Source - Alliance News

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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Coro Energy PLC - London-based gas explorer - Resumes gas production at Bezzecca gas field in Italy. ‘The well demonstrated strong pressure support, giving good indications for production performance in line with previously announced expectations of around 15,000 cubic meters per day,’ it says. Will provide stabilized production rates in due course.

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SRT Marine Systems PLC - Bath-based provider of maritime surveillance - Signs contract with new customer in South East Asia, to provide a national coast guard with initial SRT-MDA System maritime monitoring system. The system will aid the coast guard in coordinating with other national agencies to arrange inspections of vessels for safety, law enforcement and security purposes, it explains. The project will complete by March of next year. ‘The end customer is a significant national coast guard, and this contract is the first step on their long-term strategy to build up a significant next-generation professional national integrated maritime surveillance and intelligence system,’ the firm says.

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Puma Alpha VCT PLC - venture capital trust - intends to launch subscription offer late this month to raise up to £15 million, with an over-allotment facility for up to a further £5 million. Will update shareholders on the details when it launches the offer.

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Inspiration Healthcare Group PLC - Crawley, England-based medical technology company - Receives order worth over €300,000 from charity acquiring medical products for hospitals in Ukraine. Says order for its patient warming system, CosyTherm. ‘It is anticipated that the order will be completed and delivered before the end of this financial year,’ it says.

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PCF Group PLC - London-based specialist bank - Says will not recommence lending, and proposes cancelling its ordinary shares on AIM to reduce costs. This comes after it suspended any new lending in early October after Castle Trust Capital PLC had pulled out of a deal to take over the firm. Says it finished its strategic review, and concluded it would not be possible to raise ‘significant growth capital’ that it had desired. ‘The Board will continue to explore strategic transactions with bona fide interested third parties, however, the directors have now concluded that it is in the best interest of all stakeholders for PCF Bank to commence a process of withdrawing from the UK banking market,’ it says.

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Vaalco Energy Inc - Houston, Texas-based hydrocarbon explorer - Reports net profit of $6.9 million in the third quarter, down from $31.7 million a year before, mostly resulting from a non-recurring tax benefit in the prior year. Revenue rises to $78.1 million from $55.9 million. Says average daily production during the quarter was ‘above the high end’ of guidance at 9,157 net revenue interest barrels of crude oil per day. Paid out a third quarterly cash dividend of 3.25 cents back in September. ‘As you can see, we are poised for continued success in this strong commodity price environment, with no net debt and strong free cash flow generation. We will work hard to integrate the TransGlobe team and assets into our strategic vision, which remains unchanged,’ says CEO George Maxwell. The firm completed a business combination with TransGlobe Energy in mid-October.

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Harland & Wolff Group Holdings PLC - London-based offshore construction company - Enters into an exclusive term sheet with Astra Asset Management UK Ltd to refinance its credit lines. Says the proposed facility is £70 million, and both parties will worth to increase this to £100 million in due course. ‘The transaction would entail the refinancing of the group’s existing debt with Riverstone Capital Partners in full and provide for additional financing towards capital expenditure and group working capital requirements,’ it explains. Says new facility is expected to be on better economic terms than the existing one, but this is dependent on any further movements in UK interest rates and markets. Expects transaction to close in the next four to six weeks.

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