(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Wednesday and not separately reported by Alliance News:
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Young & Co's Brewery PLC - pubs - Secures GBP30 million under UK government's Covid Corporate Financing Facility. In the process of finalising a new GBP50 million syndicated term loan facility and a new GBP20 million bilateral revolving credit facility. Lenders agree to waive any technical 'cessation of business' breach of the company's banking facilities as a result of pubs closure. Lending banks have also agreed in principle to replace the company's financial covenant tests at June, September and December 2020 and at March 2021 with a liquidity test. Has sufficient liquidity to handle a prolonged period of closure of its pubs.
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PHSC PLC - health and hygiene - Sees minimal impact from virus outbreak. Financial consequences of virus will be seen in financial 2021, though very difficult to quantify at this stage due to uncertainty. Furloughed half of staff at any one time. Revenue for year to March-end expected to total GBP4.4 million, down from GBP5.2 million. Annual revenue impacted by a reduction in revenue from security division, as the retail sector continued to struggle. Earnings before interest, tax, depreciation and amortisation to total GBP280,000 for financial 2020 versus GBP116,000, prior to exceptional gain from property sale. Cash at bank of GBP850,000 as of Monday.
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Jupiter Emerging & Frontier Income Trust PLC - investor - Markets volatile due to virus disruption. Prospects for the underlying earnings of many of the holdings in the company's portfolio remain good. Intends to maintain the level of dividends for the year ending September 30 at least at the same level of pay-out as for the previous financial year. Difficult to make predictions about the level of pay-out due to the fast-moving and ever-changing nature of the virus and the government responses.
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Egdon Resources PLC - oil exploration - Gets GBP403,000 from North Lincolnshire Council as settlement of costs relating to Wressle field development. Completes installation of four groundwater monitoring boreholes on the Wressle site. Envisages first oil from the side during the second half of 2020. Wressle project partner Union Jack Oil PLC noted announcement.
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AorTech International PLC - medical devices - Polymer licensing and royalty revenue for year to March 31 rises to GBP490,000 from GBP463,000 a year ago. Research and development activities currently exceeding board's expectations. Integration of RUA Medical Devices Ltd progressing to plan. Cash of GBP2.0 million at March 31.
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DP Aircraft I Ltd - aircraft leasing - Agrees to defer USD3.4 million rent due from Thai Airways. Deferred amounts to be paid back in 12 equal monthly instalments, along with interest accruing thereon, by November 2021. Agrees to an equity swap agreement with Norwegian Air Shuttle against payment obligations. DP Aircraft lenders have approved equity swap pact with Norwegian Air Shuttle and have agreed to certain adjustments to repayment obligations.
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Mosman Oil & Gas Ltd - oil exploration - Production continues at Stanley site in the US state of Teax, with 20% lower flow rates than the average daily production for the six months to December-end. Plan remains to increase production at Greater Stanley project by workovers on the existing producing wells. Production continues at Arkoma project in Oklahoma. Volumes have reduced in the quarter to March-end as a result of a focus on profit margins given the current oil and gas prices. Deferring capital expenditure at Arkoma project.
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Tri-Star Resources PLC - minerals processing - Investee Strategic & Precious Metals Processing LLC places several employees in isolation for 14 days, which will have a consequent short-term impact upon production. Developing a plan to resume production on the roaster on a limited basis with the personnel allowed to remain on site. SPMP has sold and shipped its first consignment of antimony comprising 60 tonnes of antimony metal ingots. In talks with banks to provide a USD60 million term loan facility.
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Gaming Realms PLC - mobile-focused gaming content - Inks two-year agency deal with US toymaker Hasbro Inc. Under the terms of the agreement, Hasbro will identify and negotiate licensing opportunities for the Slingo brand in various digital gaming categories.
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Oxford Biomedica PLC - gene and cell therapy - Gets compliance certificate from the UK Medicines & Healthcare products Regulatory Agency for the first two GMP manufacturing suites and supporting area such as warehouse, cold chain facilities and QC laboratories, in its new Oxbox manufacturing facility. Oxbox is the company's new commercial manufacturing centre. Phase I development consists of six GMP manufacturing suites - four for viral vector production and two for fill-finish, warehousing and cold chain facilities and support laboratories. Construction was completed at the end of 2019. Approval by the MHRA of the first two suites enables commercial production of batches to commence for partner programmes within the coming weeks.
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Columbus Energy Resources PLC - oil & gas exploration - To continue with cost control measures for the month of May. To manage some of its third party costs through the issuance of shares under the Lind Facility and the Contractor Shares scheme. Other measures for managing company costs including no cash salaries for the executive management remain in place. Gets government consent to enable the start of continuous injection of carbon dioxide in the Trinity Inniss field located in Trinidad. Partner Predator Oil & Gas Holdings PLC notes carbon dioxide approval from government.
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BlueRock Diamonds PLC - diamonds - Kareevlei mine, being an opencast mining operation, can operate at full capacity whilst abiding by the South African government regulations. Anticipates returning to the monthly tonnages achieved during the dry season. Enters into an agreement with Bonas-Couzyn NV, part of diamond brokerage Bonas Group, to market the Kareevlei diamonds through its Antwerp facility. To export first consignment of diamonds to Bonas towards the end of June. In talks with Delgatto Diamond Finance Fund LP for pre-sales finance. Inks non-binding letter of intent enabling BlueRock to finance each monthly diamond parcel at 70% of an agreed valuation for up to 12 months at a cost of 1.25% per month on the initial funding amount. To reduce the level of development mining to align with the lower annual production, remove contract crushing and freeze employment. Outlook remains uncertain, particularly in relation to diamond prices over the coming months.
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Canadian Overseas Petroleum Ltd - oil & gas exploration - Liquidity issues extended into the current period of 2020. Does not currently have sufficient working capital, cash inflows and adequate financing to continue its operations. Dependent on obtaining additional financing. In discussions with major unsecured creditors over conversion of their respective accounts receivable into common shares.
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Kavango Resources PLC - mineral exploration - Field work and sample collection to commence once lockdown in Botswana is over. Focused on identifying high-potential copper-nickel-platinum group metal drill targets in "underground traps" at Kalahari Suture Zone. To complete 3D underground geological model of northern part of the Kalahari project and gather additional data during the second and third quarter.
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By Tapan Panchal; tapanpanchal@alliancenews.com
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