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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Says it has entered into a strategic alliance with Alianza Minerals Ltd for the identification and advancement of copper projects in the southwestern US. Also says it has been successfully executing its project generator model across the resource sectors, with 13 of 17 projects in its growing portfolio being advanced by partners. Investors in Cloudbreak have exposure to in excess of CAD5 million of exploration expenditures being incurred by its partners in the coming 12 months.
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Burford Capital Ltd - Illinois, US-based finance to the legal market provider - Says it expects to report a 2021 net loss following continued court delays affecting progress of portfolio matters, and a net loss in the first half. Burford expects a net loss of between USD70 million and USD80 million for 2021 given slow case progress. The company adds it had a strong year for new business, with new deployments increasing to USD841 million from USD595 million in 2020 and new commitments rising to USD1.1 billion from USD758 million.
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River & Mercantile Group PLC - London-based advisory and asset management company - Says it has received notice from a client of its equities asset management business of the client's intention to redeem GBP927 million of assets managed across several global equity strategies. The assets to be redeemed represent annualised revenue of GBP2.8 million. Ended June 30 with fee earning assets under management of GBP47.6 billion.
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Lords Group Trading PLC - London-based distributor of building, plumbing, heating and DIY goods - Says it has inked an exclusivity agreement for the potential acquisition of a Buildbase branch in Sudbury, Suffolk, which it plans to bring integrate its Hevey Building Supplies Ltd subsidiary. The total consideration payable of no more than GBP2.2 million would be met from the company's existing cash resources.
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SolGold PLC - Brisbane, Australia-based developer of copper-gold deposits in Ecuador - Says loss for six months to December 31 sharply widens to USD17.8 million from USD9.2 million. Does not generate any revenue in period. Attributes loss to higher administrative expenses.
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San Leon Energy PLC - independent oil and gas production, development and exploration company focused on Nigeria - Says that it has provided a further loan of USD2.0 million to Energy Link Infrastructure Ltd, the company which owns the Alternative Crude Oil Evacuation System project. ACOES is being constructed to provide a dedicated oil export route from the OML 18 oil and gas block located onshore in Nigeria. San Leon has now lent a total of USD17.0 million to ELI with a coupon of 14% per annum and from which repayment installments totalling USD6.0 million are now due.
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Frenkel Topping Group PLC - Manchester-based professional and financial services firm focused on asset protection - Says it made excellent progress in 2021, driven by organic growth, high levels of new business and complementary strategic acquisitions. It expects that trading for the full year will be in line with management expectations, reporting revenue of GBP18 million, up from GBP10 million in 2020 and adjusted Ebitda of GBP4.5 million, up from GBP2.5 million. The company had GBP8.6 million of net cash at the year end. Trading in 2022 has started positively benefitting from the continued momentum built in 2021 and has had a strong start to the year with a solid pipeline of new business opportunities, it adds.
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Baronsmead Venture Trust PLC - venture capital trust investing in UK businesses - Says Chair Peter Lawrence is to step down on March 31 and will be replaced by Fiona Miller Smith.
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Kazera Global PLC - diamonds and rare earths explorer in South Africa and Namibia - Kazera posts a record output for the most recent production cycle, which spanned December to January. Diamond production during the period reaches 1,000 carats, markedly ahead of the previous record of 242 carats.
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Red Rock Resources PLC - natural resource development company with interests in gold and base metals in Africa and Australia - Says copper and cobalt were found in a wide-spaced reverse circulation drill programme that has "greatly exceeded" expectations at the Luanshimba copper-cobalt project in the Haut-Katanga Province of the Democratic Republic of Congo. Notes several holes ended as entering promising pyrite and chalcopyrite mineralisation. The next stage of exploration will need to include diamond drilling to increase structural understanding and to test for copper and cobalt bearing ores deeper in the sequence.
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PetroTal Corp - oil and gas production and exploration in Peru - Says it has seen significant increases in all reserve categories in 2021 for the Bretana oil field in Peru. Proved reserves increased by 68% to 37.4 million barrels. Net present value is USD724 million, or USD19.38 a barrel, for 1P reserves. "Based on the increased recovery factors and additional booked drilling locations, we have significantly extended the running room and future development potential of our asset. This should allow Bretana to generate free cash flow for a much longer period of time," says Chief Executive Officer Manuel Pablo Zuniga-Pflucker.
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Minoan Group PLC - Surrey-based Greek hotel investor - Says it has appointed George Mergos, a professor Emeritus at the University of Athens, as a director to the boards of both the company and its subsidiary Loyalward Ltd. Minoan says is continuing to "fine tune" its plans and to has deepened its relationship with the professional advisory firm, Deloitte, who are currently completing the work on refining business plan. This has included reviewing and updating the architectural plans, the calculations on rates of return and other key aspects of the business model.
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Oncimmune Holdings PLC - Nottingham-based immunodiagnostics developer - Says it has signed a further commercial contract under its existing master services agreement with an unnamed pharmaceutical company, profiling over 350 chronic idiopathic urticaria patients for biomarkers to characterise disease and stratify patients for therapy. Under the terms, company's ImmunoINSIGHTS will profile the Immunoglobulin G autoantibodies present in over 350 CIU patients.
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Orosur Mining Inc - South American-focused gold developer and explorer - Says it has signed an exploration & joint venture agreement with private Argentinean company Deseado SAS and its shareholders in relation to the El Pantano gold project in the province of Santa Cruz, Argentina.
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Honeycomb Investment Trust PLC - asset secured loans investor - Says its board and the shareholders of Pollen Street Capital Holdings Ltd have reached agreement on the terms of a recommended all-share combination. Honeycomb's external investment manager is a member of the Pollen Street. Honeycomb shareholders will hold 54.5% of the enlarged company, while Pollen Street shareholders will own the equivalent of 45.5% of the company's enlarged share capital.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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