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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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ZAIM Credit Systems PLC - Russia-focussed fintech group - Says the online business for its wholly-owned subsidiary, Zaim-Express LLC, now represents largest portion of the group's business and is "continuing to grow". Covid-19 has accelerated migration of the business model from offline to online, and Zaim-Express' business is in a "significantly stronger position". "We are pleased to report that our efforts are already showing positive results beyond our expectations with the online platform representing the most significant part of our business for the first time in the group's history," says Zaim Chief Executive Siro Cicconi.
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Northern Bear PLC - Newcastle-based building services firm - Says activity levels saw a "gradual and sustained improvement" during the latter part of May and June. Says it had a "solid" trading month in September and, as a result of the strong trading as the second quarter progressed, expects to report a "small" overall trading profit for the first half of the financial year. Forward order book remains "strong". "The renewed restrictions put in place following the outbreak of the second wave of Covid-19 infections have increased inherent uncertainty in our industry, impacting both our customer base and supply chain, and are expected to remain headwinds to short term trading. We will do everything possible to maintain our site activities," company says.
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Triple Point Social Housing REIT PLC - London-based real estate investment trust - Completes the acquisition of a portfolio of five properties, comprising 74 individual units. In addition, buys a further six properties, comprising 59 individual units in total. The aggregate consideration paid by the Group for all these properties was approximately GBP28.9 million. The properties comprise "specialist, high quality homes for individuals with mental health and other support and care needs".
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i3 Energy PLC - oil & gas company with assets and operations in the UK and Canada - Says group production from Gain Energy Ltd and Toscana Energy Income Corp assets during October averaged 9,407 barrels of oil equivalent per day, with both portfolios performing to management expectations. Says it completed acquisition of Toscana on Friday, and integration of Gain assets has proceeded "very smoothly" since its acquisition in September. "We are delighted to announce the closing of the Toscana acquisition and with it the imminent listing of i3 on the TSX. This and the acquisition of the Gain assets in September completes the first phase of our Canadian business plan," says Chief Executive Majid Shafiq.
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Cathay International Holdings Ltd - China-focused healthcare investor - Says subsidiary Lansen Pharmaceutical Holdings Ltd has sold 149,200 shares in Zheijang Starry Pharmaceutical Co Ltd at an average price of RMB76.73 each. The gross sale proceeds of disposal were approximately RMB11.5 million and, after deducting transaction costs and related tax, expected to be approximately RMB10.8 million, worth around USD1.6 million. Lansen is expected to recognise a net gain of approximately USD270,000, of which USD140,000 is attributable to Cathay.
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Touchstone Exploration Inc - Calgary-based oil and gas firm - Plans share placing in the UK and Canada of up to USD30 million. To date, has drilled three successful gross exploration wells on the Ortoire block, onshore in the Republic of Trinidad & Tobago. Touchstone spudded its fourth exploration well, Cascadura-Deep, last week. It is seeking the USD30 million to fund continued exploration, development and production activities at Ortoire. "The company also intends to use a portion of the net proceeds of the placing to fund a seismic program in order to fulfil its work commitments under the Ortoire exploration and production licence, as well as for working capital purposes," says Touchstone.
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Cadence Minerals PLC - London-based mineral resources investment company - Announces updated mineral resource estimate for the Amapa iron ore project in Brazil. Says mineral resource of 176.7 million tonnes grading 39.7% iron in the Indicated category, reported within an optimised pit shell and using a cut-off grade of 25% iron. Mineral resource of 8.7 million tonnes at 36.9% in the Inferred category. This represents a 21% increase in total mineral resources compared to the equivalent estimate published by Anglo American PLC 2012. Separately reports that the legal drafting of the settlement agreement and supporting documents continues, and operations are progressing at Amapa. "I am delighted to report progress with the legal drafting of the settlement agreement with the Amapa bank creditors. Bringing Amapa out of administration and into the recommissioning phase is a complex and detailed process, and I would like to thank all those involved for their tireless efforts in making this happen, despite the severe restrictions imposed by Covid-19," says Cadence Chair Andrew Suckling.
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Arkle Resources PLC - gold and zine explorer focused on Ireland - Reports positive results from an extended soil sampling programme at the Inishowen gold project in County Donegal, Ireland. A programme for trenching and drilling is planned to commence shortly. Also says trenching has commenced on its Mine River gold project located on the Wicklow / Wexford county border. "We are pleased to have received positive results from our Donegal gold exploration. Strong gold indicators were discovered in a number of areas. These results are encouraging and we have a programme of trenching and drilling planned which will begin shortly," says Chair John Teeling.
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Cora Gold Ltd - West African focused gold company - Starts new field programme at its Sanankoro gold project in the Yanfolila Gold Belt, Southern Mali. Field teams and drill contractors are currently mobilising to site and an initial 18 hole 1,520 metre air core drill programme is planned. The initial focus of the work will be following up the new drill discovery at Dako II.
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Serinus Energy PLC - upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania - Gets formal waiver from the European Development & Reconstruction Bank in relation to the debt service covenant on its convertible loan for the period ending December 31, together with a waiver to complete the restructuring of the terms and conditions of the convertible loan, deferred until February 26, 2021.
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Beowulf Mining PLC - mineral exploration and development company - Says drone magnetic survey over Vardar Mineral's Mitrovica licences in northern Kosovo has been completed. The drone system has now moved to the Viti licences in south eastern Kosovo and is being operated by Vardar's local Kosovar survey team. Adds that 278.5 metres of trenching and 1,609 metres of drilling have been completed at Wolf Mountain. Drilling and trenching results have confirmed extensive lead-zinc-silver mineralisation over an area of 800 metres in length and 400 metres in width.
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By Lucy Heming; lucyheming@alliancenews.com
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