(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Dunedin Enterprise Investment Trust PLC - investor in UK mid-market management buyouts - Net asset value per share ends September 30 at 546.2 pence each, up from 496.5p three months earlier. Notes NAV total return in third quarter of 10%. "The increase in net asset value in the quarter can be attributed to valuation increases at GPS, of GBP800,000, and RED, of GBP2.5 million, offset by a valuation reduction at FRA, of GBP700,000, and an increase on the provision for carried interest, of GBP1.6 million," company explains.
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Octopus Renewables Infrastructure Trust PLC - UK-based closed-ended investor in renewable energy assets - Hoping to raise up to GBP73.9 million from issue of 70.0 million shares at 105.5 pence each. Notes part of placing will see shares offered on the Peel Hunt Retail Capital Markets 'REX' portal. "The investment manager has identified a number of renewable energy assets with an aggregate value of approximately GBP1.5 billion which the Investment Manager considers would meet the company's investment policy and therefore would potentially be suitable for acquisition by the company," company says. Placing could represent up to 14.1% of total issued shares.
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JPMorgan Elect PLC - investment firm with three share classes: Managed Growth, Managed Income and Managed Cash - Managed Growth net asset value per share ends August 31 at 1,119.1 pence versus 851.9p at same point year before. NAV return of 34% outpaces benchmark growth of 26.8%. Managed Income NAV per share rises to 111.6p from 87.6p, with return of 33.9% ahead of benchmark adding 26.9%. Managed Cash broadly flat at 103.2p versus 103.8p. Chair Steve Bates says global equity markets influences are "broadly positive" but "very high returns of the past year will prove a hard act to follow."
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Kier Group PLC - Sandy, Bedfordshire-based construction and infrastructure services - Over 26% of shareholders vote against director remuneration report. "Prior to the AGM, the company conducted an extensive consultation with its largest shareholders on directors' remuneration proposals and the remuneration committee will continue to reflect carefully on the points that they have raised. The remuneration committee will engage further with the company's shareholders and the proxy advisers to understand their views. The company will publish an update within the next six months on the views it has received from shareholders and the actions it has taken, or proposes to take, in response," company says.
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J Smart & Co (Contractors) PLC - Edinburgh-based construction contractor - Pretax profit in year to July 31 surges to GBP14.9 million from GBP4.1 million. Notes profit bump was attributed to unrealised surplus in revalued property and a surplus in revalued financial assets. Revenue falls to GBP10.4 million from GBP16.8 million. Construction revenue drops to GBP12.3 million from GBP19.2 million. Total annual dividend flat at 3.22 pence. "We have similar work in hand in contracting as at the same time last year. Whilst we have a number of potential new contracts, it remains to be seen, due to the rise in construction costs and general delays in the development process, when these new contracts will commence," Chair David Smart says. Adds: "At this stage it is difficult to make an informed forecast for the outcome of the year to July 31, 2022. The lull in contracting work and private housing will result in an erosion in profits due to a lack of recovery of overhead costs. This erosion in profit will be further exacerbated by the increase in material costs."
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Autins Group PLC - Warwickshire-based supplier of acoustic and thermal management technology for the automotive industry - Raises GBP3.0 million from placing 15.0 million shares at 20 pence per share. Placing represents 21.6% of company's issued share capital. Chief Executive Gareth Kaminski-Cook says: "Despite significant challenges, the group experienced some recovery in the automotive sector in H121, and we are pleased to see continued growth in Germany throughout the year. Encouragingly, sales to the flooring market and of Neptune technology products have continued to grow year on year. In H221 the automotive market has been significantly disrupted by the semi-conductor crisis and our associated revenues and profit have been adversely impacted. Given the short to medium term uncertainty on the timing of recovery of chip supply, the board has decided, in the best interest of all stakeholders, to raise GBP3 million gross to support the business ahead of recovery of the automotive market and to build on momentum seen within our commercial growth projects."
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Blue Prism Group PLC - Warrington-based robotic process automation firm - Vista Funds confirms it has acceptances for its Blue Prism takeover offer representing 19% of shares. The acceptances follow Lead Edge Capital's continued disposal of Blue Prism shares. The announcement by Vista comes after SS&C Technologies Holdings's offer of 1,200.00 pence per share approach for the company. SS&C's offer made on Wednesday is 6.7% higher than Vista's offer of 1,125.00p that was agreed in September. Vista Funds acceptances for own offer is down from 21% on Wednesday and down from 22% on October 27 after Lead Edge Capital Management LLC disposed of shares.
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Ilika PLC - solid-state battery technology firm - Notes loss in first half widens to GBP2.7 million versus GBP1.0 million loss a year before on back of reduced revenue and the increase in operational costs associated with the commissioning of the Stereax manufacturing facility and an intensification of the Goliath development programme. Chief Executive Graeme Purdy says: "Despite ongoing supply chain disruptions and the operational challenges posed by the restrictions accompanying the Covid-19 pandemic, Ilika has progressed both the implementation of its manufacturing plans for Stereax and accelerated the development of its Goliath large format cells. We look forward to maintaining the on-schedule implementation of our plans in the second half of our current financial year and updating the market on our progress."
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BlueRock Diamonds PLC - Kareevlei diamond mine in the Kimberley region of South Africa - Restarts operations at Kareevlei diamond mine following move by South African government to shut it down this week. Says old plant has been closed and the transfer and fitting of two pans from the old plant to Line 2 on the new plant has commenced. Guidance for 2021 of between 22,000 and 26,000 carats produced unchanged but says it will be at lower end of range. "The suspension has impacted near term cashflow expectations, exacerbated by the fact that there is no planned diamond tender in Kimberley in December 2021. The company is assessing how best to meet its working capital needs over this period including the potential to finance December 2021 production through its existing relationship with Delgatto Diamond Finance LLP subject to progressing certain administrative matters," company adds.
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By Paul McGowan; paulmcgowan@alliancenews.com
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