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EARNINGS AND TRADING: Henderson Eurotrust net asset value per share up

2nd Oct 2023 13:55

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

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Henderson Eurotrust PLC - Investment trust tracking European indices - Reports net asset value total return of just under 17% in year ended July 21, beating benchmark which returns just over 16%. Net asset value per share at year-end rises 14% to 161.3 pence from 142.1p 12 months earlier. Maintains annual dividend at 3.8p per share.

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CVC Income & Growth Ltd - investment company investing predominantly in sub-investment grade European corporate debt instruments - Net asset value per share at June 30 half-year end up 6.9% to GBP1.05 from GBP0.98 at December 31 for sterling share class. In euro shares, NAV per share up 7.1% to EUR0.95 from EUR0.89 at December 31.

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GCP Asset Backed Income Fund Ltd - asset backed loan investor - Net asset value per share at June 30 half-year end falls 4.6% on-year to 93.96p from 98.45p. Dividend for period totals 3.16p, unchanged on-year. GCP Asset says: "This economic backdrop has led to a number of adverse impacts on the company, which have materially contributed to the decrease in the company's share price. The company, and the wider alternative investment universe in which it sits, have historically provided investors with an attractive alternative to fixed income during a period of enduring low interest rates.

The increase in yields available from traditional income sources has been accompanied by a flight of capital away from alternative assets into such sources; money market funds, bonds and government debt have been beneficiaries. This has, in turn, reduced demand for the company's shares. The outlook for private credit, however, remains strong. Periods of market volatility and economic uncertainty benefit non‑bank lenders that are not subject to capital charges and reserve requirements, all of which have increased."

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CEPS PLC - Bath, England-based investment company focussed on industrial sector - Equestrian products maker Vale Brothers Ltd, a subsidiary of CEPS's 33%-owned investee Vale Brothers Group Ltd, has filed notice of intention to appoint administrators. CEPS says demand for Vale Brothers Ltd products has been "very weak".

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Marwyn Acquisition Co II Ltd - acquisition vehicle eyeing opportunities in the financial services, consumer and technology sectors - Pretax loss in year ended June 30 widens to GBP3.5 million from GBP1.9 million the year prior. Administrative expenses more than double to GBP3.5 million from GBP1.3 million.

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ThomasLloyd Energy Impact Trust PLC - investment company focused on sustainable energy infrastructure projects - Says Octopus Energy Generation appointed as transitional investment manager. "Octopus Energy Generation's selection as the transitional investment manager follows a competitive process in which the board received proposals from, and conducted detailed discussions with, a number of experienced investment managers. Octopus Energy Generation was selected based on its expertise in developing, constructing and managing renewable energy assets, managing a UK-listed investment company and its depth of immediately available resource, which includes on-the-ground personnel with construction and investment experience in Asia, as well as the strength of its network in the sustainable energy infrastructure marketplace," company says.

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Africa Opportunity Fund Ltd - investment firm focused on Africa - Says net asset value per share at June 30 half-year end rises to USD0.97, from USD0.95 at end of December. Africa Opportunity adds: "AOF's total return in H1 2023 was 1.9%. As a reference, during this period in USD the S&P rose 17%, Brazil rose 19%, Russia rose 12%, India rose 8%, and China fell 3%. In Africa, South Africa fell 5%, Egypt fell 2%, Kenya fell 22%, and Nigeria fell 22%. Three Africa-focused exchange traded funds - the Lyxor Pan Africa ETF, the DBX MSCI Africa Top 50, and Van Eck Africa Index, respectively, rose 2% and fell 8%, and 8%."

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ACG Acquisition Co Ltd - special purpose acquisition company focused on new economy metals and other mining materials - Despite "best efforts", ACG says revisions to an agreement to buy a Brazil asset has not been signed and the deal is now terminated. "The company is considering its options and further announcements will be made in due course," ACG says. In mid-June, ACG announced that it had agreed the acquisition of the Atlantic Nickel nickel sulphide mine in Santa Rita and the Mineracao Vale Verde copper mine in Serrote, both in Brazil, from funds advised by Appian for an enterprise value of USD1.0 billion.

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Savannah Resources PLC - lithium development company - Says subsidiary Savannah Lithium Unipessoal Lda joins as counter-interested party in lawsuit by Parish of Covas do Barroso in Portugal against the nation's environmental agency. The suit aims to "nullify" a positive environmental impact statement for Savannah's revised design for Barroso lithium asset, issued by Portuguese environmental agency. "The lawsuit does not impact the Barroso lithium project's activities. The lawsuit follows the common procedure regime. Under this regime, the submission of this lawsuit does not suspend the DIA. It remains in force and allows Savannah to proceed with all the actions authorised by its content. The advice from Savannah's lawyers is that the lawsuit is without foundation," Savannah Resources adds.

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ACP Energy PLC - formed to capture value accretive opportunities in the oil & gas industry - Reports documents needed for acquisition in Ecuador largely completed. Necessary fundraise is also at an advanced stage, it says. ACP applies for cancellation of its shares on London's Main Market. This is likely to occur on October 27. It will join London's AIM market on same day.

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Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Long stop date for Bougouni lithium project funding package extended to October 31. "Kodal is continuing to work with the Mali Government to finalise the remaining compliance items that will complete the conditions precedent to complete the funding package," Kodal says.

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Saietta Group PLC - Bicester, England-based engineering firm - Does not publish results for year ended March 31 by September 29 deadline. On Thursday, Saietta said auditors BDO LLP "determined" that the audited financial statements would not be published in time to avoid suspension. Saietta stock was suspended on Monday. "The company has been informed that the delay in completion of the audit is due to the review of the technical issues around accounting for the post balance sheet event of the new agreements with Consolidated Metco Inc which were signed on 1st August 2023," Saietta says.

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By Eric Cunha, Alliance News news editor

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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