TRADING UPDATES: AVI wants Third Point change; ADVFN plans dividend

(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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AVI Global Trust PLC - invests in family-controlled holding companies, closed-end funds and asset backed opportunities - Along with three other shareholders in Third Point Investors Ltd, collectively owning over 17% of shares and 10% of voting rights, requisitions TPIL board to convene an extraordinary general meeting to consider a new investment policy. "The resolution is aimed at fixing TPIL's persistent and entrenched trading discount to NAV," AVI says. The proposed new investment policy would see Third Point use its existing contractual authority to redeem shares in the Master Fund and use the proceeds to fund redemptions of shares at NAV less costs on a quarterly basis.

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Restore PLC - Redhill, England-based document management, commercial relocation and IT recycling business - Confirms intention to reinstate its progressive dividend and pay an interim dividend for financial 2021. Run rate revenue for the 8 week period since the acquisition of EDM is more than GBP250 million per annum, versus GBP182.7 million in the same period the year before and up from GBP215.6 million over a similar period in 2019. Chief Executive Charles Bligh says: "I am delighted to report that the group is emerging from the pandemic not only larger but better and with strong momentum. This is borne out by current trading which is ahead of the board's expectations with the prospect of increasing activity in the second half. Our recent acquisitions, including EDM, have made impressive starts within the Restore group. What is particularly pleasing is the positive response and motivational impact to these developments from both existing and new staff members. We have over 2,500 staff in the group and continue to hire with the expected growth."

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Character Group PLC - Surrey, England-based toy, games and gifts manufacturer - Confirms plans to implement new share buyback programme, with tender offer seeking to buy issued shares of 5 pence each to be made in September 2021. "The intention to make the tender offer demonstrates that the company remains committed to its previously stated objective to enhance shareholder value. The implementation of the tender offer will be consistent with the group's approach to capital allocation, reflects the group's strong ongoing cash generation and will provide a mechanism to return excess capital to shareholders," company adds. Also notes contracts were exchanged for the acquisition of the business and assets of the Chill Factor branded range of drink chilling bottles and slushy makers for USD1.3 million.

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Zephyr Energy PLC - Newbury, England-based technology-led exploration and production company - Cyclone Drilling Inc to start mobilisation of Rig 34 to the State 16-2LN-CC well site at Paradox Basin, Utah, US. "Once on site in the coming days, the equipment will be rigged up over a period of a week in preparation for drilling, and Zephyr remains on track to spud the well before the end of July. Drilling is expected to take approximately 20 days following spud. Further updates will be provided in due course," company adds.

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Condor Gold PLC - Surrey, England-based gold exploration and development company - Final drill assay results from the La India Starter Pits infill drilling programme include 6.26 grammes per tonne gold over 8.1 metres true width from 38.0 metres drill depth just beneath the Starter Pit, which indicates the pit could push deeper and 6.05 grammes per tonne gold over 5.8 metres true width from 10.2 metre drill depth. These results will be used to estimate an updated mineral resource and reserve. "Both drill assay results are excellent and add considerable confidence to the geological model, the mineral resource and mineral reserve calculations and the mine plan. The drill results strengthen the case for the Starter Pits, which are within 35 metres of the surface and contain approximately 455,000 tonnes at 4.17 gramme per tonne gold for 59,674 ounces gold using a 2.00 grammes per tonne cut off grade, to be mined early to quicken the payback period and enhance the project's economics," Chief Executive Mark Child says.

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Abingdon Health PLC - developer and manufacturer of rapid tests - Signs manufacturing and supply agreement with Bioporto AS, an in vitro diagnostics company that provides tests and antibodies to clinicians and researchers. Under the 10-year deal, company will manufacture the lateral flow strips for Bioporto's generic rapid assay device platform.

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Challenger Energy Group PLC - Caribbean and Atlantic margin focused oil and gas company - Says drilling phase of the Saffron-2 well has completed, with the well fully cased and cemented to a depth of 4,567 feet. The well is now being readied for production testing which is expected to commence in the next three weeks.

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ADVFN PLC - London-based financial information website - Will start paying dividends following "successful" year. Sees growth in subscriptions and advertising income in year ended June 30. Expects revenue of about GBP9 million, up from GBP7 million the year before, with registered user base up to 5 million from 4.8 million. Says annual pretax profit will be not less than GBP1.6 million versus GBP349,000 loss the year before. Chief Executive Clem Chambers says: "I am extremely pleased that following a successful financial year, ADVFN has adopted its new dividend policy and will be paying a maiden dividend. This initiative both expresses the confidence that the Board has for the company's future and also allows us to reward our shareholders with a tangible benefit for their continued support." New dividend policy will see a dividend cover ratio of not less than 2 times profit after taxation attributable to shareholders based on a rolling basis of 3 years commencing from July 1, 2020. Financial 2021 dividend will be 1.5p.

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FastForward Innovations Ltd - Guernsey-based investment company - Invests EUR3 million in Eurox Group, a Germany-based medical cannabis company. Company expects to hold 8.9% of Eurox following the issue of new shares resulting from the financing round. "Investment in Eurox provides FastForward with direct exposure to a company focused on the German medical cannabis market, by far the largest in Europe," company says.

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Oracle Power PLC - London-based coal resource developer - Sampling programme, covering almost the entire tenement at its 100% owned Jundee East gold project in Australia, is now underway. "This new geochemical programme will expand on the maiden geochemical sampling programme which returned the highly positive results announced on June 14, 2021," company explains. Chief Executive Naheed Memon adds: "Jundee East delivered highly compelling results from the maiden geochemical sampling programme and we are confident that this expanded programme will provide the company with a much more comprehensive insight into the mineralised footprint of this significant tenement area which covers an area of approximately 90 kilometres in one of the most productive gold regions globally."

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John Lewis Of Hungerford PLC - Oxfordshire-based kitchen, bedrooms and furniture manufacturer and retailer - Notes the share price rise and knows of no reason for such a movement. Shares up 50% on Monday. "The company confirms that there has been no material development since the publication of the interim results for the six months to December 31, 2020 on March 18," company adds.

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Walls & Futures REIT PLC - London-based designer and developer of specialist social housing - Virgata Services Ltd's takeover bid lapses as only 10% of shareholders back deal. "As the offer has lapsed, it is no longer open to acceptances and any accepting Walls & Futures Shareholders cease to be bound by their acceptances," company says.

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By Paul McGowan; paulmcgowan@alliancenews.com

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