TRADING UPDATES: Inland gets Basildon permission; ICG assets grow

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

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Sanne Group PLC - FTSE 250-listed asset management services provider - Shareholders agree to takeover from Apex Group Ltd. Apex had battled it out with Cinven Ltd for the signature of Sanne, and finally came to an agreement at 920 pence per share - a figure which was put forward by Apex in early August. The 920p deal values Sanne's entire issued share capital at GBP1.51 billion. Takeover now awaiting green light from UK courts.

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ICG Enterprise Trust PLC - invests in unquoted companies primarily in Europe and US - Net asset value per share ends July at 1,523 pence versus 1,384.4p at the end of January. NAV total return in first half 11.1%, with FTSE All-Share Index rising 12.6%. Oliver Gardey, head of private equity investments at ICG, says: "Our portfolio has performed well, generating a 14.9% return on a Local Currency Basis within the period and 48.5% over the last twelve months. We are proud that the portfolio has grown to the GBP1 billion milestone. Growth was broad-based, underpinned by strong performance of our investments across the portfolio as well as by realisation activity. Realisations continue to be at a significant Uplift to Carrying Value. This is a testament to our focused investment strategy and the quality of the Portfolio we have actively constructed."

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EverArc Holdings Ltd - investment vehicle - Wholly-owned subsidiary EverArc Escrow Sarl proposes private placing of senior secure notes due 2029 to raise up to USD600 million. Cash to be used to help pay for certain outstanding indebtedness of SK Invictus Intermediate Sarl, parent company of manufacturer of firefighting products and lubricant additives Perimeter Solutions. EverArc in talks to buy 100% of SK Invictus.

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Bluefield Solar Income Fund Ltd - Guernsey-based income fund that invests primarily in solar assets - Net assets value per share ends June at 115.83 pence, down from 117.01p at the same point the year before. Declares total annual dividend of 8.0p, up from 7.9p year before. Chair John Rennocks says: "We are pleased with the strong earnings performance in the period despite covering a particularly challenging time for the energy markets due to the turbulence caused by Covid 19. We were pleased to deliver a sector leading dividend of 8p per share, post debt amortisation to shareholders while the net asset value also held up well which we believe will support the share price going forward. The robust nature of the earnings from the portfolio during the pandemic highlights the durability and defensive nature of the company's investment strategy. We look forward to updating the market on further attractive investment opportunities in due course."

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Distribution Finance Capital Holdings PLC - Manchester-based bank providing personal savings products - Confirms loan book ends September 30 at GBP202 million, up 78% since the start of 2021. Chief Executive Carl D'Ammassa says: We are making good progress in growing our loan book through this key period of re-stocking for dealers, underpinned by the strong aggregated facility pipeline of over GBP1.5 billion laid out at the time of our interim results. It is pleasing to see that our efforts to deliver greater growth in the commercial sectors are paying off, with commercial lending representing over 40% of our loan balance at the end of the quarter."

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Jupiter Emerging & Frontier Income Trust PLC - investment trust focused on companies in emerging and frontier markets worldwide - Notes NAV total return in financial year ended September 30 was 28.8%, outperforming benchmark, the MSCI Emerging Markets Index by 15.1%. "The strong outperformance of the company was achieved in part because of an underweight position in China and its exposure to companies in frontier markets which do not form part of the benchmark," trust explains. Notes return of dividend level to pre-pandemic yield, now sitting at 4.1%.

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Inland Homes PLC - Beaconsfield, England-based housebuilder - Receives planning consent for Gardiners Park Village, Basildon. The permission allows company to build up to 700 new homes, together with 25,000 square metres of commercial space, new school and community facilities. The estimated gross development value of the 54-acre site is in excess of GBP200 million. Signed a development agreement with Homes England, which has a majority interest in the site, in April 2020 and will acquire the land in phases over a five-year period. Chief Executive Stephen Wicks says: "Inland Homes has once again demonstrated its skill and tenacity in securing planning consent on complex challenging sites to deliver the much-needed homes England needs."

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NetScientific PLC - London-based life sciences and sustainability, technology investment and commercialisation firm - Portfolio company PDS Biotechnology Corp completes enrollment for the first stage of the checkpoint inhibitor naive arm of its VERSATILE-002 Phase 2 study for the treatment of recurrent or metastatic human papillomavirus-associated head and neck cancer. NetScientific Chief Executive Ilian Iliev "delighted" with progress PDS is making with trial. VERSATILE-002 is studying two groups of HPV16-positive head and neck cancer patients whose cancer has returned or spread.

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PureTech Health PLC - Boston, Massachusetts-based clinical-stage biotherapeutics - Portfolio company Sonde Health launches voice-enabled mental health detection and monitoring technology product Sonde Mental Fitness. "Sonde Mental Fitness is an easy and affordable way for individuals to engage with and better understand their mental well-being and can potentially serve as a much-needed early warning system for depression and other mental health conditions," company explains.

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Totally PLC - Derby-based healthcare service provider - Says article published in Health Service Journal about company's South West London NHS 111 contract has "a number of factual inaccuracies". Notes contract has not been terminated and continues to provide services but contract is being re-tendered "under the normal NHS tendering and procurement processes". Adds: "The company is taking the necessary steps for the article in the HSJ to be corrected or removed and is also taking legal advice in relation to the matters that have arisen today."

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Accsys Technologies PLC - London-based chemical technology company - Refinances debt facilities through new bilateral agreement with ABN AMRO, one of Accsys' existing relationship banks. Signs new EUR60 million 3-year facility with ABN, with EUR45 term loan and EUR15 revolving credit facility. The term loan will be fully utilised to repay all of the company's existing debt, with the exception of the NatWest facility held by the Tricoya consortium which will remain in place. Chief Executive Rob Harris says: "This refinancing provides Accsys with debt facilities on more attractive terms under a simpler debt structure, which reflects Accsys' development over recent years and its established track record of profitability. The new facilities give us both the flexibility and scope to meet our long-term corporate growth objectives."

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Altitude Group PLC - Sheffield-based firm operating a marketplace for personalised products - Appoints AIM-listed Newmark Security PLC's Chief Financial Officer Graham Feltham as its own CFO, with immediate effect. Outgoing CFO Graeme Couturier to leave after a short handover period. Previously, Feltham worked at vehicle glass repair firm Belron International Ltd, then moved to AIM-listed software developer StatPro Group PLC. Also spent time at surface cleaning firm Safetykleen Group as financial controller.

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Lamprell PLC - Sharjah, UAE-based engineer for energy industry - Agrees to commercial terms for USD45 million UAE export credit agency backed revolving trade loan facility with two regional banks. "The initial facility will assist with the working capital requirements of the two IMI newbuild jackup rigs which are currently under construction at the group's Hamriyah yard," company says. The facility holds option for further USD45 million accordion funding arrangement. Facility approval based on company successfully completing 20% equity raise.

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PetroTal Corp - Texas, US-based oil & gas development and production company - Notes 30-day initial production rate of over 7,700 barrels of oil per day for well BN-8H, with the most recent rate at 7,575 bopd. Well has produced 231,000 barrels. Chief Executive Manuel Zuniga-Pflucker says: "Well 8H is an example of a fantastic well performing at the most opportune time of the year, and it has also provided a wealth of reservoir data. We aim to continue delivering this type of operational quality in the future." Enters additional put options with strike prices of USD70 per barrel Brent oil for about 25% of the first half of 2022 management production profile.

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Thor Explorations Ltd - Vancouver-based mineral explorer with assets in west Africa - Achieves commercial production at wholly-owned Segilola gold mine in Osun State, Nigeria. First gold was poured in July. The mine is fully operational with approximately 90,000 tonnes of ore material mined to the end of the third quarter. Notes two ore zones have been prepared for commencement of higher-grade direct tip operation in October.

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Capital Metals PLC - London-based mineral sands explorer - Auger drilling programme at its southern exploration license EL199 at Eastern Minerals project in Sri Lanka starts. Chief Executive Michael Frayne says: "It is great to finally see our consultant team back at the project site area in order to begin our auger drilling campaign. Less than 10% of the project has been drilled to date and one of our key tasks is to build out the resources estimate from our current resource of 17.2 million tonnes at 17.6% total heavy minerals. This drilling campaign will assist the company in order to start planning for mining license application over our southern license area."

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Xtract Resources PLC - copper-gold projects in Australia, Mozambique and Zambia - Says total alluvial mining production at Manica concession at 13.3 kilogrammes during quarter ended June 30. Notes value of gold produced was USD218,413, which results in attributable revenue of USD213,576. Chair Colin Bird says: "Production levels increased during the second quarter of 2021 and continued to increase during the third quarter. We look forward to the contribution of the hard rock mining as the adit advances at Guy Fawkes and mini open pit commences production at Boa Esperanza. The Fair Bride project continues to gather pace, with increased optimism for production to commence during the final quarter of 2021."

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Echo Energy PLC - Latin American-focused upstream oil & gas company - Notes further three wells from the Campo Molino oilfield at its Santa Cruz Sur assets, onshore Argentina have been brought online. All the recently reactivated wells are producing in-line with expectations. Maximum daily reported production achieved after these wells have been online has been around 350 barrels of oil per day. This continues to represent an almost 50% increase in the total daily liquid production rate at Santa Cruz Sur when compared to the period immediately prior to the restoration of production from the Campo Molino field just over a month ago.

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Castillo Copper Ltd - Australia and Zambia-focused base metal copper exploration company - Full assay results from the Big One Deposit, which omprised 20 reverse circulation drill-holes for a total of 2,632 metres, shows "encouraging" results. Results include 9 metres at 1.42% coppers from 88 metres including 4 metres at 3.1% coppers from 92 metres and 1 metre at 9.2% coppers from 92 metres. Managing Director Simon Paull says: "Moving forward, the third drilling campaign at Big One Deposit will hit priority targets north of the line of lode, which includes a sizeable bedrock conductor. In the interim, however, the board is looking forward to work finally commencing at the Arya Prospect and results of the due diligence programme which is continuing on the Litchfield & Picasso lithium projects."

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Altus Strategies PLC - mining royalties investor - Says gold resources at 49%-owned Tabakorole gold project in southern Mali now exceeds one million ounces. Chief Executive Steven Poulton says: "Drilling undertaken by our JV partner, Marvel Gold, this year has continued to demonstrate consistent thicknesses and grades over the project's 3.2 kilometre strike length, as well as the discovery of two new shallow, higher-grade zones of mineralisation adjacent to the existing deposit. These parallel zones may potentially provide some excellent low-strip starter pit options for any eventual mining operation." Mineral deposit includes 665,000 inferred ounces and 360,000 indicated ounces.

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By Paul McGowan; paulmcgowan@alliancenews.com

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