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TRADING UPDATES: Home REIT cuts borrowings, Genflow shares restored

Wed, 08th May 2024 21:42

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

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Synergia Energy Ltd - Perth, Australia-based gas producer - Says that it believes "all the necessary formalities have now been processed" for the Government of India to issue approval for the transfer of a 50% interest in Synergia's Cambay Field production sharing contract to Selan Exploration Technology Ltd, following the ministerial sign-off. Says it has participated in "extensive dialogue" with government regulators the Directorate General of Hydrocarbons and the Ministry of Petroleum & Natural Gas since early March.

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Phoenix Copper Ltd - US-focused base and precious metals producer and explorer - Announces inaugural mineral reserve statement, upgraded from mineral resources, for its Empire open-pit mine in Idaho. Reports proven and probable mineral reserves, or the economically mineable portion of the resources, of 10.1 million tonnes. These contain 109.5 million pounds of copper, 104,000 ounces of gold and 4.7 million ounces of silver, plus 66,467 copper equivalent tonnes of contained metal. Chief Executive Officer Ryan McDermott comments: "The reported reserves are the result of years of exploration, drilling, and metallurgical testing, followed by meticulous engineering evaluation and analysis. It was estimated using assay data from 485 drill holes, extensive geological modelling, metallurgical recovery test work, geotechnical evaluation, and mine design."

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Home REIT PLC - London-based real estate company, focused on investing in accommodation for homeless people - Issues monthly update for April. Says it repaid debt worth GBP3.9 million to its lender during the month, including a GBP3.3 million cash payment, reducing its total borrowings to GBP140.1 million at April 31 from GBP220.0 million at August 31. Says it has 1,920 properties as of April 31, down from 2,473. Has total cash of GBP10.6 million, down from GBP13.5 million, with GBP129.6 million in net debt, down from GBP206.5 million. Annual contracted rent has fallen to GBP36.9 million from GBP53.9 million. Adds that it sold 97 properties during the month, worth GBP3.9 million. Notes that it is progressing legal action against certain non-performing tenants, and that it "intends vigorously to defend itself in respect of the threatened litigation and has denied the allegations made against it".

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Aseana Properties Ltd - Malaysia-focused property developer - Issues update regarding sale of Sandakan hotel asset and the adjacent Harbour Mall. Says Silver Sparrow Berhad, the issuer of the medium term notes used for the Sandakan assets' development, has not yet received the redemption statement from the trustee of the guarantor banks. Aseana announced on April 8 that the assets' purchaser will pay an estimated RM61 million to the guarantor banks to redeem them. It notes however that the Sandakan Asset sale & purchase agreement is still valid, binding and enforceable. Says that as of Tuesday, the banks are still finalising the redemption statement.

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Airea PLC - West Yorkshire-based flooring company - Non-Executive Chair Martin Toogood issues update ahead of annual general meeting on Wednesday afternoon. He reports "another year of excellent progress, as outlined in the group's final results in March". These included revenue increasing 14% to GBP21.1 million, an increased dividend of 0.55 pence per share and operating profit rising to GBP21.1 million. Toogood adds that work to "substantially increase capacity" and operate "certain processes" is "well underway", with completion scheduled in early 2025. He further comments that "the year has started well, with demand remaining strong" and that Airea "is confident of making further progress in 2024".

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Anglo Asian Mining PLC - Azerbaijan-focused gold, silver and copper producer - Says its subsidiary Azerbaijan International Mining Co Ltd has signed a vendor financing facility agreement with Caterpillar Financial Services Corp. AIMC will use part of this to refinance USD3.7 million of the USD4.6 million purchase price it already paid for an underground equipment fleet for its new Gilar mine. CEO Reza Vaziri says: "The facility cements our relationship with Caterpillar and we look forward to a long and mutually beneficial future partnership."

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Genflow Biosciences PLC - London-based biotechnology company focused on age-related diseases - Says its shares have been restored to trading as of Wednesday, following the publication of the audited financial statements for 2023. Shares were suspended last week on May 1.

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Frontier IP Group PLC - London-based intellectual property commercialisation company - Says the Pirbright Institute has entered into a collaboration with Frontier's portfolio company The Vaccine Group, "to revolutionise development of vaccines to combat African swine fever". Notes that no safe or effective vaccines for ASF currently exist. It expects the project to take 18 months. Frontier holds a 17% equity stake in The Vaccine Group.

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Wildcat Petroleum PLC - London-based investor in the petroleum industry's upstream sector - Announces that it has signed a memorandum of understanding with the Ministry of Petroleum "after a recent very successful trip to South Sudan". Says the MoU establishes a collaboration agreement to form a production sharing service agreement between the Ministry and Wildcat to develop and commercialise hydrocarbon assets in selected South Sudan fields. Adds that a working party will be established to select suitable fields for development, and agree terms. The MoU is valid to May 31, 2028, and recognises the current status of existing and production deals in South Sudan, including pre-emption rights.

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Schroders Capital Global Innovation Trust PLC - London-based investment trust focused on a portfolio of "highly innovative" companies - Announces follow-on investment, of around CHF500,000 or GBP400,000, in Swiss late clinical-stage biotech company Memo Therapeutics AG. Investment was part of Memo's Series C extension financing round which raised CHF20 million. Other investors included Fresenius Medical Care Ventures. Schroders Capital Global Innovation's total investment in Memo is now CHF1.4 million. Says the new funding will support the development through expanded Phase 2 clinical trials of AntiBKV, Memo's lead antibody candidate, with results expected in the first half of 2025.

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Oracle Power PLC - Western Australia and Pakistan-focused energy projects developer - Announces, with its joint venture Oracle Energy Ltd, the start of the grid interconnection study for its proposed 1.3 gigawatts renewable power plant in Jhimpir, Pakistan. Oracle Energy and its partner China Electric Power Equipment & Technology Co Ltd, a subsidiary of the State Grid Corp of China, have engaged Power Planners International (Pvt) Ltd to conduct the study, which State Grid China is financing. Oracle Power expects the study "to culminate in the finalisation of the grid interconnection scheme, determining voltage levels, step-up transformer specifications, interconnecting distribution lines, and necessary extensions or reinforcements to the nearby system network".

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Coro Energy PLC - South East Asian energy company - Says the Philippines Department of Energy has approved its application for a wind energy service contract respecting a second area of interest for the onshore Oslob Wind Power Project. Says the WSEC is its second contract and neighbours its first contract site. It would be served by its recently installed meteorological mast in gathering data, and would be in respect of additional installed capacity of around 100 megawatts.

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Kefi Gold & Copper PLC - exploration and development company focused on gold and copper projects in the Arabian-Nubian Shield - Reports "good progress to schedule" at its Tulu Kapi gold project in Ethiopia, where launch preparations have commenced. Adds that remaining finance syndicate board processes are on track for final conditional approvals during this month. Says corporate activity is increasing in the Arabian-Nubian Shield and it has received expressions of interest from other parties in participating in Tulu Kapi or other growth opportunities. Aims to launch Tulu Kapi in mid-2024 with production starting in mid-2026.

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Bluebird Merchant Ventures Ltd - South Korea-focused gold company primarily focused on bringing historic mines back into production - Signs USD5 million farm-out agreement for its Gubong gold project in South Korea. USD5 million investment is by a consortium of South Korean businessmen to gain up to 60% of the joint venture established to bring the project to production. Consortium will provide JV management and finance, plus corporate and planning expertise. Bluebird is evaluating a similar deal to develop the Kochang gold and silver mine, also in South Korea.

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By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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