(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Van Elle Holdings PLC - ground engineering contractor - Revenue in year ended April 30 increases 19% to GBP148.7 million from GBP124.9 million. Pretax profit up 50% to GBP5.4 million from GBP3.6 million. Declares final dividend of 0.8 pence per share. Takes full-year payout to 1.2p, up from 1.0p previously. "The board anticipates that the current market uncertainty will continue over the coming year, particularly in the housebuilding sector. Notwithstanding these market challenges, activity levels in the first quarter of FY2024 have sustained and are broadly consistent with trading volumes throughout FY2023," Van Elle adds. "The board remains confident of achieving its medium-term financial targets of 5-10% annual revenue growth, 6-7% operating profit margin and 15-20% return on capital employed."
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Costain Group PLC - Maidenhead, Berkshire-based construction and engineering firm - Concludes negotiations with its bank and surety facility providers to refinance new three-year agreement of bank and bonding facilities. New facilities to September 2026 include GBP85 million sustainability-linked revolving credit facility, and surety and bank bonding facilities totalling GBP270 million. Says reduction of facilities reflect "group's positive cash generation and cash position". Costain adds: "The sustainability linkage includes three key performance indicators relating to reduction in greenhouse gas emissions, spend with small, local business and charities, and an increase in gender diversity."
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Mineral & Financial Investments Ltd - investment company focused on natural resources sector - Notes 50%-owned Redcorp Empreedimentos Mineiros Lda announces initial feasibility study for Lagoa Salgada asset in Portugal. Lagoa is a zinc, lead, silver, copper, gold and tin asset. Outlines post-tax net present value of USD147.1 million, as well as mine life of 14.5 years. Initial capital costs, including contingency, to amount to USD164.4 million. Study's completion completes conditions for Ascendant Resources Ltd to earn 80% stake in project. "
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Fenikso Ltd - investment in oil & gas assets in Nigeria, previously known as Lekoil Ltd - Receives funds from Lekoil & Gas Investments loan entered into at end of 2022, as part of restructuring plan. Receives ISD742,455 as repayment of USD51.9 million loan. Remaining balance is USD48.6 million. "The proceeds will go towards clearing the remaining creditor balance at the company, covering general and administrative expenses and paying the first instalment of the Savanah Energy Investments Ltd loan," company says.
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T42 IOT Tracking Solutions PLC - real-time tracking, security, and monitoring solutions provider - Raises USD1.3 million through convertible loan from "strategic customer". Will "support both existing orders and the company's new lease-based order strategy and to repay certain existing loans". Loan carries 10% yearly interest and is payable quarterly.
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Aptamer Group PLC - custom affinity binder developer - Commences formal sales process, in addition to ongoing hunt for "additional funding". Any possible buyer will not be required to be publicly identified due to a UK Takeover Panel exemption.
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Itsarm PLC - formerly In The Style Group PLC, a cash shell since March after selling its only operating subsidiary In The Style Fashion Ltd - Winding up petition formally dismissed at the Business & Property Courts of England & Wales. Shares restored to trading, but notes it needs to make acquisition by September 28 or face another suspension, under AIM rules on cash shells. It has been a cash shell since March 27. As stated on Monday, David Craven and Jean-Paul Rohan are appointed to the board as non-executive chair and non-executive director, replacing James Sharp and Richard Monaghan.
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Trafalgar Property Group PLC - south-east England-focused residential property developer - Work at Speldhurst new build, which began in July, "is progressing well". At Burnside, a final unit has been sold for GBP325,000. "The sale completed in February 2023 and the net sale proceeds were used to clear the associated mortgage and loan funding attached to the property," firm adds. In Leatherhead, Trafalgar Retirement+ is seeking to renegotiate price on option to "reflect current market conditions", but no renegotiation has been possible so far. Finally, at Orchard House, it adds: "Selmat are delighted to announce that an offer of GBP950,000 has just this month been accepted and is undergoing legal due diligence."
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Unbound Group PLC - cash shell - Says results for year ended February 5 unlikely to be published by August 5 deadline. "The company continues to work with RSM UK Group LLP as auditor with a view to publishing the annual report as soon as reasonably practicable," firm says. Shares, which are currently suspended, will in any event be suspended from August 7 if the report is not published by the deadline. Unbound, which in earlier in July said administrators of its former operating subsidiary Beaconsfield Footwear Ltd completed the sale of the business, notes it is now a cash shell under AIM rules. It has six months to complete an acquisition or raise GBP6 million to become an investing company, or face a suspension of trading on AIM. If a deal is not sealed by a further six months, the shares will be cancelled.
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By Eric Cunha, Alliance News news editor
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Van Elle (VANL)
Costain (COST)
Mineral & Fin (MAFL)
T42 Iot Track. (TRAC)
Aptamer Group (APTA)
Trafalgar Prop (TRAF)