The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Albion Venture Capital Trust PLC - London-based investor in smaller, unquoted growth businesses - Net asset value at September 30 was 47.47 pence per share, down from 52.90p the year prior, and from 50.88p at March 31. Pays a 1.27p per share dividend for the period, down from 1.33p on-year. Says ‘can provide opportunities for growth, and to yield positive results for the company’, but notes difficult half-year.
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Kenmare Resources PLC - titanium minerals and zircon producer - Says its board has approved an upgrade to Wet Concentrator Plant A and the development of a tailings storage facility, which it says enables the transition of WCP A to its new mining zone in Nataka. Says WCP A will complete mining at Namalope in late 2025. Says WCP will operate at Nataka for a 20-year period. Says a feasibility study is currently underway for its WCP B upgrade, which will be completed in the second quarter of 2024. Managing Director Michael Carvill says: ‘The board has given further approvals for the upgrade of Wet Concentrator Plant A and transition to the Nataka ore zone. The project is expected to deliver consistent production volumes for decades to come and maintain Kenmare‘s low operating costs, targeting the retention of a first quartile industry position. Production expectations for 2023 remain in line with the revised guidance provided in July.’
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Helium One Global Ltd - London-based helium explorer focused on Tanzania - Says its replacement iron rough neck rig is now in Tanzania, has cleared customs, and is expected to arrive at its Itumbula well site on Thursday. Notes that it will then begin installation of the rig. Says the rig will begin drilling in January 2024, subject to the completion of additional funding.
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JZ Capital Partners Ltd - investment company focused on US and European micro-cap companies and US real estate - Says JZHL Secondary Fund has sold its interest in Felix Storch Holdings LLC for $167.7 million. Says it will receive $62.5 million in connection with the sale, as a result of its agreed distribution waterfall. Says the distribution will correspond to a net asset value uplift of 19 US cents per share. Notes that the sale follows other disposals by JZHL from which it received $97.4 million.
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Invesco Select Trust PLC - London-based investment trust - Says it undertaking a review of the company and its strategy, as it aims to broaden its appeal and improve liquidity. Says it will look to simplify its structure and introduce features to expand its investor base. Says it is in the best interests of shareholders to consolidate its UK share class into its global share class. Notes that consolidation will result in net assets of £182 million. Adds that it believes this will increase its appeal to investors and improve liquidity. Plans to switch from four yearly dividends to quarterly payments of at least 1% of cum-income net asset value.
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