TRADING UPDATES: Kropz agrees to ZAR285 million bridge loan facilities

(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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Aterian PLC - Morocco-focused metal exploration and development company - Finds 4.4% copper from vein samples from geological work in the Marrakech-Safi region of Morocco. Adds that the project holds 15 highly prospective projects in Morocco, totalling 762 square kilometres. Further, notes an extensive vein system on the Eastern licence.

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Fidelity Emerging Markets Ltd - long-term capital growth from exposure to emerging market companies - Net asset value per preference share as at December 31 declines to USD8.23 from USD8.75 at June 30. NAV total return per participating preference share is negative 3.2%, underperforming against the MSCI Emerging Markets Index, which returns negative 2.1%. Looking ahead, positively notes falling inflation and "the pullback in the US dollar", which it estimates will be a supportive environment in the next months. Chair Heather Manners says: "Despite global gloom, there is much at a local level to be encouraged by, not least China's reopening post - Covid and new supportive policies there around property."

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Fintech Asia Ltd - investment company established to acquire businesses focused on improving the delivery and use of financial services in Asia - Shares are suspended at request of company as it proposes a reverse takeover of InveScore Financial Group Pte Ltd, entering into a heads of terms. Fintech Asia says it plans to pay for the takeover via issuing 80% to 90% of its own shares post-acquisition, to the sellers of InveScore.

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Kropz PLC - South Africa-focused phosphate producer and developer - Agrees to ZAR285 million, about GBP12.9 million, bridge loan facilities to meet immediate and near term funding requirements at Elandsfontein, a phosphate project in South Africa. Kropz draws down ZAR25 million of the loan on Tuesday. The loan is unsecured and has an interest at the South African prime overdraft interest rate plus 6%. Meanwhile, sells further 20,000 tonnes of phosphate concentrate from Krop Elandsfontein Pty Ltd. "As with the first bulk sale recorded in January 2023, concentrate production is still not yet at optimal quality, thus it is still being sold at a discount to current market prices. Plant modifications and adjustments to processing parameters have resulted in significant improvements in daily throughput and quality but further optimisation is required," Kropz explains.

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Maven Income & Growth VCT 3 PLC - London-based venture capital trust - Net asset value per share at November 30 falls 8.4% to 57.32 pence from 62.55 pence a year prior. Declares a final dividend of 1.90 pence per share, up 27% from 1.50 pence a year prior. Launches new offer for subscription to raise up to GBP10 million, half of an offer for subscription to raise up to GBP20 million launched a year ago. "The conflict in Ukraine and the global response has resulted in disruptions to international supply chains, inflationary pressures on prices and general market uncertainty. It is also acknowledged that there is an increased cyber security risk and the manager is taking steps to mitigate this risk, including oversight of third parties," company says.

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Triple Point VCT 2011 PLC - small and medium sized enterprises investor - Says will use GBP5 million of its over-allotment facility for subscription, explaining that this brings the total subscription offer amount to GBP15 million.

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By Tom Budszus, Alliance News reporter

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