The following is a round-up of earnings and trading updates by London-listed companies, issued this week and not separately reported by Alliance News:
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Plant Health Care PLC - maker of biological products for agriculture - Says Mexico approves Saori novel peptide fungicide. The product provides farmers with action to control damaging plant diseases. ‘The company will be launching Saori at the end of Q3 of 2024 through its most important distributors for use by farmers growing berries, grapes, cucumbers, tomatoes and other solanaceous and cucurbitaceous crops in Mexico,’ the firm says.
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NARF Industries PLC - London-based cybersecurity group which specialises in high-end threat intelligence and critical infrastructure security - Gets new task order awards totalling $1.6 million under its exclusive US government omnibus contract vehicle. Chief Executive Officer Steve Bassi says: ‘This latest contract under our exclusive US government omnibus contract represents our ever growing systems work in supporting current cyber defence operations of the US government.’
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Eqtec PLC - Cork, Ireland-based thermochemical conversion technology company - Notes delay in processing of funds to Eqtec by Verde Corp. As a result, the duo have amended subscription pact to allow for proceeds to be received on or before next week Wednesday. ‘Verde have communicated to the company that the payment of the £500,000 initial subscription funds, are expected to be transferred to the company imminently,’ Eqtec says.
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Powerhouse Energy Group PLC - Bingley, England-based non-recyclable waste-to-energy conversion firm - Strikes a five-year deal with Australian based, National Hydrogen Ltd centred on the rollout of multiple hydrogen-based projects in Australia, Italy, Switzerland, and Hong Kong. Powerhouse unit Engsolve will perform front-end engineering design for the facilities, which will be fully funded by National Hydrogen. Powerhouse adds: ‘Powerhouse will not be required to contribute any capital for these projects. Instead, the collaboration will be based on a license fee and royalties model. This arrangement establishes a long-term relationship between Powerhouse and National H2, while also potentially providing a long-term income stream for the group.’
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VH Global Sustainable Energy Opportunities PLC - London-based investor in energy infrastructure - The firm has upped the size of its buyback, believing its current share price ‘materially undervalues the company’. It has increased the size of its buyback to £10 million, taking it £20 million. This is in light of the ‘persistent disconnect between GSEO’s portfolio value and the value inferred by its share price’. The firm invests in energy infrastructure.
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abrdn European Logistics Income PLC - investment fund focusing on European logistics real estate - Net asset value per share falls 6.4% in final quarter to 93.4 euro cents at December 31, from 99.8 cents at end of September. Says portfolio value declines 3.9% to €633.81 million, ‘driven by continued outward yield movement’, though it notes some medium-term economic indicators are picking up.
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Molten Ventures PLC - London-based venture capital firm - Acquires secondary position in Seedcamp Fund III. It buys 19% stake in the fund for €8.5 million. Molten adds: ‘This 2016 vintage fund contains a portfolio of high-growth, disruptive technology companies, with over 80% of the value concentrated in six mature, proven assets in attractive market segments: Revolut, Pleo, Grover, WeFox, Thriva and Curve. The group does not envisage any further funding to be necessary for the underlying portfolio companies.’
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Primorus Investments PLC - London-based investor specialising in small and mid-cap companies and assets - Receives cash proceeds of $6.1 million after investee Payapps was acquired by New York-listed Autodesk. It says it is mulling its options for that cash. Primorus adds: ‘The receipt of these funds provides a substantial increase in the cash position of the company. The board of the company are considering various options to return value to shareholders whilst also maintaining enough capital in the company to continue implementing its investing strategy. A further announcement will be made in due course.’
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Fidelity Emerging Markets Ltd - investment fund targeting long-term capital growth through exposure to emerging market companies - Will proceed with tender offer of up to 15% of issued share capital. Price per share will be a 2% discount to net asset value cum income per share.
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Starwood European Real Estate Finance Ltd - investor which manages senior and mezzanine real estate debt in the UK and Europe - Plans fourth capital distribution of around £20.0 million through compulsory partial redemption of shares at a price of £1.0308 each.
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Metals One PLC - Finland and Norway-focused developer of brownfield metals projects - Hails ‘significant intersections of mineralisation’ at Black Schist nickel, zinc, copper and cobalt project. Now plans to ‘expand its portfolio of high-quality assets within this economically important style of mineralisation’. ‘The strategy is for the company to show a clear path to the economic extraction of its assets. This includes a longer-term ambition of potentially defining a 200 Mt resource in the Paltamo area, the scale of which could underpin a significant supply of critical minerals to the European market at what Metals One expects to be a low cost of production,’ Metals One adds.
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88 Energy Ltd - Alaska-focused oil exploration company - Says transfer of 20% working interest in PEL 93 to 88 Energy occurs, following approval from Namibian Ministry of Mines & Energy. Says stage one portion of consideration totals $700,000 million, with a carry of up to $3.0 million of 2024 work programme.
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Alba Mineral Resources PLC - northern Europe-focused mineral explorer - Says has taken more than 40 samples from No 4 level at Llechfraith target, which forms part of Clogau-St David’s gold mine in north Wales. Says 25 samples put through processing plant to produce heavy mineral concentrates. ‘A majority of the concentrates produced to date have contained a significant proportion of sulphides, including discrete grains of gold,’ Alba says. At Dolgellau gold exploration project, it adds: ‘The airborne geophysical survey undertaken over Alba’s key regional gold targets has been completed. As such, a notification has been made under permitted development rights in respect of the company’s intention to proceed with a trenching programme at the Waste Tip.’
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First Class Metals PLC - Ontario, Canada-focused exploration company - Completes private placing of 3.7 million shares at 4.5 pence each, raising £166,500. Fundraise was with a single existing private investor.
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RBG Holdings PLC - London-based legal and professional services firm - Says plans to raise further £700,000 in retail offer of 7.8 million shares at 9.0 pence each. It follows RBG raising £1.6 million from a placing, and £1.2 million from a subscription, both at 9.0p a share also. The funds will ‘reduce the use of the HSBC [loan] facilities’ and ease pressure on cash management.
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TruSpine Technologies PLC - medical device company - Receives requisition notice from a shareholder group eyeing ‘certain changes to the board’. TruSpine says: ‘The company has now received advice regarding the validity of the requisition notice, which has been confirmed as invalid. The requisitioning shareholders have been informed and shareholders are advised to take no action at this time.’
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