(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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Ediston Property Investment Co PLC - Edinburgh-based real estate investment company - Confirms sale of leisure asset at The Lanyard, Hartlepool, which is let to Mecca Bingo Ltd for GBP2.6 million, which is 16% above its most recent valuation at December 31.
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SulNOx Group PLC - London-based supplier of fuel conditioners - Receives certification for SulNOxEco Fuel Conditioner from Lloyd's Register Fuel Oil Bunker Analysis and Advisory Service. Lloyds found the fuel had minimal impact on ISO 8217 test parameters, without changing characteristics when added to machine fuel at the prescribed dosage rate. "Lloyd's Register is a highly respected and trusted international classification society and these results provide another significant landmark for SulNOx marine," says Nicholas Fairfax, non-executive director & Marine lead.
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Europa Oil & Gas (Holdings) PLC - Ireland and Morocco focused oil and gas exploration and production company - Records strongest interim performance since the first half of 2014, as revenue rises to GBP2.2 million in the six months to January 31, from GBP500,000 a year before. Swings to pretax profit of GBP700,000 from pretax loss of GBP700,000 a year prior. Attributes performance to its 30% interest in Wressle oil field in North Lincolnshire, which delivered beyond expectations.
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Value & Indexed Property Income Trust PLC - London-based investment manager for UK commercial properties - Says direct commercial property portfolio increases to GBP155.5 million at March 31, up from GBP110.5 million at September 30. VIP's property portfolio delivers total return of 8.8% over the six months to March 31, and 20% over the past year. " VIP is now almost fully invested after its transition to a predominantly property trust," it notes.
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McKay Securities PLC - South East and London-focused office property investor - Says board continues to unanimously recommend the takeover offer from Workspace Group PLC, following Tuesday's news that Canadian private equity firm Slate Asset Management did not intend to make an offer.
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Lekoil Ltd - oil and gas exploration and production company focused on Nigeria and West Africa - Notes the announcement from Lekoil Nigeria Ltd that it spuds the Otakikpo-4 well as part of its Phase 2 development at Otakikpo. Lekoil Nigeria also renews the Otakikpo offtake agreement with Shell Western Supply & Trading Ltd.
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IOG PLC - London-based gas and infrastructure operator with projects in the North Sea - Says fault at Blythe well "temporarily addressed" and the well reopened on Tuesday. "A further permanent modification on the Blythe platform has been designed and will be installed when materials are available. This permanent modification is not anticipated to involve material downtime," IOG says.
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Watchstone Group PLC - cash shell with remaining assets comprising litigation assets, contingent liabilities and cash - Says subsidiary WTGIL Ltd's dismissed in first-tier tribunal, with the ruling in favour of HMRC. Case concerns supplies of telematic devices or related services during VAT period 2014-2018. "WTGIL will consider the judgment with its advisers and counsel and decide on the next steps (if any) including whether to appeal to the Upper Tax Tribunal," it says.
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Open Orphan PLC - Notes announcement from Poolbeg Pharma PLC regarding numerous new investors expressing interest in acquiring up to GBP1.6 million of company's shares which are currently locked-up and held in trust by Croft Nominees Ltd, following the distribution in specie from Open Orphan PLC in June last year. "This arrangement has followed significant efforts to help widen the Poolbeg investor base and increase future liquidity, in order to ensure that the dividend in specie remains as beneficial as possible to shareholders of both Open Orphan and Poolbeg in the long-term," says Executive Chair Cathal Friel.
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Harland & Wolff Group Holdings PLC - Belfast-based offshore construction company - Says wholly-owned subsidiary Harland & Wolff (Arnish) Ltd wins fabrication contract at roll twelve Super Duplex Shells for the Hinkley C nuclear power project, to finish by the end of June. Arnish is on track to complete suction pile contract announced in November, and making progress to launch the first of eight boat landings for the Saipem contract. Cumulative value of projects is in the region of GBP2 million to GBP3 million.
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Bradda Head Lithium Ltd - North America-focused lithium development company - Raises GBP2.0 million through UK placing of 14.5 million shares at 13.5 pence, having received orders in excess of GBP6.6 million. This comes in addition to the North American fundraise, which raised GBP9.9 million through 73.2 shares at the same price. Non-executive director subscribed for 834,226 placing shares, bringing his total holding to 65.0 million shares, or 17% of Bradda's ordinary share capital.
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By Elizabeth Winter; elizabethwinter@alliancenews.com
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