The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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First Tin PLC - tin development company with projects in Germany and Australia - Australian arm Taronga Mines acquires an additional exploration licence. The move ‘consolidates its landholdings in the Taronga district’. First Tin adds: ‘The region around Taronga is well mineralised with tin and has historically produced over 83,000 tonnes tin in concentrate between 1872 and 1984. The Taronga deposit has a measured, indicated and inferred resource base of 138,000 tonnes tin.’
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Ariana Resources PLC - Precious metals exploration company focused on the Eurasian Tethyan metallogenic belt - Announces a finance agreement to ‘support ongoing developments of the Zenit mining operations’ in Turkey. The Zenit offering includes the Kiziltepe gold-silver mine and the Tavsan mine construction programme in western Turkey. Ariana holds a 24% stake in Zenit. Ariana notes a $20 million credit agreement was sealed with Turkiye Cumhuriyeti Ziraat Bankasi AS, the largest bank in Turkey. The loan, which has an effective interest rate of 8.5%, will be subject to repayments which occur over three years. There will be a one-year principal repayment holiday following draw-down.
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Sunrise Resources PLC - focused on industrial mineral projects in Nevada - Reports update on Tolsa SA’s 2024 drilling plans for the Pioche sepiolite project in Nevada. The project is currently under option for sale to Tolsa. Sunrise adds: ‘Tolsa is working with the US Federal Bureau of Land Management to obtain approvals for 13 sonic boreholes, each to maximum 130 feet deep and 300 metres of trenching in three large trenches. Drilling and trenching planned to start in early July to collect additional samples for testing and to test for extensions to the sepiolite deposit defined in 2023.’ Tolsa may purchase the project for $1.4 million at any time before December 28, and Sunrise will retain a 3% net revenue royalty for a 25-year period from the start of commercial output, should Tolsa exercise its option. Sepiolite is a lightweight, porous clay. Sunrise says the largest market globally for sepiolite is for use in non-clumping pet litters.
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Beowulf Mining PLC - Nordic-focused mineral resource developer - Pretax loss in first-quarter of 2024 narrows to £429,825 from £764,057. Administrative expenses shrink by a third to £397,823 from £593,735. Reports no revenue, unchanged on-year. The firm, focused on the acquisition, exploration and evaluation of natural resource assets, is yet to generate revenue.
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Sondrel Holdings PLC - Reading, England-based semiconductor design services firm - Says £5.6 million subscription from Rox Equity Partners Ltd, remains subject to independent shareholder approval at a general meeting on Thursday, as well as backing from the UK secretary of state. ‘Sondrel announces that it has now been informed that [National Security & Investment Act 2021] approval is unlikely to be received prior to the general meeting,’ it adds. As part of the subscription, it issued 56.3 million new shares at a price of 10 pence each to Rox. Sondrel also said its loan agreements with Rox, which it entered in March, will be converted into 28.7 million further new shares. Assuming regulatory approvals are met, Rox will hold 85.0 million Sondrel shares, 49% of its enlarged share capital.
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CT UK Capital & Income Investment Trust PLC - investment firm with portfolio mainly comprising of FTSE All-Share companies - Reports results for half year ended March 31. CT UK records a NAV return of just under 13% in the period, up from just over 12% a year ago and higher than the FTSE All-Share’s 6.9%. Net asset value per share rises 11% to 333.38 pence from 301.67p in September. CT UK announces an interim dividend of 5.70p, up 3.6% from 5.50p a year earlier. Chair Jane Lewis says: ‘The board is pleased that the company continues to demonstrate that it offers shareholders a reliable income while at the same time seeking to grow the size of their investment.’
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Henderson European Focus Trust PLC - invests in European-listed ‘global champions’, and its portfolio includes drugmaker Novo Nordisk AS and luxury retailer LVMH Moet Hennessey Louis Vuitton SE - Net asset value total return in six months to March 31 is just under 18%, beating the near-15% return from the FTSE World Europe (ex UK) Index benchmark. Net asset value per share rises 16% to 206.8p from 178.1p in September. It lifts its interim dividend to 3.05p per share from 1.30p a year prior. ‘The interim dividend is higher than normal to ensure that our current shareholders receive a dividend in line with the company’s previous financial year of 4.35p per share and that the revenue reserves are protected,’ it explains. ‘We anticipate declaring a smaller final dividend (expected to be 1.30p) in respect of the financial year ending 30 September 2024.’. It explains there will be more shares in issue at that point, amid its tie-up with Henderson Eurotrust PLC. The two European-focused investment firms signed a heads of terms deal in March to create Henderson European Trust. This enlarged company will hold combined net assets of around £750 million and will be managed by the European equities team at the pair’s parent company Janus Henderson Investors.
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Home REIT PLC - London-based real estate company - Reaches deal with a group known as Big Help for surrender of that entity’s leases on more than 600 properties from Home REIT. The properties account for over 30% of Home REIT’s portfolio. The lease surrenders were completed on Tuesday. Home REIT and manager AEW UK Investment Management LLP have ‘analysed the portfolio and its various tenancies to ensure there is a comprehensive handover with minimal disruption to occupiers’. The properties were occupied by a mix of private rented sector tenants on assured shorthold tenancies and social tenants placed by local authorities. Home REIT adds: ‘The tenancies will now transfer to Home REIT, enabling the company to directly collect the underlying income from these properties, increasing rent collection and facilitating asset management opportunities. The company will be appointing various property managers to the surrendered properties, who will be responsible for the day-to-day management and rent collection. The transaction is in line with the company’s investment policy to stabilise the portfolio and increase rent collection. The current occupiers of the properties will not be impacted as a result of this transaction.’
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Jade Road Investments Ltd - vehicle looking for a reverse takeover target - Says disposal of legacy assets to Eastern Champion Ltd completed. ‘Jade is now a vehicle looking to acquire a business via a reverse takeover. Discussions are continuing with a number of parties on this plan,’ it adds.
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