TRADING UPDATES: Hummingbird swings to loss; Enwell spuds SC-4 well

Fri, 20th Aug 2021 14:45

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

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Hummingbird Resources PLC - gold production, development and exploration focused on West Africa - Swings to a pretax loss of USD3.3 million in the six months ended June 30, from a profit of USD39.0 million the previous year. Sees revenue fall 6.0% year-on-year in the first half to USD86.6 million from USD92.0 million. Reports adjusted earnings before interest, tax, depreciation and amortisation of USD16.2 million, down 58% from USD39.0 million a year prior. Sells 46,809 ounces of gold at average price USD1,794 per ounce. Anticipates release of results for Yanfolila Mali project in the second half of the year, along with its final drilling programmes. Maintains 2021 production guidance of 100,000 to 110,000 ounces of gold, with an all in sustaining cost of between USD1,250 and USD1,350 per ounce of gold sold.

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Enwell Energy PLC - oil and gas explorer operating solely in Ukraine - Spuds first well, SC-4, at Svystunivsko-Chervonolutskyi exploration licence. Notes well target depth of 5,565 metres. Says SC-4 "is primarily an appraisal well, targeting production from the V-22 horizon, as well as exploring the V-16 and V-21 horizons, in the Visean formation." Expects to complete drilling in mid-2022. Alters timing of payments in USD8.6 million acquisition of LLC Arkona Gas-Energy, which holds the Svystunivsko-Chervonolutskyi licence. Says the total consideration was due in three tranches, including: USD4.3 million paid upon completion; a second tranche of USD2.2 million payable upon the completion of certain conditions; and, a third tranche due 12-months after the previous payment. Says second tranche became payable later than expected. Therefore, agrees to pay 25% of the third tranche, or USD539,375 to Arkona at this time, rather than in March 2022.

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Symphony International Holdings Ltd - Hong Kong-based investor - Invests in Catbus Infolabs Pvt Ltd, the holding company for Bengaluru, India-based last-mile logistics provider Blowhorn. Notes that investment stood at under 1% of the its net asset value. Says Chiratae Ventures, Draper Associates, and Michael & Susan Dell Foundation also participated in the funding round. Chair of Symphony's manager, Anil Thadani, says: "The breakout nature of innovation within the Indian logistics sector is currently a very exciting space for us to be a part of. We are excited to partner with the Blowhorn team as they continue to leverage their strong technological capabilities to expand and support a wider network of customers."

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GCP Asset Backed Income Fund Ltd - UK asset backed loan investor - Exercises 12-month extension to GBP50 million revolving credit facility with Royal Bank of Scotland International Ltd, which matures in August. Says an additional 12-month extension option is included, which will be approved at the lender's discretion upon expiration in August 2023. Overall the facility has now been extended by 24-months in total. Currently, the facility is drawn by GBP20.2 million.

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Logistics Development Group PLC - AIM-quoted investment company - Swing to pretax profit of GBP21.6 million in the six months ended May 31, from a GBP12.9 million loss the year prior. Reports earnings per share of 4.2 pence in the first half of its financial year, compared to a loss of 3.4p per share the previous year. Declares no interim dividend, in line with 2020. Says it is debt free with a cash balance of over GBP130 million or 18.5p per share.

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Colefax Group PLC - London-based interior designer - Engages Peel Hunt to implement a tender offer, including the purchase of up to 1.3 million shares or 14% of share capital. Sets tender offer share price at 615p each, offering a premium of 5.1% to the company's closing mid-market share price on August 19. Agrees to purchase shares from Peel Hunt at the tender offer share price. Directors shares contributed to the tender offer include: 247,993 shares offered by David Green; 70,000 from Robert Barker; 29,742 from Key Hall; and, 11,250 from Wendy Nicholls.

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KKV Secured Loan Fund Ltd - equipment leasing and asset finance investment company - Agrees with KKV Investment Management Ltd to amend its investment management agreement, which will now terminate at the end of 2021. Says the agreement is between itself, KKV Investment Management and International Fund Management Ltd. Says it decided to review its investment management agreement due to a significant reduction in net assets since the appointment of KKV Investment Management in June 2020. Notes that this drop was a result of capital returns of around GBP122.6 million across its two share classes, including the capital return due on September 13. Agrees to pay KKV Investment Management its fees for July and August plus a payment of GBP100,000 conditional on the publication of KKV Secure Loan's audited accounts.

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Princess Private Equity Holding Ltd - investor in unlisted companies, managed by Partners Group AG - Says Partners Group agrees to sell majority stake in data services company Straive, formerly SPi Global to funds affiliated with Baring Private Equity Asia. Sells Straive stake for around USD18.7 million, slightly above the USD17.9 million carrying value noted on June 30.

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Cohort PLC - defence and security markets-focussed technology company - Subsidiary Systems Engineering & Assessment Ltd wins contract worth GBP4.6 million by a Ministry of Defence in the Asia Pacific region. Says the contract is for upgrades the communications systems on two naval surface vessels. Expects contract to begin in September and finish by the end of 2025. Cohort's chief executive Andy Thomis says: "This contract is a significant win for SEA, expanding its presence in the Asia Pacific region and delivers improved communications systems and lower through-life costs for the customer. Together with other recent contract wins across the group, this contract further underpins our order book and enhances the visibility of future revenues."

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Yooma Wellness Inc - Toronto, Canada-based CBD and cannabis-related wellness products maker - Buys Vitality CBD for up to GBP10.2m through its wholly owned subsidiary, Yooma Europe Ltd. Says Vitality is a cannabis-based products firm based in Birmingham, England. Adds that Vitality saw gross turnover of GBP1.6 million and earnings before interest, tax, depreciation and amortisation of around GBP300,000 in the six months ended June 30. "The acquisition adds a significant source of recurring revenue to Yooma and its subsidiaries, through Vitality's presence at mainstream retail outlets such as Boots, Tesco, Asda and Lloyds Pharmacy," the company says.

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By Scarlett Butler; scarlettbutler@alliancenews.com