TRADING UPDATES: WH Smith faces director pay revolt; Troy lowers fees

Wed, 19th Jan 2022 21:29

(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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WH Smith PLC - FTSE 250-listed Swindon, England-headquartered books and stationary retailer - Notes over 45% of shareholders vote against company's remuneration report at annual general meeting on Wednesday. "The Remuneration Committee has already conducted an extensive consultation with the company's largest shareholders regarding the Remuneration Report and the company's new Remuneration Policy. The new Chair of the Remuneration Committee, Marion Sears, looks forward to continuing the company's constructive discussions with shareholders, following her appointment, over the coming months," company says. Also notes over 21% of shareholders voted against re-election of Maurice Thompson to company's board.

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Quantum Blockchain Technologies PLC - London-based cryptocurrency researcher and investor - Notes final date for hearing over legal action started by Sipiem SpA, which was subsequently acquired by Clear Leisure 2017 Ltd, against Sipiem's previous board and internal audit committee, will be May 4. Two companies have until January 27 to file comments. Judgement expected by end of 2022. Chair & Chief Executive Francesco Gardin says: "The company maintains a confident outlook on the merit of the legal claim, and will, in the meantime, continue working on its new strategy focused on blockchain, artificial intelligence, cryptocurrencies and quantum computing."

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Troy Income & Growth Trust PLC - invests predominantly in UK equities - Reduces annual management fee payable to Troy Asset Management Ltd, its investment manager. Starting from January 1, it has lowered its tiered annual management fee of 0.55% of net assets up to GBP250 million and 0.50% of net assets above GBP250 million. Which is down from a fee of 0.65% and so the new fee represents a reduction of 15% up to GBP250 million of net assets and a reduction of 23% on net assets greater than GBP250 million.

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Arden Partners PLC - UK-based corporate adviser and multi-service stockbroker - Shareholders approve takeover by legal and professional services firm Ince Group PLC. In mid-October Ince reached agreement to buy Arden, which will see Arden shareholders receive seven Ince shares for each 12 Arden shares they own. Under the deal's terms, Arden shareholders will own 22% of enlarged company. Deal expected to close in the first quarter.

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Primorus Investments PLC - investment firm focused on small and mid cap firms in financial services, technology and natural resources - Transfers USD1.0 million of its USD2.5 million convertible loan note investment in Mustang Energy PLC into cash. Also transfers 40% of warrants into new Mustang shares. Amendment follows negotiations to extend period for backstop arrangement to finalise. Under current backstop, Primorus will redeem loan notes, and receive full value of its investment, through Bushveld Minerals PLC shares.

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Zoltav Resources Inc - Russia-focused oil and gas explorer and producer - Shareholders approve move to delist from London's AIM. Last day on AIM will be February 15. Decision comes after share purchase agreement with ARA Capital. Notes ARA Capital to buy 62.6 million Zoltav shares from Bandbear for RUB1.8 billion or around USD24.3 million. Last December, when delisting was first proposed, said: "Zoltav has no significant UK based institutional investors among its shareholders and its focus on oil and gas assets solely in Russia, together with the composition of its share register, mean that it is unlikely the business will be able to raise finance through the issue of new shares on AIM, which is one of the primary reasons for being listed."

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Eco Atlantic Oil & Gas Ltd - oil and gas exploration company focused on Guyana and Namibia - Buys additional 800,000 shares in JHI Associates Inc, in return for 1.2 million new shares in company. Now holds 5.8 million shares in JHI after, a 7.4% stake, acquiring 5.0 million in June 2021. JHI holds 17.5% interest in the Guyana Canje block, where the Sapote-1 well recorded hydrocarbon shows while drilling in 2021 and following the January 2022 santonian Fangtooth-1 discovery on the prolific Stabroek Block offshore Guyana. Company says: "This investment is consistent with Eco's strategy to create shareholder value through advanced exploration programs on the offshore Atlantic margins for advantaged barrels as developing nations bridge the essential reserve requirements through the stages of the energy transition."

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Serinus Energy PLC - oil and gas projects in Tunisia and Romania - Notes Moftinu gas project in Romania achieves 1,000 accident-free days of continuous operation.

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Longboat Energy PLC - North Sea-focused exploration firm - Wins licence under the Norwegian APA licensing round. Notes Ministry of Petroleum & Energy offers company's Norway subsidiary a 25% interest in production licence, PL 1049C, covering a possible extension of the Cambozola prospect towards the north. Cambozola will be drilled back-to-back following the PL 293B Kveikje well, which is 10%-owned by the company, which in turn is expected to spud at the end of the first quarter. Equinor Energy AS is the Cambozola operator with a 35% working interest.

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PetroTal Corp - Texas-based oil and gas company - Upgrades from the Pink market to the OTCQX Best Market in the US. "Upgrading to the OTCQX Market is an important milestone for PetroTal, as it provides transparent trading, visibility and accessibility for US investors," company says.

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Xtract Resources PLC - London-based metals and minerals producer - Says Ascot prospect, on the Bushranger porphyry copper-gold project in New South Wales Australia, delivers "significant intersection" of copper and gold, which company believes confirms it as a high potential discovery. Notes BRDD-21-035 delivered a best interval of 64 metres at 0.58% copper equivalent from 552 metres, within a broader zone of 164 metres at 0.34% copper equivalent from 552 metres.

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European Metals Holdings Ltd - mineral exploration and development company focused on Cinovec lithium-tin project in Czech Republic - Updates 2019 Pre-Feasibility Study (for Cinovec mine, in which it has a 49% economic interest. Annual production of battery grade lithium hydroxide monohydrate modelled to increase from 25,267 tonnes per annum to 29,386 tonnes per annum, an increase of 16%. Executive Chair Keith Coughlan says new study "adds significantly to the already robust forecast economics for the project." He adds: "The results of the study are very positive for the overall economics, resulting in a far greater amount of the ore resource being utilised for production of lithium and increasing the after tax net present value from USD1.1 billion to USD1.94 billion. Given the current price of lithium hydroxide is in the vicinity of USD 40,000 per tonne it is clear that that the Cinovec Project will be critical to European battery self-sufficiency." Separately, notes it has firm commitments for a placement for 10.3 million CDI's at an issue price of AAUD1.40 per CDI to raise about AUD14.4 million, about USD10.4 million from institutional clients. Says proceeds will assist in the further development of Cinovec.

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By Paul McGowan; paulmcgowan@alliancenews.com