TRADING UPDATES: Meggitt shareholders approve Parker-Hannifin takeover

(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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Meggitt PLC - aerospace components maker - Over 99% of shareholders vote in favour of Parker-Hannifin Corp's GBP6.3 billion takeover offer. Two weeks ago, TransDigm Group Inc bowed out of the battle to acquire company, leaving only Parker's bid. The board of the Coventry, England-based firm continues to "recommend unanimously" Parker's 800 pence-per-share offer, worth about GBP6.3 billion. That's even after TransDigm made a possible offer of 900p per share. Cleveland, Ohio-headquartered aerospace manufacturer TransDigm made an approach in August, mulling a bid of 900 pence per share, valuing Meggitt at GBP7.03 billion. Though not a firm offer, TransDigm's tilt was a 13% premium to Parker-Hannifin's 800p per share bid.

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Great Portland Estates PLC - central London landlord and developer - Says Executive Director Dan Nicholson to take leave of absence in order to recuperate from a road traffic accident. "Dan was recently appointed to the newly created role of executive director, with responsibility for Portfolio Management and Development Management. In his absence, his responsibilities will be covered by other members of the executive management team," company says.

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Manolete Partners PLC - London-based insolvency litigation financing company - Says trading performance in line with internal expectations, despite drop in corporate insolvencies. "This is a testament to the strength of our offering and our team," Chief Executive Steven Cooklin says. Adds: "With the recent confirmation that these temporary measures [the Corporate Insolvency and Governance Act 2020] are being phased out from October 1 we expect to see a return to more normal market conditions in the second half of this year and beyond. Manolete Partners is very well positioned in the insolvency financing market and for long term profitable growth."

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Nexus Infrastructure PLC - Braintree, Essex-based gas, electricity, water, fibre networks and electrical vehicle charging infrastructure - Believes eSmart Networks unit is "well positioned" to support the energy transition agenda in the UK. "eSmart Networks' total addressable market is forecast to be in excess of GBP9.2 billion by 2030. eSmart Networks is well placed for future growth with a current forward orderbook at GBP13.5 million, versus GBP3.8 million year before, and visibility over a pipeline of more than GBP400 million. Revenue growth is substantial and in 2020 the business generated revenue of GBP2.2 million, which is expected to grow to in excess of GBP10.0 million in 2021. The business is also expected to be profitable at the operating level in 2021," company says.

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AfriTin Mining Ltd - African tin mining company which operates the Uis tin mine in Namibia - Enters conditional, credit approved, lending facility with Standard Bank Namibia Ltd, to fund the expansion of the Uis Phase 1 processing plant. The GBP4.5 million senior secured loan will help to increase tin concentrate production by 67% from 720 tonnes of tin concentrate per annum to 1,200 tonnes of tin concentrate per annum. Phase 1 expansion commissioning is expected to be completed during the second quarter of 2022.

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Altus Strategies PLC - mining royalties investor - Discovers multiple hard rock gold workings from Egyptian licences at Gabal om Ourada and Wadi Dubu. Says 37 hard rock artisanal gold workings discovered across two projects in the Eastern Desert of Egypt. Chief Executive Steven Poulton says: "Reconnaissance has focused on areas identified by our in-house target generation techniques that integrate remote sensing and historical data. The field programmes have validated the power of this approach and underscored the prospectivity of the licences. At least 37 hard rock workings have been discovered to date, the largest of which has been mapped for over 370 metres in length. Many of the gold workings have undergone extensive mechanised activity, indicating the potential for significant mineralisation."

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Power Metal Resources PLC - exploration company seeking metal discoveries in the US, Australia and Africa - Chair Andrew Bell to step down from company on September 30, to focus on Red Rock Resources PLC and the spinning out of Power and Red's joint venture, Red Rock Australasia, New Ballarat Gold Corp PLC. New Ballarat will hold Power and Red's licences in the Victoria Goldfields in Australia. "Red Rock and POW will hold their interests in the projects through shareholdings in NBGC in the same proportions as their previous shareholdings in Red Rock Australasia, at 50.1% Red Rock and 49.9% POW. Red Rock Australasia will become a wholly owned Australian subsidiary of New Ballarat Gold," company says. Bell says: "We will now intensify work on the planned IPO of NBGC on the London markets. As I shall be heavily involved in that process, and will have a continuing role in NBGC before, and for some time after, listing, it is no longer desirable for me to continue my active role as chair and director of Power Metal Resources."

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Caerus Mineral Resources PLC - exploration & resource development company focussed on Europe - Proposes placing of up to 7.2 million shares at 20 pence each, looking to raise about GBP1.4 million. Will also plan subscription of 300,000 shares, at same price. For every 2 placing and subscription shares, a warrant will be issued, exercisable for two years from completion at a price of 30p per new ordinary share. "The proceeds of the placing will be used primarily to fund the accelerated development towards the production of the 'flagship' projects in the expanded portfolio of properties from the acquisitions," company says.

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MobilityOne Ltd - e-commerce infrastructure payments and platform provider - Pretax profit in 2020 improves to GBP2.3 million from GBP1.1 million in 2019. Revenue grows to GBP246.7 million from GBP169.4 million. "The Covid-19 pandemic has not negatively affected the group's financial performance. This is primarily as a result of the nature of the group's major business activities being focused on e-payments. Notwithstanding that the group's international remittance services and e-money business in Malaysia and business activities in the Philippines and Brunei are expected to remain insignificant in 2021, the group remains positive on its business outlook for the remainder of 2021. This is particularly in light of the activity within the group's mobile phone prepaid airtime reload and bill payment business in Malaysia," company says.

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United Oil & Gas PLC - AIM-listed oil & gas company with assets in Italy, UK, Jamaica and Egypt - Continues drilling of ASX-1X exploration well in the Abu Sennan licence, onshore Egypt. Says completed the well and well-testing is now planned, and if successful, will be followed by an application to the Egyptian General Petroleum Corp for a development lease. Preliminary interpretations suggest the well encountered at least 10m net pay across a number of reservoir intervals, including the primary reservoir targets of the Abu Roash Formation. United holds a 22% working interest in the Abu Sennan licence. Chief Executive Brian Larkin says: "Today's announcement is the fourth positive well result from Abu Sennan in 2021. With the well testing set to begin shortly, we look forward to understanding the full potential of the ASX-1X well."

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Honye Financial Services Ltd - Cayman Islands-based company seeking acquisitions in financial services and financial technology - Finalising due diligence on takeover of tech firm Zoyo Capital Ltd and negotiating the final terms of the sale and purchase agreement. "The company is progressing with the UK Financial Conduct Authority's review of its prospectus and hopes that final eligibility approval and completion of the Acquisition will be concluded in the final quarter of the year," company adds.

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Rurelec PLC - power producer - Wholly-owned Chilean subsidiary, Termoelectrica Del Norte SA has completes sale of its Frame 6B gas turbine to Independent Power Corp PLC. Nets USD900,000 outstanding balance from the sale.

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By Paul McGowan; paulmcgowan@alliancenews.com

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