TRADING UPDATES: Riverstone launches buyback; Anglo Asian Mining loans

Thu, 30th Jun 2022 20:21

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

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Playtech PLC - FTSE 250-listed gambling software firm - Confirms it expects to close all-cash sale of financial trading division, Finalto, to Gopher Investments in early-mid July. Has received all relevant regulatory approvals. At its annual general meeting, 30% of shareholders vote against the remuneration report, and 42% vote against proposals for disapplication of pre-emption rights. "Whilst shareholders noted the significant improvement to remuneration, it is clear that a number of shareholders did not agree with the decision to grant a one-off share award to the chief executive officer in 2019, which partially vested in 2021. This award was the result of an extensive shareholder engagement programme driven by some of the company's largest institutional investors. The requisite majority of shareholders voted in favour of the scheme at a general meeting in December 2019, with many citing the better alignment between management and shareholders," the firm explains.

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Comptoir Group PLC - operator of restaurants with Lebanese and Middle Eastern offering - Major shareholder and Co-Founder Tony Kitous votes down the re-election of Chair Richard Kleiner at firm's AGM. In subsequent board meeting, the directors agree to reappoint Kleiner in his role. "The directors in attendance at the board meeting took into account that 100 per cent. of all shareholders who voted on Resolution 2, save for Mr Tony Kitous, voted in favour of the re-election of Mr Kleiner. Further, the directors in attendance also considered the need for an independent non-executive director in order to maintain a well-functioning, balanced management team led by a chair," the firm says. Follows Tuesday's announcement that Kitous has requested the resignation of the firm's chair, as well as its CEO, as disagreements between the co-founder and the board continue.

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Kodal Minerals PLC - mineral exploration and development company focused on lithium and gold assets in West Africa - Updates on major shareholder, Suay Chin International Pte Ltd, who restructures its 14% holding. "Suay Chin is now indirectly controlled by Zhejiang Kanglongda Special Protection Technology Co Ltd which is listed on the Shanghai Stock Exchange. Kanglongda's previous business focus was in the area of functional labour protection gloves, but it has recently developed a new strategy of investment in the lithium industry... Kodal Minerals looks forward to continuing its strong relationship with Suay Chin as it progresses its Bougouni Lithium Project in West Africa," the firm explains.

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Nightcap PLC - London-based bar operator - Issues 7.1 million new shares for the deferred consideration payable for the acquisition of Adventure Bar Group, with shares priced at 21 pence each, for a value of GBP1.5 million.

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Riverstone Credit Opportunities Income PLC - aims to generate returns by making loans to companies in energy sector - Initiates share buyback program for up to 13.7 million shares, with authority to do so until the next annual general meeting. Company is "unable" to pay price for shares that represents premium on net asset value of the shares. "The buybacks will be undertaken for the purpose of allowing the company to return some of its uncommitted capital to shareholders and in recognition of the company's current discount to NAV. The buybacks will be funded from the company's existing resources," the company says. JP Morgan Securities PLC will act as broker.

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Camellia PLC - Kent-based agriculture and engineering services firm - Says 37% owned associate company BF&M Ltd initiates strategic review to maximise shareholder value, which could potentially results in its sale. BF&M is a listed Bermudian insurance business.

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SLF Realisation Fund Ltd - realising all remaining assets in portfolio of ordinary share class and 2016 C share class - Says "borrower 11" within ordinary share class portfolio, an anaerobic digestion plant located in Eire, refinances repaying GBP3.0 million. Loan had carrying value of GBP2.7 million at March-end.

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Anglo Asian Mining PLC - gold, copper and silver producer focused in Azerbaijan - Enters into USD500,000 loan agreement with employee, Farhang Hedjazi, vice president of technical services and director at the company. CEO Reza Vaziri guarantees the loan, which has a 4% interest rate per annum, repayable within the next 12 months.

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Bezant Resources PLC - copper-gold project developer - Issues drawdown notices for GBP700,000 total, in two equal tranches of GBP350,000 under GBP1.0 million unsecured convertible loan facility with Sanderson Capital Partners. "In these very difficult financing times, we are pleased that in November last year we put the facility in place. We are mindful of the excessive inflation hitting all aspects of industry and we will be looking where we can minimise expenditure whilst maintaining project progress. Like our shareholders, we remain hopeful that the third quarter of the year may see more normal conditions returning to the markets," says Executive Chair Colin Bird.

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Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Selects Wood as its technology partner for clean, waste-to-hydrogen solution for phase 2 development of its waste-to-energy project at Southport Hybrid Energy Park in Merseyside. "Our joint efforts at Southport with Wood will not only generate a unique, waste-to-hydrogen solution, but will also introduce the Southport community to a solution for clean, circular, sustainable energy from waste," says Chief Operating Officer Jeff Vander Linden.

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By Elizabeth Winter; elizabethwinter@alliancenews.com