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EARNINGS AND TRADING UPDATES: Wishbone Gold celebrates project buy

22nd Nov 2023 16:56

(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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AEW UK REIT PLC - London-based real estate investment trust - Net asset value as at September 30 was 106.00 pence per share, up 0.5% from 105.48p at March 31. NAV total return for the six months to September 30 worsens slightly to 4.30% from 4.35% a year prior. Maintains interim dividend at 4.00p per share. Looking ahead, Chair Mark Burton says: "The quantum of asset management activity completed during the period is testament to the investment manager's proactive approach and to the quality of assets held in the portfolio. This activity has also boosted earnings and creates a healthy near-term outlook for further growth."

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Cadence Minerals PLC - London-based investor backing mineral resource assets - Notes that Hastings Technology Metals agrees at-the-market equity financing facility for up to USD50 million with Alpha Investment Partners for project financing process for the Yangibana rare earths project in Gascoyne, Western Australia. Further, Hastings says it is in ongoing discussions with the Australian federal government after it announced a AUD2 billion expansion in critical minerals financing. "Securing multiple indicative funding proposals is a significant milestone. We are pleased by the strong response we have received from various potential financiers validating the economic and technical viability of the Yangibana Project," Hastings Executive Chair Charles Lew says. Cadence has a 1.4% stake in Hastings.

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Helical PLC - London-focused property developer - As at September 30, diluted NAV per share was 409p per share, down 16% from 489p at March 31. Maintains interim dividend at 3.05p per share. In the half-year to September 30, swings to pretax loss of GBP93.1 million from a profit of GBP17.2 million a year prior. Reports loss from revaluation on investment properties of GBP93.4 million, ballooned from GBP35.0 million a year ago. Looking ahead, Chief Executive Office Gerald Kaye says: "Our development pipeline is expected to provide surpluses for the foreseeable future. Scheduled to start in 2024 and be delivered from late 2025 onwards, this pipeline will be supplemented with additional 'equity-light' opportunities as building owners seek specialists in office development and refurbishment to partner with them to maximise the value of their assets. In addition, banks and other financial institutions with non-performing assets should provide additional opportunities for Helical to create value."

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Seed Innovations Ltd - investment firm focusing on early-stage health, wellness and medical cannabis companies - In the six months to September 30, pretax loss narrows to GBP1.4 million from GBP3.9 million a year prior. Total investment loss reduces to GBP1.0 million from GBP3.5 million. Company expects to continue to exist in the foreseeable future. "Investments are expected to be mainly in the form of equity, with debt potentially being raised later to fund the development of such assets. Investments in later stage assets are more likely to include an element of debt to equity gearing," Seed Innovations says.

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Shearwater Group PLC - London-headquartered cybersecurity services provider - In the six months to September 30, pretax loss narrows to GBP1.4 million from GBP1.6 million. Revenue falls 2.7% to GBP10.5 million from GBP10.8 million. Expects to meet its own full-year expectations based on the visibility of sales opportunities. Chief Executive Phil Higgins says: "We have traded resiliently in the first half despite continuing to contend with a challenging market, and we are already seeing benefits from the recent operational enhancements we have implemented. We move into the second half strengthened by a healthy balance sheet and clearly focused on the conversion of our pipeline of opportunities across each division."

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SuperSeed Capital Ltd - Guernsey-based venture capital fund focused on early-stage technology investments - NAV per share as at September 30 declines negligibly to 1.1191p from 1.1206p at June 30. Looking ahead, eyes "continued strong investment activity," expecting to make between two and four fourther investments in the artificial intelligence/software-as-a-service space in the fourth quarter of 2023. Mads Jensen, managing partner of the investment manager, says: "The fund's underlying portfolio has continued to perform strongly and is well-positioned for further growth in the remainder of 2023. Due to the high quality of our portfolio we continue to have strong merger & acquisitions interest, recently evidenced by the exit of Techsembly and Garvis less than a year from our investment."

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Wishbone Gold PLC - Australia-focused mining company - Announces exclusive option to fully buy the Crescent east lithium & gold project in the gold area of Mosquito Creek in the Pilbara region of Western Australia. Historical chip results include 117 grammes of gold per tonne, as well as gold nuggets of up to 78.5 ounces having been recovered. Wishbone Chair Richard Poulden says: "This is a very exciting new opportunity for Wishbone. Lithium is one of the hottest sectors in Australia and in the mining sector at the moment with the Pilbara responsible for some of the biggest new lithium mines and discoveries." Meanwhile, company will issue 1.2 million shares at 2.15 pence per share to raise around GBP25,000 to pay for the option fee regarding its gold project acquisition.

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By Tom Budszus, Alliance News slot editor

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