Source - Alliance News

The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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Jade Road Investments Ltd - Hong Kong-based investment company - Achieves critical milestone in the sale of its legacy assets, namely executing transaction documents for the proposed sale of Future Metal Holdings. Accordingly, ¥39.9 million, or $5.5 million, was received in escrow in China. This consideration will cover local taxes and other associated costs. Moving forwards, the next steps include complying with local authorities’ requirements for offshore transmission of the funds. The local authorities include, but are not limited to, the State Administration of Foreign Exchange, the Bank of China, and the tax bureau. The timing of the offshore remittance of the funds ‘is subject to the requirements and efficiency of the local authorities, over which [Jade Road] has limited control.’

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Bowleven PLC - Edinburgh-based Africa-focused oil and gas company - Says it has received acceptances for about 66% of open offer shares. The open offer, which was announced on March 14 and closed for acceptances on April 2, was launched to raise gross proceeds of £1.6 million. The remaining 534.9 million open offer shares not taken up by shareholders will be subscribed for by Crown Ocean Capital, pursuant to the underwriting agreement.

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Spectra Systems Corp - Providence, Rhode Island-based authentication technology provider - Announces that its circular polymer banknote substrate has been certified by the International Sustainability and Carbon Certification PLUS process. The note is part of a mass-balanced recycling supply chain. The ISCC PLUS certification allows Spectra Systems to maintain a fully audited mass-balance supply chain using polymer sourced and produced by its partners, Toray Plastics America.

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Shanta Gold Ltd - East Africa-focused gold producer - Updates reserves and resources as at December 31 for the New Luika and Singida gold mines in Tanzania, and for key deposits in Kenya. Total resources at New Luika came to 2.38 grams per tonne of gold, and 931,000 ounces. For Singida, they came to 2.32 grams per tonne, or 823,000 ounces. Chief Executive Officer Eric Zurrin says: ‘The reserve-based mine life at both mines remains unchanged from the end of 2022 and work remains ongoing in adding new reserves to the mine plan.’

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Baillie Gifford China Growth Trust PLC - China-focused investor - Posts annual results for the year ended January 31, for which net asset value per share fell to 193.06 pence from 328.87p. NAV total return was negative 41%, compared to negative 31% for its benchmark, the MSCI China All Shares Index. Proposes a final year dividend of 2.0p, however, up from from 1.7p a year prior.

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Compagnie de Saint-Gobain SA - Courbevoie, France-based construction company - Inks deal to buy The Bailey Group Cos, consisting of Bailey-Hunt Ltd and its subsidiaries, for C$880 million, or €600 million. The Bailey Group is a a privately owned manufacturer of metal building solutions for light construction in Canada.

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Kropz PLC - South Africa-focused phosphate producer and developer - On March 27, said that it had entered a new bridge loan facility of R 170 million with its major shareholder, the ARC Fund, to meet immediate cash requirements at Kropz Elandsfontein Pty Ltd. Accordingly, a second draw down for R 73 million has now been made.

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First Class Metals PLC - Ontario, Canada-focused metals exploration company - Signs exclusivity agreement with Canadian vendor for the Kerr’s gold project in Northeastern Ontario. The project has a historic resource estimate of 386,467 ounces of gold. First Class also says that it has received a C$200,000 junior exploration programme grant from the Canadian Ministry of Mines for the Zigzag lithium & critical metals property. Finally, notes that it has received a C$212,780 VAT refund for 2023.

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