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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Fintech Asia Ltd - investment firm established to acquire Asian financial services companies - Presents final results for the 18 months to December 31 from July 1, 2022. Pretax loss for the period is £3.4 million, compared with £397,971 for the period from May 28, 2021 to June 30, 2022. Total income surged to £9,667 from £35. Total expenses increased to £3.4 million from £397,351. Basic loss per share widened to 0.18 pence from 0.02p, while diluted loss per share rose to 0.17p from 0.02p. Cash balance as at December 31 is £312,671, up from £215,885 at June 30, 2022. Company changed its financial year end from June 30 to December 31 on June 21, 2023. Says discussions continue with InvesCore Financial Group Pte Ltd regarding a potential reverse takeover, with a view to concluding a definitive sale and purchase agreement.
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Angus Energy PLC - UK-focused onshore oil and gas developer - Announces that the £6 million bridge facility, which was due to be repaid today, has been extended until Friday. Extension is to allow time for concluding documentation of the proposed £20 million global refinancing facility with Trafigura. Company said on January 19 that work on the £20 million loan was progressing well, and that it expected to conclude with satisfaction of conditions and drawdown within four weeks.
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Premier African Minerals Ltd - Africa-focused metals and mineral project developer - Says that settlement of the loan facility agreement provided by Chief Executive Officer George Roach is due. Says board and Roach have agreed that the settlement ‘will not be made in cash from any proceeds of funds now raised and will be dealt with by the board...in due course’. Agreement was initially for up to £1.7 million, but in August Roach and Premier agreed to increase the facility’s size to up to £2 million.
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Sure Ventures PLC - venture capital fund back early-stage artificial intelligence, augmented and virtual reality, and internet of things companies - Says net asset value at December 31 was 96 pence per share, down 15% from 113p per share at the end of the previous quarter. Says decline was ‘almost entirely’ due to its exposure to investee VividQ’s recent ‘essential’ funding round valuation, with VividQ raising £3.2 million to create a two-year cash runway. This reduced VividQ’s value because the fundraise price was less than that of the prior round. Sure Ventures says it is ‘not concerned’ as the downturn ‘is more of a market phenomenon than a reflection on VividQ’. Adds that its portfolio as a whole is performing well. Company’s announcement is noted by Mindflair PLC, an AI-focused technology investor which has a 21.3% shareholding in Sure Ventures. Sure Ventures also has a 26% interest in Sure Valley Ventures, in which Mindflair has a 13% direct investment. Mindflair provides no further comment on the portfolio update.
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Valeura Energy Inc - Alberta, Canada-based Thailand and Turkey-focused oil and gas company - Says reserves increased across all fields in 2023. Proved reserves (1P) total 29.9 million barrels of oil, proved and probable reserves (2P) total 37.9 million barrels, and proved, probable and possible (3P) reserves total 46.5 million barrels. 1P and 2P reserves replacement is more than double the volume of oil produced in 2023. 2P net present value before tax is $616 million. Cash balance as of December 31 is $150.9 million and 2P NAV after tax is $579 million, equating to C$7.56 per share. Company also reports over three-fold increase in best estimate contingent resources on a risked basis.
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