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TRADING UPDATES: Predator buys majority in Cory Moruga; Thor tips gold

Tue, 20th Dec 2022 16:11

(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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Predator Oil & Gas Holdings PLC - operator of Guercif petroleum agreement onshore Morocco and developer of onshore fields in Trinidad - Buys Challenger Energy's 84% interest in Cory Moruga, based onshore in the south-west of Trinidad, for USD9.0 million. Predator fully buys Challenger's wholly-owned subsidiary T-Rex Resources Trinidad Ltd, which holds the license.

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Bens Creek Group PLC - London-based mining company focused in North America - Pretax loss in the half-year to September 30 widens sharply to GBP10.9 million from GBP605,700 a year prior. Revenue increases to USD17.4 million from none. Firm says it produces 99,900 tonnes of "clean metallurgical coal" in the period. Says 19,230 clean tonnes of coal were held in inventory. Adds that it delivered its first sales by train in June. Looking ahead, Bens Creek is confident of future performance and its ability to provide a shareholder dividend.

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Capital For Colleagues PLC - Wiltshire, England-based investment vehicle focused on employee-owned businesses - Net asset value at August 31 rises 6.9% to 74.49 pence per share from 69.71p a year ago. Meanwhile, in the year to August 31, pretax profit falls to GBP1.4 million from GBP2.3 million a year prior. Revenue increases slightly to GBP492,000 from GBP435,000. "We saw a noteworthy increase in dividend income from investee companies as our portfolio matures. Five companies in the portfolio paid a dividend compared to four in the prior year and we received dividends totalling GBP141,000 during the year under review, an increase of 78% on the prior year," the company says.

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EDX Medical Group PLC - London-based developer of diagnostics products to help predict disease risk - In the six months to September 30, operating pretax loss widens to GBP193,660 from GBP124,187 a year ago. Looking ahead, Chair Jason Holt says: "Post the reporting period, the reverse takeover of EDX Medical Ltd and the creation of the enlarged group was completed. The directors of the company resigned, and a new board consisting of Christopher Evans, Jason Holt, Michael Hudson, Chief Executive Officer of EDX Medical and Trevor Jones were appointed on 14 November 2022 in succession. EDX Medical has the ambition to build a substantial, high growth international business by focusing on the development, validation, registration and commercialisation of innovative diagnostic tests developed in its own laboratories, in-licensed or acquired from collaborators and the establishment of strategic partnerships with key technology providers and channel distribution partners."

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Focusrite PLC - Buckinghamshire, England based music and audio products company - Buys Oxford-based audio software plug-in designer Sonnox Ltd for GBP9.1 million. Says that Sonnix reported an annual pretax profit of GBP900,000 in its financial year that ended on March 31, amid a revenue of GBP2.4 million.

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Hermes Pacific Investments PLC - makes quoted or unquoted investments in South East Asia - Net assets at September 30 fall to GBP3.46 million from GBP3.52 million a year ago. Says financial performance is in line with expectations. "We continue to manage our costs effectively whilst keeping its spending to a minimum. There was no material change in the value of the company's existing investments from that as at 31 March 2022," Hermes Pacific says.

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Majedie Investments PLC - London-based investment trust - Notes "painful" previous twelve months as total return turns to negative 25% in the financial year to September 30, from positive 37% a year prior. Annual income from investments falls to GBP3.9 million from GBP6.1 million. Total dividend for financial year 2022 falls to 10.4p per share from 11.4p. NAV total return of 25% underperformed against its benchmarks, FTSE All-Share Index which fell by 4.0%, and the MSCI All Country Index, which fell by 4.2%. Majedie says: "The previous twelve months have been painful for investors, as all asset classes with the exception of commodities have fallen. The realisation that inflation was not transitory and that authorities were behind the curve caused central banks, led by the US, to raise interest rates aggressively. This was exacerbated by the Ukraine conflict which put significant pressure on commodity prices. After a decade of ultra-loose monetary policy following the financial crisis and Covid, the change in policy was a shock for investors. Bond rates rose significantly and equity markets sold off and there was significant rotation away from growth stocks." Looking ahead, the trust notes there are signs of inflation and commodity prices peaking and Covid supply side shocks easing.

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Tavistock Investments PLC - Bracknell, England-based investment manager - In the six months to September 30, swings to pretax loss of GBP805,000 from a profit of GBP35.5 million a year ago, when it had reported a gain of USD35.8 million from a sale of a subsidiary. Revenue grows 16% to GBP17.3 million from GBP17.0 million.

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Thor Explorations Ltd - Vancouver-based mineral explorer with assets in west Africa - Notes "significant" gold mineralisation at Makosa deposit at Douta gold project in Senegal. Finds up to 11.7 grams of gold per tonne. President & Chief Executive Officer Segun Lawson says: "The wide zones of near-surface oxide mineralisation combined with solid higher-grade zones at depth provide the encouragement and impetus to propel the next phase of advancing this very exciting project in the new year."

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Upland Resources Ltd - London-based oil and gas company - Provides updates on SK334 joint technical Study activity in Sarawak, Malaysia. Says time and resources spent in adding value to the workstream "have potential to generate significant returns for shareholders."

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By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All Rights Reserved.

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12 May 2023 11:46

Bens Creek welcomes 30% stake purchase by Singapore's Avani Resources

(Alliance News) - Bens Creek Group PLC on Friday said Avani Resources Pte Ltd acquired just under 30% of its shares.

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12 May 2023 09:29

Singapore-based Avani buys 30pc of Bens Creek

(Sharecast News) - North American metallurgical coal miner Bens Creek announced on Friday that its largest shareholder MBU Capital Group has sold 119,218,394 existing shares to Avani Resources.

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5 May 2023 14:27

IN BRIEF: Bens Creek replacement miner equipment arrives at site

Bens Creek Group PLC - London-based owner of metallurgical coal mine in West Virginia - Confirms a replacement highwall miner equipment, unit 81, from its contractor Mega Highwall Mining LLC, has arrived at site and has begun operating.

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5 May 2023 11:47

Bens Creek starts work with replacement highwall miner

(Sharecast News) - North American coal miner Bens Creek Group announced the arrival of a second highwall miner (HWM) on Friday, after it experienced issues with the initial one.

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28 Apr 2023 11:56

Bens Creek delivers 44,000 of coal to "largest" Indian steel producer

(Alliance News) - Bens Creek Group PLC on Friday said it has completed the delivery of 44,000 tonnes of coal to an Indian steel producer.

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28 Apr 2023 10:55

AIM WINNERS & LOSERS: Numis rockets on takeover by Deutsche Bank

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

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14 Apr 2023 10:38

IN BRIEF: Largest shareholder in Bens Creek to sell portion of stake

Bens Creek Group PLC - London-based metallurgical coal mine owner - Says it is aware its largest shareholder, MBU Capital Ltd, is in discussions to sell a portion of its shareholding at a price of 18 pence per share to an undisclosed international commodity trading business. MBU Capital holds 54% of the company. Bens Creek says the discussions are expected to result in the buyer purchasing a 30% stake of the current issued share capital of the company, and adds it is not party to the transaction. Says it is not aware of any commercial or operational reasons for movement of its share price on Thursday.

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31 Mar 2023 20:32

TRADING UPDATE: Tekmar launches fund raising, Artemis Chair resigns

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

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23 Mar 2023 14:23

IN BRIEF: Bens Creek says equipment arrives at coal miner after delay

Bens Creek Group PLC - owner of a metallurgical coal mine in US state of West Virginia - Says all components for a second highwall miner, unit 77 from its highwall mining contractor Mega Highwall Mining LLC, have now arrived on site following a short delay. The highwall miner has been assembled and is now only awaiting completion of its electrical fit out and testing before deployment at the mine.

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9 Mar 2023 14:29

TRADING UPDATES: Forterra lifts yearly dividend on profit surge

(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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3 Mar 2023 12:56

Bens Creek says MBU converts outstanding loan facility into new stock

(Alliance News) - Bens Creek Group PLC on Thursday said MBU Capital Group Ltd exercised its right to convert the full outstanding amount of its loan facility provided to Bens Creek for new shares.

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27 Feb 2023 12:19

Bens Creek agrees repayment of USD6 million convertible loan notes

(Alliance News) - Bens Creek Group PLC on Monday said it agreed repayment terms with its lender ACAM LP regarding USD6 million in outstanding unsecured convertible loan notes.

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13 Jan 2023 16:52

Bens Creek confirms second highwall miner, agrees option for third

(Sharecast News) - American coal miner Bens Creek Group announced on Friday that it has signed an amendment to the agreement with its highwall mining contractor Mega Highwall Mining, to confirm the provision and delivery of a second highwall miner - unit 77 - by the end of January.

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13 Jan 2023 10:21

Bens Creek shares up on delivery of second highwall miner

(Alliance News) - Bens Creek Group PLC shares were up on Friday, after it confirmed the provision and delivery of a second highwall miner, unit 77.

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23 Dec 2022 14:32

IN BRIEF: Bens Creek subsidiary to buy Ben's Creek Rail for USD650,000

Bens Creek Group PLC - London-based mining company focused in North America - Says its subsidiary Ben's Creek Carbon LLC signs a deal to buy up to 100% of the membership interests in Ben's Creek Rail Holding LLC, a company currently owned by Bens Creek's largest shareholder, MBU Capital Group Ltd. The consideration payable by Bens Creek is up to USD650,000 in cash.

Read more

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