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UK TRADING UPDATE SUMMARY: USD11 Million Phoenix Buy For discoverIE

Thu, 15th Oct 2020 18:40

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:



discoverIE Group PLC - Surrey-based customised electronics supplier - Trading stays resilient though first half of 2020 despite Covid-19 challenges. Exits first half with good momentum, with orders ahead of sales in September and up 6% organically over prior year. First half group sales down 6% year-on-year on a reported basis and at CER, down 8% organically. Half-year book to bill ratio 0.91:1 with the second quarter stronger at 0.97:1. Acquires trade and assets of Phoenix America Inc for USD11.0 million with further up to USD1.5 million contingent cash consideration based on profit growth targets over three years. Phoenix America is based in Fort Wayne, Indiana. It designs and manufactures magnetically actuated sensors, encoders and related products for industrial customers in the US. discoverIE: As a result of the resilient trading, improving outlook and strong balance sheet, the group intends to re-instate dividends, with an interim payment to be declared at the time of publication of the half year results on November 30.



Highcroft Investments PLC - England and Wales commercial property investor - Collects 81% of rent invoiced and due to date for fourth quarter of current financial year, compared to 83% in third quarter and 78% in second. Working with tenants to collect outstanding cash, minimise bad debts. Declares interim property income distribution of 21 pence, flat year-on-year. "We said in our interim results announced in September that the on-going property investment environment, in particular the retail sector, would be likely to remain challenging for the remainder of the year and into 2021 and this remains the case. However, we believe that our diversified asset selection criteria and tenant mix within our current portfolio creates a strong base from which to continue to develop our business and generate further shareholder value."



Avation PLC - London-based aircraft leasing company - Managing aircraft portfolio, liquidity as efficiently as possible during "challenging times of Covid-19". has necessary resources for post-pandemic recovery phase. Completes 12 aircraft transactions since start of pandemic, including lease extensions, aircraft sales, and originates new leases. Two Fokker 100 craft sold at lease end, complete September, with Avation fleet no longer including any Fokker 100 aircraft. Negotiates retention of two recently delivered ATR72-600 aircraft with Braathens Regional Airways AB and transitions two ATR72-600 aircraft from failed airline Flybe to another UK airline. Also transitions two ATR72-500 aircraft from failed Virgin Australia to another Australian airline customer and delivers third Virgin Australia ATR72-500 to a new operator lessee in Asia. Agrees lease extensions on two ATR72-600 aircraft leased to Alliance Air Aviation Ltd plus a six-year lease extension on a Boeing 737-800 aircraft leased to an Asian flag carrier.



Atalaya Mining PLC - Cyprus-based copper producer - Copper production reaches new 14,695 tonnes record after ramp up of 15 million tonne per annum expansion project, rising from 10,568 tonnes the year before and 13,635 tonnes in the second quarter of 2020. Year-to-date production 41,559 tonnes, with Atalaya on track to hit its previously announced guidance for 55,000 to 58,000 tonnes. "Local exploration during the quarter continued to focus on defining new unmined resources under-the Atalaya pit. Calculations of the remaining mineable resource are ongoing and will be reported in conjunction with an update to the resource estimates at Proyecto Riotinto's Cerro Colorado pit."



Redcentric PLC - London-based IT services provider - Trading in six months ended September 30 slightly ahead of board expectations. Restructuring programme completes with firm to benefit from slightly higher annualised cost savings. Launches new enterprise resource planning system, replacing five legacy operational systems. September 30 net debt, excluding leases previously classified as operating leases under IAS17, GBP1.1 million, down from GBP13.5 million March 31. This reflects strong cash collections plus GBP4.3 million net cash benefit from GBP5.8 million equity placing. Net debt including GBP15.9 million of liabilities previously classified as operating leases under IAS17 forecast to be GBP17.0 million, down from GBP34.5 million in September. Will announce half-year results November 17.



Cerillion PLC- billing and customer relations management software firm based in London - Trading in second half of financial year to September 30 continued strongly, with largest ever contract signed mid-September. Back-order book at financial year ended hits "record high" with revenue and adjusted earnings before interest, tax, depreciation, and amortisation for financial year to slightly exceed current market expectations. Year-end net cash expected at around GBP7.7 million, significantly ahead of market expectations. Cerillion: "To date, the coronavirus pandemic has not affected the company's sales processes, implementations or ability to support its customer base to any significant degree."



Great Western Mining Corp PLC - mineral explorer with assets in Nevada - Focusing on producing first gold and silver from its Mineral Jackpot Properties and is making "good progress". Collects 100 kilograms of samples from five spoil heaps for processing in recent weeks and head assays conducted, consisting of fire assay of crushed and pulverised sub-samples, reporting 2.28 grams gold per tonne of ore plus 658 grams per tonne of silver. Samples run through gravity processing spirals to measure recoverable gold and silver, with average recordings of 30% gold recovery and 15% silver recovery. Cyanide leach bottle roll test carried out on high grade samples, with 1,000 grams being pulverised to 1.3 millimetres and achieving 87% gold recovery and 46% silver recovery from a 48 hour leaching process. Chair Brian Hall: "Until the recent completion of laboratory testing, we could not be sure that gravity separation would be a viable option for producing gold and silver from Mineral Jackpot, but I am now pleased to report that we believe it is. In the immediate term, therefore, we expect to produce gold and silver through gravity separation while for the longer term we will develop an optimised leaching facility, based on the data acquired from the ongoing extensive testing programme, to achieve a higher long-term recovery rate. We will provide further updates as appropriate."



Manx Financial Group PLC - Isle of Man-based financial services firm - Independent directors resolve to accept two loans of GBP1.0 million each from Burnbrae Ltd and Culminant Reinsurance Ltd. Burnbrae is 100% beneficially owned by Executive Chair James Mellon, with Chief Executive Denham Eke as director. Culminant is 100% beneficially owned by Non-executive Director Gregory Bailey. Each loan is for five years and has a 6.0% per annum coupon, has no conversion rights, and is repayable any time. Funds will be used to augment capital available to Manx Financial subsidiary Conister Bank Ltd. With these loans, Coinster's unaudited prudential ratio will be 18.9%.



Eco Animal Health Group PLC - pet and livestock pharmaceuticals company headquartered in Surrey - Enters two worldwide exclusive research partnerships aimed at developing novel vaccines for use in pigs. The partnerships are with the Pirbright Institute and the Vaccine Group. The first 18-month collaboration will use technologies at Pirbright to develop killed PRRSV vaccine candidates that are capable of entering a full development programme and provide immunity against multiple strains of the virus. This would be "an attractive alternative to the current generation of live vaccines" as the live vaccine virus can revert back to an infectious form and is only partially effective against different strains. The second collaboration is to test vaccine candidates at Pirbright, created using Vaccine Group technology, to insert non-infectious PRRSV genes supplied by Pirbright into a benign herpesvirus, which stimulates the immune system when delivered into animals.



Equals Group PLC - London-based payments and e-banking firm - Acquires assets from international payments business of Effective FX Ltd, a company wholly owned by Effective FX Chief Executive Amir Mehrad. International payments business has upwards of 200 corporate clients. Mehrad will join Equals in order to further develop its business-to-business sales process. Acquisition includes purchase of Effective FX client book, which generated unaudited adjusted Ebitda of approximately GBP500,000 in 12 months ended August 31, with consideration instalment-based, against targeted revenue of GBP2.6 million over three years. First GBP125,000 instalment payable 14 days after completions with another eight further instalments subject to revenue hurdles for total purchase price up to GBP1.6 million.



Papillon Holdings PLC - asset manager headquartered in London - Making progress towards completing transaction with Mayflower Capital Investments Pty Ltd, under which Papillon will acquire two gold assets located in Kenya and Congo Brazzaville. Parties confirm additional funding of around USD500,000 obtained from European-based investors, of which USD165,000 advanced to Goldplat PLC. This takes total amount advanced towards securing Kilimapesa to USD300,000, satisfying minimum expenditure requirements, a key terms in Mayflower's proposed acquisition of Kilimapsea from AIM-listed Goldplat. Mayflower agrees extension with Goldplat for completion of Kilimapesa buy, to allow for the Papillon to complete the transaction and reverse takeover with Mayflower. Further goal pour completes at Kilimapesa October 5, second since Mayflower recommenced processing operations last month. Goldplat notes agreement, now expects to post preliminary results announcement for the year ended June 30 in early November as "finalisation of elements of the audit are taking longer than anticipated". Goldplat: "Operational results from the recovery businesses remain in line with those announced during the previous quarterly updates, including the announcement of 28 July 2020. In line with the strategy to focus on the recovery businesses, the group's investments in our exploration assets are being impaired and Kilimapesa is being classified as a 'held for sale asset'." Expects to post operational update on first quarter near end of next week.



Wameja Ltd - Australian software company - Third quarter, ended September 30, average transaction value falls 4% compared to second quarter. Gross value flows across HomeSend platform in third quarter rise 23% from previous quarter, having risen 93% in the second quarter. In the third quarter, payments terminating to a bank account on the HomeSend network as a percentage of gross value flows amounted to 59% compared to 64% in the second quarter.



Ariana Resources PLC - Europe-focused exploration company - Announces maiden JORC 2012 mineral resource estimate for Magellan project, 100% owned and operated by Venus Minerals Ltd in Cyprus. Ariana earnings in to 50% of Venus, current interest around 12%. Magellan JORC mineral resource estimate 8.5 million tonnes at 0.63% copper inferred with further potential for gold, silver and zinc-rich zones with up to 0.6% zinc across Klirou and Kokkinoyia sectors. JORC exploration target 2.7 to 8.4 million tonnes within grade range of 0.5 grams per tonne gold to 0.8 grams per tonne, for 42,000 ounces to 216,000 ounces of gold and 3.3 grams per tonne to 8.2 grams per tonne silver, for 297,000 ounces to 2,218,000 ounces of silver. "New exploration drilling programme of up to 3,000m to test several target areas within the greenfield exploration portfolio, due to commence imminently."



By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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