UK TRADING UPDATE SUMMARY: Ruffer Says Portfolio Makes Progress

Tue, 15th Dec 2020 19:38

(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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Ruffer Investment Company Ltd - closed-ended investment company incorporated in Guernsey - Says portfolio has made "strong progress" amid "turmoil" of 2020. To December 8, Ruffer's NAV total return is 12.2%. "During the panic back in March, the protective assets did all we hoped they would. In the spring and early summer, gold and the inflation-linked bonds performed well. More recently, the economically sensitive equities have reacted very positively to the success of the covid-19 vaccines, leading the portfolio higher," company adds. Notes exposure to bitcoin, 2.5% of portfolio, is a "small but potent insurance policy".

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Horizon Discovery Group PLC - gene editing company - Shareholders approve GBP296 million takeover by US life sciences firm PerkinElmer Inc. The deal values Horizon shares at 185 pence, where it closed on Tuesday. Deal expected to close on December 23, with Horizon shares to be cancelled on AIM on Christmas Eve.

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San Leon Energy PLC - oil and gas exploration company with portfolio of assets located in Poland, Morocco, Western Sahara, Albania, Ireland, Spain and Italy - Extends the completion date of Oza Field in Nigeria, San Leon to early in the new year. "Worldwide restrictions put in place in response to the Covid-19 pandemic have slowed the logistical process in concluding the conditions precedent in the subscription agreement," company says.

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Velocys PLC - designs, develops, markets, and sells technology to produce synthetic fuels and specialty products - Signs full and final de minimis settlement agreement and global mutual release of all current and potential future claims between bankruptcy trustees of Ventech Engineers International LLC and the firm. "The board is satisfied with the resolution of this matter and can confirm that it will have no material impact on the company's financial position or results," company adds.

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eEnergy Group PLC - energy efficiency-as-a-service firm - Confirms it has completed the acquisition of Beond Group Ltd. As previously stated, the compulsory purchase procedure for the remaining minority interest in Beond has commenced and is now expected to be completed on or about January 13.

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PetroNeft Resources PLC - Russia-focused oil and gas exploration and production company - Extends loan facility with Swedish firm Petrogrand AB. Maturity extended to December 15, 2021, with a possible extension to 2022 if PetroNeft agrees to pay a further 10% payment. During 2019, the parties agreed to an increase in the facility by USD500,000 to USD2.5 million and a revised maturity date of December 2020. Terms include the potential entitlement to bonus payments of USD2.5 million per licence if either or both Licence 61 or Licence 67 are sold before December 31, 2022.

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Tasty PLC - restaurant operator - Confirms it has re-opened 38 restaurants with an additional 5 units providing takeaway and delivery services only, due to UK government restrictions. It expects a further 9 units will move to providing takeaway and delivery services only with the additional tier 3 restrictions being introduced in London and Essex. Certain restaurants within the company's estate have remained closed due to poor trading conditions in their locality, Tasty says. "Trading across the business continues to be challenging with Christmas parties cancelled and the differing levels of restrictions significantly reducing the number of customers eating out and related restaurant capacity restrictions," company adds. Tasty will again be relying on Government support for employees' pay and VAT, and business rate holidays and grants, where available.

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Remote Monitored Systems PLC - data collection and surveying firm based in London - Gets preliminary update in relation to the certification of subsidiary Pharm 2 Farm's new viricidal mask. "Three batches of prototype masks were produced with all three required to be certified to standard EN14683. The initial test is a preliminary breathability test. One mask (a four ply mask with the anti-viral layer) passed this breathability test, and 2 masks failed (five ply masks with the antiviral layer) and require modification," RMS says.

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Synectics PLC - security systems services company - Says trading in year to November 30 has continued largely in line with the own revised expectations, and underlying results for the second half are expected to be broadly similar to those in the first half. "Disruption to gaming activity across all regions has had a more prolonged adverse impact on the group's revenues than customer projections during the summer had led the board to expect at that time. However, trading and forecasts in other market sectors have continued to be largely in line with the board's expectations," company says. Believes demand will remain weak in near-term. "There has been growing interest in the areas of development in which Synectics is continuing to invest, particularly from large government-related urban transport and critical infrastructure projects," company adds.

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BigDish PLC - technology platform for restaurants allowing reservations, delivery and pick up - Says progressing with its Venture Builder model. Says strategising to create a new listed entity from the Venture Builder model and expects to update the market in January. "In addition, the company has been making progress on a new business opportunity in the wider food sector that could become a substantial opportunity for the company. The company is in advanced discussions with prospective partners and will update the market in January," BigDish adds.

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Live Co Group PLC - live events and entertainment group - Signs new contract with John Ball Zoo, in Michigan, US, for BRICKLIVE Supersized. The tour will take place from the end of May until September. Chair David Ciclitira says: "I am delighted to announce a further contract with John Ball Zoo which again highlights we are delivering on our business model of securing recurring revenues and repeat business with our client base. John Ball Zoo hosted a very successful 2020 season despite the pandemic, selling out of their permissible ticket numbers and providing a welcome outdoor activity for their local community."

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Nostra Terra Oil & Gas Co PLC - oil & gas exploration and production company focused on the Permian Basin in West Texas - Says recent significant improvement in oil commodity price and its positive impact on the company's drive to become cashflow positive. Over the past month WTI oil price has increased from around USD40 per barrel to USD45 per barrel which, on its own, materially enhances cashflow for Nostra Terra. The increase follows announcements that positive trial results have been achieved for vaccines against the Covid-19 virus. "Nostra Terra's focus is very much on increasing cashflow through assets with lasting reserves. Covid-19 has had a very negative impact on the global economy and consequently on oil prices. The average WTI oil price during the first half of 2020 was USD25.45, per barrel compared to USD57.39 in 2019," company adds.

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Biome Technologies PLC - bioplastics and radio frequency technology -Says Stanelco RF Technologies division has signed three contracts, with an aggregate revenue of GBP117,000, that will provide RF process heating solutions and equipment to customers in diversified industrial applications. The revenues from these contracts will be realised across the remainder of 2020 and during 2021 and do not change the company's expectation for 2020, during which orders from the fibre optic market have been "subdued".

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By Paul McGowan; paulmcgowan@alliancenews.com