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EARNINGS AND TRADING: Lowland Investment NAV falls but dividend hiked

5th Dec 2023 20:01

(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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Lowland Investment Co PLC - managed growth and income trust investing mainly in UK equities - Reports net asset value at September 30 was 129.3 pence, up 12% from 115.9p the year before. NAV at fair value rose to 131.7p from 118.1p, also up 12%. Dividend was 6.25p compared to 6.10p the year prior.

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Residential Secure Income PLC - real estate investment trust, focused on retirement living and shared ownership homes - Reports EPRA net tangible asset per share fell 23% to 81.8 pence as at September 30, down from 106.1p the year before. IFRS net asset value per share declined 16% to 91.7p from 108.8p the year prior. Total dividends paid in the financial year unchanged at 5.16p. Gross rental income rose 8.6% to GBP27.9 million from GBP25.7 million. Plans to rebase dividend target to 4.12p per share for the year ended September 30 2024, with focus on growth of covered dividend and portfolio value. Continuing to review options for further disposals which support maximising shareholder value. Further, announces that John Carleton intends to retire as a director.

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88 Energy Ltd - Alaska-focused oil and gas company based in Subiaco, Western Australia - Receives USD2.0 million in funds from its Project Phoenix joint venture partner Burgundy Xploration LLC as part settlement of the USD3.7 million in unpaid cash calls. Further, via wholly-owned subsidiary Accumulate Energy Alaska Inc enters into a further standstill agreement with Burgundy which provides additional time for Burgundy to cure and pay the remaining outstanding funds due of USD1.7 million by January 31, 2024. If Burgundy fails to pay by this date, Burgundy will immediately transfer to 88E 50% of Burgundy's working interest in all of Project Phoenix's Toolik River Unit leases. Burgundy continues to support the progression of the upcoming Hickory-1 flow test program, and it has informed the company it intends to fund its share of the flow test program.

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RM Infrastructure Income PLC - London-based investor in loans to infrastructure assets - Updates on its investment in a hotel in Clyde Street. Explains the company has investment loans secured against and/or exposed to the Virgin Clyde Street Hotel in Glasgow. Says the senior secured lender has initiated an administration process to recover value. Total nominal outstanding in respect of these loans is circa GBP15 million. But, says investment advisor has been positioning the valuation of the loans at a conservative level for some time. Therefore, does not expect any impact on the company's net asset value.

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Seed Innovations Ltd - investment firm focusing on early-stage health, wellness and medical cannabis companies - Notes that its investee company Clean Food Group Ltd, a UK-based food-tech business, has been awarded funding by Innovate UK, the UK's national innovation agency for a GBP1 million project to advance novel low-emission food production systems in the UK.

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Chrysalis Investments Ltd - London-based trust - Announces that a likely disposal will increase the net asset value as at September 30 by around 5.5 pence per share. Completion of the disposal, which is subject to conditions, is likely to take a number of months. Notes as at November 30, company had GBP32.8 million of liquidity, including an GBP11.7 million position in Wise PLC.

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Baron Oil PLC - London-based oil & gas exploration and appraisal company - Announces update on the TL-SO-19-16 production sharing contract, offshore Democratic Republic of Timor-Leste. Says Baron's wholly owned subsidiary, SundaGas Banda Unipessoal Lda has been granted a further six-month extension to contract year two of the PSC by the Autoridade Nacional do Petróleo. Explains the end of contract year two of the PSC will now be June 18, 2024, with a subsequent commitment, on entry into contract year three, for the drilling of the Chuditch-2 appraisal well. The practical effect of this is that a formal decision on whether to enter the drilling phase is now required to be taken at or before that date.

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Agronomics Ltd - Isle of Man-based venture capital firm - Announces that its portfolio company, Clean Food Group Ltd, a company focused on commercialising sustainable palm oil, has been awarded funding for a GBP1 million project by the UK government to accelerate novel low-emission food production systems. The funding has been awarded by Innovate UK, the UK's national innovation agency and the Biotechnology and Biological Sciences Research Council. Co-Founder & Chief Finance Officer Tom Ellen says: "The award is a true validation of our technology platform and commercialisation strategy and will help us rapidly scale our manufacturing capabilities and regulatory pathways to achieve the necessary Food and Cosmetic regulatory approval for our products."

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Impellam Group PLC - Luton, England-based staffing firm - Extends deadline under which HeadFirst Global BV may or may not make a bid for firm until December 12. This follows a number of previous extensions. In July, Impellam confirmed it was in talks with HeadFirst. Reiterates these talks are at an advanced stage.

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Ormonde Mining PLC - holds stakes in Toronto-listed gold and copper explorer Tru Precious Metals Corp, which has a project in Newfoundland, Canada, and in battery metals explorer Peak Nickel Ltd - Notes an announcement by its 36.2%-owned investee company, TRU Precious Metals, which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, of significant assay results from its fall season bedrock sampling programme. TRU announces further gold and copper results from additional prospecting and bedrock sampling conducted on its Golden Rose project. Brian Timmons, executive chair, says: "We are encouraged by these latest bedrock sample assay results from Golden Rose. These reinforce our belief in the potential for Newfoundland to emerge as the next global Tier 1 gold producing region."

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SIMEC Atlantis Energy Ltd - Edinburgh-based energy company focused on tidal energy - Signs an agreement with EL (Uskmouth) Ltd, a subsidiary of FPC Electric Land Ltd for the sale of the freehold land owned by SAE and currently leased by a portfolio company of Quinbrook Infrastructure Partners who are constructing the first battery energy storage system at Uskmouth Sustainable Energy Park. SAE will receive GBP9.8 million from the sale. The consideration will be received in a series of milestone payments, linked to the BESS construction progress, throughout 2024 and into 2025.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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