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TRADING UPDATES: Develop North net asset value down amid rising rates

Thu, 28th Mar 2024 10:28

(Alliance News) - The following is a round-up of updates by London-listed companies, issued this week and not separately reported by Alliance News:

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Develop North PLC - investor in residential and commercial property sector - Net asset value per share at November 30 year end falls 3.5% to 78.9 pence from 81.8p 12 months earlier. Taking into account dividends, this gives a 1.4% NAV total return, easing from financial 2022's 2.3%. "Once again the economic backdrop, especially with regard to real estate-linked investment, has been hallmarked by increases in interest rates, together with high but generally easing inflation figures as 2023 progressed," Develop North says. Maintains dividend for financial 2023 at 4.0p per share, in form of four 1.0p payouts.

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One Heritage Group PLC - residential developer focused on the north of England - Parent company and majority shareholder One Heritage Property Development Ltd agrees revised repayment terms of GBP14.0 million debt facility "in support of the company". One Heritage Group can extend repayment by up to 36 months until end of 2028.

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Infrastructure India PLC - infrastructure fund investing directly into assets in India - Shares restarted trading on Wednesday after publishing its annual results for the financial year ended March 31 on Tuesday. During this period, pretax loss widened to GBP59.2 million from GBP48.4 million a year earlier. The company says: "The group has prepared the interim results on a basis other than going concern due to the uncertainty in relation to the timing of potential transactions, ultimate receipt of sale proceeds and the specifics of any deferred consideration. This basis was considered the most appropriate method for the reporting period."

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JPMorgan Emerging Europe, Middle East & Africa Securities PLC - investor focused on emerging European nations, the Middle East and Africa - Says Pandora Omaset, a portfolio manager, will pursue "other opportunities external to JPMorgan". "Oleg Biryulyov continues to be the company's investment manager supported by JPMorgan Asset Management's investment management team and the investment process for the company's portfolio management will remain unchanged," it adds.

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Onward Opportunities Ltd - UK smaller companies-focused investment firm - Raises GBP1.7 million from subscription by new and existing investors of 1.5 million shares at 110 pence each. "The board and portfolio manager continue to believe that there are compelling structural factors underpinning the investment strategy and that prevailing market conditions create an environment in which the portfolio manager has the ability to generate aggregated portfolio returns in excess of 15% per annum over the long term," Onward says, adding that the fundraise proceeds will provide it will "additional resources with which to pursue its stated investing policy".

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Tlou Energy Ltd - Botswana and Southern Africa-focused energy company - Says placing of entitlement offer shortfall shares raises AUD6.2 million, around GBP3.2 million. Botswana Public Officers Pension Fund increases shareholding in firm to just under 17%. "Funds received will be used to advance the Lesedi power project towards first power generation," Tlou adds.

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i3 Energy PLC - UK and Canada-focused oil and gas company - Says capital reduction is "highly desirable" and gives firm "maximum flexibility to continue the payment of dividends in line with its dividend policy". "The capacity of a UK company to make distributions is restricted by the sufficiency of distributable reserves. The board considers that it is to the benefit of shareholders that the significant value in the group is reflected in the parent company balance sheet and is represented by distributable profits to facilitate a sustainable dividend policy," it adds. i3 notes that there is GBP148.5 million standing in credit of transition reserve. It proposes capitalising that sum by creating capital reduction shares worth GBP0.1234 each. The newly-created capital reduction shares will be cancelled in a court-approved move. i3 adds that the GBP148.4 million standing in its share premium account following capital reduction bonus issue being cancelled.

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Alba Mineral Resources PLC - northern Europe-focused mineral explorer - Raises GBP380,000 through issue of 584.6 million shares at 0.065 pence each, it says on Thursday. Proceeds will go towards "value-enhancing activities". On Tuesday, reports "exceptionally high-grade sampling results returned" from number 4 level at Lower Llechfraith workings, Alba's main target at its Clogau-St David's gold mine in north Wales. "Alba has taken more than 40 samples from No.4 Level at the Llechfraith target, and all have been put through the company's gravity processing plant to produce heavy mineral concentrates. Composites of the concentrates were then sent to a third-party refining facility," it says. "These composites have now returned exceptional gold grades."

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Arc Minerals Ltd - copper exploration company focused on mines in Africa - Buys back 22.5 million shares from Sveriges Larare, a Swedish trade union, for GBP405,715 in total. Each share was purchased at 1.8 pence each. These shares, which make up 1.5% of Arc's issued capital, will be cancelled.

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Ariana Resources PLC - precious metals exploration company focused on the Eurasian Tethyan metallogenic belt - Says reserves at Zenit mining operations in western Turkey are equivalent to around 10 years of further production. Reserves stand at 5.3 million tonnes, with metal content of 248,600 ounces of gold and 1.7 million ounces of silver. Ariana says "further economic and technical studies underway". The projects are operated alongside Proccea Construction Co and Ozaltin Holding AS, with Ariana owning just under 24%.

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Beowulf Mining PLC - minerals and metals exploration company with operations in the Nordics including the Kallak iron ore asset in northern Sweden - Says "highly prospective target for exploration at Parkijaur nr 7 licence in northern Sweden found. "Jokkmokk Iron completed geological mapping and boulder sampling during 2023 and has compiled and reprocessed historic geological, geophysical, soil geochemical and drilling data within the license area to identify 16 high priority target areas," Beowulf adds. "Re-processing of historic soil sampling data has identified an extensive area of anomalous copper in soil, including an anomalous zone striking up to 2 kilometres north-west to south-east and intersecting the largest target zone."

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Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Shenandoah South 1H well achieves "above commercial" average 60-day initial IP60 flow rate of 3.0 million cubic feet per day. "This augurs well for the initial development in the Shenandoah South area as these rates continue to track average flow rates seen in the Marcellus Shale basin in the US," Chief Executive Officer Philip O'Quigley says.

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By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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10 Jun 2024 18:24

IN BRIEF: Beowulf Mining says GAMP test work exceeds expectations

Beowulf Mining PLC - Nordic-focused mineral resource developer - Provides update on test work for the graphite anode materials plant. Says battery grade graphite was produced from ongoing graphite anode materials test-work. Notes optimisation work results in significant reduction in reagent and energy consumption. Explains test-work results will serve as input parameters for the ongoing pre-feasibility study and environmental impact assessment for the GAMP.

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7 Jun 2024 14:50

UK shareholder meetings calendar - next 7 days

Monday 10 June 
Aterian PLCAGM
Griffin Mining LtdAGM
Lok'n Store Group PLCGM re takeover by Shurgard
Onward Opportunities LtdAGM
Oxford Nanopore Technologies PLCAGM
Pan African Resources PLCGM re capital reduction
Tuesday 11 June 
Ebiquity PLCAGM
Flowtech Fluidpower PLCAGM
MaxCyte IncAGM
Mobico Group PLCAGM
Newbury Racecourse PLCAGM
Nightcap PLCGM re fundraise
Phoenix Digital Assets PLCGM re up to GBP33.7 million fundraise
Tirupati Graphite PLCGM requisitioned by Walpole St Andrews Nominees
Tortilla Mexican Grill PLCAGM
Tufton Oceanic Assets LtdEGM
Wednesday 12 June 
Advanced Medical Solutions Group PLCAGM
Alina Holdings PLCAGM
Aquila Energy Efficiency Trust PLCAGM
Aurora Investment Trust PLCAGM
BioPharma Credit PLCAGM
Brighton Pier Group PLCAGM
Digital 9 Infrastructure PLCAGM
EPE Special Opportunities LtdAGM
Foresight Solar Fund LtdAGM
Star Energy Group PLCAGM
Thursday 13 June 
Beacon Rise Holdings PLCAGM
Christie Group PLCAGM
Everyman Media Group PLCAGM
Hochschild Mining PLCAGM
Iofina PLCAGM
Jadestone Energy PLCAGM
Panther Metals PLCAGM
Pollen Street Group LtdAGM
Poolbeg Pharma PLCAGM
Serabi Gold PLCAGM
Smurfit Kappa Group PLCGM re WestRock deal
Sound Energy PLCAGM
Starwood European Real Estate Finance LtdAGM
Friday 14 June 
Amaroq Minerals LtdAGM
Asian Energy Impact Trust PLCAGM
Beowulf Mining PLCAGM
MP Evans Group PLCAGM
Quantum Exponential Group PLCGM re investment in company
Tesco PLCAGM
Trellus Health PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.

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29 May 2024 19:41

EARNINGS AND TRADING: First Tin "consolidates" holdings in Taronga

(Alliance News) - 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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9 Apr 2024 16:04

TRADING UPDATES: Beowulf consolidates Vardar; GIF outpaces benchmark

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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3 Apr 2024 15:15

TRADING UPDATES: Sutton Harbour refutes Plymouth City Council claims

(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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20 Mar 2024 16:18

EARNINGS AND TRADING: Roadside Real Estate trims Cambridge Sleep stake

(Alliance News) - 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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15 Mar 2024 14:10

IN BRIEF: "Administrative issue" delays Beowulf's Vardar consolidation

Beowulf Mining PLC - minerals and metals exploration company with operations in the Nordics including the Kallak iron ore asset in northern Sweden - Says that its planned consolidation of 100% ownership of Vardar Minerals Ltd has been delayed due to an unspecified "administrative issue". The transaction was expected to close on Friday, but the company now says that completion will take an additional two weeks. Vardar is a Balkans-focused exploration company in which Beowulf currently holds a 61% stake. Beowulf previously said that the consolidation would provide it with "full control and flexibility to drive the development of Vardar", as well as its exploration portfolio in Kosovo.

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15 Mar 2024 11:32

Beowulf announces two-week delay to Vardar ownership process

(Sharecast News) - Beowulf Mining announced a delay in its planned consolidation of 100% ownership of Vardar Minerals on Friday.

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14 Mar 2024 17:33

Beowulf Mining raises funds via subscription and PrimaryBid offer

(Alliance News) - Beowulf Mining PLC on Thursday announced a conditional offer for subscription of new ordinary shares to repay financing arrangements and corporate costs.

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8 Mar 2024 20:04

TRADING UPDATES: Celadon hails early results of chronic pain trial

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday, Wednesday and Thursday and not separately reported by Alliance News:

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7 Mar 2024 13:17

Beowulf Mining appoints project manager to Kallak

(Sharecast News) - Beowulf Mining announced on Thursday that its wholly-owned Swedish subsidiary, Jokkmokk Iron Mines, had appointed Dmytro Siergieiev as the project director for the Kallak Iron Ore Project, effective 1 May.

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4 Mar 2024 19:59

TRADING UPDATES: Beowulf raises funds for Kallak iron ore project

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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4 Mar 2024 14:29

TRADING UPDATES: Beowulf ups Vardar stake; Impellam buyout nears

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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29 Feb 2024 17:28

EARNINGS AND TRADING: Silver Bullet hails "strong, sustained growth"

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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