(Correcting Harmony Energy Income Trust’s use of funds.)
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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Harmony Energy Income Trust PLC - London-based investment company focused on energy projects - Raises £15 million in an issue of 15.0 million shares at a price of 100 pence each. Plans to use the funds to fund its pipeline of 2-hour duration battery energy storage systems projects. ‘The net proceeds of the issue, together with not less than 7 million C shares to be issued to Harmony Energy as consideration, will enable the company to exercise its right of first refusal on these projects and secure them at the attractive entry point agreed pursuant to the pipeline agreement,’ the company says.
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Castillo Copper Ltd - Perth, Australia-based exploration company focused on copper across Australia and Zambia - Completes four drill holes for 488 meters at the Tors Tank prospect, within its BHA project’s east zone. Says all four holes have hit targeted cobalt mineralisation zones. Looks forward to remaining assay results. ‘The drilling campaign has got off to an excellent start, with initial interpretations from the geology team confirming that targeted cobalt zones have been intersected. Moreover, whilst subject to final assay results, the board is delighted to learn that significant pegmatite zones have been intersected which could potentially host rare earth elements,’ Managing Director Dennis Jensen comments.
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AssetCo PLC - London-based advisory and asset management firm - Appoints Numis Securities Ltd to continue with its share repurchase programme. Accelerates its existing £7.5 million share repurchase programme.
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Condor Gold PLC - mine developer in Nicaragua - Appoints Jim Mellon as non-executive chair. He was non-executive director for several years and is the largest shareholder with a 19% stake.
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TomCo Energy PLC - London-based oil explorer in the US state of Utah - Gets a conversion notice from its convertible loan subscriber to convert the remaining £175,000 principal amount of the first tranche of the convertible loan, together with £75,000 principal amount of the second tranche of the convertible loan and the associated interest on both principal amounts of £12,500 into new shares.
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Evgen Pharma PLC- Cheshire, England-based drug development company - Starts recruitment for the pharmacokinetic/pharmacodynamic trial in healthy volunteers and decides to start an investigator sponsored clinical study for its glioblastoma programme. Says the purpose of the healthy volunteers study is to examine the performance of Evgen’s new enteric coated tablet formulation of lead asset SFX-01.
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Coral Products PLC - Manchester-based plastic products maker - Acquires Ecodeck Grids Ltd for a consideration of up to £5.6 million. £3.4 million will be paid in cash. Further, it will issue of 6.3 million shares in the company at a price of 16 pence per ordinary share. ‘This acquisition further reinforces our focus on niche, specialist operators in the plastics sector. We have an opportunity to leverage Ecodeck’s online platform for other group eco-friendly products. We see significant scope to add value as we integrate the business into the Group - the acquisition continues to broaden our group’s product offering and greatly enhances our available market opportunities. We expect this acquisition will be earnings enhancing in its first year,’ Executive Chair Joe Grimmond says.
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Palace Capital PLC - London-based property investment company - In the first half to September 30, rent collection was 99% and occupancy remained ‘stable’ at 89%, up from 98 and flat at 89% respectively. Completes seven new lettings, six lease renewals and ten rent reviews, generating contracted revenue of £2.2 million. ‘At an operational level the company has made steady progress with its asset management activities and in reducing its level of gross debt and its cost base. However, the significant volatility and uncertainty in financial markets with the prospect of significant increases in interest rates has adversely impacted the commercial property market in relation to investment activity resulting in a re-pricing of assets compared with the position earlier in the year. Therefore, the board has decided to pause the timing of significant property disposals for the time being,’ Executive Chair Steven Owen says.
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Canadian Overseas Petroleum Ltd - Calgary, Canada-based oil and gas company operating in Nigeria and US state of Wyoming - receives gas flaring approval for the Barron Flats Shannon unit from the Wyoming Oil and Gas Conservation Commission at a hearing.
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