TRADING UPDATES: Ecofin US Renewables expects to pay reduced dividend

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

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Serica Energy PLC - London-based oil & gas company focused on the UK North Sea - Provides update at annual general meeting. Says net production for the combined Serica and Tailwind portfolios has averaged over 49,000 barrels of oil equivalent per day in the year to June 24. Full year 2023 production guidance remains unchanged at 40,000-47,000 boe/d. Production costs for the group are running at around USD17/boe year-to-date in line with expectations.

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Destiny Pharma PLC - Brighton, England-based clinical-stage biotechnology company focused on preventing life-threatening infections - Updates on the progress made on business development and partnering activities relating to XF-73 Nasal, its lead asset. Says active discussions are progressing at various stages with a number of interested global parties having access to the XF-73 data room, and the company anticipates several more potential partners will be granted access in the coming months. Further, says search for permanent chief executive officer continues.

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Physiomics PLC - London-based mathematical modelling company that supports oncology drug development - Completes subscription, retail offer and placing to raise total GBP380,477, announced on June 27. Further, places extra 2 million shares to raise GBP345,000. Proceeds to be used for further expansion and diversification of its client base, expansion of its consulting business and exploration of opportunities around its personalised oncology software offering.

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Ceres Power Holdings PLC - clean energy technology developer - Shares cancelled for trading on AIM on Thursday and admitted to listing on the premium listing segment of the Official List.

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Faron Pharmaceuticals Oy - Finland-based clinical-stage biopharmaceutical company - Conducts private placement to a limited number of institutional and other investors to raise EUR 6.6 million. Significant majority of the net proceeds will be used for the acceleration of the bexmarilimab clinical development program and manufacturing. Explains proceeds of the placing, together with other currently confirmed funding, are expected to provide the company with working capital into the fourth quarter of 2023.

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Jadestone Energy PLC - oil and gas production company focused on Asia-Pacific region - Reports acceptances of only 0.5% of eligible shareholders for open offer announced earlier in June. Notes the company's share price was below the open offer price of 45 pence per share for the duration of the open offer, which is likely to explain the level of applications. Open offer will thus raise USD33,101.

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Ecofin US Renewables Infrastructure Trust - London-based investor in US renewable energy assets - Expects net cash flows at the portfolio level to be meaningfully lower than forecast for the quarters ending June 30 and September 30, with overall cash flows currently expected to return to forecast levels by the end of the calendar year. Says this reduction comes as a result of certain operational issues, including the recent events at Whirlwind, corrective maintenance interruptions at some of the solar assets leading to lower-than-expected energy performance, and one-time costs. As a result, expects to declare a reduced dividend of not less than 0.70 US cents per share in respect of the quarter ending June 30. Believes a temporary reduction at this time is prudent. It had paid a first-quarter dividend of 1.4 US cents per share.

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By Jeremy Cutler, Alliance News reporter

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