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EARNINGS AND TRADING: Graft Polymer extends loan; ASA profit down 30%

23rd Apr 2024 19:58

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

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Martin Currie Global Portfolio Trust PLC - Edinburgh-based investment management firm - Reports net asset value at January 31 was 360.5 pence, down from 382.2p the year prior. Leaves dividend unchanged at 4.20p. Says NAV total return of 11.2% compares favourably with the return of the benchmark index of 10.9%, and was ahead of the average return of its peer group.

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ASA International Group PLC - Weybridge, Surrey-based microfinance lender - Reports pretax profit in 2023 fell 30% to USD32.2 million from USD46.3 million a year prior. Says this reflected adverse forex movements, demonetisation in Nigeria, and the application of hyperinflation accounting to Ghana and Sierra Leone. Says the outlook for 2024 remains positive with improved business performance expected for our operations compared to 2023 on the back of better performance in the second half. Further, reports outstanding loan portfolio increased to USD380 million by the end of March, up 0.9% from the end of December. Notes all operating subsidiaries, achieved collection efficiency of more than 90% with 12 countries achieving more than 95%.

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Bushveld Minerals Ltd - vanadium producer operating the Vanchem and Vametco processing facilities in South Africa - In the first quarter of 2024 produces 855 metric tonnes of vanadium, down from 943 tonnes the year prior. Sells 880 metric tonnes vanadium, in the period, down from 1,028 tonnes. Sees South African approval for sale of interests in Vanchem, Mokopane not until July. Says working capital position is tight due to delays to Acacia and SPR funds. Explains it has USD2.2 million cash but if it receives no funding in the coming weeks, it may suspend operations. Explains lower vanadium prices - 15% below budget - are also hurting finances. Further, says Vametco vanadium ore reserve up 10% in new estimate at 293,400 tonnes.

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Roadside Real Estate PLC - Abingdon, England-based investor in roadside property and in consumer and life sciences companies - Confirms that it has completed the issue of GBP9.0 million principal amount of secured loan notes. This will be used to repay the HSBC overdraft facility, repay the outstanding Coronavirus Business Interruption Loan, set off existing debts from Tarncourt and for working capital. Notes once the refinancing has completed, it will have GBP25.0 million of outstanding borrowings.

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Corcel PLC - London-based mining and resource development company - Says investor Richard Jennings exercises put option agreement over 99 million shares of Corcel, around 4.9% of the ordinary shares capital, with Extractions Premium & Mining Ltd, which currently holds a 21% interest in Corcel. Corcel Executive Chair Antoine Karam, comments: "The acquisition of this material stake in Corcel demonstrates continued ongoing support by our cornerstone investors in Corcel and its prospects, and removes any notion of a material overhang in the company's shares. We thank Richard Jennings for his ongoing support of our development during this key period as we continue to advance our business interests in Angola." Richard Jennings says: "I am very pleased that under the stewardship of Antoine Karam the trajectory and prospects of Corcel have been completely transformed with the new focus on the company's Angolan oil fields."

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Sovereign Metals Ltd - mining exploration and development company with assets in Malawi - Strengthens team through the appointment of graphite and battery anode specialist consultant Surinder Ghag as chief technology officer - graphite. Notes Ghag is an expert metallurgist with 25 years of experience across critical minerals including graphite and rutile. Sovereign is poised to become the global leader in natural flake graphite production, a significant by-product of the Kasiya Rutile-Graphite Project in Malawi, company says.

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Graft Polymer (UK) PLC - London-based developer and producer of polymer modification and drug delivery systems - Says the loan facility, announced on March 15, has been increased by a further GBP100,000 under the same terms as the original agreement. The facility now stands at GBP200,000, GBP100,000 of which has been drawn. Expects the remaining GBP100,000 to be drawn imminently to provide further working capital to the company as it works to raise additional funding.

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Kavango Resources PLC - Botswana and Zimbabwe-focused exploration company - Announces it has provided notice of exercise of the Hillside call option to the vendors of the Hillside Project and Leopard South Project. Kavango intends to extend the call option on Leopard North to June 30, 2025. Says purchase agreements for Hillside and Leopard South are being drawn and completion is scheduled for May 15.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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