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TRADING UPDATES: Pittards to raise GBP1.5 million as aims to refinance

Thu, 29th Jun 2023 20:15

(Alliance News) - The following is a round-up of updates by London-listed companies, issued Thursday and not separately reported by Alliance News:

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Horizonte Minerals PLC - Nickel company developing two assets in Brazil - Announces a construction milestone has been achieved at its 100%-owned Araguaia nickel project in Brazil, following the successful delivery to site of the rotary kiln, a key long lead item. Chief Executive Jeremy Martin says: "The rotary kiln is a key part of the process flow sheet at Araguaia. Its safe delivery to site is therefore an important milestone in the construction schedule given it is one of the key long lead packages."

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Touchstone Exploration Inc - Calgary, Canada-based oil and gas company focused on Trinidad & Tobago - Provides an update on the construction of the Cascadura facility and Royston-1X production testing in which it has an 80% working interest. Says construction of the Cascadura natural gas and liquids facility is progressing and has completed the second production test of the Royston-1X well. Notes production flowed to the surface at non-commercial rates. Says this section of the formation appears to be a low permeability reservoir, and further testing will not be conducted. Adds the next well test will target a gross interval of 106 feet within the intermediate sheet, which is the primary target of the well.

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Directa Plus PLC - London-based graphene product maker - Granted two new Italian patents, the EP patent, which relates to the 'apparatus for treating materials with plasma', and the ET patent, which relates to the 'composition comprising graphene for the treatment of textile articles'. Says this represents a step forward in Directa Plus' intellectual property strategy and protects the company's unique production process and the evolution of its graphene technology. Directa Plus' IP portfolio now comprises of 22 patent families, with 84 patents granted and 38 patents pending, company says.

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Pittards PLC - Yeovil, Somerset-based leather and leather goods producer - Says terms for the restructuring of the existing debt facilities for its UK business have been agreed with Lloyds Bank, for approximately GBP10.1 million. The existing overdraft facilities have been restructured into a two-year term loan of GBP7.7 million, with the other facilities remaining largely unchanged. The proposed new debt facilities are conditional on the company completing an equity fundraise of GBP1.5 million. Says plans for the equity raise are underway and include discussions with a cornerstone trade investor.

But, warns should it be unable to complete the fundraising, the prospects for recovery of value, if any, by shareholders would be uncertain. Adds audit of results for year to December 31, 2022 will not be completed in time to meet AIM listing rules. Therefore, trading in shares will be suspended on July 3.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

More News

15 May 2014 13:55

REPEAT: Pittards Slides As It Warns Of Further Dollar Weakness Hit

LONDON (Alliance News) - Leather goods maker Pittards PLC Thursday warned that its profit for the first half of the year will be lower than the first half of last year as it continues to be hit by dollar weakness, but it said orders are picking up and it expects a stronger result in the second ha

15 May 2014 11:36

Pittards Slides As It Warns Of Further Dollar Weakness Hit

18 Mar 2014 13:07

Pittards Pretax Profit Up As It Sells More Profitable Products

LONDON (Alliance News) - Leather goods maker Pittards PLC Tuesday reported a jump in 2013 pretax profit as it sold a higher proportion of more profitable goods and kept tight control on its costs. The company reported a pretax profit of GBP1.7 million for 2013, up from GBP0.3 million in 201

18 Mar 2014 08:58

Tuesday broker round-up UPDATE

Antofagasta: Investec places its target price (prev.: 753p) under review, while leaving its sell recommendation unchanged. Ashtead Group: Credit Suisse raises target price from 1000p to 1100p and stays with its outperform rating. UBS increases target price from 875p to 1020p retaining its buy recom

19 Feb 2014 09:01

Pittards Says FootJoy Has Launched New Golf Shoe In US

LONDON (Alliance News) - Luxury leather goods and shoes producer Pittards PLC said Wednesday that one of its major customers, Footjoy, has launched a new golf shoe product in the US. Pittards said the product represents the latest stage in its ongoing relationship with the major golf shoe s

6 Feb 2014 13:18

UK MIDDAY BRIEFING: Stocks Rising Again, Vodafone Leads FTSE 100

LONDON (Alliance News) - The FTSE 100 is up for a second day Thursday as the rebound from the heavy losses in equity markets in the previous five days continues, with positive reports from the likes of Vodafone and Smith & Nephew helping London's blue-chip

6 Feb 2014 11:33

Pittards Up As It Brings Mulberry Chairman On To Board; Warns Of Sterling Hit

LONDON (Alliance News) - Leather and luxury goods producer Pittards PLC saw it shares rise Thursday as it appointed Godfrey Davis, the chairman and former chief executive of luxury goods company Mulberry Group PLC, as a non-executive director. Davis "brings a wealth of experience in the lux

6 Feb 2014 10:02

UK BROKER RATINGS: Credit Suisse Raises Reckitt To Outperform

LONDON (Alliance News) - The following UK shares received analyst recommendations Thursday morning and Wednesday afternoon:
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FTSE 100
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S&P CAPITAL IQ CUTS BG GROUP PRICE TARGET TO 1050 (1063) PENCE - 'SELL'
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CRED

6 Feb 2014 09:23

Thursday broker round-up UPDATE

ARM Holdings: HSBC reduces target price from 1120p to 1080p and stays with its overweight rating. Avon Rubber: WH Ireland raises target price from 650p to 765p and stays with its buy recommendation. Balfour Beatty: Liberum Capital ups target price from 300p to 350p retaining its buy recommendation

14 Oct 2013 14:15

DIRECTOR DEALINGS: Pittards Non-Executive Buys Shares

27 Sep 2013 12:59

Pittards Rejects Cash Offer As Undervaluing Its Business

27 Aug 2013 09:37

Pittards pleases as profits return to normal levels

Shares in leather producer Pittards leapt on Tuesday after the group pleased investors with a return to 'more normal' levels of profit and a rise in net assets following a successful period of transition last year. Revenues for the half-year to June 30th edged £0.1m higher to £18.4m year-on-year,

19 Mar 2013 08:00

Pittards profit declines as costs rise

Leather goods retailer Pittards reported a drop in full year profit, after it was hit by a spike in hide and skin prices, but it remains confident its core strategy will lead to improved performance in the near future. Pre-tax profit, before restructuring costs, fell to £0.3m for the year ended Dec

19 Sep 2012 11:23

Pittards profits leathered by Ethiopia tax

Leather goods firm Pittards said it had succeeded in breaking even in the first half after being hit by export taxes imposed by the Ethiopian government. Exports from Ethiopia represent 93% of the company's sales and the government there has put a 150% tariff on crust leather exports. Despite thi

22 Mar 2012 15:19

Brooks Macdonald co-founders ditch 385,000 shares

Three of the founders of Brooks Macdonald, an AIM-50 wealth management group, have sold a total of 385,000 shares for 1,275p, but insisted they remain 'fully committed' to the company. Chris Macdonald, the Chief Executive, reduced his stake by 150,000 shares, Richard Spencer by 130,000 and Jonatha

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TRADING UPDATES: Pittards to raise GBP1.5 million as aims to refinance

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