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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abrdn Asian Income Fund Ltd - closed-end fund concentrated on Asian equities - Renews its three-year £40 million multi-currency revolving credit facility with Bank of Nova Scotia, London branch, for an increased sum of £50 million, secured by a floating charge for one year. Has the option to increase level of commitment to £70 million at any time. Further, announces new management fee and reinvestment of fees by manager. Says successfully negotiated a reduction of management fee it pays to abrdn PLC, starting from January 1 this year. ‘The new fee structure will be determined by the lower of the company’s market capitalisation or net asset value, a change aimed at better aligning the fee with shareholders’ interests,’ it explains. Says adjustment lowers ongoing charges for 2024 by about 17% compared to 2023. Additionally, says abrdn initiated reinvestment of management fees programme by subscribing to 190,000 shares of abrdn Asian Income, equivalent to about three months’ worth of management fees.
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Galantas Gold Corp - miner in Northern Ireland and Scotland - Announces sampling programme for Gairloch gold-bearing volcanogenic massive sulfide, or VMS, project in Scotland, in collaboration with University of Edinburgh. ‘The work will include petrology, scanning electron microscope and electron microprobe analysis on selected rock samples. This sampling work is expected to help identify new target areas for follow-up exploration work and drilling,’ the company explains. It adds: ‘The green energy transition will require significant amounts of metals such as copper, zinc and cobalt to enable the growth of clean technologies, electric vehicles and renewables. The Kerry Road copper-zinc-gold deposit at the Gairloch Project is classified as a Besshi-type VMS deposit, which is associated with cobalt enrichment. Additionally, its host rocks appear to be geologically similar to those in the Trans-Hudson Orogen in Manitoba and Saskatchewan which contain the prolific Flin-Flon and Snow Lake VMS mining camps. This makes the Kerry Road deposit an important potential resource for the future.’
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GCP Asset Backed Income Fund Ltd - London-based investor, which backs medium to long-term fixed or floating rate loans secured against physical assets or cash flows - Completes shareholder consultation period regarding the strategic review. Says shareholders expressed broad range of views, adding that it is collating and reviewing the feedback and will announce the outcome next week.
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Savannah Resources PLC - lithium development company focused on its Barroso project in northern Portugal - Says process to identify strategic partners for Portugal-based Barrosso project has progressed to phase two, broadly in line with the expected timeframe. Confirms interest from several relevant ‘tier one groups’ located along the lithium battery value chain. ‘Savannah continues to research and analyse sources of public funding which may be available to the company as it seeks to progress the Project,’ the company says.
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StreaksAI PLC - London-based provider of artificial intelligence-based conversational technologies - Chief Executive Officer Phil Blows resigns from role and as director of board immediately. Firm appoints Chair Mike Edwards as interim CEO.
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Touchstone Exploration Inc - Calgary, Canada-based oil and gas exploration company - Enters into binding term sheet with Trinidad-based lender providing for an increase in borrowing capacity of $13 million. Principal changes include a new $10 million five-year non-revolving term loan facility and an increase in the company’s revolving loan facility borrowing capacity to $10 million from $7 million. Company intends to use additional amended bank loan facility borrowing capacity to finance its 2024 programme.
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