TRADING UPDATES: ASA International liquidity and collections "strong"

(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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ASA International Group PLC - Weybridge, Surrey-based microfinance lender - Says liquidity continues to remain high, with around USD102 million of unrestricted cash and cash equivalents across the group as at the end of February, and pipeline of funding deals under negotiation around USD199 million. With the exception of India, the Philippines, and Myanmar, all other operating countries achieved collection efficiency of more than 90% in February and six out of 13 countries achieved collection efficiency of more than 95%. India collections remained at 84% throughout February and the Philippines improved collections to 82% by the end of the month.

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Panther Securities PLC - property investor - Confirms that approval has been obtained for the three month extension from both joint lenders to extend current loan facilities to July, having been previously set to expire in April. "The refinance of our term loans is now expected to receive full credit approval and complete within the extension period. The lenders' solicitors have also now been instructed on the basis that the final credit approval will be obtained from the second lender," company says. Adds that it is "prudent" to wait until full credit approval has been obtained for the refinancing before declaring any dividend.

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Alpha Growth PLC - London-based financial advisory specialising in 'longevity assets' such as life insurance - Completes share purchase acquisition of Northstar Group (Bermuda) Ltd, a Bermuda based holding company and its wholly owned insurance company, Providence Life Assurance Co Ltd. The acquisition has been fully approved by the Bermuda Monetary Authority. Adds that significant progress continues to be made with the warehouse loan/short term credit facility provider. "We have now identified opportunities for direct asset purchases and will update our shareholders during April. Upon a successful conclusion, these asset purchases will further contribute to our assets under management and fee structure," company says.

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ADM Energy PLC - natural resources investor - Conditionally agrees to invest in the development of the Barracuda oil field in OML 141, an existing discovery and near-term production asset in swamp/shallow waters offshore Nigeria. The investment will be made by way of an acquisition of a 51% interest in KONH UK Ltd, which holds an indirect interest in a risk share agreement. Consideration for the investment may total up to USD1.3 million, of which USD300,000 is to be settled in cash on completion and the balance in equity. ADM intends to raise USD500,000 in a share subscription, to be done via accelerated bookbuild.

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Umuthi Healthcare Solutions PLC - technology-led healthcare - Says that following consultations with its UK-based advisers it appointed new auditors, Jeffreys Henry LLP, who have concluded an audit on the historical financial information for Umuthi for the periods to the end of February 2019 and 2020. "The board are pleased to note that following the audit, it can be confirmed that there have been no changes or amendments to the information on Umuthi as contained in the supplementary prospectus dated February 26," company says. Is in talks with the UK Financial Conduct Authority regarding the resumption of trading in the company's shares on the main market.

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Residential Secure Income PLC - investor in affordable shared ownership, retirement and local authority housing - Enters into new agreement with a subsidiary of its investment manager, ReSI Capital Management Ltd, which will allow the investment manager group to provide additional property management services to Residential Secure with respect to its retirement housing portfolio. The company's property management services are currently being provided by Girlings, an external third-party provider, and as part of the new arrangements, the Girlings team will be employed directly by a new subsidiary of the investment manager. Residential Secure expects to save around GBP200,000 per year due to the new arrangements, though will contribute GBP300,000 towards set up costs.

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JPMorgan Multi-Asset Trust PLC - investment firm - Says board has "reconsidered" the expectation that the manager provides a fully-covered dividend from portfolio income, which should provide greater flexibility in portfolio construction. To change reference index, which is currently LIBOR one-month sterling plus 4.50%, to adopt a reference index equivalent to a total return of 6% per year, measured over a rolling five-year period. "The manager's believe that, although higher than the existing target, this return is achievable based on JPMorgan's long term return assumptions which inform the Strategic Asset Allocation for the portfolio, together with additional alpha from active positioning from both the bottom up and top down," company says. Adds that it will change its name to JPMorgan Multi-Asset Growth & Income PLC.

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By Lucy Heming; lucyheming@alliancenews.com

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