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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Regional REIT Ltd - UK-focused office and industrial property assets investor - Reports June 30 overall valuation GBP742.3 million, down 3.7% from GBP787.9 million at the end of 2019. Down 4.3% like-for-like after adjusting for capital expenditure and disposals. Core and office industrial segment valuation down 3.6% like-for-like. Net loan to value ratio below 40% target at around 39.7% on June 30 from 38.9% December 31. First quarter rent collection rising to around 98% as at July 31; Q2 rent collection at approximately 93%. Expects to collect "vast majority" of Q2 rent balance outstanding as usual. Panmure Gordon (UK) Ltd selected immediately as joint corporate broker and joint financial adviser, alongside Peel Hunt.
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Sunrise Resources PLC - US-focused miner - Is granted mine reclamation permit for CS project in Nevada by Nevada Bureau of Mining Regulation & Reclamation, a bureau of the Nevada Division of Environmental Protection. This follows the US Bureau of Land Management advising granting the permit, as announced July 29, and it a final decision. This final decision approves Sunrise's joint plan of operations and reclamation permit application and its subject to a ten-day appeal periof before becoming effective August 15.
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OptiBiotix Health PLC - York-based life sciences company - Extends terms of OptiBiome exclusive licence agreement with Australian company OptiPharm Pty Ltd. Licence agreement initially announced March 2020 and grants OptiPharm exclusive use of OptiBiome trademark in Australia, parts of Asia, New Zealand, North America, Gulf States and the Middle East.
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Falanx Group Ltd - cyber security and strategic intelligence services with headquarters in Reading - Expects to post revenue of around GBP5.8 million for financial year ended March 31, up from GBP5.2 million the year before. Says it won 42 new customers in financial 2020 with Assynt strategic intelligence division benefiting from major contracts rollout. Despite pandemic, revenue approximately 5% ahead for quarter ended June 30. Sales orders lower April and May before accelerating June onwards and sales increase continued into second financial quarter. Falanx Assynt "trading consistently profitably" thanks to revenue contract with monthly recurring revenue making up approximately 94% of total revenue. Costs down, move to remove working allows it to exist Sussex and London premises leases with headquarters now at Reading office. "The group's average monthly revenues in the final six months of the year ended 31 March 2020 exceeded the current monthly cost base on an operating level. Whilst there has clearly been some impact of Covid on the group's recent revenues, its overall Ebitda loss in Q1 FY21 was reduced significantly by 60%," says Falanx. June 30 cash alances GBP750,000. Launches Triarii manages detection and response service. Annual results announcement delayed to late September from July.
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AfriTin Mining Ltd - African tin mining company with flagship asset Uis in Namibia - Reports monthly tin concentrate production from up 79% month-on-month in July at 35 tonnes. Dispatches sixth tin concentrate shipment August 3. Says tin concentrate assay average 65% contained tin, giving 93% payability. Notes that de-bottlenecking of fines dewatering circuit close to completion. Renews offtake agreement with Thailand Smelting & Refining Corp for another 12 months.
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Target Healthcare REIT PLC - care homes investor headquartered in London - Reports EPRA net asset value per share of 108.1 pence as at June 30, slightly above March 31's figure of 108.0p thanks to an increase in the value of its operational portfolio due to rent reviews. NAV total return for quarter 1.6%. Cash reserves August 4 GBP2 million plus GBP28 million of available undrawn facilities. Net loan-to-value 18.7%. June 30 total property portfolio value GBP617.6 million, up 0.5% like-for-like. Declares fourth interim dividend 1.67 pence per share for financial year to June, up 1.5% from prior year. Target Healthcare says: "Confirmed or suspected cases of Covid-19 are currently affecting residents occupying less than 0.3% of the portfolio's beds, a significant reduction from the peak of 3.2% in mid-April. Whilst portfolio occupancy has fallen as a result of the group's tenants imposing strict restrictions on admissions prior to and during the lockdown period, admission activity is now picking-up with tenants reporting an encouraging number of enquiries."
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Argo Blockchain PLC - cryptocurrency miner based in the UK - Mines 156 bitcoin or bitcoin equivalent in July, down from 180 in June. Total number mined so far in 2020 1,834. July reduction due to " rise in mining difficulty mid-month". July mining revenue GBP1.3 million from GBP1.4 million June; average monthly mining margin 34% July versus 27% June. Chief Executive Peter Wall: "We are delighted the month of July saw bitcoin break through the USD10,000 barrier as this will have a material and positive impact on our mining margins going forward if the price stays above this level."
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Eden Research PLC - Cirencester-headquartered sustainable biopesticides and plastic-free formulation technology - Commercial collaborator Eastman Chemical Co gets authorisation for sale of nematicide product Cedroz in Greece. Cedroz tackles root knot nematodes, a pest that damages crops in fields and greenhouses.
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FastForward Innovations Ltd - investor in fast growth businesses with headquarters in Guernsey - Malta Gaming Authority grants investee company Fralis LLC a game supply licence. FastForward holds 43% interest in Leap Gaming.
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Iconic Labs PLC - London-headquartered media and technology business - Secures new contract for JOE Media to produce and distribute bespoke social content. Revenue from new contract exceed GBP150,000 with the new contract to begin in third quarter and end in fourth.
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EKF Diagnostics Holdings PLC - AIM listed point-of-care business with headquarters in Cardiff - recieves initial GBP3 million order from private sector partner to supply PrimeStore MTM sample collection device, to be used in a Covid-19 testing programme for UK staff. This is on top of USD14.1 million orders for three months ending September 30. Establishes second production line at South Wales facilities.
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WANdisco PLC - live data company for machine learning and artificial intelligence based in Sheffield - Becomes first independent software vendor to achieve Amazon Web Services Competency Status in data migration for its WANdisco LiveData Migrator.
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Mosman Oil & Gas Ltd - US-focused oil exploration, development, and production company - Completes site preparation for Falcon-1 at Champion project, East Texas. Drilling to start once contract finalise and rig available and likely to take a few weeks. Results to be made available once received. Party that failed to complete contract to buy Welch project issues claim for return of USD90,000 non-refundable deposit, which Mosman sees as "invalid".
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RUA Life Sciences PLC - holding company for medical device businesses - Announces that RUA Vascular business has achieved "significant milestones" for Elast-Eon sealed vascular grafts and cardiac/vascular patches. Elas-Eon is a long-term implantable biostable polymer. Key design inputs for RA Vascular large bore graft project were to eliminate animal by-products, improve permeability and porosity and improve handling characteristics and surgical feel. Studies show "thin film polymer sealed vascular graft is indistinguishable in handling and needle/suture acceptance from the currently available commercial collagen and gelatin sealed grafts." Large bore graft as "design freeze" stage and expected to meet all regulatory requirements. Prototype coronary and vascular patches manufactured with new method. RUA Medical Devices to be sub-contract manufacturer of RUA Vascular devices.
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Yourgene Health PLC - Manchester-headquartered molecular diagnostics group - Expects to raise GBP16.2 million gross proceeds from placing as accelerate bookbuild closes. The funds, amounting to around GBP15 million net of expenses, were raise through the issue of 95 million shares at a 17 pence per share placing price.
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Diurnal Group PLC - Cardiff-headquartered pharmaceutical company - Gets approval in Israel for Alkindi as replacement therapy for adrenal insufficiency in patients under 18 years old. Israel has "estimated higher than global average prevalence of paediatric AI and congenital adrenal hyperplasia". CAH is an orphan condition in which a patient cannot produce cortisol and over-produces male steroid hormones, potentially causing infertility and even increased mortality. The total market opportunity for Alkindi, which consists of hydrocortisone granules in capsules for opening, and another Diurnal drug Chronocort, is an estimated USD7 million per annum. Chronocort treats cortisol deficiency. Assuming the European Medicines Agency approves Chronocort as expected in the first quarter of 2021, this European dossier will be used to submit Chronocort for regulatory approval in Israel.
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Gfinity PLC - esports and gaming solutions provider based in London - Launches new digital motorsport competition with Abu Dhabi Motorsport Management. This competition is called the V10 R-League and forms part of the Global Racing Series, which represents the first stage of the activation of a 5-year agreement between the two companies.
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Salt Lake Potash Ltd - Australia-focused mine - Says Lake Way project now fully funded after executing USD138 million debt funding package, equity planement, and entitement offer for AUD98.5 million at AUD0.50 per share. Trading halted by Australian Securities Exchange at company request pending placement completion.
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Associated British Engineering PLC - Cambridge-headquartered engineering services firm - Completes the sale of British Polar Engines Ltd operating subsidiary to MEWA Industrial Holdings Ltd following shareholder approval at extraordinary general meeting.
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ECSC Group PLC - Bradford-based cyber security services provider - Reports managed services recurring revenue increase to GBP1.2 million for six months ended June 30 from GBP940,000, with a managed services order book of GBP2.9 million versus GBP2.7 million the year before. Consulting revenue flat at GP1.2 million. Group revenue also flat at GBP2.6 million. Swings to adjusted earnings before interest, tax, depreciation, and amortisation from prior year's GBP184,000 loss. June 30 cash GBP1.3 million, up from GBP190,000 year prior including GBP770,000 of Covid-19 related government support. Achieves Covid-19 target of operating at break-even adjusted Ebitda basis achieved May and exceeded June, with further July improvement. Implements phased return of furloughed employees.
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By Anna Farley; annafarley@alliancenews.com
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