(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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Saietta Group PLC - Bicester, England-based electric motor technology developer - Revenue for half-year to September 30 jumps to GBP795,142 from GBP56,303 year-on-year, and pretax loss widens to GBP5.2 million from GBP953,676. Says loss reflects that the company is at early commercialisation stage and includes significant share options and IPO-related costs. Floated on AIM in July 2021. Says it is on track to ramp up UK-based production capacity to target of 100,000 units per year by 2024. "With momentum from contracts secured to date and the successful launch of Propel's marine motors directly into distribution and retail, management is confident of achieving its targets for the year ended 31 March 2022," company says.
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Geiger Counter Ltd - Jersey-based investor in uranium exploration and production stocks - Net asset value per share stands at 46.44p at end of September, surging from 16.47p a year ago. Says sentiment and momentum remained strong over second half of the financial year. "Your board and the investment managers remain confident that your Company has a portfolio of leading companies involved in the mining and supply of uranium and that attractive opportunities remain available to them. Power output from nuclear generation continues to rise and governments around the world are looking to nuclear power to provide both a base load for energy to supplement renewal sources and to reduce more polluting energy generation such as coal," firm says.
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Income & Growth VCT PLC - London Main Market-listed venture capital trust - Net asset value per share 110.45p at September-end, up from 70.06p a year ago. NAV total return for year was 51%. "Although this period has been marked by continued challenges, the portfolio has proven to be resilient and adaptive in facing them," company says. Dividend for year is 9.00p, down from 14.00p the year before but again beating its annual dividend target of at least 6.00p.
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Gore Street Energy Storage Fund PLC - energy storage fund - Says net asset value per share rises to 103.3p at end of September from 100.9p at end of March. "I am delighted to report that Gore Street has had another exceptional period of successful growth as we continued to consistently deliver against our strategy and targets, providing attractive returns to our investors in an important sector, underpinned by significant environmentally-focused tailwinds," says Alex O'Cinneide, chief executive of Gore Street Capital, the investment adviser to the company. Looking ahead, says company could reach 1 gigawatt capacity by year end with the acquisition of as few as four new projects in the coming months.
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Ediston Property Investment Co PLC - invests in commercial property in the UK - Reports EPRA NAV per share of 89.6p as at September 30, up from 86.01p a year before. NAV total return for the year 9.6% and annualised dividend per share 4.42p, down from 4.88p. However, says dividend was increased by 25% to 5.00p annualised from May 2021. "With an improving NAV, an increased dividend level and significant progress in realigning the portfolio, the Company is in a better position than last year, with its asset allocation already tilted to a segment of the market that is recovering strongly," says Chair William Hill.
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Panther Securities PLC - property investor - Has collected over 90% of debt due in respect of rental income changes from the first lockdown in March 2020 up to November 30, 2021. Says pre-Covid levels estimated to be 95%. "Recent events and in particular the latest Covid-19 variant could potentially reverse some of the progress made, but the income generation from the group's portfolio was resilient through the initial waves and lock downs of 2020, and the board does not believe that the current situation will be as uncertain as the initial impact created by Covid-19," company says. Confirms it will pay interim dividend for 2021 of 6p per share.
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Sopheon PLC - enterprise software provider - Buys business and assets of ROI Blueprints LLC, a cloud-based solution focused on detailed enterprise planning and execution, for an initial USD1.5 million in cash and a contingent deferred earn-out of up to USD1.5 million in a mix of cash and shares. "Integrating the ROIB solution with Sopheon's Accolade product will extend the value of Sopheon's offering and expand market reach. It will also further accelerate Sopheon's migration towards cloud and SaaS," the firm says. On trading, says it expects revenue and Ebitda for 2021 to be "comfortably in line with market expectations".
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Helium One Global Ltd - London-based exploration & development company - Has completed 188.5 line kilometres, or 94%, of the originally planned 200 line kilometre Phase II 2D Seismic Campaign at Rukwa. "Following encouraging early results, the company has decided to extend the survey with an additional 20 line kilometres of 2D Seismic to secure additional data over promising targets within the previously unsurveyed Momba area," it says. Adds that it remains well funded for current exploration activities. On results publication, says there have been audit delays due to pandemic and as such company has been granted extension of up to three months to release financial results for year to June 30. Plans to publish these as soon as possible, and by no later than March 31.
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NetScientific PLC - London-based life sciences and sustainability, technology investment and commercialisation firm - Buys 75% stake in Cetromed Ltd, a life sciences holding company with several portfolio companies spun out of the University of Leuven, Belgium, for GBP192,390 in shares and warrants. "The acquisition of the majority stake in Cetromed will result in further internationalisation of NetScientific's portfolio and exposure to a key European high-tech cluster around University of Leuven, whilst being consistent with the Group's capital light strategy," says NetScientific.
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Tufton Oceanic Assets Ltd - London-based maritime assets investor - Agrees to sell Containership Swordfish for USD19 million. Swordfish was acquired in January 2018 for USD10.3 million as one of the company's first two investments together with the Containership Kale, and it will be the firm's seventh divestment. Realised net IRR on the sale will be 27%.
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Tern PLC - investor focused on the internet of things - Says portfolio company InVMA Ltd has completed GBP2.1 million equity raise and is being renamed to Konektio. Tern invests further GBP200,000 as part of the raise, bringing its stake to 36.8%. "We are very pleased that InVMA, now being renamed Konektio, has secured a significant institutional investment in order to fund the next phase of its growth. We welcome the Mercia and Foresight funds as our partners, alongside the management and founders of Konektio, to help the business achieve its significant potential," says Tern Chief Executive Al Sisto.
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Urban Logistics REIT PLC - specialist UK logistics real estate investor - Puts recent equity raise to use with acquisition of four assets for GBP28.6 million at a 5.82% average net initial yield. The value accretive assets include three immediately income-producing properties and the forward funding of a development project.
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Target Healthcare REIT PLC - care homes property investor - Has completed acquisition of major portfolio of 18 operational modern care homes, representing in excess of 1,200 beds and generating annual contracted rent of GBP9.2 million. Combined with previously noted acquisition of a pre-let development site in Weymouth, says total investment during the quarter has been GBP173 million.
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Deltex Medical Group PLC - Chichester-based medical probes maker - Says UK subsidiary, Deltex Medical Ltd, is notified of successful UK Smart Award application by Innovate UK. The Smart Award relates to development of a hand-held, non-invasive ultrasound device for improved haemodynamic management of hospitalised patients. The total gross eligible project costs for the Smart Award are GBP494,000, of which 70% will be reimbursed to Deltex by Innovate UK.
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Bluejay Mining PLC - mineral exploration and development in Greenland and Finland - Receives, in full, disputed VAT refunds due under the tribunal hearing process for the period 2012-2021, with HMRC also withdrawing the last outstanding objections to the remaining VAT claims. "Importantly, this formal withdrawal by HMRC from the Upper Tribunal appeal, means the case is now closed, thereby allowing the company to continue to reclaim VAT on its activities in connection with its projects in Finland and Greenland," it highlights.
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Helios Underwriting PLC - investment vehicle that consolidates underwriting capacity at Lloyd's - Buys Exalt Underwriting Ltd for GBP409,550 in cash and shares. Says deal is in line with "strategy of increasing underwriting capacity through acquisition".
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Baronsmead Venture Trust PLC - venture capital trust investing in UK businesses - Says it has raised initial GBP25 million in subscription and, on basis that pipeline for prospective investments in 2022 is strong, will utilise over allotment facility to raise additional GBP12.5 million. Baronsmead Second Venture Trust PLC also expects to have raised GBP25 million and plans to raise further GBP12.5 million.
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Integrated Diagnostics Holdings PLC - consumer healthcare firm with operations in Egypt, Jordan, Sudan, and Nigeria - To buy 50% stake in Base Consultancy FZ LLC, the holding company of Islamabad Diagnostic Centre (Private) Ltd, for USD72.4 million. IDC is one of Pakistan's largest integrated diagnostics providers, it says. Is buying stake from Evercare Group. "This is directly in line with the Company's geographic expansion strategy to penetrate new, fast-growing emerging markets characterized by favourable demographics and an underpenetrated diagnostics sector," firm says, adding deal should close in first half of 2022.
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Life Science REIT PLC - life science property investor - Has completed the acquisition of freehold to further three buildings at Cambourne Business Park near Cambridge. The purchase price of GBP50.1 million, excluding acquisition costs, was satisfied in cash and reflects a net initial yield of 5.5%. Following this, company's office and laboratory space at the park exceeds 230,000 square feet across six adjoining properties, representing 100% of the commercial property on the site.
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Zephyr Energy PLC - Newbury, England-based exploration & production company - Due to pandemic-related disruption, now expects acquisition of non-operated working interests in the Williston Basin, North Dakota, to close in January, having previously been expected to close on Wednesday. "Although the completion has been delayed, the company has made excellent progress towards securing the structured debt funding necessary for completion," it highlights.
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i3 Energy PLC - oil & gas company with assets and operations in the UK and Canada - Unveils Canadian capital budget of USD47 million for 2022, aiming to deliver 17 gross wells across its portfolio in Central Alberta, Marten Hills, Simonette, and Wapiti, and incremental peak production of up to 5,250 barrels of oil equivalent per day. Forecasts average 2022 production above 20,000 barrels per day and peaks reaching 21,000 barrels. Commits to paying minimum of GBP11.8 million in dividends during 2022, equating to 1.05p per share. "Following an intense period of technical work to evaluate our portfolio in Canada, we look forward to a very busy 2022," says Chief Executive Majid Shafiq.
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Horizonte Minerals PLC - nickel development company focused in Brazil - Receives valid acceptances in respect of 2.3 million open offer share at price of 7.0p each, raising USD220,000. This brings total equity fundraise total to GBP147 million before expenses.
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Hummingbird Resources PLC - gold production, development and exploration focused on West Africa - Has analysed 12,800 metres of of multiple assays from the Sanioumale West deposit and assays from the initial drilling completed at greenfield deposits Kama and Diaban at Yanfolila. Says results show significant grade and depth, such as 8 metres at 20.82 grams per tonne at the SW deposit. Adds that further assays have recently been received from the Sanioumale East deposit drilling campaign at Yanfolila which, once fully reviewed, are expected to be reported in the first quarter of 2022.
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By Lucy Heming; lucyheming@alliancenews.com
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