The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Southern Energy Corp - Calgary, Canada-based natural gas exploration and production company - Swings to net loss in the year to December of $46.8 million from net earnings of $9.3 million. Basic loss per share is $0.33 compared to earnings per share of 0.09. Petroleum and natural gas sales fall 57% to $19.3 million from $45.2 million largely due to a significant depreciation in the natural gas price.
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Ferro-Alloy Resources Ltd - Kazakhstan vanadium, molybdenum and nickel producer - Reports production in the first quarter was 160% higher than the year prior, but slightly lower than planned, impacted mainly by severe flooding in Kazakhstan during March which caused transport delays in country and infrastructure issues at the plant site. One of the group’s four roasting ovens also required re-lining during the quarter. The pre-roaster, which reduces the raw material residence time in the main ovens, was not in operation during the quarter as a result of high winter winds and general extreme weather. Says the impact of the floods has also affected production at the start of April but the improvements in the plant, together with the expected operation of the pre-roaster, should increase production to compensate.
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Henderson Far East Income Ltd - Asia Pacific-focused investor - Says net asset value at February 29 was 227.06 pence, up from 222.12p at August 31. ‘After a period of difficult relative and absolute performance, it was encouraging to see substantially better investment returns during the first half of our financial year in response to previous restructuring and the planned changes intended to improve capital returns,’ company says.
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Trinity Exploration & Production - Trinidad & Tobago-focused oil exploration and production company -
Provides an update on operations for the three-month to March 31. Chief Executive Jeremy Bridglalsingh comments: ‘Trinity’s core business remains robust and cash-generative, with no long-term debt.’ Focus remains on maximising cash flow from existing producing assets; rebuilding cash following the drilling of the Jacobin well in 2023; and maturing detailed engineering for the two principal projects.
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Ilika PLC - Romsey, England-based solid-state battery technology company - Announces that Agratas has joined the 17-month £2.7 million grant-supported SiSTEM project, which Ilika announced on October 9 last year. The project is supported by the Automotive Transformation Fund. The SiSTEM project objectives are to build a 1.5 megawatt hour solid-state battery assembly line in collaboration capable of delivering Ilika’s Goliath SSB prototype large-format pouch cells and to undertake scale up trials at the UK Battery Industrialisation Centre. Agratas is Tata Group’s global battery business, created to design, develop and manufacture high-quality, high-performance, sustainable batteries in the mobility and energy sectors.
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Mpac Group PLC - Tadcaster, England-based packaging and automation company - Receives £1.2 million order to deliver a SiSTEM pilot battery assembly line secured by funding from the Automotive Transformation Fund (ATF), partnered with Ilika, Agratas and The UK Battery Industrialisation Centre.
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Tlou Energy Ltd - Botswana and Southern Africa-focused energy company - Says construction of the 66 kilovolt transmission line connecting Tlou’s Lesedi project directly to Botswana’s power grid and the broader Southern African Power Pool has been completed. Adds substation to connect power generators to transmission line 50% complete. Says gas gathering lines being laid to connect gas wells to generation site. Says preparations are underway for further production pod drilling at Lesedi. Notes continued gas production at the Lesedi 4 and Lesedi 6 production pods.
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NB Distressed Debt Investment Fund Ltd - Guernsey-incorporated closed-ended fund managed by Neuberger Berman - Says net asset value per ordinary share was $0.81 at December 31, up from $0.77 the year before. ‘It is not anticipated that income from the Portfolios will be material and therefore any income distributions by way of dividend will be on an ad-hoc basis,’ company says.
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Facilities by ADF PLC - provider of serviced vehicles, including mobile makeup trailers and offices, for TV and film productions - In 2023, reports pretax profit of £0.6 million down from £4.6 million the year before. Revenue though rises to £34.8 million from £31.4 million. Earnings per share slip to 0.99 pence from 6.1p. In the second half of the year, notes several large productions that ADF was working on stopped filming due to the Hollywood writers and actors strike, hitting revenue levels for the remainder of the year. Explains that the group took several mitigating actions in response, including securing shorter duration domestic productions, and cutting the use of more expensive agency drivers. Now the strikes have ended, expects the financial performance of the first half of 2024 to be ‘significantly ahead’ of the second half of 2023.
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Logistics Development Group PLC - London-based investment company - Announces that for the remainder of the share buyback period it will permit Investec Bank PLC, its broker, to acquire shares outside of the volume restrictions. The pricing parameters detailed in February 2023 and in April 2023 will continue to apply.
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Tirupati Graphite PLC - Graphite and mineral producer, which is currently focused on flake graphite mining projects in Madagascar - Confirms that it has received a letter from Walpole St Andrews Nominees Ltd on behalf of a group of underlying shareholders holding, around 5.8% of the company’s share capital. Letter asks company to convene a general meeting. Says taking advice as to the validity of the requisition letter and a further announcement will be made in due course. Explains the letter asks that shareholders at the meeting consider resolutions to remove Shishir Poddar, Puruvi Poddar and Alastair Bath from office as directors of the company and to appoint Mark Rollins, Leo Koot, Isabel de Salis and Murat Dogan Erden as directors. Shareholders are advised that no action is required at this time.
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Upland Resources Ltd - Jersey-based oil and gas company - Completes equity placing to raise $4 million at 3.3 pence each. The placing was arranged and cornerstoned by OAK Securities, who have also been appointed as Joint Broker. The net proceeds will provide the company with sufficient capital to support its business plans, including drilling a well.
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The Gym Group PLC - Croydon, England-based chain of 230 gyms - Appoints real estate advisor Savills to advise on its site selection, as it plans for circa 50 new openings across the UK over the next three years. Notes analysis from PwC shows that the opportunity in the UK extends to potential for between 600-800 additional sites in the low-cost gym segment.
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Cobra Resources PLC - Australia-focused gold and rare earth exploration company - Raises £600,000 through a placing at 1 pence per share. Around 30% of the placing was to Australian investors including certain original vendors of the Wudinna Project. Cobra explains funds will help to accelerate the strategy to realise the value of Boland, and progress towards a scoping study. Further, reports significant intersections of rare earth mineralisation from historical drill samples across Boland.
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Jadestone Energy PLC - oil and gas company focused on the Asia-Pacific region - Announces that the scheduled redetermination of its reserve-based lending facility has successfully concluded, setting a borrowing base at the maximum facility size of $200 million for the six-month period ending September 30.
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Smartspace Software PLC - Bury St Edmunds, England-based developer of smart software solutions - Says High Court sanctions the Scheme by which the bid by Sign In Solutions Inc will be facilitated.
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Sancus Lending Group Ltd - London-based alternative financial services provider - Says it will not publish its audited financial results for the year ended December 31 2023 by April 30 2024 as required by the Financial Conduct Authority. This, requests the suspension of its zero dividend preference shares on the Standard Segment of the Official List from May 1. Results have been delayed as company is changing auditor. Expects to publish its 2023 accounts in June.
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