The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Oracle Power PLC - Western Australia and Pakistan-focused energy projects developer - Along with joint venture company, Oracle Energy Ltd, announces that the Environmental and Social Impact Assessment study report for the proposed 1.3 gigawatt renewable power plant in Jhimpir, Sindh Province, Pakistan has been submitted to the Sindh Environmental Protection Agency for review with a no-objection certificate expected to be granted thereafter as a prerequisite for commencing on-ground construction activities. Chief Executive Naheed Memon says: ‘The submission of the report to SEPA is another important step forward in the development of this project, as on the expected receipt of the NOC we will then be able to satisfy further conditions of financiers. We await SEPA’s review, which is expected in 2-3 months, as we continue our efforts to deliver a successful clean energy project.’
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Norcros PLC - Wilmslow, Cheshire-based kitchen and bathroom products supplier - Sells Johnson Tiles UK to its existing management team. Decision follows a strategic review. Norcros receives £1 million with a further modest earn-out. Both are payable in April 2028. Expects the sale to complete during May. Proceeds will be used for general working capital purposes. Norcros sees one-off cash costs of less than £1 million, associated with the sale. Non-cash balance sheet impairments of around £15 million will be separately reported as exceptional items in full year results to March 31. As at March 31 20023, Johnson Tiles had gross assets of £25 million.
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First Tin PLC - tin development company with projects in Germany and Australia - Announces that ongoing mineral processing test work for the definitive feasibility study at its Taronga Tin Project in Australia continues to show improved recoveries. This confirms recoveries are still good at head grades below the average grade being mined and therefore increases confidence in overall recoveries for the project, First Tin says. Chief Executive Bill Scotting, comments: ‘These excellent results build on our existing knowledge of the mineral processing characteristics of the Taronga tin deposit gained from work undertaken over the last 40 years.’
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JPMorgan Emerging EMEA Securities PLC - investment trust - Company’s manager informs board that firm has been named as a defendant to civil proceedings being brought by VTB in the Russian courts which commenced on April 17. The claim has been brought against certain JPMorgan entities and relates to $439 million held in a correspondent banking account with JPMorgan which has been blocked due to sanctions. Company says it is ‘not aware’ of any nexus between JEMA and amounts owing to VTB. Notes VTB has also applied for and obtained interim relief in the form of a freezing order in support of its claim. The order applies to the onshore funds in the bank accounts and securities owned by the relevant JPMorgan defendants, including JEMA, up to the value of VTB’s claim. All such assets must remain frozen until further notice from the court. In response, JPMBI, the firm’s Russian subsidiary, has applied to the court for the freezing order to be lifted. Says JPMorgan has obtained an urgent order from the New York courts requiring VTB to discontinue the proceedings.
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Gem Diamonds Ltd - diamond miner which has operations in Lesotho and Botswana - Provides trading update for January 1 to March 31. Reports sales of $43.0 million compared to $36.4 million in the fourth quarter. Notes the highest price achieved in the period was $39,345 per carat for a 113.11 carat white diamond. All operational and financial metrics are trending within market expectations for 2024.
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Petro Matad Ltd - Douglas, Isle of Man-based petroleum exploration company - Provides operational update. Says the company is working with local government agencies to secure the remaining approvals necessary from Matad District to allow the 2024 operational programme to commence. Preparations are being made to complete the Heron 1 well for production once approvals are in hand and when contractor crews return to Mongolia. Notes Petro Matad continues to push the central government to complete the certification process. Further, reports SunSteppe Renewable Energy, the renewable energy joint venture, continues to make good progress. An exclusive memorandum of understanding with Oyu Tolgoi mine to develop a Green Hydrogen project has been signed and grant funding from the Japanese government has been secured. SRE’s 50 megawatt battery energy storage system project has now received technical approval.
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C4X Discovery Holdings PLC - Manchester, England-based drug discovery company - Provides further update with regards to the proposed cancellation of admission of the company’s ordinary shares to trading on AIM. Reminds shareholders that the last day of trading in the shares on AIM is Thursday. Cancellation will become effective on Friday.
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NewRiver REIT PLC - London-based real estate investment trust - Issues trading for year ended March 31. Reports continued strong operational metrics with increased occupancy and strong leasing performance. Says portfolio valuation was stable in the second half, with loan to value maintained at around 31%. Notes strong liquidity with cash & cash equivalents of around £133 million. Expects full-year underlying funds from operations per share and EPRA net tangible assets per share to be in-line with analyst consensus.
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Trifast PLC - Uckfield, England-based industrial fastenings firm - Issues trading update. Reports resilient trading performance in the final quarter against a backdrop of continued subdued demand conditions in a number of geographic and end market sectors. As such, expects revenue and profitability for the year ended March 31 to be marginally ahead of guidance indicated in January. Management continues to focus on the operational Improvement programme instigated in 2023, to drive enhanced efficiency and productivity, and remains committed to delivering phased savings of around £3 million annualised, the bulk of which will be delivered in financial 2025.
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Destiny Pharma PLC - biotechnology company, focused on developing and commercialising medicines for life-threatening infections - Reports pretax loss in the year to December narrows to £6.4 million from £7.7 million. Basic loss per share is 6.2 pence compared to 9.3p last year. Also announces the start of a review of strategic options to support the company’s advancement of XF-73 nasal through Phase 3 clinical trials. Engages with a number of potential partners regarding a licencing deal. Notes company funded through to first quarter of 2025.
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Hummingbird Resources PLC - gold producer with operations in Mali, Guinea and Liberia - Announces operational and trading update for the first quarter ending March 31. Reports adjusted earnings before interest, taxes, depreciation, and amortisation of $7.1 million up $6.9 million from $0.2 million in the fourth quarter. Says production totalled 22,867 ounces of gold. For 2024, keeps production guidance for Yanfolila mine at 75,000 to 85,000oz at an all-in sustaining cost of $1,500 oz. With the ongoing roll-out of the operational ramp up at Kouroussa, guidance will be updated once the operation nears commercial production.
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Corero Network Security PLC - London-based cybersecurity provider specialises in distributed denial-of-service protection solutions - Reports commercial update to April. Confirms significant order momentum generated from both existing and new customers for its market-leading SmartWall ONETM DDoS protection solution, totalling over $8 million for the period January through to April. Notes this strong performance reflects the high demand for the company’s premium products and services whilst demonstrating the immediate and positive impact of Corero’s enhanced go-to market strategy.
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i3 Energy PLC - UK and Canada-focused oil and gas company - Announces the 2024 capital budget and production guidance. Says Capital Budget will be $50.9 million, forecasted to deliver 15 gross wells to be drilled across the company’s diversified portfolio in Central Alberta, Simonette, and its northern Clearwater acreage. Forecasts exit 2024 production of 20,250 to 21,250 barrels of oil equivalent per day, up 3% on-year, or around 8% from current levels, as expects to recommence drilling in June and positions for accelerated Montney development in 2025. Expects to return forecasted dividends of 0.2565 pence per share per quarter in 2024, or 1.0260p per share for the year.
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Shanta Gold Ltd - East Africa-focused gold producer, developer and explorer - Announces production and operational results for the quarter ended March for its East African assets in Tanzania and Kenya. Reports gold production of 21,676 ounces, down from 27,865 oz in the fourth quarter. Adjusted earnings before interest, taxes, depreciation, and amortisation of $16.1 million, down from $21.8 million in Q4. Says cash operating costs are $1,083 per ounce with all in sustaining cost of $1,422/oz. Reiterates full year guidance of 100 to 106 koz at AISC of $1,300 to 1,350/oz.
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Greatland Gold PLC - Australia-focused exploration and development company - Says granted a new exploration licence E38/3775 covering 555 squared km at the Ernest Giles Project. Notes E38/3775 covers more than 50km of strike length of the highly prospective Ernest Giles Yilgarn Craton Archean greenstone belt, with very limited previous exploration. Ernest Giles is a ‘priority project for Greatland,’ company says.
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Avation PLC - Singapore-based aircraft leasing company - Says it has successfully delivered its last remaining off-lease ATR 72-600 aircraft to PNG Air Ltd for a 72-month lease at a market lease rate. Avation’s fleet of 34 aircraft is now fully utilised for the first time since the COVID-19 pandemic, company says.
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European Metals Holdings Ltd - Czech Republic-focused mineral exploration and development - Says Prunerov site has been selected for the lithium processing plant with the move expected to speed up the permitting process and expedite the Cinovec Project. Explains the new site has received preliminary agreement and support from the municipal and regional governments. Project company Geomet will now proceed to finalise the Definitive Feasibility Study process taking into account the new site, including the revised capital expenditure.
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Beacon Rise Holdings PLC - acquisition company - Says pretax loss in the 9 months to December 31 totals £93,536 compared to loss of £272,702 in the 12 months to March 2023. Basic loss per share for the 9-month period is £0.08 compared with £0.24 for the 12 months.
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World Chess PLC - London-based promoter of chess through chess-related activities - Enters put option agreement with an existing shareholder. Explains the investor will subscribe for new shares at €0.0375 each up to a total amount of €1.5 million over three tranches.
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Nexteq PLC - Cambridge-based technology products provider for gaming and broadcast industries - Intends to commence a limited share buy back programme of up to £1.0 million. Aims to provide short-term liquidity for the group’s shares.
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Greencoat Renewables PLC - Dublin-based investment company, focused on wind farms and renewable energy assets across Europe - Announces that its unaudited net asset value as of March 31 was 111.6 US cents per share, down from $112.1c a year prior. In the first quarter of 2024, reports continued strong financial performance. Pays dividend of 1.685c per share. Intends to launch initial buyback programme of €25 million within the next 6 months, funded from operating cashflow.
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Evgen Pharma PLC - clinical stage drug development company developing sulforaphane-based medicines - Confirms that the company’s change of name to TheraCryf PLC and change of AIM ticker to TCF will become effective Friday.
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