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TRADING UPDATES: Home REIT cuts borrowings, Genflow shares restored

Wed, 08th May 2024 21:42

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


Synergia Energy Ltd - Perth, Australia-based gas producer - Says that it believes "all the necessary formalities have now been processed" for the Government of India to issue approval for the transfer of a 50% interest in Synergia's Cambay Field production sharing contract to Selan Exploration Technology Ltd, following the ministerial sign-off. Says it has participated in "extensive dialogue" with government regulators the Directorate General of Hydrocarbons and the Ministry of Petroleum & Natural Gas since early March.


Phoenix Copper Ltd - US-focused base and precious metals producer and explorer - Announces inaugural mineral reserve statement, upgraded from mineral resources, for its Empire open-pit mine in Idaho. Reports proven and probable mineral reserves, or the economically mineable portion of the resources, of 10.1 million tonnes. These contain 109.5 million pounds of copper, 104,000 ounces of gold and 4.7 million ounces of silver, plus 66,467 copper equivalent tonnes of contained metal. Chief Executive Officer Ryan McDermott comments: "The reported reserves are the result of years of exploration, drilling, and metallurgical testing, followed by meticulous engineering evaluation and analysis. It was estimated using assay data from 485 drill holes, extensive geological modelling, metallurgical recovery test work, geotechnical evaluation, and mine design."


Home REIT PLC - London-based real estate company, focused on investing in accommodation for homeless people - Issues monthly update for April. Says it repaid debt worth GBP3.9 million to its lender during the month, including a GBP3.3 million cash payment, reducing its total borrowings to GBP140.1 million at April 31 from GBP220.0 million at August 31. Says it has 1,920 properties as of April 31, down from 2,473. Has total cash of GBP10.6 million, down from GBP13.5 million, with GBP129.6 million in net debt, down from GBP206.5 million. Annual contracted rent has fallen to GBP36.9 million from GBP53.9 million. Adds that it sold 97 properties during the month, worth GBP3.9 million. Notes that it is progressing legal action against certain non-performing tenants, and that it "intends vigorously to defend itself in respect of the threatened litigation and has denied the allegations made against it".


Aseana Properties Ltd - Malaysia-focused property developer - Issues update regarding sale of Sandakan hotel asset and the adjacent Harbour Mall. Says Silver Sparrow Berhad, the issuer of the medium term notes used for the Sandakan assets' development, has not yet received the redemption statement from the trustee of the guarantor banks. Aseana announced on April 8 that the assets' purchaser will pay an estimated RM61 million to the guarantor banks to redeem them. It notes however that the Sandakan Asset sale & purchase agreement is still valid, binding and enforceable. Says that as of Tuesday, the banks are still finalising the redemption statement.


Airea PLC - West Yorkshire-based flooring company - Non-Executive Chair Martin Toogood issues update ahead of annual general meeting on Wednesday afternoon. He reports "another year of excellent progress, as outlined in the group's final results in March". These included revenue increasing 14% to GBP21.1 million, an increased dividend of 0.55 pence per share and operating profit rising to GBP21.1 million. Toogood adds that work to "substantially increase capacity" and operate "certain processes" is "well underway", with completion scheduled in early 2025. He further comments that "the year has started well, with demand remaining strong" and that Airea "is confident of making further progress in 2024".


Anglo Asian Mining PLC - Azerbaijan-focused gold, silver and copper producer - Says its subsidiary Azerbaijan International Mining Co Ltd has signed a vendor financing facility agreement with Caterpillar Financial Services Corp. AIMC will use part of this to refinance USD3.7 million of the USD4.6 million purchase price it already paid for an underground equipment fleet for its new Gilar mine. CEO Reza Vaziri says: "The facility cements our relationship with Caterpillar and we look forward to a long and mutually beneficial future partnership."


Genflow Biosciences PLC - London-based biotechnology company focused on age-related diseases - Says its shares have been restored to trading as of Wednesday, following the publication of the audited financial statements for 2023. Shares were suspended last week on May 1.


Frontier IP Group PLC - London-based intellectual property commercialisation company - Says the Pirbright Institute has entered into a collaboration with Frontier's portfolio company The Vaccine Group, "to revolutionise development of vaccines to combat African swine fever". Notes that no safe or effective vaccines for ASF currently exist. It expects the project to take 18 months. Frontier holds a 17% equity stake in The Vaccine Group.


Wildcat Petroleum PLC - London-based investor in the petroleum industry's upstream sector - Announces that it has signed a memorandum of understanding with the Ministry of Petroleum "after a recent very successful trip to South Sudan". Says the MoU establishes a collaboration agreement to form a production sharing service agreement between the Ministry and Wildcat to develop and commercialise hydrocarbon assets in selected South Sudan fields. Adds that a working party will be established to select suitable fields for development, and agree terms. The MoU is valid to May 31, 2028, and recognises the current status of existing and production deals in South Sudan, including pre-emption rights.


Schroders Capital Global Innovation Trust PLC - London-based investment trust focused on a portfolio of "highly innovative" companies - Announces follow-on investment, of around CHF500,000 or GBP400,000, in Swiss late clinical-stage biotech company Memo Therapeutics AG. Investment was part of Memo's Series C extension financing round which raised CHF20 million. Other investors included Fresenius Medical Care Ventures. Schroders Capital Global Innovation's total investment in Memo is now CHF1.4 million. Says the new funding will support the development through expanded Phase 2 clinical trials of AntiBKV, Memo's lead antibody candidate, with results expected in the first half of 2025.


Oracle Power PLC - Western Australia and Pakistan-focused energy projects developer - Announces, with its joint venture Oracle Energy Ltd, the start of the grid interconnection study for its proposed 1.3 gigawatts renewable power plant in Jhimpir, Pakistan. Oracle Energy and its partner China Electric Power Equipment & Technology Co Ltd, a subsidiary of the State Grid Corp of China, have engaged Power Planners International (Pvt) Ltd to conduct the study, which State Grid China is financing. Oracle Power expects the study "to culminate in the finalisation of the grid interconnection scheme, determining voltage levels, step-up transformer specifications, interconnecting distribution lines, and necessary extensions or reinforcements to the nearby system network".


Coro Energy PLC - South East Asian energy company - Says the Philippines Department of Energy has approved its application for a wind energy service contract respecting a second area of interest for the onshore Oslob Wind Power Project. Says the WSEC is its second contract and neighbours its first contract site. It would be served by its recently installed meteorological mast in gathering data, and would be in respect of additional installed capacity of around 100 megawatts.


Kefi Gold & Copper PLC - exploration and development company focused on gold and copper projects in the Arabian-Nubian Shield - Reports "good progress to schedule" at its Tulu Kapi gold project in Ethiopia, where launch preparations have commenced. Adds that remaining finance syndicate board processes are on track for final conditional approvals during this month. Says corporate activity is increasing in the Arabian-Nubian Shield and it has received expressions of interest from other parties in participating in Tulu Kapi or other growth opportunities. Aims to launch Tulu Kapi in mid-2024 with production starting in mid-2026.


Bluebird Merchant Ventures Ltd - South Korea-focused gold company primarily focused on bringing historic mines back into production - Signs USD5 million farm-out agreement for its Gubong gold project in South Korea. USD5 million investment is by a consortium of South Korean businessmen to gain up to 60% of the joint venture established to bring the project to production. Consortium will provide JV management and finance, plus corporate and planning expertise. Bluebird is evaluating a similar deal to develop the Kochang gold and silver mine, also in South Korea.


By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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12 Jun 2024 19:06

IN BRIEF: Synergia Energy secures more funding from Indian government

Synergia Energy Ltd - West Perth, Australia-based oil and gas company - Agrees to a further short-term loan with Indian Government while it awaits the sale of 50% of its Cambay production sharing contract to Selan Exploration Technology Ltd. Synergia will receive USD2.5 million from Selan pending expected government approval. Also obtains further funding of GBP400,000 from investors in order to minimise equity dilution. Loan funding to be repaid following Cambay sale.

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28 May 2024 20:20

IN BRIEF: Synergia starts farm out process of UK carbon storage centre

Synergia Energy Ltd - Oil and Gas exploration company headquartered in West Perth - Announces on Tuesday that it has begun a farm out process of its interest at the UK Medway Hub Camelot CCS project. Synergia and partner Wintershall Dea AG each own 50% of the Camelot carbon storage centre in the Southern North Sea. The centre is projected to store between 70 and 100 million tonnes of CO2. Synergia is offering up to 50% of its stake to interested parties.

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2 Apr 2024 15:19

TRADING UPDATES: MaxCyte inks deal with Be Bio; Orcadian firms farmout

(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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14 Mar 2024 17:25

EARNINGS AND TRADING: Versarien inks agreement for Brazilian JV

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

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11 Mar 2024 14:15

IN BRIEF: Synergia converts loan notes; confirms no equity finance

Synergia Energy Ltd - India and UK-focused gas production and carbon capture and storage project development company - Provides an update on March 9 maturity date of 6,500 convertible loan notes issued a year ago. The company says that this week it will repay in cash GBP386,451 including interest in respect of 5,430 notes and has agreed to repay GBP188,688 in cash including interest on or around September 30 in respect of 1,750 notes. It says that in total it will issue 140.5 million new shares for the conversion of the CLN. As announced in February, Synergia has a farm-out agreement with Selan Exploration Technology Ltd to transfer 50% of the Cambay PSC to Selan and awaits Government of India approval for the transfer, which will trigger the payment of USD2.5 million to the company.

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14 Feb 2024 19:56

IN BRIEF: Synergia Energy agrees farm-out deal for Cambay Field

Synergia Energy Ltd - India and UK-focused gas production and carbon capture and storage project development company - Announces the successful conclusion of negotiations with Selan Exploration Technology Ltd and execution of a farm-out agreement regarding the Cambay Field production sharing contract. Agrees to farm out 50% of the 100% interest held by Synergia in the Cambay PSC to Selan. In exchange for the 50% interest, Synergia will be carried by Selan through an agreed USD20 million work programme comprising three new wells focussed on the Eocene reservoir and three well work-overs. Synergia receives a cash payment of USD2.5 million immediately, proposes to apply the proceeds towards working capital purposes. Synergia retains a 50% interest in the Cambay PSC and a 50% share of the future production and revenues. This includes bonuses of up to USD9 million, linked to future cumulative gas sales thresholds.

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8 Feb 2024 16:04

UK shareholder meetings calendar - next 7 days

Friday 9 February 
Kibo Energy PLCEGM re pre-emption rights for share issues
Victrex PLCAGM
Monday 12 February 
Arix Bioscience PLCGM re takeover by RTW Biotech Opportunities Ltd
JPMorgan UK Smaller Companies Investment Trust PLCGM re merger with JPMorgan UK Smaller Companies
Mears Group PLCGM re authority to buy back up to 10% of shares
Tuesday 13 February 
Cellular Goods PLCAGM
Iconic Labs PLCAGM
JPMorgan Indian Investment Trust PLCAGM
Tui AGAGM including London Stock Exchange delisting vote
Xtract Resources PLCGM re sale of Manica gold project to MMP
Wednesday 14 February 
GCP Infrastructure Investments LtdAGM
Gfinity PLCGM re annual report
Tertiary Minerals PLCAGM
Tritax EuroBox PLCAGM
Thursday 15 February 
JPMorgan Asia Growth & Income PLCAGM
Synergia Energy LtdGM re share placing
VVV Resources LtdAGM
Comments and questions to newsroom@alliancenews.com
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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31 Jan 2024 18:15

TRADING UPDATES: Creo unveils product in APAC; Unilever hires director

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

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31 Jan 2024 16:13

Synergia reports progress on Cambay farm-out process

(Sharecast News) - Synergia Energy updated the market on the progress of the Cambay PSC farm-out process on Wednesday, reporting that it was currently engaged in meetings in India with a prospective partner.

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22 Jan 2024 10:38

Synergia Energy shares up on "ambitious" work programme with partner

(Alliance News) - Synergia Energy Ltd shares rose on Monday, after it said it has agreed an "ambitious" work programme connected to the Cambay PSC farm-out.

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18 Dec 2023 10:35

Synergia pens head of terms deal for Cambay field farm-out project

(Alliance News) - Synergia Energy Ltd Monday said it had agreed a head-of-terms deal for its farm-out agreement in the Cambay Field.

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5 Dec 2023 13:01

Synergia raises GBP1 million as sizes up Cambay farm-out agreement

(Alliance News) - Synergia Energy Ltd on Tuesday said it has arranged a GBP1.1 million equity raise and added that it reached a deal "in principle" for a farm-out at the Cambay field.

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8 Nov 2023 15:46

UK shareholder meetings calendar - next 7 days

Thursday 9 November 
D4t4 Solutions PLCGM re name change to Celebrus Technologies PLC
Libertine Holdings PLCAGM
SIMEC Atlantis Energy LtdEGM re appointment of Nexia Singapore PAC as auditors
Friday 10 November 
DFS Furniture PLCAGM
Galliford Try Holdings PLCAGM
Minoan Group PLCAGM
Minoan Group PLCGM re issuing shares
Quartix Technologies PLCAGM
Monday 13 November 
Ironveld PLCGM re fundraising
Victoria PLCGM re annual accounts and Grant Thornton UK LLP re-appointment as auditors
Tuesday 14 November 
Celsius Resources LtdAGM
Essentra PLCGM re movement of merger relief reserve
Financials Acquisition CorpEGM re LIU business combination
Fonix Mobile PLCAGM
Petra Diamonds LtdAGM
Smoove PLCGM re takeover by Pexa Group
t42 IoT Tracking Solutions PLCAGM
Wednesday 15 November 
Alternative Income REIT PLCAGM
Ascent Resources PLCGM re approval to issue 45 million shares
CQS Natural Resources Growth & Income PLCAGM
European Opportunities Trust PLCAGM
Henderson Eurotrust PLCAGM
Northern Bear PLCGM re tender offer
Reach PLCGM re proposed capital reduction
Synergia Energy LtdAGM
Zegona Communications PLCGM re acquisition agreement
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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3 Nov 2023 14:04

Synergia reports progress on Cambay well lift operations

(Sharecast News) - Synergia Energy updated the market on the progress of its artificial lift operations at the Cambay C-77H well on Friday.

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