The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Sutton Harbour Group PLC - Plymouth, England-based waterfront regeneration company - Says it has responded to a letter from Plymouth City Council, rebutting their claim that Plymouth City Airport Ltd is in breach of certain terms of its leases. Plymouth City Airport is a wholly-owned subsidiary of Sutton Harbour. Further, the firm demands that the ‘wrongfully served’ S146 notices are withdrawn. An S146 notice falls under the Law of Property Act 1925, and warns a tenant who is in breach of covenant of the landlord’s intention to forfeit the lease. Sutton Harbour will provide an update on this matter once it gets a response from the council.
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Deltic Energy PLC - London-based natural resources investor focused on assets in the southern North Sea - Receives regulatory approval for farm-out of the Selene prospect to Dana Petroleum Ltd. The deal, which was announced in February, will see Deltic farm-out a 25% interest in licence P2437, which includes Selene. Carried out in combination with an existing Shell UK Ltd carry, the transaction will see Deltic retain a 25% non-operated interest in the licence. Chief Executive Graham Swindells says: ‘Well planning remains on schedule and we are looking forward to commencing Selene well operations with Shell and Dana in the summer. Our attention is now firmly focussed on drawing the Pensacola farm-out process to a successful conclusion.’
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Beowulf Mining PLC - minerals and metals exploration company with operations in the Nordics - Raises a total of SEK56.3 million, around £4.3 million, from a capital raise. The purpose of the raise was to finance the continued development of the Kallak iron ore project, and the graphite anode materials plant. The rights issue had total subscription requests of SEK42 million, and subsequently, underwriting commitments of SEK8 million. Further, the primary bid offer raised gross proceeds of £290,000.
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Trakm8 Holdings PLC - Dorset, England-based global telematics and data insight provider - Confirms that operational cash generation for the year ended March 31 is expected to be £5.4 million, up from £4.3 million a year prior. Cash on hand came to £1.4 million, up from £1.1 million, while net debt narrowed to £4.9 million from £5.6 million. In the same announcement, says it has bought intellectual property from Action 365 Ltd under a software licence agreement, for a total consideration of £500,000, and has also agreed a supply contract extension for four years with Freedom Services Group Co. Further, says it has agreed an extension to an existing £5.3 million term loan with HSBC Holdings PLC to July 2025. Finally, announces a fundraise via the issue of £990,000 nominal of 18% convertible unsecured loan notes to fund the Action 365 deal.
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Duke Capital Ltd - Guernsey-based provider of royalty finance to companies in the UK and Europe - Announces follow-on investment of £3.9 million into existing capital partner, New Path Fire and Security Ltd. Says the investment will help New Path to complete two further acquisitions, in line with its acquisitive growth strategy. The financing increases Duke’s total investment in New Path to £10.8 million.
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HydrogenOne Capital Growth PLC - fund investing in clean hydrogen - Notes that its portfolio company, Elcogen AS, has announced a strategic investment by Baker Hughes as part of an overall funding package totalling €140 million. These funds will be used to continue to scale up Elcogen’s solid oxide cell technology for green hydrogen.
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CleanTech Lithium PLC - Chile-focused lithium exploration and development company - Intends to resubmit its applications for the special lithium operating contracts for Laguna Verde and Francisco Basin, in order to update them in line with the latest requirements. Assures investors that the resubmission process has no impact on the predicted project timeline, and that this decision reflects an announcement from the Chilean government, which outlined a new approach for private companies to ‘express interest’ in non-strategic salars.
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