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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Mosman Oil and Gas Ltd - New South Wales, Australia-based oil exploration, development and production company - Updates on its corporate review. Believes that in respect to the Australian assets, being the EP 145 permit and the EP(A) 155 exploration permit application in the Amadeus Basin in Central Australia, the best way forward is to pursue a separate stock market listing in London. Further, says progressing positive commercial negotiations on potential future helium production offtake arrangements in respect of EP 145 with two Chinese based companies. Adds it is in discussions with various corporate advisory firms in regard to listing the Australian assets in London. Aims to complete the separate listing of the Australian assets in the fourth quarter.
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STM Group PLC - London-based cross border financial services provider - Reports audited financial statements for the year for two subsidiaries, London & Colonial Assurance PCC PLC and STM Life Assurance PCC PLC, have been delayed and are now expected to be signed next week. Says this is likely to ‘result in a material uncertainty relating to going concern being disclosed in the Life Company Subsidiaries’ accounts.’ Notes the Gibraltar Financial Services Commission has confirmed that the companies may not be meeting the threshold conditions for regulated individuals under Section 65 of the Financial Services Act. Working with the GFSC to obtain approvals and says, as of today, only the role of managing director for each of the Life Company subsidiaries is still awaiting regulatory approval. Remains confident in the Life Company subsidiaries’ ability to continue as a going concern from a business perspective. Expects audit to confirm results will be consistent with the guidance provided in the group’s trading statement on January 18.
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Seeing Machines Ltd - advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety - Reports key performance indicators for the quarter ended March 31. Says cars on road more than doubled in the financial third quarter to 874,851 units from 341,835 a year prior. Adds Guardian connections increased 30% to 49,050 from 37,791. Experiencing consistent, quarter-on-quarter growth in high-margin royalty revenue, as more cars start production, with significant growth over the year, company says. This is expected to continue to increase as new programs start production, despite the challenges facing the automotive industry such as seasonality, supply chain issues and global economic factors.
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