The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Curzon Energy PLC - London-based investor and developer in US based natural gas projects - Reaches agreement with all but one of the company’s major creditors. Therefore, will not be able to proceed with the proposed restructuring as this requires all major creditors to agree. Thus, appoints Antony Batty of Antony Batty & Co LLP to assist in a company voluntary arrangement. Explains Batty is now evaluating the company’s position to achieve the best possible recovery for the creditors. In the event that the CVA is not approved by either shareholders or creditors, the company will be put into liquidation.
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Tower Resources PLC - Africa-focused oil and gas company - Pretax loss narrows to £454,196 in 2023 from £1.0 million in 2022. Declares no revenue, unchanged, but benefits from VAT provision release of £1.2 million compared to zero a year ago. This comes as the third of its appeals to the First-Tier Tax Tribunal succeeds. ‘All in all, 2023 is a year in which we have been able to move our projects forward despite funding constraints, and while we would have liked to have done more, it does appear that we will see some of the fruit of this progress in 2024,’ company says.
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Equipmake Holdings PLC - Norfolk, England-based developer of electrification solutions for the automotive, aerospace, marine, construction and bus markets - Further to announcement in February, secures a successive contract with Golden Tours, to repower a further ten Volvo B5 London Tour Buses. This contract follows the announcement in February of a £2 million initial order from Golden Tours and illustrates the scaling of initial customer relationships as product is delivered and customers derive the operational benefits of electrification within their fleets. It also further strengthens the forward order book for the year ending May 2025.
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Incanthera PLC - London-based drug discovery and development company - Says first production order from Marionnaud Switzerland and Austria has been doubled again from 50,000 units to 100,000 units. Was initially 25,000 units. Indicates that the second order would be significantly larger, at an estimated 250,000 units, to fulfil the European launch demand and the start of the planned Asian roll out in the first quarter of 2025. Revenue from first order therefore increases to £4 million from £2 million. Expects revenue for year to March 2025 to exceed previous guidance of £10 million. Further, raises £4.1 million via £2.6 million subscription and £1.5 million placing to new and existing institutional shareholders at 15 pence per share. Proceeds of the subscription will be used to fund the increased production schedule.
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Mosman Oil and Gas Ltd - oil exploration, development, and production company, which operates in the US and Australia - Buys 10% working interest in a helium project in Las Animas County, Colorado, from Vecta Oil & Gas Ltd. The price tag is $500,000, to be paid in instalments of $50,000 per month for 10 months. This is expected to be funded from a combination of existing cash and proceeds from the realisation of oil and gas assets. Vecta will own the remaining 90% working interest and will operate the project.
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Aura Energy Ltd - clean energy minerals exploration company focused on the development of the Tiris uranium project in Mauritania - Starts dual funding workstreams aimed at underpinning the development of the Tiris Uranium Project in Mauritania. Appoints Orimco Pty Ltd to arrange debt funding for Tiris and also engages Macquarie Capital (Australia) Ltd to progress a process to identify and engage with potential strategic investors in relation to a potential strategic investment in Tiris and Aura. The strategic funding process follows Aura’s recently completed Front End Engineering Study. ‘Aura has received strong inbound interest from both highly credentialed debt providers and strategic investors who recognise the potential undeveloped future value at Tiris. The aim of this funding process is to deliver the optimal funding package, de-risk the development of Tiris, optimising equity requirements and to maximise the value of Tiris for Aura shareholders,’ company says.
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Brave Bison Group PLC - London-based digital advertising and technology service provider - Says submitted proposal to The Mission Group PLC on May 25. Proposal terms are 13.9 Brave Bison shares for every one held in Mission. This values Mission at 35.1 pence per share or total £32.3 million. Implies an enterprise value for Mission of £59.1 million, inclusive of £26.8 million net debt. Notes this represents a 21% premium to the initial proposal made on May 13. Brave Bison requests an extension to the June 9 deadline for any possible bid to be made. Without this, does not believe the possible offer can be progressed. Notes Mission have not responded to the revised plan.
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Power Metal Resources PLC - London-based mineral exploration company - Enters subscription agreement with ACAM LP worth £2 million by way of a loan note, with attaching warrants. Further, enters an eight-week exclusivity period and a non-binding term sheet with ACAM with the intention of forming a uranium-focused joint venture involving Power Metal’s entire portfolio of uranium licences. Under the jv, it is currently intended that ACAM will invest £10 million in Power Metal Resources for a majority stake of 70%. Power Metal will initially receive £4 million. If the jv succeeds, company says the initial public offer of Uranium Energy Exploration PLC will be aborted.
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Triple Point Venture VCT PLC - venture capital trust - Net asset value at February 29 is 98.55 pence, down from 102.17p a year prior. Pays dividend per Venture share of 2.0p down from 3.0p before.
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Central Asia Metals PLC - copper, zinc and lead explorer, which operates in both Kazakhstan and North Macedonia - Completes £3 million initial investment in Aberdeen Minerals Ltd. CAML now has 35.3 million shares, purchased at a price of 8.5 pence each and a 28.7% shareholding in Aberdeen. Further, issues warrants to invest an additional £2 million at a price of 11p per share, which if exercised, would bring CAML’s ownership to just under 38%.
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Tritax EuroBox PLC - London-based investor in logistics properties across Europe - Notes statement from Brookfield Asset Management that it is in the early stages of assessing a possible cash offer for the company. Confirms no proposal has been received from Brookfield. Brookfield, responding to press speculation, says it is in the early stages of assessing a possible cash offer for Tritax EuroBox. Brookfield has until July 1 to make a firm proposal.
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GCP Asset Backed Income Fund Ltd - Jersey-based investment company - Announces the receipt of £45.6 million in cash from the full repayment of loans, secured against a portfolio of property investments, made to one borrower group. This repayment, received on Friday, comprises £44.7 million in principal and £0.9 million in outstanding interest and fees. At March 31, the group loans accounted for just over 14% of the fair value of the company’s portfolio of investments. Following the repayment of the loans, GCP is expected to have a cash balance of around £144.5million.
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Powerhouse Energy Group PLC - Bingley, England-based non-recyclable waste-to-energy conversion company - Revenue in 2023 falls to £180,959 from £380,277 in 2022. Pretax loss narrows to £1.5 million from £46.3 million. Last year’s figure includes £40.7 million goodwill impairment. Acting Non-Executive Chair David Hitchcock says: ‘The period under review has seen us re-assess where the focus of the business should be going forward so that as a company we concentrate on strengths in order to grow the business and deliver value for our shareholders. We strongly believe that by focusing on licensing fees and royalties and engineering services revenues we will deliver on this and ensure that we realise the full value for Powerhouse.’
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