Contango Hdg Share News (CGO)

(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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Substrate Artificial Inteligence SA - Madrid-based incubator of companies providing artificial intelligence products and services in fintech, agritech, energy, human resources, and health sectors - Issues trading update to December 31. Expects 2023 revenue of EUR13.4 million, nearly three times 2022's EUR4.8 million. But, predicts adjusted loss before interest, tax, depreciation and amortisation widens to EUR4.1 million from EUR2.0 million. Says this reflects expenses made in the development of artificial intelligence products, costs associated with the listing of classes A and B shares into the Access segment of the AQSE Growth Market, and the acquisition of companies.

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Avacta Group PLC - Wetherby, England-based life sciences company developing oncology drugs and diagnostics - Plans to raise GBP13.8 million via placing and subscription at 50 pence per share. In addition, proposes to raise further GBP6.2 million via a conditional placing and GBP6.8 million by a retail offer. Proceeds to be used to initiate and progress the dose expansion and Phase 2 efficacy studies for its lead pre|CISIONTM clinical programme, AVA6000, as well as for general working capital until the end of 2025.

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SkinBioTherapeutics PLC - Newcastle, England-based life science company focused on skin health - Receives conversion notice on February 20 from Macquarie Bank Ltd for GBP80,000 of convertible bonds from the GBP5.0 million convertible bond facility announced on January 25. Further, plans to seek alternative financing options for its inorganic acquisition strategy, rather than drawing upon the facility any further.

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Beacon Rise Holdings PLC - acquisition company - Notes resolution at today's emergency general meeting was backed by 100% of shareholders. Explains vote extends time frame for Beacon Rise to pursue a suitable acquisition target for a further 12 months, to March 24, 2025.

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Downing Strategic Micro-Cap IT PLC - London-based investment trust - At the general meeting held Wednesday, announces the ordinary resolution relating to the adoption of the new investment policy was duly passed by shareholders. Around 87% of shareholders supported the motion.

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Beacon Energy PLC - Isle of Man-registered oil and gas company - Plans to raise GBP2.6 million via placing and retail offer at 0.05 pence per share. Explains the placing will be effected by way of an accelerated bookbuild. Proceeds to be used for further drilling, payment of outstanding costs and general working capital. States cash resources at February 16 totalled EUR1.2 million. Notes due to

delays during the drilling of the SCHB-2(2.) well, the company has an outstanding payables position due to a small number of contractors. Of this, around EUR1.1 million is due prior to the end of April with the balance of around EUR1.4 million due between May and August and expected to be funded from production post side-track. Beacon Energy expects to deliver operating cash flows during 2024 of around EUR40,000, EUR300,000, EUR800,000 and EUR1.3 million per month, at flow rates of 150, 300, 600 and 900 barrels of oil per day.

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Asian Energy Impact Trust PLC - investment company focused on sustainable energy infrastructure projects - Notes significant minority vote at Wednesday's general meeting, just over 20%, against resolutions 1, 2 and 3. Pledges to continue to seek to engage with shareholders to discuss any views they may have and will take into account any feedback around their concerns. Vote 1 was to receive the 2022 annual report and accounts of the company. Vote 2 to approve the directors' remuneration report. Vote 3 was to approve the directors' remuneration policy.

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Contango Holdings PLC - Holds 70% interest in the Muchesu mine in Zimbabwe - Reports pretax loss in the six months to November 30 of GBP1.4 million, narrowed from GBP1.8 million the year prior. Basic and diluted loss per share totalled 0.27p, compared to 0.55p. Administrative fees and other expenses fall to GBP879,951 from GBP1.3 million.

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By Jeremy Cutler, Alliance News reporter

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