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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Resolute Mining Ltd - Perth-based gold miner in Africa - Notes a recent Australian Financial Review article in relation to a potential equity raising. Says that it continuously reviews potential sources of funding, including debt and equity but has made no decision to seek alternative sources of funding.
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CVC Income & Growth Ltd - investment firm - Tenders 2.7 million euro shares at a tender price of EUR0.8884 per share. Tenders 4.0 million sterling shares at a price of GBP0.9705 each. Anticipates that payment for the September tender will be made on November 16.
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Corcel PLC - London-based mining and mineral resource development company - Enters into a memorandum of understanding for the reorganization of its battery metal mining interests in PNG into a new carried battery metal-led Asian joint venture. Intends to own 50% of the proposed JV. "We believe this proposed PNG restructuring, with its associated carry, and an ultimate Singapore listing, is the best way to bulk up and ultimately unlock the significant value in our battery metals portfolio," Executive Chair James Parsons comments.
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MetalNRG PLC - London-based investor in natural resources and energy - Says its application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd was granted by the High Court. Says the judge refused an application for leave to appeal made to her by the defendants. In January, it filed and served civil legal proceedings in the High Court against BritENERGY, Pierpoalo Rocco and BritNRG Ltd for a declaration and the recovery of monies paid to the LLP in 2021. Further, it demanded the repayment of investment made into BritENERGY after discovering that former board member Rocco held a substantial stake in a joint venture, which was not disclosed.
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Valereum PLC - Gibraltar-based AQSE-listed firm which links mainstream currency products denominated in USD and GBP into crypto currencies - Pretax loss in the first half of 2022 widens to GBP1.0 million, from GBP501,478 a year before. Administrative expenses jump to GBP1.0 million from GBP519,532. Records no revenue in the period from GBP11,210. "We remain focused on establishing the Gibraltar Stock Exchange not only as one of the world's first fully regulated exchanges crossing the digital divide, but also linking into markets not touched by other European exchanges. Combined with our plans for an NFT platform and listing on another European market, we believe we have the technology and experience to execute our plan and deliver value for shareholders," Chair Richard Poulden says.
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Audioboom Group PLC - London-based podcast producer - Records total revenue of USD57.1 million in the nine months to September 30, up 44% versus USD39.7 million a year ago. Attributes this to strong growth in its new global advertising marketplace Showcase. Revenue in its third-quarter fell to USD16.2 million from USD16.9 million, as global economic headwinds hurt advertising demand. Earnings before interest, tax, depreciation, and amortization more than doubles to USD2.7 million from USD1.2 million. "Despite a challenging quarter due to a downturn in the advertising market caused by deteriorating macro-economic conditions, Audioboom has continued in its mission to deliver value for podcast creators and advertisers while continuing to generate positive adjusted Ebitda and increasing cash reserves, reinforcing the robustness we have developed within the company," Chief Executive Stuart Last says.
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Atalaya Mining PLC - Cyprus-based copper producer - Mines a total of 3.6 million tonnes of ore during the third quarter of 2022, flat on the second quarter. Mines 5.8 million tonnes of waste, down versus 6.7 million tonnes, quarter-on-quarter. Continues to advance its exploration programme at Proyecto Masa Valverde. Remains fully committed to the development of the Touro copper project in Galicia. "Regardless of current challenges, we remain excited about many growth opportunities within Atalaya's asset portfolio and confident on the outlook for copper. It is evident that more copper supply will be required to fuel the global energy transition, and that high-quality assets in safe jurisdictions will become increasingly scarce. These views are clearly shared by the diversified majors, who have been active in pursuing copper growth in recent months," Chief Executive Alberto Lavandeira says.
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Foresight Sustainable Forestry Co PLC - London-based forestry investment trust, managed by private equity firm Foresight Group LLP - Buys five properties costing GBP7.9 million over the last two months. The acquisitions increase its portfolio by roughly 700 hectares and its total portfolio now covers 9,751 hectares. "Recent market volatility has created increased uncertainty within equity and debt markets. Whilst we believe that UK forestry is relatively resilient to market turbulence, it is of course important that we consider all potential impacts in our strategic decisions and as we carefully grow our UK portfolio. We will be closely monitoring market developments and remaining dynamic in our approach to the management of the company," Co-Heads Richard Kelly and Robert Guest says.
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Cordel Group PLC - London-based artificial intelligence platform for transport corridor analytics - Pretax loss in the year ended June 30 broadly flat at GBP1.2 million. Employee benefits expenses jump to GBP2.2 million from GBP1.7 million. Revenue rises 34% to GBP2.3 million from GBP1.7 million. Attributes this to a stronger second half. "Building on momentum from financial 2021, we enjoyed increasing engagement with our target markets in financial 2022, however, customer decision timeframes were unusually stretched out, impacting revenue. A stronger second half led to an overall 34% revenue growth, but importantly we now hold a sizeable sales pipeline resulting from the decision backlog," Chief Executive Nick Smith says.
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Ironveld PLC - South Africa-focused exploration and development company - Says Enernet installed a pre-operations power supply at the Rustenburg smelter that is being used to test and recommission the plant. Says the smelter refurbishment is on schedule and first production is anticipated in the first quarter of 2023. Expects the full completion of Enernet's optimised power solution in the third quarter of 2023.
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Downing Renewables & Infrastructure Trust PLC - investor in solar parks, wind farms and hydroelectric plants in UK, Sweden and Finland - Notes that the UK government's proposal to introduce a "cost-plus-revenue limit" on renewable generators and the European Commission's proposal for price caps for renewable generators. Expects that roughly 59% of its revenue to 2025 from 2023 will come from its UK portfolio. Adds that this will decrease to 46% in the period to 2035 from 2026.
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City Of London Investment Trust PLC - aims for long-term growth in income and capital by investing in London-listed equities - Funds under management as at September 30 stands at USD8.51 billion, down versus USD9.22 billion as at June 30. Attributes decline largely to wider discounts in very weak market conditions. Declares a final dividend of 22 pence per share, bringing its total dividend to 46.5 pence, up from 33p a year before.
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By Abby Amoakuh; abbyamoakuh@alliancenews.com
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