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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Gusbourne PLC - Ashford, England-based sparkling wine producer - Agrees short-term unsecured loan facility of GBP1.5 million. The loan is repayable on demand and carries an interest rate of 2.5% per annum above base rate. Says he proceeds of the loan will be used for working capital and to support the ongoing growth strategy of the company. The loan was agreed with Michael Ashcroft, who holds a 66% stake in the company.
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Billington Holdings PLC - Barnsley, England-based company focused on structural steel and engineering - Says revenue and pretax profit for 2023 are now expected to be ahead of previous market expectations. Notes good quality orders secured and increased volumes being delivered in the second half of the year. "The strong performance we achieved in the first half of 2023 has continued into the second half. The benefit of efficiency enhancements implemented throughout the group, combined with a diverse range of successfully delivered contracts in 2023, means that I am pleased to report that I now expect the group to achieve revenue and profits for 2023 ahead of previous market expectations," says Chief Executive Mark Smith. "Going forward into 2024 we have a healthy pipeline of further opportunties, however, we do remain mindful of continuing inflationary pressures and an uncertain macroeconomic outlook, but with our strong balance sheet I do believe the group is well positioned for the future."
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Tekmar Group Ltd - Darlington, England-based provider of technology and services for global offshore energy markets - Subsidiary AgileTek Engineering Ltd agrees to buy remaining shares of Ryder Geotechnical Ltd. In 2019, Tekmar bought an 80% stake in Ryder Geotechnical. Says it will now buy the remaining 20% for GBP200,000. In the financial year ended September 30, Ryder Geotechnical reported pretax of GBP101,000 and net assets of GBP276,000.
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Inspirit Energy Holdings Ltd - London-based waste heat recovery technology and decarbonisation engineering solutions company - Raises GBP200,000 through placing of 2.00 billion shares price at 0.01p each. The proceeds will be used for general working capital purposes. Admission of shares onto AIM is expected to occur on or about Friday.
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Premier African Minerals Ltd - Africa-focused metals and mineral project developer - Says progress with the second stage and long-term solution to the production delays at Zulu remains on track with the delivery of the new ball mill still projected for December. Expects full production support from January. Stark International Projects Ltd reports that there is "steady improvement" in both concentrate grade and plant performance and the optimisation of the current plant configuration remains ongoing following the installation of the interim solution of the RHA mill at Zulu, but it is "proving impossible to construct the civil works required for the new mill at the same time as continuing with present operations." Current mining and pit development operations will continue as will exploration in the wider EPO region. "Premier is now considering an early cessation of current plant operations with the longer-term goal of production at design capacity not being unnecessarily delayed. The result is likely to be that no shipments of concentrate will now be made in November and December 2023," it adds.
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Ananda Developments PLC - London-based pharmaceutical, which is developing cannabinoid-based medicines for chronic pain conditions - Subsidiary MRX Medical Ltd signs drug supply agreement with University of Edinburgh and the Lothian Health Board. U of E and LHB are leading a randomised controlled trial on the use of cannabidiol versus placebo in the treatment of chemotherapy induced peripheral neuropathic pain. MRX's patent pending MRX1 cannabidiol oil formulation will be used as the investigative medicinal product in the trial. CEO Melissa Sturgess comments: "The drug supply agreement provides the legal framework for the provision of MRX1, our patent pending cannabinoid medicine, to the CIPN randomised controlled trial. Importantly it also confirms that MRX retains full IP ownership of the medicine and provides Ananda with a pathway to utilise the IP from the trial for commercial purposes."
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Caracal Gold PLC - East Africa-focused gold producer - Announces USD1.6 million financing, to support development of the Kilimapesa project. Includes USD1.4 million financing agreement with Koenig Vermoegensverwal MBH, as well as USD150,000 loan with CEO Robbie McCrae. The use of proceeds will include Phase 2 of the Minopex work program, maintenance and expansion capex, costs related to the ongoing expansion financing process and other operational expenses. "The funds allow us to bring momentum back to the Kilimapesa expansion project and to complete the expansion funding process. The results of the 1st Phase work completed by Minopex have confirmed the robust economics of the Kilimapesa expansion project and the decision to push ahead with parts of the expansion whilst we finalise the expansion funding is good news for Caracal and Kilimapesa stakeholders," McCrae says.
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GSTechnologies Ltd - Milton Keynes, England-based information technology solutions company - Raises GBP847,000 through a placing of 77.0 million shares priced at 1.10 pence each. The funds raised from the placing will be principally used to accelerate the implementation of the company's GS Money strategy, including potentially via further acquisitions.
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Jadestone Energy PLC - Asia-Pacific-focused oil and gas company - Signsa sale and purchase agreement with Japan Australia LNG Pty Ltd to buy non-operated 16.67% working interest in the Cossack, Wanaea, Lambert, and Hermes oil fields development, offshore Western Australia. The acquisition will increase the company's non-operated working interest in the CWLH fields to 33.33% from 16.67%. Jadestone first acquires an intereast in CWLH in November 2022, says since then "the subsurface performance has exceeded expectations, validating our work and de-risking the significant upside potential we see across the fields."
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One Heritage Group PLC - UK-based residential developer focused on the north of England - Exchnages contracts to sell land at Churchgate, Leicester. Transaction iscontracted to complete by December 6. One Hertigae will receive GBP440,000 and recognise a gain after selling costs of GBP22,000.
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By Sophie Rose, Alliance News senior reporter
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