The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
----------
R&Q Insurance Holdings Ltd - Bermuda-based non-life speciality insurance company - Updates on planned sale of Accredited, its program management business. R&Q says it has entered a lock-up agreement with a number of interested parties. This allows for an agreed debt restructuring, gives consent to the sale and for the use of proceeds. R&Q believes that the terms of the lock-up agreement provide R&Q with a stable platform on which the restructuring can be implemented. R&Q will remain in close dialogue with its lending banks, providers of credit and other financing providers as it seeks to finalise the documentation necessary to implement the restructuring and enable the sale to take place. Expects net proceeds of $65 million to $110 million. Intends to use the proceeds to facilitate a de-leveraging of R&Q while retaining liquidity and working capital for ongoing commitments.
----------
Coro Energy PLC - South East Asian energy company - Requests suspension of shares following Wednesday’s annual general meeting. Notes shareholders approved three resolutions enabling flexibility for further fundraising in the forthcoming period. However, says investors voted against the re-election of James Parsons as a director. Accordingly, Parsons is no longer a director of the company. As a result, Coro says the board is not therefore quorate under the Company’s Articles of Association. Hence, requests suspension of shares.
----------
Pennant International Group PLC - Cheltenham, England-based provider of training technologies and product support for various industries including defence and aerospace - Says the audit of the financial year ended December 31 is progressing well, expects to publish full-year results in early June. Continues to anticipate that full-year results will be in line with market expectations.
----------
Rockpool Acquisitions PLC - Belfast-based special purpose acquisition company - Says Amcomri Holdings Ltd has withdrawn from the proposed deal with Rockpool. Therefore, the acquisition will no longer proceed. Explains Amcomri is liable to cover all reasonable costs, fees, disbursements and expenses incurred by Rockpool in connection with the deal. On receipt, Rockpool expects to have cash resources which it anticipates will be sufficient to cover the costs of making an alternative acquisition. The board will now consider alternative transactions with suitable targets, Rockpool says.
----------
Hamak Gold Ltd - Raises £200,000 via the issue of 16 million shares at £0.0125 each. Says each share will have one attaching warrant, exercisable at 3p for a period of 12 months from the date of admission of the new shares. Proceeds will be used for general working capital and progressing the exploration at the Nimba high-grade gold discovery.
----------
SRT Marine Systems PLC - Somerset, England-based company provides maritime domain awareness systems and technologies for surveillance, security, safety and environmental protection - Notes the recent share price movement and reporting in the Philippine press with regard to the IMEMS fisheries project. Wishes to clarify that the IMEMS contract was won following a competitive international tender, which has been successfully implemented and is operational. Points out on Monday the Ombudsman confirmed that both SRT and Chief Finance Officer Richard Hurd are cleared, but has recommended further investigation into Chief Executive Simon Tucker and other individuals outside of SRT. Remains fully supportive of Tucker who is now working to clear his name. Adds trading remains in line with market expectations.
----------
Rurelec PLC - gas producer focused on operations in Latin America - Announces a conditional subscription to raise £450,000 through the issue of 148.2 million shares at 0.3036 pence each and a capital reorganisation. Explains the subscription will provide working capital through to the autumn. Continues to pursue the sale of the turbines for the best possible value, having spent over 24 months marketing them on a global basis. Intends to preserve resource and make the company a clean shell with only cash assets to attract reverse take-over acquisition candidates. Proposes capital reorganisation, which will comprise the sub-division of each share into one new share and one deferred share.
----------
Thor Energy PLC - US and Australia-focused mineral exploration company - Announces that ASX-listed Investigator Resources Ltd, operating as Fram has met the Stage 1 commitment obligations at the Molyhil and Bonya Projects, in the Northern Territory. Fram has successfully met the obligations by funding A$1 million of exploration activities. Explains Fram is now entitled to a 25% interest in the tenements (25% Fram and 75% Molyhil).
----------
Oriole Resources PLC - West Africa-focused gold exploration company - Provides update for its 80%-owned gold project in Cameroon. Says processing and ground-truthing of ground geophysical data has found evidence of further sets of sub-cropping veins suggesting that the overall shear zone could be up to 2km wide and therefore offering significant potential to expand the scale of the targets.
----------
PetroTal Corp - Calgary, Canada-based firm focused on oil and gas development in Peru - Says Camilo McAllister joins as executive vice president and chief financial officer.
----------
Ground Rents Income Fund PLC - London-based investor in long-term, income-generating assets across the UK - Announces an independent valuation of the underlying portfolio as at March 31 of £81.5 million, prepared by Savills Advisory Services Ltd. This reflects a like-for-like reduction of £26.5 million or 24.6% compared with the last reported valuation as at March 31 2023 of £110.9 million, and a like-for-like reduction of £21.3 million or 21% compared with September 30 2023 of £106.1 million. Explains the valuation reduction follows the November UK Government consultation regarding restricting the level of ground rent which leaseholders in England and Wales pay for existing residential leases, including the Government’s stated intention not to pay compensation to freeholders. This consultation represented a significant shift in the Government’s approach to leasehold reform and has led to a pause in market activity and negatively impacted values.
----------
Gresham House Energy Storage Fund - London-based fund which invests for income from utility-scale battery energy storage systems - Says after a ‘challenging’ start to the year for the battery energy storage systems market, the company has seen a meaningful improvement in the revenue of its underlying BESS portfolio from March. Says BESS portfolio revenue between April 1 to April 15 was £71,100 per megawatt per year compared to just GBP£40,000/MW/yr in January.
----------
Shanta Gold Ltd - East Africa-focused gold producer, developer and explorer - Last Friday, Shanta receives unconditional approval of the planned takeover by Saturn Resources from the Cabinet Secretary for Mining, Blue Economy and Maritime Affairs in Kenya. Shanta now intends to seek the Court’s sanction of the Scheme to approve the takeover on May 8.
----------
Copyright 2024 Alliance News Ltd. All Rights Reserved.
