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TRADING UPDATES: Kelso raises stake in NCC; Transense joins project

Fri, 03rd May 2024 13:39

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

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Faron Pharmaceuticals Oy - Finland-based clinical-stage biopharmaceutical company - Reaches understanding with lender IPF Fund II SCA, SICAV-FIAR for an extension to the waiver that it originally announced in March. With the waiver extension, Faron says it continues to finalise its preparations to secure longer term funding. Faron says it has completed significant cash preservation actions during the past few months and expects to have cash runway into the third quarter. Continues "active endeavors" to secure its longer-term funding that would take bexmarilimab into a pivotal trial post the US Food & Drug Administration's advice and partnership for commercialization.

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Mobile Streams PLC - London-based mobile content provider - Says the Mexican online casino and sports book business, Estadio Be, in which MOS has a 25% equity interest, has carried out a significant third-party fundraise at a USD5.0 million valuation. In December, MOS invested USD250,000 in Estadio in return for the equity stake which valued the business at just USD1.0 million. Notes new valuation implies a 5x increase in the value of Mobile Streams' investment. Following this investment round, MOS will retain in excess of 20% of the business.

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Hydrogen Utopia International PLC - London-based company, which specialises in the conversion of waste plastic into hydrogen and other carbon-free fuels - In 2023, reports pretax loss of GBP1.5 million, unchanged from a year prior. Basic & diluted loss per shares is 0.36 pence compared to 0.48p. Administrative expenses fall slightly to GBP1.4 million from GBP1.5 million. Discloses exceptional items of GBP241,417 compared to zero the year before. Non-Executive Chair Simon Mann says: "We continue to see strong support for the energy transition from governments around the world which should lead to an increase in the size and scale of hydrogen projects and further exciting opportunities for HUI."

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Aquila Energy Efficiency Trust PLC - London-based investment trust focused on small to medium-size energy efficiency projects in the private and public sector - Net asset value at December 31 is 94.28 pence, down slightly from 95.23p a year prior. Declares no dividend compared to 3.5p a year prior.

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Life Settlement Assets PLC - London-based closed-ended investment company which manages portfolios of whole and fractional interests in life settlement policies issued by life insurance companies operating predominantly in the US - Says net asset value at December 31 is USD2.23, up from USD2.21 a year prior. Notes a decrease in total ongoing charges ratio from 7.1% to 5.6% of NAV in 2023. Since the year end, notes company has been informed it should receive additional proceeds from the MBC action as a result of overpayments of premiums on fractional policies made on the instruction of the MBC Trust. This could be up to USD4 million. Once verified, this should result in a further increase to NAV during 2024.

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Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Says company has sufficient cash to meet its immediate day-to-day working capital obligations. However, in the absence of any additional funds that it is due from Ben's Creek Carbon LLC, or any further funds being received or change to its financial position, the group has an expected cash runway through to mid-May 2024. Further, says company has received notice from ACAM GP Ltd setting out certain events of default under the terms of the around USD7.6 million unsecured loan notes the company issued to ACAM in 2023. The ACAM loan notes are repayable on January 10, 2025. Says at this time, ACAM is not seeking redemption of the ACAM loan notes but it has requested further information from the company.

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Transense Technologies PLC - Bicester, Oxfordshire-based developer of specialist sensor systems for vehicles - Announces that it has formally joined an Aerospace Technology Institute supported project, "LANDOne", with Airbus. LANDOne is a GBP37.8 million project looking into new lighter, lower maintenance landing gear systems. Transense has joined the project due to the SAWsense technology potentially allowing critical measurements to be made that were not possible with other technologies.

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Zanaga Iron Ore Co Ltd - iron ore exploration and development company - Announces the results of the 2024 feasibility study update process. Says positive results received from the 2024 FS cost update study further underlines the robust economics of the staged development Zanaga iron ore project. Estimates stage one net present value of USD3.68 billion, with an internal rate of return of 26.2%. This is based on capital investment of USD1.94 billion.

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Sound Energy PLC - AIM-listed transition energy company - Says Morocco's L'Office National des Hydrocarbures et des Mines agrees 18-month extension to the initial period of the Anoual exploration permits to July 8. Subject to Ministerial approval, the length of the Anoual initial period will now be 6 years and 10 months, commencing on or about September 8 2017 and ending on or about July 7 2024.

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URA Holdings PLC - In 2023, reports total comprehensive loss of GBP1.2 million widens from restated GBP1.1 million loss a year prior. Diluted loss per share is 0.46 pence compared to restated 0.79p loss. Says: "Over the coming months, production will be increased and systems, processes, and equipment will be optimised leading to our first trial sales event in the second half of 2024."

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Gensource Potash Corp - Saskatchewan, Canada-based fertiliser development company - Says the completion of the financing for the Tugaske Project, its primary focus, is "progressing towards the close" of the first step to a multi-stage funding that will provide total construction finance. Notes the project is fully permitted and ready for construction.

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Sovereign Metals Ltd - mining exploration and development company with assets in Malawi - Says wide-spaced regional reconnaissance drilling, outside the current JORC mineral resource estimate area, has identified an 8km extension of mineralisation to the south, which remains open along strike and at depth. Follow-up drilling is now underway focusing on the region to the north of the current Resource footprint, with results expected in the coming weeks, Sovereign says.

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Ceiba Investments Ltd - Investment firm dedicated to investing in Cuba, with interests in the commercial and tourism real estate sectors - In 2023, total income rises to USD30.8 million, up from USD19.1 million in 2022. Swings to USD15.7 million pretax profit in 2023 from USD11.3 million loss in 2022. Net asset value per share increases 12% to USD1.15 at December 31, up from USD1.03 a year prior.

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Good Life Plus PLC - AQSE-listed luxury prize draw and rewards provider - Following public listing in December 2023, reports strong customer acquisition growth, reaching 30,000 subscribers, increasing from 21,000 as at December 31. This growth has been driven by rising demand for the product, and efficient deployment of marketing spend, fuelled by the recent capital injection. Good Life has also focussed on operating efficiencies, reducing churn and improving average revenue, company says.

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MaxRets Ventures PLC - London-based, cannabis sector-focused investment firm formerly known as Greencare Capital PLC - In 2023, pretax loss narrows to GBP478,000 from GBP559,000 a year prior. Reflects fall in administrative expenses to GBP484,000 from GBP564,000. Basic & diluted loss per share are 3.24 pence compared with 3.78p. "Firmly continues to believe that, as a result of the current challenging global economic and geopolitical landscape, opportunities now exist to invest in or acquire distressed or out of favour assets which have become undervalued, or, assets which may benefit from consolidation," company says.

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Hydrogen Future Industries PLC - London-based developer of a wind-based green hydrogen production system - In the six months to January 31, pretax loss narrows to GBP432,000 from GBP547,000 a year prior. Basic & diluted loss per share is 1.22 pence compared to 1.71p. Says its HFI's 1-metre prototype wind turbine has demonstrated exceptional durability and performance and is now being prepared for its next phase of energy performance trials and an objective third-party assessment.

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Webis Holdings PLC - Isle of Man-based gaming firm - Confirms the successful rollout of its new website for the Advanced Deposit Wagering business, WatchandWager.com LLC. Notes the launch is timed to take advantage of the Kentucky Derby and the US Triple Crown season, the busiest period of the American horse racing season. Plans increased marketing activity alongside.

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Distil PLC - London-based premium drink brand owner - Announces the successful first distillation of Blackwood at Ardgowan Distillery. This follows a GBP3 million investment in Ardgowan Distillery Co Ltd.

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eEnergy Group PLC - London-based energy services provider - Releases results for the 18 months to December 31. Comparative figures are for the 12 month period to June 30, 2022. Revenue falls to GBP26.3 million from GBP45.6 million although sales from Energy Services increase to GBP17.5 million from GBP10.5 million. Pretax loss widens to GBP6.3 million from GBP2.7 million. Basic & diluted loss per share is 1.67p compared with 0.82p. Chief Executive Harvey Sinclair says: "We are now supported by strong cash resources, and are able to focus on converting the growing pipeline over the next 12 months, and accordingly expect profit generation for [2024] to be concentrated in H2. This will be underpinned by the delivery of solar contracts secured in prior periods and the reductions in cost-base of the Group function post-disposal." Adds: "Following a period of record energy prices in 2022, the market paused for breath in the second half of 2023 as energy prices settled and cost of funding increased. We are now pleased to see some recovery in the market with strong pipeline growth in recent weeks, and are encouraged by the economy's acceleration towards Net Zero."

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Kelso Group Holdings PLC - Birmingham, England-based retailer of books, arts and crafts, stationery, toys and games - Buys further 700,000 ordinary shares in NCC following an initial purchase of shares in October 2023. This takes Kelso's total holding to 2.2 million shares at an average cost price of 117 pence. Feels the value of NCC's Escode division has "historically not been fully appreciated." "Kelso believes that the sum of the parts of NCC is significantly greater than the current market capitalisation. We applaud management's clarity and initial execution of its strategy and for the significant effort made to include and educate its existing and new shareholders at the capital markets day," company states.

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Resolute Mining Ltd - Perth-based gold mining company - Updates for first quarter performance. Reports gold poured of 76,351 ounces, down from 80,307 oz in the fourth quarter, in line with expectations. All-In Sustaining Cost is AUD1,487 per oz in the quarter similar to AUD1,480/oz in the previous quarter despite the lower amount of gold poured. Quarterly gold sales of 69,000oz at an average realised price of AUD1,950/oz compared to 79,480 oz at AUD1,954/oz in quarter four. Notes gold sales were delayed by the Easter Weekend Bank Holidays. Quarterly capital expenditure totals AUD24.7 million, up from AUD16.5 million in the fourth quarter.

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Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Agrees amendment to agreement to terminate the right of first refusal granted to Suay Chin International Pte Ltd over 80% of the spodumene product produced at the Bougouni Lithium Project in Southern Mali. Amended termination fees of USD14 million payable to Suay Chin by Kodal Mining UK will now be paid in three instalments, rather than two.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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