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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LondonMetric Property PLC - London-based property investor - Notes just under 21% of shareholders vote against re-election of Patrick Vaughan to company’s board. ‘We are engaging with shareholders who voted against the re-election to address their concerns and will report in due course,’ it says. Adding: ‘The board strongly supports Patrick’s re-election as chair of the board and Nomination Committee. In relation to Provision 19 of the Corporate Governance Code relating to the tenure of the chair, the board does not believe that Patrick’s independence and objectivity is compromised by the length of his service, and values his property expertise and sound judgement. However, the search for a successor is underway.’ Also notes it is committed to strengthening female representation on the board, which following this AGM has temporarily fallen below its 33% target and year end position.
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Black Sea Property PLC - property developer in Bulgaria - Enters lending terms with Bulgarian commercial bank for payment of part of the price of Star Mil EooD. Total consideration is €5.2 million, with the bank lending about €4.2 million. Star Mil owns the Black Sea Star hotel complex, located on the Black Sea coast, behind the company’s existing site at Camping Gradina. It adds: ‘The investment proposal represents the opportunity to achieve synergy and optimization with the joint development and management of Camping Gradina and Black Sea Star.’
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Round Hill Music Royalty Fund Ltd - Guernsey-based investor in music copyright assets - Applies to UK regulators to admit shares to Premium Segment of London Stock Exchange’s Main Market. ‘As the company grows, the board believes that RHM will benefit over time from such a migration to listing on the Official List as it is anticipated that this will broaden its appeal to a wider range of shareholders,’ it says.
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Stelrad Group PLC - manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey - Completes acquisition of DL Radiators SRL from De Longhi Industrial SA for €28.3 million on a debt free, cash free basis. Stelrad expects the acquisition to be earnings enhancing in the current financial year with double digit earnings per share enhancement in future years. Chief Executive Trevor Harvey says: ‘This acquisition will allow Stelrad to grow our business through the provision of additional products and through geographical expansion. DL Radiators has strong brands with a significant customer base and we look forward to realising value opportunities and expanding the market for their higher value product ranges.’’
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Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Proposes placing, PrimaryBid and subscription to raise minimum of £3 million. Placing will be priced at 0.5 pence per share, being a discount of 23% to Wednesday’s closing price of 0.65p. Proceeds will be used to maintain momentum with existing projects and potentially help pursue other projects. Currently has five plants under construction, with two approaching commissioning and commercial operations from 2022, with nearly 20 other projects under development.
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Aminex PLC - Leeds, England-based oil & gas investment company - Notes Scirocco Energy PLC’s sale of a 25% non-operated working interest in the Ruvuma asset to Wentworth Resources PLC stalled as it has received notice from ARA Petroleum Tanzania Ltd exercising its pre-emption rights. In addition, Scirocco confirmed that Tanzania Petroleum Development Corp, the national oil company of Tanzania, had indicated that it is considering exercising its statutory right of first refusal in relation to the sale. ’The company is very pleased that the operator of Ruvuma, ARA Petroleum Tanzania, wishes to increase its participating interest in Ruvuma and that the Tanzania Petroleum Development is interested in having a participating interest in the asset, both confirming our long-held conviction in the quality of the Ruvuma asset,‘ Aminex says. Executive Chair Charlie Santos ’delighted‘ there is so much interest in Ruvuma.
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Serica Energy PLC - London-based oil & gas company - Confirms it has rejected advance by London-listed Kistos PLC, saying the offer ’significantly undervalued the Serica and its prospects‘ and is ’not in the best interests of shareholders or other stakeholders‘. Also confirms it made bid for Kistos. ’Serica pro-actively seeks opportunities to utilise its strong balance sheet and operating capability to diversify its production portfolio and increase the scope for organic investments,‘ it adds. Maintains its bid would ’secure for both sets of shareholders the advantages of scale and diversity attained from combining the asset portfolios.‘
London-based energy industry investor Kistos’s combination terms value Serica at 382.00p per share. This represents a 25% premium to Serica’s closing share price of 305p on Monday. Kistos is offering 0.2932 of a new Kistos share and 246.00p in cash for each Serica share. Under this, Serica’s shareholders would own roughly 50% of the combined new firm. However, Serica rejected the offer - and instead made its own takeover offer for Kistos, valuing it at 483.00p per share in another cash-and-shares approach. Serica’s bid - of 90p in cash and 1.29 new Serica shares for each Kistos one held - represents a premium of 4% to Kistos’s closing share price on June 30 of 463p per share.
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Capital Metals PLC - London-based mineral sands explorer - Says it is closely approaching the final investment decision for development at the Eastern Minerals heavy mineral sands project in Sri Lanka. ’The board and local management team are monitoring the economic and political developments in Sri Lanka. The board expects that recent political changes should enable change to occur more rapidly with increased international cooperation and an overriding requirement to encourage foreign investment and job creation in the country,‘ company says. Adds it is having positive discussions with prospective offtakers.
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Trident Royalties PLC - London-based mining royalty and streaming company - Sonoroy Holdings Ltd, its 50%-held joint venture with Marmottes Capital Ltd, says its long-stop date to buy the 3.0% gross revenue royalty at the Sonora lithium project in Mexico has been extended to January 31, 2025. Trident has also agreed to extend the repayment date for its loan to Sonoroy of the initial $2.5 million deposit to six months under certain circumstances, including where Trident elects to exit the joint venture.
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Goldstone Resources Ltd - Jersey, UK-based gold development company with projects in West Africa - Reaches agreement with Paracale Gold Ltd for the conversion of its total outstanding loan. Notes $766,522 outstanding loan converted into 9.8 million shares at 6.55 pence each. Paracale, a company associated with Chair Bill Trew, provided the company with a loan of $1.2 million in late 2018. Chief Executive Emma Priestley adds: ’Paracale Gold share our vision for the development of the Akrokeri-Homase project in Ghana and have been a tremendous support to GoldStone in recent years and continue to be so following the conversion of their outstanding loan to equity.‘
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