26th Jun 2024 14:18
(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:
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Hydrogen Utopia International PLC - specialises in the conversion of waste plastic into hydrogen and other carbon-free fuels - Will not pursue acquisition of Essential Energy Holding Corp. The duo agree it would "not be in the parties' best interests, for commercial reasons". The acquisition, which would have been deemed a reverse takeover, would have been worth around GBP500 million. HUI also added that the acquisition of a 49% stake in Ohrid Organics Ltd is proceeding.
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Golden Metal Resources PLC - Nevada, US-focused critical and precious metals exploration and development company - Reports on drilling of Pilot Mountain project in Nevada. Says hole PM24-001 was drilled and it intersected tungsten mineralisation. "Subject to confirmatory assay results (which are pending), this hole has the potential to expand the deposit footprint towards both the north and south," Golden Metal adds. Hole PM24-002 "successfully discovered a mineralised porphyry system". IT adds: "The company is finalising arrangements with a porphyry expert to complete a detailed review of PM24-002 in conjunction with all available company datasets."
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Asiamet Resources Ltd - mineral exploration company focused on copper, gold and polymetallic assets in Indonesia - Makes "significant advancements" in lowering initial capital expenditures needed to reach first output at BKM heap leach project in Indonesia. Says revised location for heap leach facility reduces bulk earthworks and upfront capital costs. "This strategic change is expected to shorten construction timelines, move HLF construction off the critical path in the project development schedule and expedite timelines to first revenue and cashflow," Asiamet adds. "Following on from this HLF optimisation work, the company has focused its efforts on additional opportunities identified to further reduce pre-production capital expenditure and execution risk in the initial phase of the BKM mine development. The first stage of the BKM copper project will focus on developing a smaller capacity, higher-grade, higher-margin mine centred around a revised open pit design which sits entirely within the footprint of the 2023 BKM feasibility study pit."
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Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Says drilling results show further "extensions to the Boumou prospect", with "high-grade lithium mineralised intersections". The asset is located within the Bougouni lithium project in Mali. Kodal adds: "Additional assay results for the reverse circulation drilling programme are pending, and diamond core drilling is continuing onsite to test the prospect further, with results expected in due course."
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Karelian Diamond Resources PLC - Finland and Northern Ireland-focused diamond exploration company - Says report confirms potential for nickel, copper and platinum group elements in Karelian licences in Northern Ireland. The report was prepared by consultant Larry Hulbert. It adds: "A series of targets for nickel, copper and platinum group elements within the company's licence area in Northern Ireland were identified by Dr Hulbert during the course of his review and recommended for follow up."
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Henderson European Focus Trust PLC - invests in European-listed "global champions", and its portfolio includes drugmaker Novo Nordisk AS and luxury retailer LVMH Moet Hennessey Louis Vuitton SE - Says 75.8 million shares tendered in offer, which was oversubscribed. The tender offer being oversubscribed was "not unexpected given the market backdrop and the outcomes of recent tender offers/cash exits in the closed-ended sector". Shareholders had been entitled to tender up to 15% of their shares. Any shares tendered above this entitlement would be satisfied on a pro rata basis. As a result, shares tendered within that entitlement will be accepted in full. Excess tenders satisfied to the extent of around 23% of shares tendered. It notes 31.9 million shares have been accepted under tender offer. Henderson European Focus Trust and Henderson EuroTrust PLC earlier this year announced a combination, which would create an investment company worth more than GBP700 million.
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JPMorgan Global Core Real Assets Ltd - investment firm with assets in global infrastructure, transportation and real estate - Net asset value total return in year to February 29 is negative 4.4%. Net asset value per share declines 8.5% on-year to 93.3 pence from 102.0p. Total dividend lifted around 3.7% to 4.20p per share from 4.05p. Firm reports that following recent review of sector exposures, it looks to make further adjustments to its targeted exposures. It looks to "increase in allocations to the higher income-generating real assets categories, such as infrastructure, transport, and mezzanine debt". "At the same time, concurrent reductions will be seen in other exposures, such as private real estate. The changes, which would not be expected to introduce an enhanced level of risk to the portfolio, are designed to improve the yield profile, whilst keeping a similar long-term total return. The range for strategy allocation is expected to remain unchanged," it adds.
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Gresham House Renewable Energy VCT 1 PLC and Gresham House Renewable Energy VCT 2- venture capital trusts - Both report declines in net asset value for six months to March 31. Gresham House Renewable Energy VCT 1 net asset value per ordinary share declines 17% to 46.0 pence per share from 55.6p at end of September. Gresham House Renewable Energy VCT 2 NAV per share declines 18% to 45.6p from 55.3p. Both are continuing to work towards realisation of assets "in a manner that achieves a balance between maximising net value received from the sale of assets and making a timely return of capital". Both have pursued a managed wind-down following continuation votes held in July 2021. The VCTs also announce a change to investment advisory pact with Gresham House Asset Management Ltd. Currently, they pay a yearly advisory fee based on NAV. The fee is subject to a clawback depending on whether running costs top 3% of NAV. However, since both are realising assets, the NAV has fallen to a "level not anticipated" when the advisory pacts were first struck. "Due to this significant reduction in the NAV as a result of the managed wind down process, the annual running costs for the financial year ending 30 September 2024 are currently forecasted to be around 4% of NAV, which would exceed the current 3% cap. This means that running costs, many of which are largely fixed, now exceed the cap and the manager's annual advisory fee is therefore subject to a clawback," they added. The cap has been raised to 5% of NAV or GBP625,000, whichever is lower.
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By Eric Cunha, Alliance News news editor
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