(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Oryx International Growth Fund Ltd - small and medium-sized business investor - Alongside North Atlantic Smaller Cos Investment Trust PLC, says it nets GBP30 million from Augean PLC sales, while North Atlantic set for GBP63 million windfall. On Thursday, UK Takeover Panel declared the auction for waste removal company Augean over, with the consortium of London-based Ancala Partners LLP and Toronto-headquartered Fiera Infrastructure Inc as the winner. The offer values the Walton, England-based hazardous waste treatment and disposal company at GBP390 million. It is a 50% premium to the company's stock price in late May before the takeover offers started rolling in. Separately, both investment trusts also will receive cash from Hamsard Ltd sale, while Oryx netting GBP8 million from Minds + Machines Ltd sale and further GBP3.1 million from BigBlue Broadband PLC dividend. North Atlantic expecting nearly GBP100 million from Sportech PLC and BigBlue Broadbrand capital releases.
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Phoenix Global Resources PLC - upstream oil and gas company - Major shareholder Mercuria agrees to further increase the bridging facility by USD7.5 million to USD50.0 million, with the terms of the extension consistent with the original facility and repayment date still December 31. "The increased facility will be used to fund the company's planned work programs," company says.
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Yew Grove REIT PLC - owns a portfolio of Irish commercial property assets - Speaks to shareholders who voted against proposal at annual general meeting to allow company to allot and issue up to a maximum of 100 million new shares. "The board still considers the flexibility afforded by these authorities to be in the best interests of the company and its shareholders as the company seeks to grow its portfolio of Irish commercial property assets," company says. Adds: "The board remains committed to continuing its policy of maintaining an open and transparent dialogue with all shareholders." Notes resolution did pass with necessary majority at AGM but were some dissenting shareholders.
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Conygar Investment Co PLC - property investment and development group - Nottingham City Council passes resolution to grant planning permission for 700-bed scheme on The Island Quarter. "The new accommodation, which forms part of our plans for intergenerational living on The Island Quarter, the GBP1 billion 36-acre redevelopment, is likely to start on site shortly and be available for students to occupy at the start of the 2023/24 academic year," company explains. Director Christopher Ware adds: "We're delighted that the planning committee has approved the plans for the proposed student accommodation on The Island Quarter. Nottingham is home to world-renowned universities and further educational institutions, and its student population is growing rapidly. The demand from second and third-year students to remain in purpose-built accommodation is also increasing, and there is a clear need for additional, quality student beds in the city."
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Good Energy Group PLC - Chippenham-based renewable energy utility - Ecotricity Group Ltd notes it has received 2.5% acceptances in ongoing takeover bid. With Ecotricity stake, this means total acceptances at 27.5%. Company has previously rejected Ecotricity bid of 400 pence per share, worth GBP69.9 million. Says bid "still undervalues Good Energy and its longer-term prospects." Adds that "Ecotricity is an unfit owner with an unsuitable plan from the point of view of the company."
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Petroneft Resources PLC - part-owner and operator of two licences in the west Siberian oil basin - Starts exporting oil from 50%-owned Licence 61 in the Tomsk Oblast, Russia. To export between 25% to 30% of its production from Licence 61. Chief Executive David Sturt says: "This is a fantastic achievement by our team in Tomsk, it enables the company to diversify market risk by allowing us to dynamically select between either the domestic or the Asian export market for our crude sales. This will provide the company with the potential to further improve margins which is especially beneficial within the Russian production tax system where MET is a fixed rate per ton of oil produced that is set by the state depending mainly on the international oil price, so any improvements in margins are retained by the company."
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TP Group PLC - Hampshire, England-based consulting, software and engineering company - Notes independent corporate governance advisor, Institutional Shareholder Services, recommends shareholders vote against all the resolutions proposed by Science Group PLC at upcoming requisitioned general meeting, being held on October 1. Chief Executive David Lindsay says: "We welcome this recommendation by a leading independent corporate governance advisor to vote against all resolutions. They too believe that the appointment of the Science Group nominees would erode the independence of the board and highlight that Science Group has not put forward a compelling rationale for why their involvement is preferable to the status quo particularly given that we are well positioned to increase shareholder value with a refined growth strategy."
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Wildcat Petroleum PLC - seeking investment opportunities in upstream petroleum - Appoints Guild Financial Advisory Ltd as financial advisor. "Guild will primarily advise WCAT on its obligations as a public company as it continues to execute on its oil strategy over the coming months," company explains. Notes its blockchain plans, including possible token offering, will not take place before it implements investment strategy to acquire an upstream oil and gas asset.
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Oxford Cannabinoid Technologies Holdings PLC - London-based cannabinoid medicine company - Reschedules release date for final results for year ended May 31. Says: "Requires some additional time to finalise its work, due to delays caused by Covid-19 in the team and is now anticipating releasing its final results by Wednesday, October 13." Expects results in line with internal expectations.
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First Property Group PLC - London-based property fund manager and investor - Reports 73% of office space for sold Warsaw, Poland building now been leased. When company sold the building it guaranteed the rent and service charge income for the vacant office and ancillary space in the building together with the fit-out costs of this space. The guarantee amounted to some EUR1.2 million per annum in income for five years to April 2025 and up to EUR1.5 million for fit-out costs. Set aside GBP2.3 provision, but maximum liability over the remaining life of the guarantee will reduce to some EUR1.4 million. Chief Executive Ben Habib says: "It is a remarkable achievement to have made such inroads into this liability so shortly after the end of lockdowns in Poland. This is a testimony to the strength of the Polish economy and office market as well as our team on the ground." Adds: "I expect the results for the year to March 31, 2022 to be significantly better than those for last year, in line with management expectations."
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Alba Mineral Resources PLC - exploration company with assets in Greenland, Ireland and the UK - Spin out of Greenland assets into separately listed company picking up pace. GreenRoc Mining PLC to start trading on London's AIM on September 28. GreenRoc is to buy Greenlandic mining assets of Alba Mineral Resources. GreenRoc Mining issues 111.2 million shares at 10p each and expects a market capitalisation of GBP11.1 million upon admission. Alba Non-Executive Director Lars Brunner steps down to focus on GreenRoc.
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Kistos PLC - London-based energy sector investor - P15-D platform resumes after planned four-week maintenance shutdown. "In turn, this has allowed the resumption of gas export from the Q10-A gas field, which is operated by Kistos with a 60% working interest," company says. Chief Executive Andrew Austin adds: "I am pleased that TAQA has completed maintenance operations at P15-D on schedule and that we have been able to restart production from Q10-A on time. This and our ongoing drilling programme, which includes work designed to enhance output from the Q10-A area, will allow us to realise enhanced returns from the prevailing gas prices during the remainder of 2021 and into 2022."
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Enteq Upstream PLC - Buckinghamshire-based oil and gas services provider - Expectations for full year unchanged. "With the price of a barrel of WTI oil remaining relatively steady at approximately USD70, the North American rig count has risen from 430 in early April 2021 to the current level of approximately 510. The rotary steerable system drilling activity in North America has continued to outpace growth in the rig count. This region is expected to be a key market for Enteq's forthcoming Steer At Bit Enteq Rotary product," company explains. Changes name to Enteq Technologies. Chief Executive Andrew Law adds: "We are pleased to see initial recovery of our customer base in North America. The continued strength of Enteq's balance sheet positions us well to rapidly respond to further increases in customer demand."
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By Paul McGowan; paulmcgowan@alliancenews.com
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