Source - Alliance News

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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ADM Energy PLC - London-based natural resource investor with assets in Nigeria - Invests in 5 on-shore US oil leases via agreement with OFX Holdings, and buys Blade Oil V LLC for $1.6 million as part of investment in leases. Blade Oil is a company established as vehicle for the purpose of facilitating the investment. It owns a portfolio of interests in oil and gas projects, with the main focus being a 70% interest participation in an initial three well drilling programme to target shallow oil production in an oilfield in California.

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BSF Enterprise PLC - London-based investor in biotechnology - Begins trading OTCQB Venture Market in US, under ’BSFAF’ symbol. The company explains: ‘Trading on the OTCQB market provides BSF with access to one of the world’s largest investment markets, expanding the company’s reach to a broader pool of investors while creating the potential for greater liquidity in its shares. Shares will also be available to US investors during US trading hours, priced in US dollars. This will ease cross-border trading, with the potential to further enhance liquidity.’

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Henry Boot PLC - Sheffield-based property developer - Says it has started the year well, trading in line with expectations. Its three key markets - Industrial & Logistics, Residential and Urban Development - are showing signs of recovery. ‘Against a backdrop of economic uncertainty and increased mortgage costs, house prices have remained resilient,’ it adds. Says that Hallam Land Management began the year well, anticipating HLM to contribute to the company’s sales targets and profit in 2023 and 2024. Company says that it remains cautious due to the current economic environment. Henry Boot says the market expectations are a consensus of £37.8 million for pretax profit, which would be 17% lower than £45.6 million posted for 2022. ‘Looking ahead, the group is well placed, supported by a solid balance sheet and a store of opportunities, placing the business in a strong position to achieve its medium-term strategic objectives and growth targets,’ firm says.

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Momentum Multi-Asset Value Trust PLC - London-based investment trust - Proposes to liquidate company through reconstruction scheme. Suspends operation of discount control mechanism, effective immediately. Declares 2.60 pence per share fourth interim dividend, bringing the total to 8.00p, up 11% from 7.20p a year prior. ‘The board has decided it is in the best interests of shareholders to liquidate the company and give shareholders the option to roll their investment into another investment vehicle or to receive a cash exit at close to net asset value,’ firm explains. Under proposed terms of the scheme, shareholders will be able to roll over their investments into the VT Momentum Diversified Income Fund, which is an open ended fund that is managed by Momentum Global Investment Management Ltd. Another option for shareholders is to receive cash regarding their investment in Momentum Multi-Asset Value Trust, or a combination of both.

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NAHL Group PLC - Northamptonshire, England-based insurance claims management - Notes continued progress since it released its annual results in late March, regarding scaling both of its divisions. Says that in Consumer Legal Services, personal injury enquiries in the first four months of the year were consistent with a year prior, while its National Accident Helpline ‘delivered a good performance in organic search’. Adds that expectations for full year remain unchanged.

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LPA Group PLC - Essex-based LED lighting and electro-mechanical systems maker - Hails £2 million order from Siemens AG to supply lighting on their Nightjet train for delivery to OBB, which are the federal railways of Austria. Expects production to start later in 2023, with deliveries expected throughout 2024 and early into 2025. LPA’s orderbook is now at a‘record’ £36 million.

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Panthera Resources PLC - Gold explorer with projects in India and west Africa - Announces completion of phase 2 of its around 10,000 metre drilling programme on Cascades project in Burkina Faso. Highlights release from May 2, when it noted that joint venture partner DFR Gold Inc found 1.83 grammes of gold per tonne at Sina Yar intersections at the project. Panthera Chief Executive Officer Mark Bolton says: ‘We are encouraged by the consistent mineralisation across the licence area and are working with DFR on the optimal approach for the next phase of drilling.’

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S&U PLC - Birmingham, England-based motor and property finance lender - Gives update on trading from February 1 to Wednesday. Reports ‘another strong performance’ in the first quarter of financial year, with profit, turnover, debt quality and collections ahead annually. Notes that pretax profit in the period is up £300,000 over a year ago, due to higher interest rates and a net receivables book which grows to £418 million as at May 24, up 23% from £340 million on May 25, 2022. Further, ‘group collections are excellent, with Advantage, our Grimsby-based motor finance business, reaching a record £48 million of regular repayments in the period, up over £4 million on the same period last year,’ S&U says. Anticipates sustainable growth over the coming two years. Firm says that its ‘consistently good credit quality’, among others, justifies new medium-term funding facilities of £230 million with its club of banking partners, increasing its total funding facilities by £70 million to £280 million.

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