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TRADING UPDATES: abrdn New India, Chelverton UK net assets fall

Thu, 29th Jun 2023 18:56

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

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abrdn New India Investment Trust - India-focused investment trust - Net asset value per share at March 31 year end falls 8.0% to 641.32 pence from 697.30p 12 months earlier. Outcome lags MSCI India Index which fell 6.0%. "Macroeconomic concerns dominated the year, as investors weighed up the optimism of a return to growth post-pandemic against the fears of rising inflation, the risk of global recession and the armed conflict which continues in Ukraine. All of this contributed to what was a volatile stock market backdrop," it says.

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Chelverton UK Dividend Trust PLC - invests in UK mid to small-cap companies - Net asset value per share at April 30 year-end declines 15% to 168.15 pence from 198.47p. Lifts payout by 7.0% to 11.77p from 11.00p. "Whilst we all recall the turmoil in the markets in the autumn, caused by a febrile political situation in addition to the events around the 'mini-budget' and the more recent market volatility caused by the collapse of the Silicon Valley Bank and the distressed emergency takeover of Credit Suisse, the UK appears to be gradually recovering from these low points," company says. "The UK economy is expected to flat-line in 2023 but to recover to near long-term trend growth in 2024. Inflation is expected to decline by the end of the year, and it might well be that interest rates are therefore close to a peak. As the countries of Europe and the world return to 'normal' we can hope for a period of steady growth in the UK economy."

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Pembroke VCT PLC - venture capital trust focused on early-stage investments in founder-led businesses - Net asset value per share at March 31 year-end decreases 4.9% to 115.1 pence from 121.0p. Dividend for year cut to 5.0p per share from 7.0p. "The board is pleased with the overall performance of the investment portfolio given the challenging market conditions in which the underlying companies are operating. Some portfolio companies continue to exceed expectations and attract further, third party, investment at higher valuations. Others have found market conditions challenging," firm says.

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Baron Oil PLC - oil and gas exploration and appraisal company - Says technical and commercial progress at 75%-owned Chuditch asset "has continued apace since the start of the year". Recent progress includes publishing of competent person's report. "Current technical activities are focused on further detailed interrogation of our data to identify optimal candidate locations for appraisal drilling, including additional geophysical work and environmental impact studies. The results will be input into detailed well planning. Discussions are being held with drilling contractors, to be well placed to expedite appraisal activities through 2024," Baron Oil says. Adds: "The recent granting of a six-month extension to the current contract year of the Chuditch PSC provides Baron's SundaGas subsidiary with additional time to continue these pre-drill preparatory activities." At 32%-owned UK offshore licence P2478, company notes phase A technical study that Baron was involved in concluded earlier this year. Reabold Resources PLC and Upland Resources Ltd hold stakes of 36% and 32%, respectively, in the Inner Moray Firth-located asset. Baron adds: "As the current phase of the licence draws to a close the joint venture is actively engaged with the North Sea Transition Authority with a view to extending phase A of the licence. Feedback received from potential funding partners encountered during the joint venture farmout campaign has been helpful, as we weigh up the various options going forward."

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Golden Metal Resources PLC - Nevada, US-focused tungsten, gold, copper, silver and zinc exploration company - Begins application for short list of relevant grant programmes identified by management for funding opportunities in US. "Some grants targeted by the company are applied for by way of an unsolicited application process, meaning Golden Metal can neither disclose which grants have or will be applied for nor the expected timing of an award," the firm clarifies. It says securing "non-dilutive" funding to help further Pilot Mountain is a priority. Power Metal Resources PLC, which has 62% stake in Golden Metals, notes announcement.

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Xtract Resources PLC - Australia and Africa-focused resource, development and mining company - Revenue from gold sales in 2022 up markedly to GBP2.1 million from GBP692,000 in 2021. Pretax loss narrows to GBP1.5 million from GBP3.1 million. Xtract Chair Colin Bird feels small resource firm sector has been "ignored by investors". Bird says: "The market recognition for small resource companies has been very slow and thus, Xtract along with most of its peers has suffered significant share price reduction. This is very disappointing when significant hurdles have been jumped, but the headwinds facing smaller companies has been excessive and prolonged. The thread of recession, the war in Ukraine, slow down in China and other geopolitical uncertainty has led to a fear of investment in companies which are not robust and generate significant amounts of cash, with a history of so doing." Bird adds: "The sector has now been ignored by investors for a longer time than I have ever experienced, but at the time of writing I see the green shoots of recovery beginning to appear."

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Bluejay Mining PLC - mineral exploration and development company focused on Greenland and Finland - Reports no revenue for 2022, unchanged from 2021. Swing to pretax profit of GBP1.7 million, from a GBP2.7 million loss in 2021. Administrative expenses decline to GBP1.9 million from GBP2.7 million.

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Microsaic Systems PLC - mass spectrometry equipment developer - Says 2022 results will not be published by AIM deadline of Friday, so shares will be suspended with effect Monday. On Monday of this week, its stock suffered as shares of partner DeepVerge PLC were suspended from trading amid a failure to sell operations to raise much-needed funds. DeepVerge owes it GBP1.35 million in unpaid invoices, and it will need to raise additional working capital in the third quarter if these are not paid. Microsaic said it has GBP650,000 in cash and no borrowings. It continues to meeting its obligations as they fall due. Microsaic adds: "The company confirms that it is working to that end and intends to conclude a fundraising within that period, and to seek reinstatement of its shares to trading on AIM shortly afterwards, subject also to having published the FY22 report and accounts on a going concern basis. Such fundraising is likely to be subject to shareholder approval to issue and allot new shares."

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AMTE Power PLC - London-based lithium-ion and sodium-ion battery cells developer - Says it and another two companies awarded combined GBP1 million funding package by UK Battery Industrialisation Centre. AMTE gets grant of GBP398,000 for the production of cells at the UK Battery Industrialisation Centre. AMTE adds: "The grant is only accessible on completion of defined production and therefore has no impact on the company's financial position. The board is currently awaiting details of the award and the conditions relating thereto and will make a further announcement in due course." Affirms that failure to secure additional funding within three weeks will make future and shareholder value uncertain. In addition, says it expects UN certification of its ultra high power cells in the third quarter of 2023.

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Eco Buildings Group PLC - London-based prefabricated modular housing products, formerly named Fox Marble Holdings PLC - Results for 2022 will not be published by AIM deadline of Friday, so shares will be suspended with effect next week Monday. Auditor says it needs more time, amid Eco Buildings reverse takeover. "Accordingly, the company is targeting the publication of the 2022 annual report during July 2023 once the auditor has completed its processes," it adds. Fox Marble completed reverse takeover of Eco Buildings earlier this year.

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By Eric Cunha, Alliance News news editor

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