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Pin to quick picksBraveheart Investments Share News (BRH)

Share Price Information for Braveheart Investments (BRH)

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Share Price: 5.50
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TRADING UPDATES: Braveheart writes down value of two investments

Fri, 17th May 2024 18:45

(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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Braveheart Investment Group PLC - Dodworth, England-based investment company - Updates on the valuation of two assets within its investment portfolio ahead of the publication of its annual results for the financial year ended March. Decides to write down the value of investment in Paraytec Ltd, book value at March 31 2023 of GBP3.0 million and Kirkstall Ltd, book value at March 31 2023 of GBP1.7 million, to zero in financial 2024 accounts. Braveheart previously announced it was looking for a buyer for Paraytec but had failed to secure a suitable offer. Since then, performance has deteriorated. As a result, Braveheart no longer believes that the outstanding loans to Paraytec, totalling GBP1.4 million, as at March 31 2024, will be repaid in the short-term. In addition, says Kirkstall has been unable to achieve certain sales milestones and discussions with M&A advisers and potential acquirers have not progressed. Therefore, no longer believes that Braveheart's outstanding loans to Kirkstall, totalling GBP0.2 million as at March 31 2024, will be repaid in the short-term. These write downs, together with the sale of the interest in Phase Focus Holdings Ltd for GBP2.1 million, mean the book value of the equity investment portfolio is expected to be significantly reduced at around GBP1.8 million compared to GBP9.5 million as at March 31, 2023. Further, Braveheart says it has implemented a range of actions to rationalise the cost base and to preserve cash.

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Fletcher King PLC - London-based chartered surveyors firm - Provides further detail relating to the trading update announced on May 3. Says the number of deals completed has been relatively low but this has been compensated by a higher than normal average deal size. Notes the company remains well supported by a strong balance sheet with no debt, providing optionality for investment activity including co-investment in in-house property syndicates and any value accretive corporate opportunities. Plans to carefully consider the level of dividend to recommend based on the audited final results. Points out the company has a track record of distributing profits and the final dividend can therefore be expected to be higher than last year.

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Fenikso Ltd - investor in Nigerian oil and gas assets, previously known as Lekoil Ltd - Announces the receipt of funds under the Lekoil & Gas Investments loan entered in to on December 31 2022 as part of the Fenikso restructuring. Receives USD1.3 million as partial repayment of the loan of USD51.9 million with the remaining balance USD42.2 million. Notes the amount received equates to around 8.7% of the most recent payment from crude oil sales received by LOGI. The next payment is scheduled before the end of June. The proceeds will go towards repaying the Savannah Energy Investments Ltd loan, which currently has an outstanding balance of USD13.3 million, and towards building up cash in Fenikso. Post the payment to Savannah Energy, Fenikso expects to have over USD4.0 million of cash on its balance sheet.

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Vast Resources PLC - mining company with operations in Central Asia, Eastern Europe and Africa - Raises GBP616,000 through a placing of 280.0 million shares at 0.22 pence each. The placing was undertaken by the company's joint broker, Axis Capital Markets Ltd. Proceeds to be used for bridging the short-term gap in operational expenses while the company awaits the first tranche of the structural refinancing to close and to cover near-term corporate obligations, and working capital needs. Further, says the owner of the Swiss Investment Co confirmed Monday that he expects to transfer the funds, relating to the refinancing, shortly. Whilst the board is reassured by this confirmation and is hopeful of the release of funds, there can be no guarantee that this funding will be secured.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
2 Dec 2024 12:41

IN BRIEF: Braveheart Investment Group CEO Brown raises stake to 25.5%

Braveheart Investment Group PLC - technology investor - Chief Executive Trevor Brown buys 425,000 shares at 4.04 pence, worth GBP17,165, on Friday. Brown now has 16.2 million shares, a 25.5% stake.

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15 Oct 2024 11:42

Braveheart swings to interim profit due to fair value of investments

(Alliance News) - Braveheart Investment Group PLC on Tuesday said it has reached profitability in the first six months of its 2024 financial year, as it returns to a positive fair value of investments.

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15 Oct 2024 10:58

AIM WINNERS & LOSERS: Braveheart Investment swings to profit

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

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14 Oct 2024 11:17

AIM WINNERS & LOSERS: Mulberry to consider position post-Fraser bid

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14 Oct 2024 10:05

IN BRIEF: Braveheart buys 30% stake in IQ-AI from Braveheart CEO Brown

IQ-AI Ltd - parent of Wisconsin-based Imaging Biometrics LLC, which provides quantitative imaging platforms and therapeutics for the diagnosis and treatment of patients - AIM-listed technology investor Braveheart Investment Group PLC buys a nearly 30% stake in IQ-AI from Braveheart Chief Executive Officer Trevor Brown. Braveheart buys 45.8 million IQ-AI shares from Brown at 1.1 pence per share, worth GBP503,372, and another 19.7 million shares owned by Brown's children at the same price, worth GBP216,203. The two purchases give Braveheart a 29.5% stake in IQ-AI. Braveheart on Friday says the related-party transaction is approved by its independent shareholders because the IQ-AI business fits Braveheart's investment strategy and the purchase is at "an attractive entry price".

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11 Oct 2024 11:03

Braveheart acquires 29.5pc stake in IQ-AI

(Sharecast News) - Braveheart Investment Group announced on Friday that it had acquired a 29.51% stake in IQ-AI, an imaging software and healthcare diagnostics company, for £0.72m.

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29 Sep 2024 13:08

EXECUTIVE CHANGES: VSA Capital hires finance director from Oberon

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced in the past week and not separately reported by Alliance News:

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7 Aug 2024 18:43

TRADING UPDATES: Savannah Energy's Petronas deal falls through

(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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7 Aug 2024 12:50

Braveheart increases investment in Image Scan

(Sharecast News) - Braveheart Investment Group announced on Wednesday that it has expanded its investment in Image Scan Holdings, a company within its portfolio that specialises in security imaging solutions.

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11 Jul 2024 14:21

UK shareholder meetings calendar - next 7 days

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26 Jun 2024 20:14

TRADING UPDATES: Quadrise expands deal; TT's new reporting structure

(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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26 Jun 2024 12:36

Braveheart buys 1.93 million more Autins shares

(Sharecast News) - Braveheart Investment Group announced the acquisition of an additional 1.93 million shares in its portfolio company Autins Group on Wednesday.

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21 Jun 2024 15:55

IN BRIEF: Braveheart swings into the red on impairment charges

Braveheart Investment Group PLC - Dodworth, England-based investment company - In the financial year to March 31 swings to pretax loss of GBP8.2 million from profit of GBP2.4 million a year prior. This includes an impairment charge of GBP4.9 million on investments compared with nil in the prior year. Also takes impairment charge of loans in investment companies of GBP1.6 million compared with nil before. Loss per share is 11.38 pence compared with earnings per share of 2.68p. During the year Braveheart wrote down the investments in Paraytec Ltd and Kirkstall Ltd. Believes that, with time, Paraytec and Kirkstall could have the potential to increase in value and thereby provide exit opportunities.

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21 Jun 2024 12:54

Braveheart swings to loss in 'challenging' year

(Sharecast News) - Shares in Braveheart Investment Group were in the red on Friday morning, after it reported a significant shift in its financial performance in its final results.

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