(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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Diversified Energy Co PLC - Alabama, US-based gas and oil production company - Intends to carry out a fundraise for USD160 million. Says that it will consist of a retail offer through REX Retail Offer a placing through a bookbuild process. The price of the retail shares will be equal to the placing price. Says that the price of the placing shares and the number of shares will be determined at the close of the bookbuilding process. Explains that it entered into a purchase agreement to acquire certain upstream assets and related infrastructure in its Central Region from Tanos Energy Holdings II LLC. Plans to use the net proceeds to fund the acquisition. "Today's announcement marks an exciting start to the year with an accretive acquisition contiguous to our existing Central Region assets. This transaction will drive additional synergies of scale and reduce the combined assets' unit-level expenses to increase already high margins. Accordingly, this acquisition will nicely align with our emphasis on generating free cash flow while increasing our exposure to the premium Gulf Coast market, providing access to the higher realized pricing, lower regional differentials, and the long-term demand pull from the growth in LNG markets," Chief Executive Rusty Hutson says.
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Highcroft Investments PLC - England and Wales-focused real estate investor - Completes the sale of its property in Ely Meadows, South Wales for GBP7.9 million payable in cash to the Cwm Taf Morgannwg University Local Health Board. Adds that the property is currently occupied by British Aerospace Avionics Engineering Ltd on a lease expiring in March 2024, producing an income of GBP805,011 per annum. It comprises three inter-connecting buildings totalling around 111,000 square feet, on a site of around 20.67 acres. "The group intends to invest the proceeds as soon as practical to ensure that we are invested in income producing assets. This sale is part of our strategic process of continually reviewing our portfolio to maximise our returns and protect our asset base," Chief Executive Paul Leaf-Wright comments.
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Jadestone Energy PLC - Asia Pacific-focused oil and gas company - Notes that the National Offshore Petroleum Safety & Environmental Management Authority's review of DNV's independent review of the company's remediation plans and operational readiness for the Montara Venture FPSO has been concluded. Says that both hull and tank repair activity and the scheduled four-yearly planned topsides maintenance activities on the Montara Venture FPSO are progressing well. Montara Venture FPSO is a floating production storage and offloading facility on its Montara project in Australia. "The closing of the general direction is a very important step towards restarting production at Montara. As previously reported, we have elected to carry out most of this year's planned annual shutdown work in parallel with the tank work to maximise efficiency during this period. The combined work scope is making good progress and when completed, we will declare operational readiness and deliver a safe restart of production, which is still targeted before the end of this month," CEO Paul Blakeley comments.
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Petro Matad Ltd - Isle of Man-based, Mongolia-focused parent company of a group focussed on oil exploration, which owns and operates two production sharing contracts with the Mongolian government - Says 20.0 million shares at 2.5 pence per share will be issued following the closing of its retail offer on the BookBuild Platform on Tuesday. Says that the retail offer was significantly oversubscribed. Says that 215.1 million shares will be issued in total, following the closure of the placing, subscription and retail offer. Raises total gross proceeds of USD6.6 million with the fundraising. Expects admission to AIM to occur on February 10 at 0800 GMT.
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TruSpine Technologies PLC - Gatwick, England-based medical device company - Says it requested the drawdown from its GBP200,000 bridge loan facility. Notes that the funds have not been received yet. Expects the receipt of these funds to occur shortly. Warns that if the bridge loan facility does not complete successfully and the equity drawdown funds are not received, it will need to raise further capital in the short term. Continues to "carefully" manage its working capital.
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Ormonde Mining PLC - cash shell, former Dublin-based mineral resource company - To be deleted from the FTSE AIM All-Share Index on February 13. On Tuesday, it was reported that the company was temporarily suspended from trading on AIM. It became a cash shell in October 2022 and was therefore required to announce an acquisition that would be a reverse takeover. On Tuesday, it reported that it acquired a 20% stake in Peak Nickel Ltd for GBP450,000, was granted an option to invest a further GBP4 million in cash in PNL, taking its stake to 49.9%, and to buy the remaining 80% of PLN through the issue of Ormonde ordinary shares.
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Valeura Energy Inc - Calgary, Canada-based upstream oil & gas company - Reports the closing of its bought deal basis, private placement offering of 3.9 million shares at a price of CAD2.54 per common share for total gross proceeds of around CAD10 million, or GBP6.2 million. Says that the offer was led by Research Capital Corporation as the sole underwriter and sole bookrunner. "I am pleased to have closed this financing, and grateful to both existing and new shareholders who have recognised the value proposition presented by an investment in Valeura shares as we evolve to become a significant Thailand oil producer. The net proceeds from the Offering will be used to fund pre-production operations at the Wassana field, to kick-off the Wassana infill drilling programme scheduled to begin in Q2 2023, and for general corporate purposes," President and CEO Sean Guest comments.
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By Abby Amoakuh, Alliance News reporter
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