TRADING UPDATES: Challenger Energy benefiting from oil price spike

Wed, 23rd Mar 2022 20:54

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

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Pennant International Group PLC - Cheltenham, England-based training technology and product support provider - Says contract worth GBP8.8 million for the significant redesign and upgrade of several Apache training devices has been formally awarded to firm by Boeing Defence UK Ltd. BDUK is a new customer for Pennant. Also says it has finalised and signed contracts for the supply of software and services to a new customer in the North American commercial aerospace market, with contract worth USD1.8 million. Finally, says the first of four devices has now passed Factory Acceptance Testing and has been delivered to the end-user's site. The final two devices have been substantially completed and remain on track to be tested and delivered before the end of the second quarter.

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ITM Power PLC - South Yorkshire-based energy storage and clean fuel firm - Concludes strategic partnership agreement with Vitol Holdings SARL for wholly owned subsidiary ITM Motive Ltd, trading as Motive, to become a 50/50 joint-venture owned between ITM Power and Vitol. Vitol will invest up to GBP30 million in the venture, which will be matched by a similar investment from ITM Power. "Both ITM Power and Vitol believe that the market for Hydrogen in Transport is on the cusp of rapid expansion, supported by government incentives to accelerate transportation decarbonisation. This partnership will help facilitate the rapid scaling up of production, distribution and demand stimulation for Hydrogen to Transportation," firm says.

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WANdisco PLC - Sheffield-based data-management software company - Wins USD1.5 million deal with unnamed "top ten global telecommunications company". The customer will use WANdisco's LiveData Migrator and LiveData Migrator for Azure to automate the migration of Hadoop data to AWS and Azure. "Under WANdisco's Commit-to-Consume contract structure, WANdisco's revenues from this Customer will grow beyond the initial USD1.5 million as the Customer migrates an increasing amount of data," it says.

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Challenger Energy Group PLC - Isle of Man-based oil explorer with assets in the Caribbean and Atlantic Margin - Says Trinidad business unit is profitable at current production levels of 350 to 400 barrels of oil per day amid current strong oil price backdrop. In 2022 so far, firm says it has realised an average crude sales price of USD76.50 per barrel compared to USD60.00 per barrel for the full year 2021. Should WTI benchmark continue to range between USD100 and USD120 a barrel, the company would expect realised prices in the range of USD90.00 and USD105.00 per barrel. Company to enter second quarter "substantially debt free". "The company's cash reserves will be applied toward general working capital and supporting a work programme through 2022 and 2023 which is focused on production growth," it says.

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Catenae Innovation PLC - Newcastle-based digital media and technology company - Says it will not be in position to complete the audit of its 2021 financial year results by deadline of March 31 and thus has requested suspension of its shares from trading on AIM. Expects to publish the audited report on or around April 29. Says unaudited turnover for financial year ended September 30 was GBP25,002, up from GBP14,948 the year before, and loss widens to GBP930,804 versus GBP769,186. Has cash resources of GBP350,000 as of Wednesday, which directors believe is sufficient for working capital needs. Adds that a dispute has arisen between firm and some minority shareholders of Hyperneph Software Ltd in relation to the acquisition of Hyperneph. Says it has neither issued the shares due as part of consideration nor made the final cash instalment of GBP52,000 as a result.

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Gresham House Renewable Energy VCT 1 - investment firm - Says sales process for solar assets has slowed "due to a number of issues that have arisen during due diligence" which will take time to resolve. Firm is still actively pursuing the sale with the selected potential buyer, but sale will take longer to complete than anticipated. "The board remains committed to delivering the best possible value to shareholders at the earliest opportunity," it says.

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Starcrest Education Ltd - Cayman Islands-based developer and operator of education services - Signs agreement with Fairview International School (UK) Ltd for an advance of up to GBP1 million. Advance is at an interest rate of 8% per year with repayment upon successful completion of the fundraising of the proposed acquisition or 12 months from the date of the advance agreement, whichever comes first. Has requested shares be suspended as it says it is currently unable to provide detailed information on the proposed acquisition and it could amount to a reverse takeover under listing rules. In addition to the advance, Starcrest and Fairview have also agreed to acquire an interest in several Fairview IB World Schools.

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Maven Income & Growth VCT 4 PLC - venture capital trust - Says GBP2.5 million valid applications in respect of the 2021/22 tax year were received under offer for subscription, and as a result it has issued 3.3 million shares. Maven Income and Growth VCT 3 PLC receives GBP2.7 million valid applications in respect of 2021/22 tax year, and has issued 4.3 million shares as a result.

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Lloyds Banking Group PLC - Edinburgh and London-based lender - To purchase up to GBP500.0 million 7.625% fixed rate reset additional tier 1 perpetual subordinated contingent convertible securities callable 2023. Purchase programme to remain open until March 31, or earlier if maximum purchase amount is met. "The Purchase Programme is part of LBG's continuous review and management of its outstanding capital base, maintaining a prudent approach to the management of LBG's capital position. Securities which are not accepted for purchase pursuant to the Purchase Programme will remain outstanding subject to their existing terms and conditions," lender says.

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By Lucy Heming; lucyheming@alliancenews.com