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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North American Income Trust PLC - Edinburgh-based investment trust - Agrees heads of terms to appoint Janus Henderson Fund Management UK Ltd as its new investment manager. This follows an ‘extensive review of its existing management arrangements and engagement with a number of management groups’. Believes that the move to Janus Henderson offers its shareholders a variety of benefits, including access to the ‘strength and breadth of its US equity capabilities’. Fran Radano will remain portfolio manager of the company, having resigned from his role at abrdn PLC and agreeing to join Janus Henderson. North American Income Trust Chair Susan Rice comments: ‘Fran Radano has managed the company’s portfolio for over 10 years and we believe that working closely with Janus Henderson’s broad and experienced equities desk in the US will bolster his ability to continue to find attractive investment opportunities in the North American market. Janus Henderson has strong credentials in North American equity income investment and we believe that this will lead to improved [net asset value] performance while maintaining the company’s attractive dividend.’
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Echo Energy PLC - Latin America-focused exploration company - As announced with its 2022 results, following the partial divestment of its assets in Argentina and subsequent debt restructuring and cost reduction program, Echo Energy says it has been active in exploring potential opportunities to secure new assets. Following a full review of the business, says has decided to broaden the company’s acquisition strategy towards a wider range of natural resources projects. Says it is studying ‘a number of potentially transformational projects which fit with this revised strategy’. These opportunities include a gold project in Latin America, which it believes has the potential to create ‘significant future value for shareholders, without requiring a large initial capital investment’. Says discussions are ongoing and there can be no guarantee at this stage that these negotiations will conclude successfully. Echo Energy expects to make further announcements in ‘due course’. Chair Christian Yates comments: ‘’Our focus is on finding opportunities to generate material value for our investors. Echo’s network and relationships, within Latin America, have presented opportunities across the natural resources spectrum, which we are rigorously reviewing and we look forward to updating our shareholders on our plans as soon as we are able.‘
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Avon Protection PLC - Wiltshire, England-based personal protection equipment company - Wins a contract from the UK Ministry of Defence worth up to £38 million for the continued supply of general service respirator and associated in service support. The contract runs for four years with five further 12-month option periods. Avon Protection has been supplying the MoD with GSR masks since 2018. It says this new contract award will enable Avon to ’continue to help protect the lives of people serving in the UK Armed Forces, sustaining the UK’s domestic [chemical, biological, radiological, and nuclear defence] protection production capability‘. Chief Executive Officer Jos Sclater comments: ’As we have seen with the reported deployment of chemical agents in Ukraine and in other recent conflicts, the highest grade CBRN protection is critical to operational capability for warfighters in the evolving reality of near-peer, hybrid warfare. This award is strategically important for Avon. It demonstrates our continued technological leadership in CBRN respiratory protection and provides a strong foundation for our UK business over the medium and long term.‘
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Metals Exploration PLC - AIM-listed, Philippines-focused gold producer - Says two of its lenders dispute a lower interest rate of 7%, as opposed to 15%, should apply to the company’s debt facilities. It says Runruno and D&A claim several events of default have occurred under the debt facilities. Metals Explorations notes the claims would result in $2.0 million being owed to both lenders, although it disputes these allegations. This is alongside MTL (Luxembourg) Sarl also seeking to receive this interest rate on its own loans to Metals Exploration. This would result in approximately US$4.4 million being owed. Having sought legal advice and while discussions continue, Metals Exploration will make pro-rated settlement payments of $2.2 million to MTL Lux and $910,000 to Runruno and D&A. Says further announcements will be made in ’due course‘, as discussions to seek a settlement of these matters continue.
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