(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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Warehouse REIT PLC - UK-focused e-commerce urban and last-mile industrial warehouse assets investor - Reaffirms Q1 dividend payment of 1.55p per share. Says rent collection for June quarter 94% as at July 30, either received or being paid monthly, talks ongoing for balance. Agrees to monthly in advance payments of 27% contracted rent, of which 60% received. Available cash GBP111 million, undrawn bank facilities GBP63 million. Exchanges contracts to dispose of seven non-core assets for GBP9.9 million aggregate on July 21. Pipeline of acquisition opportunities around GBP346 million with amount in exclusive final negotiations up from GBP123.3 million previously reported. Submits planning application for Cheshire 25-acre multi let industrial estate on M6 motorway.
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VinaCapital Vietnam Opportunity Fund Ltd - Vietnam-focused closed-ended investment company - Completes divestment of International Dairy Products, its largest private equity holding as of June 30, to a consortium led by Blue Point. Divestment completes as additional premium compared to prior partial exit value, with VinaCapital and co-investment partner Daiwa PI Partners both divesting their remaining International Dairy. Net proceeds for the remaining 37% stake amount to USD45.4 million.
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Dekel Agri-Vision PLC - West African focused agriculture company, formerly known as DekelOil - Speaking at the company's annual general meeting, Chief Executive Youval Rasin says its large-scale cashew project at Tiebissou, Ivory Coast is set to complete in the second quarter of 2021. This will give Dekel two operational projects in the country, one for crude palm oil and the other for cashews, which will generate "two material revenue streams". Notes delays to RSPO certification process at Ayenouan palm oil operations due to Covid-19 but "confident that once conditions normalise certification will be secured".
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EJF Investments Ltd - Jersey-based investment company - Invests around GBP10.8 million in the preferred shares issued by TruPS Financials Note Securitization 2020-1. Underlying collateral on these preferred shares consists mostly of "trust preferred securities, subordinated debt and issued surplus notes issued by 51 US banks and 21 US insurance companies". This collateral has an aggregate value of around USD282.9 million. The investment is EJF's ninth risk retention investment in a securitisation sponsored by EJF Capital LLC. "Anticipated return scenarios estimate that the Investment will generate a gross return in the high single digits over the estimated life of the Investment," says EJF. Final maturity date 2039 callable after August 2022 woth mandatory auction calls from August 2028.
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Mobile Streams PLC - mobile content and data intelligence company headquartered in London - Legacy mobile content business revenue in year ended June 30 falls to GBP470,000 from GBP1.3 million year before. Net revenue after payments to carriers falls to GP110,000 from GBP501,000. Steams revenue represents around 2% group revenue of GBP480,000. Cash currently GBP1.3 million, expected to last beyond 2021 financial year end.
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Kavango Resources PLC - exploration company targeting mineral deposits in Botswana - Notes release of new independent consultant report on Kalahari Suture Zone that "confirms two further shared characteristics of the geology of the KSZ and that of the Norilsk deposits in Russia." These include presence of cumulate rocks and sulphide liquid fractionation.
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STM Group PLC - cross-border financial services provider with headquarters in London - Conversion timelines for workplace pension flexible annuity and bulk transfers slower than expected due to Covid-19 but pipeline healthy and growing month to month. Will need to see expected acceleration in workplace pension conversions and London & Colonial flexible annuity pipelines in second half to meet annual business revenue target. Confirms agreement reached with Gibraltar Financial Services Commission after Deloitte report with all action and remediation complete. Plans to post interim results September 8.
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Epwin Group PLC - building products manufacturer with headquarters in Solihull - Says all manufacturing and distribution sites back in operation and demand stronger than expected from repair, maintenance & improvement market. Newbuild sector demand slow to return at first but call-offs steadily rising. Half-year sales GBP93 million, ahead of board expectations but 34% below prior year. Funding headroom rises GBP10 million to approximately GBP55 million since AGM update and on track to meet bank covenants. Epwin says: "Optimistic for trading prospects in H2".
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Duke Royalty Ltd - alternative capital solutions provider for businesses in Europe and abroad - Most royalty partners experience significant trading upturn May and June after revenue drop at beginning of pandemic. General trading upturn persists into second quarter. Cash revenue in Q1 of financial 2021 more than GBP2.9 million, down 20% year-on-year. Royalty partner cash revenue in Q2 set to exceed Q1. Says: "Cautiously optimistic that it will be able to announce a positive trend of increasing quarterly cash revenues over the coming quarters and that quarterly cash revenue growth will accelerate further into Q3 FY2021."
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D4T4 Solutions PLC - AIM-listed data solutions company with headquarters in Middlesex - Trading in line with board expectations and both existing and new client activity is strong. Switch to recurring revenue model makes progress "with a focus on securing new contracts and transitioning existing customers from perpetual to term licences". Positive feedback for Cerberus product family after launch of Customer Data Platform version 9.2. Half-year trading update expected in mid-October before half-year results in week commencing November 23.
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By Anna Farley; annafarley@alliancenews.com
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