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TRADING UPDATES: t42 IoT Tracking Solutions and Zenova win contracts

Mon, 16th Jan 2023 12:50

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


Duke Royalty Ltd - Europe and North America-focused alternative capital solutions provider - Closes new credit facility with Fairfax Financial Holdings Ltd, earlier than the original expectation of mid/late January. Says the credit facility is for up to GBP100 million, replacing its existing GBP55 million term and revolving facilities. It has a five-year term, expiring in January 2028, and an interest rate equal to Sterling Overnight Index Average plus 5.00% per year. As part of the deal, Duke will issue 41.6 million warrants to Fairfax with a five-year maturity and strike price of 45 pence, reflecting the "strategic nature of the deal."


Zenova Group PLC - Essex-based fire safety and thermal insulation products provider - Receives an initial order via its sub-distributor in the US, Omnis LLC, from Big Battery LLC for immediate delivery. Says Big Battery is a lithium battery supplier, based in US-California. It has purchased 500 units of FX500 following a trial in which the mini extinguisher successfully extinguished a lithium battery fire. Expects the initial order to lead to further "more substantial" orders in the near future. "Following the production in the USA, it is very encouraging that a customer engaged in lithium battery supply has chosen the FX500 as the solution to lithium battery fires which have proved intractable to extinguish. This follows a successful trial in which the FX500 extinguished a lithium battery fire in the presence of Big Battery personnel," comments Chief Executive Tony Crawley.


Mosman Oil & Gas Ltd - oil exploration, development, and production company with projects in the US and Australia - Says the pipeline connecting the recently drilled Cinnabar-1 well to the existing production facility in Texas has been completed. Mosman owns a 75% working interest in the well, as well as the 350-acre lease on the site. Mosman's subsidiary Mosman Operating LLC operates the site. The well has been producing since the end of December, with average oil production of 128 barrels of oil per day. Chair John Barr says: "I am pleased to report solid progress at Cinnabar. The work to increase overall production is progressing well and in the near term there is also potential upside from workovers of the two older production wells, which is why gas lifting at G-1 has been prioritised."


AQRU PLC - London-based decentralised finance incubator - Identifies further opportunities to improve efficiency, following operational review announced November. Says its wholly owned subsidiary, Accru Finance Ltd, is raising the threshold for minimum account deposits on its AQRU app to USD250,000 from February 1. Says this will enable the company to focus on servicing customers that are less sensitive to market volatility than retail investors, particularly high net worth individuals and institutional investors. Expects there will be a significant reduction in the value of assets held on the AQRU app, but a minor reduction in revenue. Says it has identified an additional opportunity to further lower headcount and operational costs and strengthen its balance sheet by discontinuing Accru Finance's index strategies for cryptocurrencies. This will also take effect on or about February 1.


t42 IoT Tracking Solutions PLC - Jersey-based real-time tracking, security, and monitoring solutions provider - Enters agreement with a new Israel-based customer for the sale of its Lokies tracking units. The agreement is for a two-year term. Adds an initial purchase order has been received from the customer for 1,500 Lokies units. Customer also is granted end-client supply exclusivity rights, subject to the customer achieving specified quarterly sales over a 2-year period, for 5,000 Lokies, including the units ordered to date. "Lokies is a unique smart keyless padlock with innovative IoT capabilities, incorporating advanced GPS and cellular technology together with new Bluetooth Low Energy connectivity and user management abilities. Lokies enables customers to identify and manage different users based on their access authorizations, making the cargo much more visible and secure," the company says.


Spectral MD Holdings Ltd - London and Dallas, Texas-based predictive analytics for wound care - Says earnings before interest, tax, depreciation and amortisation losses and cash position for 2022 are expected to be materially ahead of current market expectations. Explains this has been primarily driven by lower costs per subject associated with the Diabetic Foot Ulcer clinical study. Notes that revenue from US Biomedical Advanced Research and Development Authority funding contract for the Burn indication, is also expected to be materially above market expectations.


Gunsynd PLC - London-based investment firm - Invests GBP150,000 into Strategic Minerals Europe Ltd, the parent company of Aberdeen Minerals Ltd, as part of a GBP1.1 million private funding round. Says it subscribed to 2.0 million shares at 7.5 pence per share. Aberdeen Minerals is a UK company exploring for Nickel-Copper-Cobalt deposits in north east Scotland. Says it will use the funds for diamond drilling programme at the flagship Arthrath project, downhole geophysics and development of its land portfolio. Gunsynd will hold around 2.8% of the issued share capital of Aberdeen Minerals following this capital raising.


ThomasLloyd Energy Impact Trust PLC - London-based renewable energy investment trust - Completes the acquisition of the remaining 57% economic interest in SolarArise India Projects Private Ltd, to take its total ownership to 100%. It bought a 43% stake in SolarArise in March. SolarArise owns seven solar power projects in India with a total capacity of 434 megawatts. ThomasLloyd funds USD38.5 million acquisition from existing cash resources.


Avingtrans PLC - provides components and systems for the energy, medical and industrial sectors - Says trading in the six months to November 30 was in line with market expectations. Plans to publish its results for the period on February 22. Says that its business unit, Ormandy Group, which designs, manufactures and services off-site plant, heat exchangers and other heating, ventilation and air conditioning products, has bought the business and assets of Hevac Ltd and Hevac is a heating ventilation and air conditioning solutions provider based in Elland, Yorkshire and the business and is a plates and gaskets supplier, based in Watford, UK. Expects to pay GBP825,0000 from its existing cash resources. "These businesses strengthen Ormandy's offering as a leading provider of offsite and heat exchange solutions to commercial and industrial customers in the UK and internationally. The Acquisitions will also enable us to take greater control over our supply chain and release untapped potential in the market, to further strengthen our position," says Chief Executive Steve McQuillan.


By Sophie Rose, Alliance News reporter

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