish the precise solvency status of the business. Explains should it fail to achieve a solution in the short term, the board would have no option but to place the company into administration.
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Gama Aviation PLC - Farnborough, England-based aviation services company - Expects revenue from continuing operations for 2023 of around $145 million, down from $168 million in 2022. Predicts adjusted earnings before interest and tax broadly in line with expectations, despite some variances in performance across the business units. Ends year with net cash of $82 million. Intends to make £16.5 million return to shareholders by a tender offer at 95 pence per share as part of a phased cash return.
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CEPS PLC - Bath, England-based investment company focussed on industrial sector - Reports trading for 2023 is in line with expectations which would be record results. Adds, all segments have made a solid start to 2024. Expects surplus from wound up pension scheme to total £537,086. Estimates receipts, net of tax will be £402,815, which will be received in April. Explains this will have a positive impact on the profit and loss account and balance sheet as the surplus on the scheme has not been recognised in the company’s accounts. Further, plans to seek approval at a General Meeting for a share capital reduction. In addition, company is considering a recent and alleged claim from a former landlord for dilapidations and CEPS is liaising with its advisers on what it considers to be a more realistic assessment of the liability and quantum, if any.
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Sondrel Holdings PLC - Reading, England-based semiconductor design services provider - Confirms receipt of £1.5 million of payments in relation to the material turnkey application-specific integrated circuit engagement with an automotive Tier 1 supplier. Says talks with the customer over resolution of the funding for the project extension continue and additional payments are expected in the coming months, assuming completion of the ’tape out’ milestone and including the balance of £0.2 million. Significant new ASIC business opportunities are in final negotiation for project start in early 2024 and indications remain encouraging that European and US market demand for Sondrel’s turnkey ASIC services is strong, company says. Talks ongoing with suppliers to improve the terms of existing supply arrangements. Continues to seek additional capital prior to the end of March 2024 to meet short-term working capital requirements.
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Upland Resources Ltd - London-based oil and gas company, which has assets in Malaysia, Tunisia and the UK North Sea - Updates in relation to the Sarawak Block SK334 exploration campaign. Explains pre-drill activities have been identified and a pre-drill work program has been developed to allow early commencement of activities and expedite the drilling program.
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Gore Street Energy Storage Fund PLC - investor in utility-scale energy storage projects - Trading update. Reaffirms dividend target of 7% of net asset value for the financial year. Maintains a healthy balance sheet with low debt. At December 31, had £66 million in cash or cash equivalents. Operational fleet is on track to more than double by the end of 2024, company says.
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Clontarf Energy PLC - lithium and oil gas exploration and production company focused on South American and Africa - Notes the Bolivian State Lithium Co formally launched, on January 26, its second Call for Bids over seven priority salares (salt pans) in Potosi y Oruro. This includes scope for direct lithium extraction proposals and will provide a firm legal basis for work, under Bolivian laws. Says Clontarf has been encouraged to submit bids on further development of the key Uyuni, Coipasa, Pastos Grandes, Capina, Cañapa, Chiguana and Empexa salares. Further, actively participating in the priority European Union lithium initiative. This included a EU delegation to Bolivia and Argentina during November and December 2023, which included several site visits.
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Trident Royalties PLC - mining royalty and streaming, providing investment exposure to base, battery, precious and bulk metals - Reports quarterly receipts of $3.2 million from exposure to gold, copper, and iron ore, a 63% increase from the third quarter, driven principally by seasonally higher deliveries from the gold off-take portfolio. Excluding the Mimbula copper royalty, receipts were slightly above the fourth quarter 2022. Says net debt at December 31 was $22 million.
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Ethernity Networks Ltd - Israel-based supplier of data processing semiconductor technology for networking appliances - Further to announcement on January 31, reports the Court in Lod approved, on February 4, the proposed creditor settlement plan, details of which were announced on January 11. Following this approval, the company can now continue to undertake its business and operations as usual.
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