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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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GSTechnologies Ltd - Milton Keynes, England-based fintech firm - Net operating income for six months to September 30 USD2.4 million, surging from USD1.1 million year-on-year. Net loss widens to USD1.1 million from USD561,000. Says period saw progress despite pandemic. "Given the ongoing pandemic situation, forecasting the future is especially difficult. We expect uncertain worldwide economic conditions to continue, depending on how the pandemic evolves, particularly with the emergence of new Covid 19 variants. However, this is likely to have a much more significant impact on our EMS business, but with anticipated improvement in future construction demand we are optimistic for the future of this business," firm says.
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DX Group PLC - Slough, England-based parcel freight, secure courier and logistics - Is launching review of growth strategy and capital allocation. "The review will consider the group's total shareholder returns and capital allocation policy, including dividend policy and share-buy backs, and will only be capable of being concluded once the group has published its 2021 audited annual report and accounts," it says. The review will ensure firm is in "best position" to take advantage of opportunities while maximising shareholder returns, says Chair Ron Series.
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Firering Strategic Minerals PLC - Cyprus-incorporated operator of Atex lithium-tantalum mine project in Ivory Coast - Says that, as of Thursday last week, it has completed 240 auger holes as part of its Phase 1 exploration programme at its flagship Atex lithium-tantalum project. Says 1,283 auger drill and soil samples have been sent for sample preparation and will be assayed using a 4-acid digest. "We are extremely encouraged with the rapid progress at Atex, to date, considering we kicked off the two-year exploration drilling programme only in late November," says Chief Executive Yuval Cohen.
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NetScientific PLC - London-based life sciences and sustainability, technology investment and commercialisation firm - Completes convertible loan investment and share acquisition totalling around GBP1.3 million in robotics and AI company Q-Bot Ltd. "The board considers that these transactions will result in a broadening of the group's portfolio, via its hands-on investment approach, and deepening its participation in a proven pioneering robotics and AI business with rapid scale-up potential," company says. Investment sees NetScientific take just shy of 19% stake in Q-Bot.
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AEX Gold Inc - exploration licences in Greenland, including Nalunaq gold mine - Chief Executive Eldur Olafsson, in end-of-year update, says company is "very excited" about results from drilling campaign on the Valley Block, where "the early signs continue to be very encouraging". At Nalunaq, firm has completed 51 drillholes, predominantly on Valley Block, and says potential resource increase at Valley Block now significantly de-risked. He adds: "Given the interest in Greenland, the encouraging early signs from the drilling and the clarity from Halyard, in addition to being well capitalised for our near to medium term activities, the board considers there to be a rich pool of funding options available to extract the greatest value from the company's asset base."
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Arecor Therapeutics PLC - Cambridge-based biotechnology company - Says it is pleased with progress being made with AT282, a co-development programme with Hikma. Under the pact, Arecor is responsible for optimising the novel formulation of the product using its drug formulation technology platform, and expects to transfer the final formulation to Hikma in the first half of 2022. Upon transfer, Arecor will receive a milestone payment. "We look forward to updating the market on our continued progress with this programme," says Chief Executive Sarah Howell.
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Instem PLC - Staffordshire, England-based IT provider for life sciences - Has made further progress in Chinese market in second half of financial year. Says contract successes include Provantis preclinical software solution suite orders for a significant number of additional licensed users from two long-standing customers, and four additional new clients. "The deals highlight the strength of the company's position in the Chinese market, with the SaaS platform providing increasing earnings visibility and underlying margins growth," it says.
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Mineral & Financial Investments Ltd - Cayman Islands-based investment company - Net asset value per share 18.22 pence at end of June, up from 15.5p a year before. "I believe M&FI's investment performance during this extraordinary and challenging year was satisfying in absolute terms, but also in relative terms," company says. While next 12 months also set to be challenging, believes it is well positioned.
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Mila Resources PLC - natural resources company - Pretax loss for financial year ended June 30 GBP382,387, widening from GBP219,371 the year before. No revenue was generated in either year. "During the period under review, our primary focus was on the successful conclusion of the acquisition of an initial 30% interest in the Kathleen Valley gold project...We believe that with the initial interest now secured, and a defined development plan being executed to precipitate the transfer of the balance of ownership, Mila is in a strong position to deliver on its objective to become a post-discovery exploration accelerator," it says.
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Gensource Potash Corp - fertilizer development company located in Saskatchewan, Canada - Buys additional potash permit area, Block 59 totalling 7,244 hectares, through the recent government of Saskatchewan public offering, for USD103,305. "Management believes that this is a cost-effective addition to Gensource's potash asset base," company says.
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Kefi Gold & Copper PLC - Tulu Kapi gold project in Ethiopia - Plans firm placing to raise GBP715,000 and to settle outstanding debts and liabilities of approximately GBP2.6 million. Has also received further subscriptions totalling GBP1.2 million and, in addition, some directors and managers have chosen to receive shares in lieu of fees and salaries worth GBP1.9 million in total. "KEFI has arranged equity placings to tidy up its balance sheet going into year-end. The structure of the placings also provides attached 1 for 2 warrants which in part, intended to contribute to the project financing of the Tulu Kapi Gold Project," says Chair Harry Anagnostaras Adams.
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By Lucy Heming; lucyheming@alliancenews.com
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