The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and Monday and not separately reported by Alliance News:
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GSTechnologies Ltd - Milton Keynes, England-based information technology solutions company - Says the GS20 Exchange continues to gain market traction, with a continuing increase in signed-up users and it is trading profitably, in line with the board’s expectations. Explains the GS20 Exchange recently entered into an agreement with Liminal, a leading blockchain wallet infrastructure company, to enhance the exchange’s digital assets custody capabilities and to enable the exchange to securely scale its digital asset operations. Further, states Semnet has been successfully integrated into the group’s operations. Says Semnet is trading ahead of expectations and the business is achieving significant profitable growth. GSTechnologies also expects to the acquisition of 60% of EasySend to complete in the second or third quarter of 2024. Continues to explore further value enhancing acquisition opportunities.
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Kendrick Resources PLC - London-based, Scandinavia-focused mineral exploration and development company - Enters an unsecured convertible loan funding facility for £500,000 with Sanderson Capital Partners Ltd, a long term shareholder in the company. The facility is convertible at 0.75 pence per share and can be drawn down in 4 tranches of £125,000. Last tranche to be drawn within six months of November 7. Explains this is a standby facility and a potential additional source of working capital in a period when the funding market for junior exploration companies is subject to market volatility.
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Technology Minerals PLC - London-based battery metals and recycling firm - Agrees to sell exploration licences in Leinster, Republic of Ireland, to European Lithium Ltd for $10 million. States completion is subject to technical and legal due diligence to be completed by European Lithium. Believes this is an excellent outcome for all stakeholders, and validates the strategy to identify and advance early-stage projects up the value curve to attract buyers and/or partners to bring significant additional value.
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First Class Metals PLC - Canadian-focused metals exploration company - Signs earn-in agreement for the Keers gold project in Ontario, Canada for up to C$150,000. Notes the project holds a historic resource estimate of 386,467 ounces of gold. Chief Executive Marc Sale comments: ‘Given the continuous rise in gold prices, with new all-time highs being reached, the opportunity to earn into Kerrs Gold is an incredibly appealing proposition for FCM.’ On completion of the deal, FCM will control 100% of the project.
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Touchstone Exploration Inc - Canadian-based oil and gas exploration company - Enters third amended and restated loan agreement with its Trinidad-based lender, Explains the amended deal provides for an additional $10 million five-year non-revolving term loan facility and an increase to its existing revolving loan facility borrowing capacity from $7 million to $10 million under the terms previously announced. As a result, states Touchstone’s credit facilities currently consist of the unchanged seven-year term loan facility, the new five-year $10 million non-revolving term loan facility, and the increased $10 million revolving loan facility.
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MC Mining Ltd - South Africa-focused coal mine developer based in Canberra, Australia - Goldway Capital Investment Ltd says it has received acceptances and acquired MCM shares via on-market purchases from MCM shareholders representing around 90% of the issued capital of MCM. Goldway, a consortium including MC Mining’s largest shareholders Senosi Group Investment Holdings and Dendocept, first launched its takeover bid for MC Mining in February.
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Aptamer Group PLC - York, England-based biotechnology firm - Announces that its Optimer binder against cells associated with fibrotic liver disease, developed for targeted delivery of therapeutic payloads to fibrotic liver disease, has been shipped to a top 15 pharmaceutical company for evaluation in their own therapeutic applications. Chief Technical Officer Arron Tolley says: ‘We are delighted to be able to supply our Optimer binders to our pharma partner for evaluation. Their positive feedback on our in-house data suggests that the Optimer binders could outperform the alternative molecules they are currently testing.’
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Seraphim Space Investment Trust PLC - London-based space technology investment firm - Announces the sale of 100% of its interest in nine early stage portfolio companies to Seraphim Space Ventures II LP, a new private venture capital vehicle managed by Seraphim Space Manager LLP for £3.8 million. Plans to settle payment through the issue an interest for SSIT in the Venture Fund. Notes the fund will invest during its ten-year life in seed and series A stage SpaceTech companies globally. Explains the one-off deal represents 100% of SSIT’s commitment to the fund and SSIT will not make any further commitments to it. SSIT will not incur any management fees in the fund.
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Ora Technology PLC - London-based retail carbon trading firm - Reports nil revenue in the six months to January 31, unchanged from the year prior. Pretax loss totals £497,183 compared with £724,882 in the 8 months to July 31. Basic loss per share is 0.24 pence compared to an 8-month figure of 1.07p. ‘Our IPO and investment in the business in 2023 provide a solid platform for long term growth and the value necessary to drive revenue in the year ahead and beyond. Our waitlist pipeline remains robust and has exceeded our expectations. We are confident that we have laid the foundation to provide tremendous value to our customers and as well as create long-term shareholder value,’ company says.
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i(x) Net Zero PLC - St Helier, Jersey-based investor focused on energy transition - Says net asset value at December 31 was 142.4 pence, more than doubled from 65.2p the year prior. Chief Executive Par Lindstrom comments: ‘i(x) Net Zero’s investee companies have shown good resilience over the past twelve months and the ability to make continued progress in their goal of helping to decarbonise their respective industries. Given the tailwinds in our favour and the success of our recent 7.2x realised multiple of invested capital on the disposal of Carbon Engineering, the company looks to the future with confidence.’
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Aeorema Communications PLC - London-based live events agency - Says its brand experience agency, Cheerful Twentyfirst, has been reappointed by Stagwell Inc to deliver Sport Beach at the Cannes Lions International Festival of Creativity in June.
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Zenova Group PLC - London-based fire safety and heat management product developer - Says it has been awarded a Kitemark, the UK’s highest product certification, across a full range of fire causes. Adds this completes the group’s goal for proficiency markings on all its fire extinguisher products. Explains, the Kitemark certification has allowed for the immediate release of a pending order for 100 extinguishers to a major UK customer as well as other important sales channels in its home market that require this marking as a pre-requisite for consideration by purchasing managers. Chief Executive
Thomas Melchior comments: ‘Gaining Kitemark certification in the UK is a major milestone for Zenova Group. In addition to opening up significant new order potential with major customers requiring this highest-standard credential, we now can formally substantiate our long-held belief that, among competitors producing extinguishers that claim to be effective across a wide range of fire types, Zenova’s fluids are the industry leader for multi-fire cause proficiency.’‘
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Globalworth Real Estate Inv Ltd - real estate investor focused on Central and Eastern Europe - Further to recent announcements, announces final results following the expiration of the deadline with respect to its Exchange Offer. Notes holders of around €381 million of 2025 notes in aggregate principal amount and holders of around €345 million of 2026 notes in aggregate have validly offered to exchange their existing notes in the Exchange Offer as of the deadline. As a result, the extraordinary resolutions were passed today with over 99% of the votes cast in each meeting.
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Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Publishes a third-party report that details the results of an updated study which calculated the expected emissions associated with the development of a future gas discovery on Europa’s Irish offshore licence FEL 4/19. Explains the very low emissions found are primarily due to the the close proximity of Inishkea West to the existing Corrib field; the gas being produced through the existing subsea pipeline; the quality of the gas and the low levels of impurities associated with the gas; the quality of the reservoir anticipated; the anticipated size of the gas resource; and the forecast production profiles associated with a gas discovery on the licence.
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Macau Property Opportunities Fund - Macau-focused property investment company - Confirms relaxation measures to Macau’s long standing real estate anti-speculation policies came into effect on April 20 following official ratification by the Macau government.
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Carnival Corp & PLC - Florida, US-based cruise ship operator - On Friday, announces the pricing of its private offering of €500 million aggregate principal amount of 5.75% senior unsecured notes due 2030. Expects to use the net proceeds from the offering, together with cash on hand, to redeem its €500 million 7.625% senior unsecured notes due 2026, resulting in a reduction in interest expense on this outstanding debt of nearly 2%. Further, receives commitments from lenders to reprice its first-priority senior secured term loan facility maturing in 2028 and its first-priority senior secured term loan facility maturing in 2027. As part of the repricing, Carnival expects to make a partial prepayment of $500 million under the 2028 secured term loan facility and a partial prepayment of $300 million under the 2027 secured term loan facility. Together, calculates a reduction of net interest expense of over $30 million for the remainder of 2024 and over $50 million on an annualized basis.
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Menhaden Resource Efficiency PLC - Makes new private investment with Kohlberg Kravis Roberts in Avantus, one of the leading solar and energy storage developers in the US. Explains the initial $17.5 million investment equates to 10.0% of the company’s net asset value. Notes Avantus has one of the largest and most advanced development pipelines across California and the Southwest. Believes the deal is highly opportunistic and expects it to generate returns significantly in excess of public equity markets. Notes this transaction represents the company‘s fourth co-investment with KKR.
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Third Point Investors Ltd - Feeder fund that invests in the Third Point Offshore Fund - Reports net asset value at December 31 totals $25.43, up 4.0% from $24.46 the year prior, while share price fell 5.8% to $19.50 from $20.70. Notes this compares with a 24.4% return for the MSCI World Index and a 26.3% return for the S&P 500 Index over the same period. But, notes an improved performance in the first quarter of 2024 with an 8.7% NAV return, or 17.6% over the prior six months to March 31.
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