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EARNINGS: Bens Creek sees "difficult" year; Challenger swings to loss

Fri, 29th Sep 2023 21:54

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

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Uru Metals Ltd - Toronto headquartered, mineral exploration and development company - For the year ended March 31, reports loss for the year of USD1.2 million from USD1.5 million a year prior. Basic and diluted loss per share was USD0.72 from USD0.91. Uru adds that the directors don't recommend the proposal of a final dividend. Chair John Zorbas says: "The Zeb Nickel Sulphide Project located on the Northern Limb of the Bushveld Complex remains the primary focus of URU, through its 75% interest in Zeb Nickel Corp. and URU's continuing role as the technical operator of the project...The recent exploration work conducted by Zeb has continued to demonstrate that the project holds one of the largest undeveloped repositories of nickel globally, and future drilling should demonstrate the continuity of higher grade nickelPGE mineralisation in the footwall of the historical nickel sulphide resource."

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Glantus Holdings PLC - Dublin-based provider of accounts payable automation and analytics services - For the six months to June 30, reports revenue of EUR6.4 million, up from EUR6.6 million a year prior. Pretax loss is EUR949,178, narrowed from EUR1.6 million the previous year. Loss per share is EUR2.40, compared to EUR4.09 year-on-year. On August 14, Genesis Bidco Ltd and the board of directors of Glantus said they had reached agreement on the terms of a recommended all cash offer by Bidco, which has been unanimously recommended by the Glantus Board and pursuant to which Bidco, a newly incorporated private limited company wholly-owned by Basware Oy, will acquire the entire issued and to be issued share capital of Glantus. Shares will have their last day of AIM dealings on October 5, following which they will be cancelled on October 9.

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Bens Creek Group PLC - Owner of a metallurgical coal mine in the US state of West Virginia - For the year ended March 31, reports revenue of USD42.2 million from USD5.4 million a year prior. Pretax loss is USD24.7 million from USD25.3 million the previous year, while basic loss per share is USD6.563 cents from USD6.165 cents. Adjusted earnings before interest, tax, depreciation and amortisation is USD8.1 million from USD3.4 million the previous year. Chief Executive Officer Adam Wilsons reflects that the financial year has been "difficult" with a "range of problems, mostly outside of our control, including a state of emergency storm in August 2022." Maintains, however, that Bens Creek has successfully passed "a number of milestones including the establishment of our underground mine, the commencement of rail deliveries and the introduction of a 2nd high wall miner. In addition, we successfully raised GBP6 million via a placing at 30p per share to fund our transition from contracted to employed staff and to finance our fleet of earth moving equipment, 'yellow goods'." Believes the year ahead will show " a substantial improvement".

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APQ Global Ltd - Guernsey-incorporated emerging markets investor - As at June 30, reports book value of USD5.6 million, down from USD7.2 million at the start of the period. Says the key drive behind the decrease in book value is the foreign exchange losses on the CULS of USD2 million. Book value per share in the period decreased to 7.07 US cents from 9.21 US cents. For the six months ended June 30, reports operating loss before tax of USD689,121, from loss of USD9.8 million year-on-year. Turnover was USD6.4 million, up from USD5.5 million. No dividends were paid in the period, unchanged from last year.

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Challenger Energy Group PLC - Caribbean and America-focused oil and gas company - For the six months to June 30, reports net petroleum revenue of USD1.9 million, down from USD2.7 million the previous year. Pretax loss is USD4.2 million, swung from profit of USD4.3 million a year prior. On August 30, Challenger announced a GBP3.3 million convertible loan note funding facility of which GBP550,000 has initially been drawn down, with future drawdown of the remainder at the group's option, subject to certain drawdown conditions. Challenger says this provides it with the cash resources to cover the funding requirements of the group and bridge any funding gaps over the course of the next 12 months.

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By Holly Beveridge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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7 Jun 2024 16:06

IN BRIEF: Bens Creek elects to liquidate the company

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(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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TRADING UPDATES: Bens Creek considers administration; Nexxen inks deal

(Alliance News) - 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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(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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TRADING UPDATES: Kelso raises stake in NCC; Transense joins project

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

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23 Apr 2024 17:38

IN BRIEF: Bens Creek makes further Chapter 11 filings in US

Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Makes further Chapter 11 filings with US bankruptcy court, adding that US companies have entered into a term sheet for debtor-in-possession financing facility. Says that Avani, its largest shareholder, has filed a DIP term sheet with the Court for up to USD14.5 million. The Avani facility term sheet is now binding on Avani, but is not binding on the Chapter 11 companies until the court binds the Chapter 11 firms. A court hearing to consider the Avani facility is now expected at the end of April.

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12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

(Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle.

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12 Apr 2024 14:25

Bens Creek shares fall as it moves mine into care and maintenance

(Sharecast News) - Shares in North American metallurgical coal miner Bens Creek were sliding on Friday afternoon, after the company issued an update on its operations and working capital position, confirming that its West Virginia mine was moving into care and maintenance.

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12 Apr 2024 10:04

AIM WINNERS & LOSERS: Bens Creek falls as it lays off workers

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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12 Apr 2024 09:39

Bens Creek shares plunge amid round of lay-offs in West Virginia

(Alliance News) - Bens Creek Group PLC shares on Friday plummeted after it reported that it has laid off 44 Bens Creek Operations WV LLC employees.

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12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

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8 Apr 2024 10:52

Bens Creek inks coal sale deal amid cash flow strains

(Sharecast News) - Metallurgical coal miner Bens Creek Group announced an agreement with its largest shareholder Avani Resources on Monday, for the purchase of 20,000 tons of off-spec coal.

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8 Apr 2024 10:17

Bens Creek down as struggling company inks additional Avani coal order

(Alliance News) - Bens Creek Group PLC shares sank nearly 20% on Monday morning, as the company announced another coal contract with its largest shareholder following a tough start to 2024.

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