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TRADING UPDATES: Alpha Real Trust says in "robust" financial shape

1st Mar 2024 18:29

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

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Alpha Real Trust Ltd - property-finance investor - Says net asset value per share at December 31 third-quarter end declines 0.5% to 213.2 pence from 214.3p at end of September. Hails a "robust financial position." It adds: "ART remains on a robust financial footing and is well positioned to take advantage of new investment opportunities."

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Goldstone Resources Ltd - Ghana-focused gold producer and explorer - Says continues to pursue the raising of additional funds to provide working capital, to further operations and settle balances due to creditors. "The board believes it is making positive progress in this regard and expects to be able to provide a further update during the course of the next 10 days. It is noted that any equity funding arrangements are expected to be conditional on shareholder approval at a general meeting of the company and that there can be no guarantee such additional funding arrangements can be concluded," Goldstone says. Cash position stands at USD500,000 and current liabilities amount to USD11.2 million. Of this, USD4.8 million is in relation to a gold loan, another USD3.0 million is in form of convertible loan note issued to Blue Gold International Ltd and it also has a "variety of smaller creditors totalling approximately GBP3.4 million. The "vast majority" of the latter is "overdue for repayment". Goldstone cautions: "Accordingly, in the event that the company is unable to procure sufficient additional funding to fund its ongoing operations, partially settle balances due to the group's overdue creditors, and reach suitable repayment agreements with such creditors, the company may be unable to continue as a going concern and trading in the company's ordinary shares on AIM may be cancelled."

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Asiamet Resources Ltd - mineral exploration company focused on copper, gold and polymetallic assets in Indonesia - Says "positive engagement" with lead bank continues in respect to BKM project financing. Asiamet says: "The company has successfully closed out several items from the independent technical expert review, meeting the requirements for the initial phase of approvals. The company is also actively engaged with a prominent Indonesian bank." Says also finalising partners as far as engineering design and development strategy at asset goes. In addition, it is mulling alternative locations for the heap leach facility, and is "prioritising" completing permitting process for project. There is "final outstanding item required to obtain the forestry permit to develop a mine at BKM", it says.

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Gama Aviation PLC - Farnborough, England-based aviation services company - Reports "increased scale" of tender offer after being asked to consider potential of some shareholders being "scaled back". It was to buy 17.5 million shares at 95p each, GBP16.5 million in total. Those shares represented 27% of its capital. Gama says: "The board has considered this and has further reviewed the impact for smaller shareholders of the changes to the investment profile of the company's shares." It says the GBP16.5 million figure "was calibrated in order to retain sufficient funds". Gama says: "Any increase in the size of the capital return would reduce funds available for capital requirements; a tender offer at 95 pence capable of acceptance by all shareholders would, if fully subscribed, leave the company with insufficient funds to invest in strategic capital projects." Gama says Marwan Khalek and Bermesico Holdings Ltd, two shareholders, "have indicated that they would be prepared to undertake not to tender any of their existing shares". This would ensure Gama has sufficient funds to "meet the investment capital requirements" of strategic projects. Gama "accelerates" capital return to up to GBP37.6 million, so 40.6 million shares. This would represent 61% of share capital. "This would effectively give all shareholders, other than Marwan Khalek and Bermesico Holdings Ltd, the choice between selling 100% of their shares at 95 pence per share or remaining invested in the company," it adds. Because of the "significant increase in shareholder concentration" and what it expects to be a decline in market liquidity of its shares, an AIM delisting is in its best interest, Gama adds. "However, the board is evaluating whether this should be a matter for the current shareholders or the shareholders remaining following the tender offer to determine," it explains.

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Marula Mining PLC - battery metals mine developer with projects in South Africa, Tanzania and Zambia - Signs deal with Gems & Industrial Minerals Ltd to invest in Larisoro manganese mine in Kenya. It will secure initial 60% commercial interest with an option to increase to 70%. Says once term sheet signed, GBP300,000 will became payable to GIM to be satisfied through issue of 2.4 million Marula shares at 12.5 pence each. There will also be technical support agreement and a commercial agreement which will see Marula provide investment of USD1.5 million for new mining, crushing, screening and processing equipment. Finally, it adds: "On signing the TSA and CA, the company has agreed to pay GIM and its nominees a sum of GBP200,000 to be satisfied in new ordinary shares or in cash. A further GBP300,000 will be payable to GIM on completion of the initial exploration programme and a final payment of GBP750,000 will become payable on achieving 50,000 tonnes of commercial sales of manganese ore."

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4basebio PLC - Cambridge, England-based life-science tech company with proprietary technologies in the field of DNA synthesis - Successful in tender to supply research and GMP-grade synthetic DNA for development RNA-based therapies and vaccines at UK's Centre for Process Innovation RNA Centre of Excellence.

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Touchstone Exploration Inc - Canadian-based oil and gas exploration company - Reports independent reserves evaluation prepared by GLJ Ltd. Says total gross reserves amount to 13.5 million barrels of oil equivalent. Reports net present value before tax, at 10% discount, of USD151.4 million. Reserves as of end of 2022 totalled 4.8 million boe.

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Verditek PLC - former producer of lightweight solar panels but following a disposal, now a cash shell - Says proceeds of placing have been received, but due to "technical reasons", it cannot yet issue the new shares. "It is expected that the new shares will be issued and admission will take place early next week," Verditek says. On Thursday, it announced resignation of Chair David Willetts, Chief Executive Robert Richards and Non-Executive Director George Katzaros from board, and proposed appointment of Bob Holt and John Charlton. Holt, it said, would assist Verditek "in procuring subscribers for 400 million new ordinary shares" at price of 0.075p per share, which would raise GBP300,000. Following the disposal of its solar business, Verditek is now a cash shell. It has six months to make an acquisition or acquisitions which constitute a reverse takeover. The shares will be suspended if it fails to do so. "Should the company's shares remain suspended from trading for 6 months, admission of the company's shares to trading on AIM will be cancelled," it adds.

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FireAngel Safety Technology Group PLC - Coventry, England-based developer and supplier of home safety products - Says UK secretary of state issues notice extending the assessment period in relation to takeover of FireAngel by Intelligent Safety Electronics Pte Ltd. Secretary of state now has 45 days to make a decision to clear deal, or "apply remedies through a final order". FireAngel and ISE extend longstop date for the GBP27.7 million acquisition to July 31.

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By Eric Cunha, Alliance News news editor

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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