(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Tuesday and not separately reported by Alliance News:
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GCP Student Living PLC - student property investment - Terminates forward purchase agreement for Scape Mile End Canalside, a 412-bed asset located near Queen Mary University of London.
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Avation PLC - aircraft leasing - Progress on strategic review of aircraft portfolio sale or sales of company itself delayed due to pandemic, despite "multiple interested parties". No dividends to be considered before September, liquidity position "satisfactory" with USD129.0 million in cash.
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Anglo Asian Mining PLC - gold, copper, silver production - Ships 4,688 ounces of gold to MKS Finance SA in Switzerland by chartering aircraft, despite cessation of scheduled air traffic in and out of Azerbaijan. Continues operations at Gedabek contract area, albeit under strict health measures.
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PCF Group PLC - specialist bank - Will pay final dividend of 0.4p per share, due to the payout representing a debt due to shareholders and the bank being legally bound to pay it. Unable to provide guidance on future performances due to uncertainty.
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Scholium Group PLC - rare books - Shapero Rare Books maintaining reduced level of trading online and through telephone. Group trading at small monthly loss, despite staff furloughing and cost savings.
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Holders Technology PLC - printed circuit board materials supply - Revenue for quarter ended March 31 10% lower than same period year before. Reduces costs through staff furloughing and selected pay reductions. Limited visibility on second half of 2020.
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Edenville Energy PLC - coal development - Suspends production of Rukwa project in Tanzania until pandemic situation is resolved. Lind Partners LLC agrees to three-month deferral on loan repayments by Edenville under funding agreement. Also receives unsecured loan of GBP300,000 from third party. Suspends search for non-executive director.
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Intercede Group PLC - security software - Revenue for year ended March 31 expected to be GBP10.4 million 3% higher than GBP10.1 million the year before. Too early to assess impact of Covid-19 on current financial year. A few delays experienced in orders, but all expected to proceed in coming weeks.
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Treatt PLC - food ingredients - Still trading in line with management expectations, with little impact from Covid-19 as demand for cleaning products and home beverages rise. However, fall in citrus raw material prices means revenue for six months ended March 31 to be 5.1% lower than GBP56.6 million year before. Building work on new UK facility slowed due to outbreak.
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Cello Health PLC - healthcare-focused advisory - Withdraws final dividend resolution of 2.95 pence per share, withdraws guidance for 2020 performance, freezes planned inflationary pay rises for 2020 and reduces salary and fees by 10% for three-month period.
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Tribal Group PLC - education software services - Annual general meeting date revised to June 24. Will not pay final dividend to save GBP2.5 million in cash.
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BlueRock Diamonds PLC - diamonds production - Operations suspended since March 24, production guidance for 2020 and 2021 suspended. Carats produced for quarter ended March 31 up 76% to 2,503 from 1,422 year before. Carats sold up year-on-year by 77% to 3,267 from 1,847.
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Elecosoft PLC - construction software - Expects 2019 pretax profit and revenue to be "significantly higher" than GBP2.4 million and GBP22.2 million in 2018 respectively. Will not declare final dividend for 2019. Traded well in first quarter of 2020, but disruption in delivery of face-to-face services, which accounts for 19% of group revenue.
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Ideagen PLC - risk management software - Software considered "business critical" by customers, thus Support & Maintenance revenue not affected. However, non-recurring revenue affected by outbreak. For year to April 30, revenue expects to be GBP56 million, lower than previous expectations of GBP58.5 million. Adjusted earnings before interest, taxes, depreciation and amortisation set to be GBP18.5 million. Will still pay dividends.
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Mirada Group PLC - broadcasting - Reports minimal impact on business to date, and does not expects Covid-19 to have a significant effect on revenue for year ended March 31. Too early to assess impact of outbreak on 2021 financial year.
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Kodal Minerals PLC - mineral exploration and development - Ceases field work at Bougouni lithium project and employee salaries reduced to one third of base salary. Budget has been prepared for work to recommence, however not expected until late September. Agrees financing facility comprising 1.42 billion share subscription, linked equity sharing agreement and warrants issue.
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Seneca Global Income & Growth Trust PLC - investment trust - Barring other unforeseen circumstances, will maintain the quarterly dividend rate of 1.68 pence per share, as it pays fourth interim dividend, bringing total dividend for year ending April 2020 to 6.72p, up 1.8% from 6.60p the year before.
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Ediston Property Investment Co PLC - property investment - In second quarter, 69% of rent due by April 1 collected across its portfolio. Declares monthly dividend for March of 0.4792 per share.
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McKay Securities PLC - office & logistics-focused real estate investment trust - Underlying earnings for year ended March 31 to be in line with expectations. Still considering payment of final dividend.
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Tertiary Minerals PLC - mineral exploration and development - Drill planning for Pyramid gold project in Nevada, US and drilling contract signed. Rig expected to be mobilised in week starting April 20. Mining part of essential business category in US state of Nevada following implementation of stay at home policy.
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British & American Investment Trust PLC - investment trust - Postpones announcement of 2019 results to end of June from end of April. Date of annual general meeting also delayed and withdraws recommendation for payment of final dividend.
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Pembridge Resources PLC - mining - Chair and Chief Executive Officer Gati Al-Jebouri to halve salary to GBP180,000 from GBP360,000 per year with effect from April 1.
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By Dayo Laniyan; dayolaniyan@alliancenews.com
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