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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and Monday not separately reported by Alliance News:
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Microsaic Systems PLC - Surrey-based mass spectrometry equipment developer - Has engaged in further talks which could involve in injection of funds subject to reinstatement of trading of shares on AIM. Microsaic had previously said it began a cost-cutting programme with the intention of chipping away at overheads by cancelling its AIM admission. However, it says on Tuesday: "The company is reviewing the proposals and will provide a further update on the resolutions to be put to shareholders to give effect to such proposals as soon as is reasonably practicable, along with an updated timetable for key events. This will include the revised timing for publication and posting of a circular to shareholders giving notice of a general meeting. The directors believe that concluding a modest fundraise to support the retention of the AIM listing would be in the best interests of the company in the medium term." It adds: "It is likely that, if proceeding with a fundraising subject to obtaining fresh shareholder authorities to allot new shares on a non-pre-emptive basis, the company would still need to table an alternate resolution to approve delisting in the event that the resolutions required to implement a fundraising were not passed."
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Jarvis Securities PLC - stockbroking and administration services provider - Confirms will not declare a fourth-quarter dividend, in line with current market expectations. Notes progress on "skilled person" probe of its Jarvis Investment Management unit. An additional review, known as phase 1c, is needed. "Phase 1c will review JIML's approach to uninvested client cash, interest retention and term deposits," Jarvis adds. Phase 1c findings need to be delivered to UK Financial Conduct Authority by end of February. Jarvis adds: "The FCA have also provided additional direction for the pre-existing Phase 2, if required. This phase would include a review and assurance report on the remediation work undertaken by JIML on the matters raised in any of the s.166 reports. This review may be required before the voluntary restrictions on JIML's new business and assets can be lifted. As previously announced, whilst these restrictions remain in place dividends payable by JIML to the company, and therefore dividends payable by the company, may be reduced and or delayed." It adds that costs associated with this process will top GBP1.3 million in 2023.
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Neometals Ltd - sustainable battery materials producer - Reports pegmatite intercepts from historic diamond drill core at Spargos project. "A review of reverse circulation and diamond drill core from historical nickel exploration supports the potential for multiple stacked pegmatite intrusions. Re-sampling is in progress and assays expected in Q4 2023," Neometals says.
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Ariana Resources PLC - mineral exploration and development company with gold mining interests in Turkey, Cyprus and Kosovo - Reports on Asgard Metals Fund and investments. Says it has made two new investments and participated in some additional placings within some existing investees. Says Rockover Holdings Ltd, an exploration company with the Dokwe gold project in Zimbabwe as its flagship asset, is a new position. Its stake in Sydney-listed Panther Metals largely stable at 3.1% versus 3.2% previously. It lifts holding in Annamite Resources Holdings Pte Ltd to 6.3% from 5.8%. Its holding in Pallas Resources Ltd is unchanged at 6.0%. Finally, Altai Resources Ltd is another new position. It owns 8.4%. "Altai is a majority owned subsidiary of Pallas Resources, which has been established to focus on a major nickel sulphide province in eastern Kazakhstan," Ariana says. It backs the firm with a GBP100,000 investment during a seed capital round.
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Beacon Energy PLC - Germany-focused upstream oil & gas company - Reports increase in assessment of reserves in the Erfelden field, which incorporates recently drilling findings. Says best estimate is for 7.24 million barrels at field, with high case of 10.2 million and low case of 4.72 million. The previous best estimate was only 3.8 million.
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RTW Biotech Opportunities Ltd - investment firm focused on the life sciences sector - Notes investee CARGO Therapeutics Inc prices Nasdaq Global Select Market initial public offering at USD15.00, raising USD281.3 million.
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Triple Point Social Housing REIT PLC - London-based real estate investment trust - Says net asset value per share declines quarter-on-quarter to 108.88 pence on September 30, from 111.31p in June. In addition, it says it has consulted with "number of the company's shareholders" amid concern about underperformance of firm's shares. "The board and the manager each acknowledge shareholder concerns regarding the performance of the company's shares and remain committed, in consultation with the group's strategic advisers, to addressing the persistent discount to EPRA net tangible assets," it adds.
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By Eric Cunha, Alliance News news editor
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