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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Christie Group PLC - London-based provider of Professional & Financial Services and Stock & Inventory Systems & Services to hospitality, leisure and other sectors - Issues trading statement for five months to May 31. Says the group has continued to see a more positive trading environment for its transactional brokerage business compared to that experienced in the first half of 2023, and this is reflected in an improved year-on-year performance for the period. Maintains expectations for improved performance in 2024, with PFS revenue expected to be weighted toward the second-half. Notes agency and advisory activity has recovered well with invoicing in the UK transactional business much improved on the prior year, with the potential to strengthen further as the year progresses.
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Palace Capital PLC - London-based property investor - Plans £21.7 million tender offer for 8.7 million shares at 250 pence each. This is in addition to share buyback authority granted in December. Executive Chair Steven Owen says: ‘The format of the tender offer provides good flexibility, enabling those qualifying shareholders who wish to reduce their holdings an opportunity to do so at a market-driven price with a premium, whilst permitting those who wish to retain their current investment in the company to do so.’ Adds: ‘With further property sales due to complete later in the year, we anticipate making further capital returns through an additional tender offer as we continue to deliver on our strategy for shareholders.’
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PensionBee Group PLC - London-based online pension provider - Announces it has achieved assets under administration of over £5 billion, reaching 250,000 invested customers in June 2024. Chief Executive Romi Savova called it a ‘significant milestone’. ‘The continued growth of the business in line with our ambitions, demonstrated by assets under administration of £5 billion, has been achieved through our prioritisation of delivering excellent customer service, our scalable technology platform and our innovative product designed to meet the needs of our customers.’
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Ariana Resources PLC - precious metals exploration company focused on the Eurasian Tethyan metallogenic belt - Announces the completion of a revised mineral resource estimate of both Dokwe North and Dokwe Central, which now contain a combined 1.8 million ounces of gold. This resource estimate is based on a detailed review of all available drilling data acquired from 2004 through to 2023 over ten phases of drilling. It represents a 40% increase in JORC 2012 resources. Managing Director Kerim Sener says: ‘The latest mineral resource estimate for the Dokwe gold project demonstrates the considerable upside potential of this substantial exploration and development opportunity.’
Ariana says plans for further revisions to the pre-feasibility study underway. Sener adds: ‘Ultimately, we see an opportunity to define a multi-million-ounce resource development project at Dokwe.’
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Fair Oaks Income Ltd - Guernsey-based investor which specialises in collateralised loan obligations - Says the General Partner of FOMC III LP, the master fund of the 2021 share class, extends the commitment period of the master fund for one year to June 12 2025. GP informs Fair Oaks that the exercise is consistent with its expectation that attractive risk-adjusted returns will continue to be available from global senior secured bank loans held through collateralised loan obligations during the extended commitment period.
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First Class Metals PLC - Canadian-focused metals exploration company - Completes sale of McKellar & Enable properties to the Seventy Ninth Group Ltd for total £270,000. Alongside the sale, enters 12-month loan of £230,000 with the Seventy Ninth Group. Funds will be used for general working capital and to advance exploration activities on the remaining FCM properties. Seventy Ninth Resources continues to progress further due diligence over other of FCM assets, as previously announced in April.
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ADM Energy PLC - natural resources investing company - Says JKT Reclamation LLC has delivery of its 550-barrel capacity mixing tank and the two new pumps, which will be installed at the site imminently. ADM holds 31% interest in JKT. Says JKT has initiated a work program that includes reconfiguring existing storage capacity, installing the new equipment and other projects designed to improve the processing capacity and efficiency of the facility in Wilson, Oklahoma. Further, ADM receives $14.0 million from JKT for April production. ADM expects cash distribution levels to grow with production in the coming months. ADM will receive 42.0% of cash distributions until it has received $356.3 million and 31% thereafter.
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RTW Biotech Opportunities Ltd - investment fund, managed by RTW Investments LP, that specialises in acquiring transformative assets across the life sciences sector - Notes statement on Wednesday by largest portfolio holding, Avidity Biosciences Inc of positive initial data from its phase 1/2 trial of AOC 1020, an investigational therapy that targets DUX4, the root cause of facioscapulohumeral muscular dystrophy. AOC 1020 demonstrates unprecedented and consistent reductions of greater than 50% in DUX4 regulated genes, trends of functional improvement, and favourable safety and tolerability in people living with FSHD. Avidity plans to accelerate initiation of registrational cohorts in its Phase 1/2 trial. As of April, Avidity represents just over 13% of RTW’s net asset value.
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Guild Esports PLC - London-based esports business - Announces its re-entry into Apex Legends, an online multiplayer game published by Electronic Arts Inc and developed by Respawn Entertainment. Guild’s new Apex Legends team plans to compete in the Esports World Cup Club Championship for a share of a $20 million team prize pool.
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Bezant Resources PLC - copper and gold exploration company with projects in Africa, South America and the Philippines - Provides an update on the Hope & Gorob Copper & Gold project in Namibia. Says letters of preparedness have been received from the main contractors responsible for future mining, processing plant construction and concentrate haulage and letters of intent and offers for financing of an off-grid hybrid renewable power supply for the project. While the main licence is pending, Bezant progresses all other technical and environmental aspects. Chair Colin Bird says: ‘In essence all the components required to start a new project are in place.’ Adds: ‘The project will be launched with a modest and readily achievable output of copper together with a well-recognised potential to grow into a medium scale operation and accordingly we intend to divert cashflow into a significant exploration programme, the success of which will benefit all stakeholders’.
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