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(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Ariana Resources PLC - precious metals exploration company focused on the Eurasian Tethyan metallogenic belt - Says recent extension drilling campaign at the Tavsan project in west Turkey yielded "high-grade" results. At one location, drilling intercepted 12.6 metres of 4.61 grams of gold per tonne of ore, as well as 1.7 metres of 9.2 grams of gold per tonne. Resource and reserve updates for Tavsan are underway following these results, which the company's managing director hails as "some of the most exciting [Ariana] have ever released". The company says that mine construction at Tavsan is "continuing to advance well", and looks forward to declaring first production at the site in the coming months.
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Catenai PLC - London-based media and technology company - Issues 265.5 million new shares at a price of 0.3 pence each. The first tranche of 153.3 million shares will raise gross proceeds of GBP460,000, while the remainder will raise up to GBP260,000, which Catenai says will provide the company with general working capital.
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Ashoka India Equity Investment Trust PLC - Investment trust focused on a portfolio of Indian financial services - In the six months to December 31, achieved a net asset value total return of 15.7%, behind its benchmark MSCI India IMI index's 16.4%. This was ahead of a 10.0% for the same interim period in 2022. NAV per share increased to 238.6 pence at December 31 from 206.2p at June 30. The company's net assets were up to GBP298.1 million from GBP232.6 million over the same six-month period.
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Power Metal Resources PLC - global metals exploration company - Subsidiary Power Arabia Ltd signs memorandum of understanding with the Saudi Arabian ministry of investment. This grants the subsidiary control of Power Metal's activities across the Arabian Gulf. The company says that several joint ventures on existing exploration licences in the region are in their "final stage of negotiation", with initial groundwork expected to commence in April. Power Arabia is currently undergoing pre-IPO financing, and the company says that it has already received significant interest from both regional and international investors.
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Union Jack Oil PLC - Oil and gas company focused on onshore assets in the UK and US - Acquires three new well packages to expand its mineral royalty portfolio. The purchased royalties are located in North Dakota and Texas and were purchased for a total consideration of around USD168,000. This deal increases the company's total producing wells in Texas and North Dakota to 165.
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PCI-PAL PLC- London-based cloud payment and data protection solutions provider - Completes placing of 6.3 million shares at 56 pence each, raising around GBP3.5 million in proceeds. Says the placing was "significantly oversubscribed". The placing shares represent around 9.5% of the company's issued share capital. Chief Executive Officer James Barham says: "We are now in an excellent position to further capitalise on the exciting opportunity that our US business is providing; to drive greater adoption of both our core products and new product enhancements; and to support our expanded efforts across the EMEA region."
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1Spatial PLC - Dublin-based data management firm - Says it intends to secure up to 10% of its GBP400 million addressable market within five years, which would translate into around GBP40 million in annual recurring revenue.
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Forward Partners Group PLC - London-based venture capital firm focused on investments in the technology sector - Says its acquisition by Molten Ventures PLC has received court sanction from the UK High Court of Justice. Molten ventures is a venture capital firm, also focused on high-growth technology companies. In November, Molten made an offer for Forward Partners for 279.6 pence per company share, valuing it at around GBP41.1 million. The scheme will become effective following the delivery of the court order to the Registrar of Companies, expected to occur on March 14.
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By Hugh Cameron, Alliance News reporter
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