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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Foresight Solar Fund Ltd - Jersey-based investment fund focused on solar photovoltaics and battery storage - Net asset value per share as at December 31 climbs 17% to 126.5 pence per share from 108.2p a year prior. NAV total return is 24%. The company had its initial public offering in November 2021, therefore has no NAV total return for 2021. Total dividend for 2022 is 7.12p, up from 6.98p in 2021. Company's target dividend for 2023 is 7.55p per share despite windfall taxes in the UK and Spain, Chair Alex Ohlsson confirms.
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Frontier IP Group PLC - London-based intellectual property commercialisation company - Turns to interim pretax loss of GBP469,000 in the six months to December 31, from a profit of GBP10.3 million a year ago. Income from investments falls to GBP400,000 from GBP11.9 million. Administrative expenses decrease to GBP1.4 million from GBP1.7 million. Chief Executive Officer Neil Crabb says: "I warned at the time of our annual results in November that the market outlook in the short term was uncertain. The environment was highly unpredictable, with the war in the Ukraine compounding existing risks, such as supply chain pressures, energy prices, inflation and rising interest rates, all likely to have an impact on investor risk appetite. This has proved especially so for technology stocks, and the main driver of our pre-tax loss is the fall in the value of our remaining shares in Exscientia." Looking ahead, Frontier IP notes continued impact of Russia's war in Ukraine, challenging market conditions, but also a growing industry traction across its portfolio. "Several companies made important commercial and technical breakthroughs. Others are now reaching inflection points. We expect this progress to be reflected by strong positive news flow in the months to come," CEO Crabb says.
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Future Metals NL - Perth-based platinum exploration company - Pretax loss in the six months to December 31 widens to AUD4.8 million, about GBP2.6 million, from AUD4.6 million a year ago. Does not generate revenue in either half-year. Loss per share narrows to 1.22 Australian cents from 1.31c a year ago. Firm says it focused on evaluating results received from drilling carried out at the Panton project during the half-year, and is progressing on metallurgical test work programmes on drill hole samples from the project.
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GreenX Metals Ltd - developing Arctic Rift copper project in Greenland - Pretax loss in the half-year to December 31 narrows to AUD1.4 million from AUD2.0 million a year ago. Revenue grows to AUD161,385 from AUD111,664. Highlights damages claim of up to GBP737 million against Poland. Notes that it issued 14.1 million shares on Tuesday to raise about GBP4.4 million. GreenX Metals adds: "To date, the group has not commenced production of any minerals, nor has it identified an any ore reserves."
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Home REIT PLC - London-based real estate investment trust - Mulls whether material changes to its investment policy are necessary to continue as listed company, while it is considering candidates to act as an investment adviser. Home REIT's shares are currently suspended from trading in London, after it failed to published its annual financial report for the year ended August 31. The suspension was recently extended a further 20 days, effective from March 2, "without indication of resumption". In February, Bluestar Group Ltd confirmed an "indicative proposal" to acquire the investment trust, but didn't specify financial details. The London-based investment company has until Thursday to make a firm offer.
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Live Co Group PLC - Surrey, England-based live events, entertainment and sports events company - Signs new contract with Lauritzen Gardens at Omaha's Botanical Gardens, which is a "living" museum of four-season displays. "The Archaeoceratops, Diplocaulus, Stegosaurus, T-Rex and Velociraptor amongst many others will be on display at the gardens from Friday 12th January to Sunday 12th May 2024," the company explains.
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Seed Innovations Ltd - AIM-listed investor in the medical cannabis, health, and wellness space - Notes medical cannabis investee company Avextra AG raises about EUR17 million via existing investors, the full management team and new additional European investors via a convertible loan note. Commenting on Avextra, Seed Chief Executive Officer Ed McDermott says: "The company is now well-financed for its future growth endeavours in the European medical-cannabis markets. The significant funding secured positions Avextra to become one of the scarce research & development and IP-driven players in the worldwide cannabis market and we look forward to following and supporting their progress."
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Synergia Energy Ltd - developer of natural gas assets in India - Pretax loss in the first half of financial 2023 to December 31 widens to AUD3.7 million from AUD2.2 million a year ago. Revenue is AUD690,820 compared to none a year prior. Cost of sales are AUD2.4 million, also compared to nothing. "Due to the continued high gas prices, the company has put its search for mature producing gas assets in the UK Continental Shelf area on hold," Synergia says. Meanwhile in India, Synergia targets to start a full field development of the Cambay field in the second half of 2023.
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By Tom Budszus, Alliance News reporter
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