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(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Southern Energy Corp - Calgary, Canada-based natural gas exploration and production company - In the three months that ended September 30, net loss is USD2.4 million, swinging from net earnings of USD6.6 million a year earlier. Petroleum and natural gas sales falls to USD5.3 million from USD19.2 million. "Southern is in an extremely strong position in the fourth quarter of 2023, with prevailing natural gas prices having significantly increased and our balance sheet capitalized, enabling us to go after the organic growth opportunities in our portfolio," says Chief Executive Officer Ian Atkinson. "We continue to be encouraged by the outlook of supply and demand dynamics for US natural gas, as at least two of the upcoming Gulf Coast [liquefied natural gas] export projects, at Cheniere Energy's Corpus Christi expansion and Golden Pass LNG have recently announced they are ahead of schedule. Southern is well positioned to capitalize on natural gas prices with production behind pipe which can be brought on stream in a short time frame and we are excited to continue to grow the business with our new and longstanding shareholders."
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Craven House Capital PLC - London-based investment fund with minority shareholding in four Swedish-managed eCommerce and pharmaceutical businesses - In the financial year that ended May 31, pretax loss widens to USD5.5 million from USD236,000 a year earlier. This is largely from a one-off change in fair value of negative USD5.3 million.
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Real Estate Credit Investments Ltd - investor in European real estate credit markets - At September 30, net asset value per share is GBP1.48, ticking up from GBP1.47 on March 31. In the six months that ended September 30, net profit rises to GBP15.6 million from GBP10.3 million a year earlier. Interest income falls to GBP15.2 million from GBP16.6 million, but this is offset by net gain on financial assets of GBP5.2 million, swinging from a loss of GBP1.8 million. Declares half-year dividend of 6.0 pence each, unchanged from a year earlier. Chair Bob Cowdell says: "The board is confident that [investment manager] Cheyne's management expertise and focus on only lending in respect of high quality assets, in their preferred sectors and contracting with substantial quality sponsors, will position RECI well to withstand the broader challenges and steer a course through difficult market conditions."
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JPMorgan European Growth & Income PLC - London-based investment fund - At September 30, net asset value per share is 103.1 pence, down from 104.8p on March 31 but up from 89.1p a year earlier. In the six months that ended September 30, pretax loss is GBP2.0 million, narrowing from GBP39.1 million a year earlier. Loss on investments also narrows to GBP12.4 million from GBP47.3 million. Declares unchanged dividend of 1.05p compared to previous quarter. Says it remains optimistic for European equities in the long term, despite events in the Middle East and raised interest rates from the European Central Bank.
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Aurrigo International PLC - Coventry, England-based autonomous and semi-autonomous vehicle technology provider - Raises GBP176,255 via retail offer to existing shareholders of 176,255 new shares to be issued at a price of 100p each, plus GBP100,000 in 100,000 new shares via subscription. Shares are expected to be admitted to trading on AIM in London at the opening bell on Friday. Following admission, 45.8 million Aurrigo International shares will be in issue.
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Bushveld Minerals Ltd - South Africa-focused vanadium producer and energy storage solutions provider - Proposes fundraise of around USD20 million or GBP15.9 million via placing of new shares to investors and direct subscriptions by Southern Point Resources Partners Ltd and certain directors. Shares will be priced at 3 pence each. The bookbuild for the placing is expected to closer no later than 1200 GMT on Thursday. In addition, proposes a retail offer to raise a further GBP2.0 million. Says net proceeds will be used to fund capital expenditure at Vametco and Vanchem to increase production, strengthen the balance sheet as well as facilitate the restructuring of the Orion 2020 financing package.
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Genedrive PLC - Manchester-based molecular diagnostics company - Draws down a further GBP300,000 under the terms of its GBP5 million equity prepayment facility, as announced at the end of March. Says investors have been granted 1.6 million warrants equal to 40% of this drawdown divided by the reference price of 7.43 pence. Says the exercise price of the warrants payable to the company will be 40% more than reference price, equating to 10.40p. In order to support the further drawdown, says application will be made to admit 3.3 million new shares for trading on AIM in London, which is expected on Tuesday next week. Following admission, 111.7 million Genedrive shares will be in issue.
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By Greg Rosenvinge, Alliance News senior reporter
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