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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Lendinvest PLC - London-based non-bank mortgage lender - Announces that LendInvest BTL Ltd has completed the group’s fifth and largest securitisation of £410 million of UK prime buy-to-let mortgage loans in an oversubscribed residential mortgage backed security transaction. The securitisation received an Aaa(sf) and AAA(sf) rating from global credit rating agencies Fitch and S&P Global Ratings respectively. The transaction increases LendInvest’s total funds under management to GB P4.2 billion.
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Mobeus Income & Growth 2 VCT PLC - venture capital trust - Reports net asset value at September 30 was 74.26 pence. NAV at June 30 was 72.73p. Says net asset value total return per share increased by 3.8% in the six months to September 30. An interim dividend of 6.00p per share was declared for the year ending March 31 2024.
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Fulcrum Metals PLC - Canada-focused mineral exploration and development company - Announces that its wholly owned subsidiary Fulcrum Metals (Canada) Ltd has entered into an option agreement to acquire a 100% interest in the Teck Hughes Gold Tailings project located in Kirkland Lake, Ontario. Further, says it is in advanced discussions with Extrakt Process Solutions regarding the licensing of its proprietary technology. Ryan Mee, chief executive officer says: ‘This is a very exciting development at Fulcrum and an excellent opportunity for shareholders to gain exposure to a project that has the potential to be generating cashflow in the future, without the precursor mining stage saving not only time but capital.’ Panther Metals PLC which holds a 19.99% stake in Fulcrum pleased by the statement.
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Hercules Site Services PLC - Cirencester, England-based labour supply company for the UK infrastructure sector - Buys 60% of Future Build Recruitment Ltd, a specialist UK-based white-collar recruitment company operating in the UK construction sector, for £1.3 million. In the year ending December 31 2022, Future Build generated revenue of £1.5 million and pretax profit of £490,258.
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Mkango Resources Ltd - Vancouver-based mineral exploration and development company with projects in Malawi - Reports pretax loss of $1.5 million in the three months to September 30 compared to a loss of $1.1 million the year before. Loss per share was $0.006 compared to $0.009.
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Eco (Atlantic) Oil and Gas Ltd - Oil and gas exploration company focused on the offshore Atlantic Margins in South Africa, Namibia, and Guyana - Reports revenue of $21 in the three months to September 30 compared to $36,325 the year prior. Net loss before tax totalled $1.5 million narrowed from $13.0 million before. Basic and diluted loss per share was $0.004 compared to $0.038. Looks forward to sharing further updates on the ongoing farm out work streams and drilling plans as and when in a position to do so.
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Tullow Oil PLC - oil and gas explorer and producer - Says tenders $130.1 million of 2025 notes, outstanding at date of offer $633.5 million. Further, increases aggregate tender consideration for 2026 notes to $102.5 million. Explains Tullow will use around $102.5 million of cash on balance sheet to fund the purchase of $114.8 million in aggregate principal amount of Reg S Notes, excluding accrued interest. This transaction delivers a value accretion of $41.1 million from a combination of $12.2 million net debt reduction and coupon savings to maturity of $28.9 million. Richard Miller, chief financial officer, comments: ‘Deploying cash from our balance sheet to buy back the 2026 Notes demonstrates our confidence in the business and our ongoing cash flow generation. Through this transaction we are reducing gross debt by $114.8 million and we will be saving $28.9 million on coupon payments.
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Semper Fortis Esports PLC - London-based professional e-sports team operator - Further to statement in May, announces the acquisition of GL Membership Ltd, trading as Good Life +, for £10 million. Deal to be satisfied by issue of 500 million new shares at 2 pence each. In addition, agrees to purchase certain assets owned by Chadd Media Ltd, a company owned by the founders of GL+. Further, raises £1.4 million via subscription and placing of 70 million shares to provide working capital to finance the growth of the enlarged group.
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Atlantic Lithium Ltd - Sydney-based lithium exploration and development company, with assets in Ghana and Ivory Coast - Issues statement at annual general meeting. ’Looking ahead, we have a number of catalysts in our sights that intend to further enhance the value of the project and move us closer to achieving our goal of lithium production at Ewoyaa,‘ company says. These include: a maiden mineral resource estimate for feldspar production, due this quarter, results of the Feldspar Feasibility Study, due in the first quarter of 2024, results of the downstream conversion study, assessing the viability of establishing a conversion plant in Ghana, also due in the first quarter of 2024 plus drilling results in the third quarter of 2024.
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HeiQ PLC - London-based materials innovation and hygiene technology company - Reaches a settlement of the litigation with ICP Industrial Inc, which includes dismissal of claims and counterclaims by both parties with prejudice. ICP has agreed to pay HeiQ a total of $2.75 million. This settlement has been reached without admission of liability by either party and is accompanied by mutual general releases, and resolves all outstanding matters between the parties.
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