(Alliance News) - The following is a round-up of updates by London-listed companies, issued Wednesday and not separately reported by Alliance News:
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abrdn China Investment Co Ltd - invests predominantly in Chinese equities - Reports net asset value at April 30 was 580.93 pence compared to 511.98p, the year prior, a rise of 14%. "Whilst not always evident from reporting in the Western media, domestic sentiment now appears far more positive and China's swift rollback of its zero-Covid measures during November and December, and a full reopening of borders by early January, drove a strong stock market rally with onshore and offshore Chinese companies seeing sharp gains across the board," company says. However, adds: "Despite the positive early indicators, the economic recovery has not been as smooth as many expected." Believes the portfolio is well positioned for the future.
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Kefi Gold & Copper PLC - Ethiopia-focused gold and copper company - Says pre-feasibility study on the Hawiah open-pit and associated studies on the underground mine have provided a positive foundation for the optimisation and development of Hawiah, in Saudi Arabia. Envisages that initial open pit mining will be followed by underground mining. Studies will in due course consider a range of scenarios including various aggregate production rates and the ideal timing for starting-up the underground operation. KEFI Executive Chair Harry Anagnostaras-Adams says: "The aggregate NPV of our three advanced projects is approximately GBP318 million or about ten times the company's current market capitalisation."
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UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - Secures GBP3 million funding facility with RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. Proceeds will fully fund working capital necessary to progress key planned activities over the next 12 months. As part of the package the company will issue shares which represent between approximately 37% and 51% of the value of the first tranche, GBP2 million, or 1.3 billion shares, dependent on whether the shares are valued at the variable price or fixed price.
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First Tin PLC - tin project development in Germany and Australia - Reports Tin Beetle tin discovery confirms hub and spoke potential at Taronga tin project. Points out Tin Beetle is 9 kilometres from First Tin's Taronga tin deposit, containing the fifth-largest tin reserves globally.
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Location Sciences Group PLC - London-based location data verification company - Enters secured convertible bridge loan agreement with Sorted Holdings Ltd, a leading e-commerce delivery experience platform, to lend it up to GBP2.6 million. Further, enters exclusive non-binding heads of terms regarding a potential acquisition of Sorted by the company for GBP1. Company will also assume around GBP4.0 million of Sorted's outstanding debt. If the deal proceeds, subscribers, including shareholders of Sorted, will have chance to join subscription for up to GBP5 million of shares in Location Sciences. Explains the deal would constitute a reverse takeover under the AIM rules.
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Lansdowne Oil & Gas PLC - North Celtic Sea-focused oil and gas company - Updates on legal position regarding its investment in the Barryroe project. On May 22, company said Barryroe received a letter from the Irish Department of the Environment, Climate & Communications indicating that the Barryroe lease undertaking would not be granted. Lansdowne has invested USD20 million in the Barryroe project. Confirms legal advisors have now submitted a letter to Ireland under the Energy Charter Treaty, requiring Ireland to participate in discussions with a view to settling the dispute within three months of the date of such notice. Receipt of this letter has been acknowledged.
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By Jeremy Cutler, Alliance News reporter
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