(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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BMO Commercial Property Trust Ltd - Notes it has collected 85% of rent due for second quarter and 86% rent for the third quarter. The rent billed for the fourth quarter totals GBP16.2 million with collection at 84%. Company says: "As highlighted in previous announcements the majority of the uncollected rent is in the retail and leisure sectors comprising shops, restaurants, a cinema and gym. There continues to be a minority of retailers who should be in a position to pay who are not engaging and the company is in the process of taking further steps to encourage dialogue. Given the high-profile coverage of its administration, we can confirm that the portfolio has no exposure to Arcadia. There is also no exposure to Debenhams."
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PRS REIT PLC - real estate investment trust to focus on new-build family homes for the private rental market - Notes it completes 3,000 home in its portfolio. "This completion marks another significant milestone in the development of the PRS REIT's portfolio of high-quality family rental homes since its launch in May 2017," company says. Estimated rental value of the portfolio at about GBP28 million. Once full delivery is completed, the PRS REIT's initial portfolio is expected to comprise approximately 5,200 homes, with ERV approaching £50m per annum. Full delivery is expected around the end of 2021. Home delivered by Sigma Capital Group PLC.
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Eurasia Mining PLC - palladium, platinum, rhodium, iridium and gold producing company - Expects final approval for definite feasibility study for West Kytlim project later this month. Executive Chair Christian Schaffalitzky says: "The directors are delighted with the finalisation of the DFS and the approval process aimed at production increase in these exciting times for PGMs especially for palladium and rhodium. The company is committed to its strategy, while also adding value to its projects. Further announcements will be made in due course."
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Renew Holdings PLC - Leeds-headquartered engineering services company - Says the trustee of the Lovell Pension Scheme enters into a "buy-in" agreement with a specialist insurer. The deal ensures the security of the benefits of the Lovell Scheme's pensioners and deferred members and while the company remains legally responsible for the Lovell Scheme, the transaction has eliminated all of Renew's exposure to investment and funding risks in the Lovell Scheme. Chief Financial Officer Sean Wyndham-Quin adds: "This transaction significantly de-risks the Group's balance sheet, further reduces the Group's pension exposure risks and improves the Group's cashflow in the medium term. We are now focused on trying to fully buy-in our liabilities with the Amco Scheme to further reduce the Group's pension exposure in line with our strategy."
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Target Healthcare REIT PLC - UK purpose-built care home investor - Notes a significant number of votes were lodged against resolution 15 at its annual general meeting, which was in relation to the amendment of the company's Articles of Association, primarily to permit it to hold shareholder meetings on a virtual basis. Says over 21% of shareholders voted against the proposal. Company adds: "The board has engaged in consultation with some shareholders who together account for a significant proportion of such votes and who have expressed concern that, in theory, the structure of virtual-only meetings can prevent meaningful shareholder engagement and allow management to more easily avoid difficult questions. In order to address such concerns, the directors, therefore, confirm that, notwithstanding the permissions granted by the New Articles, they intend that the company reverts to physical meetings as soon as the restrictions on physical gatherings are lifted and it is safe to do so."
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Good Energy Group PLC - renewable energy firm headquartered in Chippenham, Wiltshire - Welcomes UK Competition & Markets Authority intention to launch a market study into electric vehicle charging. Good Energy recognises the "importance of the electric vehicle market as part of the UK's journey to net zero carbon". Chief Executive Juliet Davenport adds: "Regulators and policy makers will play a crucial role both in setting the tone in these fast-growing markets and to ensure structural issues do not inhibit this transformative opportunity. Our investment in developing Zap-Pay has solved the problem faced by EV drivers of having to use multiple cards or apps to charge on different networks."
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Genedrive PLC - near patient molecular diagnostics company - Notes completion of the Antibiotic Induced Hearing Loss implementation study into the use of the genetic test in an NHS neonatal intensive care setting. Company adds: "The Genedrive MT-RNR1 ID Kit has been used over the past 11 months in a trial of what is thought to be a world first use of a genetic test in a neonatal intensive care setting. The Genedrive assay has been used at Manchester University NHS Foundation Trust and Liverpool Women's Hospital to screen babies before administering certain antibiotics that are known to cause deafness in infants." Chief Executive David Budd says completion of study is "major milestone".
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Nanoco Group PLC - development and manufacture of cadmium-free quantum dots - Notes good progress has been made on its project with ST Microelectronics NV during the 2020 and is now negotiating its potential next phase. "Financial performance in the period has been in line with the board's expectations. The board remains focussed on new commercial revenues to sustain the group's organic activities in the second half of financial 2021 and beyond, with contingency plans in place if needed," company adds.
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Canadian General Investments Ltd - closed-end equity fund focussed on medium to long-term capital appreciation and dividends in Canadian companies - NAV per share ends November at CAD47.40, up 31% year on year. Notes Toronto Stock Exchange grew 4.3% in same period.
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eve Sleep PLC - e-commerce business that sells mattresses online - Trading since end of September "continued at elevated levels" with particularly strong performances across its mattress and bedframe ranges. Sees revenue growth of 15% in the five months to November 30 year on year. As a result now expects full year revenues of at least GBP24 million and a reduced underlying Ebitda loss of about GBP2.5 million, which would represent a 77% year-on-year reduction.
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Craven House Capital PLC - Emerging markets-focused merchant bank - Annual pretax operating loss widens sharply to USD13.2 million from USD1.8 million the year before. Suffers a USD7.0 million loss in fair value for the year to May 31 compared to a USD376,000 gain the year before. Also seen USD7.2 million in intercompany loans written off versus zero the year before. "During the period the company completed a fundamental restructuring of its holdings involving distribution of a dividend in specie to our shareholders, comprising the bulk of Craven's historic investment portfolio, and transfer of intercompany loan accounts and creditors to Craven Industrial Holdings," company says. It adds: "The investment portfolio retained by the company and resulting balance sheet are significantly simplified, focused, more suitable to AIM and, we believe in time, will be better understood by the market."
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Seplat Petroleum Development Co PLC - Nigerian oil and gas company - Takes legal action after corporate HQ in Lagos, Nigeria, closed. Office was sealed in connection with a court case by Access Bank against Cardinal Drilling Services, a third party providing drilling services to Seplat. Company adds: "We understand that Cardinal Drilling has outstanding loan obligations to Access Bank. However, Seplat is neither a shareholder in Cardinal Drilling, nor has outstanding loan obligations or guarantees to Access Bank and did not at any time make any commitments or guarantees in respect of Cardinal Drilling's loan obligations to Access Bank." Seplat believes there is "no merit or justification" for this action against it.
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TransGlobe Energy Corp - Calgary-headquartered oil exploration and production company focused on Egypt and Canada - Agrees with the Egyptian General Petroleum Corp to merge the company's three existing Eastern Desert concessions, the West Gharib, West Bakr and North West Gharib concessions, into a new "modernised" concession agreement. The new merged concession will hold new 15-year development term and a 5-year extension option. President & Chief Executive Randy Neely says: "After a lengthy and constructive negotiation, I believe we have arrived at an incredible win-win amendment for both TransGlobe and EGPC. The efficiencies gained from the consolidation of our Eastern Desert concessions, along with the improved netbacks and extended term, are expected to provide TransGlobe with the fiscal incentive and time to unlock meaningful additional reserves and production through the application of modern technology and optimisation of infrastructure."
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IQ-AI Ltd - Jersey-based medical services and software company - Announces the release of StoneChecker application 20.12. "This release encompasses workflow enhancements for retrieving computed tomography datasets as well as streamlined reporting of the application's output. IQ-AI is confident that this release of SC Software is now positioned for widespread clinical adoption," company adds.
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Wameja Ltd - software firm focused on HomeSend payment hub JV with Mastercard - Maintains its view that the potential for a "legitimate material claim" under the indemnity in the sale & purchase agreement for the sale of its core business to Seamless Distribution Systems AB is "very low" and expects that the current audit, once completed, will support the firm's view. The potential claims refers to licences for certain third party intellectual property utilised by Botswana Telecommunications Corp, as a user of eServGlobal's "Paymobile" platform.
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Rambler Metals & Mining PLC - Canada-focused copper and gold producer, explorer, and developer - Delays equity raising, note financing and conversion of loan notes. Was hoping to raise GBP6.3 million through issue of 3.13 billion shares at 0.2 pence each. Was also to enter into final agreement for USD5 million note financing from institutional investor West Face Capital Inc. It was expected that the transaction would complete on December 3, with the admission of new ordinary shares to trading on AIM on the same date. "The proposed note financing of USD5 million is awaiting final documentation which is reasonably expected in the next 24 hours," company says. It adds: "The directors remain confident that that the note financing is capable of being satisfied and must be satisfied by not later than December 18 in any event. Should the note financing not become unconditional in all respects by December 18, then the transaction will not proceed."
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By Paul McGowan; paulmcgowan@alliancenews.com
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